PRA : Presentation

May 2026

Investor Presentation

A Global Leader in Acquiring and

Collecting Nonperforming Loans

Agenda

Company Overview Financial Performance PRA 3.0 Strategy Appendix

2 Nasdaq: PRAA

Key Highlights

Key Stats (Q1 2026)

1.1

$552M

Cash Collections

11% YoY Growth

$221M

Portfolio Purchases

Focused on Net Returns

30 years in business, led by highly experienced

management team

22. Significant global scale and diversification across 18 markets 33.

$28M

Net Income

$25 Million YoY Growth

$8.5B

Estimated Remaining

Collections (ERC)2

10% YoY Growth

Attractive market dynamics in U.S. and Europe 44. Strong momentum in the U.S. business - strong growth in legal and digital; shift to more variable cost structure with offshoring & debt collection agencies (DCAs)

55.

2.71x

Net Leverage

Down YoY from 2.82x

$1.3B

LTM Adjusted EBITDA3

14% YoY Growth

High-performing European business with long track record of overperformance & efficiency

66. Strong and diversified capital structure with ample liquidity, staggered maturities, and reduced net leverage1

3 Nasdaq: PRAA

Note: LTM refers to 12 months ended March 31, 2026.

1. A reconciliation of Borrowings to net leverage can be found at the end of this presentation. 2. Estimated remaining collections (ERC) refers to the sum of all future projected cash collections on our nonperforming loan (NPL) portfolio. 3. A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this presentation.

We Are a Global Leader in Acquiring and Collecting Nonperforming Loans (NPLs)

4 Nasdaq: PRAA

Martin Sjolund

President &

Chief Executive Officer

Steve Macke Global Operations Officer

Rakesh Sehgal

Chief Financial Officer

Jan Husby Chief Information Officer

LaTisha Tarrant General Counsel and Chief Human Resources Officer

Adrian Murphy Chief Data & Analytics Officer

Owen James

President,

PRA Group Europe

Keith Warren Chief Risk and Compliance Officer

Deep Expertise and Industry Experience to Drive Improved Results

Creditor extends credit to customers

Consumers become delinquent

If unresolved, account is charged off

Account is managed internally or sold to 3rd parties

PRA purchases a portfolio of charged-off accounts at a discount

PRA works to resolve consumer debt

• Includes banks and other types of consumer, retail and auto finance companies

5 Nasdaq: PRAA

• Creditor's lending behavior is affected

• Consumer's credit score is negatively

  impacted

• Creditor has three options:

1. In-house collections

2. Use a debt collection agency (for a commission)

3. Sell to a trusted debt buyer like PRA (recoup capital immediately)

   • Leverage deep seller relationships & proprietary data to identify the most attractive opportunities

   • Buy nonperforming credit cards, personal & auto loans from some of the largest credit issuers in the world

   • Determine customer's ability/willingness to pay

   • Use sophisticated technology, data and analytics to identify collection strategies

   • Collect via call center (onshore & offshore), digital, legal and other channels

   • Consumer's credit score can be enhanced

Serving a Core Part of the Consumer Credit Ecosystem

We Specialize in Purchasing Portfolios at Attractive Returns & Collecting Efficiently

U.S. Market

European Market

Regulatory Landscape and Consumer Behavior Portfolio Supply

6

• Complex and stringent regulatory environment

  • Federal Regulator: CFPB

  • U.S. Laws: FDCPA (Reg F), FCRA, GLBA, TCPA, etc.

  • State/Local: 50 Attorneys General (+ D.C.) & 3,000+ counties each with potentially separate set of guidelines and rules

• Regulatory complexity and consumer behavior reflected in pricing
• High number of disputes

• Strong portfolio supply

  • $1.0+ trillion of credit card debt outstanding

  • Markets tend to be forward-flow driven, providing visibility

  • Many large U.S. banks do not sell NPLs - smaller number of sellers

• Stable competitive landscape

  o Banks are highly selective of whom they sell to

  • Stringent regulatory environment

  • Success driven by long track record, extensive data, strong seller relationships, significant scale and compliance

• Fragmented regulatory environment

  • Very different application of collections rules in different markets, especially around legal collections

  • Generally much less onerous than the U.S.

• Regulators encourage banks to sell NPLs (EU Credit directive, EU Prudential Backstop)
• Local customer behaviours reflected in portfolio pricing
• Fragmented banking market

  • Leads to fragmented selling universe, with hundreds of sellers

  • Most major banks & consumer finance companies sell NPLs

• Competitive market dynamics

  • Highly competitive, especially in markets where sellers are less selective about who they sell to

  • Market tends to be spot-driven but moving more toward forward flows

Our Global Perspective on the Markets

Managing Complexity Across Distinct Global Environments

$1,200

$1,000

$800

$600

$400

$200

$0

U.S. Credit Card Balances1 and Charge-Off Rates2

$ in billions

$1,073

10%

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

Key highlights

• U.S. credit card balances up 25%+ since pre-pandemic

  (end of 2019)

• Charge-off rates remain high

  09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q1

  26

  U.S. Credit Card Balances1 U.S. Credit Card Charge-Off Rates2
  
  

  7 Nasdaq: PRAA

  1. FRED, Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks. Data as of May 1, 2026.

     
     
     

  2. Board of Governors of the Federal Reserve Board, Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks. Data as of February 24, 2026.

  U.S. Supply Remains Elevated Due to High Credit Card Balances & Charge-Off Rates

  
  
  

  Diversified set of markets enables us to be selective in our investments

  Total Portfolio Purchases

  $ in millions

  U.S.
  
  

  Disciplined investment process and experienced underwriters

  • Experienced underwriting teams

  • Disciplined investment process with close involvement of investments, underwriting, and operations teams
  • Experienced investment committee using a global investment framework to optimize capital deployment decisions
  $1,289 $1,408 $1,154 $1,209 $905 $972 $850 Europe Other

  2019 2020 2021 2022 2023 2024 2025

  • Highly experienced and tenured Investments team

  • Deep seller relationships provide good access to NPL deals

  • Significant forward flow volume, particularly in the U.S.

    
    
    

    8 Nasdaq: PRAA

    Disciplined & Diversified Purchaser of NPLs With Long Track Record

    
    
    Underwriting Operational Analytics

    • Underwriting multi-year future collections and costs

    • Using advanced proprietary statistical valuation models and techniques (e.g., machine learning)

    • Leveraging years of proprietary reference data

    • Underwriters in global hubs enhancing access to talent and talent retention

    • Using a global investment framework to optimize the capital deployment decisions between geographies and asset type

      • Focused on portfolio returns to maximize value creation

      • Aiming to optimize customer engagement -tailoring collection efforts based on customers' ability and willingness to pay

      • Accounts scored daily, utilizing dynamic data & analytics that inform the collection strategy

        • Call Center - onshore and offshore call centers

        • Legal - internal and external attorneys; suit, server and judgment, post-judgment enforcement

        • Digital

        • DCAs

        • Other strategies

Managed dynamically based on our understanding of our customers

9 Nasdaq: PRAA

We Use Data & Analytics to Underwrite Portfolios and Determine the Most Efficient Collection Strategy

PRA Europe Investments1

$450

$371

$408 $477

$407

$444

$508

$519

$288 $361

$589

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CAGR: +9%

$708

$654

$664

$721

$812

$519

$579

$351

$405

$429

$472

PRA Europe Cash Collections

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

10 Nasdaq: PRAA 1. Excludes business acquisitions.

Key Europe Highlights

• Experienced and stable management (investment committee average tenure of ~12 years)
• Successfully invested $3B+ over last seven years with a good spread across our 9 core markets, reflecting discipline during periods of irrational competitive activity
• Limited M&A

• Growing Europe ERC now represents 50%+ of global ERC

• Long track record of strong cash performance against our

  expectations

• One of the most cost-efficient platforms in Europe
• Transformed European IT infrastructure

  • One common cloud platform and cloud-based contact

platform

PRA Europe

A Decade of Consistent Deployment, Cash Generation and Operational Focus

$ in millions

Pre-2018

• Low-cost, front-line mass dialing

• Multiple contact platforms across various markets

• No customer chat or text, limited email capability

• Challenging European market structure

• Focus on talent, technology, digital, and data & analytics

• One standard, cloud-based omni-channel contact platform

• Competitive digital capabilities

• Careful capital allocation underpinned by strong underwriting

• Solid operational execution with a strong focus on cost management

• High-performing team with a strong performance management culture

Now

11 Nasdaq: PRAA

Europe's Transformation Under Martin's Leadership

Agenda

Company Overview Financial Performance PRA 3.0 Strategy Appendix

12 Nasdaq: PRAA

11% Cash Collections Growth and 62% Cash Efficiency Ratio1 Cash Collections & Cash Efficiency Ratio1 +11%

$497 $552

61% 62%

Q1 25 Q1 26

Cash Collections Cash Efficiency Ratio

$1,209

FY 25

Disciplined Buying and Focused on Returns Portfolio Purchases

$292

$221

Q1 25 Q1 26

$1,184

AdAjdujsutesdteEdBEITBDITAD2 GAr3eawndFaNsteetrLTehvaenrCagaseh4 Collections; Continued De-Leveraging Adjusted EBITDA2 and Net Leverage3 +14%

2.77x

2.81x

2.71x

2.73x

$1,240 $1,265 $1,315 $1,349

Strong Growth in Profitability Net Income Attributable to PRA Group

2.82x

+$25M

$28

$4

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Adjusted EBITDA Net Leverage

Q1 25 Q1 26

13 Nasdaq: PRAA

1. Cash efficiency ratio is calculated by dividing cash receipts less operating expenses by cash receipts. 2 A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this presentation. 3 A reconciliation of Borrowings to net leverage can be found at the end of this presentation.

Building on the Success of 2025 with Strong Start to 2026

$ in millions

Core PPMs1 and Portfolio Purchases - in Line with Our Expectations

• PPMs can vary due to multiple factors (geography/product mix, age of portfolios, collection channel, etc.), which impacts the cost to collect

• A higher cost to collect typically leads to a higher PPM, and vice versa

• Some portfolios (e.g., European portfolios, insolvencies, certain U.S. portfolios) have lower PPMs but also materially lower costs to collect.

• Portfolios are underwritten to meet similar net return thresholds

  • Incorporates cost to collect, funding costs, timing of cash flows, risk, contract terms, and other items.

Our Focus is on Net Returns

PPMs can vary based on mix

2.00x

1.98x

2.07x

1.98x

1.96x

PRA (global)

1.74x

1.87x

2.01x

1.78x

1.84x

Europe

2.18x

2.08x

2.13x

2.18x

2.01x

U.S.

Q1 expected net returns trended according to plan

$347

$292

$315

$255

$221

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

X

U.S. Europe Other Core PPM

Nasdaq: PRAA

1. Purchase price multiple (PPM) on this slide considers only Core nonperforming loan portfolios purchased. PPM is calculated by dividing the original monthly total

14 estimated collections by the purchase price in each month.

Q1 Portfolio Purchases and Expected Net Returns Tracked According to Plan

$ in millions

Estimated Remaining Collections (ERC)1

$ in billions

U.S.

Europe

Other

+10%

$7,805

$8,549

Q1 25

Q1 26

• $8.5 billion ERC - diversified across markets
• $1.0 billion "replenishment rate"2

• Total cash collections up 11%: 11% U.S., 15% Europe
• Q1 2026 performance vs expectations:

3% global, 1% U.S., 8% Europe

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

$289

$270

$279

$275

$261

$552

$51

$213

$532

$55

$207

+11%

$542

$54

$209

$536

$51

$210

$497

$51

$186

Other

Europe

U.S.

Total Cash Collections

$ in millions

U.S. Legal Cash Collections

$ in millions

U.S. Legal Collection Costs

U.S. Legal Cash Collections

+27%

$141

$111

$119

$125

$127

$25

$28

$38

$34

$39

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

• U.S. legal cash collections up 27%, due to increased investments in legal channel
• Legal channel: 53% of U.S. Core cash collections in Q1 2026 vs. 46% in Q1 2025

Nasdaq: PRAA

1. Estimated remaining collections (ERC) refers to the sum of all future projected cash collections on our nonperforming loan (NPL) portfolio. 2. Purchases required in the next

15 12 months to hold ERC constant, based on the average purchase price multiples in the first quarter of 2026.

Strong Cash Generation Supported by U.S. Legal Collections and European Growth

Total Revenues

Changes in Expected Recoveries

$259

$251

$241

$33

$1

$44

$64 $7

$263

$270

+12%

$288

$3

$270

$28 $1

$40

$37

$27 $24 $27

$17

$23 $21

$11

+17%

$311 $333 $315

$51 $1

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

($7)

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Portfolio Income

Changes in Expected Recoveries

Other Revenue

Recoveries Collected in Excess of Forecast (Cash Overperformance)

Changes in Expected Future Recoveries (Write-Ups/Downs)

• Total Revenues grew 17%

• Portfolio Income grew 12% (greater than cash collections growth) vs. Q1 2025

• Growing Portfolio Income results in more predictable revenue

• Changes in Expected Recoveries is primarily driven by cash

  overperformance, which is actual cash collected

  
  
  

• 5+ years of global cash overperformance

16 Nasdaq: PRAA

Note: amounts may not add up due to rounding

Growing Portfolio Income and Strong Cash Overperformance

$ in millions

Total Operating Expenses

Adjusted Net Income Attributable to PRA1 & Adjusted ROATE2

$163

$162

$33

$48

9.3%

6.0%

1.9%

11.7%

15.3%

Q1 26

Q4 25

Q3 25

Q2 25

$24

$18

$14

$13

$4

Q1 25

$28

$21

$15

$18

$35

$195 $211

Q1 25 Q1 26

Legal Collection Costs

Remaining Operating Expenses

Adjusted Net Income Attributable to PRA

4-Quarter Average Adjusted Net Income Attributable to PRA

Adjusted ROATE

• $16M (8%) increase in Total Operating Expenses driven primarily by increased Legal Collection Costs to support future collections growth

  
  
  
• Growth in Legal Collection Costs beginning to moderate
• 4-Quarter average Adjusted Net Income3 and Adjusted ROATE trending in the right direction, although there will be quarter-to-quarter variability

  17 Nasdaq: PRAA

  1. A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted net income attributable to PRA can be found at the end of this presentation. 2. A reconciliation of Total stockholders' equity - PRA Group, Inc. to average tangible equity can be found at the end of this presentation. 3. The calculation of 4-Quarter average adjusted net income attributable to PRA can be found at the end of this presentation.

  Adjusted Net Income Attributable to PRA Increased Significantly Year-over-Year

  $ in millions

  
  
  

  Borrowings, LTM Adjusted EBITDA1, and Net Leverage2

  2.78x

  2.78x

  2.81x

  2.87x

  2.83x

  2.82x

  2.81x

  2.77x

  2.65x

  2.73x

  2.73x

  2.73x

  2.71x

  +14%

  $1,315 $1,349

  $1,015 $993

  $998

  $1,007

  $1,044

  $1,065

  $1,100

  $1,138

  $1,184

  $1,240

  $1,265

  
  
  Borrowings $2,938 $2,740 $2,832 $2,914 $2,953 $3,114 $3,296 $3,327 $3,466 $3,614 $3,607 $3,697 $3,779

  3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31 3/31

  2023

  2024

  2025

  2026

  
  
  LTM Adjusted EBITDA Net Leverage
  
  Net leverage continued to tick down from peak of 2.87x in Q3 2024, due to strong adjusted EBITDA growth and disciplined purchasing

  18 Nasdaq: PRAA

  1. A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this presentation. 2. A reconciliation of Borrowings to net leverage can be found at the end of this presentation.

  Net Leverage Continued to Decline

  Driven by Growing Adjusted EBITDA & Disciplined Investing

  $ in millions

  
  
  Staggered Maturities (None Until 2028) Multiple Levers to Drive Shareholder Value Creation Pro Forma Debt Maturity Profile1

  $ in millions

  $398

  $550

  $660

  $347

  $1,835

  Prioritize disciplined portfolio purchases with attractive returns

  1

  $0	$0
  2026	2027	2028	2029	2030	2031	2032

  UK RCF NA RCF NA Term Loan Europe RCF Senior Unsecured Notes
  
  
• Ample liquidity (currently ~$1.0B) with longstanding bank relationships:

  • $714 million based on current ERC

  • $282 million of additional availability subject to borrowing base and debt covenants, including advance rates

• Refinanced European RCF in April 2026

Prioritize investments in the business: legal & digital collections, modernizing IT platform, leveraging AI

2

3

Evaluate opportunistic share repurchases: $10M of shares repurchased in Q1 2026 ($20M in 2025)

19 Nasdaq: PRAA

1. Excludes Colombian revolving credit facility with outstanding borrowings of $2.4 million as of March 31, 2026. Pro forma figures give effect to the extension of the Europe Revolving Credit Facility (RCF)

Strong & Diversified Funding with Prudent Capital Allocation Approach