[Jefferson Capital Q2 2025 Earnings Release](index=1&type=section&id=Jefferson%20Capital%20Q2%202025%20Earnings%20Release) [Q2 2025 Financial & Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Highlights) Jefferson Capital reported strong Q2 2025 results with significant year-over-year growth in revenue, collections, and profitability, achieving a record ERC and improved leverage Q2 2025 Key Performance Indicators (vs. Q2 2024) | Metric | Q2 2025 | Growth vs. Q2 2024 | | :--- | :--- | :--- | | Revenue | $152.7 Million | 47% | | Collections | $255.7 Million | 85% | | Estimated Remaining Collections (ERC) | $2.9 Billion | 31% | | Pre-tax Income | $62.0 Million | 82% | | Net Income | $47.7 Million | 48% | | Adjusted Pre-tax Income | $61.7 Million | 55% | | Cash Efficiency Ratio | 75.9% | +638 bps | | Leverage Ratio | 1.76x | Improved from 2.47x | - The company announced a Pro Forma Adjusted Diluted EPS of **$0.81** for the quarter[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted robust post-listing quarterly results, strong collections, record ERC, and a favorable investment environment - CEO David Burton emphasized the company's strong inaugural quarterly results following its successful share listing[2](index=2&type=chunk) - The company's Cash Efficiency Ratio of **75.9%** is considered a powerful competitive advantage, resulting from a relentless focus on optimizing the collections platform's performance and cost[2](index=2&type=chunk) - The investment environment is considered favorable due to elevated consumer credit delinquencies driving portfolio supply and low unemployment supporting liquidation rates[2](index=2&type=chunk) [Detailed Operational Performance](index=1&type=section&id=Detailed%20Operational%20Performance) Operational performance in Q2 2025 was driven by an 85.4% increase in collections and a 31.5% rise in ERC, despite a 10.8% decrease in portfolio deployments [Collections](index=1&type=section&id=Collections) Total collections surged by 85.4% to $255.7 million in Q2 2025, led by a 107.2% increase in the United States Collections by Geographic Area (Three Months Ended June 30, in Millions) | Region | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | $202.4 | $97.7 | 107.2% | | Canada | $30.8 | $21.4 | 43.9% | | United Kingdom | $10.7 | $9.8 | 9.2% | | Latin America | $11.8 | $9.0 | 31.1% | | **Total Collections** | **$255.7** | **$137.9** | **85.4%** | - Collections in the United States for Q2 2025 included **$65.1 million** from the Conn's Portfolio acquired in Q4 2024[6](index=6&type=chunk) [Estimated Remaining Collections (ERC)](index=2&type=section&id=Estimated%20Remaining%20Collections%20(ERC)) Estimated Remaining Collections (ERC) reached a record **$2.9 billion** as of June 30, 2025, a 31.5% increase year-over-year ERC by Geographic Area (as of June 30, in Millions) | Region | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | $2,101.7 | $1,616.4 | 30.0% | | Canada | $348.5 | $221.6 | 57.3% | | United Kingdom | $158.4 | $146.5 | 8.2% | | Latin America | $244.3 | $185.8 | 31.5% | | **Total ERC** | **$2,852.9** | **$2,170.2** | **31.5%** | [Deployments](index=2&type=section&id=Deployments) The company deployed **$125.3 million** for receivable portfolio acquisitions in Q2 2025, a 10.8% decrease from the prior year Deployments by Geographic Area (Three Months Ended June 30, in Millions) | Region | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | $80.6 | $91.8 | (12.2)% | | Canada | $26.6 | $24.1 | 10.4% | | United Kingdom | $4.7 | $8.5 | (44.7)% | | Latin America | $13.4 | $16.1 | (16.8)% | | **Total Purchases** | **$125.3** | **$140.5** | **(10.8)%** | - As of quarter-end, the company had **$257.3 million** of deployments secured through forward flow agreements, with **$218.8 million** scheduled for the next twelve months[12](index=12&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) The company's financial performance for Q2 2025 showed strong top-line growth with revenues increasing 47.1% to $152.7 million, while operating expenses rose 37.3% due to higher servicing costs [Revenues](index=2&type=section&id=Revenues) Total revenues for Q2 2025 increased by **47.1%** to **$152.7 million**, primarily driven by strong deployment growth in prior periods - Total revenues grew by **$48.9 million**, or **47.1%**, to **$152.7 million**, mainly due to strong deployment growth in prior periods[9](index=9&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Operating expenses in Q2 2025 rose by **37.3%** to **$65.5 million**, mainly due to a **$12.7 million** increase in servicing-related expenses - Total operating expenses increased by **$17.8 million (37.3%)** to **$65.5 million**, primarily due to a **$12.7 million** increase in servicing-related expenses tied to higher collections[10](index=10&type=chunk) [Leverage, Liquidity and Capital Resources](index=2&type=section&id=Leverage%2C%20Liquidity%20and%20Capital%20Resources) The company significantly improved its leverage ratio to 1.76x, maintained strong liquidity with an undrawn $825 million RCF, and pre-funded its 2026 maturity - The leverage ratio improved to **1.76x** as of June 30, 2025, compared to **2.47x** at June 30, 2024, due to strong growth in portfolio cash flow[13](index=13&type=chunk) - The company had significant liquidity with an undrawn **$825 million** Revolving Credit Facility and **$51.7 million** of unrestricted cash at quarter-end[13](index=13&type=chunk) - A **$500 million** unsecured debt offering in May 2025 was used to pay down the RCF and pre-fund the 2026 maturity[13](index=13&type=chunk) [Shareholder Returns](index=4&type=section&id=Shareholder%20Returns) The Board of Directors has declared a quarterly cash dividend, signaling a commitment to returning capital to shareholders - The Board of Directors declared a quarterly cash dividend of **$0.24 per share**, payable on September 4, 2025, to shareholders of record as of August 25, 2025[14](index=14&type=chunk) [Financial Statements (Appendix)](index=7&type=section&id=Financial%20Statements%20(Appendix)) The appendix contains the unaudited condensed consolidated financial statements as of June 30, 2025, and for the three and six months then ended, including Balance Sheets, Statements of Operations, and Cash Flows [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$1.77 billion**, driven by investments in receivables, while total liabilities and stockholder's equity also rose Selected Balance Sheet Data (in Thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $51,651 | $35,506 | | Investments in receivables, net | $1,589,801 | $1,497,748 | | **Total Assets** | **$1,767,618** | **$1,654,284** | | Notes payable, net | $1,181,470 | $1,194,726 | | **Total Liabilities** | **$1,356,810** | **$1,271,755** | | **Total stockholder's equity** | **$410,808** | **$382,529** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, total revenues reached **$152.7 million** and net income was **$47.7 million**, significantly higher than the prior year, with diluted EPS at **$16.76** Selected Statement of Operations Data (Three Months Ended June 30, in Thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenues | $152,708 | $103,804 | | Total Operating Expenses | $65,507 | $47,674 | | Income Before Income Taxes | $61,906 | $34,067 | | **Net Income** | **$47,651** | **$32,168** | | Diluted Earnings Per Share | $16.76 | N/A | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was **$130.6 million**, while investing and financing activities resulted in net cash usage Cash Flow Summary (Six Months Ended June 30, in Thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $130,565 | $83,146 | | Net cash used in investing activities | ($66,938) | ($164,008) | | Net cash (used in) / provided by financing activities | ($43,109) | $73,692 | | **Net increase (decrease) in cash** | **$17,257** | **($7,055)** | [Non-GAAP Financial Measures (Appendix)](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20(Appendix)) This section provides reconciliations for non-GAAP financial measures, including Cash Efficiency Ratio, Adjusted Pre-tax Income, Pro Forma EPS, and Leverage Ratio, to enhance comparability - The company uses non-GAAP measures like Leverage, Adjusted Pre-Tax Income, and Adjusted EPS to provide enhanced period-to-period comparability of its financial performance[17](index=17&type=chunk) [Reconciliation of Cash Efficiency Ratio](index=11&type=section&id=Reconciliation%20of%20Cash%20Efficiency%20Ratio) The Cash Efficiency Ratio, a non-GAAP measure, improved to **75.9%** in Q2 2025 from 69.5% in Q2 2024, reflecting adjustments to operating expenses Cash Efficiency Ratio Calculation (in Millions) | Component | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Cash Receipts (A) | $268.0 | $147.1 | | Adjusted Operating Expenses (B) | $64.7 | $44.9 | | **Cash Efficiency Ratio (A-B)/A** | **75.9%** | **69.5%** | [Reconciliation of Adjusted Pre-tax Income](index=11&type=section&id=Reconciliation%20of%20Adjusted%20Pre-tax%20Income) Adjusted Pre-tax Income for Q2 2025 was **$61.7 million**, a **55.4%** increase from Q2 2024, after adjusting GAAP pre-tax income for various items Adjusted Pre-tax Income Reconciliation (in Millions) | Component | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Pre-tax Income (GAAP) | $62.0 | $34.1 | | Adjustments | ($0.3) | $5.6 | | **Adjusted Pre-tax Income** | **$61.7** | **$39.7** | [Reconciliation of Pro Forma Earnings Per Share](index=12&type=section&id=Reconciliation%20of%20Pro%20Forma%20Earnings%20Per%20Share) The company reported a Pro Forma Adjusted Diluted EPS of **$0.81** for Q2 2025, adjusting weighted average shares for IPO comparability Pro Forma EPS Reconciliation (Q2 2025) | Metric | As Reported | Pro Forma Adjusted | | :--- | :--- | :--- | | Net Income (Thousands) | $47,651 | $47,651 | | Weighted Avg. Diluted Shares (Thousands) | 2,843 | 58,548 | | **Diluted EPS** | **$16.76** | **$0.81** | [Reconciliation of Leverage and Adjusted Cash EBITDA](index=13&type=section&id=Reconciliation%20of%20Leverage%20and%20Adjusted%20Cash%20EBITDA) The company's leverage ratio improved to **1.76x** as of June 30, 2025, calculated by dividing Net Debt of **$1.15 billion** by TTM Adjusted Cash EBITDA of **$654.0 million** Leverage Ratio Calculation (as of June 30, in Millions) | Component | 2025 | 2024 | | :--- | :--- | :--- | | Adjusted Cash EBITDA (A) | $654.0 | $343.5 | | Net Debt (B) | $1,148.3 | $849.7 | | **Leverage (B / A)** | **1.76x** | **2.47x** |

Financial Performance - Revenue increased by 47% to $152.7 million compared to $103.8 million in the second quarter of 2024 [9][5] - Collections grew by 85% to $255.7 million, with significant contributions from the United States, which saw a 107.2% increase [4][6] - Estimated Remaining Collections (ERC) rose by 31% to a record $2.9 billion [5][6] - Pre-tax income increased by 82% to $62.0 million, while net income rose by 48% to $47.7 million [5][10] Operational Efficiency - The company achieved a Cash Efficiency Ratio of 75.9%, an improvement of 638 basis points from the previous year [5][30] - Adjusted pre-tax income increased by 55% to $61.7 million [5][32] - Operating expenses rose by 37.3% to $65.5 million, primarily due to increased servicing expenses [10][5] Capital Management - The Board of Directors declared a quarterly cash dividend of $0.24 per share [12][14] - The company invested $125.3 million in acquiring receivable portfolios, a decrease from $140.5 million in the same quarter of 2024 [12][5] - Leverage improved to 1.76x from 2.47x year-over-year, reflecting strong portfolio cash flow growth [13][5] Market Position and Strategy - The investment environment is favorable, characterized by high consumer credit delinquencies and charge-offs, which support portfolio supply [2] - The company is well-positioned with low leverage and ample capital resources to capitalize on upcoming opportunities [2][5] - The CEO highlighted the strong collections growth and record ERC as indicators of the company's competitive advantage [2][5]

Company Overview - Jefferson Capital, Inc. is a leading analytically driven purchaser and manager of charged-off and insolvency consumer accounts, with operations in the United States, Canada, the United Kingdom, and Latin America [3] - The company was founded in 2002 and has a growing client base that includes Fortune 500 creditors, banks, fintech origination platforms, telecommunications providers, credit card issuers, and auto finance companies [3] Financial Results Announcement - Jefferson Capital will release its financial results for the second quarter of 2025 after the market close on Thursday, August 14 [1] - A webcast to discuss the company's results will take place at 5:00 pm Eastern Time on the same day [1][2] Access to Information - The live webcast and archived replay can be accessed in the investor relations section of the company's website [2]

As filed with the U.S. Securities and Exchange Commission on June 23, 2025. Registration No. 333-287488 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jefferson Capital, Inc. (Exact name of registrant as specified in its charter) 6153 (Primary Standard Industrial Classification Code Number) 33-1923926 (I.R.S. Employer Identification Number) 600 South Highway 169, Suite 1575 Minneapolis, Minnesota 554 ...

TABLE OF CONTENTS Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 As filed with the U.S. Securities and Exchange Commission on June 13, 2025. Registration No. 333-287488 UNITED STATES SECURITIES AND EXCHANGE COMMISSION REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jefferson Capital, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 6153 (Primary Standard Industrial Classification Code Number) 33-1923926 (I.R.S. Em ...

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on May 23, 2025. Registration No. 333-287488 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jefferson Capital, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 6153 (Primary Standard Industrial Classification Code Number) 33-1923926 (I.R.S. Emp ...

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on May 21, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jefferson Capital, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 6153 (Primary Standard Industrial Classification Code Number) 33-1923926 (I.R.S. Employer Identification Numb ...