- Earnings per share rose sharply by 86% to $2.49 compared to Q2 2024, driven by record collections and operational efficiency.
- Encore Capital Group reported strong Q2 2025 financial results with portfolio purchases up 32% to $367 million and collections increasing 20% to a record $655 million.
- Leverage improved slightly to 2.6x from 2.7x a year ago and remained flat compared to Q1 2025 despite increased portfolio purchases.
- Net income increased 82% to $59 million, with operating expenses growing 15% to $291 million, reflecting onboarding of new portfolios.
- Portfolio revenue increased 12% to $361 million, supported by a 14% growth in average receivable portfolios and improved portfolio yield of 35.5%.
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- Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
- Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
- Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
- Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
- Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.
- Earnings per share diluted of $1.16, up 16% year over year.
- Net interest margin was 5.24%, slightly down from 5.31% last quarter.
- Non-interest expenses totaled $96.5 million, up $1.7 million due to strategic investments.
- Return on average assets was 1.69%, and return on tangible common equity was 16.39%.
- Tangible book value per share was $28.92, with capital ratios remaining strong (CET ratio 14.13%).
- Total core revenue increased 5.6% year over year to $184 million.
- Total interest expense increased to $45 million, up $3 million sequentially.
- Total interest income was $200 million, up $6 million sequentially.
- Commercial Lines also showed consistent profitability, beating industry combined ratios by 8 to 20 points over the last 20 years despite a challenging commercial auto market.
- Expense ratios, including loss adjustment expenses (LAE), have been reduced over the last decade, contributing to maintaining competitive pricing and profitability.
- Personal auto saw a less than 1% rate decline in the quarter, with increased marketing spend of $2.5 billion year-to-date, up $900 million from last year, supporting growth despite competitive pressures.
- Progressive delivered strong profitability in the first half of 2025, adding over $5 billion in premiums written and nearly 2.4 million additional policies in force (PIFs) compared to the first half of 2024.
- The company outperformed the industry combined ratio by more than 7 points in 2024 and gained over 1.5 points in personal auto market share, the largest share gain by any carrier in 15 years.
- The company’s combined ratio target remains at or below 96, balancing growth and underwriting profit.
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