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PicS N.V. (PICS), which operates Brazil’s PicPay digital bank, reported very strong 2Q26 results, beating guidance across every profitability layer. Net revenue reached R$4.1 billion, up 67% year over year, while gross profit rose 48% to R$1.25 billion as credit and non‑credit revenues expanded.
Total credit portfolio grew 99% YoY to R$31.9 billion, with 55% in secured or partially secured products and quarterly cost of risk at 3.9%, within the company’s target range. IFRS net income increased 124% YoY to R$269 million, and adjusted net income grew 135% to R$283 million, reflecting operating leverage and tighter cost ratios; the adjusted efficiency ratio improved to 44.8%. ARPAC reached R$92, more than four times the R$21.3 cost to serve, and active insurance policies grew 63% YoY to 11.1 million. PicPay finished June 2026 with 70.4 million total accounts, deposits of R$35.8 billion, and a total capital ratio of 17.6%, and it guided for further portfolio and profit growth in 3Q26.
Goldman Sachs Asset Management, L.P., a Delaware limited partnership, reported beneficial ownership of 3,151,727 Class A common shares of PICS NV, representing 7.3% of the class, on a Schedule 13G. These are Class A common shares with a nominal value of EUR0.01 each.
The reporting person has no sole voting or dispositive power, but reports shared voting power over 2,295,883 shares and shared dispositive power over 3,151,727 shares. The filing is made jointly under a joint filing agreement by Goldman Sachs Reporting Units, which disclaim beneficial ownership of securities held for certain client accounts and investment entities where interests are held by others.
PicPay, operated by PicS N.V., announced that André Cazotto has been appointed Chief Financial Officer, effective immediately. He previously served as Executive Director of Investor Relations, M&A and Strategy and will continue overseeing these areas while leading global financial operations in partnership with CEO Eduardo Chedid.
Cazotto succeeds Rodrigo Couto, who becomes Special Advisor through the end of 2026 to support a smooth transition after helping strengthen the finance organization, internal controls, risk management and preparing the company for its Nasdaq IPO in January 2026. The company states that this leadership change does not alter its strategic priorities, operating model, capital allocation framework or risk approach and reaffirms confidence in delivering its previously issued second quarter 2026 guidance. PicPay plans to report its second quarter 2026 financial results on August 24, 2026.
PicPay, parent of PicPay Bank and one of Brazil’s largest digital banks, has completed the acquisition of Kovr Participações S.A., a digital insurance technology company, after all customary closing conditions and regulatory approvals by CADE, SUSEP and the Central Bank of Brazil were satisfied. PicPay acquired 100% of Kovr’s shares and quotas representing 53% of the corporate capital of Estrutural Corretora Assessoria e Consultoria de Seguros Ltda., together with a call option over Estrutural’s remaining quotas.
The company highlights its scale and growth: it serves over 68 million clients, offering integrated payments, credit, investments, insurance and everyday services in a single app. In 2025, PicPay reported R$ 10.3 billion in revenue, R$502 million in adjusted net income, R$550 billion in total payment volume and 42.7 million active customers, while also emphasizing work in generative artificial intelligence and Open Finance.
PicPay received final regulatory approval from the Central Bank of Brazil for its acquisition of digital insurance technology company Kovr Participações S.A., after prior clearances from CADE and SUSEP. With all approvals obtained, the company plans to complete remaining steps toward closing the transaction.
The acquisition supports PicPay’s goal of building an end-to-end insurance platform. Kovr adds product, technology and operational capabilities across multiple insurance lines to PicPay’s existing base of more than 10 million active insurance policies and over 68 million customers.
PicPay reported 2025 revenue of R$10.3 billion, adjusted net income of R$502 million, total payment volume of R$550 billion and 42.7 million active customers, illustrating the scale of PicPay’s operations as it pursues its insurance strategy, with full consolidation of Kovr to occur after closing and customary conditions are satisfied.
PicS N.V. insider Augusto Cazotto Andre, the company’s IR, Strategy and M&A Officer, reported an open-market purchase of 49,500 Class A Common Shares on June 11, 2026 at a price of $9.41 per share. Following this transaction, he directly holds 57,700 Class A Common Shares. A footnote explains that a prior Form 4 filed on April 1, 2026 contained administrative errors and had understated his holdings after a March 31, 2026 transaction, reporting 1,700 shares instead of the correct 8,200 shares; the current holding figure reflects this correction.
PicS N.V. director-associated entity Stichting JAB made an open-market purchase of 18,500 Class A Common Shares of PicS. The weighted average purchase price was $9.47 per share, with individual trades executed between $9.12 and $10.85.
Following this transaction, Stichting JAB is reported as holding 4,373,479 Class A Common Shares. The filing also corrects prior Forms 4 that had overstated post-transaction holdings on earlier June trades. The reporting person is a beneficiary of Stichting JAB and disclaims beneficial ownership except for any pecuniary interest.
Stichting JAB, an entity associated with PicS N.V. director Jose Antonio Batista Costa, reported an open-market purchase of 20,800 Class A common shares. The weighted average purchase price was $9.73 per share, with individual trades ranging from $9.36 to $10.24.
After this transaction, Stichting JAB held 4,376,109 Class A common shares. The filing notes that Batista Costa is a beneficiary of Stichting JAB and disclaims beneficial ownership of these securities except to the extent of any pecuniary interest.
PicS N.V. disclosed that Stichting JAB, an entity associated with director Batista Costa Jose Antonio, made an open-market purchase of 21,130 Class A Common Shares. The weighted average price was $9.42 per share, with individual trades between $9.27 and $9.64. Following this transaction, Stichting JAB holds 4,355,309 Class A shares indirectly attributed to the reporting person, who is a beneficiary of Stichting JAB and disclaims beneficial ownership except to the extent of any pecuniary interest.