Form 8-K

8-K — PRA GROUP INC

Accession: 0001185348-26-000033

Filed: 2026-11-05

Period: 2026-11-05

CIK: 0001185348

SIC: 6153 (SHORT-TERM BUSINESS CREDIT INSTITUTIONS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — praa-20261105.htm (Primary)

EX-99.1 (q32026earningsrelease.htm)

GRAPHIC (pralogoa06a.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: praa-20261105.htm · Sequence: 1

praa-20261105

false000118534800011853482026-11-052026-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 5, 2026

PRA Group, Inc.

_________________________________________

(Exact name of registrant as specified in its charter)

Delaware 000-50058 75-3078675

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

120 Corporate Boulevard

Norfolk, Virginia 23502

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (888) 772-7326

Not Applicable

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value per share PRAA NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2026, PRA Group, Inc. (the “Company”) issued a press release announcing its third quarter 2026 results. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated into this Item 2.02 by reference.

Item 7.01 Regulation FD Disclosure.

The slide presentation being used in connection with the Company’s previously announced November 5, 2026, webcast and conference call to discuss its third quarter 2026 results is available in the Investor Relations section of the Company’s website at https://ir.pragroup.com/events-and-presentations.

None of the information furnished in Item 2.02, Item 7.01 or Exhibit 99.1 of this Form 8-K shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. Unless expressly set forth by specific reference in such filings, none of the information furnished in this Form 8-K shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1

Press release dated November 5, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PRA Group, Inc.

Date: November 5, 2026 By: /s/ Rakesh Sehgal

Rakesh Sehgal

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: q32026earningsrelease.htm · Sequence: 2

Document

PRA Group Reports Third Quarter 2026 Results

Continued Execution of PRA 3.0 Strategy Delivering Results and Building a Stronger Foundation for Long-Term Returns

$15M of Net Income Attributable to PRA Group, Inc.

NORFOLK, Va., November 5, 2026 - PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the third quarter of 2026 ("Q3 2026").

Q3 2026 Highlights (vs. Q3 2025)

•Total cash collections of $536 million.

•Cash efficiency ratio1 of 63%. Adjusted cash efficiency ratio1 of 63%, an improvement of 200+ basis points, reflecting disciplined cost management.

•Portfolio income of $271 million, up 5%.

•Net income attributable to PRA Group, Inc. of $15 million, or diluted earnings per share of $0.39.

•Adjusted EBITDA2 for the twelve months ended September 30, 2026 of $1.4 billion, up 9%.

•Total portfolio purchases of $229 million, reflecting continued discipline in deploying capital toward opportunities meeting targeted return thresholds.

•Estimated remaining collections (ERC)3 of $8.8 billion, up 5%.

"Building on the positive momentum generated over the past year, we continued to execute against our PRA 3.0 strategy during the third quarter," said Martin Sjolund, President and Chief Executive Officer. "We generated healthy cash collections, grew portfolio income, lowered operating expenses, and continued making disciplined portfolio investments, while achieving meaningful operational progress across many of our strategic initiatives."

"During the quarter, our adjusted cash efficiency ratio also improved by more than 200 basis points and Adjusted EBITDA continued to grow, reflecting the operating leverage we are beginning to realize from our cost reduction actions and broader PRA 3.0 initiatives. At the same time, we continued to invest in the business through our legal collections channel and technology modernization efforts, while maintaining a disciplined approach to capital deployment focused on attractive net returns in a healthy supply environment."

"We also strengthened the foundation of the business through the issuance of $400 million in aggregate principal amount of senior notes due 2033 shortly after the quarter ended, further enhancing our funding flexibility and extending our debt maturity profile. I am pleased with the progress we have made since launching our PRA 3.0 strategy. We believe we are on a good trajectory and that our technology modernization and significant investments in legal will strengthen the business in the years to come."

1.Cash efficiency ratio is calculated by dividing cash receipts less operating expenses by cash receipts. Cash receipts refers to cash collections on the Company's nonperforming loan portfolios, fees and revenue recognized from the Company's class action claims recovery services. Adjusted cash efficiency ratio, which is a non-GAAP financial measure, is calculated by dividing cash receipts less operating expenses, excluding goodwill impairment, by cash receipts. A calculation of the adjusted cash efficiency ratio can be found at the end of this press release.

2.Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this press release.

3.Refers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios.

Cash Collections and Revenues

The following table presents cash collections by quarter and by source, as reported and on a constant currency-adjusted basis:

Cash Collection Source 2026 2025

($ in thousands) Q3 Q2 Q1 Q4 Q3

U.S. Core $ 254,866 $ 269,678 $ 268,409 $ 249,322 $ 258,277

U.S. Insolvency 19,936 21,434 20,141 20,223 21,131

Europe Core 195,478 200,420 192,019 188,277 185,910

Europe Insolvency 17,574 17,658 20,547 19,166 22,658

Other markets (1)

47,789 49,355 50,812 54,670 54,268

Total cash collections $ 535,643 $ 558,545 $ 551,928 $ 531,658 $ 542,244

Cash Collection Source -

Constant Currency-Adjusted 2026 2025

($ in thousands) Q3 Q3

U.S. Core $ 254,866 $ 258,277

U.S. Insolvency 19,936 21,131

Europe Core 195,478 184,788

Europe Insolvency 17,574 22,577

Other markets (1)

47,789 58,108

Total cash collections $ 535,643 $ 544,881

•Total cash collections in Q3 2026 were $536 million, compared to $542 million in the third quarter of 2025 ("Q3 2025"). Growth in U.S. legal cash collections, coupled with continued growth in digital collections and Europe cash collections, partially offset decreases in other areas of the business.

Three Months Ended Sept 30,

($ in thousands) 2026 2025

Portfolio income $ 270,779 $ 258,549

Recoveries collected in excess of forecast 6,486 27,351

Changes in expected future recoveries 7,821 24,007

Changes in expected recoveries 14,307 51,358

Total portfolio revenue $ 285,086 $ 309,907

•Total portfolio revenue in Q3 2026 decreased 8% to $285 million, compared to $310 million in Q3 2025. The decrease reflects lower Changes in expected recoveries compared to the prior year, partially offset by higher Portfolio income.

•Portfolio income in Q3 2026 increased 5% to $271 million, compared to $259 million in Q3 2025, driven by recent purchases in Europe.

•Changes in expected recoveries in Q3 2026 totaled $14 million, compared to $51 million in Q3 2025. The year-over-year decline was driven, in part, by actions taken by the Company in recent quarters to enhance its cash collection projections. This included a $349 million increase in Europe ERC as part of the Company's comprehensive portfolio review completed in the second quarter of 2026.

1.Reflects total cash collections in South America, Canada and Australia.

Expenses

•Operating expenses decreased $426 million to $200 million, compared to $627 million in Q3 2025, which included a $413 million non-cash goodwill impairment charge.

•Adjusted operating expenses, which excludes the non-cash goodwill impairment charge, decreased $14 million to $200 million, compared with $214 million in Q3 2025, driven primarily by lower Compensation and benefits expense.

◦Compensation and benefits expense decreased $8 million, reflecting workforce reduction actions, organizational simplification efforts, and other cost initiatives implemented as part of the Company's PRA 3.0 strategy.

•Interest expense, net in Q3 2026 was $64 million, relatively unchanged from Q3 2025.

•The effective tax rate for the quarter was 16%.

Portfolio Purchases

Portfolio Purchase Source 2026 2025

($ in thousands) Q3 Q2 Q1 Q4 Q3

U.S. Core $ 68,387 $ 90,227 $ 105,469 $ 102,254 $ 119,672

U.S. Insolvency 23,891 19,220 13,043 10,088 14,809

Europe Core 106,661 164,620 86,715 152,375 95,239

Europe Insolvency 23,279 9,817 4,837 4,758 5,934

Other markets (1)

6,527 12,687 10,786 45,326 19,838

Total portfolio purchases $ 228,745 $ 296,571 $ 220,850 $ 314,801 $ 255,492

•The Company purchased $229 million in portfolios of nonperforming loans in Q3 2026. Consistent with its disciplined capital allocation approach, the Company remained focused on opportunities that met its return requirements across its global markets.

•At the end of Q3 2026, the Company had in place estimated forward flow commitments2 of $438 million over the next 12 months, comprised of $175 million in Europe, $247 million in the U.S., and $16 million in other markets.

Credit Availability and Funding Position

•Total availability under the Company's credit facilities as of September 30, 2026 was $1 billion, comprised of $770 million based on current ERC and subject to debt covenants, and $262 million of additional availability subject to borrowing base and debt covenants, including advance rates.

•In October 2026, the Company issued $400 million of senior notes due 2033, which extended its debt maturity profile.

Conference Call Information

PRA Group, Inc. will hold a conference call today at 5:00 p.m. ET to discuss its financial and operational results. To listen to a webcast of the call and view the accompanying slides, visit https://ir.pragroup.com/events-and-presentations. To listen by phone, call 646-357-8785 in the U.S. or 1-800-836-8184 outside the U.S. and ask for the PRA Group conference call. To listen to a replay of the call, either visit the same website until November 5, 2027, or call 646-517-4150 in the U.S. or 1-888-660-6345 outside the U.S. and use access code 65294# until November 12, 2026.

About PRA Group, Inc.

As a global industry leader with more than 30 years of experience, PRA Group, Inc. (Nasdaq: PRAA) specializes in acquiring and collecting nonperforming loans. PRA Group purchases portfolios from banks and other creditors and, through its subsidiaries, collaborates with customers to help them resolve their

1.Reflects total portfolio purchases in South America, Canada and Australia.

2.Contractual agreements with sellers of nonperforming loans that allow for the purchase of nonperforming loan portfolios at pre-established prices. These amounts represent our estimated forward flow purchases over the next 12 months under the agreements in place based on projections and other factors, including sellers' estimates of future forward flow sales, and are dependent on actual delivery by the sellers and, in some cases, the impact of foreign exchange rate fluctuations. Accordingly, amounts purchased under these agreements may vary significantly.

debt. Headquartered in Norfolk, Virginia, PRA Group has operations in the U.S., Europe, and other markets. For more information, please visit www.pragroup.com.

About Forward Looking Statements

Statements made herein that are not historical in nature, including PRA Group, Inc.'s or its management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

The forward-looking statements in this press release are based upon management's current beliefs, estimates, assumptions and expectations of PRA Group, Inc.'s future operations and financial and economic performance, taking into account currently available information. These statements are not statements of historical fact or guarantees of future performance, and there can be no assurance that anticipated events will transpire or that the Company's expectations will prove to be correct. Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA Group, Inc. Actual events or results may differ materially from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in PRA Group, Inc.'s filings with the Securities and Exchange Commission, including PRA Group, Inc.'s annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, which are available through PRA Group, Inc.'s website and contain a detailed discussion of PRA Group, Inc.'s business, including risks and uncertainties that may affect future results.

Due to such uncertainties and risks, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of today. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. Except as required by law, PRA Group, Inc. assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group, Inc.'s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

PRA Group, Inc.

Unaudited Consolidated Income Statements

(Amounts in thousands, except per share amounts)

Three Months Ended Sept 30, Nine Months Ended Sept 30,

2026 2025 2026 2025

Revenues

Portfolio income $ 270,779 $ 258,549 $ 808,157 $ 750,441

Changes in expected recoveries 14,307 51,358 155,117 112,572

Total portfolio revenue 285,086 309,907 963,274 863,013

Other revenue 1,180 1,233 9,699 5,434

Total revenues 286,266 311,140 972,973 868,447

Operating expenses

Compensation and benefits 66,063 74,237 207,178 223,284

Legal collection costs 46,211 46,764 147,194 117,741

Legal collection fees 18,439 16,558 53,896 47,413

Agency fees 22,993 24,556 70,788 68,612

Professional and outside services 17,002 22,051 60,398 64,225

Communication 7,619 8,377 24,302 28,271

Rent and occupancy 3,451 3,654 10,439 10,638

Depreciation, amortization and impairment of long-lived assets 1,964 2,439 8,396 8,711

Goodwill impairment — 412,611 — 412,611

Other operating expenses 16,621 15,440 47,943 42,800

Total operating expenses 200,363 626,687 630,534 1,024,306

Income/(loss) from operations 85,903 (315,547) 342,439 (155,859)

Other income/(expense)

Interest expense, net (63,828) (64,087) (191,709) (187,418)

Gain on sale of equity method investment — — — 38,403

Foreign exchange gain, net 149 67 702 66

Other (154) (38) (500) (293)

Income/(loss) before income taxes 22,070 (379,605) 150,932 (305,101)

Income tax expense 3,465 24,361 41,614 44,088

Net income/(loss) 18,605 (403,966) 109,318 (349,189)

Net income attributable to noncontrolling interests 3,713 3,737 8,299 12,481

Net income/(loss) attributable to PRA Group, Inc. $ 14,892 $ (407,703) $ 101,019 $ (361,670)

Net income/(loss) per common share attributable to PRA Group, Inc.

Basic $ 0.40 $ (10.43) $ 2.66 $ (9.20)

Diluted $ 0.39 $ (10.43) $ 2.64 $ (9.20)

Weighted average number of shares outstanding

Basic 37,653 39,078 38,041 39,316

Diluted 38,021 39,078 38,278 39,316

PRA Group, Inc.

Consolidated Balance Sheets

(Amounts in thousands)

(unaudited)

September 30,

2026 December 31,

2025

ASSETS

Cash and cash equivalents $ 139,096 $ 104,409

Investments 160,014 66,628

Finance receivables, net 4,683,573 4,688,024

Income taxes receivable 28,998 17,702

Deferred tax assets, net 58,448 76,955

Right-of-use assets 24,595 29,206

Property and equipment, net 20,396 24,886

Goodwill 26,871 26,871

Prepaid expenses and other assets 86,977 68,641

Total assets $ 5,228,968 $ 5,103,322

LIABILITIES AND EQUITY

Liabilities

Accrued expenses and accounts payable $ 102,595 $ 131,812

Income taxes payable 37,578 29,845

Deferred tax liabilities, net 31,256 17,064

Lease liabilities 27,344 32,160

Interest-bearing deposits 152,519 106,148

Borrowings 3,714,739 3,697,338

Other liabilities 31,099 48,990

Total liabilities 4,097,130 4,063,357

Equity

Preferred stock, $0.01 par value, 2,000 shares authorized, no shares issued and outstanding — —

Common stock, $0.01 par value, 100,000 shares authorized, 37,659 shares issued and outstanding as of September 30, 2026; 100,000 shares authorized, 38,453 shares issued and outstanding as of December 31, 2025 377 385

Additional paid-in capital 2,609 11,474

Retained earnings 1,353,706 1,255,007

Accumulated other comprehensive loss (289,691) (287,015)

Total stockholders' equity - PRA Group, Inc. 1,067,001 979,851

Noncontrolling interests 64,837 60,114

Total equity 1,131,838 1,039,965

Total liabilities and equity $ 5,228,968 $ 5,103,322

Purchase Price Multiples

as of September 30, 2026

(in thousands, except percentages)

Purchase Period

Purchase Price (1)(2)

Total Estimated Collections (3)

Estimated Remaining Collections (4)

Current Purchase Price Multiple Original Purchase Price Multiple

U.S. Core

1996-2015 $ 2,736,875 $ 7,510,730 $ 80,663 274% 223%

2016 400,545 819,321 27,487 205% 195%

2017 511,902 1,166,652 56,807 228% 193%

2018 604,669 1,377,953 82,203 228% 199%

2019 432,222 1,017,258 58,785 235% 209%

2020 415,384 940,623 73,528 226% 215%

2021 339,885 601,913 99,635 177% 191%

2022 275,433 429,136 115,300 156% 164%

2023 506,319 939,215 371,406 185% 191%

2024 727,672 1,678,881 910,152 231% 211%

2025 531,021 1,174,752 865,217 221% 216%

2026 264,083 554,953 523,311 210% 210%

Subtotal 7,746,010 18,211,387 3,264,494

U.S. Insolvency

1996-2015 1,472,385 2,807,086 — 191% 154%

2016 67,454 85,694 5 127% 124%

2017 275,257 359,955 204 131% 125%

2018 97,879 137,611 124 141% 127%

2019 120,845 165,153 329 137% 128%

2020 62,130 90,465 1,159 146% 136%

2021 54,898 73,519 1,839 134% 136%

2022 33,442 48,087 7,759 144% 139%

2023 61,242 80,715 29,523 132% 136%

2024 68,168 99,716 46,844 146% 149%

2025 59,091 93,419 74,993 158% 160%

2026 56,154 87,986 86,422 157% 157%

Subtotal 2,428,945 4,129,406 249,201

Total U.S. 10,174,955 22,340,793 3,513,695

Europe Core

2012-2015 1,225,893 3,795,399 663,064 310% 190%

2016 333,090 637,389 164,887 191% 167%

2017 252,174 376,348 80,088 149% 144%

2018 341,775 590,677 149,974 173% 148%

2019 518,610 918,985 273,992 177% 152%

2020 324,119 618,771 200,428 191% 172%

2021 412,411 744,524 326,017 181% 170%

2022 359,447 596,112 328,347 166% 162%

2023 410,593 753,207 462,233 183% 169%

2024 451,786 819,958 617,798 181% 180%

2025 512,533 941,655 756,842 184% 185%

2026 350,953 646,394 610,770 184% 184%

Subtotal 5,493,384 11,439,419 4,634,440

Europe Insolvency

2014-2015 29,849 49,205 — 165% 135%

2016 39,338 60,228 1,977 153% 130%

2017 39,235 54,137 1,090 138% 128%

2018 44,908 53,754 566 120% 123%

2019 77,218 115,180 3,367 149% 130%

2020 105,440 162,068 3,144 154% 129%

2021 53,230 81,979 6,010 154% 134%

2022 44,604 68,911 16,324 154% 137%

2023 46,558 74,752 31,693 161% 138%

2024 43,459 73,055 40,577 168% 147%

2025 20,760 30,891 23,823 149% 145%

2026 37,439 54,519 53,246 146% 146%

Subtotal 582,038 878,679 181,817

Total Europe 6,075,422 12,318,098 4,816,257

Other markets (5)

969,781 2,223,865 463,683 229% 205%

Total PRA Group $ 17,220,158 $ 36,882,756 $ 8,793,635

(1) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.

(2)Non-U.S. amounts, including purchase price adjustments that occur throughout the life of a portfolio, are presented at the exchange rate at the end of the respective period of purchase.

(3)Non-U.S. amounts are presented at the period-end exchange rate for the respective period of purchase.

(4)Non-U.S. amounts are presented at the September 30, 2026 exchange rate.

(5)Reflects all vintages in South America, Canada and Australia.

Portfolio Financial Information (1)

(in thousands)

September 30, 2026 (year-to-date) As of September 30, 2026

Purchase Period

Cash Collections (2)

Portfolio Income (2)

Changes in Expected Recoveries (2)

Total Portfolio Revenue (2)

Net Finance Receivables (3)

U.S. Core

1996-2015 $ 30,128 $ 15,407 $ 7,383 $ 22,790 $ 26,090

2016 7,404 4,300 (189) 4,111 11,615

2017 14,819 8,933 (1,500) 7,433 22,868

2018 23,854 11,450 2,639 14,089 40,158

2019 18,572 9,354 (993) 8,361 27,549

2020 24,371 11,820 (1,709) 10,111 35,911

2021 27,661 13,802 (1,814) 11,988 49,723

2022 30,268 12,672 (4,400) 8,272 67,132

2023 106,708 49,149 (13,524) 35,625 197,418

2024 274,079 131,352 10,443 141,795 478,985

2025 203,444 123,502 8,645 132,147 450,801

2026 31,645 31,779 (3,215) 28,564 260,659

Subtotal 792,953 423,520 1,766 425,286 1,668,909

U.S. Insolvency

1996-2015 633 — 632 632 —

2016 80 3 52 55 5

2017 517 22 450 472 182

2018 378 5 402 407 116

2019 1,032 12 1,058 1,070 314

2020 1,134 129 222 351 1,022

2021 5,013 399 (793) (394) 1,673

2022 6,369 921 180 1,101 7,156

2023 13,820 2,838 361 3,199 26,163

2024 17,725 5,982 299 6,281 37,432

2025 13,248 8,066 (537) 7,529 53,783

2026 1,562 2,739 241 2,980 57,290

Subtotal 61,511 21,116 2,567 23,683 185,136

Total U.S. 854,464 444,636 4,333 448,969 1,854,045

Europe Core

2012-2015 89,822 53,207 65,801 119,008 173,353

2016 19,643 8,622 21,271 29,893 89,712

2017 10,727 3,870 3,926 7,796 50,421

2018 23,571 8,813 6,212 15,025 87,585

2019 40,824 14,061 18,046 32,107 180,188

2020 29,087 12,059 5,490 17,549 120,068

2021 40,606 18,087 5,619 23,706 194,211

2022 45,904 18,260 (691) 17,569 207,127

2023 61,915 26,207 21,459 47,666 266,683

2024 87,434 39,178 4,030 43,208 348,928

2025 102,142 49,656 (5,276) 44,380 412,972

2026 36,242 16,085 3,041 19,126 333,406

Subtotal 587,917 268,105 148,928 417,033 2,464,654

Europe Insolvency

2014-2015 236 — 236 236 —

2016 318 88 445 533 328

2017 497 45 851 896 570

2018 574 24 414 438 407

2019 1,863 232 537 769 2,680

2020 4,373 340 (79) 261 2,908

2021 7,354 647 1,679 2,326 5,440

2022 9,888 1,484 2,962 4,446 14,227

2023 12,772 2,513 7,401 9,914 26,889

2024 11,931 3,864 7,083 10,947 31,465

2025 4,686 2,044 637 2,681 18,031

2026 1,287 961 227 1,188 37,290

Subtotal 55,779 12,242 22,393 34,635 140,235

Total Europe 643,696 280,347 171,321 451,668 2,604,889

Other markets (4)

147,956 83,174 (20,537) 62,637 224,639

Total PRA Group $ 1,646,116 $ 808,157 $ 155,117 $ 963,274 $ 4,683,573

(1) Includes the nonperforming loan portfolios that were acquired through our business acquisitions.

(2)Non-U.S. amounts are presented using the average exchange rates during the current reporting period.

(3)Non-U.S. amounts are presented at the September 30, 2026 exchange rate.

(4)Reflects all vintages in South America, Canada and Australia.

Cash Collections by Year, By Year of Purchase (1)

as of September 30, 2026

(in millions)

Purchase Period

Purchase Price (2)(3)

1996-2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total

U.S. Core

1996-2015 $ 2,736.9 $ 5,186.4 $ 673.8 $ 479.4 $ 337.7 $ 230.9 $ 149.3 $ 98.2 $ 67.1 $ 51.7 $ 64.7 $ 53.6 $ 30.1 $ 7,422.9

2016 400.5 — 86.1 195.3 160.1 116.6 88.7 59.9 29.1 17.6 18.1 12.9 7.4 791.8

2017 511.9 — — 94.3 264.4 247.1 185.6 124.8 73.1 41.6 37.5 26.6 14.8 1,109.8

2018 604.7 — — — 106.3 320.2 304.7 214.8 131.6 83.2 68.1 42.9 23.9 1,295.7

2019 432.2 — — — — 93.4 282.2 237.4 141.7 86.1 61.8 37.3 18.6 958.5

2020 415.4 — — — — — 127.4 274.7 185.4 121.3 83.6 50.4 24.4 867.2

2021 339.9 — — — — — — 73.8 149.9 115.3 82.8 52.8 27.7 502.3

2022 275.4 — — — — — — — 34.9 102.4 87.8 58.5 30.3 313.9

2023 506.3 — — — — — — — — 63.5 211.8 185.9 106.7 567.9

2024 727.7 — — — — — — — — — 119.8 374.9 274.1 768.8

2025 531.0 — — — — — — — — — — 106.1 203.4 309.5

2026 264.1 — — — — — — — — — — — 31.6 31.6

Subtotal 7,746.0 5,186.4 759.9 769.0 868.5 1,008.2 1,137.9 1,083.6 812.8 682.7 836.0 1,001.9 793.0 14,939.9

U.S. Insolvency

1996-2015 1,472.4 2,290.4 230.4 142.6 78.6 39.1 13.6 4.5 2.9 1.8 1.4 1.0 0.6 2,806.9

2016 67.5 — 10.1 18.9 18.2 16.4 13.0 6.6 1.3 0.6 0.4 0.1 0.1 85.7

2017 275.3 — — 49.1 97.3 80.9 58.8 44.0 20.8 4.9 2.5 1.0 0.5 359.8

2018 97.9 — — — 6.7 27.4 30.5 31.6 24.6 12.7 2.5 1.0 0.4 137.4

2019 120.8 — — — — 13.4 30.9 37.9 36.8 28.0 14.2 2.7 1.0 164.9

2020 62.1 — — — — — 6.5 16.1 20.4 19.5 17.0 8.7 1.1 89.3

2021 54.9 — — — — — — 4.5 17.7 17.4 15.2 11.8 5.0 71.6

2022 33.4 — — — — — — — 3.2 9.2 11.1 10.5 6.4 40.4

2023 61.2 — — — — — — — — 4.5 14.8 18.0 13.8 51.1

2024 68.2 — — — — — — — — — 12.1 23.1 17.7 52.9

2025 59.1 — — — — — — — — — — 5.2 13.2 18.4

2026 56.2 — — — — — — — — — — — 1.7 1.7

Subtotal 2,429.0 2,290.4 240.5 210.6 200.8 177.2 153.3 145.2 127.7 98.6 91.2 83.1 61.5 3,880.1

Total U.S. 10,175.0 7,476.8 1,000.4 979.6 1,069.3 1,185.4 1,291.2 1,228.8 940.5 781.3 927.2 1,085.0 854.5 18,820.0

Europe Core

2012-2015 1,225.8 538.4 350.2 310.3 290.5 241.4 206.0 202.4 164.3 142.4 132.1 126.9 89.8 2,794.7

2016 333.1 — 40.4 78.9 72.6 58.0 48.3 46.7 36.9 29.7 27.4 27.1 19.6 485.6

2017 252.2 — — 17.9 56.0 44.1 36.1 34.8 25.2 20.2 17.9 15.7 10.7 278.6

2018 341.8 — — — 24.3 88.7 71.3 69.1 50.7 41.6 37.1 34.3 23.6 440.7

2019 518.6 — — — — 48.0 125.7 121.4 89.8 75.1 68.2 61.7 40.8 630.7

2020 324.1 — — — — — 32.3 91.7 69.0 56.1 50.1 45.1 29.1 373.4

2021 412.4 — — — — — — 48.5 89.9 73.0 66.6 59.7 40.6 378.3

2022 359.4 — — — — — — — 33.9 83.8 74.7 67.8 45.9 306.1

2023 410.6 — — — — — — — — 50.2 103.1 93.2 61.9 308.4

2024 451.9 — — — — — — — — — 46.3 135.6 87.4 269.3

2025 512.5 — — — — — — — — — — 57.1 102.1 159.2

2026 351.0 — — — — — — — — — — — 36.4 36.4

Subtotal 5,493.4 538.4 390.6 407.1 443.4 480.2 519.7 614.6 559.7 572.1 623.5 724.2 587.9 6,461.4

Europe Insolvency

2014-2015 29.9 7.3 8.3 8.2 7.4 5.4 3.7 1.9 0.8 0.6 0.4 0.3 0.2 44.5

2016 39.3 — 6.2 12.7 12.9 10.7 7.9 6.0 2.7 1.3 0.8 0.6 0.3 62.1

2017 39.2 — — 1.2 7.9 9.2 9.8 9.4 6.5 3.8 1.5 1.0 0.5 50.8

2018 44.9 — — — 0.6 8.4 10.3 11.7 9.8 7.2 3.5 1.4 0.6 53.5

2019 77.2 — — — — 5.0 21.1 23.9 21.0 17.5 12.9 6.1 1.9 109.4

2020 105.4 — — — — — 6.0 34.6 34.1 29.7 25.5 15.5 4.4 149.8

2021 53.2 — — — — — — 5.5 14.4 14.7 15.4 14.6 7.4 72.0

2022 44.6 — — — — — — — 4.5 12.4 15.2 15.2 9.9 57.2

2023 46.7 — — — — — — — — 4.2 12.7 15.7 12.8 45.4

2024 43.4 — — — — — — — — — 9.5 15.2 11.9 36.6

2025 20.8 — — — — — — — — — — 1.9 4.7 6.6

2026 37.4 — — — — — — — — — — — 1.1 1.1

Subtotal 582.0 7.3 14.5 22.1 28.8 38.7 58.8 93.0 93.8 91.4 97.4 87.5 55.7 689.0

Total Europe 6,075.4 545.7 405.1 429.2 472.2 518.9 578.5 707.6 653.5 663.5 720.9 811.7 643.6 7,150.4

Other markets (3)

969.8 33.9 86.5 103.9 83.7 137.0 135.9 125.4 135.0 215.9 220.5 210.7 148.0 1,636.4

Total PRA Group $ 17,220.2 $ 8,056.4 $ 1,492.0 $ 1,512.7 $ 1,625.2 $ 1,841.3 $ 2,005.6 $ 2,061.8 $ 1,729.0 $ 1,660.7 $ 1,868.6 $ 2,107.4 $ 1,646.1 $ 27,606.8

(1)Non-U.S. amounts are presented at the average exchange rates during the cash collections period.

(2)Includes the acquisition date finance receivables portfolios acquired through our business acquisitions.

(3)Non-U.S. amounts, including purchase price adjustments that occur throughout the life of a portfolio, are presented at the exchange rate at the end of the respective period of purchase.

(4)Reflects all vintages in South America, Canada and Australia.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management uses certain non-GAAP financial measures, including the non-GAAP financial measures referred to below, internally to evaluate the Company's performance and to set performance goals. Management believes these non-GAAP financial measures are useful to investors in evaluating the Company's performance, operational effectiveness and management of operating effectiveness, and provide for greater comparability. These non-GAAP financial measures should not be considered as an alternative to the most directly comparable financial measure determined in accordance with GAAP and may not be comparable to the calculation of similarly titled financial measures reported by other companies. Included below are reconciliations of the non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Adjusted EBITDA

The Company presents Adjusted EBITDA because the Company considers it an important supplemental measure of its operational and financial performance. Adjusted EBITDA is calculated as Net income/(loss) attributable to PRA Group, Inc. plus Income tax expense; less Foreign exchange gain; plus Interest expense, net; plus Other expense; plus Depreciation and amortization; plus Impairment of real estate; plus Goodwill impairment; plus Net income attributable to noncontrolling interests; less Gain on sale of equity method investment; and plus Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries. Management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of the Company's operational and financial performance as it excludes certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the operations of the Company's business and is useful to investors as other companies in the industry report similar financial measures.

The following table provides a reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA for the last twelve months (LTM) ended September 30, 2026 and for the year ended December 31, 2025.

LTM Year Ended

Adjusted EBITDA Reconciliation ($ in thousands) September 30, 2026 December 31, 2025

Net income/(loss) attributable to PRA Group, Inc. $ 157,547 $ (305,142)

Adjustments:

Income tax expense 44,261 46,735

Foreign exchange gain (1,391) (755)

Interest expense, net 256,079 251,788

Other expense 543 336

Depreciation and amortization 7,281 9,035

Impairment of real estate 2,843 1,404

Goodwill impairment — 412,611

Net income attributable to noncontrolling interests 10,986 15,168

Gain on sale of equity method investment — (38,403)

Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries 899,605 922,697

Adjusted EBITDA $ 1,377,754 $ 1,315,474

Adjusted cash efficiency ratio

The Company uses an adjusted cash efficiency ratio, which is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP, to monitor and evaluate operating expenses, excluding goodwill impairment ("Adjusted operating expenses"), relative to cash collections plus fees and revenue recognized from our class action claims recovery services. Management believes the adjusted cash efficiency ratio is a useful financial measure for investors in evaluating the Company's management of operating expenses. The adjusted cash efficiency ratio is calculated by dividing cash receipts less Adjusted operating expenses by cash receipts. The following table provides a reconciliation of Total operating expenses to Adjusted operating expenses and presents the Company's cash efficiency and Adjusted cash efficiency ratios for the periods indicated (in thousands, except for ratio data):

Adjusted Operating Expenses Reconciliation and Adjusted Cash Efficiency Ratio

Third Quarter Year-to-Date

2026 2025 2026 2025

Cash collections $ 535,643 $ 542,244 $ 1,646,116 $ 1,575,968

Fee income 771 622 6,700 3,745

Cash receipts 536,414 542,866 1,652,816 1,579,713

Total operating expenses 200,363 626,687 630,534 1,024,306

Goodwill impairment — (412,611) — (412,611)

Adjusted operating expenses 200,363 214,076 630,534 611,695

Cash efficiency ratio 63% (15)% 62% 35%

Adjusted cash efficiency ratio 63% 61% 62% 61%

Adjusted net income attributable to PRA, Adjusted diluted earnings per share, ROATE and Adjusted ROATE

The Company uses Net income/(loss) attributable to PRA Group, Inc. excluding the impact of certain items that management does not consider indicative of the Company's ongoing operations ("Adjusted net income attributable to PRA") to monitor and evaluate our operating performance and allow for better comparability. Management believes Adjusted net income attributable to PRA is a useful financial measure for investors in evaluating our operating results.

Adjusted net income attributable to PRA is calculated as Net income/(loss) attributable to PRA Group, Inc. excluding the impact of certain items that management does not consider indicative of the Company's ongoing operations. Calculation of Adjusted diluted earnings per share excludes those same items and, if dilutive based on Adjusted net income attributable to PRA, may also include the impact of additional potentially dilutive shares.

In addition, the Company uses return on average tangible equity ("ROATE") to monitor and evaluate operating performance relative to the Company's equity. Management believes ROATE is a useful financial measure for investors in evaluating the effective use of equity, and is an important component of its long-term shareholder return. ROATE is calculated by dividing annualized Net income/(loss) attributable to PRA Group, Inc. by average Total stockholders' equity - PRA Group, Inc. less average goodwill and average other intangible assets ("Average tangible equity").

ROATE may include certain items that are not indicative of the ongoing operating results of the Company's business. Accordingly, the Company also uses Adjusted ROATE to monitor and evaluate operating performance relative to the Company's equity. Management believes that Adjusted ROATE is a useful financial measure for investors because it is based on Adjusted net income attributable to PRA. Adjusted ROATE is calculated by dividing annualized Adjusted net income attributable to PRA by average tangible equity. Return on equity ("ROE") is calculated by dividing annualized Net income/(loss) attributable to PRA Group, Inc. by average Total stockholders' equity - PRA Group, Inc.

The following table provides a reconciliation of Total stockholders' equity - PRA Group, Inc. as reported in accordance with GAAP to Average tangible equity, a reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted net income attributable to PRA, and provides our ROE, ROATE and Adjusted ROATE for the periods indicated (in thousands, except for ratio data):

Average Tangible Equity Reconciliation (1)

Balance as of Period End Third Quarter Year-to-Date

September 30, 2026 September 30, 2025 2026 2025 2026 2025

Total stockholders' equity - PRA Group, Inc. $ 1,067,001 $ 928,493 $ 1,056,235 $ 1,132,709 $ 1,023,652 $ 1,154,889

Goodwill 26,871 26,871 26,871 233,160 26,871 320,848

Other intangible assets 1,209 1,470 1,246 1,506 1,318 1,488

Average tangible equity $ 1,028,118 $ 898,043 $ 995,463 $ 832,553

ROE and ROATE (2)

Third Quarter Year-to-Date

2026 2025 2026 2025

Net income/(loss) attributable to PRA Group, Inc. $ 14,892 $ (407,703) $ 101,019 $ (361,670)

Return on equity 6 % (144) % 13 % (42) %

ROATE 6 % (182) % 14 % (58) %

Adjusted Net Income Attributable to PRA Reconciliation and Adjusted ROATE (3)

Third Quarter Year-to-Date

2026 2025 2026 2025

Net income/(loss) attributable to PRA Group, Inc. $ 14,892 $ (407,703) $ 101,019 $ (361,670)

Gain on sale of equity method investment — — — (38,403)

Goodwill impairment — 412,611 — 412,611

Tax effect of adjusting items (4)

— 15,969 — 24,686

Adjusted net income attributable to PRA $ 14,892 $ 20,877 $ 101,019 $ 37,224

Adjusted ROATE 6 % 9 % 14 % 6 %

The following table provides a reconciliation of diluted earnings per share to Adjusted diluted earnings per share:

Adjusted Diluted Earnings Per Share Reconciliation

Third Quarter Year-to-Date

2026 2025 2026 2025

Diluted earnings per share $ 0.39 $ (10.43) $ 2.64 $ (9.20)

Effect of adjusting items and dilutive shares (5)

— 10.96 — 10.14

Adjusted diluted earnings per share $ 0.39 $ 0.53 $ 2.64 $ 0.94

Investor Contact:

Najim Mostamand, CFA

Vice President, Investor Relations

757-431-7913

IR@PRAGroup.com

1.Amounts represent the average balances for the respective periods.

2.Based on annualized Net income/(loss) attributable to PRA Group, Inc.

3.Based on annualized Adjusted net income attributable to PRA.

4.Based on the annual effective tax rate and pretax income excluding the effect of the adjusting items.

5.Impact of the non-GAAP adjusting items and dilutive effect of all potential shares of common stock.

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