EZCORP : Earnings Deck Q2 2026

Published: 2026-05-06 19:50:13 ET EZPW

Published on 05/06/2026 at 07:50 pm EDT

Q2 2026 NASDAQ: EZPW

COMPANY OVERVIEW

Formed in 1989, EZCORP is a leading provider of pawn

1,506

624

WHERE WE OPERATE

638

155 20

transactions and seller of pre-owned and recycled merchandise in the United States, Latin America and the Caribbean.

We increase reach and access to financial services through a broad network of neighborhood retail locations, and promote the circular economy by recycling pre-owned merchandise and jewelry.

Our Mission: To be the first and best choice for customers' short-term cash needs and quality pre-owned goods.

STORES

9,500

TEAM MEMBERS

U.S.3

HONDURAS

MEXICO

CARIBBEAN

GUATEMALA

PANAMA

EL SALVADOR

COSTA RICA

PAWN FUNDAMENTALS

Pawn transactions are customer friendly1

Non-recourse loans

No credit check, bank account or verifications

No collection activity or reporting to credit bureaus

Pawn transactions are small & short-term2

U.S.: $200 to $220 pawn; 30 to 90 day term

Mexico: $70 to $85 pawn; 30 day term

Guatemala, El Salvador & Honduras: $120 to $140 pawn; 30 day term

References to no bank accounts, verifications or collection activity exclude certain auto pawn loans representing a small portion of our portfolio

Based on averages discussed in our Annual Report on Form 10-K for the year ended September 30, 2025 3

U.S. includes Puerto Rico

($ millions, except per share amounts)

TOTAL REVENUES PAWN LOANS OUTSTANDING

$281.4

$311.0

$295.7

$336.8

$320.2

$374.5

$261.7

$291.6

$274.1

$307.5

$274.8

$307.3

Q2 FY25 Q2 FY26

$306.3

$434.9

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

Record revenues of $434.9M, up 42%, driven by higher scrap, new stores (including SMG), merchandise sales and PSC

Gross profit of $253.4M, up 42% , driven by new stores (including SMG), scrap gross profit, PSC and merchandise sales gross profit

Core pawn revenues up 24% and core pawn gross profit up 28%

$76.9

$43.8

Q2 FY25 Q2 FY26

EBITDA

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

$342.1

$261.8

Q2 FY25 Q2 FY26

Record PLO of $342.1M, up 31%, driven by new stores (including SMG), strong consumer demand and increase in average loan size

$0.58

$0.33

Q2 FY25 Q2 FY26

DILUTED EPS

$31.7

$44.3

$36.0

$48.0

$0.24

$0.32

$0.25

$0.35

$0.41

$0.55

$51.8

$70.3

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

EBITDA of $76.9M, up 76%

EBITDA margin of 18%, up 340 bps

Q3 FY24 Q3 FY25 Q4 FY24

Diluted EPS of $0.58, up 76%

Q4 FY25 Q1 FY25

Q1 FY26

($ millions)

TOTAL REVENUES

$39.9 $25.3 $12.2 $434.9

$51.3

EBITDA

$43.8

$19.9

$11.1 $9.5

$(7.4)

$76.9

$306.3

Q2 FY25

SMG Revenue

Same-Store

Other New

Q2 FY26

EBITDA

Scrap Gross

EBITDA (excl

Revenue

Scrap Sales

Core Pawn

Stores

Revenue

Profit

scrap gross

Revenue

profit)

Q2 FY25

Same-Store

SMG EBITDA Other Q2 FY26 EBITDA

Revenues of $434.9M, up 42%, with first quarter of SMG consolidation, gold scrap tailwind and same-store growth

Scrap sales of $80.4M (up $59.5M) on higher gold prices; $39.9M of the increase from same-store

PSC of $147.3M, up 27% (same-store up 11%)

Merchandise sales of $207.2M, up 22% (same-store up 7%); margin of 36%, up 210 bps

Same-store core pawn revenues up 9%, reflecting continued strong customer demand

Same-store core pawn gross profit up 12%, reflecting the non-scrap component of earnings growth

EBITDA of $76.9M, up 76%, reflecting strong operating leverage on revenues growth and scrap margin expansion

EBITDA margin of 18%, up 340 bps, driven by scrap gross profit expansion, merchandise margin improvement and expense discipline

Other includes general and administrative expenses of $3.9M related to SMG

OR 5

GA 8

STORE COUNT 559 STORES IN 19 STATES

515

529

542

545

559

FY22

FY23

FY24

FY25

Q2 FY26

On January 12, 2026, completed the previously announced acquisition of El Bufalo Pawn, adding 12 stores in Texas

262

TN - 14

AVERAGE LOAN SIZE

$159

$170

$185

$209

$240

Q2 FY26

FY22 FY23 FY24 FY25

Average loan size up 16%, primarily driven by the increase in jewelry composition and gold price

PLO jewelry composition increased to 69%, up 460 bps

($ millions)

TOTAL REVENUES PAWN LOANS OUTSTANDING

$199.1

$220.0

$212.0

$238.9

$232.2

$269.8

$199.3

$221.1

$214.3

$233.8

$220.2

$239.9

Q2 FY25 Q2 FY26

$221.4

$282.2

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

Total revenues increased $60.8M or 27%, approximately two-thirds due to scrap sales

PSC up 13%, primarily driven by same-store PLO growth

Merchandise sales up 9%, 7% on a same-store basis; margin of 38%, up 170 bps

Core pawn revenues up 11% and core pawn gross profit up 13%

EBITDA

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

$230.5

$199.4

Q2 FY25 Q2 FY26

PLO up 16%, 13% on a same-store basis, driven by increased average loan size, improved operational performance and continued strong pawn demand

INVENTORY

$40.3

$52.2

$46.5

$57.2

$73.5

$121.9

$166.4

$138.6

$185.7

$148.5

$190.9

$80.9

$51.7

Q2 FY25 Q2 FY26

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

EBITDA improved $29.3M or 57%, driven by higher gross profit (including scrap gross profit up $19.2M), partially offset by a 9% increase in expenses (6% on a same-store basis)

EBITDA margin of 29%, up 540 bps

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

$188.2

$156.8

Q2 FY25 Q2 FY26

Inventory up 20%, driven by growth in PLO, purchases and layaways

Aged GM decreased 95 bps to 2.3% ($0.9M) of total GM inventory

STORE COUNT 840 STORES IN 4 COUNTRIES

660

702

737

815

840

FY22

FY23

FY24

FY25

Q2 FY26

During the quarter opened 4 stores, including 2 in Guatemala, 1 in Mexico and 1 in Honduras

In April 2026, we acquired 32 stores in Guatemala

AVERAGE LOAN SIZE (GAAP)

$78

$84

$92

$88

$107

FY22

FY23

FY24

FY25

Q2 FY26

Average loan size up 23% (up 11% on a constant currency basis), primarily driven by the increase in jewelry composition and gold price

PLO jewelry composition increased to 48%, up 860 bps

($ millions)

TOTAL REVENUES PAWN LOANS OUTSTANDING

$82.4

$91.0

$83.7

$97.9

$88.0

$104.7

Q2 FY25 Q2 FY26

$84.9

$101.4

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

Total revenues increased $16.5M or 19%, approx. half attributable to merchandise sales

PSC up 21%, driven by same-store PLO growth and new stores

Merchandise sales up 17%, 8% on a same-store basis; margin of 34%, up 410 bps

Core pawn revenues up 18% and core pawn gross profit up 25%

$15.8

$19.6

Q2 FY25 Q2 FY26

EBITDA

$62.7

$70.8

$62.9

$73.7

$54.6

$67.4

$79.0

$62.4

Q2 FY25 Q2 FY26

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

PLO up 27%, 15% on a same-store basis, driven by strong loan demand and improved operational performance

INVENTORY

$16.0

$18.1

$56.3

$62.8

$51.0

$56.1

$15.9

$18.3

$17.3

$21.4

$50.0

$59.1

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

EBITDA improved $3.8M or 24%, driven by higher gross profit (including scrap gross profit up $1.2M), partially offset by a 29% increase in expenses (19% on a same-store basis)

EBITDA margin of 19%, up 70 bps

Q3 FY24 Q3 FY25 Q4 FY24 Q4 FY25 Q1 FY25 Q1 FY26

$51.0

$56.2

Q2 FY25 Q2 FY26

Inventory up 10%, driven by growth in PLO. Inventory turnover at 3.2x

Aged GM decreased below 1% of total GM inventory

TRANSACTION OVERVIEW 107 STORES ACROSS 12 COUNTRIES

Acquired controlling interest in Founders One on January 2, 2026

EZCORP owns 87.7% of Founders, which controls SMG with 85.1% ownership (approx 75% effective economic interest)

Stores operating under "La Familia Pawn and Jewelry" and "CashWiz" brands in 12 countries

HIGHLIGHTS

PLO of $32.6M

Total revenues were $51.3M, comprised of pawn service charges of

$14.4M, merchandise sales of $17.8M, and jewelry scrap sales of

$19.1M

Gross profit was $26.1M

Merchandise sales gross margin was 33.1%

Core pawn revenues of $32.2M and core pawn gross profit of

$20.3M

Average loan size of $277

PLO jewelry composition of 50%

Inventory of $26.1M and aged GM less than 1%

Segment store count of 107 across 12 countries

FY26

Q2 GAAP

FY25

%△ B/(W)

Pawn Loans Outstanding

$349.4

$261.8

33%

Total Revenues

446.9

306.3

46%

Gross Profit

$260.0

$178.5

46%

Equity in Net (Income) Loss of Investments

(1.2)

(1.5)

(23)%

Store Expenses

148.1

111.1

(33)%

General and Administrative Expenses

34.5

25.1

(37)%

Other (Income) Expense

(2.2)

EBITDA

$80.8

$43.8

84%

Depreciation/Amortization

9.6

8.0

(20)%

Interest Expense, Net

5.8

1.4

Profit Before Tax

$65.5

$34.4

90%

Income Tax Expense

15.9

9.0

(76)%

Net Income

$49.6

$25.4

95%

Net Income attributable to NCI

(0.5)

Net Income attributable to EZCORP

$49.1

$25.4

93%

Diluted EPS

$0.61

$0.33

85%

($ millions, except per share amounts)

Q2 ADJUSTED

FY26 FY25

%△ B/(W)

$342.1

$261.8

31%

434.9

306.3

42%

$253.4

$178.5

42%

(1.2)

(1.5)

(23)%

143.4

111.1

(29)%

34.5

25.1

(38)%

(0.3)

$76.9

$43.8

76%

9.3

8.0

(16)%

5.8

1.4

$61.8

$34.3

80%

14.8

9.0

(64)%

$47.0

$25.3

86%

(0.5) - -%

$46.5

$25.3

84%

$0.58

$0.33

76%

* Represents a percentage computation that is not mathematically meaningful.

Core Pawn Revenues

Revenues excluding scrap sales

Core Pawn Gross Profit

Gross profit excluding scrap gross profit

General merchandise (non-jewelry)

Millions

PLO

Pawn loans outstanding

PSC

Pawn service charges

Same-Store

Stores open the entirety of the comparable periods

SMG

Simple Management Group Inc.

EBITDA Margin = EBITDA

─────────

Total Revenue

Inventory Turnover = [total cost of sales ÷

days in period] × 365

─────────────────

average net inventory

GAAP TO NON-GAAP RECONCILIATION

In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), we provide certain other financial information that is adjusted to exclude the impact of restructuring and restatement charges and other discrete items and to reflect the results of our Latin American segment on a constant currency basis. We believe that presentation of the non-GAAP financial information is meaningful and useful in evaluating and comparing our operating results across accounting periods and understanding the operating and financial performance of our business. We believe that the non-GAAP financial information reflects an additional way of viewing aspects of our business that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements.

You should consider the non-GAAP information in addition to, but not instead of or superior to, our results prepared in accordance with GAAP. Non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of that information for comparative purposes.

CONSTANT CURRENCY

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States ("GAAP"), we provide certain other non-GAAP financial information on a constant currency basis ("constant currency"). We use constant currency results to evaluate our Latin American segment, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency results is meaningful and useful in understanding the activities and business metrics of our Latin American segment and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information to evaluate and compare operating results across accounting periods. Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to

U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, our equity method investment in CCV is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three months ended March 31, 2026 and 2025 were as follows:

Mexican Peso

Guatemalan Quetzal

Honduran Lempira

Australian Dollar

March 31,

2026

18.0

7.5

26.3

1.5

2025

20.4

7.6

25.2

1.6

Three Months Ended

2026

17.6

7.5

26.2

1.4

March 31,

2025

20.4

7.6

25.2

1.6

($ millions, except per share amounts)

Adjusted Constant Currency

Constant Currency Impact

FY26

Adjusted Base

Adjustments

Base

Revenues $446.9 - $446.9 $(11.9) $434.9

Base

FY25

Adjustments

Adjusted Base

$306.3

PSC Revenues 151.1 - 151.1 (3.8) 147.3 115.9 - 115.9

Merchandise Gross Profit 77.7 - 77.7 (2.6) 75.1 57.9 - 57.9

Merchandise Margin 36% - 36% -% 36% 34% -% 34%

Scrap Gross Profit 31.2 - 31.2 (0.3) 30.9 4.6 - 4.6

Store Expenses

General and Administrative Expenses Other Income

148.1

34.5

(3.4)

0.6

2.0

(A)

(B)

148.1

35.1

(1.4)

(4.7)

(0.5)

143.4

34.5

(1.4)

111.1

25.1

(1.6)

0.1

(D)

111.1

25.1

(1.5)

Depreciation and Amortization

9.6

(0.3)

9.3

8.0

$8.0

Interest Expense, net

5.8

1.4

Income Tax Expense

15.9

(0.8)

(C)

15.1

(0.3)

14.8

9.0

Net Income attributable to NCI

Net Income attributable to EZCORP Diluted EPS

Diluted Shares Outstanding Pawn Loans Outstanding

Inventory, Net

(0.5)

$49.1

$0.61

83.4

349.4

276.0

$(1.7)

$(0.02)

(0.5)

$47.4

$0.59

83.4

349.4

276.0

$(0.9)

$(0.01)

- (7.3)

(5.4)

(0.5)

$46.5

$0.58

83.4

342.1

270.5

0.0

$25.4

$0.33

83.1

261.8

207.8

$(0.1)

$25.3

$0.33

83.1

261.8

207.8

(GAAP)

$469.6 - $469.6

Net Earning Assets $625.3 - $625.3 $(12.7) $612.6

$25.4 $(0.1) $25.3

Net Income $49.6 $(1.7) $47.8 $(0.9) $47.0

$34.4 $(0.1) $34.3

Profit Before Tax $65.5 (2.6) $62.9 $(1.1) $61.8

$35.8 $(0.1) $35.7

EBIT $71.3 (2.6) $68.7 $(1.1) $67.6

$43.8 $(0.1) $43.8

EBITDA $80.8 (2.6) $78.3 $(1.4) $76.9

$178.5 - $178.5

Gross Profit $260.0 - $260.0 $(6.7) $253.4

Scrap Gross Margin 38% - 38% -% 38% 22% -% 22%

Same-Store data FY26 Change

FY26 Change Constant Currency

PLO

16%

14%

Merchandise Sales

11%

* Includes immaterial presentation reclassifications. Numbers may not foot or cross foot due to rounding

Amount includes $0.6M adjustment related to our partial corporate lease termination

Amount includes $1.6M related to Founders fair value adjustment and $0.4M due to FX gain

Amount includes $1.9M FY26 tax impact of items listed above and $0.2M FIN48 Reserve 16

Amount includes $0.1M FX gain

($ millions)

Base

Adjustments

FY26

Adjusted Base

Constant Currency Impact

Adjusted Constant Currency

Revenues

$282.2

Base

FY25

Adjustments

Adjusted Base

$221.4

PSC Revenues

98.8

87.5

Merchandise Gross Profit

48.2

42.1

Merchandise Margin

38%

36%

Scrap Gross Profit

22.8

3.7

Scrap Gross Margin

41%

22%

Gross Profit

$169.9

$133.4

Store Expenses

89.0

81.7

EBITDA

$80.9

$51.6

Depreciation and Amortization

2.8

2.7

Profit Before Tax

$78.1

$49.0

Pawn Loans Outstanding

230.5

199.4

Inventory, Net

188.2

156.8

Net Earning Assets

$418.7

$356.2

* Includes immaterial presentation reclassifications. Numbers may not foot or cross foot due to rounding 17

GAAP TO NON-GAAP RECONCILIATION Q2 - LATIN AMERICA SEGMENT*

($ millions)

Base

Adjustments

FY26

Adjusted Base

Constant Currency Impact

Adjusted Constant Currency

Revenues

$113.4

$(11.9)

$101.4

Base

FY25

Adjustments

Adjusted Base

$84.9

PSC Revenues

38.0

(3.8)

34.2

28.3

Merchandise Gross Profit

23.5

(2.6)

21.0

15.8

Merchandise Margin

34%

30%

Scrap Gross Profit

2.5

(0.3)

2.2

1.0

Scrap Gross Margin

38%

24%

Gross Profit

$64.0

$(6.7)

$57.4

$45.1

Store Expenses

42.5

(4.7)

37.8

29.3

Other Income

(0.3)

0.3

(A)

(0.1)

0.1

(0.1)

EBITDA

$21.9

$(0.3)

$21.6

$(2.0)

$19.6

$15.9

$(0.1)

$15.8

Depreciation and Amortization

2.7

(0.3)

2.5

2.0

Profit Before Tax

$19.1

$(0.3)

$18.8

$(1.7)

$17.1

$13.9

$(0.1)

$13.8

Pawn Loans Outstanding

86.3

(7.3)

79.0

62.4

Inventory, Net

61.7

(5.4)

56.2

51.0

Net Earning Assets

$147.9

$(12.7)

$135.2

$113.4

Same-Store data:

FY26 Change (GAAP)

FY26 Change (Constant Currency)

PLO 25% 15%

Merchandise Sales 21% 8%

*Includes immaterial presentation reclassifications. Numbers may not foot or cross foot due to rounding. 18

(A) Amount includes $0.3 million FX gain impact

($ millions)

Base

Adjustments

FY26

Adjusted Base

Constant Currency Impact

Adjusted Constant Currency

Revenues

$51.3

PSC Revenues

14.4

Merchandise Gross Profit

5.9

Merchandise Margin

33%

Scrap Gross Profit

5.9

Scrap Gross Margin

31%

Gross Profit

$26.1

Store Expenses

16.6

Other Expense

EBITDA

$9.5

Depreciation and Amortization

0.7

Profit Before Tax

$8.8

Pawn Loans Outstanding

32.6

Inventory, Net

26.1

Net Earning Assets

$58.7

FY24

FY26

FY25

$41.4

$34.4

$34.7

$36.3

$146.8

($ millions)

Continuing Ops PBT $37.7 $28.7 $23.0 $26.3 $115.6

$65.5

$59.2

Add Back Net Interest 0.8 0.5 0.6 1.1 3.0 1.1 1.4 3.0 2.8 8.3 3.4 5.8

$71.3 $80.8

$50.8 $43.8 $45.7 $47.3 $187.6

Continuing Ops EBITDA $47.1 $37.4 $31.8 $35.5 $151.7

Add Back Depreciation and Amortization 8.6 8.2 8.2 8.1 33.1 8.3 8.0 8.0 8.2 32.5 8.8 9.6

$71.3 $78.3

$51.8 $43.8 $44.3 $48.0 $187.9

Adjusted EBITDA $47.2 $36.7 $31.7 $36.0 $151.6

Discrete Adjustments 0.1 (0.7) (0.1) 0.5 (0.1) 1.0 (0.1) (1.5) 0.7 0.2 - (2.6)

Constant Currency Impact - - - - - - - - - - (1.0) (1.4)

Currency Adjusted Continuing Ops EBITDA $47.2 $36.7 $31.7 $36.0 $151.6

$51.8 $43.8 $44.3 $48.0 $187.9

$70.3 $76.9

Continuing Ops Revenues $300.0 $285.6 $281.4 $295.7 $1,162.8

$320.2 $306.3 $311.0 $336.8 $1,274.3

$382.0 $446.9

Discrete Adjustments - - - - - - - - - - - -

Constant Currency Impact - - - - - - - - - - (7.5) (12.0)

Currency Adjusted Continuing Ops Revenues $300.0 $285.6 $281.4 $295.7 $1,162.8

$320.2 $306.3 $311.0 $336.8 $1,274.3

$374.5 $434.9

Continuing Ops PLO $243.3 $235.8 $261.7 $274.1 $274.1

$274.8 $261.8 $291.6 $307.5 $307.5

$314.4 $349.4

Discrete Adjustments - - - - - - - - - - - -

Constant Currency Impact - - - - - - - - - - (7.1) (7.3)

Currency Adjusted Continuing Ops PLO $243.3 $235.8 $261.7 $274.1 $274.1

$274.8 $261.8 $291.6 $307.5 $307.5

$307.3 $342.1

GAAP Diluted EPS $0.36 $0.29 $0.25 $0.21 $1.10

$0.40 $0.33 $0.34 $0.34 $1.42

$0.55 $0.61

Discrete Adjustments - (0.01) (0.01) 0.04 0.03 0.01 - (0.02) 0.01 (0.01) 0.01 (0.02)

Constant Currency Impact - - - - - - - - - - (0.01) (0.01)

Adjusted Diluted EPS $0.36 $0.28 $0.24 $0.25 $1.13

$0.41 $0.33 $0.32 $0.35 $1.41

$0.55 $0.58

* Includes immaterial presentation reclassifications. Numbers may not foot or cross foot due to rounding. See final page of reconciliations for constant currency assumption

($ millions)

FY24

FY25

FY26

U.S. Pawn Segment

Profit before taxes

$49.4

$42.5

$37.9

$43.9

$173.7

$54.5

$49.0

$49.6

$54.5

$207.5

$70.7

$78.1

Add back D&A

2.6

2.5

2.4

2.6

10.1

2.7

10.8

2.7

2.8

EBITDA

$52.0

$45.0

$40.3

$46.5

$183.8

$57.2

$51.7

$52.2

$57.2

$218.3

$73.5

$80.9

Discrete Adjustments

Adjusted EBITDA

$52.0

$45.0

$40.3

$46.5

$183.8

$57.2

$51.7

$52.2

$57.2

$218.3

$73.5

$80.9

Revenues

$217.4

$207.6

$199.1

$212.0

$836.1

$232.2

$221.4

$220.0

$238.9

$912.5

$269.8

$282.2

Discrete Adjustments

Adjusted Revenues

$217.4

$207.6

$199.1

$212.0

$836.1

$232.2

$221.4

$220.0

$238.9

$912.5

$269.8

$282.2

PLO

$190.8

$173.7

$199.3

$214.3

$220.2

$199.4

$221.1

$233.8

$239.9

$230.5

Discrete Adjustments

Adjusted PLO

$190.8

$173.7

$199.3

$214.3

$220.2

$199.4

$221.1

$233.8

$239.9

$230.5

Inventory

$127.0

$121.9

$138.6

$148.5

$156.8

$166.4

$185.7

$190.9

$188.2

Discrete Adjustments

Adjusted Inventory

$127.0

$121.9

$138.6

$148.5

$156.8

$166.4

$185.7

$190.9

$188.2

($ millions)

FY24

FY25

FY26

Latin America Segment

Profit before taxes

$13.9

$11.1

$14.0

$52.9

$15.3

$13.9

$15.9

$15.8

$61.0

$20.1

$19.1

Add back D&A

2.1

8.4

2.0

2.2

2.4

8.5

2.5

2.7

EBITDA

$16.0

$13.3

$16.1

$16.0

$61.3

$17.3

$15.9

$18.1

$18.2

$69.5

$22.7

$21.9

Discrete Adjustments

(0.1)

0.1

(0.3)

Constant Currency Impact

(1.4)

(2.0)

Adjusted EBITDA

$16.0

$13.3

$16.0

$15.9

$61.2

$17.3

$15.8

$18.1

$18.3

$69.6

$21.4

$19.6

Revenues

$82.5

$78.0

$82.4

$83.7

$326.6

$88.0

$84.9

$91.0

$97.9

$361.8

$112.3

$113.4

Discrete Adjustments

Constant Currency Impact

(7.5)

(11.9)

Adjusted Revenues

$82.5

$78.0

$82.4

$83.7

$326.6

$88.0

$84.9

$91.0

$97.9

$361.8

$104.7

$101.4

PLO

$52.7

$62.3

$62.7

$62.9

$54.6

$62.7

$70.8

$73.7

$74.4

$86.3

Discrete Adjustments

Constant Currency Impact

(7.1)

(7.3)

Adjusted PLO

$52.7

$62.3

$62.7

$62.9

$54.6

$62.7

$70.8

$73.7

$67.4

$79.0

Inventory

$37.9

$41.5

$50.0

$56.3

$51.0

$59.1

$62.8

$62.5

$61.7

Discrete Adjustments

Constant Currency Impact

(6.4)

(5.4)

Adjusted Inventory

$37.9

$41.5

$50.0

$56.3

$51.0

$59.1

$62.8

$56.1

$56.2

($ millions)

Consolidated

Q2 FY25

Consolidated Difference

U.S. Segment

Q2 FY25

U.S. Segment Difference

Latin America Segment

Q2 FY25

Latin America Segment Difference

Adjusted, Previously Reported

Recast

Adjusted, Previously Reported

Recast

Adjusted, Previously Reported

Recast

Total Revenues

$306.3

$221.4

$84.9

Gross Profit

$178.5

$133.4

$45.1

Store Expenses

General and Administrative Expenses

116.5

19.6

111.1

25.1

5.5

(5.5)

83.5

0.0

81.7

0.0

1.9

0.0

33.0

0.0

29.3

0.0

3.6

0.0

Other (Income) Expense

(1.5)

0.0

(0.1)

0.0

EBITDA

$43.8

$49.8

$51.6

$1.9

$12.2

$15.8

$3.6

EBITDA Margin

14.3%

22.5%

23.3%

14.4%

18.6%

Depreciation and Amortization Interest (Income)/Expense

8.0

1.4

8.0

1.4

0.0

2.7

0.0

2.7

0.0

2.0

(0.3)

2.0

0.0

(0.3)

Profit before taxes

$34.4

$47.1

$49.0

$1.9

$10.5

$13.8

$3.3

Beginning in the first quarter of fiscal 2026, following a review of segment expenses to better align direct operating expenses with the respective segments, we modified our methodology for allocating certain expenses used in evaluating financial and segment performance and resource allocation. Specifically, we no longer allocate certain administrative expenses to our Latin America Pawn and U.S. Pawn segments; these costs are now reported within the "General and administrative" line in our Condensed Consolidated Statements of Operations.

We have recast the Condensed Consolidated Statements of Operations and segment contribution for prior periods to conform to this methodology. This resulted in a classification change of certain expenses from Store expenses to General and administrative. Additionally, segment contribution no longer includes certain administrative allocations to segments; these costs are now included within Corporate.

Customer Does Not Repay Loan

PSC

Collateral Forfeits

Customer Repays Loan

Collateral Returned to Customer

Pawn Loan (Collateralized with Asset)

Customer Brings Personal Asset to Pawn Store

Purchase (Company Buys Asset)

Inventory

Sales

Typical Transaction

Asset Type

Gold Chain

Value assessed

$400

Loan to Value

40% to 65%

Loan Term

30 to 90 days

Loan amount

$200

Pawn Loan/Purchase

85%/15%

Redemption Rate*

80% to 90%

% of Pawn Loans Repaid

55% to 65%

Monthly Average Yield on PLO

14%

Retail Sales Margin

35% to 38%

T H A N K Y O U

Website

Investors.ezcorp.com

[email protected]

Phone Number

512.314.2220

Address

2500 Bee Cave Rd., Bldg. 1, Suite 200, Austin, TX 78746

Social Media

LinkedIn: EZCORP

Instagram: @ezcorp_official, @ezpawnofficial, @valuepawnofficial Facebook: @ezpawn, @valuepawn

TikTok: @official_ezpawn

Disclaimer

EZCORP Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 23:47 UTC.