Form 8-K
8-K — PRA GROUP INC
Accession: 0001185348-26-000019
Filed: 2026-05-07
Period: 2026-05-07
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-20260507.htm (Primary)
EX-99.1 (q12026earningsrelease.htm)
GRAPHIC (pralogoa06.gif)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: praa-20260507.htm · Sequence: 1
praa-20260507
false000118534800011853482026-05-072026-05-07
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): May 7, 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 May 7, 2026, PRA Group, Inc. (the “Company”) issued a press release announcing its first 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 May 7, 2026, webcast and conference call to discuss its first 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 May 7, 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: May 7, 2026 By: /s/ Rakesh Sehgal
Rakesh Sehgal
Executive Vice President and Chief Financial Officer
EX-99.1
EX-99.1
Filename: q12026earningsrelease.htm · Sequence: 2
Document
PRA Group Reports First Quarter 2026 Results
Strong Start to the Year with 11% Cash Collections Growth and Net Income of $28 Million
Continued Momentum in U.S. Business with Strong Results in Europe
On Track with PRA 3.0 Strategy to Drive Enhanced Results
NORFOLK, Va., May 7, 2026 - PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2026 ("Q1 2026").
Q1 2026 Highlights (vs. Q1 2025)
•Total cash collections of $551.9 million, up 11.0%.
•Cash efficiency ratio1 of 61.8%.
•Net income attributable to PRA Group, Inc. of $28.2 million, or diluted earnings per share of $0.73.
•Adjusted EBITDA2 for the 12 months ended March 31, 2026 of $1.3 billion, up 13.9%, which exceeded cash collections growth.
•Total portfolio purchases of $220.9 million, in line with expectations, as we continue to focus on driving higher returns and net income while balancing investments with leverage.
•Estimated remaining collections (ERC)3 of $8.5 billion, up 9.5%.
"We had a strong start to 2026, building on the success we achieved last year with continued improvement in our key financial and operational metrics," said Martin Sjolund, president and chief executive officer. "Cash collections grew 11% from the prior-year period, driven by the continued momentum of our operational initiatives, especially in the U.S. legal collections channel, which was supplemented by strong performance in Europe. Our cash efficiency ratio improved to 62%, even with the increase in legal collection costs to support future collections growth. Net income increased to $28 million and Adjusted EBITDA for the last twelve months was up 14%, growing faster than cash collections, as we continued to gain operating leverage."
"Overall, Q1 was another solid quarter, with strong execution across several operational initiatives and improved financial results. Looking ahead to the rest of the year, we plan to continue making progress on our new PRA 3.0 strategy, including modernizing our technology platforms and innovating with our new mobile app in the UK and global AI initiatives. We believe we are in a strong position to continue delivering enhanced results and value for our shareholders, as we transform PRA into a high-performing, technology-enabled global allocator of capital."
1.Calculated by dividing cash receipts less operating expenses by cash receipts. Cash receipts refers to cash collections on the Company's nonperforming loan portfolios, fees and revenue recognized from the Company's class action claims recovery services.
2.A reconciliation of net income attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this press release.
3.Refers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios.
Cash Collections and Revenues
The following table presents cash collections by quarter and by source, as reported and on a constant currency-adjusted basis:
Cash Collection Source 2026 2025
($ in thousands) Q1 Q4 Q3 Q2 Q1
U.S. Core $ 268,409 $ 249,322 $ 258,277 $ 253,856 $ 240,467
U.S. Insolvency 20,141 20,223 21,131 21,175 20,589
Europe Core 192,019 188,277 185,910 185,652 164,371
Europe Insolvency 20,547 19,166 22,658 24,609 21,205
Other markets (1)
50,812 54,670 54,268 50,996 50,804
Total cash collections $ 551,928 $ 531,658 $ 542,244 $ 536,288 $ 497,436
Cash Collection Source -
Constant Currency-Adjusted 2026 2025
($ in thousands) Q1 Q1
U.S. Core $ 268,409 $ 240,467
U.S. Insolvency 20,141 20,589
Europe Core 192,019 180,408
Europe Insolvency 20,547 22,720
Other markets (1)
50,812 55,931
Total cash collections $ 551,928 $ 520,115
•Total cash collections in Q1 2026 increased 11.0% to $551.9 million, compared to $497.4 million in the first quarter of 2025 ("Q1 2025"), driven by the continued increase in cash generation from our investments in the U.S. legal collections channel, as well as strong performance in our European business.
Three Months Ended March 31,
($ in thousands) 2026 2025
Portfolio income $ 269,579 $ 240,958
Recoveries collected in excess of forecast 22,698 16,500
Changes in expected future recoveries 21,188 11,422
Changes in expected recoveries 43,886 27,922
Total portfolio revenue $ 313,465 $ 268,880
•Portfolio income in Q1 2026 increased 11.9% to $269.6 million, compared to $241.0 million in Q1 2025, driven by strong recent purchases at improved returns.
•Changes in expected recoveries in Q1 2026 increased to $43.9 million, compared to $27.9 million in Q1 2025.
•Total portfolio revenue in Q1 2026 increased 16.6% to $313.5 million, compared to $268.9 million in Q1 2025.
Expenses
1.Reflects total cash collections in South America, Canada and Australia.
•Operating expenses in Q1 2026 increased $16.2 million to $211.3 million, compared to $195.0 million in Q1 2025, driven primarily by a $15.1 million increase in legal collection costs to support future cash collections growth.
◦Compensation and benefits expense decreased $2.6 million, primarily due to our efforts to right-size our agent headcount, leverage more external collections resources (including offshore agents), and eliminate more than 115 corporate roles in the fourth quarter of 2025.
◦Communication expense decreased $1.5 million, due to the use of more cost-efficient collection strategies.
•Interest expense, net in Q1 2026 increased to $63.5 million, compared to $61.0 million in Q1 2025, primarily reflecting an increase in debt balances.
•The effective tax rate for the quarter was 21.6%.
Portfolio Purchases
Portfolio Purchase Source 2026 2025
($ in thousands) Q1 Q4 Q3 Q2 Q1
U.S. Core $ 105,469 $ 102,254 $ 119,672 $ 160,193 $ 148,903
U.S. Insolvency 13,043 10,088 14,809 22,134 12,059
Europe Core 86,715 152,375 95,239 142,465 108,390
Europe Insolvency 4,837 4,758 5,934 4,757 4,856
Other markets (1)
10,786 45,326 19,838 16,956 17,494
Total portfolio purchases $ 220,850 $ 314,801 $ 255,492 $ 346,505 $ 291,702
•The Company purchased $220.9 million in portfolios of nonperforming loans in Q1 2026.
•At the end of Q1 2026, the Company had in place estimated forward flow commitments2 of $321.8 million over the next 12 months, comprised of $172.6 million in Europe, $132.2 million in the U.S., and $17.0 million in other markets.
Credit Availability
•Total availability under the Company's credit facilities as of March 31, 2026 was $996.0 million, comprised of $714.3 million based on current ERC and subject to debt covenants, and $281.7 million of additional availability subject to borrowing base and debt covenants, including advance rates.
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 May 7, 2027, or call 646-517-4150 in the U.S. or 1-888-660-6345 outside the U.S. and use access code 86103# until May 14, 2026.
About PRA Group, Inc.
As a global leader in acquiring and collecting nonperforming loan portfolios, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.
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.
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 March 31,
2026 2025
Revenues
Portfolio income $ 269,579 $ 240,958
Changes in expected recoveries 43,886 27,922
Total portfolio revenue 313,465 268,880
Other revenue 1,068 739
Total revenues 314,533 269,619
Operating expenses
Compensation and benefits 70,738 73,323
Legal collection costs 48,458 33,394
Legal collection fees 17,071 15,230
Agency fees 24,581 21,368
Professional and outside services 20,884 21,103
Communication 9,019 10,477
Rent and occupancy 3,258 3,480
Depreciation, amortization and impairment of long-lived assets 1,708 3,769
Other operating expenses 15,562 12,898
Total operating expenses 211,279 195,042
Income from operations 103,254 74,577
Other income/(expense)
Interest expense, net (63,518) (60,970)
Foreign exchange gain/(loss), net 1,054 (51)
Other (254) (180)
Income before income taxes 40,536 13,376
Income tax expense 8,764 4,312
Net income 31,772 9,064
Net income attributable to noncontrolling interests 3,562 5,405
Net income attributable to PRA Group, Inc. $ 28,210 $ 3,659
Net income per common share attributable to PRA Group, Inc.
Basic $ 0.74 $ 0.09
Diluted $ 0.73 $ 0.09
Weighted average number of shares outstanding
Basic 38,368 39,549
Diluted 38,511 39,688
PRA Group, Inc.
Consolidated Balance Sheets
(Amounts in thousands)
(unaudited)
March 31,
2026 December 31,
2025
ASSETS
Cash and cash equivalents $ 124,778 $ 104,409
Investments 143,358 66,628
Finance receivables, net 4,637,094 4,688,024
Income taxes receivable 15,700 17,702
Deferred tax assets, net 70,914 76,955
Right-of-use assets 28,715 29,206
Property and equipment, net 24,567 24,886
Goodwill 26,871 26,871
Prepaid expenses and other assets 134,833 68,641
Total assets $ 5,206,830 $ 5,103,322
LIABILITIES AND EQUITY
Liabilities
Accrued expenses and accounts payable $ 100,483 $ 131,812
Income taxes payable 30,083 29,845
Deferred tax liabilities, net 18,733 17,064
Lease liabilities 31,595 32,160
Interest-bearing deposits 78,740 106,148
Borrowings 3,779,167 3,697,338
Other liabilities 99,475 48,990
Total liabilities 4,138,276 4,063,357
Equity
Preferred stock, $0.01 par value, 2,000 shares authorized, no shares issued and outstanding — —
Common stock, $0.01par value, 100,000 shares authorized, 38,141 shares issued and outstanding as of March 31, 2026; 100,000 shares authorized, 38,453 shares issued and outstanding as of December 31, 2025 381 385
Additional paid-in capital 3,289 11,474
Retained earnings 1,283,217 1,255,007
Accumulated other comprehensive loss (284,599) (287,015)
Total stockholders' equity - PRA Group, Inc. 1,002,288 979,851
Noncontrolling interests 66,266 60,114
Total equity 1,068,554 1,039,965
Total liabilities and equity $ 5,206,830 $ 5,103,322
Purchase Price Multiples
as of March 31, 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 $ 7,505,108 $ 94,785 274% 224%
2016 400,545 819,619 32,606 205% 195%
2017 511,902 1,168,721 68,438 228% 193%
2018 604,669 1,373,598 93,421 227% 199%
2019 432,222 1,017,206 70,674 235% 209%
2020 415,384 940,628 88,849 226% 215%
2021 339,885 603,675 118,686 178% 191%
2022 275,433 435,742 140,794 158% 164%
2023 506,319 947,969 447,691 187% 191%
2024 727,672 1,679,170 1,085,766 231% 211%
2025 531,021 1,144,614 975,398 216% 216%
2026 105,469 212,526 209,118 202% 202%
Subtotal 7,587,396 17,848,576 3,426,226
U.S. Insolvency
1996-2015 1,472,385 2,806,689 — 191% 154%
2016 67,454 85,669 21 127% 124%
2017 275,257 359,605 182 131% 125%
2018 97,879 137,302 59 140% 127%
2019 120,845 164,398 174 136% 128%
2020 62,130 90,300 1,584 145% 136%
2021 54,898 74,136 5,237 135% 136%
2022 33,442 47,860 11,718 143% 139%
2023 61,242 80,321 38,358 131% 136%
2024 68,168 99,364 58,508 146% 149%
2025 59,091 93,168 84,236 158% 160%
2026 13,043 20,891 20,790 160% 160%
Subtotal 2,385,834 4,059,703 220,867
Total U.S. 9,973,230 21,908,279 3,647,093
Europe Core
2012-2015 1,225,893 3,516,570 478,195 287% 190%
2016 333,090 601,998 142,105 181% 167%
2017 252,174 366,501 77,563 145% 144%
2018 341,775 574,229 151,942 168% 148%
2019 518,610 888,852 272,541 171% 152%
2020 324,119 609,550 212,981 188% 172%
2021 412,411 732,470 338,322 178% 170%
2022 359,447 600,333 370,631 167% 162%
2023 410,593 709,805 464,760 173% 169%
2024 451,786 821,118 685,317 182% 180%
2025 512,533 951,214 843,307 186% 185%
2026 85,057 157,440 154,812 185% 185%
Subtotal 5,227,488 10,530,080 4,192,476
Europe Insolvency
2014-2015 29,849 49,058 — 164% 135%
2016 39,338 58,616 440 149% 130%
2017 39,235 53,074 402 135% 128%
2018 44,908 53,386 543 119% 123%
2019 77,218 114,419 3,630 148% 130%
2020 105,440 162,032 5,399 154% 129%
2021 53,230 81,302 8,945 153% 134%
2022 44,604 66,962 20,325 150% 137%
2023 46,558 67,060 32,053 144% 138%
2024 43,459 64,128 38,821 148% 147%
2025 20,760 30,329 26,435 146% 145%
2026 4,752 7,346 7,301 155% 155%
Subtotal 549,351 807,712 144,294
Total Europe 5,776,839 11,337,792 4,336,770
Other markets (5)
951,094 2,229,871 564,685 234% 204%
Total PRA Group $ 16,701,163 $ 35,475,942 $ 8,548,548
(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 March 31, 2026 exchange rate.
(5)Reflects all vintages in South America, Canada and Australia.
Portfolio Financial Information (1)
(in thousands)
March 31, 2026 (year-to-date) As of March 31, 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 $ 10,384 $ 5,487 $ 2,695 $ 8,182 $ 31,227
2016 2,583 1,544 (84) 1,460 13,786
2017 5,257 3,270 (775) 2,495 27,494
2018 8,281 4,151 (418) 3,733 45,382
2019 6,631 3,457 (608) 2,849 33,983
2020 9,056 4,407 (982) 3,425 44,546
2021 10,372 5,050 (486) 4,564 59,591
2022 11,381 4,636 309 4,945 82,701
2023 39,177 18,207 (5,753) 12,454 241,850
2024 98,754 47,239 14,278 61,517 574,230
2025 63,125 43,364 (2,313) 41,051 500,322
2026 3,408 2,796 140 2,936 104,934
Subtotal 268,409 143,608 6,003 149,611 1,760,046
U.S. Insolvency
1996-2015 235 — 234 234 —
2016 39 1 26 27 19
2017 189 10 112 122 160
2018 134 2 100 102 57
2019 430 6 316 322 168
2020 544 52 86 138 1,401
2021 2,231 191 (97) 94 4,943
2022 2,184 362 (45) 317 10,557
2023 4,590 1,054 (33) 1,021 33,215
2024 5,709 2,188 (318) 1,870 45,042
2025 3,753 2,800 (857) 1,943 57,786
2026 103 143 41 184 13,117
Subtotal 20,141 6,809 (435) 6,374 166,465
Total U.S. 288,550 150,417 5,568 155,985 1,926,511
Europe Core
2012-2015 29,774 16,872 7,948 24,820 141,516
2016 6,773 2,758 5,129 7,887 80,998
2017 3,812 1,290 502 1,792 51,383
2018 7,984 2,910 3,002 5,912 95,137
2019 14,181 4,758 1,506 6,264 183,088
2020 9,918 4,154 1,275 5,429 128,550
2021 14,216 6,146 1,182 7,328 204,281
2022 15,933 6,390 2,068 8,458 233,121
2023 21,308 8,862 4,282 13,144 277,845
2024 29,869 13,672 3,368 17,040 385,315
2025 35,581 17,411 240 17,651 458,722
2026 2,670 937 723 1,660 83,953
Subtotal 192,019 86,160 31,225 117,385 2,323,909
Europe Insolvency
2014-2015 98 — 98 98 —
2016 124 18 102 120 115
2017 176 8 230 238 242
2018 227 10 93 103 424
2019 809 88 (30) 58 3,003
2020 2,039 150 (11) 139 5,075
2021 3,682 263 1,236 1,499 8,218
2022 3,659 542 1,138 1,680 17,622
2023 4,222 863 751 1,614 27,020
2024 4,003 1,307 194 1,501 29,818
2025 1,463 700 229 929 19,481
2026 45 35 33 68 4,747
Subtotal 20,547 3,984 4,063 8,047 115,765
Total Europe 212,566 90,144 35,288 125,432 2,439,674
Other markets (4)
50,812 29,018 3,030 32,048 270,909
Total PRA Group $ 551,928 $ 269,579 $ 43,886 $ 313,465 $ 4,637,094
(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 March 31, 2026 exchange rate.
(4)Reflects all vintages in South America, Canada and Australia.
Cash Collections by Year, By Year of Purchase (1)
as of March 31, 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 $ 10.4 $ 7,403.2
2016 400.5 — 86.1 195.3 160.1 116.6 88.7 59.9 29.1 17.6 18.1 12.9 2.6 787.0
2017 511.9 — — 94.3 264.4 247.1 185.6 124.8 73.1 41.6 37.5 26.6 5.3 1100.3
2018 604.7 — — — 106.3 320.2 304.7 214.8 131.6 83.2 68.1 42.9 8.3 1280.1
2019 432.2 — — — — 93.4 282.2 237.4 141.7 86.1 61.8 37.3 6.6 946.5
2020 415.4 — — — — — 127.4 274.7 185.4 121.3 83.6 50.4 9.1 851.9
2021 339.9 — — — — — — 73.8 149.9 115.3 82.8 52.8 10.4 485.0
2022 275.4 — — — — — — — 34.9 102.4 87.8 58.5 11.4 295.0
2023 506.3 — — — — — — — — 63.5 211.8 185.9 39.2 500.4
2024 727.7 — — — — — — — — — 119.8 374.9 98.8 593.5
2025 531.0 — — — — — — — — — — 106.1 63.1 169.2
2026 105.5 — — — — — — — — — — — 3.2 3.2
Subtotal 7,587.4 5,186.4 759.9 769.0 868.5 1,008.2 1,137.9 1,083.6 812.8 682.7 836.0 1,001.9 268.4 14,415.3
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 0.2 2,806.5
2016 67.5 — 10.1 18.9 18.2 16.4 13.0 6.6 1.3 0.6 0.4 0.1 — 85.6
2017 275.3 — — 49.1 97.3 80.9 58.8 44.0 20.8 4.9 2.5 1.0 0.2 359.5
2018 97.9 — — — 6.7 27.4 30.5 31.6 24.6 12.7 2.5 1.0 0.1 137.1
2019 120.8 — — — — 13.4 30.9 37.9 36.8 28.0 14.2 2.7 0.4 164.3
2020 62.1 — — — — — 6.5 16.1 20.4 19.5 17.0 8.7 0.5 88.7
2021 54.9 — — — — — — 4.5 17.7 17.4 15.2 11.8 2.2 68.8
2022 33.4 — — — — — — — 3.2 9.2 11.1 10.5 2.2 36.2
2023 61.2 — — — — — — — — 4.5 14.8 18.0 4.6 41.9
2024 68.2 — — — — — — — — — 12.1 23.1 5.7 40.9
2025 59.1 — — — — — — — — — — 5.2 3.8 9.0
2026 13.0 — — — — — — — — — — — 0.2 0.2
Subtotal 2,385.8 2,290.4 240.5 210.6 200.8 177.2 153.3 145.2 127.7 98.6 91.2 83.1 20.1 3,838.7
Total U.S. 9,973.2 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 1,085.0 288.5 18,254.0
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 29.8 2,734.7
2016 333.1 — 40.4 78.9 72.6 58.0 48.3 46.7 36.9 29.7 27.4 27.1 6.8 472.8
2017 252.2 — — 17.9 56.0 44.1 36.1 34.8 25.2 20.2 17.9 15.7 3.8 271.7
2018 341.8 — — — 24.3 88.7 71.3 69.1 50.7 41.6 37.1 34.3 8.0 425.1
2019 518.6 — — — — 48.0 125.7 121.4 89.8 75.1 68.2 61.7 14.2 604.1
2020 324.1 — — — — — 32.3 91.7 69.0 56.1 50.1 45.1 9.9 354.2
2021 412.4 — — — — — — 48.5 89.9 73.0 66.6 59.7 14.2 351.9
2022 359.4 — — — — — — — 33.9 83.8 74.7 67.8 15.9 276.1
2023 410.6 — — — — — — — — 50.2 103.1 93.2 21.3 267.8
2024 451.9 — — — — — — — — — 46.3 135.6 29.9 211.8
2025 512.5 — — — — — — — — — — 57.1 35.6 92.7
2026 85.1 — — — — — — — — — — — 2.6 2.6
Subtotal 5,227.5 538.4 390.6 407.1 443.4 480.2 519.7 614.6 559.7 572.1 623.5 724.2 192.0 6,065.5
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 0.1 44.4
2016 39.3 — 6.2 12.7 12.9 10.7 7.9 6.0 2.7 1.3 0.8 0.6 0.1 61.9
2017 39.2 — — 1.2 7.9 9.2 9.8 9.4 6.5 3.8 1.5 1.0 0.2 50.5
2018 44.9 — — — 0.6 8.4 10.3 11.7 9.8 7.2 3.5 1.4 0.2 53.1
2019 77.2 — — — — 5.0 21.1 23.9 21.0 17.5 12.9 6.1 0.8 108.3
2020 105.4 — — — — — 6.0 34.6 34.1 29.7 25.5 15.5 2.0 147.4
2021 53.2 — — — — — — 5.5 14.4 14.7 15.4 14.6 3.7 68.3
2022 44.6 — — — — — — — 4.5 12.4 15.2 15.2 3.7 51.0
2023 46.7 — — — — — — — — 4.2 12.7 15.7 4.2 36.8
2024 43.4 — — — — — — — — — 9.5 15.2 4.0 28.7
2025 20.8 — — — — — — — — — — 1.9 1.5 3.4
2026 4.8 — — — — — — — — — — — — —
Subtotal 549.4 7.3 14.5 22.1 28.8 38.7 58.8 93.0 93.8 91.4 97.4 87.5 20.5 653.8
Total Europe 5,776.9 545.7 405.1 429.2 472.2 518.9 578.5 707.6 653.5 663.5 720.9 811.7 212.5 6,719.3
Other markets (3)
951.1 33.9 86.5 103.9 83.7 137.0 135.9 125.4 135.0 215.9 220.5 210.7 50.9 1,539.3
Total PRA Group $ 16,701.2 $ 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 $ 551.9 $ 26,512.6
(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. Included below are reconciliations of the most directly comparable financial measures calculated in accordance with GAAP to the corresponding non-GAAP financial measure. The non-GAAP financial measures included below should not be considered as an alternative to the most directly comparable financial measure determined in accordance with GAAP. The calculation of the non-GAAP financial measures included below may not be comparable to the calculation of similarly titled financial measures reported by other companies.
Adjusted EBITDA
Adjusted EBITDA is calculated as net income (or loss) attributable to PRA Group, Inc. plus income tax expense (or less income tax benefit); less foreign exchange gain (or plus foreign exchange loss); 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.
The Company presents Adjusted EBITDA because the Company considers it an important supplemental measure of its operational and financial performance. Management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of the Company's operational and financial performance and is useful to investors as other companies in the industry report similar financial measures.
Set forth below is a reconciliation of net loss attributable to PRA Group, Inc. to Adjusted EBITDA for the last twelve months (LTM) ended March 31, 2026 and for the year ended December 31, 2025.
LTM Year Ended
Adjusted EBITDA Reconciliation ($ in thousands) March 31, 2026 December 31, 2025
Net loss attributable to PRA Group, Inc. $ (280,591) $ (305,142)
Adjustments:
Income tax expense 51,187 46,735
Foreign exchange gain (1,860) (755)
Interest expense, net 254,336 251,788
Other expense 410 336
Depreciation and amortization 7,805 9,035
Impairment of real estate 573 1,404
Goodwill impairment 412,611 412,611
Net income attributable to noncontrolling interests 13,325 15,168
Gain on sale of equity method investment (38,403) (38,403)
Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries 929,206 922,697
Adjusted EBITDA $ 1,348,599 $ 1,315,474
ROATE
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. Average tangible equity is defined as average Total stockholders' equity - PRA Group, Inc. less average goodwill and average other intangible assets. ROATE is calculated by dividing Net income attributable to PRA Group, Inc. by Average tangible equity. Return on equity ("ROE") is calculated by by dividing Net income 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 and provides the Company's ROE and ROATE for the periods indicated (in thousands, except for ratio data):
Average Tangible Equity Reconciliation (1)
Balance as of Period End First Quarter
March 31, 2026 March 31, 2025 2026 2025
Total stockholders' equity - PRA Group, Inc. $ 1,002,288 $ 1,219,108 $ 991,068 $ 1,177,070
Goodwill 26,871 420,715 26,871 408,536
Other intangible assets 1,344 1,488 1,390 1,471
Average tangible equity $ 962,807 $ 767,063
ROE and ROATE (2)
First Quarter
2026 2025
Net income attributable to PRA Group, Inc. $ 28,210 $ 3,659
Return on equity 11.4 % 1.2 %
Return on average tangible equity 11.7 % 1.9 %
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 attributable to PRA Group, Inc.
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May 07, 2026
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