EZCORP Reports Fourth Quarter Fiscal 2026 Results

Core Pawn Drives Record Fourth Quarter

AUSTIN, Texas, Nov. 11, 2026 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States, Latin America and the Caribbean, today announced results for its fourth quarter and full year ended September 30, 2026.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

FOURTH QUARTER HIGHLIGHTS

• Net income attributable to EZCORP increased 28% to $34.3 million. On an adjusted basis¹, net income attributable to EZCORP increased 27% to $34.1 million.
• Diluted earnings per share (EPS) increased 26% to $0.43. On an adjusted basis¹, diluted earnings per share increased 23% to $0.43.
• Adjusted EBITDA increased 33% to $64.0 million.
• Total revenues increased 33% to $447.1 million, while gross profit increased 29% to $255.8 million.
• Core pawn revenue increased 27% to $383.4 million and core pawn gross profit increased 29% to $243.6 million.
• Pawn loans outstanding (PLO) increased 31% to $402.8 million.
• We acquired the remaining interest in SMG in July 2026.
• We grew our footprint by 41 stores, comprised of 25 de novo stores, 22 acquired stores, the consolidation of 4 stores and the closure of 2 stores.
  
  

FULL YEAR 2026 HIGHLIGHTS

• Net income attributable to EZCORP increased 51% to $165.9 million, an increase of $56.3 million. On an adjusted basis¹, net income attributable to EZCORP increased 49% to $161.7 million.
• Diluted earnings per share increased 46% to $2.07. On an adjusted basis¹, diluted earnings per share increased 43% to $2.02.
• Adjusted EBITDA increased by 47% to $276.7 million.
• Total revenues increased 33% to $1,694.7 million, while gross profit increased 32% to $985.0 million.
• Core pawn revenue increased 24% to $1,453.2 million and core pawn gross profit increased 27% to $913.2 million.
• Grew our footprint by 230 stores comprised of 190 acquired stores, 48 de novo stores, the consolidation of 6 stores and the closure of 2 stores.
  
  

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “We finished Fiscal 2026 with an exceptional quarter, driven by strong growth in our core pawn operating metrics across all of our geographies. Fourth quarter same-store PLO increased 13% in the U.S. and 25% in Latin America. Robust lending and higher merchandise sales and margin drove substantial earnings growth in the quarter even as scrap margins normalize, reflecting the strength, durability and compelling growth profile of our core pawn business. The full year was one of the best in our history, with diluted EPS increasing 46% to $2.07, alongside record revenue and pawn loans outstanding. We are excited to carry this momentum into fiscal 2027, continuing to serve our customers with passion and respect, and to enhance value for our shareholders.

“We significantly expanded our reach during the year, adding a net 230 stores through acquisitions and de novo openings to bring our total footprint to 1,590 locations, across 15 countries. These additions strengthened our presence in attractive existing markets, including Texas, Florida, Mexico and Guatemala, while SMG added new markets for us across the Caribbean and Central America. With SMG now wholly owned, we are focused on integrating the stores onto our systems and enhancing its culture and operating disciplines to elevate financial performance, in what remains a very exciting opportunity for us.

“These results build on our five-year track record of exceptional execution and earnings growth, demonstrating the operating leverage inherent in our business as we continue to scale. As we look ahead, our priorities remain consistent: to strengthen the core pawn business, expand our footprint through de novo stores and disciplined acquisitions, and allocate capital prudently, supported by a strong, liquid balance sheet. I thank our almost 10,000 team members for bringing People, Pawn, Passion to life, for another exceptional quarter and year of financial performance, positioning us well for further growth and long-term shareholder value.”

CONSOLIDATED RESULTS

Three Months Ended September 30,	As Reported						Adjusted1
in millions, except per share amounts		2026			2025			2026			2025
Total revenues	$	447.1		$	336.8		$	439.8		$	336.8
Gross profit	$	255.8		$	198.6		$	251.7		$	198.6
Income before income taxes	$	47.7		$	36.3		$	47.2		$	37.0
Consolidated net income attributable to EZCORP	$	34.3		$	26.7		$	34.1		$	26.9
Diluted earnings per share attributable to EZCORP	$	0.43		$	0.34		$	0.43		$	0.35
EBITDA (non-GAAP measure)	$	64.6		$	47.3		$	64.0		$	48.0

Twelve Months Ended September 30	As Reported						Adjusted1
in millions, except per share amounts		2026			2025			2026			2025
Total revenues	$	1,694.7		$	1,274.3		$	1,657.6		$	1,274.3
Gross profit	$	985.0		$	746.1		$	964.3		$	746.1
Income before income taxes	$	224.3		$	146.8		$	217.8		$	147.0
Consolidated net income attributable to EZCORP	$	165.9		$	109.6		$	161.7		$	108.5
Diluted earnings per share attributable to EZCORP	$	2.07		$	1.42		$	2.02		$	1.41
EBITDA (non-GAAP measure)	$	284.0		$	187.6		$	276.7		$	187.9

• PLO increased 31% to $402.8 million (16% on a same-store² basis), primarily due to additional stores (including SMG) and higher average loan size on jewelry collateral.
• Fourth quarter revenues increased 33% and gross profit increased 29%, reflecting improved pawn service charges (PSC), merchandise sales, and jewelry scrap sales. Excluding SMG, total revenues increased 20% and gross profit increased 18%. Full year total revenues increased 33% and gross profit increased 32%.
• PSC increased 29% in the fourth quarter as a result of higher average PLO and additional stores. Full year PSC increased 26%.
• Fourth quarter and full year merchandise sales gross margin increased to 37% from 35%, while aged general merchandise decreased 152 basis points (bps) to 1.4% of total general merchandise inventory.
• Fourth quarter jewelry scrap sales increased 86% due to increase in gold price and jewelry purchases, and jewelry scrap sales gross margin decreased to 19% from 29% (as the gold price declined from third quarter levels, compared to a sharp increase during the prior year quarter). Full year jewelry scrap sales increased 144% due to the increase in gold price and jewelry purchases, and jewelry scrap sales gross margin increased to 30% from 27%.
• Net inventory increased 44% (26% on a same-store basis) due to an increase in PLO, layaways and purchases. For the quarter, inventory turnover was down to 2.2x, from 2.3x and remained flat at 2.4x for the full year.
• Store expenses increased 21% in the fourth quarter and 25% for the full year (4% and 10% on a same-store basis, respectively), primarily due to additional stores and labor costs, including minimum wage increases in Latin America.
• General and administrative expenses increased 30% in the fourth quarter, primarily due to expenses associated with SMG. Full year expenses increased 26% mainly due to labor costs (including higher incentive compensation) and expenses associated with SMG.
• Fourth quarter income before taxes increased to $47.7 million, up 31% from $36.3 million, and adjusted EBITDA increased 33% to $64.0 million. Full year income before taxes increased by 53% to $224.3 million from $146.8 million, and adjusted EBITDA increased 47% to $276.7 million.
• Diluted earnings per share increased 26% to $0.43 for the fourth quarter. On an adjusted basis, diluted earnings per share increased 23% to $0.43. Full year diluted earnings per share increased 46% to $2.07. On an adjusted basis, diluted earnings per share increased 43% to $2.02.
• Cash and cash equivalents decreased to $295.1 million from $469.5 million as of September 30, 2025. The decrease was primarily driven by the retirement of SMG’s existing third-party indebtedness of $134.2 million and cash used for acquisitions.
  
  

SEGMENT RESULTS

U.S. Pawn

• PLO ended the year at $269.4 million, an increase of 15% (13% on a same-store basis) driven by higher average loan size, as rising gold prices resulted in higher jewelry collateral value.
• Fourth quarter total revenues increased 14% and gross profit increased 12%, driven by increased jewelry scrap sales, PSC, and merchandise sales. Full year total revenues increased 18% and gross profit increased 17%.
• PSC increased 12% for the quarter and full year as a result of higher average PLO.
• Fourth quarter merchandise sales increased 7% (5% on a same-store basis), and sales gross margin increased by 160 bps to 39%. Full year merchandise sales increased 8% and merchandise sales gross profit margin increased by 150 bps to 39%.
• Fourth quarter jewelry scrap sales increased 46% due to increase in gold price and jewelry purchases, and jewelry scrap sales gross margin decreased to 21% from 30% (as the gold price declined from third quarter levels, compared to a sharp increase during the prior year quarter). Full year jewelry scrap sales increased 100%, and jewelry scrap sales gross margin increased to 32% from 27% due to increase in gold price and jewelry purchases.
• Net inventory increased 31% (27% on a same-store basis) due to increase in PLO, layaways and purchases. Inventory turnover decreased from 2.1x to 1.9x for the quarter, and 2.2x to 2.1x for the full year. Aged general merchandise decreased by 61 bps to 1.9%, or $0.8 million of total general merchandise inventory.
• Fourth quarter store expenses increased 1% (decreased 1% on a same-store basis). Full year store expenses increased 6% (4% on a same-store basis).
• Segment contribution increased 29% to $70.3 million in the fourth quarter and increased 35% to $280.7 million for the full year.
• Segment store count increased to 563 due to the acquisition of 5 stores and the consolidation of 2 stores during the quarter.
  
  

Latin America Pawn

• PLO increased 35% to $99.6 million (33% on a constant currency basis). On a same-store basis, PLO increased 25% (24% increase on a constant currency basis) due to strong loan demand and improved operational performance.
• Fourth quarter total revenues increased 36% (28% on constant currency basis), and gross profit increased 35% (28% on a constant currency basis), primarily due to increased jewelry scrap sales, PSC and merchandise sales. Full year total revenues were up 33% (23% on a constant currency basis), while gross profit increased 39% (28% on a constant currency basis).
• PSC increased in the fourth quarter to $44.9 million, an increase of 33% (25% on a constant currency basis) as a result of higher average PLO. For the full year PSC increased 32% (23% on a constant currency basis).
• Fourth quarter merchandise sales increased 31% (23% on a constant currency basis) and 24% on a same-store basis (17% increase on a constant currency basis). Merchandise sales gross margin increased to 36% from 32%. For the full year, merchandise sales increased 29% (19% on a constant currency basis) and merchandise gross margin increased 420 bps to 35%.
• Fourth quarter jewelry scrap sales increased 118% to $10.3 million (108% on a constant currency basis) due to the increase in gold price, and jewelry scrap sales gross profit decreased to $0.8 million (with a 7% margin) from $1.3 million (with a 27% margin), as the gold price declined from third quarter levels, compared to a sharp increase during the prior year quarter. Full year jewelry scrap sales increased 119% to $29.0 million (100% on a constant currency basis), and jewelry scrap sales margin decreased to 23% from 26%.
• Net inventory increased 32% (31% on a constant currency basis) due to an increase in PLO. For the quarter, inventory turnover remained consistent at 2.9x and increased to 3.1x from 3.0x for the full year. On a same-store basis, net inventory increased by 22% (21% on a constant currency basis). Aged general merchandise decreased below 1% of total general merchandise inventory.
• Fourth quarter store expenses increased 26% (19% on a constant currency basis) and increased 17% on a same-store basis (10% on a constant currency basis); and for the full year store expenses increased 36% (25% on a constant currency basis) and 25% (15% on a constant currency basis) on a same-store basis due to increased labor, in line with store activity and minimum wage increases.
• Fourth quarter segment contribution increased 56% to $24.4 million (49% on a constant currency basis to $23.4 million). Full year segment contribution was up 46% to $88.5 million (35% on a constant currency basis).
• Segment store count increased by 41 stores to 922 during the quarter due to 25 de novo stores and 17 acquired stores, partially offset by 1 store consolidation.
  
  

SMG

• The second quarter of fiscal 2026 represents the first quarter of SMG consolidation. In the fourth quarter, we acquired the remaining shares of SMG, making it wholly owned. As SMG was not owned during the comparable prior-year period, results are presented on an absolute basis without year-over-year comparisons.
• PLO of $33.7 million and net inventory of $31.3 million, with aged general merchandise at 1.5% of total general merchandise inventory.
• Fourth quarter total revenues were $42.3 million, comprised of merchandise sales of $17.4 million (with a margin of 26%), PSC of $14.6 million, and jewelry scrap sales of $10.3 million (with a margin of 22%). Full year total revenues were $136.7 million, comprised of merchandise sales of $52.3 million (with a margin of 30%), PSC of $43.3 million, and jewelry scrap sales of $41.1 million (with a margin of 26%).
• Fourth quarter store expenses totaled $15.5 million, and full year store expenses totaled $48.2 million.
• Fourth quarter segment contribution was $4.3 million, and full year segment contribution was $19.0 million.
• Segment store count at 105 due to the consolidation of 1 store and closure of 2 stores during the quarter.
  
  

FORM 10-K

EZCORP expects to file its Annual Report on Form 10-K for the year ended September 30, 2026 with the Securities and Exchange Commission on or about November 12, 2026. The report will be available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com.

CONFERENCE CALL

EZCORP will host a conference call on Thursday, November 12, 2026, at 8:00 am Central Time to discuss fourth quarter and full year fiscal 2026 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BId30caa98675c4f6eb98946e8a60dbfeb. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/v2jhz4kh. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

ABOUT EZCORP

Formed in 1989, EZCORP is a leading provider of pawn transactions in the United States, Latin America and the Caribbean. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW.

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FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with pandemics. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220

Note: Percentages are calculated from the underlying numbers in thousands and, as a result, may not agree to the percentages calculated from numbers in millions. Numbers may not foot or cross foot due to rounding.
¹ “Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
² “Same-store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

		Three Months Ended September 30,								Twelve Months Ended September 30,
(in thousands, except per share amount)			2026				2025				2026				2025
Revenues:
Merchandise sales		$	220,704			$	176,565			$	854,971			$	700,999
Pawn service charges			162,685				125,966				598,205				474,228
Core pawn revenues			383,389				302,531				1,453,176				1,175,227
Jewelry scrap sales			63,640				34,244				241,364				98,884
Other revenues			33				38				170				169
Total revenues			447,062				336,813				1,694,710				1,274,280
Merchandise cost of goods sold			139,803				114,072				540,102				455,677
Core pawn gross profit			243,619				188,497				913,244				719,719
Jewelry scrap cost of goods sold			51,481				24,171				169,639				72,538
Gross profit			255,778				198,570				984,969				746,065
Operating expenses:
Store expenses			148,975				122,993				571,559				458,378
General and administrative			38,239				29,425				133,469				106,230
Impairment of other assets			1,723				877				1,723				877
Depreciation and amortization			10,296				8,180				38,290				32,538
Loss on sale or disposal of assets and other			169				110				281				135
Other operating income			—				—				—				(1,262	)
Total operating expenses			199,402				161,585				745,322				596,896
Operating income			56,376				36,985				239,647				149,169
Interest expense			8,923				8,143				33,796				23,029
Interest income			(2,252	)			(5,313	)			(12,439	)			(14,721	)
Equity in net income of unconsolidated affiliates			(723	)			(1,970	)			(5,607	)			(6,150	)
Other (income) expense			2,756				(139	)			(441	)			238
Income before income taxes			47,672				36,264				224,338				146,773
Income tax expense			13,465				9,560				57,749				37,160
Consolidated net income		$	34,207			$	26,704			$	166,589			$	109,613
Consolidated net (income) attributable to non-controlling interest			96				—				(680	)			—
Consolidated net income attributable to EZCORP			34,303				26,704				165,909				109,613
Basic earnings per share attributable to EZCORP		$	0.56			$	0.44			$	2.70			$	1.91
Diluted earnings per share attributable to EZCORP		$	0.43			$	0.34			$	2.07			$	1.42
Weighted-average basic shares outstanding			61,424				60,901				61,463				57,466
Weighted-average diluted shares outstanding			83,799				83,218				83,724				83,383

EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except per share amount)		September 30, 2026				September 30, 2025
Assets:
Current assets:
Cash and cash equivalents		$	295,116			$	469,524
Short-term restricted cash			2,358				525
Pawn loans			402,761				307,496
Pawn service charges receivable, net			61,821				48,733
Inventory, net			358,348				248,457
Prepaid expenses and other current assets			37,597				51,221
Total current assets			1,158,001				1,125,956
Investments in unconsolidated affiliates			25,470				18,123
Other investments			6,883				51,903
Property and equipment, net			96,574				75,331
Right-of-use assets			292,924				236,462
Long-term restricted cash			13,876				14,664
Goodwill			479,173				324,889
Intangible assets, net			123,473				58,832
Deferred tax asset, net			19,049				29,455
Other assets, net			18,415				15,594
Total assets		$	2,233,838			$	1,951,209
Liabilities and equity:
Current liabilities:
Accounts payable, accrued expenses and other current liabilities			138,463				105,443
Customer layaway deposits			45,198				33,901
Operating lease liabilities, current			71,293				61,228
Total current liabilities			254,954				200,572
Long-term debt, net			520,008				518,076
Deferred tax liability, net			2,344				2,571
Operating lease liabilities			233,793				184,736
Other long-term liabilities			29,552				19,769
Total liabilities			1,040,651				925,724
Commitments and contingencies
Stockholders’ equity:
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100,000,000; issued and outstanding: 58,409,584 as of September 30, 2026 and 57,921,451 as of September 30, 2025			584				579
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3,000,000; issued and outstanding: 2,970,171 as of September 30, 2026 and 2025			30				30
Additional paid-in capital			457,618				450,892
Retained earnings			771,832				612,687
Accumulated other comprehensive loss			(37,623	)			(38,703	)
Total EZCORP equity			1,192,441				1,025,485
Non-controlling interest			746				—
Total equity			1,193,187				1,025,485
Total liabilities and equity		$	2,233,838			$	1,951,209

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

		Twelve Months Ended September 30,
(in thousands)			2026				2025
Operating activities:
Net income		$	166,589			$	109,613
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			38,290				32,538
Amortization of deferred financing costs			1,932				1,726
Non-cash lease expense			69,172				59,265
Deferred income taxes			(2,455	)			(3,084	)
Impairment of other assets			1,723				877
Other adjustments			894				(1,942	)
Provision for inventory reserve			(451	)			858
Stock compensation expense			16,790				12,465
Equity in net income from investment in unconsolidated affiliates			(5,607	)			(6,150	)
Gain from remeasurement of previously held equity interest			(1,179	)			—
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable			(7,022	)			(3,833	)
Inventory			(35,807	)			(18,179	)
Prepaid expenses, other current assets and other assets			7,744				(5,719	)
Accounts payable, accrued expenses and other liabilities			(68,786	)			(41,420	)
Customer layaway deposits			9,218				11,712
Income taxes			(4,880	)			258
Net cash provided by operating activities			186,165				148,985
Investing activities:
Loans made			(1,312,115	)			(1,006,505	)
Loans repaid			723,174				557,761
Recovery of pawn loan principal through sale of forfeited collateral			496,738				393,203
Capital expenditures			(45,405	)			(38,561	)
Acquisitions, net of cash acquired			(41,010	)			(20,693	)
Issuance of notes receivable			(9,000	)			(5,895	)
Investment in unconsolidated affiliate			(7,584	)			(786	)
Dividends from unconsolidated affiliates			3,929				3,614
Net cash used in investing activities			(191,273	)			(117,862	)
Financing activities:
Taxes paid related to net share settlement of equity awards			(6,371	)			(3,972	)
Proceeds from issuance of debt			—				300,000
Debt issuance cost			—				(7,593	)
Payments on debt			(134,151	)			(6,410	)
Purchase and retirement of treasury stock			(11,036	)			(6,999	)
Payment of contingent consideration			(554	)			—
Acquisition of non-controlling interest			(15,441	)			—
Payments of finance leases			(945	)			(606	)
Net cash (used in) provided by financing activities			(168,498	)			274,420
Effect of exchange rate changes on cash and cash equivalents and restricted cash			243				(637	)
Net (decrease) increase in cash, cash equivalents and restricted cash			(173,363	)			304,906
Cash and cash equivalents and restricted cash at beginning of period			484,713				179,807
Cash and cash equivalents and restricted cash at end of period		$	311,350			$	484,713

                 

EZCORP, Inc.
OPERATING SEGMENT RESULTS
(Unaudited)

As a result of the acquisition of Founders One, LLC and its subsidiary Simple Management Group, Inc. effective January 2, 2026, the composition of our reportable segments changed beginning in the second quarter of fiscal 2026. SMG is now reported as a standalone reportable segment. Our equity interest in Cash Converters International Limited is now included within Corporate. Prior period segment information has been recast to reclassify Cash Converters equity income and interest income from notes receivable from Founders from the 'Other Investments' segment to Corporate. Because SMG was not a consolidated subsidiary in any prior period presented, no prior period SMG segment results exist.

		Three Months Ended September 30, 2026
(in thousands)		U.S. Pawn				Latin America Pawn				SMG			Total Segments			Corporate Items				Consolidated
Revenues:
Merchandise sales		$	125,814			$	77,506			$	17,384		$	220,704		$	—			$	220,704
Jewelry scrap sales			43,000				10,295				10,345			63,640			—				63,640
Pawn service charges			103,224				44,889				14,572			162,685			—				162,685
Other revenues			17				16				—			33			—				33
Total revenues			272,055				132,706				42,301			447,062			—				447,062
Merchandise cost of goods sold			76,976				50,010				12,817			139,803			—				139,803
Jewelry scrap cost of goods sold			33,882				9,537				8,062			51,481			—				51,481
Gross profit			161,197				73,159				21,422			255,778			—				255,778
Segment and corporate expenses (income):
Store expenses			88,019				45,438				15,518			148,975			—				148,975
General and administrative			—				—				—			—			38,239				38,239
Impairment of other assets			—				—				—			—			1,723				1,723
Depreciation and amortization			2,945				3,049				1,087			7,081			3,215				10,296
Loss on sale or disposal of assets and other			(4	)			(2	)			175			169			—				169
Interest expense			—				—				—			—			8,923				8,923
Interest income			—				—				—			—			(2,252	)			(2,252	)
Equity in net income of unconsolidated affiliates			—				—				—			—			(723	)			(723	)
Other (income) expense			(45	)			231				368			554			2,202				2,756
Segment contribution		$	70,282			$	24,443			$	4,274		$	98,999
Income (loss) before income taxes													$	98,999		$	(51,327	)		$	47,672

		Three Months Ended September 30, 2025
(in thousands)		U.S. Pawn			Latin America Pawn				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	117,288		$	59,277			$	176,565			$	—			$	176,565
Jewelry scrap sales			29,512			4,732				34,244				—				34,244
Pawn service charges			92,125			33,841				125,966				—				125,966
Other revenues			21			17				38				—				38
Total revenues			238,946			97,867				336,813				—				336,813
Merchandise cost of goods sold			73,694			40,377				114,071				—				114,071
Jewelry scrap cost of goods sold			20,729			3,442				24,171				—				24,171
Gross profit			144,523			54,048				198,571				—				198,571
Segment and corporate expenses (income):
Store expenses			87,006			35,987				122,993				—				122,993
General and administrative			—			—				—				29,425				29,425
Impairment of other assets			263			—				263				614				877
Depreciation and amortization			2,701			2,421				5,122				3,059				8,181
Loss on sale or disposal of assets and other			66			44				110				—				110
Interest expense			—			—				—				8,143				8,143
Interest income (a)			—			—				—				(5,313	)			(5,313	)
Equity in net income of unconsolidated affiliates (b)			—			—				—				(1,970	)			(1,970	)
Other (income) expense			7			(110	)			(103	)			(36	)			(139	)
Segment contribution		$	54,480		$	15,706			$	70,186
Income (loss) before income taxes									$	70,186			$	(33,922	)		$	36,264

(a)	Interest income includes $0.8 million of interest income from notes receivable from Founders, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.
(b)	Equity in net income of unconsolidated affiliates includes $2.0 million of equity income from CCV, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

		Twelve Months Ended September 30, 2026
(in thousands)		U.S. Pawn				Latin America Pawn				SMG			Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	511,502			$	291,149			$	52,320		$	854,971			$	—			$	854,971
Jewelry scrap sales			171,236				28,999				41,129			241,364				—				241,364
Pawn service charges			392,377				162,557				43,271			598,205				—				598,205
Other revenues			107				63				—			170				—				170
Total revenues			1,075,222				482,768				136,720			1,694,710				—				1,694,710
Merchandise cost of goods sold			313,840				189,783				36,479			540,102				—				540,102
Jewelry scrap cost of goods sold			117,087				22,308				30,244			169,639				—				169,639
Gross profit			644,295				270,677				69,997			984,969				—				984,969
Segment and corporate expenses (income):
Store expenses			352,201				171,200				48,158			571,559				—				571,559
General and administrative			—				—				—			—				133,469				133,469
Impairment of other assets			—				—				—			—				1,723				1,723
Depreciation and amortization			11,314				11,208				2,396			24,918				13,372				38,290
Loss on sale or disposal of assets and other			87				19				175			281				—				281
Interest expense			—				—				—			—				33,796				33,796
Interest income (c)			—				—				—			—				(12,439	)			(12,439	)
Equity in net income of unconsolidated affiliates (d)			—				—				—			—				(5,607	)			(5,607	)
Other (income) expense			(45	)			(258	)			249			(54	)			(387	)			(441	)
Segment contribution		$	280,738			$	88,508			$	19,019		$	388,265
Income (loss) before income taxes													$	388,265			$	(163,927	)		$	224,338

(c)	Interest income includes $1.0 million of interest income from notes receivable from Founders recorded in the first quarter of fiscal 2026, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.
(d)	Equity in net income of unconsolidated affiliates includes $1.8 million of equity income from CCV recorded in the first quarter of fiscal 2026, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

		Twelve Months Ended September 30, 2025
(in thousands)		U.S. Pawn			Latin America Pawn				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	475,252		$	225,747			$	700,999			$	—			$	700,999
Jewelry scrap sales			85,658			13,226				98,884				—				98,884
Pawn service charges			351,479			122,749				474,228				—				474,228
Other revenues			103			66				169				—				169
Total revenues			912,492			361,788				1,274,280				—				1,274,280
Merchandise cost of goods sold			299,107			156,570				455,677				—				455,677
Jewelry scrap cost of goods sold			62,746			9,792				72,538				—				72,538
Gross profit			550,639			195,426				746,065				—				746,065
Segment and corporate expenses (income):
Store expenses			332,048			126,330				458,378				—				458,378
General and administrative			—			—				—				106,230				106,230
Impairment of other assets			263			—				263				614				877
Depreciation and amortization			10,750			8,612				19,362				13,176				32,538
Loss on sale or disposal of assets and other			83			52				135				—				135
Other operating income			—			—				—				(1,262	)			(1,262	)
Interest expense			—			—				—				23,029				23,029
Interest income (e)			—			—				—				(14,721	)			(14,721	)
Equity in net income of unconsolidated affiliates (f)			—			—				—				(6,150	)			(6,150	)
Other (income) expense			—			(330	)			(330	)			568				238
Segment contribution		$	207,495		$	60,762			$	268,257
Income (loss) before income taxes									$	268,257			$	(121,484	)		$	146,773

(e)	Interest income includes $2.6 million of interest income from notes receivable from Founders, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.
(f)	Equity in net income of unconsolidated affiliates includes $6.9 million of equity income from CCV, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)

	Twelve Months Ended September 30, 2026
	U.S. Pawn			Latin America Pawn			SMG			Consolidated
As of September 30, 2025	545			815			—			1,360
New locations opened	—			7			—			7
Locations acquired	3			14			—			17
Locations combined or closed	(1	)		—			—			(1	)
As of December 31, 2025	547			836			—			1,383
New locations opened	—			4			2			6
Locations acquired	12			—			105			117
As of March 31, 2026	559			840			107			1,506
New locations opened	—			9			1			10
Locations acquired	1			33			—			34
Locations combined or closed	—			(1	)		—			(1	)
As of June 30, 2026	560			881			108			1,549
New locations opened	—			25			—			25
Locations acquired	5			17			—			22
Locations combined or closed	(2	)		(1	)		(3	)		(6	)
As of September 30, 2026	563			922			105			1,590

	Twelve Months Ended September 30, 2025
	U.S. Pawn			Latin America Pawn			Consolidated
As of September 30, 2024	542			737			1,279
New locations opened	—			4			4
As of December 31, 2024	542			741			1,283
New locations opened	—			9			9
Locations acquired	—			1			1
Locations combined or closed	—			(9	)		(9	)
As of March 31, 2025	542			742			1,284
New locations opened	—			10			10
Locations acquired	3			40			43
Locations combined or closed	—			(1	)		(1	)
As of June 30, 2025	545			791			1,336
New locations opened	—			17			17
Locations acquired	1			7			8
Locations combined or closed	(1	)		—			(1	)
As of September 30, 2025	545			815			1,360

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

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

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and twelve months ended September 30, 2026 and 2025 were as follows:

	September 30,				Three Months Ended September 30,				Twelve Months Ended September 30,
	2026		2025		2026		2025		2026		2025
Mexican peso	18.1		18.3		17.3		18.6		17.6		19.7
Guatemalan quetzal	7.5		7.5		7.5		7.6		7.5		7.6
Honduran lempira	26.4		25.9		26.5		25.9		26.3		25.4
Australian dollar	1.4		1.5		1.4		1.5		1.4		1.6

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended September 30,								Twelve Months Ended September 30,
		2026				2025				2026				2025
Consolidated net income	$	34.2			$	26.7			$	166.6			$	109.6
Interest expense		8.9				8.1				33.8				23.0
Interest income		(2.3	)			(5.3	)			(12.4	)			(14.7	)
Income tax expense		13.5				9.6				57.7				37.2
Depreciation and amortization		10.3				8.2				38.3				32.5
EBITDA	$	64.6			$	47.3			$	284.0			$	187.6

	Total Revenues				Gross Profit				Income Before Tax				Tax Effect				Consolidated Net Income				NCI				Net Income net of NCI				Diluted EPS				EBITDA
2026 Q4 Reported	$	447.1			$	255.8			$	47.7			$	13.5			$	34.2			$	0.1			$	34.3			$	0.43			$	64.6
Tax discrete adjustments		—				—				—				(0.1	)			0.1				—				0.1				—				—
Contract termination		—				—				(2.0	)			(0.5	)			(1.5	)			—				(1.5	)			(0.02	)			(2.0	)
Corporate office impairment		—				—				1.7				0.4				1.3				—				1.3				0.02				1.7
Founders value adjustment		—				—				0.4				0.1				0.3				—				0.3				0.01				0.4
FX impact		—				—				0.4				0.1				0.3				—				0.3				—				0.4
Constant Currency		(7.3	)			(4.1	)			(1.0	)			(0.3	)			(0.7	)			—				(0.7	)			(0.01	)			(1.1	)
2026 Q4 Adjusted	$	439.8			$	251.7			$	47.2			$	13.2			$	34.0			$	0.1			$	34.1			$	0.43			$	64.0
	Total Revenues				Gross Profit				Income Before Tax				Tax Effect				Consolidated Net Income				NCI				Net Income net of NCI				Diluted EPS				EBITDA
2026 Full Year Reported	$	1,694.7			$	985.0			$	224.3			$	57.7			$	166.6			$	(0.7	)		$	165.9			$	2.07			$	284.0
Non-recurring foreign tax expense		—				—				—				(0.5	)			0.5				—				0.5				0.01				—
Tax discrete adjustments		—				—				—				(0.1	)			0.1				—				0.1				—				—
Contract termination		—				—				(2.0	)			(0.5	)			(1.5	)			—				(1.5	)			(0.02	)			(2.0	)
Corporate office impairment		—				—				1.7				0.4				1.3				—				1.3				0.02				1.7
Corporate lease termination		—				—				(0.6	)			(0.1	)			(0.5	)			—				(0.5	)			(0.01	)			(0.6	)
Founders value adjustment		—				—				(1.2	)			(0.3	)			(0.9	)			—				(0.9	)			(0.01	)			(1.2	)
FX impact		—				—				(0.1	)			—				(0.1	)			—				(0.1	)			—				(0.1	)
Constant Currency		(37.1	)			(20.7	)			(4.3	)			(1.2	)			(3.1	)			—				(3.1	)			(0.04	)			(5.1	)
2026 Full Year Adjusted	$	1,657.6			$	964.3			$	217.8			$	55.4			$	162.4			$	(0.7	)		$	161.7			$	2.02			$	276.7

	Total Revenues			Gross Profit			Income Before Tax				Tax Effect				Consolidated Net Income				NCI			Net Income net of NCI				Diluted EPS				EBITDA
2025 Q4 Reported	$	336.8		$	198.6		$	36.3			$	9.6			$	26.7			$	—		$	26.7			$	0.34			$	47.3
Corporate office impairment		—			—			0.6				0.1				0.5				—			0.5				0.01				0.6
Tax discrete adjustments		—			—			—				(0.6	)			0.6				—			0.6				0.01				—
Non-recurring foreign tax expense		—			—			—				1.0				(1.0	)			—			(1.0	)			(0.01	)			—
FX impact		—			—			0.1				—				0.1				—			0.1				—				0.1
2025 Q4 Adjusted	$	336.8		$	198.6		$	37.0			$	10.1			$	26.9			$	—		$	26.9			$	0.35			$	48.0
	Total Revenues			Gross Profit			Income Before Tax				Tax Effect				Consolidated Net Income				NCI			Net Income net of NCI				Diluted EPS				EBITDA
2025 Full Year Reported	$	1,274.3		$	746.1		$	146.8			$	37.2			$	109.6			$	—		$	109.6			$	1.42			$	187.6
Corporate lease termination		—			—			(1.3	)			(0.3	)			(1.0	)			—			(1.0	)			(0.01	)			(1.3	)
Corporate office impairment		—			—			0.6				0.2				0.4				—			0.4				—				0.6
Tax discrete adjustments		—			—			—				0.5				(0.5	)			—			(0.5	)			(0.01	)			—
Non-recurring foreign tax expense		—			—			—				0.7				(0.7	)			—			(0.7	)			(0.01	)			—
FX impact		—			—			0.9				0.2				0.7				—			0.7				0.02				1.0
2025 Full Year Adjusted	$	1,274.3		$	746.1		$	147.0			$	38.5			$	108.5			$	—		$	108.5			$	1.41			$	187.9

	Three Months Ended September 30, 2026							Twelve Months Ended September 30, 2026
(in millions)	U.S. Dollar Amount				Percentage Change YOY			U.S. Dollar Amount				Percentage Change YOY
Consolidated revenues	$	447.1			33	%		$	1,694.7			33	%
Currency exchange rate fluctuations		(7.3	)						(37.1	)
Constant currency consolidated revenues	$	439.8			31	%		$	1,657.6			30	%
Consolidated gross profit	$	255.8			29	%		$	985.0			32	%
Currency exchange rate fluctuations		(4.1	)						(20.7	)
Constant currency consolidated gross profit	$	251.7			27	%		$	964.3			29	%
Consolidated net inventory	$	358.3			44	%		$	358.3			44	%
Currency exchange rate fluctuations		(1.0	)						(1.0	)
Constant currency consolidated net inventory	$	357.3			44	%		$	357.3			44	%
Latin America Pawn gross profit	$	73.2			35	%		$	270.7			39	%
Currency exchange rate fluctuations		(4.1	)						(20.7	)
Constant currency Latin America Pawn gross profit	$	69.1			28	%		$	250.0			28	%
Latin America Pawn PLO	$	99.6			35	%		$	99.6			35	%
Currency exchange rate fluctuations		(1.2	)						(1.2	)
Constant currency Latin America Pawn PLO	$	98.4			33	%		$	98.4			33	%
Latin America Pawn PSC revenues	$	44.9			33	%		$	162.6			32	%
Currency exchange rate fluctuations		(2.5	)						(11.9	)
Constant currency Latin America Pawn PSC revenues	$	42.4			25	%		$	150.7			23	%
Latin America Pawn merchandise sales	$	77.5			31	%		$	291.1			29	%
Currency exchange rate fluctuations		(4.4	)						(22.7	)
Constant currency Latin America Pawn merchandise sales	$	73.1			23	%		$	268.4			19	%
Latin America Pawn segment profit before tax	$	24.4			56	%		$	88.5			46	%
Currency exchange rate fluctuations		(1.0	)						(6.2	)
Constant currency Latin America Pawn segment profit before tax	$	23.4			49	%		$	82.3			35	%