AGI Inc Q3 net income rises 31.1% to R$276M

Available on EDGAR 11/12/2026 - 07:06 AM EST Accepted by SEC EDGAR 11/12/2026 - 07:05 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

AGI Inc. reported third-quarter 2026 revenue of R$3.2163 billion, up 14.9% year over year, and net income of R$276.0 million, up 31.1%. Earnings before taxes were R$187.2 million, up 62.8% from the prior quarter but down 14.6% year over year. Fee revenue reached R$244.1 million, rising 80.1% quarter over quarter and 29.8% year over year.

Credit origination totaled R$10.2 billion, up 42.5% quarter over quarter; the gross credit portfolio was R$38.7611 billion in 3Q26, up 12.5% year over year. Active clients reached 8.3 million, while the 90-day non-performing loan ratio was 3.5%, versus 2.6% a year earlier. Nine-month net income was R$662.8 million, down 20.3% year over year.

Agibank received rating upgrades from Fitch Ratings, Moody’s Local and S&P Global to their respective AA-level national ratings in 2026. AGI Inc. also announced a repurchase program for up to three million Class A shares, with a one-year duration. The company attributed fee growth mainly to insurance brokerage and Agi+ memberships.

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Positive

• Moderate pointThird-quarter revenue rose 14.9% year over year to R$3.2163 billion.
• Moderate pointThird-quarter net income increased 31.1% year over year to R$276.0 million.
• Moderate pointFee revenues increased 29.8% year over year to R$244.1 million.
• Moderate pointAgibank received upgrades from all three core rating agencies to their respective AA-level national ratings in 2026.

Negative

• Moderate pointNine-month net income fell 20.3% year over year to R$662.8 million.
• Moderate pointThird-quarter earnings before taxes fell 14.6% year over year to R$187.2 million.
• Moderate pointThe 90-day NPL ratio reached 3.5%, up 0.9 percentage points from 3Q25.

Filing Explained

Agibank’s third FIDC, a R$2.1 billion collateralized issuance backed by payroll-loan contracts, settled October 1, 2026; it carries a 132-month maturity at CDI + 1.05% per year, with proceeds to be reflected in fourth-quarter 2026 financial statements.

Key Figures

Total revenue: R$3.2163 billion Net income: R$276.0 million Earnings before taxes: R$187.2 million +5 more

8 metrics

Total revenue R$3.2163 billion 3Q26; up 14.9% year over year

Net income R$276.0 million 3Q26; up 31.1% year over year

Earnings before taxes R$187.2 million 3Q26; down 14.6% year over year

Nine-month net income R$662.8 million 9M26; down 20.3% year over year

Fee revenues R$244.1 million 3Q26; up 80.1% quarter over quarter and 29.8% year over year

Credit origination R$10.2 billion 3Q26; up 42.5% quarter over quarter and 76.5% year over year

Gross credit portfolio R$38.7611 billion 3Q26; up 12.5% year over year

NPL over 90 days 3.5% 3Q26; versus 2.6% in 3Q25

Key Terms

Net Interest Margin, Coverage Ratio, Capital Adequacy Ratio, Liquidity Coverage Ratio, +1 more

5 terms

Net Interest Margin financial

"Net Interest Margin - Quarterly"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Coverage Ratio financial

"Coverage Ratio (Provisions over NPL>90)"

Capital Adequacy Ratio financial

"Capital Adequacy Ratio (Basel III)"

The capital adequacy ratio measures how much financial cushion a bank or similar lender keeps compared with the size and riskiness of the loans and investments it holds. Think of it as a safety margin or shock absorber: higher ratios mean the institution has more ability to absorb losses without needing outside help. Investors watch it because it signals financial strength, regulatory compliance and the likelihood a lender can withstand downturns without harming shareholder value.

Liquidity Coverage Ratio financial

"Liquidity Coverage Ratio"

The liquidity coverage ratio is a banking rule that measures whether a bank has enough high-quality, easy-to-sell assets to cover expected net cash outflows for 30 days. Think of it as a household’s emergency fund that must cover a month of bills; for investors, a higher ratio means the bank is better positioned to survive short-term stress, reducing the risk of fire sales, funding problems, or sudden capital needs that can hurt the share price.

Cost of Risk financial

"Cost of Risk (LTM)"

Cost of risk is the total expected financial hit a business expects from its exposure to loss, combining actual payouts (like claims or write‑downs), administrative expenses to handle those losses, and the capital set aside to cover them. Think of it as the combined “insurance premium, deductible and emergency fund” for a company; it directly affects profitability, cash flow and how much capital is tied up, so investors watch it to judge future earnings stability and management quality.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was AGBK’s net income in Q3 2026?

AGI Inc. reported net income of R$276.0 million in 3Q26, up 37.8% from 2Q26 and 31.1% from 3Q25. Earnings before taxes were R$187.2 million, 62.8% above 2Q26 and 14.6% below 3Q25.

How much revenue did AGBK report in Q3 2026?

Total revenue was R$3.2163 billion in 3Q26, up 1.4% from 2Q26 and 14.9% from 3Q25. Fee revenues were R$244.1 million, up 80.1% quarter over quarter and 29.8% year over year.

What were the terms of AGBK’s Agibank FIDC III issuance?

Agibank’s FIDC III totaled R$2.1 billion, had a 132-month maturity and was issued at CDI + 1.05% per year. It was backed by payroll loan contracts and received an ‘AAA.br’ rating from Moody’s Local. The transaction settled on October 1, 2026.

How many Agi+ subscribers did AGBK report?

Agi+ had over 700 thousand subscribers as of the date of the earnings release. AGI Inc. described Agi+ as a membership product, and said its revenues contributed to fee revenue growth in 3Q26.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File Number: 001-43114

AGI Inc

(Exact name of registrant as specified in its charter)

N/A

(Translation of registrant’s name into English)

Rua Sergio Fernandes Borges Soares, 1000, Prédio E1
Campinas, SP
13054-709 Brazil
+55 19 3031-4000
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

EXHIBIT INDEX

Exhibit No.	Description
99.1	3Q26 Earnings Release

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			AGI Inc
			By:	/s/ Marcello Winnik Dubeux
				Name:	Marcello Winnik Dubeux
				Title:	Chief Financial Officer

Date: November 11, 2026

 

Introduction

São Paulo, November 11, 2026 – Agi Inc. (“Agi”), a leading technology-powered provider of specialized financial services in Brazil, invites the investor community to its 2026 third quarter earnings release. Agi listed at the New York Stock Exchange on February 11, 2026, under the ticker ‘AGBK’, after the Initial Public Offering. Agi Inc. is the holding company of Banco Agibank S.A. (“Agibank”) and its subsidiaries.

Letter from the Founder

To Our Stakeholders,

We are pleased to present our third-quarter results, which reflect disciplined execution and our unwavering commitment to long-term value creation.

The third quarter of 2026 began to deliver on the inflection point we discussed in our previous earnings reports. This quarter was marked by strong financial performance across key metrics, such as 62.8% QoQ growth in Earnings Before Taxes (EBT) and 37.8% QoQ growth in Net Income, to R$276.0 million, our best quarterly net income year to date. Our financial results and growth acceleration are anchored on the three core values that guide our long-term strategy:

· We live for the customers – prioritizing the client in all of our business decisions

· We win with technology – to continuously enhance our technology capabilities to create value and leverage AI

· We promote an entrepreneurial culture – to diversify and grow, with disciplined focus on long-term returns for our shareholders.

To execute our core values, Agi is organized in a corporate structure of Business Units, which are supported by an AI-driven technology platform, designed to streamline operating costs and enhance the profitability of our business strategies.

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In September, our active customer base reached 8.3 million, after adding nearly 700 thousand net new active clients during the quarter, with both metrics reaching all-time highs for the Company. In June, we also became the sixth-largest payer of INSS benefits in Brazil, further strengthening our strategy within the country's social security ecosystem, and placing Agi among the leading institutions in the INSS benefits and payroll ecosystem, a market traditionally dominated by incumbent banks.

Our credit portfolio continued its upward trajectory, capturing an additional 40bps QoQ of market share in the INSS Payroll Credit segment to reach 10.0% by the end of September. Agi’s first ever double-digit share of payroll loans is a testament to the resilience of our business model and our ability to continue gaining share despite a challenging macroeconomic environment. This performance also demonstrates our ability to adapt rapidly to structural and regulatory changes. It also reinforces our confidence in Agi’s return to strong growth, ahead of much of the market.

We have advanced our Bank by Subscription strategy, as Agi+ proved to be another highlight of the third quarter, with over 700 thousand as of this earnings release. With high penetration on clients with principal relationship, we began to collect the results of this project to diversify and increase revenues without capital allocation. Agi+ represents a relevant model of predictable revenue generation, while offering a low-cost and high-value solution for our customers, being an important tool to keep engagement and principality high.

Building on our principle of leveraging technology and AI to build upon our business, Agi appointed Rafael Siqueira as its new Chief Technology Officer. The executive’s arrival underscores Agi’s priority of advancing the artificial intelligence strategy, evolving the bank’s data architecture and platforms, developing digital products, and strengthening technology teams. He will also be tasked with increasing the integration between technology and other business areas, transforming opportunities identified by the teams into scalable solutions. This evolution may be converted into efficiency gains and scalability in the long term.

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We are confident that the inflection point we presented in 2Q26 has materialized, with the seeds planted in the first half of 2026 bearing fruit in 3Q26 and beyond. Although our year-to-date results still carry the cost of the first-half regulatory transition, the third quarter marks a clear change in direction: Customer acquisition, credit origination, product activity, and fee revenues have translated into higher operational results and net income.

On October 27, 2026, we announced Agi’s share repurchase program of up to three million Class A shares, with a duration of one year, reflecting the conviction of the Board of Directors and Management in the long-term value of the company and in the strength of its business model, while preserving the capital required to fund our growth.

Looking ahead, Agi will continue to execute its business plan, focused on long-term value creation for its clients, employees, and all stakeholders.

Marciano Testa

Founder and CEO of Agi Inc.

4

 

Quarterly Highlights

Key Figures (R$ millions)	3Q26	2Q26	Var.%	3Q25	Var.%	9M26	9M25	Var.%
Total Active Clients ('000)	8,267.8	7,589.0	8.9%	6,391.5	29.4%	8,267.8	6,391.5	29.4%
Total Revenues	3,216.3	3,171.0	1.4%	2,800.4	14.9%	9,383.8	7,735.8	21.3%
Net Interest Income	1,318.5	1,300.9	1.4%	1,197.8	10.1%	3,887.9	3,529.4	10.2%
Earnings Before Taxes	187.2	115.0	62.8%	219.2	-14.6%	518.2	1,098.8	-52.8%
Net Income	276.0	200.3	37.8%	210.5	31.1%	662.8	831.8	-20.3%
Interest Bearing Assets*	45,890.5	43,698.6	5.0%	38,303.6	19.8%	45,890.5	38,303.6	19.8%
Gross Credit Portfolio	38,761.1	37,075.8	4.5%	34,461.4	12.5%	38,761.1	34,461.4	12.5%
Net Equity	5,059.5	4,799.2	5.4%	3,087.7	63.9%	5,059.5	3,087.7	63.9%
ROAE LTM	21.0%	21.6%	-0,6 p.p	38.9%	-17,9 p.p	21.0%	38.9%	-17,9 p.p
Earnings per Share (R$)	1.73	1.25	37.9%	1.56	10.9%	4.30	6.24	-31.2%
NIM Annualized	11.8%	12.0%	-0,2 p.p	12.9%	-1,1 p.p	11.9%	14.2%	-2,3 p.p
Operating Efficiency Ratio	44.2%	48.9%	-4,7 p.p	47.6%	-3,4 p.p	45.5%	41.5%	4 p.p
NPL > 90 days	3.5%	3.3%	0,2 p.p	2.6%	0,9 p.p	3.5%	2.6%	0,9 p.p
Capital Adequacy Ratio (Basel III)	18.1%	18.7%	-0,6 p.p	13.7%	4,4 p.p	18.1%	13.7%	4,4 p.p
Smart Hubs (#)	1,115	1,115	0.0%	1,101	1.3%	1,115	1,101	1.3%
Headcount (#)	5,031	5,068	-0.7%	5,062	-0.6%	5,031	5,062	-0.6%

*Interest-Bearing Assets: from 1Q26 earnings on, the line ‘Debentures’ is being excluded from calculation, as its outstanding balance in Assets stems from issuances collateralized by credit portfolio, destined for funding, and has null impact on Net Interest Income. From 3Q26 earnings on, the line ‘Repurchase Agreements’ is being subtracted from Interest-Bearing Assets, as its balance refers to short-term treasury operations. This has been reflected in the previous quarters for proper comparison.

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Performance Evolution

Our third quarter performance expanded upon the groundwork laid by the first half of 2026 to deliver the best quarter of 2026 thus far. Even as the payroll lending market navigated a period of turmoil, we sustained high origination volumes and continued to gain share in our core segments, a direct result of the operational speed and competitive advantage of our hybrid, 100% proprietary platform relative to other players. The Private Payroll Loan portfolio continued to be a driver of growth, posting once again its highest single-quarter growth on record in 3Q26, underpinned by better credit quality metrics in the cohorts originated under our refined credit models, which reinforce the profitability and durability of this expansion.

Gross credit origination exceeded R$10 billion, while customer acquisition once again reached an all-time high. Private Payroll originations grew 41.7% QoQ, while fee revenues grew 80.1% quarter over quarter. In terms of earnings, Earnings Before Taxes grew 62.8% versus the previous quarter, with Net Income reaching R$276.0 million in 3Q26, growing 37.8% QoQ, and delivering Agi’s best bottom line result year to date.

Agi’s resilience was tested through the regulatory landscape turmoil in the first half of 2026. Despite the industry-wide disruption, our origination continued to grow, with net origination increasing 19.4% QoQ, and growth accelerated across several priority products, leading to an additional 100bps of market share in INSS Payroll Credit since March 2026, bringing our market share to 10.0%, our first double-digit share ever. We consider this a significant achievement and clear evidence of our ability to adapt faster than the competition.

Fee revenues were another important highlight of the quarter, reaching R$244.1 million in the third quarter, increasing 80.1% QoQ and 29.8% YoY and providing one of the clearest indications of the recovery in business activity. Growth was driven primarily by insurance brokerage and by the first quarter of Agi+ revenues. Since fee revenues are not subject to provisioning dynamics associated with credit growth, they provide a more immediate view of operating momentum. Based on its initial performance and pace of sales, Agi+ is set to become an additional driver of recurring fee revenue in the following quarters.

Agi presents its third quarter results from a position of strength. Having navigated significant regulatory transition in the industry – while simultaneously gaining market share and managing credit quality – we move to the last quarter of 2026 with clear operating momentum and a solid base from which to expand operations and deliver results. With Agi+ live and growing rapidly, we are positioned to convert the foundations of a subscription bank into accelerating growth and profitability, compounding long-term value for our shareholders.

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Summary of Quarterly Results

Clients. Total Active Client base grew by 29.4% year-over-year, reaching 8.3 million by the end of 3Q26. For the purposes of our high-touch strategy, we define "active clients" as those holding at least one product as of the quarter’s end. Our strategy continues to drive deep engagement; average product penetration for customers with principality - defined as those who receive their payroll via Agi - exceeds five products. Notably, for our mature cohorts (customers with a tenure exceeding one year), this figure rises to over seven products, highlighting the significant cross-selling potential embedded in our business model. In June, Agi became the sixth-largest payer of Social Security benefits in Brazil, now serving approximately 1.7 million clients with principality and further reinforcing our commitment to this vital segment of the population. Agi’s Net Promoter Score (NPS) for clients with principality in September 2026 was 78 points, evidencing our high level of engagement and customer satisfaction in our service channels.

Agi+, our new membership product, continued to grow sharply in August and September, reaching over 700 thousand subscribers as of the date of this release. Agi+ is also an important driver of customer retention, engagement, and cross-selling. Estimates from initial usage display that the most commonly activated benefits were mobile top-ups, pharmacy discounts, meals & restaurants, beauty & wellness, and fashion & apparel.

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 Credit

Credit Portfolio (R$ million)		3Q26	2Q26	Var.%		3Q25	Var.%
Secured Credit		34,257.4	32,599.5	5.1%		29,713.2	15.3%
Payroll Credit		30,678.2	28,905.6	6.1%		26,042.1	17.8%
INSS		28,041.3	27,154.4	3.3%		24,883.6	12.7%
Private		2,258.0	1,406.8	60.5%		979.8	130.5%
Public		378.9	344.4	10.0%		178.7	112.1%
Payroll Credit Cards		2,453.0	2,490.1	-1.5%		2,350.4	4.4%
FGTS		1,126.2	1,203.8	-6.4%		1,320.8	-14.7%
Unsecured Credit		4,503.7	4,476.3	0.6%		4,748.1	-5.1%
Personal Credit		4,461.6	4,431.2	0.7%		4,687.3	-4.8%
Credit Cards		42.1	45.1	-6.7%		60.8	-30.8%
Credit Portfolio		38,761.1	37,075.8	4.5%		34,461.4	12.5%
Loss Provisions - Loan Portfolio		(2,144.2)	(2,226.7)	-3.7%		(2,114.5)	1.4%
Net Credit Portfolio		36,616.9	34,849.2	5.1%		32,346.9	13.2%
NPL>90 days (%)		3.5%	3.3%	0,2 p.p		2.6%	0,9 p.p
Coverage Ratio (%)		157.0%	182.6%	-25,6 p.p		236.9%	-79,9 p.p
Cost of Risk LTM (%)		6.1%	5.9%	0,2 p.p		5.4%	0,7 p.p

Total portfolio grew 4.5% QoQ and 12.5% YoY, reaching R$38.8 billion. Our portfolio is strategically balanced between Secured Loans (88%, R$34.3 billion) and Unsecured Loans (12%, R$4.5 billion), serving Social Security beneficiaries alongside public and private sector employees. We believe this composition provides a sound balance of profitability, credit quality, and long-term client loyalty.

INSS Payroll Credit grew 3.3% QoQ and 12.7% YoY. The Desenrola 2.0 program introduced regulatory adjustments in May - including a reduction in the payroll installment limit (from 45% to 40% of monthly income), an extension of maximum contract terms (from 96 to 108 months), and additional formalization requirements on the client side. While these changes caused temporary challenges for market-wide origination, they were reversed at the end of August 2026 as the program’s term ended. Our ability to navigate the payroll credit landscape and our competitive resilience resulted in a 100bps market share gain since March 2026, reaching 10.0% by September 2026.

Private Payroll Credit grew 60.5% QoQ to R$2.3 billion, while new originations continued to grow in the quarter, with monthly originations stabilizing between R$250 million and R$300 million. This growth is supported by refined credit modeling, which has significantly enhanced the quality of new cohorts. We maintain our appetite for the product and view this segment as a key driver of future profitability.

Public Payroll Credit grew 10.0% QoQ and 112.1% YoY. While this remains a less representative portfolio, it continues to be a product with great potential for growth. We are actively developing our offerings across different public sector institutions to pave the way to increase our credit distribution footprint in the future.

Personal Loans grew 0.7% QoQ. While originations for this unsecured portfolio have surpassed previous quarters, the outstanding balance remained stable in 3Q26, reflecting the shorter duration of these loans (under 12 months). The Personal Loans product is exclusively offered to customers with principality, which substantially reduces credit risk, and continues to be an important driver of profitability and cross-selling.

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Credit Origination. Originations grew materially in 3Q26, growing 42.5% QoQ and 76.5% YoY, reaching R$10.2 billion, the highest in the last six quarters. Net Credit Origination grew 19.4% QoQ, to R$3.3 billion, driving the expansion of our outstanding portfolio. Agi’s core competitive advantage lies in our hybrid, 100% proprietary platform integrating physical and digital channels, which fosters higher product penetration, superior credit quality, and increased customer lifetime value.

Credit Quality. Our Non-Performing Loans over 90 days (NPL>90) ratio reached 3.5% by the end of September 2026 - a 0.2 p.p. increase QoQ, mainly due to a credit mix effect, considering a higher share of Private Payroll Loans. The Cost of Risk (LTM) was 6.1%, up 0.2 p.p. QoQ, with provisioning expenses related to expected losses being impacted by a higher pace of origination in the quarter, while our Coverage Ratio (Provisions over NPL>90) was 157.0%, a decrease of 25.6 p.p. QoQ, reflecting the increase in NPLs while remaining at a comfortable level. We remain confident in the quality of our portfolio: 88% is allocated to secured products such as Payroll Loans, and our credit indicators have moved at a slower pace than the market’s.

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Funding

Funding		3Q26	2Q26	Var.%		3Q25	Var.%
Demand customer deposits		650.8	566.2	14.9%		360.1	80.7%
Time Deposits - CDB		14,111.3	14,788.1	-4.6%		16,945.7	-16.7%
Time Deposits - DPGE		2,519.0	2,332.2	8.0%		1,766.7	42.6%
Financial Bills and CDI		9,315.6	8,336.1	11.8%		6,281.4	48.3%
Collateralized Issuances		11,508.9	12,072.7	-4.7%		9,308.9	23.6%
Foreign Loans		2,697.8	1,502.5	79.5%		668.9	303.3%
Total Deposits		40,803.3	39,597.8	3.0%		35,331.8	15.5%
Share of Retail Funding (%)		36.2%	38.8%	-2.6 p.p.		49.0%	-12.8 p.p.
Share of Institutional Funding (%)		63.8%	61.2%	2.6 p.p.		51.0%	12.8 p.p.
Loans to Deposits Ratio (%)		95.0%	93.6%	1.4 p.p.		97.5%	-2.5 p.p.

Funding. Agi maintains a long-standing presence in the Brazilian credit market as a frequent issuer of debt securities, with the primary objective of diversifying funding sources to support the sustainable growth of our loan operations. Our Asset & Liability Management (ALM) strategy remains conservative, effectively matching the durations and indexation of our secured credit portfolios with their respective funding sources. This approach provides a structural hedge, protecting our spreads against market and interest rate volatility, while providing the liquidity and balance-sheet flexibility required to support the renewed origination momentum.

Debt Issuances in Brazil. At the beginning of October, Agibank successfully executed another debt issuance to increase its funding base. These recurring issuances underscore our continued access to competitive funding and our status as a recurring issuer in the Brazilian debt market, ensuring the liquidity necessary to accelerate credit origination and gain market share.

• FIDC Agibank III: Agibank’s third FIDC, successfully structured in August, totaling R$2.1 billion. This instrument features a 132-month maturity and an ‘AAA.br’ rating issued by Moody’s Local. It is a collateralized issuance backed by payroll loan contracts and was issued at a rate of CDI + 1.05% per year. The FIDC III was consolidated at Sep 30, and the transaction settled on October 1, 2026, therefore the proceeds will be fully reflected in the 4Q26 financial statements.

Credit Ratings. In August, Agibank received its third ratings upgrade in 2026, from S&P Global, from ‘brAA-’ to ‘brAA’. With this, Agibank has received credit ratings upgrades from all three core agencies, each to their respective ‘AA’ level: in July, Fitch Ratings upgraded Agibank’s rating from ‘AA-(bra)’ to ‘AA(bra)’, and in June Moody’s Local upgraded the bank’s rating from ‘AA-.br’ to ‘AA.br’. In general, the upgrades reflect the bank’s strengthened credit profile, driven by robust loan portfolio growth, improved capital levels, and enhanced corporate governance following Agi’s NYSE listing. Agi’s management expects this rating improvement to further bolster market confidence in our hybrid digital-physical business model, facilitating greater diversification of funding alternatives and optimizing cost of capital.

Agency	Long-Term National Rating	Short-Term National Rating	Outlook
Fitch Ratings	AA(bra)	F1+(bra)	Stable
Moody’s Local	AA.br	MLA-1.br	Stable
S&P Global	brAA	-	Stable

10

 

Financial Results

Net Interest Margin - Quarterly	3Q26	2Q26	Var.%		3Q25	Var.%
Interest from Loans	2,371.1	2,316.2	2.4%		2,262.8	4.8%
Interest from Cash and Gains on Financial Assets	601.1	719.3	-16.4%		349.5	72.0%
Interest Expenses	(1,653.7)	(1,734.6)	-4.7%		(1,414.5)	16.9%
Net Interest Income (a)	1,318.5	1,300.9	1.4%		1,197.8	10.1%
Average Secured Loans	33,428.4	31,656.9	5.6%		27,918.3	19.7%
Average Unsecured Loans	4,490.0	4,630.3	-3.0%		4,612.1	-2.6%
Average Other Interest-Bearing Assets*	6,876.1	7,181.4	-4.3%		4,496.8	52.9%
Average Interest-Bearing Assets (b)	44,794.6	43,468.6	3.1%		37,027.1	21.0%
Share of Average Secured Loans	74.6%	72.8%	1,8 p.p.		75.4%	-0,8 p.p.
Share of Average Unsecured Loans	10.0%	10.7%	-0,7 p.p.		12.5%	-2,5 p.p.
Share of Average Other Interest-Bearing Assets*	15.4%	16.5%	-1,1 p.p.		12.1%	3,3 p.p.
NIM - (a)/(b) - Annualized	11.8%	12.0%	-0,2 p.p.		12.9%	-1,1 p.p.
NIM -  (LTM)	12.0%	12.3%	-0,3 p.p.		14.8%	-2,8 p.p.
Provision Expenses (c)	(614.1)	(562.2)	9.2%		(443.1)	38.6%
NIM after provisions - ((a)+(c))/(b) - Annualized	6.3%	6.8%	-0,5 p.p.		8.2%	-1,9 p.p.
NIM after provisions - LTM	6.8%	7.3%	-0,5 p.p.		9.9%	-3,1 p.p.
Net Interest Margin - First Nine Months	9M26	9M25	Var.%
Interest from Loans	6,899.5	6,255.0	10.3%
Interest from Cash and Gains on Financial Assets	2,004.0	770.3	160.2%
Interest Expenses	(5,015.6)	(3,495.9)	43.5%
Net Interest Income (a)	3,887.9	3,529.4	10.2%
Average Secured Loans	31,891.4	24,638.0	29.4%
Average Unsecured Loans	4,656.2	4,493.0	3.6%
Average Other Interest-Bearing Assets	7,014.5	3,941.9	77.9%
Average Interest-Bearing Assets (b)	43,562.1	33,072.9	31.7%
Share of Average Secured Loans	73.2%	74.5%	-1,3 p.p.
Share of Average Unsecured Loans	10.7%	13.6%	-2,9 p.p.
Share of Average Other Interest-Bearing Assets	16.1%	11.9%	4,2 p.p.
NIM - (a)/(b) - Annualized	11.9%	14.2%	-2,3 p.p.
NIM -  (LTM)	12.0%	14.8%	-2,8 p.p.
Provision Expenses (c)	(1,675.3)	(1,156.0)	44.9%
NIM after provisions - ((a)+(c))/(b) - Annualized	6.8%	9.6%	-2,8 p.p.
NIM after provisions - LTM	6.8%	9.9%	-3,1 p.p.

Net Interest Margin. The quarterly annualized NIM, net of provisions, decreased 50bps QoQ, to 6.3%, while NIM before provisions decreased 20bps, to 11.8%. Core lending dynamics improved in the quarter: interest from loans grew 2.4% QoQ while interest expenses declined 4.7%. The compression came mainly from the credit mix, and from provision expenses growing 9.2% alongside the acceleration in origination – provisions on new vintages are recognized upfront, while their revenues accrue over the life of the loans. Nevertheless, there is room for interest margins to recover in the future as these vintages mature, subject to market and interest-rate conditions.

*Other Interest-Bearing Assets: from 1Q26 earnings on, the line ‘Debentures’ is being excluded from calculation, as its outstanding balance in Assets stems from issuances collateralized by credit portfolio, destined for funding, and has null impact on Net Interest Income. From 3Q26 earnings on, the line ‘Repurchase Agreements’ is being subtracted from Interest-Bearing Assets, as its balance refers to short-term treasury operations. This has been reflected in the previous quarters for proper comparison.

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Operating Efficiency Ratio - Quarterly		3Q26	2Q26	Var.%		3Q25	Var.%
Personnel Expenses		(116.8)	(131.5)	-11.2%		(141.4)	-17.4%
Selling, general and administrative expenses		(466.6)	(470.1)	-0.8%		(390.5)	19.5%
Depreciation and Amortization		(57.6)	(57.8)	-0.3%		(51.3)	12.3%
Other income (expenses)		5.1	10.1	-49.5%		(18.7)	-127.3%
Total Expenses (a)		(635.8)	(649.3)	-2.1%		(601.9)	5.6%
Operating Income (NII + Fees)		1,562.5	1,436.4	8.8%		1,385.9	12.7%
Tax expenses		(125.4)	(109.9)	14.1%		(121.7)	3.0%
Operating Income + Tax expenses (b)		1,437.1	1,326.5	8.3%		1,264.2	13.7%
Operating Efficiency Ratio - (a)/(b)		44.2%	48.9%	-4,7 p.p.		47.6%	-3,4 p.p.
Operating Efficiency Ratio - LTM		43.7%	44.5%	-0,8 p.p.		42.9%	0,8 p.p.
Operating Efficiency Ratio - First Nine Months		9M26	9M25	Var.%
Personnel Expenses		(338.9)	(372.9)	-9.1%
Selling, general and administrative expenses		(1,318.5)	(1,039.3)	26.9%
Depreciation and Amortization		(169.1)	(146.7)	15.3%
Other income (expenses)		(1.8)	(38.4)	-95.2%
Total Expenses (a)		(1,828.3)	(1,597.2)	14.5%
Operating Income (NII + Fees)		4,368.2	4,239.9	3.0%
Tax expenses		(346.3)	(387.9)	-10.7%
Operating Income + Tax expenses (b)		4,021.9	3,851.9	4.4%
Operating Efficiency Ratio - (a)/(b)		45.5%	41.5%	4.0 p.p.
Operating Efficiency Ratio - LTM		43.7%	42.9%	0,8 p.p.

Fees. Fee Revenues grew 80.1% QoQ, driven by (i) insurance brokerage commissions, and (ii) Agi+ memberships.

Efficiency. The Operating Efficiency Ratio for 3Q26 was 44.2%, a 470bps improvement QoQ. This was driven primarily by (i) revenue growth, led by Fee Revenues; and (ii) controlled operating expenses, with SG&A flat QoQ and Personnel expenses 11.2% lower QoQ, reflecting lower accruals for annual bonuses. Efficiency Ratio has potential to continue improving in the coming quarters as the financial returns from portfolio growth emerge, together with the increase in Fee Revenues generated from insurance brokerage and membership subscriptions.

Profitability. Earnings Before Taxes were R$187.2 million, up 62.8% QoQ, and Net Income was R$276.0 million, up 37.8% QoQ and 31.1% YoY, with an annualized 3Q26 Return on Equity of 22.4%, 5.5 p.p. above 2Q26. We believe the third quarter reflects the returning growth of Agi’s operation, with the earnings contribution from recent customer acquisition and new loan vintages building progressively. Income tax was a benefit of R$88.8 million in the quarter, comprising a current tax expense of R$64.1 million and a deferred tax benefit of R$153.0 million. The tax-efficient allocation of IPO proceeds and Agibank’s cash into eligible instruments, remains a feature of our capital management.

Capital. The Capital Adequacy Ratio (CAR) was 18.1% at the end of 3Q26, with a Tier I capital ratio of 17.2%. Risk-Weighted Assets grew primarily from (i) Credit Risk-weighted Assets (RWAc) from the expansion of the Credit Portfolio, (ii) Operational Risk-weighted Assets (RWAo), which are recalculated every six months under the regulatory model and increased with the growth of the business. These figures reflect the capital allocation from Agi Inc.’s consolidated financial statements, incorporating the proceeds from the IPO into Referential Equity. Agi’s track record of delivering high ROE continues to support a self-sustainable approach to capital generation, ensuring we remain well-positioned for future growth, with our capital position allowing us to continue investing in customer growth and technology while maintaining disciplined focus on long-term returns. The table below presents the Capital Adequacy Ratio at the Agi Inc level from 1Q26 on.

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Capital*		3Q26	2Q26	Var.%	3Q25	Var.%
Referential Equity		5,348.2	5,250.6	1.9%	3,429.7	55.9%
Referential Equity - Tier I		5,077.7	4,924.8	3.1%	3,110.4	63.3%
Common Equity		4,839.9	4,696.6	3.1%	3,110.4	55.6%
Complementary Capital		237.8	228.3	4.2%	-	-
Referential Equity - Tier II		270.5	325.8	-17.0%	319.4	-15.3%
Risk-weighted Assets		29,509.9	28,035.8	5.3%	24,959.1	18.2%
Credit Risk-weighted Assets		24,496.4	23,921.8	2.4%	22,511.7	8.8%
Market Risk-weighted Assets		462.0	441.5	4.6%	149.8	208.4%
Operational Risk-weighted Assets		4,551.5	3,672.6	23.9%	2,297.6	98.1%
RBAN		1,510.9	756.7	99.7%	526.7	186.9%
Capital Adequacy Ratio - Regulatory Limit = 10.5%		18.1%	18.7%	-0.6 p.p.	13.7%	4.4 p.p.
Tier I - Regulatory Limit = 8.0%		17.2%	17.6%	-0.4 p.p.	12.5%	4.7 p.p.
Tier II		0.9%	1.2%	-0.3 p.p.	1.3%	-0.4 p.p.
Expanded Capital Adequacy Ratio (RE/(RWA+RBAN))		17.2%	18.2%	-1.0 p.p.	13.5%	3.7 p.p.
Liquidity Coverage Ratio		3Q26	2Q26	Var.%	3Q25	Var.%
High-Quality Liquid Assets		2,126.5	2,141.5	-0.7%	1,537.5	38.3%
Potential Cash Outflows		306.5	292.6	4.8%	554.2	-44.7%
LCR (%) Regulatory Limit = 100%		693.8%	731.9%	-38.1 p.p.	277.4%	416.4 p.p.

* For 4Q25 and previous quarters, the Capital Adequacy Ratio refers to Banco Agibank SA. From 1Q26 on, it refers to the Capital Adequacy Ratio of Agi Inc.

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Consolidated Financial Statements 3Q26 - Agi Inc – IFRS

For 4Q25 and earlier quarters, Agi Financial Holding - IFRS

Balance Sheet

ASSETS	3Q26	2Q26	Var.%	3Q25	Var.%
Cash and cash and equivalents	462.0	752.1	-38.6%	300.4	53.8%
Financial Assets Measured At Fair Value Through Profit Or Loss	4,391.4	1,890.8	132.2%	1,177.7	272.9%
Financial Assets Measured At Amortized Cost	46,267.7	45,288.5	2.2%	40,202.5	15.1%
Securities	4,001.0	4,279.8	-6.5%	2,364.2	69.2%
Debentures	5,649.9	6,159.5	-8.3%	5,491.4	2.9%
Loans to customers	38,761.1	37,075.8	4.5%	34,461.4	12.5%
(-) Provision for Expected Loss	(2,144.2)	(2,226.7)	-3.7%	(2,114.5)	1.4%
Deferred Tax Assets	1,505.3	1,318.5	14.2%	1,220.7	23.3%
Property and Equipment	103.7	101.9	1.7%	76.2	36.1%
Intangible Assets	224.4	227.7	-1.4%	190.2	18.0%
Right-of-use assets	191.0	201.0	-5.0%	210.0	-9.1%
Other Assets	1,433.6	1,328.5	7.9%	1,490.8	-3.8%
Total Assets	54,579.2	51,109.0	6.8%	44,868.4	21.6%
LIABILITIES	3Q26	2Q26	Var.%	3Q25	Var.%
Financial Liabilities At Amortized Cost	34,714.9	31,397.9	10.6%	29,240.2	18.7%
Demand customer deposits	650.8	566.2	14.9%	360.1	80.7%
Funds from acceptances and issuance of securities	6,706.5	6,285.0	6.7%	5,758.6	16.5%
Time customer deposits	18,459.1	18,414.8	0.2%	18,710.6	-1.3%
Debt issued and other borrowed funds	780.2	756.6	3.1%	509.1	53.3%
Loans and borrowing LP	2,697.8	1,502.5	79.5%	668.9	303.3%
Repurchase Agreements	1,725.0	300.0	475.0%	-
Debentures (from Repurchase Agreements)	3,619.9	3,491.2	3.7%	3,146.5	15.0%
Interbank transactions	75.2	81.6	-7.9%	86.4	-12.9%
Other unitholders	0.3	-		-
Derivatives	526.1	270.3	94.7%	96.3	446.5%
Provision For Contingencies	338.5	322.5	5.0%	388.6	-12.9%
Other Liabilities	912.2	798.4	14.3%	1,162.6	-21.5%
Liabilities related to credit assignments	12,641.0	13,158.1	-3.9%	10,285.9	22.9%
Lease liabilities	228.1	237.9	-4.1%	244.8	-6.8%
Deferred tax liabilities	158.8	124.8	27.3%	362.5	-56.2%
Total Liabilities	49,519.7	46,309.8	6.9%	41,780.8	18.5%
EQUITY	3Q26	2Q26	Var.%	3Q25	Var.%
Controlling interests	5,059.5	4,799.2	5.4%	3,089.2	63.8%
Share capital and premium reserve	3,911.0	3,911.0	0.0%	1,693.0	131.0%
Reserves	519.2	519.2	0.0%	869.6	-40.3%
Retained earnings	662.8	386.8	71.3%	-
Treasury shares	(32.9)	(17.0)	94.0%	529.7	-106.2%
Other Comprehensive income	(0.6)	(0.8)	-26.0%	(3.1)	-79.8%
Non - Controlling Interests	-	-		(1.6)	-100.0%
Total Equity	5,059.5	4,799.2	5.4%	3,087.7	63.9%
Total Liabilities and Equity	54,579.2	51,109.0	6.8%	44,868.4	21.6%

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Consolidated Financial Statements 3Q26 - Agi Inc – IFRS

For 4Q25 and earlier quarters, Agi Financial Holding - IFRS

Income Statement

P&L - Quarterly	3Q26	2Q26	Var.%	3Q25	Var.%
Total Revenues	3,216.3	3,171.0	1.4%	2,800.4	14.9%
Interest Revenues	2,924.7	2,830.1	3.3%	2,529.5	15.6%
Interest on Cash	553.6	513.9	7.7%	266.7	107.6%
Interest from Loan Operations	2,371.1	2,316.2	2.4%	2,262.8	4.8%
Interest expense using the effective interest method	(1,653.7)	(1,734.6)	-4.7%	(1,414.5)	16.9%
Gains (losses) on financial assets at fair value through profit or loss*	47.5	205.3	-76.9%	82.8	-42.7%
Net interest income	1,318.5	1,300.9	1.4%	1,197.8	10.1%
Commissions, banking fees and other revenues from services	244.1	135.6	80.1%	188.0	29.8%
Operating revenues	1,562.5	1,436.4	8.8%	1,385.9	12.7%
Allowance for loan losses	(614.1)	(562.2)	9.2%	(443.1)	38.6%
Personnel expenses	(116.8)	(131.5)	-11.2%	(141.4)	-17.4%
Selling, general and administrative expenses	(466.6)	(470.1)	-0.8%	(390.5)	19.5%
Tax expenses	(125.4)	(109.9)	14.1%	(121.7)	3.0%
Depreciation and amortization	(57.6)	(57.8)	-0.3%	(51.3)	12.3%
Operating expenses	(1,380.5)	(1,331.6)	3.7%	(1,147.9)	20.3%
Net Operating Income	182.0	104.8	73.6%	237.9	-23.5%
Other income (expenses), net	5.1	10.1	-49.5%	(18.7)	-127.3%
Earnings Before Taxes	187.2	115.0	62.8%	219.2	-14.6%
Current income tax and social contribution	(64.1)	84.5	-175.9%	(178.5)	-64.1%
Deferred income tax and social contribution	153.0	0.8	18240.0%	169.8	-9.9%
Net Income	276.0	200.3	37.8%	210.5	31.1%
Effective Tax Rate	-47.5%	-74.2%	26,7 p.p	4.0%	-51,4 p.p
P&L - First Nine Months	9M26	9M25	Var.%
Total Revenues	9,383.8	7,735.8	21.3%
Interest Revenues	8,464.9	6,810.7	24.3%
Interest on Cash	1,565.4	555.6	181.7%
Interest from Loan Operations	6,899.5	6,255.0	10.3%
Interest expense using the effective interest method	(5,015.6)	(3,495.9)	43.5%
Gains (losses) on financial assets at fair value through profit or loss*	438.6	214.6	104.3%
Net interest income	3,887.9	3,529.4	10.2%
Commissions, banking fees and other revenues from services	480.3	710.5	-32.4%
Operating revenues	4,368.2	4,239.9	3.0%
Allowance for loan losses	(1,675.3)	(1,156.0)	44.9%
Personnel expenses	(338.9)	(372.9)	-9.1%
Selling, general and administrative expenses	(1,318.5)	(1,039.3)	26.9%
Tax expenses	(346.3)	(387.9)	-10.7%
Depreciation and amortization	(169.1)	(146.7)	15.3%
Operating expenses	(3,848.2)	(3,102.7)	24.0%
Net Operating Income	520.1	1,137.2	-54.3%
Other income (expenses), net	(1.8)	(38.4)	-95.2%
Earnings Before Taxes	518.2	1,098.8	-52.8%
Current income tax and social contribution	(159.4)	(471.4)	-66.2%
Deferred income tax and social contribution	303.9	204.3	48.8%
Net Income	662.8	831.8	-20.3%
Effective Tax Rate	-27.9%	24.3%	-52,2 p.p

*As a managerial adjustment, the line “Gains (Losses) on financial assets at fair value through profit or loss” was moved to represent a more accurate view on total “Net Interest Income” for the periods.

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