Financial GuidanceManagement lowered 2025 guidance by a considerable amount, due to macro deterioration leading to lower-than-expected GMV and leased assets.
Leasing Business PerformanceThe core leasing business is worse than previously anticipated and confirms the original thesis for downgrading PRG shares.
Market CompetitionThere is concern about increased competition in BNPL and broader point of sale finance, contributing to the downgrade of peer, pure-play BNPL player Affirm from Buy to Neutral.