MIL-OSI: Correction: Stabilization Notice – Pre Stab – Alstria HoldCo

Source: GlobeNewswire (MIL-OSI)

[24/07/25]

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

[Alstria HoldCo]

Pre-stabilisation Period Announcement

BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).

The securities:1
Issuer:	ALEXANDRITE LAKE LUX HOLDINGS S.A R.L., SAVOY LUXEMBURG HOLDINGS S.A R.L
Guarantor (if any):	N.A
Aggregate nominal amount:	300.000.000 EUR
Description:	SENIOR SECURED NOTES
Offer price:	TBC
Other offer terms:	N.A
Stabilisation:
Stabilisation Manager(s)	BNP PARIBAS, MS, CACIB, DB, SG, BOFA
Stabilisation period expected to start on:	24/07/2025
Stabilisation period expected to end no later than:	29/08/2025
Existence, maximum size and conditions of use of over‑allotment facility:	The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law.
Stabilisation trading venue:	OTC

In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

The MIL Network –

July 24, 2025

MIL-OSI: TransUnion Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded second quarter 2025 financial guidance across all key financial metrics
Delivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial Services
De-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-July
Raising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis

CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Results

Revenue:

Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024.

Earnings:

Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.
Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.
Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024.

“In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.”

“We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.”

“After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.”

Second Quarter 2025 Segment Results

Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:

(in millions)	Second Quarter 2025		Reported Growth Rate		Constant Currency Growth Rate		Organic Constant Currency Growth Rate
U.S. Markets:
Financial Services	$	420	17	%	17	%	17	%
Emerging Verticals		324	5	%	5	%	5	%
Consumer Interactive		147	3	%	3	%	2	%
Total U.S. Markets Revenue	$	890	10	%	10	%	10	%

U.S. Markets Adjusted EBITDA	$	337	7	%	7	%	7	%

International:
Canada	$	42	9	%	10	%	10	%
Latin America		34	(1	)%	4	%	4	%
United Kingdom		67	19	%	13	%	5	%
Africa		18	15	%	14	%	14	%
India		67	5	%	8	%	8	%
Asia Pacific		24	(7	)%	(8	)%	(8	)%
Total International Revenue	$	253	7	%	7	%	6	%

International Adjusted EBITDA	$	108	7	%	8	%	8	%

Liquidity and Capital Resources

Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.

For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.

Third Quarter and Full Year 2025 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended September 30, 2025						Twelve Months Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,115		$	1,135		$	4,432		$	4,472
Revenue growth¹:
As reported		3	%		5	%		6	%		7	%
Constant currency^{1, 2}		3	%		5	%		6	%		7	%
Organic constant currency^{1, 3}		2	%		4	%		6	%		7	%

Net income attributable to TransUnion	$	78		$	87		$	412		$	432
Net income attributable to TransUnion growth		14	%		28	%		45	%		52	%
Net income attributable to TransUnion margin		7.0	%		7.7	%		9.3	%		9.7	%

Diluted Earnings per Share	$	0.39		$	0.44		$	2.07		$	2.18
Diluted Earnings per Share growth		13	%		27	%		43	%		51	%

Adjusted EBITDA, as reported⁵	$	397		$	411		$	1,580		$	1,610
Adjusted EBITDA growth, as reported⁴		1	%		4	%		5	%		7	%
Adjusted EBITDA margin		35.6	%		36.2	%		35.7	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.99		$	1.04		$	4.03		$	4.14
Adjusted Diluted Earnings per Share growth	(5		)%		—	%		3	%		6	%

Additional revenue growth assumptions:

The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our approach to the use of artificial intelligence;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
economic and political stability in the United States and risks associated with the international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
stock price volatility;
our dividend payments;
share repurchase plans;
dividend rate;
our reliance on key management personnel; and
changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

For More Information

TRANSUNION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in millions, except per share data)

	June 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	687.5		$	679.5
Trade accounts receivable, net of allowance of $27.4 and $19.9		895.9			798.9
Other current assets		322.3			323.4
Total current assets		1,905.7			1,801.8
Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3		228.5			203.5
Goodwill		5,256.7			5,144.3
Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5		3,238.7			3,257.5
Other assets		488.1			577.7
Total assets	$	11,117.7		$	10,984.8
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	345.1		$	294.6
Current portion of long-term debt		76.1			70.6
Other current liabilities		519.9			694.4
Total current liabilities		941.1			1,059.6
Long-term debt		5,060.4			5,076.6
Deferred taxes		370.7			415.3
Other liabilities		119.3			114.5
Total liabilities		6,491.5			6,666.0
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively		2.0			2.0
Additional paid-in capital		2,600.7			2,558.9
Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively		(342.0	)		(334.6	)
Retained earnings		2,571.1			2,357.9
Accumulated other comprehensive loss		(311.6	)		(367.2	)
Total TransUnion stockholders’ equity		4,520.2			4,217.0
Noncontrolling interests		106.0			101.8
Total stockholders’ equity		4,626.2			4,318.8
Total liabilities and stockholders’ equity	$	11,117.7		$	10,984.8

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (in millions, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	1,139.7		$	1,040.8		$	2,235.5		$	2,062.0
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		469.9			406.7			915.5			813.0
Selling, general and administrative		335.0			310.8			591.8			616.4
Depreciation and amortization		142.7			132.9			281.6			266.9
Restructuring		—			8.1			—			26.3
Total operating expenses		947.5			858.4			1,788.9			1,722.4
Operating income		192.2			182.4			446.6			339.6
Non-operating income and (expense)
Interest expense		(55.7	)		(67.9	)		(111.8	)		(136.5	)
Interest income		8.8			6.7			17.3			12.1
Earnings from equity method investments		5.0			4.6			9.3			9.3
Other income and (expense), net		6.6			(5.1	)		(10.8	)		(20.8	)
Total non-operating income and (expense)		(35.4	)		(61.7	)		(96.0	)		(135.9	)
Income before income taxes		156.8			120.7			350.5			203.7
Provision for income taxes		(44.4	)		(31.0	)		(85.4	)		(44.1	)
Net income		112.4			89.7			265.1			159.7
Less: net income attributable to noncontrolling interests		(2.8	)		(4.7	)		(7.4	)		(9.5	)
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.32		$	0.77
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77
Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (in millions)

	Six Months Ended June 30,
		2025			2024
Cash flows from operating activities:
Net income	$	265.1		$	159.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		281.6			266.9
Loss on repayment of loans		—			2.6
Deferred taxes		(54.1	)		(63.6	)
Stock-based compensation		70.5			51.8
Other		29.1			19.5
Changes in assets and liabilities:
Trade accounts receivable		(98.4	)		(71.3	)
Other current and long-term assets		8.0			45.1
Trade accounts payable		37.1			53.7
Other current and long-term liabilities		(195.1	)		(115.2	)
Cash provided by operating activities		343.8			349.2
Cash flows from investing activities:
Capital expenditures		(145.4	)		(130.7	)
Proceeds from sale/maturities of other investments		0.2			—
Investments in consolidated affiliates, net of cash acquired		(55.7	)		—
Investments in nonconsolidated affiliates and notes receivable		(25.0	)		(4.4	)
Proceeds from the sale of investments in nonconsolidated affiliates		—			3.8
Other		2.2			4.8
Cash used in investing activities		(223.7	)		(126.5	)
Cash flows from financing activities:
Proceeds from term loans		—			934.9
Repayments of term loans		—			(927.9	)
Repayments of debt		(43.2	)		(99.4	)
Debt financing fees		—			(13.5	)
Dividends to shareholders		(45.1	)		(41.4	)
Proceeds from issuance of common stock		10.5			12.4
Employee taxes paid on restricted stock units recorded as treasury stock		(7.4	)		(11.4	)
Repurchase of common stock		(38.8	)		—
Distributions to noncontrolling interests		(3.3	)		(3.8	)
Cash used in financing activities		(127.3	)		(150.1	)
Effect of exchange rate changes on cash and cash equivalents		15.2			(5.6	)
Net change in cash and cash equivalents		8.0			67.0
Cash and cash equivalents, beginning of period		679.5			476.2
Cash and cash equivalents, end of period	$	687.5		$	543.2

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Amortization of certain intangible assets represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC (Unaudited)

	For the Three Months Ended June 30, 2025 compared with the Three Months Ended June 30, 2024								For the Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024
	Reported		CC Growth¹		Inorganic		Organic CC Growth²		Reported		CC Growth¹		Inorganic		Organic CC Growth²
Revenue:
Consolidated	9.5	%	9.5	%	0.7	%	8.9	%	8.4	%	8.8	%	0.3	%	8.5	%
U.S. Markets	10.0	%	10.0	%	0.3	%	9.8	%	9.3	%	9.3	%	0.1	%	9.2	%
Financial Services	17.1	%	17.1	%	—	%	17.1	%	15.9	%	15.9	%	—	%	15.9	%
Emerging Verticals	4.9	%	4.9	%	—	%	4.9	%	5.4	%	5.4	%	—	%	5.4	%
Consumer Interactive	3.3	%	3.3	%	1.5	%	1.8	%	1.3	%	1.3	%	0.7	%	0.5	%
International	7.4	%	7.4	%	2.0	%	5.5	%	4.9	%	6.7	%	1.0	%	5.7	%
Canada	9.0	%	10.5	%	—	%	10.5	%	4.8	%	8.7	%	—	%	8.7	%
Latin America	(1.0	)%	4.0	%	—	%	4.0	%	(0.8	)%	5.5	%	—	%	5.5	%
United Kingdom	18.7	%	12.6	%	8.4	%	4.6	%	13.8	%	11.0	%	4.3	%	7.0	%
Africa	15.0	%	13.7	%	—	%	13.7	%	13.5	%	11.7	%	—	%	11.7	%
India	4.8	%	7.6	%	—	%	7.6	%	0.5	%	4.0	%	—	%	4.0	%
Asia Pacific	(6.8	)%	(7.7	)%	—	%	(7.7	)%	—	%	—	%	—	%	—	%

Adjusted EBITDA:
Consolidated	8.1	%	8.3	%	—	%	8.3	%	9.4	%	10.2	%	—	%	10.2	%
U.S. Markets	6.8	%	6.8	%	—	%	6.8	%	9.4	%	9.4	%	—	%	9.4	%
International	7.2	%	8.0	%	—	%	7.9	%	4.9	%	7.6	%	—	%	7.6	%

Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic CC growth rate is the CC growth rate less the inorganic growth rate.

SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited) (dollars in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue:
U.S. Markets gross revenue
Financial Services	$	419.9		$	358.7		$	823.5		$	710.4
Emerging Verticals		323.6			308.5			638.5			606.0
Consumer Interactive		146.9			142.1			285.1			281.5
U.S. Markets gross revenue	$	890.4		$	809.3		$	1,747.0		$	1,597.8

International gross revenue
Canada	$	42.3		$	38.8		$	80.1		$	76.5
Latin America		34.1			34.5			66.9			67.4
United Kingdom		67.2			56.6			126.1			110.8
Africa		18.2			15.8			35.1			30.9
India		66.6			63.5			135.3			134.6
Asia Pacific		24.5			26.2			51.5			51.5
International gross revenue	$	252.9		$	235.4		$	495.0		$	471.7

Total gross revenue	$	1,143.2		$	1,044.7		$	2,242.1		$	2,069.6

Intersegment revenue eliminations
U.S. Markets	$	(1.9	)	$	(2.4	)	$	(3.5	)	$	(4.7	)
International		(1.6	)		(1.5	)		(3.1	)		(3.0	)
Total intersegment revenue eliminations	$	(3.5	)	$	(3.9	)	$	(6.6	)	$	(7.6	)

Total revenue as reported	$	1,139.7		$	1,040.8		$	2,235.5		$	2,062.0

Adjusted EBITDA:
U.S. Markets	$	337.2		$	315.8		$	657.4		$	600.9
International		108.0			100.8			217.8			207.6
Corporate		(38.2	)		(40.0	)		(71.0	)		(73.8	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.9	%		39.0	%		37.6	%		37.6	%
International		42.7	%		42.8	%		44.0	%		44.0	%

Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1
Net interest expense		47.0			61.2			94.5			124.4
Provision for income taxes		44.4			31.0			85.4			44.1
Depreciation and amortization		142.7			132.9			281.6			266.9
EBITDA	$	343.7		$	310.1		$	719.2		$	585.4
Adjustments to EBITDA:
Stock-based compensation		40.2			27.8			70.5			51.9
Mergers and acquisitions, divestitures and business optimization¹		(4.6	)		0.7			13.2			9.8
Accelerated technology investment²		23.2			18.2			43.3			36.8
Operating model optimization program³		5.4			14.6			15.2			39.1
Net other⁴		(0.8	)		5.2			(57.3	)		11.7
Total adjustments to EBITDA	$	63.3		$	66.5		$	85.0		$	149.3
Consolidated Adjusted EBITDA	$	407.0		$	376.6		$	804.1		$	734.7

Net income attributable to TransUnion margin		9.6	%		8.2	%		11.5	%		7.3	%
Consolidated Adjusted EBITDA margin⁵		35.7	%		36.2	%		36.0	%		35.6	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

1.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025		2024
Transaction and integration costs	$	2.9		$	1.2		$	8.2	$	3.4
Fair value and impairment adjustments		(7.6	)		0.7			5.0		0.8
Post-acquisition adjustments		—			(1.2	)		—		5.7
Total mergers and acquisitions, divestitures and business optimization	$	(4.6	)	$	0.7		$	13.2	$	9.8

2.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Foundational Capabilities	$	4.2	$	8.3	$	11.7	$	15.0
Migration Management		19.0		8.7		31.6		18.8
Program Enablement		—		1.2		—		2.9
Total accelerated technology investment	$	23.2	$	18.2	$	43.3	$	36.8

3.

Operating model optimization consisted of the following adjustments:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Employee separation	$	—	$	7.9	$	—	$	24.6
Facility exit		—		0.2		—		1.7
Business process optimization		5.4		6.5		15.2		12.8
Total operating model optimization	$	5.4	$	14.6	$	15.2	$	39.1

4.

Net other consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	—		$	6.0		$	(0.1	)	$	9.1
Other debt financing expenses		0.6			0.6			1.1			1.1
Currency remeasurement on foreign operations		(1.5	)		(1.3	)		(2.1	)		1.3
Legal and regulatory expenses, net		—			—			(56.0	)		—
Other non-operating (income) expense		0.2			(0.1	)		(0.1	)		0.2
Total other adjustments	$	(0.8	)	$	5.2		$	(57.3	)	$	11.7

5.

Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1

Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.32		$	0.77
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77

Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1
Adjustments before income tax items:
Amortization of certain intangible assets¹		73.1			71.3			143.9			143.3
Stock-based compensation		40.2			27.8			70.5			51.9
Mergers and acquisitions, divestitures and business optimization²		(4.6	)		0.7			13.2			9.8
Accelerated technology investment³		23.2			18.2			43.3			36.8
Operating model optimization program⁴		5.4			14.6			15.2			39.1
Net other⁵		(1.5	)		4.8			(58.2	)		10.7
Total adjustments before income tax items	$	135.6		$	137.4		$	227.9		$	291.6
Total adjustments for income taxes⁶		(32.1	)		(29.4	)		(64.8	)		(69.7	)
Adjusted Net Income	$	213.1		$	193.0		$	420.7		$	372.0

Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

Adjusted Earnings per Share:
Basic	$	1.09		$	0.99		$	2.16		$	1.92
Diluted	$	1.08		$	0.99		$	2.13		$	1.90

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.37			0.37			0.73			0.73
Stock-based compensation		0.20			0.14			0.36			0.27
Mergers and acquisitions, divestitures and business optimization²		(0.02	)		—			0.07			0.05
Accelerated technology investment³		0.12			0.09			0.22			0.19
Operating model optimization program⁴		0.03			0.08			0.08			0.20
Net other⁵		(0.01	)		0.02			(0.30	)		0.05
Total adjustments before income tax items	$	0.69		$	0.70		$	1.16		$	1.49
Total adjustments for income taxes⁶		(0.16	)		(0.15	)		(0.33	)		(0.36	)
Adjusted Diluted Earnings per Share	$	1.08		$	0.99		$	2.13		$	1.90

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

	1.	Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
	2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025		2024
Transaction and integration costs	$	2.9		$	1.2		$	8.2	$	3.4
Fair value and impairment adjustments		(7.6	)		0.7			5.0		0.8
Post-acquisition adjustments		—			(1.2	)		—		5.7
Total mergers and acquisitions, divestitures and business optimization	$	(4.6	)	$	0.7		$	13.2	$	9.8

3.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Foundational Capabilities	$	4.2	$	8.3	$	11.7	$	15.0
Migration Management		19.0		8.7		31.6		18.8
Program Enablement		—		1.2		—		2.9
Total accelerated technology investment	$	23.2	$	18.2	$	43.3	$	36.8

4.

Operating model optimization consisted of the following adjustments:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Employee separation	$	—	$	7.9	$	—	$	24.6
Facility exit		—		0.2		—		1.7
Business process optimization		5.4		6.5		15.2		12.8
Total operating model optimization	$	5.4	$	14.6	$	15.2	$	39.1

5.

Net other consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	—		$	6.0		$	(0.1	)	$	9.1
Currency remeasurement on foreign operations		(1.5	)		(1.3	)		(2.1	)		1.3
Legal and regulatory expenses, net		—			—			(56.0	)		—
Other non-operating (income) and expense		—			0.1			—			0.3
Total other adjustments	$	(1.5	)	$	4.8		$	(58.2	)	$	10.7

6.

Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited) (dollars in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Income before income taxes	$	156.8		$	120.7		$	350.5		$	203.7
Total adjustments before income tax items from Schedule 3		135.6			137.4			227.9			291.6
Adjusted income before income taxes	$	292.4		$	258.1		$	578.5		$	495.3

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(44.4	)		(31.0	)		(85.4	)		(44.1	)
Adjustments for income taxes:
Tax effect of above adjustments		(33.0	)		(31.7	)		(65.3	)		(66.7	)
Eliminate impact of excess tax expense for stock-based compensation		(0.2	)		(0.1	)		0.3			0.9
Other¹		1.1			2.5			0.2			(4.0	)
Total adjustments for income taxes	$	(32.1	)	$	(29.4	)	$	(64.8	)	$	(69.7	)
Adjusted Provision for Income Taxes	$	(76.5	)	$	(60.4	)	$	(150.3	)	$	(113.8	)

Effective tax rate		28.3	%		25.7	%		24.4	%		21.6	%
Adjusted Effective Tax Rate		26.2	%		23.4	%		26.0	%		23.0	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.

Other adjustments for income taxes include:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred tax adjustments	$	(2.9	)	$	—		$	(7.4	)	$	(5.2	)
Valuation allowance adjustments		(0.7	)		—			1.5			0.2
Return to provision, audit adjustments and reserves related to prior periods		3.9			3.3			4.9			2.3
Other adjustments		0.8			(0.8	)		1.2			(1.3	)
Total other adjustments	$	1.1		$	2.5		$	0.2		$	(4.0	)

SCHEDULE 5 TRANSUNION AND SUBSIDIARIES Leverage Ratio (Unaudited) (dollars in millions)

	Trailing Twelve Months Ended June 30, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	391.9
Net interest expense		206.8
Provision for income taxes		140.2
Depreciation and amortization		552.5
EBITDA	$	1,291.4
Adjustments to EBITDA:
Stock-based compensation	$	139.9
Mergers and acquisitions, divestitures and business optimization¹		29.9
Accelerated technology investment²		90.8
Operating model optimization program³		71.0
Net other⁴		(47.2	)
Total adjustments to EBITDA	$	284.3
Consolidated Adjusted EBITDA		1,575.7
Adjusted EBITDA for Pre-Acquisition Period⁵		1.7
Leverage Ratio Adjusted EBITDA	$	1,577.4

Total debt	$	5,136.5
Less: Cash and cash equivalents		687.5
Net Debt	$	4,449.0

Ratio of Net Debt to Net income attributable to TransUnion		11.4
Leverage Ratio		2.8

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Transaction and integration costs	$	16.0
Fair value and impairment adjustments		12.6
Post-acquisition adjustments		1.3
Total mergers and acquisitions, divestitures and business optimization	$	29.9

2.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Trailing Twelve Months Ended June 30, 2025
Foundational Capabilities	$	32.3
Migration Management		55.9
Program Enablement		2.5
Total accelerated technology investment	$	90.8

3.

Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Employee separation	$	—
Facility exit		40.5
Business process optimization		30.5
Total operating model optimization	$	71.0

4.

Net other consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Deferred loan fee expense from debt prepayments and refinancings	$	8.6
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(1.3	)
Legal and regulatory expenses, net		(56.0	)
Other non-operating (income) and expense		(0.8	)
Total other adjustments	$	(47.2	)

5.

The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.

SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024

U.S. Markets	$	105.2	$	99.4	$	206.4	$	200.1
International		36.6		32.5		73.2		64.7
Corporate		0.9		1.0		2.0		2.0
Total depreciation and amortization	$	142.7	$	132.9	$	281.6	$	266.9

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 7 TRANSUNION AND SUBSIDIARIES Reconciliation of Non-GAAP Guidance (Unaudited) (in millions, except per share data)

	Three Months Ended September 30, 2025						Twelve Months Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	78		$	87		$	412		$	432
Interest, taxes and depreciation and amortization		235			239			931			940
EBITDA	$	312		$	326		$	1,342		$	1,372
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		85			85			238			238
Adjusted EBITDA	$	397		$	411		$	1,580		$	1,610

Net income attributable to TransUnion margin		7.0	%		7.7	%		9.3	%		9.7	%
Consolidated Adjusted EBITDA margin²		35.6	%		36.2	%		35.7	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.39		$	0.44		$	2.07		$	2.18
Adjustments to diluted earnings per share¹		0.60			0.60			1.96			1.96
Adjusted Diluted Earnings per Share	$	0.99		$	1.04		$	4.03		$	4.14

As a result of displaying amounts in millions, rounding differences may exist in the table above.

These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

July 24, 2025

MIL-OSI: CLEAR, an Official TSA PreCheck® Enrollment Provider, Expands Enrollment and Renewal Options by Opening a New Location at Aventura Mall in South Florida

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), an authorized TSA PreCheck® enrollment provider, continues to expand locations outside the airport environment to enroll and renew consumers in the Trusted Traveler program by opening a new location at Aventura Mall in Aventura, Florida. This complements CLEAR’s 62 airport-based enrollment and renewal locations across the U.S., and CLEAR’s additional flagship locations outside of the airport.

The launch of this new enrollment location represents the ongoing expansion of CLEAR’s national TSA PreCheck enrollment footprint. Throughout 2025, CLEAR expects to continue delivering convenience to consumers by launching additional locations and extended hours of operation for enrollment and renewals.

“TSA PreCheck through CLEAR provides a fast and efficient travel experience,” said Kyle McLaughlin, Executive Vice President of Travel and Aviation at CLEAR. “We’re excited to bring this trusted traveler program to Aventura Mall, one of South Florida’s premier shopping destinations. By expanding TSA PreCheck enrollment beyond airports, we’re making it easier and more convenient than ever for people to enroll or renew—helping them move through security faster and with less friction.”

“At Aventura Mall, we’re continually looking for ways to enhance and simplify the guest experience,” said an Aventura Mall spokesperson. “The addition of TSA PreCheck enrollment through CLEAR is a natural extension of our commitment to providing elevated benefits and enhanced access to better serve our guests.”

Located in the lower level of Aventura Mall, the enrollment local hours are Monday through Saturday from 11 a.m. ET to 7 p.m. ET and Sunday from noon ET to 7 p.m. ET. Look for the TSA PreCheck through CLEAR standing banners and pods.

TSA PreCheck members benefit from the convenience of keeping shoes, belts and light jackets on through the airport security checkpoint, and keeping laptops and 3-1-1 compliant liquids in carry-on bags. Members typically get through security screening much faster, with about 99% of members waiting less than 10 minutes at airport checkpoints nationwide.

New TSA PreCheck applicants can pre-enroll or find an enrollment location by visiting CLEAR’s authorized TSA PreCheck website, https://tsaprecheckbyclear.tsa.dhs.gov/. Most existing TSA PreCheck members can renew directly on the website, regardless of the provider they enrolled with originally.

A list of CLEAR enrollment locations for TSA PreCheck is included below, and on the CLEAR, TSA PreCheck website: https://tsaprecheckbyclear.tsa.dhs.gov/locations.

About TSA PreCheck®
TSA PreCheck is a Department of Homeland Security (DHS) Trusted Traveler program that allows enrolled travelers expedited screening through airport security. TSA PreCheck lanes are located at over 200 airports with nearly 90 airlines participating. Since TSA first launched the TSA PreCheck application program as a DHS Trusted Traveler Program for low-risk travelers in December 2013, active membership in the program has grown to more than 20 million members.

About CLEAR
CLEAR’s mission is to strengthen security and create frictionless experiences. With over 31 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

About Aventura Mall
Voted the Best Mall by USA TODAY 10Best Readers’ Choice Awards, Aventura Mall continues to set the standard as the premier shopping destination in Miami and South Florida—and one of the top shopping centers in the U.S. Anchored by Nordstrom and Bloomingdale’s, the center is highlighted by a mix of over 300 stores, from luxury fashion brands to shopper favorites, including the largest Apple store in Florida, the first Eataly in Florida, SKIMS, Alo, Zara, Adidas, Aritzia, Prada, BVLGARI, Burberry, Cartier, Givenchy, Gucci, Hermès, Louis Vuitton, Nike, Ralph Lauren, Saint Laurent and Valentino. Aventura Mall also features more than 50 eateries and restaurants, including Treats Food Hall; The Aventura Farmers Market, which showcases dozens of farmers and artisans; and the experiential Arts Aventura Mall program, highlighting 25+ museum-quality pieces in a range of mediums, which guests can enjoy via a self-guided ArtWalk audio tour. Visit AventuraMall.com for more information.

Forward-Looking Statements
This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

CLEAR
media@clearme.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

July 24, 2025

MIL-OSI: FirstCash Reports Record Second Quarter Operating Results; Strong Performance Across All Segments Drives Over 30% Year-to-Date EPS Growth; Increases Quarterly Cash Dividend 11%

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, July 24, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale payment solutions, today announced operating results for the three and six month periods ended June 30, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, an increase of 11% over the previous quarterly dividend, which will be paid in August 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report outstanding earnings results for the second quarter and year-to-date periods. Pawn demand remains extremely robust, with local currency same-store pawn receivables up 13% in both the U.S. and Latin America, driving strong earnings growth for both segments. AFF posted growth in originations for the second quarter and a segment earnings increase of 46% versus last year. Driven by strong cash flows, the Board of Directors increased the quarterly cash dividend by 11%, which further reflects the strength of our business and long-term earnings prospects.”

Additionally, the Company expects to complete its previously announced acquisition of H&T Group plc (“H&T”) by the end of the third quarter of 2025, subject to receipt of the required approvals by the Financial Conduct Authority of the United Kingdom (“FCA”) and satisfaction of the other remaining closing conditions. H&T is the largest pawnbroker in the U.K. with 285 locations and would represent FirstCash’s first operations in Europe.

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	830,622	$	831,012	$	830,622	$	831,012
Net income	$	59,805	$	49,073	$	79,620	$	61,898
Diluted earnings per share	$	1.34	$	1.08	$	1.79	$	1.37
EBITDA (non-GAAP measure)	$	132,753	$	117,651	$	145,129	$	121,882
Weighted-average diluted shares		44,552		45,289		44,552		45,289

	Six Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	1,667,045	$	1,667,382	$	1,667,045	$	1,667,382
Net income	$	143,396	$	110,441	$	172,399	$	132,087
Diluted earnings per share	$	3.21	$	2.44	$	3.86	$	2.91
EBITDA (non-GAAP measure)	$	295,714	$	250,238	$	308,009	$	253,474
Weighted-average diluted shares		44,670		45,338		44,670		45,338

Consolidated Operating Highlights

Diluted earnings per share for the second quarter increased 24% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 31% compared to the prior-year quarter.
Year-to-date diluted earnings per share increased 32% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 33% compared to the prior-year period.
Net income for the second quarter increased 22% over the prior-year quarter on a GAAP basis while adjusted net income increased 29% compared to the prior-year quarter.
Year-to-date net income increased 30% over the prior-year period on a GAAP basis and adjusted net income increased 31% compared to the prior-year period.
Adjusted EBITDA for the second quarter increased 19% compared to the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 22% compared to the comparative prior-year period.
For the trailing twelve month period ended June 30, 2025 the Company reported:
- Revenues of $3.4 billion
- Net income of $292 million on a GAAP basis and adjusted net income of $343 million
- Adjusted EBITDA of $613 million
- Operating cash flows of $555 million and adjusted free cash flows (a non-GAAP measure) of $267 million

Store Base and Platform Growth

U.K. Pawn Acquisition Update
- On July 2, 2025 the shareholders of H&T voted to approve the acquisition.
- Pending approvals by the FCA and the satisfaction of other closing conditions, the Company expects the transaction to close by the end of the third quarter.
- The total equity value for the H&T acquisition is approximately £291 million ($396 million USD using GBP/USD exchange rate of 1.36) which the Company intends to fund utilizing its revolving bank credit facility.
- This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom with more than 3,300 total locations.
Other Pawn Store Additions
- A total of 13 pawn locations were added in the second quarter and 25 stores added year-to-date.
- Three U.S. stores were acquired in Illinois, bringing the total to 39 locations in that market. Additionally, one new location in Texas was opened during the second quarter. Year-to-date through June 30, 2025, a total of six new locations were opened or acquired in the U.S.
- There were nine new store openings in Latin America, all of which are located in Mexico. Year-to-date through June 30, 2025, a total of 19 new locations were opened in Latin America.
- The Company purchased the underlying real estate of 14 U.S. stores during the quarter, bringing the total number of company owned locations to 421 at quarter end.
- As of June 30, 2025, the Company had 3,027 locations, comprised of 1,194 U.S. locations and 1,833 locations in Latin America. Additionally, two U.S. stores were acquired in July 2025 in separate transactions.

Retail POS Payment Solutions (AFF) Merchant Partnerships
- At June 30, 2025, there were approximately 15,300 active retail and e-commerce merchant partner locations, representing a 19% increase in the number of active merchant locations compared to a year ago. Excluding furniture locations that closed in the prior year due to merchant partner bankruptcies, the number of active doors increased 29%.

U.S. Pawn Segment Operating Results

Segment pre-tax operating income in the second quarter of 2025 was a record $98 million, an increase of $8 million, or 8%, compared to the prior-year quarter. The resulting segment pre-tax operating margin was 24% for the second quarter of 2025, which equaled the prior-year quarter.
Year-to-date segment pre-tax operating income increased by $24 million, or 13%, compared to the prior-year period. The pre-tax operating margin was 25% for the year-to-date period, which equaled the prior-year period.
Pawn receivables increased 12% in total at June 30, 2025 compared to the prior year, driven by an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 24%.
Pawn loan fees increased 9% for the second quarter both in total and on a same-store basis.
Retail merchandise sales increased 9% in the second quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 7% compared to the prior-year quarter.
Retail sales margins increased to 43% for the second quarter compared to 42% in the prior-year quarter. Annualized inventory turnover was 2.8 times for the trailing twelve months ended June 30, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at June 30, 2025 remained low at 2% of total inventories.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the second quarter of 2025 was 19.5 pesos / dollar, an unfavorable change of 13% versus the comparable prior-year period, and for the six month period ended June 30, 2025 was 20.0 pesos / dollar, an unfavorable change of 17% versus the prior-year period.

Despite the 13% decrease in the average Mexican peso exchange rate, second quarter segment pre-tax operating income increased 10% on a U.S. dollar basis and totaled a record $41 million compared to last year. On a local currency basis, segment earnings increased 22% over last year, with resulting segment pre-tax operating margins of 20% for both measures, compared to 18% in the prior year.
Year-to-date segment pre-tax operating income totaled $72 million, a 5% increase on a U.S. dollar-basis compared to the prior-year period and an 18% increase on a local currency basis. The year-to-date pre-tax operating margin increased to 19% compared to 17% in the prior-year period.
Pawn receivables at June 30, 2025 increased 11% on a U.S. dollar basis while increasing 14% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables increased 10% on a U.S. dollar basis and increased 13% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the second quarter decreased 1% and 2% on a U.S. dollar-basis, respectively, they both increased 11% on a constant currency basis compared to the prior-year quarter.
Retail merchandise sales in the second quarter of 2025 increased 1% on a U.S. dollar-basis compared to the prior-year quarter while increasing 14% on a constant currency basis. On a same-store basis, second quarter retail merchandise sales were flat on a U.S. dollar basis while increasing 13% on a constant currency basis compared to the prior-year quarter.
Retail margins were 36% for the second quarter of 2025, which equaled the prior-year quarter. Annualized inventory turnover was 4.1 times for the trailing twelve months ended June 30, 2025 compared to 4.3 times in the prior-year period. Inventories aged greater than one year at June 30, 2025 remained extremely low at 1%.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

Second quarter segment pre-tax operating income totaled $38 million, an increase of 46% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions. Year-to-date segment pre-tax operating income totaled $90 million, a 53% increase over the prior-year period which was $59 million.
While gross revenues for the second quarter decreased 14%, primarily due to the American Freight Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”) bankruptcies in late 2024, net revenue increased 2%, driven by growth in revenue from other merchant partners and lower net credit provisioning expenses.
Gross transaction volume of lease and loan originations during the second quarter increased 3%, compared to the second quarter of last year. Excluding 2024 originations from A-Freight and Conn’s, second quarter 2025 origination volume increased approximately 34%. For the year-to-date period, overall gross transaction volume decreased 2% over the same prior-year period and was up 29% excluding A-Freight and Conn’s.
As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 29% for the second quarter of 2025 compared to 31% in the second quarter of 2024. The decrease reflected lower than expected charge-offs on older portfolio vintages which resulted in net reserve releases. The combined allowance as a percentage of combined leased merchandise and finance receivables at June 30, 2025 was 43% compared to 45% a year ago.
Operating expenses decreased 31% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships in the prior-year period along with continued realization of operating synergies, including greater efficiencies in technology and development infrastructure, coupled with other cost reduction initiatives.

Cash Flow and Liquidity

Consolidated operating cash flows for the twelve month period ended June 30, 2025 grew 26% and totaled $555 million compared to $439 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
Adjusted free cash flows increased 21% to $267 million in the twelve month period ended June 30, 2025 compared to $220 million in the same prior-year period.
The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months with a nominal increase in net debt:
- Pawn earning assets (pawn receivables and inventories) increased $99 million compared to last year.
- A total of 15 pawn stores were acquired for a combined purchase price of $44 million.
- 42 new pawn stores were added with a combined investment of $16 million in fixed assets and working capital.
- Real estate purchases totaled $93 million as the Company purchased the underlying real estate at 60 of its existing pawn stores, bringing the number of Company-owned properties to 421 locations.
- Shareholder returns comprised of stock repurchases and cash dividends of $127 million.
Net debt at June 30, 2025 was $1.6 billion, of which $1.5 billion is fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032. The outstanding balance under the Company’s $700 million revolving line of credit totaled $152 million at June 30, 2025.
Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.6x at June 30, 2025.

Shareholder Returns

The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 29, 2025 to stockholders of record as of August 15, 2025. This represents an 11% increase over the previous quarterly dividend.
On an annualized basis, the dividend is now $1.68 per share, also representing an 11% increase over the previous annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
Over the past twelve months, the Company has repurchased 525,000 shares of common stock at a total cost of $60 million and paid out $68 million in cash dividends, representing a payout ratio of approximately 44% of net income over the same period.
The Company has $55 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
The Company generated a 14% return on equity and a 7% return on assets for the twelve months ended June 30, 2025. Using adjusted net income for the twelve months ended June 30, 2025, the adjusted return on equity was 17% while the adjusted return on assets was 8%.

2025 Outlook

Driven by the strong first half results and continuing customer demand for pawn loans, the outlook for 2025 remains highly positive, with expected year-over-year growth in income driven by the continued growth in earning asset balances coupled with store additions. While the H&T acquisition is now anticipated to close by the end of the third quarter of 2025, the estimates provided below do not yet include revenue and contributions from H&T. Anticipated conditions and trends for the remainder of 2025 include the following:

Pawn Operations:

Pawn operations are expected to remain the primary earnings driver in 2025 as the Company expects segment income from the combined U.S. and Latin America pawn segments to be over 80% of total segment level pre-tax income for the full year.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential small acquisitions.

U.S. Pawn

Based on strong first half results and expected store additions, the outlook for anticipated revenue growth and margins has been increased for all metrics.
Same-store pawn loans at June 30, 2025 were up 13% compared to a year ago, with July balances to date up similarly. Given these trends, the outlook for pawn fee growth is now expected to be in a range of 10% to 12% for the full year versus the prior expectation of 9% to 11% for the full year.
Retail sales are expected to grow in a high single digit range in 2025 versus prior expectations of mid single digits. Retail sales margins are now targeted at the upper end of the 41% to 42% guidance range.

Latin America Pawn

U.S. dollar-reported first half results for Latin America in 2025 were negatively impacted by the lower exchange rate for the Mexican peso during the first half of this year compared to last year. With the recent favorable movement in the peso and the better than expected growth in the underlying business, the Company is increasing its full year revenue outlook for the Latin America pawn segment.
Same-store pawn receivables at June 30, 2025 were up 10% on a U.S. dollar basis and up 13% on a constant currency basis, with July balances to date up similarly. Full year pawn fee growth is now expected to increase in a range of 10% to 12% on a local currency basis and is now projected to be flat to up slightly on a U.S. dollar basis versus prior expectations of flat to down slightly on a U.S. dollar basis.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.

Retail POS Payment Solutions (AFF) Operations:

The forecast for full year origination volume for 2025 is expected to be relatively consistent with the 2024 volume. Excluding 2024 originations from Conn’s and A-Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
The outlook for full year net revenues has improved, with the revised forecast for net revenues now expected to decline only 6% to 8% compared to last year versus the previously forecasted decline of 8% to 12%.
The net lease and loan charge-off rates for the second half of 2025 are expected to remain consistent with the charge-off rates in the second half of last year. Quarterly operating expenses for the balance of 2025 are expected to remain generally consistent with the second quarter run rate.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24.5% to 25.5%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s second quarter results and the outlook for the remainder of 2025, “Operating performance across all business segments continues to be incredibly strong, driving year-to-date earnings per share growth of 32% on a GAAP basis and a 33% increase on an adjusted basis. FirstCash also achieved another significant earnings milestone this quarter with adjusted EBITDA for the trailing twelve months exceeding $600 million for the first time in Company history.

“The U.S. pawn segment has now recorded eight consecutive quarters of double-digit growth in same-store receivables with continuing demand remaining strong thus far in July. At the same time, we remain disciplined in managing loan-to-value ratios as evidenced by the improved U.S. retail margins in the second quarter. The demand for value priced merchandise remains strong as well with same-store retail sales up 7% for the most recent quarter.

“In Latin America, we have seen tremendous growth in pawn receivables over the last three quarters, including a 13% increase in same-store pawn receivables in the second quarter. This trend continued to accelerate, with same-store pawn loan originations in Mexico up over 20% over the last thirty days. Our outlook for Latin America is further enhanced by the improved exchange rate for the Mexican peso since the last quarter, which has reduced the previously anticipated currency headwinds and improved our full year outlook for the region.

“Solid performance at AFF further bolstered second quarter and year-to-date operating results for our Retail POS Payment Solutions segment. AFF now has over 15,000 active doors, an increase of 19% over a year ago. Coupled with a 12% increase in same-door originations, AFF fully offset the impact of the loss of two significant merchant partners to bankruptcy last year and realized an overall total increase in originations in the second quarter. Growth continues to be particularly robust in verticals such as elective medical and automotive services. Driven by the solid revenue performance and significant expense savings, profitability for AFF has been especially strong in the first half of the year.

“Looking ahead, we continue to progress toward the closing of the H&T acquisition. H&T represents a highly complementary strategic fit as the U.K.’s largest pawnbroker, operating with a network of 285 stores, which will expand FirstCash’s geographic footprint into a new and attractive market further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. We continue to believe in the financial and strategic rationale for expanding our international operations as part of our long-term growth strategy.

“Lastly, based on strong earnings results, robust operating cash flows and the strength of its balance sheet, FirstCash continues to make significant investments in new stores, acquisitions and shareholder returns. To that end, we are again pleased to announce an increased quarterly cash dividend to be paid in August which is expected to provide an annualized payout of $1.68 per share further augmenting shareholder returns” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025 and the Company’s previously announced H&T acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the H&T acquisition, in particular, the ability to obtain the necessary regulatory approvals for the H&T acquisition from the FCA and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the H&T acquisition; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited, in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Revenue:
Retail merchandise sales	$	385,125		$	363,463		$	756,181		$	730,284
Pawn loan fees		190,822			181,046			382,693			360,581
Leased merchandise income		139,784			194,570			296,702			400,241
Interest and fees on finance receivables		76,075			56,799			149,488			114,186
Wholesale scrap jewelry sales		38,816			35,134			81,981			62,090
Total revenue		830,622			831,012			1,667,045			1,667,382

Cost of revenue:
Cost of retail merchandise sold		230,326			218,147			454,450			441,676
Depreciation of leased merchandise		78,272			110,157			167,091			230,441
Provision for lease losses		32,543			47,653			60,105			90,663
Provision for loan losses		41,761			31,116			78,121			61,534
Cost of wholesale scrap jewelry sold		34,904			28,542			70,259			51,831
Total cost of revenue		417,806			435,615			830,026			876,145

Net revenue		412,816			395,397			837,019			791,237

Expenses and other income:
Operating expenses		222,493			228,369			437,079			449,505
Administrative expenses		59,263			46,602			107,786			90,620
Depreciation and amortization		25,864			26,547			51,366			52,574
Interest expense		26,337			25,187			53,808			50,605
Interest income		(527	)		(261	)		(1,756	)		(1,004	)
(Gain) loss on foreign exchange		(1,271	)		1,437			(1,285	)		1,251
Merger and acquisition expenses		2,777			1,364			3,239			1,961
Other income, net		(3,199	)		(26	)		(5,514	)		(2,338	)
Total expenses and other income		331,737			329,219			644,723			643,174

Income before income taxes		81,079			66,178			192,296			148,063

Provision for income taxes		21,274			17,105			48,900			37,622

Net income	$	59,805		$	49,073		$	143,396		$	110,441

Certain amounts in the consolidated statement of income for the three and six months ended June 30, 2024 have been reclassified in order to conform to the 2025 presentation.

FIRSTCASH HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)

	June 30,						December 31,
		2025			2024			2024
ASSETS
Cash and cash equivalents	$	101,467		$	113,693		$	175,095
Accounts receivable, net		76,062			72,158			73,325
Pawn loans		550,718			491,731			517,867
Finance receivables, net		154,518			105,401			147,501
Inventories		355,733			315,424			334,580
Leased merchandise, net		100,689			142,935			128,437
Prepaid expenses and other current assets		35,667			31,923			26,943
Total current assets		1,374,854			1,273,265			1,403,748

Property and equipment, net		750,862			661,005			717,916
Operating lease right of use asset		342,859			324,651			324,646
Goodwill		1,826,184			1,794,957			1,787,172
Intangible assets, net		204,643			253,910			228,858
Other assets		9,805			9,606			9,934
Deferred tax assets, net		5,042			5,014			4,712
Total assets	$	4,514,249		$	4,322,408		$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	145,035		$	141,314		$	171,540
Customer deposits and prepayments		80,848			76,452			72,703
Lease liability, current		100,845			97,809			95,161
Total current liabilities		326,728			315,575			339,404

Revolving unsecured credit facilities		152,000			150,000			198,000
Senior unsecured notes		1,532,865			1,529,870			1,531,346
Deferred tax liabilities, net		125,290			129,060			128,574
Lease liability, non-current		237,198			219,454			225,498
Total liabilities		2,374,081			2,343,959			2,422,822

Stockholders’ equity:
Common stock		575			575			575
Additional paid-in capital		1,760,179			1,760,986			1,767,569
Retained earnings		1,520,677			1,296,721			1,411,083
Accumulated other comprehensive loss		(96,267	)		(84,366	)		(129,596	)
Common stock held in treasury, at cost		(1,044,996	)		(995,467	)		(995,467	)
Total stockholders’ equity		2,140,168			1,978,449			2,054,164
Total liabilities and stockholders’ equity	$	4,514,249		$	4,322,408		$	4,476,986

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(UNAUDITED)

The Company organizes its operations into three reportable segments as follows:

U.S. pawn
Latin America pawn
Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated to the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	249,918		$	230,093			9	%
Pawn loan fees		130,948			120,332			9	%
Wholesale scrap jewelry sales		28,740			26,311			9	%
Total revenue		409,606			376,736			9	%

Cost of revenue:
Cost of retail merchandise sold		143,149			132,449			8	%
Cost of wholesale scrap jewelry sold		26,265			21,269			23	%
Total cost of revenue		169,414			153,718			10	%

Net revenue		240,192			223,018			8	%

Segment expenses:
Operating expenses		133,815			125,192			7	%
Depreciation and amortization		8,091			7,231			12	%
Total segment expenses		141,906			132,423			7	%

Segment pre-tax operating income	$	98,286		$	90,595			8	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	24		%	24		%

FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (CONTINUED) (UNAUDITED)

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Six Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	501,143		$	467,083			7	%
Pawn loan fees		268,896			243,306			11	%
Wholesale scrap jewelry sales		62,232			44,037			41	%
Total revenue		832,271			754,426			10	%

Cost of revenue:
Cost of retail merchandise sold		288,907			272,363			6	%
Cost of wholesale scrap jewelry sold		53,489			36,535			46	%
Total cost of revenue		342,396			308,898			11	%

Net revenue		489,875			445,528			10	%

Segment expenses:
Operating expenses		262,766			244,087			8	%
Depreciation and amortization		15,691			14,244			10	%
Total segment expenses		278,457			258,331			8	%

Segment pre-tax operating income	$	211,418		$	187,197			13	%

Operating metrics:
Retail merchandise sales margin	42		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of June 30,
	2025			2024			Increase
Earning assets:
Pawn loans	$	400,143		$	356,342			12	%
Inventories		252,885			223,428			13	%
	$	653,028		$	579,770			13	%

Average outstanding pawn loan amount (in ones)	$	286		$	260			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	39		%	43		%
Jewelry	61		%	57		%
	100		%	100		%

Percentage of inventory aged greater than one year	2		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

														Constant Currency Basis
														Three Months
														Ended
		Three Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	135,956			$	134,445			1		%		$	153,234			14		%
Pawn loan fees			59,874				60,714			(1	)	%			67,497			11		%
Wholesale scrap jewelry sales			10,076				8,823			14		%			10,076			14		%
Total revenue			205,906				203,982			1		%			230,807			13		%

Cost of revenue:
Cost of retail merchandise sold			87,579				86,276			2		%			98,641			14		%
Cost of wholesale scrap jewelry sold			8,639				7,273			19		%			9,811			35		%
Total cost of revenue			96,218				93,549			3		%			108,452			16		%

Net revenue			109,688				110,433			(1	)	%			122,355			11		%

Segment expenses:
Operating expenses			64,414				67,902			(5	)	%			72,340			7		%
Depreciation and amortization			4,294				5,418			(21	)	%			4,804			(11	)	%
Total segment expenses			68,708				73,320			(6	)	%			77,144			5		%

Segment pre-tax operating income		$	40,980			$	37,113			10		%		$	45,211			22		%

Operating metrics:
Retail merchandise sales margin	36			%	36			%					36			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	20			%	18			%					20			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Operating Results and Margins (dollars in thousands)

														Constant Currency Basis
														Six Months
														Ended
		Six Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	256,488			$	265,294			(3	)	%		$	296,887			12		%
Pawn loan fees			113,797				117,275			(3	)	%			131,755			12		%
Wholesale scrap jewelry sales			19,749				18,053			9		%			19,749			9		%
Total revenue			390,034				400,622			(3	)	%			448,391			12		%

Cost of revenue:
Cost of retail merchandise sold			166,318				170,459			(2	)	%			192,333			13		%
Cost of wholesale scrap jewelry sold			16,770				15,296			10		%			19,491			27		%
Total cost of revenue			183,088				185,755			(1	)	%			211,824			14		%

Net revenue			206,946				214,867			(4	)	%			236,567			10		%

Segment expenses:
Operating expenses			125,831				135,327			(7	)	%			144,841			7		%
Depreciation and amortization			8,730				10,523			(17	)	%			10,008			(5	)	%
Total segment expenses			134,561				145,850			(8	)	%			154,849			6		%

Segment pre-tax operating income		$	72,385			$	69,017			5		%		$	81,718			18		%

Operating metrics:
Retail merchandise sales margin	35			%	36			%					35			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	19			%	17			%					18			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

										Constant Currency Basis
										As of
										June 30,
	As of June 30,									2025		Increase
	2025			2024			Increase			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	150,575		$	135,389			11	%	$	154,466		14	%
Inventories		102,848			91,996			12	%		105,501		15	%
	$	253,423		$	227,385			11	%	$	259,967		14	%

Average outstanding pawn loan amount (in ones)	$	96		$	89			8	%	$	98		10	%

Composition of pawn collateral:
General merchandise	57		%	63		%
Jewelry	43		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	59		%	69		%
Jewelry	41		%	31		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.1 times			4.3 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	139,784	$	194,570		(28	)	%
Interest and fees on finance receivables		76,075		56,799		34		%
Total revenue		215,859		251,369		(14	)	%

Cost of revenue:
Depreciation of leased merchandise		78,529		110,567		(29	)	%
Provision for lease losses		32,667		47,824		(32	)	%
Provision for loan losses		41,761		31,116		34		%
Total cost of revenue		152,957		189,507		(19	)	%

Net revenue		62,902		61,862		2		%

Segment expenses:
Operating expenses		24,264		35,275		(31	)	%
Depreciation and amortization		699		678		3		%
Total segment expenses		24,963		35,953		(31	)	%

Segment pre-tax operating income	$	37,939	$	25,909		46		%

	Six Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	296,702	$	400,241		(26	)	%
Interest and fees on finance receivables		149,488		114,186		31		%
Total revenue		446,190		514,427		(13	)	%

Cost of revenue:
Depreciation of leased merchandise		167,672		231,341		(28	)	%
Provision for lease losses		60,271		91,004		(34	)	%
Provision for loan losses		78,121		61,534		27		%
Total cost of revenue		306,064		383,879		(20	)	%

Net revenue		140,126		130,548		7		%

Segment expenses:
Operating expenses		48,482		70,091		(31	)	%
Depreciation and amortization		1,404		1,399		—		%
Total segment expenses		49,886		71,490		(30	)	%

Segment pre-tax operating income	$	90,240	$	59,058		53		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended								Six Months Ended
	June 30,				Increase /				June 30,				Increase /
	2025		2024		(Decrease)				2025		2024		(Decrease)
Leased merchandise	$	110,516	$	146,778		(25	)	%	$	204,822	$	300,899		(32	)	%
Finance receivables		149,943		105,258		42		%		291,205		207,422		40		%
Total gross transaction volume	$	260,459	$	252,036		3		%	$	496,027	$	508,321		(2	)	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of June 30,						Increase /
		2025			2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	170,824		$	246,457			(31	)	%
Less allowance for lease losses		(69,972	)		(103,301	)		(32	)	%
Leased merchandise, net	$	100,852		$	143,156			(30	)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	277,392		$	205,362			35		%
Less allowance for loan losses		(122,874	)		(99,961	)		23		%
Finance receivables, net	$	154,518		$	105,401			47		%

Portfolio Metrics

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	30		%	33		%	29		%	30		%
Average monthly net charge-off rate ^{(2), (3)}	6.2		%	5.4		%	6.2		%	5.4		%
Delinquency rate ⁽⁴⁾	23.2		%	23.0		%	23.2		%	23.0		%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28		%	30		%	27		%	30		%
Average monthly net charge-off rate ⁽²⁾	4.6		%	4.5		%	4.4		%	4.7		%
Delinquency rate ⁽⁴⁾	20.6		%	20.0		%	20.6		%	20.0		%

_{⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.}
_{⁽³⁾ The increase in leased merchandised net charge-off rate for 2025 is the expected result given reduced originations of new leases in 2025.}
_{⁽⁴⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).}

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and six months ended June 30, 2025:

	Three Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,197		1,826		3,023
New locations opened	1		9		10
Locations acquired	3		—		3
Consolidation of existing pawn locations ⁽¹⁾	(7	)	(2	)	(9	)
Total locations, end of period	1,194		1,833		3,027


	Six Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,200		1,826		3,026
New locations opened	2		19		21
Locations acquired	4		—		4
Consolidation of existing pawn locations ⁽¹⁾	(12	)	(12	)	(24	)
Total locations, end of period	1,194		1,833		3,027

_{⁽¹⁾ Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.}

Retail POS Payment Solutions

As of June 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,300 active retail merchant partner locations. This compares to the active door count of approximately 12,800 locations at June 30, 2024.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired AFF intangible assets, the Consumer Financial Protection Bureau (“CFPB”) litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

											Trailing Twelve
	Three Months Ended					Six Months Ended					Months Ended
	June 30,					June 30,					June 30,
		2025			2024		2025			2024		2025		2024
	In Thousands			In Thousands		In Thousands			In Thousands		In Thousands		In Thousands
Net income, as reported	$	59,805		$	49,073	$	143,396		$	110,441	$	291,770	$	237,174
Adjustments, net of tax:
Merger and acquisition expenses		2,134			1,047		2,488			1,504		2,690		7,380
AFF purchase accounting and other adjustments		9,258			9,572		18,516			19,145		37,660		51,497
CFPB litigation settlement		9,390			—		9,390			—		9,390		—
Other (income) expenses, net		(967	)		2,206		(1,391	)		997		1,482		(343	)
Adjusted net income	$	79,620		$	61,898	$	172,399		$	132,087	$	342,992	$	295,708

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2025		2024		2025			2024
	Per Share			Per Share		Per Share			Per Share
Diluted earnings per share, as reported	$	1.34		$	1.08	$	3.21		$	2.44
Adjustments, net of tax:
Merger and acquisition expenses		0.05			0.03		0.06			0.03
AFF purchase accounting and other adjustments		0.21			0.21		0.41			0.42
CFPB litigation settlement		0.21			—		0.21			—
Other (income) expenses, net		(0.02	)		0.05		(0.03	)		0.02
Adjusted diluted earnings per share	$	1.79		$	1.37	$	3.86		$	2.91

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

													Trailing Twelve
	Three Months Ended						Six Months Ended						Months Ended
	June 30,						June 30,						June 30,
	2025			2024			2025			2024			2025			2024
Net income	$	59,805		$	49,073		$	143,396		$	110,441		$	291,770		$	237,174
Income taxes		21,274			17,105			48,900			37,622			95,239			80,001
Depreciation and amortization		25,864			26,547			51,366			52,574			103,733			107,574
Interest expense		26,337			25,187			53,808			50,605			108,429			101,880
Interest income		(527	)		(261	)		(1,756	)		(1,004	)		(2,687	)		(1,548	)
EBITDA		132,753			117,651			295,714			250,238			596,484			525,081
Adjustments:
Merger and acquisition expenses		2,777			1,364			3,239			1,961			3,506			9,600
AFF purchase accounting and other adjustments ⁽¹⁾		—			—			—			—			—			13,968
CFPB litigation settlement		11,000			—			11,000			—			11,000			—
Other (income) expenses, net		(1,401	)		2,867			(1,944	)		1,275			1,982			(486	)
Adjusted EBITDA	$	145,129		$	121,882		$	308,009		$	253,474		$	612,972		$	548,163

_{⁽¹⁾ For the twelve months ended June 30, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

													Trailing Twelve
	Three Months Ended						Six Months Ended						Months Ended
	June 30,						June 30,						June 30,
		2025			2024			2025			2024			2025			2024
Cash flow from operating activities	$	116,854		$	106,187		$	243,494		$	228,719		$	554,733		$	439,192
Cash flow from certain investing activities:
Pawn loans, net ⁽¹⁾		(50,032	)		(46,036	)		(30,592	)		(20,887	)		(81,704	)		(56,053	)
Finance receivables, net		(35,411	)		(22,252	)		(55,977	)		(37,563	)		(157,728	)		(95,880	)
Purchases of furniture, fixtures, equipment and improvements		(12,952	)		(16,237	)		(25,866	)		(42,664	)		(51,447	)		(74,464	)
Free cash flow		18,459			21,662			131,059			127,605			263,854			212,795
Merger and acquisition expenses paid, net of tax benefit		2,134			1,047			2,488			1,504			2,690			7,380
Adjusted free cash flow	$	20,593		$	22,709		$	133,547		$	129,109		$	266,544		$	220,175

_{⁽¹⁾ Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

	Trailing Twelve
	Months Ended
	June 30, 2025
Adjusted net income ⁽¹⁾	$	342,992

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,046,067
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	17		%

Average total assets (average of five most recent quarter-end balances)	$	4,426,553
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	8		%

_{⁽¹⁾ See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.}

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	June 30,		Favorable /
	2025	2024	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	18.9	18.4		(3	)	%
Three months ended	19.5	17.2		(13	)	%
Six months ended	20.0	17.1		(17	)	%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1		%
Three months ended	7.7	7.8		1		%
Six months ended	7.7	7.8		1		%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,070	4,148		2		%
Three months ended	4,199	3,927		(7	)	%
Six months ended	4,195	3,921		(7	)	%

The MIL Network –

July 24, 2025

MIL-OSI: FirstCash Reports Record Second Quarter Operating Results; Strong Performance Across All Segments Drives Over 30% Year-to-Date EPS Growth; Increases Quarterly Cash Dividend 11%

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, July 24, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale payment solutions, today announced operating results for the three and six month periods ended June 30, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, an increase of 11% over the previous quarterly dividend, which will be paid in August 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report outstanding earnings results for the second quarter and year-to-date periods. Pawn demand remains extremely robust, with local currency same-store pawn receivables up 13% in both the U.S. and Latin America, driving strong earnings growth for both segments. AFF posted growth in originations for the second quarter and a segment earnings increase of 46% versus last year. Driven by strong cash flows, the Board of Directors increased the quarterly cash dividend by 11%, which further reflects the strength of our business and long-term earnings prospects.”

Additionally, the Company expects to complete its previously announced acquisition of H&T Group plc (“H&T”) by the end of the third quarter of 2025, subject to receipt of the required approvals by the Financial Conduct Authority of the United Kingdom (“FCA”) and satisfaction of the other remaining closing conditions. H&T is the largest pawnbroker in the U.K. with 285 locations and would represent FirstCash’s first operations in Europe.

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	830,622	$	831,012	$	830,622	$	831,012
Net income	$	59,805	$	49,073	$	79,620	$	61,898
Diluted earnings per share	$	1.34	$	1.08	$	1.79	$	1.37
EBITDA (non-GAAP measure)	$	132,753	$	117,651	$	145,129	$	121,882
Weighted-average diluted shares		44,552		45,289		44,552		45,289

	Six Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	1,667,045	$	1,667,382	$	1,667,045	$	1,667,382
Net income	$	143,396	$	110,441	$	172,399	$	132,087
Diluted earnings per share	$	3.21	$	2.44	$	3.86	$	2.91
EBITDA (non-GAAP measure)	$	295,714	$	250,238	$	308,009	$	253,474
Weighted-average diluted shares		44,670		45,338		44,670		45,338

Consolidated Operating Highlights

Diluted earnings per share for the second quarter increased 24% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 31% compared to the prior-year quarter.
Year-to-date diluted earnings per share increased 32% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 33% compared to the prior-year period.
Net income for the second quarter increased 22% over the prior-year quarter on a GAAP basis while adjusted net income increased 29% compared to the prior-year quarter.
Year-to-date net income increased 30% over the prior-year period on a GAAP basis and adjusted net income increased 31% compared to the prior-year period.
Adjusted EBITDA for the second quarter increased 19% compared to the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 22% compared to the comparative prior-year period.
For the trailing twelve month period ended June 30, 2025 the Company reported:
- Revenues of $3.4 billion
- Net income of $292 million on a GAAP basis and adjusted net income of $343 million
- Adjusted EBITDA of $613 million
- Operating cash flows of $555 million and adjusted free cash flows (a non-GAAP measure) of $267 million

Store Base and Platform Growth

U.K. Pawn Acquisition Update
- On July 2, 2025 the shareholders of H&T voted to approve the acquisition.
- Pending approvals by the FCA and the satisfaction of other closing conditions, the Company expects the transaction to close by the end of the third quarter.
- The total equity value for the H&T acquisition is approximately £291 million ($396 million USD using GBP/USD exchange rate of 1.36) which the Company intends to fund utilizing its revolving bank credit facility.
- This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom with more than 3,300 total locations.
Other Pawn Store Additions
- A total of 13 pawn locations were added in the second quarter and 25 stores added year-to-date.
- Three U.S. stores were acquired in Illinois, bringing the total to 39 locations in that market. Additionally, one new location in Texas was opened during the second quarter. Year-to-date through June 30, 2025, a total of six new locations were opened or acquired in the U.S.
- There were nine new store openings in Latin America, all of which are located in Mexico. Year-to-date through June 30, 2025, a total of 19 new locations were opened in Latin America.
- The Company purchased the underlying real estate of 14 U.S. stores during the quarter, bringing the total number of company owned locations to 421 at quarter end.
- As of June 30, 2025, the Company had 3,027 locations, comprised of 1,194 U.S. locations and 1,833 locations in Latin America. Additionally, two U.S. stores were acquired in July 2025 in separate transactions.

Retail POS Payment Solutions (AFF) Merchant Partnerships
- At June 30, 2025, there were approximately 15,300 active retail and e-commerce merchant partner locations, representing a 19% increase in the number of active merchant locations compared to a year ago. Excluding furniture locations that closed in the prior year due to merchant partner bankruptcies, the number of active doors increased 29%.

U.S. Pawn Segment Operating Results

Segment pre-tax operating income in the second quarter of 2025 was a record $98 million, an increase of $8 million, or 8%, compared to the prior-year quarter. The resulting segment pre-tax operating margin was 24% for the second quarter of 2025, which equaled the prior-year quarter.
Year-to-date segment pre-tax operating income increased by $24 million, or 13%, compared to the prior-year period. The pre-tax operating margin was 25% for the year-to-date period, which equaled the prior-year period.
Pawn receivables increased 12% in total at June 30, 2025 compared to the prior year, driven by an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 24%.
Pawn loan fees increased 9% for the second quarter both in total and on a same-store basis.
Retail merchandise sales increased 9% in the second quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 7% compared to the prior-year quarter.
Retail sales margins increased to 43% for the second quarter compared to 42% in the prior-year quarter. Annualized inventory turnover was 2.8 times for the trailing twelve months ended June 30, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at June 30, 2025 remained low at 2% of total inventories.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the second quarter of 2025 was 19.5 pesos / dollar, an unfavorable change of 13% versus the comparable prior-year period, and for the six month period ended June 30, 2025 was 20.0 pesos / dollar, an unfavorable change of 17% versus the prior-year period.

Despite the 13% decrease in the average Mexican peso exchange rate, second quarter segment pre-tax operating income increased 10% on a U.S. dollar basis and totaled a record $41 million compared to last year. On a local currency basis, segment earnings increased 22% over last year, with resulting segment pre-tax operating margins of 20% for both measures, compared to 18% in the prior year.
Year-to-date segment pre-tax operating income totaled $72 million, a 5% increase on a U.S. dollar-basis compared to the prior-year period and an 18% increase on a local currency basis. The year-to-date pre-tax operating margin increased to 19% compared to 17% in the prior-year period.
Pawn receivables at June 30, 2025 increased 11% on a U.S. dollar basis while increasing 14% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables increased 10% on a U.S. dollar basis and increased 13% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the second quarter decreased 1% and 2% on a U.S. dollar-basis, respectively, they both increased 11% on a constant currency basis compared to the prior-year quarter.
Retail merchandise sales in the second quarter of 2025 increased 1% on a U.S. dollar-basis compared to the prior-year quarter while increasing 14% on a constant currency basis. On a same-store basis, second quarter retail merchandise sales were flat on a U.S. dollar basis while increasing 13% on a constant currency basis compared to the prior-year quarter.
Retail margins were 36% for the second quarter of 2025, which equaled the prior-year quarter. Annualized inventory turnover was 4.1 times for the trailing twelve months ended June 30, 2025 compared to 4.3 times in the prior-year period. Inventories aged greater than one year at June 30, 2025 remained extremely low at 1%.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

Second quarter segment pre-tax operating income totaled $38 million, an increase of 46% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions. Year-to-date segment pre-tax operating income totaled $90 million, a 53% increase over the prior-year period which was $59 million.
While gross revenues for the second quarter decreased 14%, primarily due to the American Freight Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”) bankruptcies in late 2024, net revenue increased 2%, driven by growth in revenue from other merchant partners and lower net credit provisioning expenses.
Gross transaction volume of lease and loan originations during the second quarter increased 3%, compared to the second quarter of last year. Excluding 2024 originations from A-Freight and Conn’s, second quarter 2025 origination volume increased approximately 34%. For the year-to-date period, overall gross transaction volume decreased 2% over the same prior-year period and was up 29% excluding A-Freight and Conn’s.
As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 29% for the second quarter of 2025 compared to 31% in the second quarter of 2024. The decrease reflected lower than expected charge-offs on older portfolio vintages which resulted in net reserve releases. The combined allowance as a percentage of combined leased merchandise and finance receivables at June 30, 2025 was 43% compared to 45% a year ago.
Operating expenses decreased 31% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships in the prior-year period along with continued realization of operating synergies, including greater efficiencies in technology and development infrastructure, coupled with other cost reduction initiatives.

Cash Flow and Liquidity

Consolidated operating cash flows for the twelve month period ended June 30, 2025 grew 26% and totaled $555 million compared to $439 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
Adjusted free cash flows increased 21% to $267 million in the twelve month period ended June 30, 2025 compared to $220 million in the same prior-year period.
The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months with a nominal increase in net debt:
- Pawn earning assets (pawn receivables and inventories) increased $99 million compared to last year.
- A total of 15 pawn stores were acquired for a combined purchase price of $44 million.
- 42 new pawn stores were added with a combined investment of $16 million in fixed assets and working capital.
- Real estate purchases totaled $93 million as the Company purchased the underlying real estate at 60 of its existing pawn stores, bringing the number of Company-owned properties to 421 locations.
- Shareholder returns comprised of stock repurchases and cash dividends of $127 million.
Net debt at June 30, 2025 was $1.6 billion, of which $1.5 billion is fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032. The outstanding balance under the Company’s $700 million revolving line of credit totaled $152 million at June 30, 2025.
Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.6x at June 30, 2025.

Shareholder Returns

The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 29, 2025 to stockholders of record as of August 15, 2025. This represents an 11% increase over the previous quarterly dividend.
On an annualized basis, the dividend is now $1.68 per share, also representing an 11% increase over the previous annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
Over the past twelve months, the Company has repurchased 525,000 shares of common stock at a total cost of $60 million and paid out $68 million in cash dividends, representing a payout ratio of approximately 44% of net income over the same period.
The Company has $55 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
The Company generated a 14% return on equity and a 7% return on assets for the twelve months ended June 30, 2025. Using adjusted net income for the twelve months ended June 30, 2025, the adjusted return on equity was 17% while the adjusted return on assets was 8%.

2025 Outlook

Driven by the strong first half results and continuing customer demand for pawn loans, the outlook for 2025 remains highly positive, with expected year-over-year growth in income driven by the continued growth in earning asset balances coupled with store additions. While the H&T acquisition is now anticipated to close by the end of the third quarter of 2025, the estimates provided below do not yet include revenue and contributions from H&T. Anticipated conditions and trends for the remainder of 2025 include the following:

Pawn Operations:

Pawn operations are expected to remain the primary earnings driver in 2025 as the Company expects segment income from the combined U.S. and Latin America pawn segments to be over 80% of total segment level pre-tax income for the full year.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential small acquisitions.

U.S. Pawn

Based on strong first half results and expected store additions, the outlook for anticipated revenue growth and margins has been increased for all metrics.
Same-store pawn loans at June 30, 2025 were up 13% compared to a year ago, with July balances to date up similarly. Given these trends, the outlook for pawn fee growth is now expected to be in a range of 10% to 12% for the full year versus the prior expectation of 9% to 11% for the full year.
Retail sales are expected to grow in a high single digit range in 2025 versus prior expectations of mid single digits. Retail sales margins are now targeted at the upper end of the 41% to 42% guidance range.

Latin America Pawn

U.S. dollar-reported first half results for Latin America in 2025 were negatively impacted by the lower exchange rate for the Mexican peso during the first half of this year compared to last year. With the recent favorable movement in the peso and the better than expected growth in the underlying business, the Company is increasing its full year revenue outlook for the Latin America pawn segment.
Same-store pawn receivables at June 30, 2025 were up 10% on a U.S. dollar basis and up 13% on a constant currency basis, with July balances to date up similarly. Full year pawn fee growth is now expected to increase in a range of 10% to 12% on a local currency basis and is now projected to be flat to up slightly on a U.S. dollar basis versus prior expectations of flat to down slightly on a U.S. dollar basis.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.

Retail POS Payment Solutions (AFF) Operations:

The forecast for full year origination volume for 2025 is expected to be relatively consistent with the 2024 volume. Excluding 2024 originations from Conn’s and A-Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
The outlook for full year net revenues has improved, with the revised forecast for net revenues now expected to decline only 6% to 8% compared to last year versus the previously forecasted decline of 8% to 12%.
The net lease and loan charge-off rates for the second half of 2025 are expected to remain consistent with the charge-off rates in the second half of last year. Quarterly operating expenses for the balance of 2025 are expected to remain generally consistent with the second quarter run rate.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24.5% to 25.5%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s second quarter results and the outlook for the remainder of 2025, “Operating performance across all business segments continues to be incredibly strong, driving year-to-date earnings per share growth of 32% on a GAAP basis and a 33% increase on an adjusted basis. FirstCash also achieved another significant earnings milestone this quarter with adjusted EBITDA for the trailing twelve months exceeding $600 million for the first time in Company history.

“The U.S. pawn segment has now recorded eight consecutive quarters of double-digit growth in same-store receivables with continuing demand remaining strong thus far in July. At the same time, we remain disciplined in managing loan-to-value ratios as evidenced by the improved U.S. retail margins in the second quarter. The demand for value priced merchandise remains strong as well with same-store retail sales up 7% for the most recent quarter.

“In Latin America, we have seen tremendous growth in pawn receivables over the last three quarters, including a 13% increase in same-store pawn receivables in the second quarter. This trend continued to accelerate, with same-store pawn loan originations in Mexico up over 20% over the last thirty days. Our outlook for Latin America is further enhanced by the improved exchange rate for the Mexican peso since the last quarter, which has reduced the previously anticipated currency headwinds and improved our full year outlook for the region.

“Solid performance at AFF further bolstered second quarter and year-to-date operating results for our Retail POS Payment Solutions segment. AFF now has over 15,000 active doors, an increase of 19% over a year ago. Coupled with a 12% increase in same-door originations, AFF fully offset the impact of the loss of two significant merchant partners to bankruptcy last year and realized an overall total increase in originations in the second quarter. Growth continues to be particularly robust in verticals such as elective medical and automotive services. Driven by the solid revenue performance and significant expense savings, profitability for AFF has been especially strong in the first half of the year.

“Looking ahead, we continue to progress toward the closing of the H&T acquisition. H&T represents a highly complementary strategic fit as the U.K.’s largest pawnbroker, operating with a network of 285 stores, which will expand FirstCash’s geographic footprint into a new and attractive market further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. We continue to believe in the financial and strategic rationale for expanding our international operations as part of our long-term growth strategy.

“Lastly, based on strong earnings results, robust operating cash flows and the strength of its balance sheet, FirstCash continues to make significant investments in new stores, acquisitions and shareholder returns. To that end, we are again pleased to announce an increased quarterly cash dividend to be paid in August which is expected to provide an annualized payout of $1.68 per share further augmenting shareholder returns” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025 and the Company’s previously announced H&T acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the H&T acquisition, in particular, the ability to obtain the necessary regulatory approvals for the H&T acquisition from the FCA and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the H&T acquisition; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited, in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Revenue:
Retail merchandise sales	$	385,125		$	363,463		$	756,181		$	730,284
Pawn loan fees		190,822			181,046			382,693			360,581
Leased merchandise income		139,784			194,570			296,702			400,241
Interest and fees on finance receivables		76,075			56,799			149,488			114,186
Wholesale scrap jewelry sales		38,816			35,134			81,981			62,090
Total revenue		830,622			831,012			1,667,045			1,667,382

Cost of revenue:
Cost of retail merchandise sold		230,326			218,147			454,450			441,676
Depreciation of leased merchandise		78,272			110,157			167,091			230,441
Provision for lease losses		32,543			47,653			60,105			90,663
Provision for loan losses		41,761			31,116			78,121			61,534
Cost of wholesale scrap jewelry sold		34,904			28,542			70,259			51,831
Total cost of revenue		417,806			435,615			830,026			876,145

Net revenue		412,816			395,397			837,019			791,237

Expenses and other income:
Operating expenses		222,493			228,369			437,079			449,505
Administrative expenses		59,263			46,602			107,786			90,620
Depreciation and amortization		25,864			26,547			51,366			52,574
Interest expense		26,337			25,187			53,808			50,605
Interest income		(527	)		(261	)		(1,756	)		(1,004	)
(Gain) loss on foreign exchange		(1,271	)		1,437			(1,285	)		1,251
Merger and acquisition expenses		2,777			1,364			3,239			1,961
Other income, net		(3,199	)		(26	)		(5,514	)		(2,338	)
Total expenses and other income		331,737			329,219			644,723			643,174

Income before income taxes		81,079			66,178			192,296			148,063

Provision for income taxes		21,274			17,105			48,900			37,622

Net income	$	59,805		$	49,073		$	143,396		$	110,441

Certain amounts in the consolidated statement of income for the three and six months ended June 30, 2024 have been reclassified in order to conform to the 2025 presentation.

FIRSTCASH HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)

	June 30,						December 31,
		2025			2024			2024
ASSETS
Cash and cash equivalents	$	101,467		$	113,693		$	175,095
Accounts receivable, net		76,062			72,158			73,325
Pawn loans		550,718			491,731			517,867
Finance receivables, net		154,518			105,401			147,501
Inventories		355,733			315,424			334,580
Leased merchandise, net		100,689			142,935			128,437
Prepaid expenses and other current assets		35,667			31,923			26,943
Total current assets		1,374,854			1,273,265			1,403,748

Property and equipment, net		750,862			661,005			717,916
Operating lease right of use asset		342,859			324,651			324,646
Goodwill		1,826,184			1,794,957			1,787,172
Intangible assets, net		204,643			253,910			228,858
Other assets		9,805			9,606			9,934
Deferred tax assets, net		5,042			5,014			4,712
Total assets	$	4,514,249		$	4,322,408		$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	145,035		$	141,314		$	171,540
Customer deposits and prepayments		80,848			76,452			72,703
Lease liability, current		100,845			97,809			95,161
Total current liabilities		326,728			315,575			339,404

Revolving unsecured credit facilities		152,000			150,000			198,000
Senior unsecured notes		1,532,865			1,529,870			1,531,346
Deferred tax liabilities, net		125,290			129,060			128,574
Lease liability, non-current		237,198			219,454			225,498
Total liabilities		2,374,081			2,343,959			2,422,822

Stockholders’ equity:
Common stock		575			575			575
Additional paid-in capital		1,760,179			1,760,986			1,767,569
Retained earnings		1,520,677			1,296,721			1,411,083
Accumulated other comprehensive loss		(96,267	)		(84,366	)		(129,596	)
Common stock held in treasury, at cost		(1,044,996	)		(995,467	)		(995,467	)
Total stockholders’ equity		2,140,168			1,978,449			2,054,164
Total liabilities and stockholders’ equity	$	4,514,249		$	4,322,408		$	4,476,986

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(UNAUDITED)

The Company organizes its operations into three reportable segments as follows:

U.S. pawn
Latin America pawn
Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated to the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	249,918		$	230,093			9	%
Pawn loan fees		130,948			120,332			9	%
Wholesale scrap jewelry sales		28,740			26,311			9	%
Total revenue		409,606			376,736			9	%

Cost of revenue:
Cost of retail merchandise sold		143,149			132,449			8	%
Cost of wholesale scrap jewelry sold		26,265			21,269			23	%
Total cost of revenue		169,414			153,718			10	%

Net revenue		240,192			223,018			8	%

Segment expenses:
Operating expenses		133,815			125,192			7	%
Depreciation and amortization		8,091			7,231			12	%
Total segment expenses		141,906			132,423			7	%

Segment pre-tax operating income	$	98,286		$	90,595			8	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	24		%	24		%

FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (CONTINUED) (UNAUDITED)

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Six Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	501,143		$	467,083			7	%
Pawn loan fees		268,896			243,306			11	%
Wholesale scrap jewelry sales		62,232			44,037			41	%
Total revenue		832,271			754,426			10	%

Cost of revenue:
Cost of retail merchandise sold		288,907			272,363			6	%
Cost of wholesale scrap jewelry sold		53,489			36,535			46	%
Total cost of revenue		342,396			308,898			11	%

Net revenue		489,875			445,528			10	%

Segment expenses:
Operating expenses		262,766			244,087			8	%
Depreciation and amortization		15,691			14,244			10	%
Total segment expenses		278,457			258,331			8	%

Segment pre-tax operating income	$	211,418		$	187,197			13	%

Operating metrics:
Retail merchandise sales margin	42		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of June 30,
	2025			2024			Increase
Earning assets:
Pawn loans	$	400,143		$	356,342			12	%
Inventories		252,885			223,428			13	%
	$	653,028		$	579,770			13	%

Average outstanding pawn loan amount (in ones)	$	286		$	260			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	39		%	43		%
Jewelry	61		%	57		%
	100		%	100		%

Percentage of inventory aged greater than one year	2		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

														Constant Currency Basis
														Three Months
														Ended
		Three Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	135,956			$	134,445			1		%		$	153,234			14		%
Pawn loan fees			59,874				60,714			(1	)	%			67,497			11		%
Wholesale scrap jewelry sales			10,076				8,823			14		%			10,076			14		%
Total revenue			205,906				203,982			1		%			230,807			13		%

Cost of revenue:
Cost of retail merchandise sold			87,579				86,276			2		%			98,641			14		%
Cost of wholesale scrap jewelry sold			8,639				7,273			19		%			9,811			35		%
Total cost of revenue			96,218				93,549			3		%			108,452			16		%

Net revenue			109,688				110,433			(1	)	%			122,355			11		%

Segment expenses:
Operating expenses			64,414				67,902			(5	)	%			72,340			7		%
Depreciation and amortization			4,294				5,418			(21	)	%			4,804			(11	)	%
Total segment expenses			68,708				73,320			(6	)	%			77,144			5		%

Segment pre-tax operating income		$	40,980			$	37,113			10		%		$	45,211			22		%

Operating metrics:
Retail merchandise sales margin	36			%	36			%					36			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	20			%	18			%					20			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Operating Results and Margins (dollars in thousands)

														Constant Currency Basis
														Six Months
														Ended
		Six Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	256,488			$	265,294			(3	)	%		$	296,887			12		%
Pawn loan fees			113,797				117,275			(3	)	%			131,755			12		%
Wholesale scrap jewelry sales			19,749				18,053			9		%			19,749			9		%
Total revenue			390,034				400,622			(3	)	%			448,391			12		%

Cost of revenue:
Cost of retail merchandise sold			166,318				170,459			(2	)	%			192,333			13		%
Cost of wholesale scrap jewelry sold			16,770				15,296			10		%			19,491			27		%
Total cost of revenue			183,088				185,755			(1	)	%			211,824			14		%

Net revenue			206,946				214,867			(4	)	%			236,567			10		%

Segment expenses:
Operating expenses			125,831				135,327			(7	)	%			144,841			7		%
Depreciation and amortization			8,730				10,523			(17	)	%			10,008			(5	)	%
Total segment expenses			134,561				145,850			(8	)	%			154,849			6		%

Segment pre-tax operating income		$	72,385			$	69,017			5		%		$	81,718			18		%

Operating metrics:
Retail merchandise sales margin	35			%	36			%					35			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	19			%	17			%					18			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

										Constant Currency Basis
										As of
										June 30,
	As of June 30,									2025		Increase
	2025			2024			Increase			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	150,575		$	135,389			11	%	$	154,466		14	%
Inventories		102,848			91,996			12	%		105,501		15	%
	$	253,423		$	227,385			11	%	$	259,967		14	%

Average outstanding pawn loan amount (in ones)	$	96		$	89			8	%	$	98		10	%

Composition of pawn collateral:
General merchandise	57		%	63		%
Jewelry	43		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	59		%	69		%
Jewelry	41		%	31		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.1 times			4.3 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	139,784	$	194,570		(28	)	%
Interest and fees on finance receivables		76,075		56,799		34		%
Total revenue		215,859		251,369		(14	)	%

Cost of revenue:
Depreciation of leased merchandise		78,529		110,567		(29	)	%
Provision for lease losses		32,667		47,824		(32	)	%
Provision for loan losses		41,761		31,116		34		%
Total cost of revenue		152,957		189,507		(19	)	%

Net revenue		62,902		61,862		2		%

Segment expenses:
Operating expenses		24,264		35,275		(31	)	%
Depreciation and amortization		699		678		3		%
Total segment expenses		24,963		35,953		(31	)	%

Segment pre-tax operating income	$	37,939	$	25,909		46		%

	Six Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	296,702	$	400,241		(26	)	%
Interest and fees on finance receivables		149,488		114,186		31		%
Total revenue		446,190		514,427		(13	)	%

Cost of revenue:
Depreciation of leased merchandise		167,672		231,341		(28	)	%
Provision for lease losses		60,271		91,004		(34	)	%
Provision for loan losses		78,121		61,534		27		%
Total cost of revenue		306,064		383,879		(20	)	%

Net revenue		140,126		130,548		7		%

Segment expenses:
Operating expenses		48,482		70,091		(31	)	%
Depreciation and amortization		1,404		1,399		—		%
Total segment expenses		49,886		71,490		(30	)	%

Segment pre-tax operating income	$	90,240	$	59,058		53		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended								Six Months Ended
	June 30,				Increase /				June 30,				Increase /
	2025		2024		(Decrease)				2025		2024		(Decrease)
Leased merchandise	$	110,516	$	146,778		(25	)	%	$	204,822	$	300,899		(32	)	%
Finance receivables		149,943		105,258		42		%		291,205		207,422		40		%
Total gross transaction volume	$	260,459	$	252,036		3		%	$	496,027	$	508,321		(2	)	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of June 30,						Increase /
		2025			2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	170,824		$	246,457			(31	)	%
Less allowance for lease losses		(69,972	)		(103,301	)		(32	)	%
Leased merchandise, net	$	100,852		$	143,156			(30	)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	277,392		$	205,362			35		%
Less allowance for loan losses		(122,874	)		(99,961	)		23		%
Finance receivables, net	$	154,518		$	105,401			47		%

Portfolio Metrics

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	30		%	33		%	29		%	30		%
Average monthly net charge-off rate ^{(2), (3)}	6.2		%	5.4		%	6.2		%	5.4		%
Delinquency rate ⁽⁴⁾	23.2		%	23.0		%	23.2		%	23.0		%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28		%	30		%	27		%	30		%
Average monthly net charge-off rate ⁽²⁾	4.6		%	4.5		%	4.4		%	4.7		%
Delinquency rate ⁽⁴⁾	20.6		%	20.0		%	20.6		%	20.0		%

_{⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.}
_{⁽³⁾ The increase in leased merchandised net charge-off rate for 2025 is the expected result given reduced originations of new leases in 2025.}
_{⁽⁴⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).}

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and six months ended June 30, 2025:

	Three Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,197		1,826		3,023
New locations opened	1		9		10
Locations acquired	3		—		3
Consolidation of existing pawn locations ⁽¹⁾	(7	)	(2	)	(9	)
Total locations, end of period	1,194		1,833		3,027


	Six Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,200		1,826		3,026
New locations opened	2		19		21
Locations acquired	4		—		4
Consolidation of existing pawn locations ⁽¹⁾	(12	)	(12	)	(24	)
Total locations, end of period	1,194		1,833		3,027