NASDAQ: EZPW

•Team Members — We enable diverse, engaged and tenured teams with a true passion for pawnbroking.

•IT, Data and AI Modernization — We modernize our technology, data and AI capabilities to capitalize on growth opportunities and create greater value in every customer interaction.

•Cost Efficiency — We drive cost efficiency through an ongoing focus on simplification and optimization.

•Compliance — We build a strong culture of compliance in which we meet our regulatory obligations and serve customers fairly and responsibly in every market where we operate.

•Controls — We are continually focused on strengthening our capabilities to manage operational, financial, regulatory, information security and reputational risk.

•Sustainability — We prioritize developing the foundational elements of a comprehensive and integrated sustainability program.

Overview of Our Business

At September 30, 2026, we operated a total of 1,590 locations, consisting of:

•628 pawn stores in the United States;

•672 pawn stores in Mexico; and

•290 pawn stores in Guatemala, El Salvador, Honduras, the Caribbean and Central America

On January 2, 2026, we acquired a controlling interest in Founders One, LLC ("Founders"), which through its subsidiary Simple Management Group, Inc. ("SMG") operated 105 pawn stores in the U.S. and 11 additional countries at the time of acquisition, primarily under the names "La Familia Pawn and Jewelry" and "CashWiz." See Note 3: Acquisitions of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.”

This acquisition expanded our geographic footprint in attractive markets, including Florida and Puerto Rico, and provides a platform for domestic and international growth. Following the initial transaction, we owned 87.7% of Founders, which controlled SMG with an 85.1% ownership interest. During fiscal 2026, we acquired the remaining interests in Founders and SMG, and Founders and SMG became wholly owned subsidiaries. SMG's operating results are consolidated in our financial statements beginning January 2, 2026 and are reported within our SMG segment.

In our pawn stores, we advance cash against the value of collateralized tangible personal property and sell merchandise to customers looking for good value. The merchandise we sell primarily consists of pre-owned collateral forfeited from our pawn activities or merchandise purchased from customers. By store count, we are the second largest pawn store owner and operator in the U.S. and one of the largest in Latin America. We also offer web-based applications under the name EZ+ that allow customers to manage their pawn transactions, layaways, and loyalty rewards online.

In addition to our core pawn business, we have made the following strategic investment:

•We own 43.5% of Cash Converters International Limited (“Cash Converters”), a publicly traded company (ASX: CCV) headquartered in Perth, Western Australia. Cash Converters and its controlled companies comprise a diverse group generating revenues from franchising, store operations, and personal finance (including pawn transactions) in 647 stores across 15 countries.

We generate revenues primarily from pawn service charges (“PSC”) on pawn loans outstanding (“PLO”), merchandise sales and jewelry scrapping. We remain focused on optimizing our balance of PLO and the resulting higher PSC. The following chart presents sources of gross profit, including PSC, merchandise sales gross profit (“Merchandise sales GP”), and jewelry scrap gross profit (“Jewelry scrap GP”) for fiscal 2026, fiscal 2025, and fiscal 2024:

The following charts present sources of gross profit by segment for fiscal 2026, fiscal 2025, and fiscal 2024:

Segment and Geographic Information

We conduct our business globally and primarily manage our business by geography. As a result of the acquisition of Founders and SMG on January 2, 2026, the composition of our reportable segments changed beginning in the second quarter of fiscal 2026. Refer to Note 13: Segment Information of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” SMG is now reported as a standalone reportable segment and our equity interest in CCV is now included within Corporate. Prior period segment information has been recast to reclassify CCV 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 are presented in our consolidated financial statements. Our business is organized into the following reportable segments:

•U.S. Pawn, which includes our EZPAWN, Value Pawn & Jewelry and other branded pawn operations in the United States, excluding SMG;

•Latin America Pawn, which includes our Empeño Fácil, Cash Apoyo Efectivo and other branded pawn operations in Mexico, as well as our GuatePrenda and MaxiEfectivo pawn operations in Guatemala, El Salvador and Honduras (referred to as “GPMX”); and

•SMG, which includes our La Familia Pawn and Jewelry and CashWiz branded pawn operations in the U.S., the Caribbean and Central America.

The following table presents store data by segment:

U.S. Pawn Latin America Pawn SMG Consolidated

As of September 30, 2023 529 702 — 1,231

New locations opened 1 40 — 41

Locations acquired 13 — — 13

Locations combined or closed (1) (5) — (6)

As of September 30, 2024 542 737 — 1,279

New locations opened — 40 — 40

Locations acquired 4 48 — 52

Locations combined or closed (1) (10) — (11)

As of September 30, 2025 545 815 — 1,360

New locations opened — 45 3 48

Locations acquired 21 64 105 190

Locations combined or closed (3) (2) (3) (8)

As of September 30, 2026 563 922 105 1,590

For additional information about our segments and geographic areas, see Note 13: Segment Information of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.”

Pawn Activities

At our pawn stores, we primarily advance cash against the value of collateralized tangible personal property. We earn pawn service charges (“PSC”) for those cash advances, which vary by jurisdiction and transaction size. At the time of the pawn transaction, we take possession of the pawned collateral, which consists of tangible personal property, primarily jewelry, consumer electronics, tools, sporting goods or musical instruments. If the customer chooses to redeem their pawn, they repay the amount advanced plus PSC. If the customer chooses not to redeem their pawn, the pawned collateral becomes our inventory, which we sell in our retail merchandise sales activities or, in some cases, scrap for its inherent gold or precious stone content. Consequently, the success of our pawn business is largely dependent on our ability to accurately assess the probability of pawn redemption and the estimated resale or scrap value of the collateralized personal property.

As of September 30, 2026, we had a closing PLO balance of $402.8 million. In fiscal 2026, PSC accounted for approximately 35% of our total revenues and 61% of our gross profit.

In the U.S. Pawn segment, PSC rates generally vary between 12% and 25% per month as permitted by applicable law, and the pawn term generally ranges between 30 and 90 days. Pawn transactions typically average between $230 and $250.

In Mexico, PSC rates generally vary between 15% and 21% per month as permitted by applicable law, and the pawn term is approximately 30 days. Pawn transactions typically average between 1,500 and 1,900 Mexican pesos, or approximately $90 to $110, using the average exchange rate for fiscal 2026.

In GPMX, PSC rates generally vary between 12% and 18% per month as permitted by applicable law, and the pawn term is approximately 30 days. Pawn transactions are made in the local currency of the country in which the transaction occurs and typically average between $130 and $150 using the average exchange rates for fiscal 2026. The average transaction size tends to be higher in the GPMX countries than in Mexico due to the higher concentration of jewelry used as pawn collateral.

In our SMG segment, PSC rates and pawn terms in our U.S. stores are generally consistent with those described above for our U.S. pawn operations. In Puerto Rico and our other Latin America and Caribbean markets, PSC rates generally vary between 20% and 25% per month as permitted by applicable law, and the pawn term is 30 days. Pawn transactions are made in U.S. dollars or the local currency of the country in which the transaction occurs and typically average between $250 and $270 using the average exchange rates for fiscal 2026.

If a customer chooses not to redeem, renew or extend their pawn, the pawn collateral is forfeited and becomes inventory available for sale. We do not record losses or charge-offs when the pawned collateral is forfeited because the amount advanced for the unpaid pawn becomes the inventory carrying cost of the forfeited collateral. The difference between the subsequent sale of the forfeited collateral and the amount of the pawn (offset by any inventory reserve) is reflected in merchandise sales gross margin.

Our ability to offer quality pre-owned goods for sale at prices significantly lower than original retail prices attracts value-conscious customers. The gross profit on sales of inventory depends primarily on our assessment of the estimated resale or scrap value at the time the property is either received as pawn collateral or purchased and our ability to sell that merchandise in a timely manner. Because a significant portion of our inventory and sales involve gold and jewelry, our results may be influenced by the market price of gold and diamonds.

We offer for purchase to customers in the U.S. and the majority of our Latin America stores a product protection plan that allows them to exchange certain general merchandise (non-jewelry) sold through our retail pawn operations within six months of purchase. In the U.S., we also offer a jewelry VIP package, which ensures customers a certain minimum future pawn advance amount on the item sold, allows them to trade in the item towards purchase of a more expensive piece of jewelry and provides minor cleaning and repair service on the item. We also provide the opportunity to purchase an item on layaway by paying a minimum layaway deposit, typically 10% of the item’s sale price, in addition to an upfront fee. We typically hold items on layaway for a 90-300 day period, during which the customer is required to pay the balance of the sales price through a series of installment payments. If a payment is missed, we hold the item for up to 30 days, after which it is returned to active inventory for sale.

Operations and Risk Management

Our pawn operations are designed to provide the optimum level of support to the store teams, providing coaching and mentoring to enable our teams to best serve our customers and position us as a leader in customer service and satisfaction.

Our risk management structure consists of compliance, asset protection and internal audit teams, which monitor lending practices, inventory systems, regulatory compliance and compliance with robust internal policies and procedures. We perform full physical audits of inventory at each store at least annually, and more often in higher risk stores or those experiencing higher shrinkage. Inventory counts are completed daily for jewelry and firearms in our US Pawn and Latin America Pawn stores, and other inventory categories more susceptible to theft are cycle counted multiple times annually. We record shrink adjustments for known losses at the conclusion of each inventory count. These adjustments are recorded as estimates during interim periods and as discovered during cycle counts.

Human Capital Management

Engagement Survey

We perform an annual Global Employee Engagement Survey, to assess the engagement of our teams and to identify areas of opportunity. Our most recent survey, administered by Glint in April 2026, achieved an 88% participation rate and an overall engagement score of 86. Our engagement score is twelve points higher than the global benchmark, assembled from data of over 1,200 companies of varying size across a variety of industries (Finance, Healthcare, Manufacturing, Professional Services, Retail, Technology and Utilities) and includes results from over 11 million respondents located in over 160 countries. Team members acquired through the SMG acquisition were not included in the FY26 employee engagement survey. Engagement data for this population will be incorporated into future survey cycles.

Our top strengths were Purpose, Customer Focus and Belonging. Our focus areas for improvement included Work-Life Balance, Action Taking and Recognition. Team Members provided over 11,000 comments. To ensure we address issues raised in the survey, all operational leaders at the District Manager and above level have Engagement Objectives for fiscal 2027, guided by actions anticipated to yield the most significant business and Team Member impact.

Talent Management and Development

We employ approximately 9,800 Team Members across the Company, including approximately 4,200 in United States, 4,100 in Mexico, 1,400 in Central America and 100 in the Caribbean. We seek to hire and promote Team Members to lead the way today and to step into greater roles in the future. We achieve this goal through training and development programs that Team Members use to plan their careers and identify future growth opportunities. We engage Team Members at all levels in order to understand their professional and personal goals and identify high potential future leaders to strengthen our internal bench and retain our talent.

In our pawn stores we provide:

•Onboarding programs that incorporate online and hands-on training in the art and science of pawnbroking;

•Career path programs aligned with our talent and succession strategy, emphasizing career progression and individual development programs; and

•Learning experiences that unlock and accelerate Team Member potential and business growth.

Our investment in store-level Team Members produced tangible results during fiscal 2026:

•High scoring questions in our 2026 Global Employee Engagement Survey included “I have good opportunities to learn and develop at EZCORP” (with an 87 favorability rating) and “I have good career opportunities at EZCORP” (with an 86 favorability rating).

•Approximately 80% of managerial positions were filled via internal promotion, excluding SMG, which is not yet reflected in our internal mobility metrics.

We reinforced the utilization of our career path (Operations) and career and competency framework (Corporate Support Center) to build individual development plans to guide and prepare our Team Members for future roles within the Company.

Culture and Ethics

Culture is critical to our long-term success and to our ability to attract, develop and retain the top talent needed to accomplish our Purpose, Vision and Strategy.

Our values — People, Pawn, Passion — define our priorities as a business, and our Guiding Principles — Leadership, Customer-Centricity, Accountability, Respect, Belonging and Sustainability — establish the expectations for how we interact with Team Members, customers and communities. We enlist a multitude of tools to demonstrate commitment to our principles, values and positive culture, from our plain-language Code of Conduct and supporting policies and annual training to our clear, honest, and frequent communications, including those from executive management, reinforcing ethical behavior and positive culture.

To support our ethical business practices, we maintain an Ethics Hotline available to all Team Members and external stakeholders to report (anonymously if desired) any matter of concern. Communications to the hotline (which is managed by an independent third party) are routed to appropriate functional areas (including Human Resources, Legal and Compliance), and, in certain cases, directly to the Board of Directors, for investigation and resolution. In addition, any shareholder or other interested party may send communications to the Board of Directors, individually or as a group, through means outlined in the Investor Relations section of our website.

Belonging

At EZCORP, we foster an environment that values belonging and development for all. In our 2026 Global Employee Engagement Survey, 85% of participants responded positively to the question, “I feel a sense of belonging at EZCORP.”

We also employ a diverse workforce, embodying a broad array of perspectives and experiences.

Fiscal 2026 U.S. Race and Ethnicity Demographics (1) (2)

Fiscal 2026 Global Gender Demographics (2)

(1) The term underrepresented minority is used to describe diverse populations, including African American, Hispanic, Asian and Native American Team Members who self-identified their race and ethnicity at hire.

(2) The term Management is used to describe Team Members with one or more direct reports.

Total Rewards

Our compensation programs are designed to align the compensation of Team Members with individual and Company performance and to provide incentives to attract and retain our Team Members and motivate them to achieve desired results.

Our compensation programs encompass incentive earnings for short-term and long-term performance. Specifically:

•We provide wages and incentive plans that are competitive and consistent based on position, skill level, experience, knowledge and geographic location.

•We engage a nationally recognized outside compensation and benefits consulting firm to independently evaluate the effectiveness of our executive compensation and to provide benchmarking against our selected peer group, which includes similarly-sized companies that have commonality with us on customer base, industry and operating dynamics.

•We align our executives’ long-term equity compensation with our shareholders’ interests by linking realizable pay with stock performance.

•All Team Members are eligible for paid time off, Company-paid life insurance and participation in a tenure award program that recognizes their commitment and loyalty by awarding EZ+ Rewards points based on their years of service.

Health and Safety

Our commitment to our Team Members is to provide a safe and injury-free workplace. This includes identifying risks, complying with safety regulations, providing necessary training and equipment and fostering a culture of health and safety. We also invest in programs designed to improve physical, mental and social well-being. Our collective goal is to prevent injuries, create a secure workplace and promote Team Member well-being.

Management and Oversight

In addition to the role of management in designing effective compensation programs for all Team Members, the People and Compensation Committee of the Board of Directors has primary responsibility for analyzing, advising and (as appropriate) approving executive compensation. The committee is also responsible for organizational development matters and otherwise assisting the Board of Directors in its overall responsibility to enable EZCORP to attract, retain, develop and motivate qualified executives who contribute to the long-term success of the Company. The committee actively participates in the executive recruitment and selection process. Committee members are instrumental in the executive talent management and succession processes, including the review and attainment of annual objectives for our executive officers.

Governance

At EZCORP, we believe that “The Way We Do Business is as Important as the Business We Do.” This belief underlies our Code of Conduct, which outlines our expectations and provides guidance to our Team Members on carrying out their daily activities ethically and responsibly.

Our guiding principles include Leadership, Customer-Centricity, Accountability, Respect, Belonging and Sustainability, and these principles form the foundation for how we govern our business.

•Though we are a “Controlled Company” under the Nasdaq Listing Rules, we maintain the governance standards required of all publicly-listed Nasdaq companies, including:

•Independent directors comprise a majority of our Board of Directors. Five of the seven members of our Board of Directors meet all of the independence requirements set forth in the Nasdaq Listing Rules, and none of the independent directors have any past or existing relationship with our controlling stockholder outside of their Board service.

•All of our standing Board committees (Audit and Risk Committee, People and Compensation Committee and Nominating Committee) are comprised solely of independent directors.

For further discussion of our corporate governance standards, see “Part III, Item 10 — Directors, Executive Officers and Corporate Governance.”

•Our pawn operations are licensed and supervised in all jurisdictions in which we operate. We maintain a strong compliance culture that is monitored and overseen by our Board of Directors and supported by seasoned legal and compliance teams.

•Protecting the privacy, integrity and security of our customers’ data and our enterprise network is a top priority that also is monitored and overseen by our Board of Directors. We maintain a separate IT Security team that is responsible for the design and implementation of our cyber risk strategy, including deployment of systems, enterprise-wide training, monitoring and reporting of threat incidents and response preparedness, as further discussed in “Part I, Item 1C — Cybersecurity.”

Sustainability

EZCORP is committed to meeting our customers’ needs in a responsible manner, and in that regard, we have aligned our purpose, guiding principles and business strategies with sustainability — both in terms of the environment and the ways in which we care for our customers.

Our pawnbroking and related retail sales activities inherently contribute to the “circular economy” and promote environmental sustainability. We provide unique options for our customers to satisfy their cash needs — options that are not offered by traditional lenders, such as banks and credit unions, credit card providers or installment and short-term lenders. For many of our customers, pawn transactions provide an essential and financially responsible lifeline within their own neighborhoods for meeting their unexpected expenses. Our retail activities rely primarily on local sourcing of pre-owned merchandise and the recirculation of those items back into the neighborhoods we serve. In short, our business is unique, essential and sustainable.

Our business contributes to overall environmental sustainability in the following ways:

•Our business is fundamentally a neighborhood business, where each store principally serves the surrounding neighborhood. This “local” focus reduces the need of our customers to travel long distances to access our products and services and eliminates the need for delivery services.

•Each of our stores serves as its own “supply chain.” We take in pre-owned merchandise, either through pawn or purchase from customers, and then sell that merchandise (after forfeiture, in the case of pawn transactions), generally in the same store. Thus, we do not maintain or rely on mass supply, distribution or warehousing facilities.

•Virtually all of the merchandise we sell is pre-owned, contributing to goods recycling and the circular economy. In fiscal 2026, we sold approximately 5.6 million pre-owned items, including over 3.3 million items in the consumer electronics, camera and household goods categories, 1.5 million other general merchandise items (such as tools and musical instruments) and 0.8 million jewelry items in our U.S. Pawn and Latin America Pawn segments. In addition, through our jewelry scrapping activities, we recycle significant volumes of gold and diamonds. All of these activities extend the useful life of products, reducing waste and lessening the demand for new manufacturing and mining.

•Our store operations leave a relatively small carbon footprint when compared to big-box or other mass retailers that rely on manufacturers and extensive supply chain and distribution channels. Our stores are relatively small (generally 4,300 square feet or less). To reduce energy consumption, we utilize energy-efficient LED lighting in 70% of our U.S. stores and 95% of Latin America stores.

•In all of our facilities, including our corporate support offices, we promote environmental stewardship by reducing consumption, recycling paper products (approximately 1.1 million pounds across all U.S. Pawn locations during fiscal 2026) and responsibly disposing of end-of-life computers, electronics and related accessories through recycling or other sound e-waste processing. Our corporate office in Austin, Texas is LEED Certified Silver status.

Growth and Expansion

Part of our strategy is to increase the number of locations we operate through opening new (“de novo”) locations and through acquisitions in Latin America and the U.S. and potential new markets. Our ability to add new stores is dependent on several variables, such as projected achievement of internal investment hurdles, the availability of acceptable sites or acquisition candidates, the alignment of price expectations, the regulatory environment, local zoning ordinances, access to capital and availability of qualified personnel.

The most significant expansion of our store base during fiscal 2026 was the acquisition of SMG, which added 105 stores and is now reported as a standalone reportable segment.

During fiscal 2026, we continued the expansion of our Latin America and U.S. operations with the opening of 48 de novo stores (20 in Mexico, 20 in Guatemala, 5 in Honduras, 2 in the U.S. and 1 in the Caribbean) and the acquisition of 85 stores (64 in Latin America and 21 in the U.S.). We also consolidated 8 stores (2 in Latin America and 4 in the U.S. and 2 in the Caribbean). We now own a total of 1,590 stores, 672 in Mexico, 628 in the U.S., and 290 pawn stores in Guatemala, El Salvador, Honduras, the Caribbean and Central America. In fiscal 2026, the Latin America stores represented 27% of our consolidated gross profit as the average scale of Latin America pawn stores is smaller than in the U.S. We see opportunity for further expansion in Latin America and the U.S. through acquisitions and de novo openings.

Seasonality and Quarterly Results

In the U.S., PSC historically is highest in our fourth fiscal quarter (July through September) due to a higher average PLO balance during the summer and is lowest in our third fiscal quarter (April through June) following the tax refund season. Merchandise sales historically are highest in the U.S. in our first and second fiscal quarters (October through March) due to the holiday season, Valentine’s Day jewelry sales and our customers’ receipt of tax refunds. In Latin America, most of our customers receive additional compensation from their employers in December, and many receive additional compensation in June or July, applying downward pressure on PLO balances and fueling merchandise sales in those periods. As a net effect of these and other factors and excluding discrete charges, our consolidated income before tax is generally highest in our first fiscal quarter (October through December) and lowest in our third fiscal quarter (April through June).

Competition

We encounter significant competition in connection with our business activities. These competitive conditions may have an impact on our revenues, profitability and ability to expand. We compete with other pawn stores, banks, alternative lenders and loan brokers, credit unions and other financial institutions, such as consumer finance companies. We believe the primary elements of competition are the quality of customer service and relationship management, including understanding our customers’ needs better than anyone else, convenience, store location and a customer-friendly environment. In addition, we believe the ability to compete effectively is based increasingly on strong general management, regional focus, automated management information systems, access to capital and superior customer service.

Our competitors for merchandise sales include retail and wholesale stores such as jewelry stores, discount retail stores, consumer electronics stores, other pawn stores, other resale stores, electronic commerce retailers and auction sites. Competitive factors in our retail operations include the ability to provide customers with a variety of merchandise at considerable value, exceptional customer service and convenient locations.

The pawn industry in the U.S. is large, relatively mature and highly fragmented. The industry consists of a certain few large operators (of which we are the second largest), together with independent operators owning a smaller number of stores, primarily one to three locations.

The pawn industry in Latin America also is fragmented, but less so than in the U.S. The Latin American pawn industry consists of independent for-profit operators, some of which operate chains of stores, and certain not-for-profit organizations. We are the second largest for-profit operator in Mexico and the largest operator in Guatemala. The pawn industry, particularly full-line stores dealing in both general merchandise and jewelry, remains in an expansion stage in Latin America.

We launched our EZ+ Rewards loyalty program in the U.S. and Mexico in 2021 and in GPMX in 2022. This free program allows customers to earn points on most of our transactions that may be applied as a discount towards retail sales once certain point thresholds are met. We believe this program provides a distinct competitive advantage over other pawn operators.

Trademarks and Trade Names

We operate our pawn stores principally under the names “EZPAWN”, “Value Pawn & Jewelry,” and “La Familia Pawn and Jewelry” in the U.S., “EMPEÑO FÁCIL” and “Cash Apoyo Efectivo,” in Mexico, “GuatePrenda,” in Guatemala, “MaxiEfectivo” in El Salvador and Honduras, and “CashWiz” in the Caribbean. We have registered the names EZCORP, EZPAWN, Value Pawn & Jewelry, and La Familia Pawn and Jewelry, among others, with the United States Patent and Trademark Office. In Mexico, we have registered the names “EMPEÑO FÁCIL,” “Cash Apoyo Efectivo,” “Bazareño,” “Presta Dinero,” “Montepio San Patricio,” and “Providencia Empeños,” among others, with the Instituto Mexicano de la Propiedad Industrial. We have registered the name “GuatePrenda” in Guatemala and the name “MaxiEfectivo” in Guatemala, El Salvador and Honduras.

Regulation

Compliance with federal, state and local laws and regulations is an integral part of how we manage our business, and we conduct our business in material compliance with the law. The following is a general description of significant regulations affecting our business:

U.S. Regulations

Pawn Regulations — Our pawn stores are regulated by federal law, by the states in which they are located and, in some instances, by municipalities or other local authorities. The applicable state and local laws vary by jurisdiction and typically impose store licensing requirements. Licensing requirements usually include minimum financial responsibility, business know-how, and character requirements and may establish restrictions on where pawn stores can operate. Additional rules regulate various aspects of the day-to-day pawn operations, including maximum PSC and loan amounts, minimum and/or maximum terms of a pawn loan, content and format of the pawn contract, and the length of time after expiration of a pawn loan that a store must hold a pawned item before it can be offered for sale. Failure to observe applicable regulations can result in a revocation or suspension of pawn licenses, the imposition of fines, requirements to refund PSC or other penalties. We also must comply with various state and federal consumer lending laws, including those requiring the disclosure of the annual percentage rate, finance charge, amount financed, total of payments and payment schedule related to each pawn loan transaction. Additional federal regulations applicable to our pawn lending business are described in “Other Regulations” below.

Pursuant to applicable law, the majority of our pawn stores provide periodic (generally daily) reports of pawn and purchase transactions to local law enforcement agencies. These reports include information about the merchandise received from customers (whether through pawn or purchase), including a detailed description of the goods and the name and address of the customer. If we accept merchandise from a customer in a pawn or purchase transaction and it is determined that our customer was not the rightful owner, the merchandise is subject to recovery by the rightful owner and those losses are included in our shrinkage. Historically, we have not experienced a material number of claims of this nature.

Other Regulations — Our business activities are subject to other state and federal statutes and regulations, including the following:

•We are subject to the federal Truth in Lending Act (“TILA”), and its underlying regulations, which requires lenders to disclose information about the terms and costs of credit in a standardized manner, including in the form of an annual percentage rate. The TILA regulations also require us to provide certain disclosure in advertising our pawn transactions.

•We are subject to the federal Gramm-Leach-Bliley Act and its underlying regulations, as well as various state laws and regulations relating to privacy and data security. Under these regulations, we are required to disclose to our customers our policies and practices relating to the protection and sharing of certain customer information. These regulations also require us to ensure that our systems are designed to protect the security and confidentiality of customers’ appliable personal information, and many of these regulations dictate certain actions that we must take to notify customers if their personal information is disclosed in an unauthorized manner. In some jurisdictions, we are subject to the laws restricting the scope of data we collect and granting rights to our customers to access, correct and/or delete the information we obtain.

•We are subject to the Fair Credit Reporting Act, which was enacted, in part, to address privacy concerns associated with the sharing of consumers’ financial information and credit history contained in consumer credit reports and limits our ability to share certain consumer report information.

•We are subject to the federal Fair and Accurate Credit Transactions Act, which amended the Fair Credit Reporting Act and requires us to adopt written guidance and procedures for detecting, preventing and mitigating identity theft and to adopt various policies and procedures (including Team Member training) that address and aid in detecting and responding to suspicious activity or identity theft “red flags.”

•As a provider of consumer financial products, we are prohibited from engaging in any unfair, deceptive or abusive act or practice (UDAAP) under the Dodd-Frank Act, as such practices may cause significant financial injury to consumers, erode consumer confidence and undermine the financial marketplace.

•We are subject to the Equal Credit Opportunity Act, which prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance or good faith exercise of any rights under the Consumer Credit Protection Act.

•Under the USA PATRIOT Act, we must maintain an anti-money laundering compliance program that includes the development of internal policies, procedures and controls; the designation of a compliance officer; an ongoing Team Member training program and an independent testing of the program.

•We are subject to the Bank Secrecy Act and its underlying regulations, which require us to report and maintain records of certain high-dollar transactions, including the receipt of more than $10,000 in cash in one transaction or related transactions, which is reported on IRS/FinCEN Form 8300. In addition, federal laws and regulations require us to report certain transactions (or series of transactions) deemed suspicious to the Financial Crimes Enforcement Network of the Treasury Department (“FinCEN”). Generally, a transaction is considered suspicious if we know, suspect or have reason to suspect that the transaction (a) involves funds derived from illegal activity or is intended to hide or disguise such funds, (b) is designed to evade the requirements of the Bank Secrecy Act or (c) appears to serve no legitimate business or lawful purpose.

•The Office of Foreign Assets Control (“OFAC”) of the Department of the Treasury administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction and other threats to the national security, foreign policy or economy of the United States. We are prohibited from doing business with named individuals, businesses and countries subject to sanctions and restrictions, and we are required to block or reject, and report to OFAC transactions involving persons designated by OFAC.

•The Foreign Corrupt Practices Act ("FCPA") makes it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mail or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay, or authorization of the payment of money or anything of value to any person, while knowing that all or a portion of such money or thing of value will be offered, given or promised, directly or indirectly, to a foreign official to influence the foreign official in his or her official capacity, induce the foreign official to do or omit to do an act in violation of his or her lawful duty, or to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person. As an issuer, we are also subject to the FCPA’s accounting provisions, which require us to maintain accurate books and records and a system of internal accounting controls.

•The Military Lending Act and regulations promulgated pursuant thereto limit the military annual percentage rate (“MAPR”), which includes most fees and charges, on certain consumer loans (including pawn loans) made to covered members of the armed forces and their dependents to 36% MAPR. The Military Lending Act also requires certain disclosures and prohibits certain loan terms, including mandatory arbitration provisions and prepayment penalties.

•We are subject to the Telephone Consumer Protection Act and similar state laws, which restrict the use of automated dialing systems, prerecorded messages and text messages to contact consumers and require prior consent for certain marketing communications.

•The majority of our pawn stores in the U.S. deal in firearms and each of those stores maintains a federal firearms license as required by federal law and, in some jurisdictions, a similar firearms license required by state law. The federal Gun Control Act of 1968 and regulations issued by the Bureau of Alcohol, Tobacco, Firearms and Explosives also require each pawn store dealing in firearms to maintain a permanent written record of acquisition and disposition of firearms. In addition, we must comply with the Brady Handgun Violence Prevention Act, which requires us to conduct a background check through the National Instant Criminal Background Check System (or a designated state point of contact) before releasing, selling or otherwise disposing of firearms.

Under certain circumstances, the federal Consumer Financial Protection Bureau (“CFPB”) may be able to exercise regulatory authority over the U.S. pawn industry through its rule making authority. To date, the CFPB has not taken any steps to exercise such authority or indicated any intention to do so, although historically it has initiated actions against pawn companies for alleged violations of certain consumer lending regulations, including the Military Lending Act.

Certain U.S. federal laws may apply to our operations outside of the U.S., in which case we comply with such laws on an extraterritorial basis.

Mexico Regulations

Pawn Regulations — The Federal Consumer Protection Law establishes registration and operating requirements for pawnshops in Mexico and provides for administrative regulation of the pawnshop industry by the Procuraduría Federal del Consumidor (PROFECO), Mexico’s primary federal consumer protection agency. PROFECO regulates the form and terms of pawn loan contracts (but not interest or service charge rates), defines certain operating standards and procedures for pawnshops, including retail operations, and establishes disclosure, bonding and reporting requirements. The law also requires us to submit a monthly report to the applicable state authority when a customer

pawns three or more identical or similar items, or when a customer’s conduct reasonably suggests the items may have been obtained illicitly. There are fines and sanctions, including operating suspensions, for failure to comply with these requirements

The Federal Law on the Protection of Personal Data Held by Private Parties requires us to protect our customers’ personal information. This law requires us to inform customers if we share customer personal information with third parties and to post (both online and in-store) our Data Privacy Policy.

Our pawn business in Mexico is also subject to regulation at the state and local level through state laws and local zoning and permitting ordinances. For example, some states require permits for the operation of pawn stores, certification of Team Members as trained in the valuation of merchandise and strict customer identification controls. State and local agencies often have authority to suspend store operations pending resolution of actual or alleged regulatory, licensing and permitting issues.

Other Regulations — Our pawn business in Mexico is subject to the General Law of Administrative Responsibility (“GLAR”), which requires us to implement an integrity policy that contains mechanisms to ensure integrity standards throughout the organization. GLAR establishes administrative penalties for improper payments to government officials, influence peddling (including the hiring of public officials and the use of undue influence) and other corrupt acts in public procurement processes.

We are also subject to the Federal Law for the Prevention and Identification of Transactions with Funds from Illegal Sources, which requires reporting of certain transactions exceeding certain monetary limits, the appointment of a compliance officer and maintenance of customer identification records and controls. This law, including 2025 amendments thereto and 2026 amendments to its implementing regulations, affects all vulnerable activities in Mexico and is intended to detect commercial activities arising from illicit or ill-gotten means through bilateral cooperation between Mexico’s Ministry of Finance and Public Credit and Mexico’s Attorney General’s Office. The law also restricts the use of cash in certain transactions associated with high-value assets and limits, to the extent possible, money laundering activities protected by the anonymity that such cash transactions provide. Relevant aspects of the law specifically affecting the pawn industry include monthly reporting on “vulnerable activities,” which include pawn transactions exceeding 188,282.55 Mexican pesos and retail transactions of precious metals exceeding 188,282.55 Mexican pesos. Retail transactions of precious metals in cash exceeding 376,565.10 Mexican pesos are prohibited. There are significant fines and sanctions for failure to comply with these rules.

We must also comply with the Official Mexican Standards issued by regulatory agencies in accordance with Article 40 of the Federal Law on Metrology and Standardization, which establishes rules applicable to retail products and services and related disclosures, labeling and marketing, including NOM-179-SCFI-2016, NOM-017-SCFI-1993 and NOM-024-SCFI-2013.

In addition to the above, our pawn business in Mexico is subject to various general business regulations in the areas of tax compliance, customs, consumer protections, money laundering, civil protection regulations, municipal regulations, trade code (federal), public safety and employment matters, among others, by various federal, state and local governmental agencies.

Other Regulations in Latin America and the Caribbean

Governmental entities in Guatemala, Honduras, and El Salvador regulate lending and retail businesses. Certain laws in these jurisdictions, including local zoning and permitting ordinances, require commercial business licenses and signage permits. Our Guatemala pawn operations are subject to the Civil and Commercial Codes governing pledge transactions, consumer protection laws administered by the Dirección de Atención y Asistencia al Consumidor (DIACO).

In June 2026, Guatemala enacted the Comprehensive Law for the Prevention and Repression of Money Laundering and Terrorist Financing, which replaced the prior AML and counter-terrorist financing laws. The law requires registration with the Superintendencia de Bancos, a risk-based compliance program and written manual, a compliance officer approved by the Superintendencia de Bancos, customer due diligence including beneficial ownership identification, suspicious and cash transaction reporting to the Intendencia de Verificación Especial, record retention, training and audits. It also imposes administrative and criminal penalties on entities and individuals, including fines, suspension of operations and license cancellation. Implementing regulations under the new law are expected in 2027. Our operations in El Salvador and Honduras are subject to similar anti-money laundering and counter-terrorist requirements.

Our Caribbean operations include pawn lending and buy-sell locations, depending on the country of operation, and are subject to jurisdiction-specific licensing, consumer-credit, and anti-money-laundering laws. These regimes range from detailed statutory frameworks, such as in Puerto Rico, which establishes rate caps of 20% per 30-day period, limits ancillary fees, prescribes loan terms and requires daily reporting to jurisdictions with limited or dated pawn-specific regulation where rates and terms are largely set by contract. In several jurisdictions, pawn operators are designated as obligated entities under anti-money-laundering laws and must maintain compliance programs and retain records.

Operating in the aforementioned jurisdictions also subjects us to other types of regulations, including regulations related to financial reporting, data protection and privacy, tax compliance, labor and employment practices, real estate transactions, commercial and electronic banking restrictions, credit card transactions, usury law, consumer protection, marketing, advertising and other general business activities.

Regulatory Developments

The legal and regulatory frameworks applicable to our business continue to evolve in each of the jurisdictions in which we operate. Federal, state, local and foreign authorities periodically adopt new laws and regulations, amend existing requirements and change their interpretations and supervisory or enforcement priorities, including with respect to anti-money laundering, sanctions, consumer protection, data privacy and firearms. These developments, as well as public remarks by elected officials, may require us to modify our products, practices, systems and compliance programs and may increase our compliance costs. As the scope of our international operations increases, including through acquisitions, we may face additional administrative and regulatory costs in managing our business. See Part I, Item 1A, “Risk Factors.”

Available Information

We file annual, quarterly and current reports and other documents with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The SEC maintains an internet website that contains reports and other information regarding issuers that file electronically with the SEC. The public can obtain any documents that we file with the SEC at www.sec.gov.

We maintain a website at www.ezcorp.com. Our filings with the SEC, including our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and Section 16 filings, are available free of charge through links maintained on our website under the heading “Investor Relations — SEC Filings.” Information contained on our website is not incorporated by reference into this report.