EZCORP, Inc.

and a significant runway ahead in both existing and new porn markets. Turning to slide three, for those new to the story, the porn business resonates strongly with customers because the transaction is fundamentally customer-friendly. Our loans are non-recourse, meaning customers have no obligation to repay. With our core porn product, we don't check credit, require bank accounts, or verify employment, and we don't pursue collections or report to credit bureaus. These are small, short-term transactions, typically $200 to $220 in the US, and $70 to $140 in Latin America, with terms ranging from 30 to 90 days. That core value proposition, together with offering great value for secondhand goods in an environmentally responsible way, where it's fun to come and shop in a pawn store, have been critical in driving consistent, outstanding operating and financial results for our shareholders. With that, I'll turn it over to Tim to walk through the financial details. Tim?

Thanks, Lachie. Turning to slide five for the consolidated financial highlights. We delivered an exceptional quarter of earnings performance. Adjusted EBITDA rose 76% to $76.9 million, with margin expanding 340 basis points to 18%. Diluted EPS improved 76% to 58%. These results reflect the operating leverage of our platform at scale. Total revenues reached a record $434.9 million, up 42%. Improvement was broad-based, with meaningful contribution from PSC, merchandise sales, and a significant increase in scrap gross profit, resulting from elevated gold prices. PLO increased 31% to $342.1 million, an all-time high fueled by sustained consumer demand high average loan sizes across all drug fees and the addition of SMG. PSE revenues rose 27% to $147.3 million, supported by PLO growth and new stores. On the retail side, merchandise sales climbed 22% to $207.2 million, with same-store sales up 7%. Merchandise margin expanded 210 basis points to 36%, reflecting improved pricing, execution, and product mix. Scrap margins also expanded significantly from 22% to 38%, as we've benefited from higher gold prices. Gross profit of $253.4 million improved 42%, supported by contributions across all three revenue streams. G&A rose 38% primarily due to high incentive compensation expenses associated with the SMG acquisition. With top and bottom line growth meaningfully outpacing operating expenses, we are demonstrating the scalability operating leverage inherent in our platform. On slide six, we have provided consolidated revenue and EBITDA bridges that depict the drivers of the growth this quarter. As Lockie mentioned, beginning this quarter, we are disclosing core pawn revenue, which excludes scruff sales, and core pawn gross profit, which excludes scruff gross profit, as both the consolidated and segment level. We think these give investors a cleaner read on underlying performance, which importantly highlights that our business is significantly improving, even without the benefit of elevated gold prices. At the consolidated level, corn porn revenue grew 24% and corn porn gross profit grew 28% on a same store basis. Corn porn revenues and gross profit grew 9% and 12% respectively. Given the magnitude of the scrap sale win this quarter, I want to address scrap attribution directly. Jewelry scrap sales nearly quadrupled year over year driven by elevated gold prices and increased jewelry purchasing activity. Clearly, this is a major strength inherent in the operating model during times of elevated gold prices, where significantly higher cash flow can be redeployed into higher return activities, such as into growing earning assets, building more de novo stores, and executing on exciting acquisitions. Excluding scrap gross profits, Consolidated Iberdia grew 17%, reflecting earnings improvement on top of the scrap tailwind. Same-store corn gross profit grew 12%, evidencing underlying strength of the business independent of scrap and additional stores. Moving to the U.S. pawn segment on slide seven and eight, we ended the quarter with 559 stores across 19 states and an increase of 12 stores with the UpUpFly acquisition completed in January. Total revenues increased $60.8 million, or 27%, to $282.2 million. Approximately two-thirds of this improvement is attributable to the high scrap sales, which benefited from elevated gold prices and increased jewelry purchasing activity. Core pawn revenue grew 11% to $226.7 million, and core pawn gross profit grew 13%, reflecting both strong lending activity and genuine merchandise margin expansion. PLO expanded 16% to $230.5 million, with same-store PLO up 13%. Average loan size rose 16% to $240, primarily due to higher prices on jewelry. Jewelry now represents 69% of US PLO, up 460 basis points. Sequentially, PLO only dropped 4%, which is the lowest drop we have seen in many years. We can point to a combination of higher jewelry loans lower than expected tax refunds, and a rise in gas prices in March, leading to this result. PSE improved 13% to $98.8 million, generally in line with same-store PLO growth. On the retail side, merchandise sales climbed 9%, with same-store sales up 7%. Merchandise margin improved 170 basis points to 38%. Jewelry scrap gross profit rose approximately $19 million, reflecting our ability to efficiently monetize aged jewelry inventory in the current gold price environment. Inventory increased 20% to $188.2 million, fueled by PLO expansion and layaways, while turnover remained steady at 2.3 times. Aged general merchandise decreased 95 basis points to 2.3% of total GM inventory, or $0.9 million, reflecting disciplined inventory management. Segment EBITDA improved 57% to $80.9 million with margin expanding 540 basis points to 29% supported by robust gross profit performance and same store expenses up just 6%. Turning to Latin America on slide nine and 10, we ended the quarter with 840 stores across four countries. During the period, we opened four de novo stores, two in Guatemala, one in Mexico, and one in Honduras. Total revenues rose $16.5 million, or 19%, to $101.4 million. It was another very strong quarter for Latin America, with the majority of EBITDA growth driven by core porn performance rather than scrap. Core porn revenue grew 18% to $95.6 million, and core pawn gross profit grew 25%, reflecting PLO growth, new store contributions, and a 410 basis point expansion and merchandise margin. PLO expanded 27% to $79 million, with same-store PLO up 15%. GAAP average loan size improved 23% to $107, largely reflecting higher jewelry prices. Jewelry now represents 48% of Latin American PLO, up 860 basis points. CPI rose from 41% to $42 million, supported by same-store PLO gains and contributions from new stores. Merchandise sales climbed 17%, with same-store sales up 8%. Merchandise margin improved 410 basis points to 34%, reflecting disciplined pricing execution and product mix. Inventory finished at $56.2 million, with inventory of 3.2 times. Aged general merchandise declined to below 1% of total GM inventory, reflecting strong inventory discipline across the region. Segment EBITDA improved 24% to $19.6 million, with margin expanding 70 basis points to 19%, despite a 19% increase in same-store expenses driven primarily by labor costs. As we noted last quarter, Mexico's January minimum wage increase of approximately 13% is now flowing through our Latin American run rate on top of prior year increases. Turning to SMG on slide 11, as Lachie mentioned, the SMG transaction closed on January 2nd and contributed approximately 89 of the 90 days in the quarter. Because there are no comparable prior year comparisons, we are presenting absolute figures only. and we do so for the next several quarters until a clean year-over-year comparison is available. PLO for SMG was $32.6 million at quarter end, contributing $51.3 million of revenue, comprised of $14.4 million of PSE, $17.8 million of merchandise sales, and $19.1 million of jewelry scrap sales. Core point revenue was $32.2 million, with core point gross profit of $20.3 million. Segment EBITDA was $9.5 million at a margin of 18.5%. As disclosed in our 10Q, we own approximately 87.7% of Founders One, which in turn owns approximately 85.1% of SMG, giving us an effective 74.6% ownership. Segment store count finished at 107 across 12 countries with two de novo openings in the quarter. From a balance sheet perspective, we remain highly liquid with no short or medium-term debt maturities, ending the quarter with $354.2 million in unrestricted cash. During the quarter, under the $50 million share repurchase program authorized by our board in November 2025, we repurchased approximately 156,000 shares of our Class A common stock for $4 million. we will continue to balance organic growth investment, discipline M&A, and opportunity capital return to shareholders within the framework of a fiscally conservative balance sheet. Looking ahead, we remain focused on expanding PLO, improving industry efficiency, and scaling operational best practices across all geographies. With respect to scrap, we're not in the business of predicting gold prices, but we can say gold is only marginally up since the beginning of calendar 2026. If gold continues to stabilize, we would expect scrap and scrap gross profit margins to begin to normalize towards historical levels next quarter. On expenses, we remain disciplined. That said, we do expect a sequential increase through the year as we continue integrating recent acquisitions and building de novos and scale operational best practices across all jobs. Our M&A pipeline remains active in both the US and Latin America, and we continue to approach each opportunity with rigorous financial discipline. At $1,506 across 16 countries and a strong balance sheet, we are well positioned to capitalize on further consolidation opportunities. Now, I'd like to turn it back to Lockie for his closing remarks.

Thanks, Tim.