Imagine a CarMax for used jewelry, electronics, and tools, whose core business is providing quick cash loans against those items.

• Pawn Loans: EZCORP offers collateralized short-term loans against various personal properties including jewelry, consumer electronics, tools, and musical instruments.
• Merchandise Sales: The company sells pre-owned merchandise, consisting mainly of items forfeited from pawn lending operations and goods purchased directly from customers.

EZCORP primarily serves individual consumers across its pawn lending and retail merchandise operations. Its major customer categories include:

1. Individuals seeking short-term cash liquidity: These customers utilize EZCORP's pawn loan services, collateralizing personal property such as jewelry, consumer electronics, tools, sporting goods, and musical instruments, to obtain immediate funds for various financial needs.
2. Consumers purchasing pre-owned merchandise: This category includes customers who frequent EZCORP's stores to buy used goods at competitive prices. These items are primarily collateral forfeited from pawn lending operations or pre-owned merchandise purchased directly from other customers.
3. Underbanked or unbanked individuals seeking alternative financial services: Many of EZCORP's customers rely on pawn shops as a crucial source for credit and retail purchases, often due to limited access to traditional banking services or credit options. They depend on EZCORP for financial solutions that may not be available elsewhere.

Lachlan P. Given, Chief Executive Officer

Lachlan P. Given assumed the role of Chief Executive Officer of EZCORP in March 2022, having previously served as Co-Interim Chief Executive Officer since January 2022. His history with EZCORP includes various leadership positions such as non-executive Chairman of the Board (July 2014), Executive Vice Chairman (August 2014), Executive Chairman (February 2015), and Chief Strategy, Mergers and Acquisitions and Strategic Funding Officer (July 2019 to January 2022).

Timothy Jugmans, Chief Financial Officer

Timothy Jugmans was appointed Chief Financial Officer of EZCORP in May 2021, after serving as Interim Chief Financial Officer since September 2020. Prior to these roles, he was the Company's Vice President, Treasury and M&A from December 2016, and worked as a consultant to EZCORP performing similar duties since March 2015. Before joining EZCORP, Mr. Jugmans was a principal of Selene Partners Inc., a financial consulting firm. He also held executive-level finance positions at Morgan Schiff & Co, Inc., a boutique investment banking services company, and ShippingEasy, Inc. Additionally, he served as a Corporate Advisor at Lexicon Partners Pty Limited and in various analyst roles at boutique investment banks. He is also the Non-Executive Chairman of the Board of Cash Converters International Limited, an affiliate company.

Phillip E. Cohen, Executive Chairman of the Board

Phillip E. Cohen has served as the Executive Chairman of EZCORP's Board of Directors since September 2019 and has been an owner of and advisor to the Company for 30 years. He acquired EZCORP in 1989 and guided it through its initial public offering in 1991. Mr. Cohen possesses over 40 years of experience in investment banking and financial advisory, working with firms such as Kuhn Loeb & Co. Incorporated, Lehman Brothers Kuhn Loeb Incorporated, The First Boston Corporation, Oppenheimer & Co, Inc., and Morgan Schiff & Co., Inc. Through MS Pawn Corporation, he is the sole owner of EZCORP's Class B Voting Common Stock, giving him complete control over the company's voting decisions.

John Blair Powell, Jr., Chief Operating Officer

John Blair Powell, Jr. was appointed Chief Operating Officer in March 2022, having previously served as Co-Interim Chief Executive Officer alongside Lachlan P. Given. In his role, Mr. Powell is responsible for driving the operating performance of EZCORP's business across all geographies and digital initiatives.

Lisa VanRoekel, Chief Human Resources Officer

Lisa VanRoekel joined EZCORP as Chief Human Resources Officer in January 2021. Before her tenure at EZCORP, she had an extensive 19-year career with Grupo Santander, a prominent international bank.

Here are the key risks to EZCORP's business:

1. Regulatory Landscape and Compliance: EZCORP operates in a highly regulated environment across the United States and Latin America. The company faces significant regulatory barriers, particularly in the U.S. pawn and lending sectors, which dictate aspects such as interest rate caps and compliance with consumer protection laws like the Truth in Lending Act (Regulation Z). Navigating this complex and evolving regulatory framework requires substantial legal and compliance infrastructure, and any changes in these regulations could impact EZCORP's operational stability and profitability.
2. Competitive Pressures and Digital Lending Substitutes: The pawn services sector is characterized by high competitive rivalry, including major public peers like FirstCash Holdings (FCFS) and numerous local, independent shops. More significantly, EZCORP faces a substantial threat from the rapid technological shifts in consumer finance, particularly the growth of the digital lending market. Digital lending apps represent a growing substitute for traditional pawn services, offering alternative short-term liquidity solutions that could impact EZCORP's customer base and market share.
3. Commodity Price Volatility and Foreign Exchange Risks: EZCORP's business model involves selling merchandise, including items primarily acquired from collateral forfeiture, such as jewelry and other valuables. Consequently, fluctuations in the price of precious metals, particularly gold, can create short-term volatility in EZCORP's sales and profit, especially affecting merchandise margins. Furthermore, with a significant presence of stores in Latin America, EZCORP is exposed to foreign currency risk. Short-term changes in foreign exchange rates can materially impact the company's reported income and make future earnings forecasting more challenging.

The proliferation and increasing adoption of fintech companies offering small-dollar, collateral-free cash advances or paycheck advances. These digital platforms provide a convenient and often lower-cost alternative to traditional pawn loans for individuals seeking immediate liquidity, bypassing the need for physical collateral and store visits.

Here are the addressable market sizes for EZCORP's main products and services:

Pawn Loans

• United States: The U.S. pawn shop industry is estimated to generate $4.5 billion in sales in 2025. The U.S. pawn market was valued at $2.43 billion in 2020, grew to $2.6 billion in 2021, and is projected to reach $4.12 billion by 2028.
• Mexico: The Mexico Pawn Shops market is projected to reach approximately $1.44 billion (USD 1438.24 million) in 2024.
• Guatemala, El Salvador, and Honduras: Specific addressable market sizes for pawn loans in Guatemala, El Salvador, and Honduras are not readily available. Therefore, this information is null.

Sale of Pre-Owned Merchandise

• United States:
  • The market size for Used Goods Stores in the U.S. was $27.4 billion in 2024 and is estimated to be $27.7 billion in 2025.
  • The broader U.S. secondhand market is estimated to be worth $61 billion as of 2026.
  • The U.S. Second-Hand Products Market, which encompasses a wider range of goods beyond apparel, was valued at $689.59 billion in 2025 and is estimated to reach $759.76 billion in 2026.
• Mexico: The Mexico Second-Hand Products Market was valued at $96.33 billion in 2025.
• Guatemala, El Salvador, and Honduras: While specific overall market sizes for pre-owned merchandise are not available, the used clothing industry in Guatemala, El Salvador, Honduras, and Nicaragua collectively grew by $274 million between 2011 and 2021. In 2021, Guatemala imported 130,000 tons, Honduras imported 66,000 tons, and El Salvador imported 35,000 tons of used clothing.

EZCORP (NASDAQ: EZPW) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Pawn Loans Outstanding (PLO) and Pawn Service Charges (PSC): A primary driver for EZCORP's revenue is the expansion of its pawn loan portfolio, leading to increased pawn service charges. The company has consistently reported record-high PLO, driven by sustained consumer demand, particularly in challenging macroeconomic conditions where there is an increased need for short-term cash solutions.
2. Expansion in Latin America through new stores and acquisitions: EZCORP views Latin America as a market with significant growth potential. The company has been actively expanding its store footprint in this region, including Mexico, Guatemala, El Salvador, and Honduras. This organic growth is supplemented by strategic acquisitions, such as the controlling interest in Founders One, LLC in January 2026, which added 105 pawn stores across 12 countries and significantly expanded the company's geographic reach.
3. Increased Merchandise Sales, particularly from Jewelry and elevated gold prices: Revenue growth is also expected from the sale of merchandise, which primarily consists of collateral forfeited from pawn lending operations and pre-owned goods purchased from customers. The composition of pawned items heavily leans towards jewelry, especially in the U.S. market. Rising gold prices are a significant tailwind, increasing the resale value of scrapped jewelry and contributing directly to higher revenue and gross profit.
4. Digital Investments and Enhanced Customer Engagement: EZCORP is investing in technology, including its Lana and EZ+ web-based platforms, to improve operational efficiencies and enhance customer engagement. These digital initiatives aim to provide tailored products and services, leading to increased market share and customer loyalty.

Capital Allocation Decisions of EZCORP (EZPW) Over the Last 3-5 Years

Share Repurchases

• In February 2026, EZCORP announced a new multi-year share repurchase program authorizing up to $50 million of its Class A Non-Voting common stock, funded by operating cash flows and cash on hand. This program replaced a previous $50 million authorization that expired in May 2025.
• As of September 30, 2024, the company repurchased 2,845,548 shares of Class A Common Stock for $26.0 million under a program authorized on May 3, 2022.
• Shareholders advocated for a $100 million share buyback in June 2025 to address dilution from settling convertible notes in equity, noting that only $33 million was repurchased over two and a half years under a prior $200 million recommendation.

Share Issuance

• EZCORP's shares outstanding have seen fluctuations, moving from approximately 0.056 billion in September 2021 to 0.083 billion by September 2025.
• In July 2024, approximately $5.0 million from the net proceeds of a 2029 Convertible Notes offering was used to repurchase 578,703 shares of Class A common stock, suggesting some issuance related to convertible note conversions that led to dilution.

Outbound Investments

• In January 2026, EZCORP acquired a controlling interest in Founders One, LLC, increasing its ownership to 87.7%. This involved converting $45 million of preferred equity and $10 million of notes receivable into common equity, a $9.4 million cash investment, and establishing a $156.4 million three-year senior secured debt facility for Founders' subsidiary, Simple Management Group (SMG). EZCORP had initially invested in Founders One with a preferred equity position in October 2021 and further increased its investment in December 2022 with a $15 million preferred equity contribution and a $15 million loan, which SMG used to acquire 52 pawn stores in Florida and Puerto Rico.
• In December 2022, EZCORP acquired Max Pawn, a luxury pawnbroking business in Las Vegas, and formed a joint venture to focus on the luxury goods market.
• In January 2026, EZCORP acquired El Buffalo Pawn, comprising 12 pawn stores in Texas, for approximately $27.5 million.

Capital Expenditures

• EZCORP's capital expenditures were $39 million in fiscal year 2025, $40 million in fiscal year 2024, $32 million in fiscal year 2023, $24 million in fiscal year 2022, and $29 million in fiscal year 2021.
• In the most recent quarter (Q1 2026), capital expenditures were $7.5 million.
• The company's capital spending is focused on strategic acquisitions and opening new stores, particularly in high-growth Latin American markets like Mexico, adding 81 new stores in fiscal year 2025.