FirstCash and Gens Aurea: acquisitions and new stores planned

For anyone who watches popular TV programmes such as ‘Affari di famiglia’, ‘I signori del contante’ and ‘Mr. Oro: tutto ha un prezzo’, the pawnbroking and gold-buying businesses hold no secrets. But these are also highly profitable businesses, at least at the moment, and this is reflected in the stock market valuations of companies in the sector. There aren’t many of them: the global leader is the US group FirstCash, whilst on 14 July, the Lombardy-based company Gens Aurea was listed on Euronext Milan under the telling ticker symbol Orox. It is the only IPO so far on Borsa Italiana’s main market in 2026 and, unfortunately, will most likely remain so.

The two groups are not entirely comparable, as FirstCash accepts various types of goods as collateral and then resells them in its own shops: not only gold and precious metals, but also electronic goods, tools, musical instruments and much more. Gens Aurea, for its part, as its name suggests, is currently active, at least for the time being, exclusively in the buying and selling of gold and precious metals. And it has the ambition to become the ‘European FirstCash’.

A more than legitimate ambition, given that in the first half of 2026 FirstCash saw its revenue surge by 27.6 per cent to $2,126.3 million, EBITDA by 37.2 per cent to 405.7 million (adjusted figure up 33.8 per cent to 412.1 million), EBIT by 39.8 per cent to 341.7 million and net profit by 40.3 per cent to 201.2 million. This was also thanks to the contribution of the British firm H&T, acquired in mid-May 2025. Gens Aurea was certainly no slouch either: in the first half of 2026, it saw both its revenue more than double, from 359.9 to 826.3 million euros, and all its profit margins rise. Adjusted EBITDA rose from 47.8 to 121.1 million, EBIT from 42.7 to 110.5 million and net profit from 30.1 to 80.3 million. Meanwhile, new stores have been opened: 27 since the start of 2026 alone. At the end of June, the network comprised 560 outlets, of which 483 were company-owned and 77 were franchises.

For both groups, the outlook for the whole of 2026 is very positive. FirstCash estimates a rise in sales in the US of between 10% and 15% and in Latin America of around 20%, whilst in the UK it has raised its net profit forecast to $135–140 million. Gens Aurea has confirmed its guidance for the current financial year of turnover of around 1.5 billion euros, adjusted EBITDA of over 200 million, adjusted net profit in excess of 130 million and capital expenditure of around 9 million. What is the strategy of FirstCash and Gens Aurea? It is very similar: opening new outlets in target markets and making acquisitions. FirstCash has been particularly aggressive in pursuing this growth strategy, especially in the UK, the only European country in which it operates.