PicS 2Q26 profit up 124% as revenue jumps 67%
Rhea-AI Filing Summary
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.
Positive
- Net revenue R$4.1 billion in 2Q26, up 67% year over year, with managerial revenues up 59% and broad-based growth across secured credit and non‑credit lines.
- IFRS net income R$269 million, up 124% YoY, and adjusted net income R$283 million, up 135% YoY, showing strong operating leverage.
- Total credit portfolio R$31.9 billion, up 99% YoY, with secured and partially secured products increased to 55% of balances, supporting a lower-risk mix.
- ARPAC R$92 vs. cost to serve R$21.3, a 4.3x ratio, while the adjusted efficiency ratio improved to 44.8% from 56.2%, indicating much better unit economics.
- Total deposits R$35.8 billion, up 45% YoY, and cash and cash equivalents up to R$6.1 billion, reinforcing funding depth and liquidity.
- Total capital ratio 17.6% and CET1 15.6% at June 2026, leaving a comfortable capital buffer even after rapid credit growth.
Negative
- Credit loss allowance expenses R$1.18 billion in 2Q26, up 92% YoY, driven by rapid credit portfolio expansion and seasoning.
- NPL over 90 days rose to 9.8% and Stage 3 to 12.9% of the credit book, reflecting portfolio aging, though management highlights stable overall coverage.
- Interest and other financial expenses R$1.50 billion, up 76% YoY, as funding costs increased and the company diversified funding sources.
- Quarterly cost of risk at 3.9% of the average portfolio, slightly above the prior quarter, mainly from aging of the private payroll loan portfolio.
Filing Explained
The completed Kovr deal expands PicPay’s consolidated insurance perimeter; R$749 million was paid, while 47% of Estrutural remains optional.
Form 6-K is a foreign private issuer’s interim report used to furnish material information published in its home market. The company reports that PicPay Bank completed the acquisition on
The acquisition is completed, but its accounting remains unfinished: the purchase price allocation is still in progress, including the valuation of acquired assets, assumed liabilities and possible goodwill. The filing also says the second-quarter figures are standalone and exclude Kovr, while the company expects the acquisition to consume about
The six-month cash-flow statement records
The material follow-up items are completion of the purchase price allocation, the expected third-quarter capital impact, and whether PicPay exercises its call option for the remaining 47% of Estrutural Corretora.
Key Figures
Key Terms
Total payment volume (TPV) financial
Net interest margin (NIM) financial
Cost of risk financial
Loss Absorption Ratio financial
Stage 3 coverage financial
Private payroll loans financial
Earnings Snapshot
For 3Q26, PicS expects total credit portfolio around R$34.7 billion, quarterly cost of risk of 3.9%–4.1%, managerial revenues about R$4.0 billion, net interest income about R$2.1 billion, gross profit about R$1.3 billion, IFRS EBT about R$360 million, and IFRS net income about R$255 million.
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or
15d-16 of the Securities Exchange Act of 1934
For
the month of August
Commission
File Number:
(Exact Name as Specified in its Charter)
N/A
(Translation of registrant’s name into English)
Avenida Manuel Bandeira, 291
Block A, 2nd floor
São Paulo — SP, 05317-020, Brazil
(Address of principal executive offices)
(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: ☒ Form 40-F: ☐
EXHIBIT INDEX
| Exhibit Number | Description of Document | |
| 99.1 | Press Release | |
| 99.2 | Earnings Release | |
| 99.3 | Earnings Presentation | |
| 99.4 | Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2026 and for the three-month periods ended June 30, 2026 and 2026 |
1
SIGNATURES
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.
| Date: August 24, 2026 | ||
| PicS N.V. | ||
| By: | /s/ Eduardo Chedid Simões | |
| Name: | Eduardo Chedid Simões | |
| Title: | Executive Director and Chief Executive Officer | |
| By: | /s/ André Cazotto | |
| Name: | André Cazotto | |
| Title: | Chief Financial Officer and Investor Relations Officer | |
2
Exhibit 99.1
PicPay Announces Second Quarter 2026 Results
Company exceeded guidance across key metrics, driven by continued growth and resiliency of its lending portfolio and greater operating efficiency
PicPay surpassed 70 million accounts in the quarter, while ARPAC increased to R$92 or more than four-times cost to serve
Continued to deliver customer-centric innovation, with introduction of plug-ins across OpenAI and Claude ecosystems
SÃO PAULO – PicPay (NASDAQ: PICS) (the “Company”), one of Brazil’s largest digital banks, today announced its financial results for the second quarter ended June 30, 2026, delivering performance that exceeded guidance and reinforced the compounding power of its two-sided digital ecosystem.
“Our strong performance in the second quarter is a testament to the consistent execution of our strategy and the compelling unit economics of our platform at scale,” said Eduardo Chedid, PicPay Chief Executive Officer. “ We continue to add and deepen customer relationships, growing both total accounts and active clients, while increasing our efficiency as ARPAC exceeds four-times our cost to serve. The completion of the Kovr acquisition and the launch of Brazil’s first integrated banking plugin on both Claude and ChatGPT mark important milestones in our platform expansion, and we enter the second half of the year with strong momentum and a clear path to continued profitable growth.”
Second Quarter 2026 Financial Highlights
| ● | Net revenue reached R$4.1 billion, a 67% increase year over year, reflecting the continued expansion and diversification of the Company’s revenue streams. | |
| ● | Adjusted net income totaled R$283 million, up 135% compared to the second quarter of 2025, as operating leverage across the platform continues to convert revenue growth into profit growth. | |
| ● | Gross profit totaled R$1.2 billion, a 48% increase YoY and 14% sequential increase. Net interest income (NII) reached R$2.0 billion, a 65% increase YoY and 18% sequential increase, driven by strong portfolio expansion, improving funding mix, and the growing contribution of secured credit products. | |
| ● | Average revenue per active customer (ARPAC) reached R$92.0, up 52% YoY—equivalent to more than four times the cost to serve of R$21.3 per active client, as PicPay drives greater monetization and operational efficiency. | |
| ● | Return on equity (ROE) in the second quarter was 20.2%. |
Operational, Revenue Expansion & Innovation Highlights
Revenue diversification and base monetization. Revenue continued to shift toward lower-risk sources in the quarter, with no-risk and lower-risk products representing 71% of total revenue, an improvement of six percentage points from 2Q25. Non-credit revenues, comprising wallet, acquiring, float, and insurance, grew 57% YoY to R$1.9 billion, while secured and partially secured credit revenues grew 158% YoY to R$1.0 billion. Consolidated total payment volume (TPV) rose 27% YoY to R$167.6 billion, with wallet and banking TPV growing 19% YoY to R$142.6 billion. In the SMB segment, the monthly average new account openings continued to accelerate, growing from 27k in 1H25 to 85k in 1H26, representing a 3.2x expansion over the period, while supply chain finance originations continue to rapidly expand, reaching R$1.05 billion in the quarter.
Continued growth and resilience across the credit portfolio. The total credit portfolio reached R$31.9 billion, exceeding guidance of approximately R$31.0 billion and representing a 99% YoY and 14% QoQ increase. Secured and partially secured products now account for 55% of the portfolio, an increase of 10 percentage points, reflecting the Company’s strategic shift toward lower-risk collateralized lending. Quarterly cost of risk was 3.9%, within the Company’s targeted range. Private payroll loans continued to drive overall portfolio growth, growing to R$7.2 billion and representing a 44% sequential and 5.6x YoY increase. Total portfolio coverage held stable at 13.9% — unchanged from the prior quarter — reinforcing the adequacy of our provisioning levels as the book continues to scale.
Innovation and Platform Highlights. PicPay became the first bank in Brazil to launch plugins across both ChatGPT and Claude, enabling a fully personalized, AI-powered conversational experience for balance, statement, and investment queries. The Company launched a full investment platform to offer an expanded equities portfolio. PicPay also continued to expand its Tap on Phone solution for individual consumers, enabling its 70 million users to accept debit and credit card payments directly on their smartphones.
Completed Acquisition of Kovr. The acquisition of Kovr is a meaningful strategic step for PicPay’s ecosystems, presenting greater opportunity to expand product penetration, capture additional economics and unlock a new contribution to earnings growth.
“PicPay’s second quarter results highlight the durability and scalability of our financial model,” said André Cazotto, Chief Financial Officer and Investor Relations Officer at PicPay. “ Our credit portfolio continues to grow as we thoughtfully manage risk, while PicPay continues to expand non-lending revenues across the business. Our third quarter guidance reflects our continued confidence in PicPay’s ability to drive top- and bottom-line growth as we deliver innovative solutions that help our customers improve their financial lives.”
Q3 2026 Outlook
In the third quarter of 2026, PicPay expects its total credit portfolio to reach approximately R$34.7 billion, representing sequential growth of approximately 11%, while quarterly cost of risk in the range of 3.9% to 4.1%. Managerial revenues are projected to grow to approximately R$4.04 billion, driving net interest income of approximately R$2.1 billion and gross profit of approximately R$1.27 billion. The Company expects IFRS EBT of approximately R$360 million and adjusted EBT of approximately R$378 million. IFRS net income is expected to be approximately R$255 million and adjusted net income approximately R$265 million. The outlook reflects continued portfolio expansion, a favorable revenue mix shift toward secured and non-credit products, increasing operating leverage, and new earnings contributions from the insurance and SMB segments, positioning PicPay to deliver meaningful profit growth in the second half of 2026.
2
Conference Call Details
Additional details, including a letter to shareholders, can be found on the Company’s Investor Relations website at investor.picpay.com. PicPay will host a conference call and earnings webcast at 5:00 p.m. Eastern Time / 6:00 p.m. Brasilia time today to discuss these results.
To participate in the conference call, please visit the Events & Presentations section of PicPay’s Investor Relations website.
About PicPay
PicPay is one of the largest digital banks in Brazil by number of customers. The company operates a two-sided ecosystem, creating a bridge between consumers and businesses. PicPay offers a wide range of financial products and services—including digital wallet, credit cards, loans, investments, and insurance—for both individuals and businesses.
For more information, visit: https://investor.picpay.com/
Contacts
Investors
IR@PicPay.com
Media
Buchanan-PicPay@bursonbuchanan.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation ReformAct of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company’s future financial and operating performance, business strategy, growth initiatives, market opportunities, product development, customer adoption,and management’s expectations and beliefs.
These statements are based on current assumptions and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ include, among others, economic and market conditions, competitive developments, regulatory changes, credit performance, technology and cybersecurity risks, and other factors described in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
Forward-looking statements speak only as of the date of this release,and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise,except as required by law.
3
Exhibit 99.2
 | 2 |
Message From the Management
We delivered another strong quarter, exceeding our guidance across all major financial metrics while continuing to execute our strategy of sustainable and profitable growth. Our results reinforce the resilience of our business model, the strength of our broader ecosystem, and our ability to expand while maintaining disciplined risk management and attractive risk-adjusted returns.
Although delinquency levels in Brazil remain elevated, recent trends point to stabilization. The labor market continues to provide an important foundation for credit quality, with unemployment near historical lows, resilient real income, and employment growth concentrated in the income segments most relevant to our customer base. While economic activity is gradually moderating, as expected under restrictive monetary conditions, our outlook does not assume an abrupt deterioration in employment but rather a progressive normalization from historically strong levels.
Against this backdrop, our credit portfolio remains resilient by design. Its performance reflects our increasing exposure to secured and partially secured products, disciplined underwriting, and robust risk management. We continue to follow the same credit fundamentals: maintaining a balanced portfolio, targeting loss absorption ratios between 40% and 60%, and pursuing returns on equity above 30%. The increase in NPL 90+ primarily reflects portfolio seasoning and our intentional strategy of taking incremental risk within selected customer segments in private payroll loans, where we apply disciplined underwriting and risk-based pricing to generate attractive risk-adjusted returns. This is a deliberate portfolio allocation decision rather than a deterioration in the underlying quality of our portfolio. Early delinquency improved to 7.5%, coverage remains robust, and our risk appetite is unchanged.
Private payroll loans continue to scale profitably and have surpassed 3.6 million contracts since launch. The product is delivering attractive unit economics, healthy marginal ROEs, and stable early delinquency indicators across both our standard and growth portfolios. This performance reinforces our confidence in the opportunity to expand partially secured lending while generating compelling risk-adjusted returns.
At the same time, our growth is becoming increasingly diversified beyond credit. Non-credit revenue increased 57% year- over-year, demonstrating the strength of our platform monetization and the growing contribution of additional revenue streams. Our SMB business is also gaining scale, relevance, and customer traction, with increasing potential to become a meaningful driver of future growth.
The acquisition of Kovr represents another important step in expanding our addressable market. By strengthening our insurance capabilities, we see opportunities to launch new products, increase penetration within our customer base, capture additional economics, and expand distribution through partners. Over time, we expect insurance to become a meaningful and recurring contributor to earnings growth.
We enter the coming quarters with confidence in our strategy and execution capabilities. We remain focused on delivering sustainable, profitable growth and creating long-term value for our shareholders. We will continue to move with urgency, but never at the expense of quality, discipline, or the trust of our customers.
Eduardo Chedid
Chief Executive Officer
| | 3 |
Performance in the Period
2026 Guidance
Reflecting on the second quarter of 2026, we are pleased to report that PicPay delivered results above guidance across every profitability layer, with broad-based outperformance in both top-line and bottom-line metrics. Before walking through the numbers, it is worth noting that the figures discussed below refer exclusively to PicPay’s standalone operations and do not include any contribution from Kovr.
For 2Q26, our Total Credit Portfolio reached R$31.9 billion, 3.0% above the ~R$31.0 billion guidance, driven by accelerated origination across secured and partially secured products, more mature credit card cohorts, and growth in segments with an intentional risk approach embedded, such as new credit with lower than twelve months in the platform, and private payroll loans for riskier customer segments, aligned with our risk calibration strategy. Quarterly Cost of Risk was 3.9%, aligned with guidance, reflecting stable asset-quality dynamics and confirming that portfolio growth has not come at the expense of underwriting discipline.
On the revenue side, Managerial Revenues, which exclude the effect of derivative and hedge accounting, reached R$3,730 million, 3.6% above the ~R$3,600 million guidance. Net Interest Income came in at R$2,002 million, 5.4% above the ~R$1,900 million guidance, supported by growth in credit revenues during the period. Gross Profit closed at R$1,246 million, 8.4% above the R$1,150 million guidance.
At the bottom line, profitability outperformed across all reference lines. IFRS Earnings Before Taxes (EBT) reached R$268 million (+1.3% vs. ~R$265 million guidance), and Adjusted EBT, excluding stock-based compensation expenses, totaled R$291 million (+2.1% vs. ~R$285 million guidance). On a net income basis, IFRS Net Income reached R$269 million (+14.5% vs. ~R$235 million guidance), and Adjusted Net Income totaled R$283 million (+15.5% vs. ~R$245 million guidance).
| (1) | Considers the total revenue and financial income for the 2Q26 excluding derivatives and hedge accounting revenues in the amount of R$391 million. |
| | 4 |
Operating Performance
1. Wallet & Banking
1.1 Clients
PicPay reached 70.4 million total accounts as of June 2026, an increase of 10% year over year. Net additions continue at approximately 1.5 to 2 million accounts per quarter. Quarterly active clients reached 45.4 million in 2Q26, growing 9% year over year and 2% sequentially. The activation rate remained stable at approximately 64%.
Total Accounts & Quarterly Active Clients(2)
in millions
1.2 Cash-in and Consumer Deposits
Total cash-in reached R$136.4 billion in 2Q26, an increase of 17% compared to 2Q25 and 9% sequentially. On average, customers brought approximately R$45.4 billion to our platform each month in the quarter, up from the R$41.8 billion monthly average reached in 1Q26. In the first half of the year, customers brought R$261.8 billion to the platform, an increase of 19% when compared to the same period of the previous year.
Total deposits totaled R$35.8 billion as of June 2026, an increase of 45% year over year and 10% quarter over quarter. The continued growth in total deposits reflects our strategy of actively seeking efficient sources of funding in the market through multiple instruments such as our digital platform (digital accounts, piggy banks, daily liquidity, and fixed-term CDBs offered through the PicPay Invest platform), third-party platforms, FIDCs, and financial letters of credit (LC). It is worth mentioning that, in May 2026, we issued PicPay FIDC FGTS II, raising R$1.25 billion. Since we are diversifying our funding portfolio with new sources, such as third-party distribution and FIDCs, as previously mentioned, our cost of funding closed at 96% over CDI in 2Q26, 2 percentage points above the previous quarter.
More recently, in July and August, we executed additional capital markets transactions, raising funds through promissory notes and debt securities issuances — consistent with our strategy of continuously diversifying our funding sources. These transactions further strengthen our balance sheet and enhance our capacity to sustain the rapid growth of our credit portfolio in a disciplined and cost-efficient manner.
| (2) | Quarterly active clients consider the number of consumers and businesses that opened the app/or made at least one financial transaction, and/or generated revenues in the quarter. |
| | 5 |
We will continue to mobilize multiple funding channels — spanning digital on-platform deposits, third-party platforms, FIDCs, and capital markets instruments — to actively seek the most efficient funding alternatives to support our growth ambitions.
| Total Cash-In(3) | Total Deposits(4) | |
| R$ billion | R$ billion | |
 |
 |
1.3 Cross-sell and Principality
We continue to increase cross-selling of products and services, with new cohorts starting with 2.4 products and reaching more than 3 in only 2 quarters. We have also seen older cohorts rapidly increase engagement and adopt additional products. It is important to note that credit has been the key driver in further accelerating product penetration, engagement, and monetization among our customer base. As a demonstration of that, cohorts that hold private payroll loans have, on average, an almost 30% higher cross-sell rate than clients that do not hold the private payroll loan product.
Cross-selling Index
Average Number of Products Transacted in the Quarter per Consumer
Consumers with their primary banking relationship at PicPay accounted for 35% of the total active consumer base, stable compared with the previous quarter. We consider ourselves to be the primary financial services provider relationship for those of our quarterly active consumers who have: (1) deposited at least 50% of their post-tax monthly income into their PicPay account; (2) utilized at least 50% of their drawdown credit card limit or loans in the market on our platform; or (3) invested at least three times their post-tax monthly income in any of our investment products.
| (3) | Total Cash-in represents the amount of money that our customers deposit/receive in their digital accounts |
| (4) | Total deposits include the following: (i) user CDBs and payment accounts; (ii) deposits from corporate customers; (iii) other obligations under financial instruments – such as non-convertible subordinated Financial Letters namely: a fixed-rate senior Financial Letter (R$ 263 million) and a CDI-indexed subordinated Financial Letter (R$ 539 million), maturing on December 22, 2027 and December 28, 2039, respectively; (iv) balance of commercial establishments – corporates; (v) financial liabilities under repurchase agreements – LFT. |
| | 6 |
As we continue to expand our credit operations and increase our cross-sell, we should expect more customers to view PicPay as their primary bank.
Principality per Monthly Cohort from the Overall Customer Base
Consumer Using PicPay as their Primary Financial Services Platform – Monthly Cohort
1.4 Transactional Activities
Total payment volume (TPV) reached R$167.6 billion in 2Q26, up 27% year over year and 7% sequentially. For the first six months of the year, total TPV closed at R$323.6 billion, a 29% expansion when compared to the same period of the previous year. Most of the growth continues to be driven by our digital wallet, which closed the second quarter with R$142.6 billion in TPV, an increase of 19% year over year and 6% quarter over quarter. For the first half of 2026, TPV from our digital wallet reached R$276.7 billion, representing 21% growth compared to the previous year.
Pix Finance plays an important role in increasing engagement and monetization on our platform. Considering volumes using our own credit cards as the funding source for Pix transactions, we reached R$3.2 billion in payment volume in 2Q26, an increase of 54% from 2Q25 and 14% sequentially. For the first half of the year, we closed with R$6.0 billion, an increase of 54% against 1H25.
In 2Q26, 46% of Pix Finance TPV was originated through our PicPay Card. This shift reflects the deepening engagement of our credit card base within the PicPay ecosystem, as more customers choose PicPay Card as their primary payment method for everyday transactions, reinforcing the virtuous cycle between our digital wallet and our credit products.
| | 7 |
| Total TPV | Wallet & Banking TPV(5) | Pix Finance TPV(6) | ||
| R$ billion | R$ billion | R$ billion | ||
 |
 |
 |
2. Credit
2.1 Consumer Loans
We originated R$4.8 billion in loans in 2Q26, representing a 78% increase compared to the same quarter in 2025 and 7% up sequentially. For the first six months of 2026, originations reached R$9.2 billion, almost twice as much as the same period of the previous year. In both periods, 86% of the total volume was secured and partially secured loan products, boosted by the acceleration of private payroll loan origination.
Consumer Loans Origination
R$ billion
2.2 Credit Cards
Our PicPay Card TPV reached R$19.5 billion, a 40% year over year increase and 12% up sequentially. For 1H26, prepaid and credit card volume reached R$36.9 billion, an increase of 41% compared with the same period of the previous year. In both comparison periods, more than 65% of the volume was attributed to credit card transactions. The growth in Card TPV indicates increasing adoption of PicPay credit cards as the primary payment method on our platform. Credit cards continue to be a major driver of customer engagement and principality.
| (5) | Wallet & Banking TPV is composed of instant payments and bill payments funded through customer account balance and/or credit cards registered on file (including our PicPay Card), as well as other transaction activities related to banking features such as cash withdrawal. |
| (6) | Pix Finance includes only Pix transactions conducted by our customers with the PicPay card as a source of funds. |
| | 8 |
PicPay Card TPV(7)
R$ billion
Below, we present the interest-earning portfolio from our credit card receivables, which reached 37% as of June 2026, higher than the 36% registered in 2Q25. The increase in interest-earning balances is mainly due to greater use of our Pix Finance product and higher penetration of our PicPay Cards in the ecosystem.
Interest-earning Portfolio
% of credit card receivables
2.3 Consolidated Credit Portfolio
We closed 2Q26 with a total credit portfolio of R$31.9 billion, an increase of 99% year over year and 14% quarter over quarter. The portfolio continues to shift toward a more balanced and resilient mix: secured and partially secured products now represent 55% of total balances, up from 45% in 2Q25 and 54% in 1Q26. As mentioned above, the private payroll loan product continues, for another consecutive quarter, to be the main driver of this accelerated shift towards more secured and partially secured credit balances over the past three quarters.
The credit portfolio continued to show accelerated and well-balanced growth in 2Q26, with 86% of the quarter over quarter increase coming from lower-risk loans and mature credit cards (customers with at least 12 months of established credit behavior):
| i. | Private Payroll Loans contributed R$ 2.2 billion (56% of incremental growth), reinforcing its position as the main growth driver; |
| (7) | Credit cards TPV includes both on and off-us transactions. |
| | 9 |
| ii. | Mature credit cards added R$ 0.9 billion (24%), reflecting the continued seasoning of prior cohorts and improved credit quality; |
| iii. | It is important to mention that new cards almost doubled their contribution to portfolio expansion compared to last quarter, reflecting our progressive limits approach (intentional risk), designed as an early-stage customer acquisition and risk-calibration strategy. |
Credit Portfolio Evolution
R$ billion
2.4 Underwriting performance and risk management
In our card’s portfolio, we continued to execute our underwriting strategy balancing performance optimization and disciplined portfolio growth across complementary customer segments. During the quarter, credit card NPL +30 formation remained better than the same period last year under both the ‘Standard’ and ‘Growth Progressive Limits’ (our CAC approach) strategies, while remaining relatively stable sequentially, even considering seasonal effects. The continued expansion of Progressive Limits, reaching 30% of total balances in 2Q26 versus 21% in 1Q25, reflects our confidence in customer behavior monitoring models and the gradual maturation of the portfolio. Our progressive limit vintages continue to operate within the expected risk-adjusted return framework, while standard cohorts’ performance maintained resilient credit quality trends.
Credit Cards Portfolio
Portfolio NPL +30 Creation (100 basis = 1Q25)
| | 10 |
Looking at our Personal Loans and Private Payroll Loans underwriting performance, cohort performance across both strategies, in terms of balances with over 30 days overdue, remained relatively stable during the quarter, despite the seasonal effects observed in the Standard portfolio following the stronger first quarter consumption dynamics. In Personal Loans and Private Payroll Loans, newer vintages within the Growth Strategy portfolio continued to reflect the deliberate trade-off between accelerated origination growth and incremental risk assumption, while preserving the same risk appetite and targeted risk-adjusted returns. At the same time, Standard Strategy cohorts maintained consistent performance trends, supported by disciplined underwriting execution, portfolio seasoning, and continuous monitoring of customer behavior across credit products.
We totaled R$7.2 billion in private payroll loan portfolio in 2Q26, resulting in a market share of 6.4%, according to data from the Brazilian Central Bank. Since the product launch, we have had more than 3.6 million loan contracts and are well diversified across employer risk (+327 thousand companies encompassed in our offering). Expected marginal ROEs remain attractive, supported by risk-adjusted pricing and credit-related revenues.
We also see better ARPAC (8.9 times higher than PicPay’s average client base) and cross-selling (30% higher than for customers who didn’t hire private payroll loan contracts) indicators for private payroll loan clients, supporting other revenue streams. We remain confident in our ability to continue scaling this operation while maintaining healthy ROEs and risk-adjusted returns.
Private Payroll Loan Portfolio
R$ billion
| (8) | Marginal ROE is defined as the net income excluding corporate expenses and cost sharing divided by allocated capital, which is equal to a capital ratio of 10.5% multiplied by a risk weight factor of 75% multiplied by the total balance minus credit loss allowance balances calculated in a monthly basis for each customer cohort. The calculation considers gross loan origination except for debt repayment. |
| | 11 |
2.5 Financial Margin
Net Interest Income reached R$2.0 billion in 2Q26, increasing 18% quarter over quarter and 65% year over year, compared with R$1.2 billion in 2Q25. Net Interest Margin (NIM) was 19.4%, up from 18.7% in 1Q26. Margin from Credit Products reached R$2.1 billion, representing growth of 18% quarter-over-quarter and 81% year-over-year. This metric captures the full economic contribution of our credit operations, including revenues from products directly tied to credit origination, such as credit card interchange and credit insurance, while excluding cash remuneration and derivative revenues. As a result, it provides a cleaner view of the underlying margin generated by our lending activities. Net Interest Margin from Credit Products was 27.8%, up from 27.2% in 1Q26.
Equally important, Margin from Credit Products After Losses reached R$908 million in 2Q26, increasing 14% quarter over quarter and 68% year-over-year. NIMAL (Net Interest Margin After Losses) remained stable at 12.1%, reflecting the continued resilience of our credit economics despite the expansion of our lending operations.
| Net Interest Income (NII)(9) & | Margin from Credit Products(10) | Margin from Credit Products |
| Net Interest Income Margin (NIM) | R$ million & % | After Losses(11) |
| R$ million & % | R$ million & % | |
 |
 |
 |
2.6 Asset Quality
After reaching 8.4% in the first quarter of 2026, our early delinquency indicator, defined as overdue credit balances between 15 and 90 days, improved to 7.5% across the total credit book in 2Q26, mainly due to the favorable seasonal effect combined with improving performance in more recent vintages.
In turn, our non-performing loans with more than 90 days overdue increased to 9.8% in the quarter, while stage 3 participation over the total credit book reached 12.9% for the same period. These two metrics need to be interpreted together. NPL over 90 is fully captured in stage 3, meaning the loans driving that metric are already considered credit-impaired and have been provisioned accordingly. Stage 3 is the broader classification, as it also encompasses other credit-impaired exposures that may not yet be more than 90 days past due but have already been identified as deteriorated. That means that there is no additional credit risk sitting outside stage 3 – it is all already recognized and provisioned within that bucket.
| (9) | NII is calculated as financial income less interest and other financial expenses. (2) NIM is calculated as NII multiplied by 4 and then divided by the average of the following balance sheet metrics: (i) cash and cash equivalents; (ii) financial assets at fair value through profit or loss; (iii) financial assets at fair value through other comprehensive income, or OCI; (iv) interest-earning portfolio; (v) other receivables; (vi) other financial assets at amortized cost, and (vii) interest bearing trade receivables. |
| (10) | Margin from credit products is calculated as the sum of total net revenue from transaction activities and other services and financial income from our credit operations (cards and loans) minus cost of funding from these products. NIM from credit products is calculated as the margin from credit products multiplied by four, and then divided by the average of the total credit portfolio. |
| (11) | Margin from credit products after losses is calculated as margin from credit products minus credit loss allowance expenses. NIMAL is calculated as margin from credit products after losses multiplied by four and then divided by the average of the total credit portfolio. |
| | 12 |
| NPL 15-90 days | NPL over 90 days and Stage 3 over Total Credit Portfolio |
| % | % |
 |
 |
Below, we present the NPL over 90 according to its quarter-over-quarter variation. Starting with NPL over 90, the net increase of 93 basis points is primarily due to portfolio aging, which contributed 318 bps because of the natural seasoning of earlier vintages flowing into later delinquency stages. Such an increase was partially offset by the “Desenrola” program, which contributed 117 basis points. Seasonality added 50 basis points, which is consistent with typical patterns for the period. Also important to note, the lower pace of new originations relative to prior periods resulted in a smaller dilution effect on the metric.
NPL over 90 QoQ Bridge
%
We also present below stage 3 evolution with similar drivers of sequential variation. It is important to highlight that aging contributed to 184 basis points, which is a materially lower impact than the 318 basis points observed in NPL over 90. This is because stage 3 can be interpreted as a pre-NPL metric, capturing credit deterioration earlier in the cycle. As a result, the aging dynamic that is still feeding NPL over 90 has already been partially absorbed in Stage 3 in prior quarter, resulting in a lower incremental aging effect.
| | 13 |
Stage 3 QoQ Bridge
%
Stage 2 plus Stage 3 formation continued to improve in 2Q26, declining to 4.9%, compared with 5.1% in each of the previous two quarters. Stage 3 formation also improved sequentially, decreasing to 3.6% in 2Q26 from 3.9% in 1Q26. The reduction was primarily driven by the effects of the “Desenrola” renegotiation program.
Most loans renegotiated under the program remained on the Company’s balance sheet, as they were less than 360 days past due. Total renegotiated exposure reached approximately R$520 million on a gross basis. Considering an average discount of approximately 50%, the outstanding balance was reduced by around R$260 million. This reduction directly lowered the balance contributing to Stage 3 formation and was the main factor supporting the improvement in the ratio during the quarter. Excluding the impact of “Desenrola”, Stage 3 formation would have remained close to 4.0%, broadly in line with previous quarters. This underlying level continues to reflect the portfolio’s natural aging as products and vintages mature.
| Stage 2+3 Formation(12) | Stage 3 Formation(13) |
| % | % |
 |
 |
| (12) | The stage 2+3 formation rate is calculated considering stage 2 and 3 credit balances in the end of the period minus the stage 2 and 3 credit balances in the previous period plus write-off in the current period divided by the total credit portfolio in the previous period. |
| (13) | Stage 3 formation is calculated considering the stage 3 balance in each period minus the stage 3 balance in the previous period plus write-off migration divided by the total balance of the beginning of the period. |
| | 14 |
Below, we present our coverage by stages. The coverage for stages 2 and 3 combined reached 62.7% as of June 2026, 6.2 percentage points higher than in the last twelve months.
| Total Credit Portfolio | Coverage by Stage |
| R$M | % |
 | |
Stage 3 coverage decreased from 77.0% in 1Q26 to 74.1% in 2Q26, primarily due to the impact of the “Desenrola” renegotiation program. Loans renegotiated under “Desenrola” benefit from an FGO guarantee covering 50% of the outstanding exposure. This guarantee increases the expected recovery level for these loans and, consequently, reduces the Loss Given Default (LGD) applied to the affected exposures. As lower LGD assumptions translate into lower provisioning requirements, the inclusion of these loans mechanically reduced the overall Stage 3 coverage ratio during the quarter. Accordingly, the reduction in Stage 3 coverage does not reflect a deterioration in portfolio quality, changes in provisioning standards, or a shift in the Company’s risk appetite. Instead, it primarily reflects a portfolio-mix effect associated with the lower LGD profile of the “Desenrola” portfolio, which is supported by the FGO guarantee. As this effect gradually normalizes, Stage 3 coverage is expected to trend back toward the high-70% range over the coming quarters.
On credit risk management, our three key metrics — loss absorption, cost of risk, and portfolio coverage — collectively paint a picture of a well-controlled and well-provisioned book. Our Loss Absorption Ratio reached 56.5% in 2Q26, comfortably within our internal guidelines of 40% to 60%.
Regarding our quarterly cost of risk, we closed the second quarter at 3.9% of the average credit portfolio over the period, slightly up when compared to the previous quarter. This increase was primarily driven by the natural aging of our private payroll loan portfolio, as earlier vintages continue to season and flow through the provisioning cycle — a mechanical and expected dynamic given the rapid growth of this product over the past several quarters. This increase was partially offset by a positive impact of R$59 million from the “Desenrola” program, which represented approximately 5% of our total cost of credit in the quarter.
On Credit Loss Allowance Expenses and Total Coverage, CLA expenses reached R$1.2 billion in 2Q26, up from R$974 million in 1Q26, consistent with the pace of portfolio expansion. More importantly, total portfolio coverage held stable at 13.9% — unchanged from the prior quarter — reinforcing the adequacy of our provisioning levels as the book continues to scale. The combination of stable coverage and growing absolute provision balances reflects a disciplined and consistent approach to credit risk management.
| | 15 |
| Loss Absorption Ratio (14) | Quarterly Cost of Risk | Credit Loss Allowance |
| % | % | Expense & Total Coverage(15) |
| R$ million; % | ||
 |
 |
 |
3. Insurance
In 2Q26, we reached 11.1 million active insurance policies sold through our platform, which represents a growth of 63% compared to 2Q25 and 9% sequentially. We are positioned as one of the largest digital insurance distributors nationwide, supported by strong adoption of insurance products, including wallet protection, credit card protection, and loan protection, among our customers.
Active Insurance Policies
in million
| (14) | Loss Absorption represents all the expected losses over the lifetime credit-related revenues of a given credit concession. |
| (15) | Total Coverage is calculated as the total credit loss provision divided by the total credit portfolio. |
| | 16 |
As of August 2026, we have completed the acquisition of Kovr, strengthening our position in the Brazilian insurance market. From now on, we expect to accelerate product development and launch, while benefiting from incremental revenue opportunities from Kovr’s established partner network. In terms of unit economics, we expect to capture enhanced unit economics with full insurance margins. PicPay currently accounts for 30% of the insurance policies issued by Kovr, while the remaining 70% are concentrated among high-quality customers. The conclusion of the acquisition represents the beginning of a new phase, maintaining independence and strengthening partnerships. That is why Kovr has now become Kev Seguros.
4. Small and Medium-Sized Business (SMBs)
Our SMB TPV, which considers payment volume from QR Code and e-wallet transactions, Pix transactions received and made by businesses in our app, as well as all payment volume transacted with third-party credit cards on the PicPay app (mainly P2P, Pix, and bill payments), which are processed by our merchant acquiring platform, such as QR Code, e-wallet, and Pix, totaled R$12.5 billion in 2Q26, up 17% from 2Q25 and 11% up sequentially. In the first six months of 2026, TPV totaled R$23.7 billion, an increase of 25% compared to the same period of the previous year.
SMB TPV
R$ billion
Our SMB segment continues to deliver strong growth in its client base, with an average of 85,000 new accounts opened in the first half of 2026, more than 3 times the average for the same period the previous year. Regarding financial services offered to our SMB audience, we highlight the strong growth in our supply chain finance origination, which reached R$1.1 billion in 2Q26, more than 26 times its level at launch in 4Q25 and up 52% from the previous quarter.
| New SMB Accounts(16) | Supply Chain Finance Origination |
| ‘000, monthly average | R$ million |
 |
 |
| (16) | Calculated as the average number of new SMB accounts for the six months of each period. |
| | 17 |
Consolidated Financial Results for the period
1. Net Revenues
In 2Q26, PicPay’s net revenues totaled R$4.1 billion, an increase of 67% and 17% compared to 2Q25 and 1Q26, respectively. For the first half of the year, consolidated revenues reached R$7.6 billion, up 68% year over year. Excluding the effect of financial revenues from derivative instruments and hedge accounting, managerial revenues totaled R$3.7 billion in 2Q26 and R$6.9 billion in 1H26, an increase of 59% when compared to 2Q25 and 1H25, respectively.
It is worth mentioning that 71% of total revenues generated in the quarter are related to no or lower credit risk products (secured and partially secured credit lines, fees, commissions, and other services, and float and hedge accounting), which demonstrates our solid, resilient, and diversified business model.
The growth outlined above was driven by the following facts:
| i. | a 77% increase in revenues from our credit products in 2Q26, totaling R$2.2 billion, representing 54% of total revenues. This expansion was primarily driven by the higher share of secured and partially secured products in the mix (from 16% in 2Q25 to 24% in 2Q26) over the last twelve months, accelerated by strong origination of private payroll loans through the period (higher interest rates when compared to other secured lines, such as FGTS loans and public payroll loans); |
| ii. | a 30% increase in fees, commissions, and other services in 2Q26, totaling R$984 million. This growth was mainly supported by higher revenues from insurance product distribution, followed by the growth of the number of active insurance policies on our platform, and the increase in interchange revenues from credit and prepaid cards; |
| iii. | in addition, float revenues grew 55% year over year in 2Q26, excluding the effect of derivative instruments and hedge accounting mentioned above, reaching R$534 million. This increase reflects the growth in consumer deposits, as clients increasingly use PicPay as their primary bank account. |
Total Revenue and Financial Income
R$ million
| (17) | Float and hedge accounting is calculated as the difference between total revenue and the sum of unsecured credit products, secured credit products, and fees, commissions, and other services. |
| (18) | Fees, commissions, and other services includes total net revenue from transaction activities and other services, as well as financial income originating from the prepayment of third-party credit card transactions conducted by our consumers in the ecosystem. |
| (19) | Secured and partially secured credit products includes interest revenues from the private payroll loan, public payroll loan, and FGTS portfolios. |
| (20) | Unsecured credit products includes interest revenues from the personal loans and credit cards portfolio. |
| | 18 |
Secured and Partially Secured Credit Revenues, encompassing Private Payroll, Public Payroll, and FGTS loans, reached R$1.0 billion in 2Q26, representing 158% year over year growth and 23% quarter over quarter. This trajectory reflects the rapid scaling of our Private Payroll loans operations and continued expansion in other secured products — all aligned with our strategy of increasing the weight of products with structurally favorable risk profiles.
Unsecured Credit Revenues, comprising personal loans and credit cards, reached R$ 1.2 billion in 2Q26, growing 40% compared to 2Q25 and 11% sequentially. The moderation in quarter over quarter pace relative to secured reflects our selective origination posture for non-collateralized products, consistent with our stated underwriting discipline in the current macro environment.
Non-Credit Revenues, including fees, commissions, other services, float, and hedge accounting, reached R$ 1.9 billion in 2Q26, an increase of 57% versus 2Q25 and 19% versus 1Q26. This performance underscores the strength of our broader platform monetization, beyond credit-related revenue streams.
| Secured and Partially Secured | Unsecured Credit Revenues | Non-Credit Revenues |
| Revenues | R$ million | R$ million |
| R$ million | ||
 |
 |
 |
1.1 ARPAC
Our quarterly average revenue per active client (ARPAC) totaled R$92.0, an increase of 52% from 2Q25 and 14% sequentially. ARPAC, excluding hedge accounting and derivatives, reached R$83.3 in 2Q26, up 45% from 2Q25 and 14% quarter over quarter.
ARPAC(21)
R$ / active client
| (21) | ARPAC means average revenue per active client. ARPAC is calculated as the total net revenues divided by the average number of active clients in the beginning and end of the period. |
| | 19 |
2. Expenses & Operating Efficiency
2.1 Transaction and Financial Expenses and Credit Loss Allowance
Total transaction and financial expenses reached R$1.7 billion in the second quarter of 2026 and R$3.1 billion in the first half of the year, up 68% from 2Q25 and 71% compared to the first half of 2025. Such an annual increase is mainly attributable to 76% and 85% increases in interest and other financial expenses in 2Q26 and 1H26, compared to the same period last year.
This increase was mainly due to higher funding costs, higher interest rates in Brazil over the last 12 months, and a natural result of our strategy to diversify our funding activities through other sources beyond daily liquidity and CDBs distributed through our own platform, such as the recent securitization of our FGTS loan portfolio in the amount of R$1.25 billion as of May 2026, and the enhanced distribution of CDBs through third-party channels.
Additionally, credit loss allowance expenses totaled R$1.2 billion in 2Q26 and R$2.2 billion in 1H26, up 92% and 97% year over year, respectively. Such an increase is mainly due to the accelerated growth of our credit portfolio during the last twelve months.
2.2 Gross Profit
As a result of the factors mentioned above, we recorded gross profit of R$1.2 billion in 2Q26, an increase of 48% compared to 2Q25 and 14% sequentially. For the six-month period, our gross profit totaled R$2.3 billion, an increase of 46% when compared to the same period of the previous year.
Gross Profit(22)
R$ million
2.3 Operating expenses
In 2Q26 and 1H26, our adjusted operating expenses, excluding expenses related to the share-based long-term incentive plan of R$22.5 million, totaled R$955 million (+29% year over year) and R$1.8 billion (+27% year over year), respectively.
| (22) | Gross Profit is equal to the total revenue and financial income minus transaction and financial expenses minus credit loss allowance expenses in the period. |
| | 20 |
The annual growth of expenses previously mentioned can be mainly explained by the following items:
| i. | a growth of R$144.4 million, or 147% year over year, in marketing expenses to R$242.7 million in 2Q26 from R$98.3 million in 2Q25. Such an increase was mainly due to a growth of R$68.0 million, or 201% year over year, in customer acquisition expenses to R$101.9 million in 2Q26 from R$33.9 million in 2Q25. It is important to mention that we made some opportunistic investments in marketing campaigns for seasonal events that we brought forward from the third quarter in the amount of R$30 million. Additionally, the growth in marketing expenses is also explained by higher cashbacks disbursed in the quarter, which grew R$38.8 million, or 379% year over year, to R$49 million in 2Q26 from R$10.2 million in 2Q25. |
| ii. | a growth of R$67.7 million, or 68% year over year, in administrative expenses to R$166.6 million in 2Q26 from R$98.9 million in 2Q25. The increase is attributable to higher expenses with third-party and financial system services, which grew R$54.2 million, or 88% year over year, to R$115.9 million in 2Q26 from R$61.8 million in 2Q25, mainly as a result of higher expenses with consulting and advisory fees deferred in the period related to our initial public offer concluded in January 2026. |
| iii. | a growth of R$56.9 million, or 45% year over year, in technology expenses to R$182.0 million in 2Q26 from R$125.1 million in 2Q25. Such an increase was mainly due to higher software expenses, which grew R$ 50.3 million, or 45% year over year, to R$162.0 million in 2Q26 from R$112.0 million in 2Q25 as we continue to invest in platform scalability and AI infrastructure. |
| iv. | the growth in expenses explained above was partially offset by lower adjusted personnel expenses (excluding share-based compensation expenses), which showed a decrease of R$55.0 million, or 17% year over year, to R$270.2 million in 2Q26 from R$325.2 million in 2Q25. The decrease is mainly explained by lower expenses with social security charges, which presented a decrease of R$40.5 million, or 56% year over year, to R$32.2 million in 2Q26 from R$72.7 million in 2Q25. |
Additionally, we present the quarterly evolution of our adjusted efficiency ratio. In 2Q26, our adjusted efficiency ratio reached 44.8%, compared with 56.2% in 2Q25 and 46.9% in the previous quarter. We expect to continue delivering strong reductions in revenue consumption as we accelerate top-line growth while maintaining extremely disciplined cost and expense control, as reflected in our current quarterly average cost to serve.
Adjusted Operating expenses & Adjusted Efficiency Ratio(23)
R$ million; %
| (23) | The Adjusted Efficiency Ratio considers the sum of transactional expenses, technology expenses, marketing expenses, personnel expenses (excluding LTIP expenses), administrative expenses, depreciation and amortization, and other expenses divided by total revenue and financial income, interest and other financial expenses, and other income. |
| | 21 |
2.4 Cost to serve
In 2Q26, our quarterly average cost to serve reached R$21.3 per active client, up 13% from 2Q25 and 5% sequentially. Our quarterly average cost to serve was adjusted to exclude the impact of LTIP on personnel expenses, as explained above. Additionally, in the second quarter of the year, we anticipated R$30 million in marketing expenses, representing R$0.7 per active client. Excluding this one-off, our quarterly CTS would have reached R$20.6, growing only 1% sequentially.
Cost to Serve(24)
R$ million
Finally, the ARPAC to CTS ratio closed at 4.3x, driven by our continued efforts to scale our business with an efficient cost structure and fast-growing revenue quarter after quarter.
3. Profitability
As a result of the previously mentioned factors, our IFRS Earnings Before Income Taxes (EBT) reached R$268.4 million, an increase of 153% compared to R$106.1 million in 2Q25 and 21% sequentially. For the first half of the year, IFRS EBT reached R$490.1 million, an increase of 168% when compared to the same period of the previous year.
Adjusted Earnings Before Income Taxes, which exclude share-based LTIP, increased 174% year over year to R$290.9 million in 2Q26 and 17% against the previous quarter. For the first six months of 2026, adjusted EBT grew 195%, reaching R$539.4 million.
| IFRS EBT | Adjusted EBT |
| R$ million | R$ million |
 |
 |
| (24) | We define the average Cost to Serve per quarterly active client as the sum of transaction expenses, technology expenses, marketing expenses (excluding customer acquisition expenses), personnel expenses (excluding LTIP expenses), and administrative expenses divided by the average number of quarterly active clients during the period. |
| (25) | Opportunistic investments in marketing campaigns for seasonal events. |
| | 22 |
Regarding our IFRS net income, it reached R$269.0 million in 2Q26, up 124% from 2Q25 and 77% sequentially. It is important to mention that, during the second quarter of the year, we concentrate the recognition of a Brazilian tax incentive program entitled “Lei do Bem”, which encourages companies to invest in research, development, and technological innovation. The recognition of this tax incentive (R$79 million for both 1Q26 and 1H26 periods) positively affects effective tax rates in the period. For 1H26, IFRS Net Income reached R$420.8 million, more than doubling year over year.
Adjusted net income for the period, which excludes share-based LTIP, totaled R$283.0 million in 2Q26 and R$452.4 million in 1H26, an increase of 135% and 117% against 2Q25 and 1H25, respectively.
| IFRS Net Income | Adjusted Net Income |
| R$ million | R$ million |
 |
 |
4. Capital Ratio
On the capital side, we maintained a solid position in 2Q26, with a Total Capital Ratio of 17.6% and a CET1 ratio of 15.6%, despite the continued growth of our credit portfolio and the corresponding increase in risk-weighted assets. It is worth highlighting that approximately R$450 million, equivalent to roughly 1.7 percentage points of our capital ratios, remains held at our holding company in the Netherlands and has not yet been injected into the operating entity. Following the closing of the Kovr acquisition, we expect a capital consumption of approximately 150 basis points in 3Q26, while still remaining comfortably above our internal capital appetite thresholds and regulatory requirements.
| Total Capital Ratio | CET1 Ratio(26) |
| R$ billion; % of RWA | R$ billion; % |
 |
 |
| (26) | The required regulatory capital includes the minimum CET1 ratio (4.5%), the capital conservation buffer (2.5%) as well as the portion of the minimum Tier 1 ratio (1.5%) that can be met with Additional Tier 1 capital instruments (e.g. perpetual subordinated debt), as PicPay is currently fulfilling the entire required Tier 1 ratio, including the conservation buffer, with common equity capital. Once PicPay issues Additional Tier 1 capital instruments sufficient to fulfill the 1.5% requirement, the required CET1 ratio will be 7% |
| | 23 |
5. 3Q26 Guidance
PicPay provides guidance for the third quarter of 2026 based on its standalone operations, excluding any contribution from Kovr.
The Company expects its Total Credit Portfolio to reach approximately R$34.7 billion in the quarter, while maintaining a disciplined risk profile. Quarterly Cost of Risk is projected to remain within the 3.9% to 4.1% range.
On the revenue front, Managerial Revenues are expected to total approximately R$4.0 billion, with Net Interest Income projected at approximately R$2.1 billion. Gross Profit is guided at approximately R$1.3 billion, reflecting continued operating leverage and portfolio expansion.
Profitability is expected to continue advancing strongly on a pre-tax basis. IFRS Earnings Before Taxes (EBT) are projected to reach approximately R$360 million, representing a 34% sequential increase, while Adjusted EBT is expected at approximately R$378 million, up 30% versus 2Q26.
At the net income level, however, sequential comparisons require additional context. IFRS Net Income is expected to total approximately R$255 million, down 5% quarter-over-quarter, while Adjusted Net Income is projected at approximately R$265 million, 6% below the second quarter.
This sequential decline does not reflect any operational deterioration. In 2Q26, the Company benefited from a significant positive impact related to Lei do Bem, a recurring tax incentive that, in 2026, was heavily concentrated in the second quarter and materially reduced the effective tax rate during the period. For 3Q26, the effective tax rate is expected to normalize to levels more consistent with those observed in the first quarter of the year.
| (27) | Considers net revenues excluding derivative and hedge accounting revenues for each quarter. |
| (28) | Excludes LTIP expenses. |
| | 24 |
| 25 |
Consolidated Statements of Profit or Loss
| Income Statement
(in thousands of Brazilian Reais) | 2Q26 | 1Q26 | 2Q25 | ΔQoQ | ΔYoY | 1H26 | 1H25 | ΔYoY | ||||||||||||||||||||||||
| Net revenue from transaction activities and other services | 618,112 | 552,741 | 405,537 | 11.8 | % | 52.4 | % | 1,170,853 | 861,536 | 35.9 | % | |||||||||||||||||||||
| Financial income | 3,503,586 | 2,959,687 | 2,063,132 | 18.4 | % | 69.8 | % | 6,463,273 | 3,671,063 | 76.1 | % | |||||||||||||||||||||
| Total revenue and financial income | 4,121,698 | 3,512,428 | 2,468,669 | 17.3 | % | 67.0 | % | 7,634,126 | 4,532,599 | 68.4 | % | |||||||||||||||||||||
| Transaction expenses | (193,339 | ) | (186,440 | ) | (158,080 | ) | 3.7 | % | 22.3 | % | (379,779 | ) | (342,596 | ) | 10.9 | % | ||||||||||||||||
| Interest and other financial expenses | (1,501,582 | ) | (1,255,936 | ) | (851,083 | ) | 19.6 | % | 76.4 | % | (2,757,518 | ) | (1,491,003 | ) | 84.9 | % | ||||||||||||||||
| Total transaction and financial expenses | (1,694,921 | ) | (1,442,376 | ) | (1,009,163 | ) | 17.5 | % | 68.0 | % | (3,137,297 | ) | (1,833,599 | ) | 71.1 | % | ||||||||||||||||
| Credit loss allowance expenses | (1,180,547 | ) | (974,020 | ) | (614,700 | ) | 21.2 | % | 92.1 | % | (2,154,567 | ) | (1,094,836 | ) | 96.8 | % | ||||||||||||||||
| Gross profit | 1,246,230 | 1,096,032 | 844,806 | 13.7 | % | 47.5 | % | 2,342,262 | 1,604,164 | 46.0 | % | |||||||||||||||||||||
| Technology expenses | (181,980 | ) | (162,462 | ) | (125,098 | ) | 12.0 | % | 45.5 | % | (344,442 | ) | (238,000 | ) | 44.7 | % | ||||||||||||||||
| Marketing expenses | (242,651 | ) | (179,367 | ) | (98,277 | ) | 35.3 | % | 146.9 | % | (422,018 | ) | (252,514 | ) | 67.1 | % | ||||||||||||||||
| Personnel expenses | (292,679 | ) | (337,634 | ) | (325,217 | ) | (13.3 | )% | (10.0 | )% | (630,313 | ) | (585,539 | ) | 7.6 | % | ||||||||||||||||
| Administrative expenses | (166,599 | ) | (111,090 | ) | (98,900 | ) | 50.0 | % | 68.5 | % | (277,689 | ) | (162,014 | ) | 71.4 | % | ||||||||||||||||
| Depreciation and amortization | (118,626 | ) | (118,378 | ) | (107,145 | ) | 0.2 | % | 10.7 | % | (237,004 | ) | (210,837 | ) | 12.4 | % | ||||||||||||||||
| Other expenses | (20,474 | ) | (9,873 | ) | (10,250 | ) | 107.4 | % | 99.7 | % | (30,347 | ) | (21,475 | ) | 41.3 | % | ||||||||||||||||
| Other income | 45,177 | 44,487 | 26,139 | 1.6 | % | 72.8 | % | 89,664 | 48,889 | 83.4 | % | |||||||||||||||||||||
| Profit before income taxes | 268,398 | 221,714 | 106,058 | 21.1 | % | 153.1 | % | 490,112 | 182,674 | 168.3 | % | |||||||||||||||||||||
| Current income tax | (116,629 | ) | (199,917 | ) | (265,835 | ) | (41.7 | )% | (56.1 | )% | (316,546 | ) | (453,379 | ) | (30.2 | )% | ||||||||||||||||
| Deferred income tax | 117,259 | 129,940 | 280,040 | (9.8 | )% | (58.1 | )% | 247,199 | 479,064 | (48.4 | )% | |||||||||||||||||||||
| Total income tax and social contribution (expense) benefit | 630 | (69,977 | ) | 14,205 | n.a. | (95.6 | )% | (69,347 | ) | 25,685 | (370.0 | )% | ||||||||||||||||||||
| IFRS Net Income | 269,028 | 151,737 | 120,263 | 77.3 | % | 123.7 | % | 420,765 | 208,359 | 101.9 | % |
| | 26 |
Adjusted EBT Reconciliation
| In R$ thousands of Brazilian Reais | 2Q26 | 1Q26 | 2Q25 | ΔQoQ | ΔYoY | 1H26 | 1H25 | ΔYoY | ||||||||||||||||||||||||
| Profit before income taxes | 268,398 | 221,714 | 106,058 | 21.1 | % | 153.1 | % | 490,112 | 182,674 | 168.3 | % | |||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Expenses related to share-based long-term incentive plan | 22,508 | 26,760 | -- | -15.9 | % | n.a. | 49,268 | -- | n.a. | |||||||||||||||||||||||
| Adjusted EBT | 290,906 | 248,474 | 106,058 | 17.1 | % | 174.3 | % | 539,381 | 182,674 | 195.3 | % |
Adjusted Profit Reconciliation
| In R$ thousands of Brazilian Reais | 2Q26 | 1Q26 | 2Q25 | ΔQoQ | ΔYoY | 1H26 | 1H25 | ΔYoY | ||||||||||||||||||||||||
| IFRS Net Income | 269,028 | 151,737 | 120,263 | 77.3 | % | 123.7 | % | 420,765 | 208,359 | 101.9 | % | |||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Expenses related to share-based long-term incentive plan | 13,973 | 17,634 | -- | -20.8 | % | n.a. | 31,607 | -- | n.a. | |||||||||||||||||||||||
| Adjusted Net Income | 283,001 | 169,371 | 120,263 | 67.1 | % | 135.3 | % | 452,372 | 208,359 | 117.1 | % |
| | 27 |
Consolidated Statements of Financial Position
| In R$ thousands of Brazilian Reais | June 30, 2026 | December 31, 2025 | ||||||
| ASSETS | ||||||||
| Cash and cash equivalents | 6,108,366 | 3,863,395 | ||||||
| Financial assets | 40,181,881 | 32,933,941 | ||||||
| Financial assets measured at fair value through profit or loss | 443,431 | 71,451 | ||||||
| Financial investments | 418,464 | 42,435 | ||||||
| Derivative financial instruments | 24,967 | 29,016 | ||||||
| Financial assets measured at fair value through other comprehensive income | 3,203,466 | 3,000,551 | ||||||
| Financial investments | 3,203,466 | 3,000,551 | ||||||
| Financial assets measured at amortized cost | 36,534,984 | 29,861,939 | ||||||
| Financial investments | 2,509,765 | 2,891,089 | ||||||
| Trade receivables | 3,766,854 | 4,146,321 | ||||||
| Consumer loans | 27,436,458 | 20,913,519 | ||||||
| Other receivables | 2,821,907 | 1,911,010 | ||||||
| Prepaid expenses | 283,372 | 273,755 | ||||||
| Other assets | 170,514 | 19,173 | ||||||
| Tax assets | 3,909,975 | 3,609,417 | ||||||
| Current income tax assets | 1,632,808 | 1,533,487 | ||||||
| Deferred tax assets | 2,277,167 | 2,075,930 | ||||||
| Legal deposits | 90,650 | 1,370 | ||||||
| Property, plant and equipment | 117,115 | 110,784 | ||||||
| Right of use assets - leases | 30,734 | 35,462 | ||||||
| Intangible assets | 1,278,700 | 1,138,811 | ||||||
| TOTAL ASSETS | 52,171,307 | 41,986,108 | ||||||
| LIABILITIES | ||||||||
| Financial liabilities measured at fair value through profit or loss | 20,522 | 15,751 | ||||||
| Derivative financial instruments | 20,522 | 15,751 | ||||||
| Financial liabilities measured at amortized cost | 44,458,979 | 36,287,500 | ||||||
| Third-party funds | 35,831,663 | 29,974,830 | ||||||
| Trade payables | 6,536,378 | 5,497,113 | ||||||
| Obligations to FIDC FGTS quota holders | 2,090,938 | 815,557 | ||||||
| Labor obligations | 544,878 | 594,918 | ||||||
| Taxes payable | 481,989 | 826,498 | ||||||
| Deferred tax liabilities | 21,768 | 37,791 | ||||||
| Lease liability | 39,953 | 45,171 | ||||||
| Provision for legal and administrative claims | 288,875 | 254,723 | ||||||
| Other liabilities | 2,418 | 33,842 | ||||||
| Total Liabilities | 45,859,382 | 38,096,194 | ||||||
| Equity | 6,311,925 | 3,889,914 | ||||||
| Share premium reserve | 4,622,647 | 2,589,934 | ||||||
| Treasury shares | (260 | ) | - | |||||
| Capital reserve | 99,025 | 131,325 | ||||||
| Fair value reserve | 3,116 | 3,507 | ||||||
| Retained earnings | 1,584,712 | 1,148,018 | ||||||
| Non-controlling interests | 2,685 | 17,130 | ||||||
| TOTAL EQUITY AND LIABILITIES | 52,171,307 | 41,986,108 | ||||||
| | 28 |
Consolidated Statements of Cash Flows
| In R$ thousands of Brazilian Reais | June 30, 2026 | June 30, 2025 | ||||||
| Profit for the period | 420,766 | 208,359 | ||||||
| Adjustments for | ||||||||
| Income tax and social contribution expenses (benefit) | (247,199 | ) | (25,685 | ) | ||||
| Labor provisions | (544,878 | ) | 42,632 | |||||
| Share based long term incentive plan (LTIP) | (38,283 | ) | - | |||||
| Depreciation/amortization | 237,004 | 210,837 | ||||||
| Provision for legal and administrative claims | 49,761 | 12,033 | ||||||
| Chargeback provision | 7,547 | (16,536 | ) | |||||
| Credit loss allowance | 2,330,314 | 1,094,836 | ||||||
| Interest accrued on third party funds | 936,682 | 166,992 | ||||||
| Interest accrued on consumer loans | (1,839,362 | ) | (1,103,369 | ) | ||||
| Interest accrued on FIDC FGTS senior quotas | 122,272 | (59,257 | ) | |||||
| Interest accrued on financial assets | (206,618 | ) | (287,339 | ) | ||||
| Variations in operating assets and liabilities | ||||||||
| Financial assets | 9,000 | (1,714,414 | ) | |||||
| Derivative financial instruments | 8,820 | 39,740 | ||||||
| Trade receivables and other receivables | (531,429 | ) | (1,920,766 | ) | ||||
| Consumer loans | (7,013,891 | ) | (5,588,833 | ) | ||||
| Prepaid expenses | (9,617 | ) | (90,136 | ) | ||||
| Other assets | (293,981 | ) | (382,724 | ) | ||||
| Third-party funds | 4,809,255 | 5,205,940 | ||||||
| Labor obligations and taxes payable | 188,612 | 313,567 | ||||||
| Trade payables and other obligations | 2,813,855 | 1,431,548 | ||||||
| Obligations to FIDC FGTS quota holders | 1,153,108 | 111,261 | ||||||
| Legal and administrative claims | (15,610 | ) | - | |||||
| Interest received | 1,726,821 | 1,002,060 | ||||||
| Interest paid | (1,615,924 | ) | (813,607 | ) | ||||
| Income tax and social contribution paid | (1,829,584 | ) | (384,916 | ) | ||||
| Net cash (used in) from operating activities | 627,441 | (2,547,777 | ) | |||||
| Cash flows from investing activities | ||||||||
| Acquisition of property, plant and equipment | (26,829 | ) | (45,671 | ) | ||||
| Acquisition of intangible assets | (351,668 | ) | (312,899 | ) | ||||
| Net cash (used in) investing activities | (378,497 | ) | (358,570 | ) | ||||
| Cash flows from financing activities | ||||||||
| Share Capital Increase | 2,001,246 | 545,704 | ||||||
| Payment of leases | (5,218 | ) | (4,631 | ) | ||||
| Net cash from financing activities | 1,996,028 | 541,073 | ||||||
| Net increase (decrease) in cash and cash equivalents | 2,244,971 | (2,365,274 | ) | |||||
| Cash and cash equivalents at the beginning of the period | 3,863,395 | 7,471,673 | ||||||
| Cash and cash equivalents at the end of the period | 6,108,366 | 5,106,399 | ||||||
| Net increase (decrease) in cash and cash equivalents | 2,244,971 | (2,365,274 | ) | |||||
| | 29 |
Exhibit 99.3
2Q26 Earnings presentation August 24, 2026
2 Disclaimer Forward -Looking Statements This presentation contains forward -looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "forward -looking statements") . All statements other than statements of historical fact contained in this presentation may be forward -looking statements and include, but are not limited to, statements regarding the Company's intent, belief or current expectations . These forward -looking statements are subject to risks and uncertainties, and may include, among others, financial forecasts and estimates based on assumptions or statements regarding plans, objectives and expectations . Although the Company believes that these estimates and forward -looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available, and actual results may differ materially from those expressed or implied in the forward -looking statements due to various factors, including those described in the Company's filings with the SEC . The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result of any revision to the forward -looking statements made herein, except where it would be required to do so under applicable law. The forward -looking statements can be identified, in certain cases, through the use of words such as "believe," "may," "might," "can," "could," "is designed to," "will," "aim," "estimate," "continue," "anticipate," "intend," "expect," "forecast," "plan," "predict," "potential," "aspiration," "should," "purpose," "belief," and similar, or variations of, or the negative of such words and expressions . Forward -looking statements speak only as of the date they were made and the Company cannot guarantee future results, levels of activity, performance or achievements . The Company does not undertake any obligation to update these forward -looking statements in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events . This presentation includes financial information prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IFRS financial information"). This presentation also includes non-IFRS financial information, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with IFRS . There are a number of limitations related to the use of these non-IFRS financial measures and their nearest IFRS equivalents . For example, the Company's definitions of non-IFRS financial measures may differ from non-IFRS financial measures used by other companies . This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates . Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable . Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information . The Company's internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions . Although the Company believes that such information is reliable, it has not had this information verified by any independent sources . In addition, the information contained in this presentation is as of the date hereof (except where otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change . Subsequent materials may be provided by or on behalf of the Company in its discretion and such information may supplement, modify or supersede the information in these materials . Neither the Company, nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials . This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners . Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM ©or® symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights .
3 Presenters Danilo Caffaro Executive Vice President of Consumer Banking Eduardo Chedid Chief Executive Officer André Cazotto Chief Financial Officer & Investor Relations Officer
4 Eduardo Chedid Chief Executive Officer Performance Overview
Strong Execution Leading to Guidance Beat 5 METRIC 2Q26 GUIDANCE 2Q26 ACTUAL GUIDANCE BEAT Total Credit Portfolio ~R$31.0B R$ 31.9B +3.0% Quarterly Cost of Risk ~3.7 – 3.9% 3.9% Aligned Managerial Revenues (1) ~R$3,600M R$3,730M +3.6% Net Interest Income ~R$1,900M R$ 2,002 M +5.4% Gross Profit R$1,150M R$1,246M +8.4% IFRS EBT ~R$265M R$268M +1.3% IFRS Net Income ~R$235M R$269M +14.5% Adjusted EBT ~R$285M R$291M +2.1% Adjusted Net Income ~R$245M R$283M +15.5% Note: (1) Considers the total revenue and financial income for the 2Q26 excluding derivative and hedge accounting revenues in the amount of R$391 million.
Wallet & BanTPV 41.5 2Q25 44.3 1Q26 45.4 2Q26 63.9 68.6 70.4 +10% +3% Total Accounts 2Q25 1Q26 2Q26 132.4 156.0 167.6 +27% +7% 6 2Q26 Results Highlights Solid results in operational metrics, Scaling with Consistency Deposits 2Q25 1Q26 2Q26 24.8 32.5 35.8 +45% +10% 2Q25 1Q26 2Q26 116.3 125.4 136.4 +17% +9% 2Q25 1Q26 2Q26 119.9 134.0 142.6 +19% +6% 2Q25 1Q26 2Q26 6.8 10.2 11.1 +63% +9% Quarterly Active Clients Total Accounts in million Consolidated TPV R$ billion Wallet & Banking TPV (2) R$ billion Total Cash -in(3) R$ billion Total Deposits (4) R$ billion Active Insurance Policies in million YoY QoQ YoY QoQ YoY QoQ YoY QoQ YoY QoQ YoY QoQ Note: (1) Quarterly Active Clients considers consumers who have opened our app at least once and/or made a financial transaction and/or generated revenue during the preceding three-month period . (2) Wallet & Banking TPV includes the total payment volume generated from our wallet and banking products (P2P, Pix, bill payments, money withdrawal, wire transfers, and international remittance and exchange) . (3) Total cash -in includes total funds added to the customers' account balance through Pix, bank slips, payroll portability, P2P payments, and other means . (4) Total deposits include the following: (i) user CDBs and payment accounts ; (ii) deposits from corporate customers ; (iii) other obligations under financial instruments – such as non-convertible subordinated Financial Letters namely : a fixed-rate senior Financial Letter (R$ 263 million) and a CDI -indexed subordinated Financial Letter (R$ 539 million), maturing on December 22, 2027 and December 28, 2039 , respectively ; (iv) balance of commercial establishments – corporates ; (v) financial liabilities under repurchase agreements – LFT . (1)
2,352 117 2Q25 3,190 322 1Q26 3,730 391 2Q26 2,469 3,512 4,122 +67% +17% 7 2Q26 Results Highlights Solid results in financial metrics | Monetizing at Scale Note: (1) Managerial Revenues is the total net revenue and financial income excluding revenues from derivative and hedge accounting . (2) ARPAC means average revenue per active client. ARPAC is calculated as the total net revenues divided by the average number of active clients in the beginning and end of the period . (3) Gross Profit is equal to the total revenue and financial income minus transaction and financial expenses minus credit loss allowance expenses in the period . 2.9 2Q25 1Q26 2Q26 60.4 80.7 92.0 57.6 73.3 7.4 83.3 8.7 +52% +14% Total Revenue and Financial Income (1) R$ million ARPAC (2) R$ / active client Managerial Revenues Derivative & Hedge Accounting Gross Profit (3) R$ million 2Q25 1Q26 2Q26 845 1,096 1,246 +48% +14% YoY QoQ YoY QoQ YoY QoQ +59% +17% +45% +14%
8 2Q26 Results Highlights Solid results in financial metrics | Efficiency Compounding Note: (1) We define the average cost to serve per quarterly active client as the sum of transaction expenses, technology expenses, marketing expenses (excluding customer acquisition expenses), personnel expenses (excluding provision expenses from the share - based long -term incentive plan) , and administrative expenses divided by the average number of quarterly active clients during the period . (2) EBT and Net Income for 2Q26 were adjusted by the expenses of the share -based long -term incentive plan . (3) Opportunistic investments in marketing campaigns for seasonal events . Cost to Serve (1) R$ / active client Adjusted EBT (2) R$ million Adjusted Net Income (2) R$ million 2Q25 1Q26 2Q26 18.9 20.3 21.3 20.6 0.7 +13% +5% 2Q25 1Q26 2Q26 106 248 291 +174% +17% 2Q25 1Q26 2Q26 120 169 283 +135% +67% YoY QoQ YoY QoQ YoY QoQ Anticipation of Marketing Investments +1% (3)
9 17% 48% 9% 26% 2Q24 18% 31% 16% 35% 2Q25 23% 24% 24% 29% 2Q26 Float and hedge accounting Fees, commissions, and other services Secured and partially secured credit products Unsecured credit products 1,237 2,469 4,122 2Q26 Results Highlights Solid track record with a more resilient and diversified model Total Revenue and Financial Income (R$ M) 71% Revenues with no or lower credit risk (1) (2) (3) (4) Note: (1) "Unsecured credit products" includes interest revenues from the personal loans and credit cards portfolio. (2) "Secured and partially secured credit products" includes interest revenues from the private payroll loan, public payroll loan, and FGTS portfolios . (3) "Fees, commissions, and other services" includes total net revenue from transaction activities and other services, as well as financial income originating from the prepayment of third- party credit card transactions conducted by our consumers in the ecosystem . (4) "Float and hedge accounting" is calculated as the difference between total revenue and the sum of unsecured credit products, secured credit products, and fees, commissions, and other services .
10 2Q26 Results Highlights Strong revenue growth, boosted by secured and non -credit revenues 2Q25 3Q25 4Q25 1Q26 2Q26 391 465 581 820 1,008 +158% +23% Note: (1) "Secured and Partially Secured " includes interest revenues from the private payroll loan, public payroll loan, and FGTS portfolios . (2) "Unsecured" includes interest revenues from the personal loans and credit cards portfolio. (3) Non-Credit revenues include "Fees, commissions, and other services" and "Float and hedge accounting" revenues . Secured and Partially Secured Credit Revenues (1) in million Unsecured Credit Revenues (2) in million Non -Credit Revenues (3) in million 2Q25 3Q25 4Q25 1Q26 2Q26 860 903 988 1,089 1,204 +40% +11% 2Q25 3Q25 4Q25 1Q26 2Q26 1,218 1,363 1,445 1,604 1,910 +57% +19%
11 2Q26 Results Highlights Strong bottom line growth, resulting in increasing profitability and compelling ROE Adjusted Net Income (1) (R$ M) 2Q25 1Q26 2Q26 120 169 283 +135% +67% Quarterly Annualized Adjusted ROE (2) (%) 20.3% 2Q25 15.5% 1Q26 20.2% 2Q26 Note: (1) Adjusted by the expenses of share -based long - term incentive plan expenses . (2) Quarterly Annualized Adjusted ROE is calculated as the adjusted net income for the quarter multiplied by four and then divided by the average adjusted average equity, which is the average considering the beginning and the end of the period . YoY QoQ
12 2Q26 Results Highlights Credit origination and portfolio delivering relevant growth trends 2Q25 1Q26 2Q26 13.9 17.4 19.5 +40% +12% 2Q25 1Q26 2Q26 2.7 4.5 4.8 +78% +7% 16.0 (99% ) 0.1 (1%) 2Q25 26.1 (93% ) 2.0 (7% ) 1Q26 29.7 (93% ) 2.3 (7% ) 2Q26 16.1 28.0 31.9 +99% +14% PicPay Card TPV R$ billion Consumer Loans Origination R$ billion Total Credit Portfolio R$ billion Consumers SMBs and others YoY QoQ YoY QoQ YoY QoQ
13 Danilo Caffaro Executive Vice President of Consumer Banking Product Highlights Eduardo Chedid Chief Executive Officer
14 2Q26 Product Highlights A&E | A complete portfolio of services and experiences to our users focusing on increasing engagement and monetization iGaming Lucky Numbers National Lotteries Themed World Cup games One year to build a high margin business with over 2.7M clients Shopping Marketplace 145k SKUs across 37 sellers Shopping and Gift Cards 370 affiliates: Shopee, Amazon, Netflix, Uber Food Delivery Grocery in 15 min in main capitals | Rappi PicPay Travel Flights, hotels, packages, cars, Disney | CVC Tickets and Entertainment Top 3 cinema networks, themed parks and concerts Streaming Exclusive distribution of Sony One among fintechs Lottery National Lotteries, pools and more Prize Draws Lucky Numbers, Raffles, Themed World Cup Games Sports Betting Sports betting integrated into the ecosystem CUSTOMER at the center of the ecosystem More reasons to use PicPay every day ENGAGEMENT > FINANCIAL CROSS -SELL > HIGHER CUSTOMER LTV A broader everyday ecosystem increases relevance, engagement and the opportunity to deepen the financial relationship. Telecom Prized Top Ups with leading operators TIM PicPay Exclusive hybrid plan with best giga -price value Mobility Urban transport top up and Gas Station App
Tap on Phone for Consumers PicPay is expanding its Tap on Phone solution to individual consumers, enabling 70 million users to accept debit and credit card payments directly on their smartphones. 15 27 67 85 1H25 2H25 1H26 +3.2x 40 4Q25 1Q26 2Q26 693 1,050 +26.3x New SMB Accounts '000, monthly average Supply Chain Finance Origination R$ million Marketing AI Agent The AI marketing agent enables SMBs to create self -serve ads. Our platform identifies the most relevant PicPay customers within the merchant's geographic footprint, maximizing conversion potential. First week of our Marketing AI Agent generated impressive numbers 10k+ opt ins 1,5k+ marketing campaigns 1,7M+ individuals received at least one ad 2Q26 Product Highlights SMBs | Portfolio evolution & performance overview
16 Full Investment Platform Rolling out Epic to existing clients with a compelling value proposition Package Benefits — Premium Partners ✦ 1st Brazilian bank on AI Clients Reinforces our appless strategy , solving broken journeys anywhere our users need us, with contextual and relevant products and services. Official plug -in live in both Claude and OpenAI ecosystems. Rolling out 2nd generation WhatsApp & in-app agent. More tools, session memory, internet access & sequential multi-task. A complete investment offering, end to end Broad fund shelf, Fixed Income and a new brokerage platform to serve every investor profile. AI Agents & Appless Strategy +280 Products offered Fixed Income live New brokerage EPIC – High Income Segment Note: (1) Considering eligible users in the quarter. 2Q26 Product Highlights Consumers | Day -to-day banking business evolution Amazon Prime Prime Video Telemedicine Online Appointments Home Assistance Toll Tag ✓14% Epic % of PicPay Card TPV ✓23 % Eligible base penetration (1) ✓80 % Clients using package benefits ✓+20 x Higher ARPAC than PicPay's average client
17 Danilo Caffaro Executive Vice President of Consumer Banking Credit Overview
2Q26 Credit Overview We continue to gain market share by increasing our share of wallet across the different products, and still significant room to grow Private Payroll Loans Portfolio¹ Personal Loans Portfolio¹² Cards TPV³ Credit Cards Portfolio¹ 2.76% 4.93% 6.37% 2.28% 2.76% 2.81% 1.18% 1.53% 1.64% 0.82% 1.08% 1.22% Market Share (1) – 2Q26 (%) Note: (1) Market data from the Central Bank of Brazil, as of June 2026 and June 2025. (2) Market data from the Central Bank of Braz il as of June 2026 and June 2025, includes personal loans, FGTS, BNPL and renegotiation. (3) Total card TPV includes pre-paid, debit, and credit card volumes in 2Q26 and 2Q25. Market data from ABECS. 18 2Q25 1Q26 2Q26
19 New cards almost doubled their contribution to portfolio expansion compared to last quarter , reflecting our progressive limits approach, designed as an early -stage customer acquisition and risk -calibration strategy. 86% on lower -risk loans and mature credit cards Total Credit Portfolio Evolution R$ billion Mature Cards (12+ mo) +13% New Cards (<12 mo) 46% Unsecured Personal Loans 2Q26 54% 1Q26 (4)% FGTS +1% Public Payroll Loans +56% Private Payroll Loans +9% Supply Chain Finance +24% 28.0 31.9 +1% +3.9 (+14% ) (0.1) 0.0 +2.2 +0.3 +0.9 +0.5 +0.1 55% 45% Secured and Partially Secured Unsecured 2Q26 Credit Overview Credit growth continues to be mainly driven by secured and partially secured products and mature credit cards
20 Cards Portfolio Portfolio NPL +30 Creation (1) (100 basis = 1Q25) 100 106 106 105 98 92 218 203 174 169 180 173 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Standard Strategy Growth Strategy Progressive Limits Note: (1) Rolling average 2 quarters; (2) For the credit card portfolio, it includes upgraded credit cards. (2) 21% 24% 26% 26% 28% 30% Progressive Limits (% of total balance) Credit card portfolio NPL creation is trending better than the same period last year on both strategies, and relatively stable versus last quarter, already considering its seasonality 2Q26 Credit Overview We continue to execute our underwriting strategy across two complementary objectives: performance and growth
21 Standard Strategy Portfolio Performance approach Growth Strategy Portfolio CAC approach (1) Personal Loans ($over30 per cohort) 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1Q24 1Q26 Growth portfolio performance reflects the intentional risk –growth trade -off as origination volumes increased, with newer cohorts reflecting the deliberate incremental risk assumed to accelerate growth . All of this while maintaining the same risk appetite and targeted risk - adjusted returns. 2Q25 3Q25 4Q25 1Q26 % Orig. - 9% 28% 30% Vs. Standard 0.65x avg. term 2x avg. spread Private Payroll Loans ($over30 per cohort) 2Q25 3Q25 4Q25 1Q26 % Orig. 16% 19% 25% 25% Vs. Standard 0.25x avg. term / 2x avg. spread 2Q26 Credit Overview Cohort performance across both strategies remained relatively stable, even with Standard portfolio Q1 seasonality effects Underwriting (1) For Private Payroll Loans, cluster C is considered CAC Strategy; for Cards Portfolio, it includes upgraded cards | (2) Rolling average 2 quarters | (3) Origination Exposure
22 1.3 2Q25 1.5 3Q25 2.9 4Q25 5.0 1Q26 7.2 2Q26 +5.6x +44.1% Private Payroll Loan Portfolio R$ billion Marginal ROE (1) % >100% 6.4% Market share % as of June 2026 ARPAC 8.9x higher than PicPay's average client Note: (1) Marginal ROE is defined as the net income excluding corporate expenses and cost sharing divided by allocated capital, whi ch is equal to a capital ratio of 10.5% multiplied by a risk weight factor of 75% minus credit loss allowance balances calculated in a monthly basis for each customer cohort. The calculation considers gross loan origination except for debt repa yme nt. 3.6M Contracts Credit Insurance since August 2025 Cross Selling ~30% higher compared to no private payroll loan customers Since the beginning 2Q26 Credit Overview Private Payroll Loan | Continues to operate with healthy margins, reflecting strong customer attraction and profitability 327k Companies Well-diversified employer risk
23 André Cazotto Chief Financial Officer & Investor Relations Officer Financial Results
2Q26 Financial Results Early delinquency improved , while late -stage NPLs reflect portfolio maturation 24 90+ NPLs & Stage 3 over Total Credit Portfolio (%) 4.0% 6.3% 1Q25 4.1% 7.1% 2Q25 6.0% 8.7% 3Q25 7.2% 11.9% 4Q25 8.9% 12.7% 1Q26 9.8% 12.9% 2Q26 15-90 NPLs (%) 6.2% 1Q25 7.0% 2Q25 8.0% 3Q25 7.6% 4Q25 8.4% 1Q26 7.5% 2Q26 NPL over 90 Stage 3
25 NPL 90 (%) 1Q26 +318bps Aging (117)bps Origination +50bps Seasonality (34)bps Product Mix (7)bps Others (117)bps Desenrola 2Q26 8.9% 9.8% Stage 3 (% of total credit portfolio) 1Q26 +184bps Aging (117)bps Origination +41bps Seasonality (26)bps Product Mix (9) bps Others (46) bps Desenrola 2Q26 12.7% 12.9% +93bps +27bps 2Q26 Financial Results NPL and Stage 3 movement: vintage maturation and seasonal dynamics
26 Stage 3 Formation (2) (%) Notes : (1) The stage 2+3 formation rate is calculated considering stage 2 and 3 credit balances in the end of the period minus the stage 2 and 3 credit balances in the previous period plus write-off in the current period divided by the total credit portfolio in the previous period . (2) The stage 3 formation rate is calculated considering the stage 3 balance in the end of each period minus the stage 3 balance in the previous period plus write-off in the current period divided by the total credit portfolio the previous period . 3.1% 2Q25 3.8% 3Q25 7.1% 4Q25 3.9% 1Q26 3.6% 2Q26 Stage 2+3 Formation (1) (%) 7.0% 2Q25 5.9% 3Q25 5.1% 4Q25 5.1% 1Q26 4.9% 2Q26 S2+S3 formation rate decreased over the last twelve months S3 formation rate came in at 3.6% in 2Q26 2Q26 Financial Results Evolution of Stage 2+3 and 3 Formation
27 2Q26 Financial Results Portfolio classification by stages and coverage Total Credit Portfolio R$M Coverage by Stage % Stage 1 Stage 2 Stage 3 Stage 1 84.1% 83.5% 76.4% 77.0% 74.1% 56.6% 2Q25 59.1% 3Q25 62.0% 4Q25 63.9% 1Q26 62.7% 2Q26 Stage 3 1.5% 1.1% 1.4% 1.3% 1.4% Stage 2 + 3 Stage 2 39.2% 40.5% 38.8% 41.3% 43.2% 80% 7% 13% 1Q26 79% 8% 13% 2Q26 28,043 31,942 +14% QoQ Stage 3 coverage reduction was primarily related to the Desenrola program . Loans renegotiated under Desenrola benefit from an FGO guarantee (The Operations Guarantee Fund) covering 50% of the outstanding exposure
28 2Q26 Financial Results Performance in line with Loss Absorption guidelines, controlled cost of risk, and robust portfolio coverage Quarterly Cost of Risk (2) (%) Loss Absorption Ratio (1) (%) Note: (1) Represents all the expected losses over all the lifetime credit -related revenues of a given credit concession . (2) Quarterly cost of risk is calculated as the credit loss allowance expenses in the quarter divided by the average total credit portfolio at the beginning and end of the period for each quarter presented . (3) Total coverage is calculated as the total credit loss provision divided by the total credit portfolio. Credit Loss Allowance Expenses & Total Coverage (3) R$M; % 615 633 800 974 11.7% 2Q25 12.8% 3Q25 13.1% 4Q25 13.9% 1Q26 13.9% 2Q26 1,181 Total Coverage CLA expenses 4.2% 2Q25 3.6% 3Q25 3.7% 4Q25 3.7% 1Q26 3.9% 2Q26 53.3% 2Q25 50.2% 3Q25 54.0% 4Q25 54.9% 1Q26 56.5% 2Q26
Total Revenue and Financial Income R$M Adjusted Operating Expenses & Adj. Efficiency Ratio (1) Evolution R$M; % 29 Notes : (1) The Adjusted Efficiency Ratio considers the sum of transactional expenses, technology expenses, marketing expenses, personnel expenses, administrative expenses, and other expenses divided by total revenue and financial income minus interest and other financial expenses, and other income . 2Q25 3Q25 4Q25 1Q26 2Q26 2,469 2,731 3,014 3,512 4,122 +67% +17% 56.2% 2Q25 53.8% 3Q25 49.9% 4Q25 46.9% 1Q26 44.8% 2Q26 739 773 772 848 955 +29% +13% Adj. Opex Adj. Efficiency Ratio 2Q26 Financial Results Improving efficiency driven by fast revenue growth and scale gains
30 2Q26 Financial Results Financial margin expansion Net Interest Income (NII) (1) & Net Interest Income Margin (NIM) (2) R$M & % Notes: (1) NII is calculated as financial income less interest and other financial expenses. (2) NIM is calculated as NII mul tiplied by 4 and then divided by the average of the following balance sheet metrics: (i) cash and cash equivalents; (ii) financi al assets at fair value through profit or loss; (iii) financial assets at fair value through other comprehensive income, or OCI; (iv) interest -earning portfolio ; (v) other receivables; (vi) other financial assets at amortized cost, and (vii) interest bearing trade receivables. (3) We cal culate margin from credit products as the sum of total net revenue from transaction activities and other services and financial income from our credit ope rations (cards and loans) minus cost of funding from these products. NIM from credit products is calculated as margin from credit products multiplied by four and then divided by the average of the total credit portfolio. (4) We calculate margin from credit products after losses as margin from credit products minus credit loss allowance expenses. NIMAL is calculated as margin from credit products after losses multiplied by four ant then divided by the average of the total credit portfolio . Margin from Credit products (3) R$M & % 19.6% 2Q25 17.7% 3Q25 17.7% 4Q25 18.7% 1Q26 19.4% 2Q26 1,212 1,277 1,431 1,704 2,002 +65% +18% NII NIM Margin from Credit Products After Losses (4) R$M & % YoY QoQ YoY QoQ 539 626 682 798 908 14.8% 2Q25 14.4% 3Q25 12.8% 4Q25 12.3% 1Q26 12.1% 2Q26 +68% +14% Margin after losses NIMAL YoY QoQ 31.7% 2Q25 29.0% 3Q25 27.8% 4Q25 27.2% 1Q26 27.8% 2Q26 1,153 1,258 1,483 1,771 2,087 +81% +18% NII NIM from Credit Products
2Q26 Financial Results Increasing funding base with controlled cost of funding 96.4% 2Q25 94.2% 3Q25 93.6% 4Q25 94.0% 1Q26 96.2% 2Q26 24.8 27.8 30.0 32.5 35.8 +45% +10% Cost of Funding Third-party funds Total Deposits (1) and Cost of Funding (2) (R$B & % of CDI) 31 Note: (1) Total deposits include the following: (i) user CDBs and payment accounts; (ii) deposits from corporate customers; (iii) other obligations under fina ncial instruments – such as non -convertible subordinated Financial Letters namely: a fixed -rate senior Financial Letter (R$ 263 millio n) and a CDI -indexed subordinated Financial Letter (R$ 539 million), maturing on December 22, 2027 and December 28, 2039, respectively; (iv) balan ce of commercial establishments – corporates; (v) financial liabilities under repurchase agreements – LFT. Multiple sources of Funding Growth... ▪ Digital on platform ▪ Third-party platforms ▪ FIDCs ▪ Financial Letter of Credit (LC) ... and actively seeking other efficient sources of funding in the market In May 2026, we issued PicPay FIDC FGTS II, raising R$1.25 billion
2Q26 Financial Results Solid capital position, with CET1 at 15.6% CET1 ratio (R$ billion; % of RWA) 32 2.0 (8.5%) 1.5 (6.2%) 0.5 (2.0%) 1Q26 2.3 (8.5%) 1.4 (5.4%) 0.5 (1.7%) 2Q26 Required Regulatory Capital (1) Including Conservation Buffer Excess Capital Held at PicPay Bank Excess Capital Held at PicS N.V. 16.7% 15.6% Note: (1) The required regulatory capital includes the minimum CET 1 ratio (4.5% ), the capital conservation buffer (2.5% ) as well as the portion of the minimum Tier 1 ratio (1.5% ) that can be met with Additional Tier 1 capital instruments (e.g. perpetual subordinated debt), as PicPay is currently fulfilling the entire required Tier 1 ratio, including the conservation buffer, with common equity capital . Once PicPay issues Additional Tier 1 capital instruments sufficient to fulfill the 1.5% requirement, the required CET 1 ratio will be 7% Total Capital Ratio (R$ billion; % of RWA) 3.5 (14.7% ) 0.5 (2.2% ) 0.5 (2.0% ) 1Q26 3.7 (13.9% ) 0.5 (2.0% ) 0.5 (1.7%) 2Q26 Tier I Tier II Excess Capital Held at PicS N.V. 18.9% 17.6% 15.9% Basel Index
3Q26 Guidance (ex -Kovr) 33 Note: (1) Considers net revenues excluding derivative and hedge accounting revenues for each quarter . (2) Excludes LTIP expenses . Total Credit Portfolio Quarterly Cost of Risk Managerial Revenues (1) Net Interest Income Gross Profit IFRS Net Income Adjusted EBT (2) Adjusted Net Income (2) IFRS EBT ~R$ 34.7 B 3.9 – 4.1% ~R$ 4,040 M ~R$ 2,100 M ~R$ 1,270 M ~R$ 255 M ~R$ 378 M ~R$ 265 M ~R$ 360 M 3Q26 EXPECTATION
34 Eduardo Chedid Chief Executive Officer Final Remarks
✓Accelerated Product development: Faster creation and launch of products. Scale and Execution Full Service Insurtech Platform Distribution Channels Rebranding Senior Executive Partners avg. 20+ years track - record in insurance Already Sizable Business +100 products Strong Origination & Ability to establish Partnerships 35 ✓Enhanced unit economics: Additional insurance margins through Kovr and migration of existing portfolio. ✓Incremental revenue opportunities: Expanded distribution through Kovr's established partner network. ✓Proven leadership team: Experienced management with a strong execution track record, operating independently. The beginning of a new phase , maintaining independence and strengthening partnerships Insurance Private Pension Capitalization PicPay accounts for 30% of the insurance policies issued, while the remaining 70% are concentrated among high -quality customers. 2Q26 Final Remarks Kovr's acquisition completed, strengthening position in the Brazilian insurance market
01 36 Our risk -adjusted growth strategy is delivering a more resilient credit portfolio while expanding PicPay's addressable market beyond credit . Macro Outlook 02 Asset Quality Remains Resilient 04 Non -Credit Revenue Expansion 05 SMB Gaining Traction While delinquency remains elevated, recent trends point to stabilization, supported by a still -resilient labor market, with unemployment near historical lows and gradually moderating economic activity, a backdrop that supports continued monetary easing. +57% annual growth, underscoring the strength of our broader platform monetization, beyond credit -related revenue streams. Our portfolio remains resilient by design, supported by greater exposure to secured products and partially secured, disciplined underwriting and robust risk management, following our credit fundamentals of a balanced portfolio, loss absorption ratios between 40 -60% and ROEs above 30% SMB segment is gaining scale, relevance, and customer traction, with increasing potential to contribute meaningfully to future growth. 03 Private Payroll Loans Scaling Profitably Private payroll loans scaling with attractive economics, including very healthy marginal ROEs and stable over -30 NPL metrics, supporting profitable growth in partially secured lending. 06 Kovr: A Catalyst for Earnings Expansion The acquisition of Kovr accelerates the launch of new insurance modalities, creating opportunities to expand product penetration, capture additional economics and unlock a new contribution to earnings growth. 2Q26 Final Remarks Resilient Portfolio, Confident Outlook
Q&A
Non-IFRS Measures Reconciliation
39 Adjusted Profit Before Income Taxes Reconciliation 2Q26 1Q26 2Q25 ΔQoQ ΔYoY (in R$ M) % Profit before income taxes 268.4 221.7 106.1 +21% +153% Adjustments : Expenses related to share -based long -term incentive plan 22.5 26.8 - (21)% n.a. Adjusted Profit Before Income Taxes 290.9 248.5 106.1 17% 174%
40 Adjusted Profit Reconciliation 2Q26 1Q26 2Q25 ΔQoQ ΔYoY (in R$ M) % Profit for the period 269.0 151.7 120.3 +77% +124% Adjustments : Expenses related to share -based long -term incentive plan 14.0 17.6 - (21)% n.a. Adjusted Profit 283.0 169.4 120.3 +67% +135%
Glossary
Glossary • Adjusted Efficiency Ratio : Efficiency Ratio considers the sum of transactional expenses, technology expenses, marketing expenses, personnel expenses (excluding LTIP expenses), administrative expenses, and other expenses divided by total revenue and financial income, interest and other financial expenses, and other income . • Adjusted Net Income : We calculate Adjusted Net Income as our profit for the period/year, adjusted by the LTIP expenses . • Adjusted Operating Expenses : Expenses are the sum of technology expenses, marketing expenses, personnel expenses (excluding LTIP expenses), administrative expenses, depreciation and amortization expenses, and other expenses (income) for the period . • Adjusted Profit Before Income Taxes (Adjusted EBT) : We calculate Adjusted Profit Before Income Taxes as our profit before income taxes, adjusted to include or exclude certain non-recurring and/or non-cash items of income and expense, such as : (i) initial recognition of share -based long -term incentive plan expenses ; and (ii) expenses related to one -time provision for contingencies . • Consolidated TPV : We define total payment volume, or "TPV," as the aggregate amount of payments, outbound transfers (sending money) and cash -out, net of reversals, successfully completed on our platform. TPV represents the total amount of payments that pass through our ecosystem, and we generate revenue from certain payment transactions as a percentage of TPV . • Cost of Funding (% of CDI) : The cost of funding is mainly related to the interest expenses paid to customers who deposit funds in CDB, which are used to lend money to other customers in the form of loans . CDI is the Brazilian interbank deposit rate. • Gross Profit : We calculate Gross Profit as the total revenue and financial income minus total transaction and financial expenses minus credit loss allowance expenses . 42
Glossary • Margin from credit products : We calculate margin from credit products as the sum of total net revenue from transaction activities and other services and financial income from our credit operations (cards and loans) minus cost of funding from these products . • Margin from credit products after losses : We calculate margin from credit products after losses as margin from credit products minus credit loss allowance expenses . • Net Interest Income (NII): We calculate Net Interest Income (NII) as financial income less interest and other financial expenses . • Net Interest Margin (NIM): NIM is calculated as NII multiplied by 4 and then divided by the average of the following balance sheet metrics : (i) cash and cash equivalents ; (ii) financial assets at fair value through profit or loss ; (iii) financial assets at fair value through other comprehensive income, or OCI ; (iv) interest-earning portfolio; (v) other receivables ; (vi) other financial assets at amortized cost ; and (vii) interest-bearing trade receivables . • Net Interest Margin (NIM) from Credit Products : NIM from credit products is calculated as the margin from credit products multiplied by 4 and then divided by the average total credit portfolio in the period . • NIMAL (Net Interest Margin Adjusted for Losses) : NIMAL is calculated as the margin from credit products after losses multiplied by 4 and then divided by the average total credit portfolio in the period . • PicPay Card TPV : means the total payment volume generated from transactions made with our PicPay Card . • Quarterly Active Clients : means a consumer who has opened our app at least once and/or made a financial transaction and/or generated revenues during the preceding three-month period . Accounts that were voluntarily closed during the preceding three- month period are included in the calculation of total active consumers . • Quarterly Annualized Adjusted ROE : is calculated as the adjusted net income for the quarter multiplied by 4 and then divided by the average adjusted equity for the period . • Quarterly Average Cost to Serve per Quarterly Active Client (CTS) : We define quarterly average cost to serve per quarterly active client, or "CTS," as the sum of transaction expenses, technology expenses, marketing expenses (excluding customer acquisition expenses), personnel expenses (excluding LTIP expenses) and administrative expenses during the applicable three-month period divided by the average number of quarterly active clients during the applicable three-month period . The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period . • Quarterly Average Revenue per Quarterly Active Client (ARPAC) : We define quarterly average revenue per quarterly active client, or "ARPAC," as the total quarterly revenue and financial income of consumers divided by the average number of quarterly active clients during this period . The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period . • Stage 2+3 Formation : Stage 2+3 Formation represents the net inflow of Stage s 2 and 3 exposures during the period . The indicator is calculated by the variation in the Stage 2 and 3 balance s compared to the previous period plus write-offs in the current period divided by the total credit portfolio at the beginning of the period . • Stage 3 Formation : The stage 3 formation rate is calculated considering the stage 3 balance in the end of each period minus the stage 3 balance in the previous period plus write-offs divided by the total balance at the beginning of the period . 43
Glossary • Total Accounts : We define total accounts as the number of PicPay accounts opened by individuals, excluding accounts that have been charged -off, blocked or voluntarily closed by our consumers . Our management uses total accounts data to measure the growth of our brand and to evaluate our market positioning as a financial institution among our main competitors . • Total Deposits : We define total deposits as the following : : (i) user CDBs and payment accounts ; (ii) deposits from corporate customers ; (iii) other obligations under financial instruments – such as non-convertible subordinated Financial Letters namely : a fixed- rate senior Financial Letter, and a CDI -indexed subordinated Financial Letter; (iv) balance of commercial establishments – corporates ; and (v) financial liabilities under repurchase agreements – LFT . • Total Cash -in: We define total cash -in as total cash inflows into our digital wallet. To "cash in" means to add funds to the balance of a digital wallet account from outside our platform via transfers from other financial institutions (wire transfers), including via the Brazilian Central Bank's instant payment system (Pix), via boleto (bank slip), through the receipt of funds via P2P payments, payroll portability, contracting loans or pulling funds from other banks in app through Open Finance (PicPay operating as a payment initiator). • Total Credit Portfolio : We define Total Credit Portfolio as the outstanding end -of-period balance of our credit product receivables, including secured and unsecured consumer loans (such as FGTS loans, payroll loans, and personal loans), and secured and unsecured credit cards (gross of credit loss allowance) . • Wallet & Banking TPV : means the total payment volume generated from our wallet and banking product (P2P, cash -out Pix, bill payment, money withdrawal, wire transfers and international remittance & exchange) . 44
Exhibit 99.4
KPMG Auditores Independentes Ltda.
Rua Verbo Divino, 1400 - Conjunto Térreo ao 801 – parte,
Chácara Santo Antônio, CEP 04719-911, São Paulo - SP
Caixa Postal 79518 - CEP 04707-970 - São Paulo - SP - Brasil
Telefone 55 (11) 3940-1500
kpmg.com.br
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of PicS N.V. (formerly known as PicPay Holdings Netherlands B.V)
Results of review of interim financial statements
We have reviewed the condensed consolidated statement of financial position of PicS N.V., formerly known as PicPay Holdings Netherlands B.V. (the Company) as of June 30, 2026, the related condensed consolidated statements of profit or loss and comprehensive income for the three-month and six-month periods ended June 30, 2026 and 2025, and related condensed consolidated statements of changes in equity and cash flows for the six-month periods ended June 30, 2026 and 2025, and related notes (collectively, the unaudited condensed consolidated interim financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with IAS 34 – Interim Financial Reporting as issued by the International Accounting Standards Board (IASB).
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2025, and the related consolidated statements of profit or loss, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated April 30, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the statement of financial position from which it has been derived.
Basis for Review Results
These condensed consolidated interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
KPMG Auditores Independentes Ltda. São Paulo, Brazil
August 24, 2026
| KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada. | KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
2
| PicS N.V. Unaudited Condensed Consolidated Statements of Financial Position As of June 30, 2026 and December 31, 2025 (Thousands of Reais) |
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| ASSETS | Note | June 30, 2026 |
December 31, 2025 |
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| Cash and cash equivalents | 6 | ||||||||||
| Financial assets | |||||||||||
| Financial assets measured at fair value through profit or loss | |||||||||||
| Financial Investments | 7.1 | ||||||||||
| Derivative financial instruments | 7.2 | ||||||||||
| Financial assets measured at fair value through other comprehensive income | |||||||||||
| Financial Investments | 7.1 | ||||||||||
| Financial assets measured at amortized cost | |||||||||||
| Financial investments | 7.1 | ||||||||||
| Trade receivables | 8.1 | ||||||||||
| Consumer Loans | 8.2 | ||||||||||
| Other receivables | 8.4 | ||||||||||
| Prepaid expenses | |||||||||||
| Other assets | |||||||||||
| Tax assets | |||||||||||
| Current income tax assets | |||||||||||
| Deferred tax assets | 9.1 | ||||||||||
| Legal deposits | |||||||||||
| Property, plant and equipment | |||||||||||
| Right of use assets – leases | |||||||||||
| Intangible assets | 10 | ||||||||||
| TOTAL ASSETS | |||||||||||
| LIABILITIES | Note | June 30, 2026 |
December 31, 2025 |
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| Financial liabilities measured at fair value through profit or loss | |||||||||||
| Derivative financial instruments | 7.2 | ||||||||||
| Financial liabilities measured at amortized cost | |||||||||||
| Third-party funds | 11 | ||||||||||
| Trade payables | 12 | ||||||||||
| Obligations to FIDC FGTS quota holders | 13 | ||||||||||
| Labor obligations | 14 | ||||||||||
| Taxes payable | 15.1 | ||||||||||
| Deferred tax liabilities | 9.2 | ||||||||||
| Lease liability | |||||||||||
| Provision for legal and administrative claims | 16 | ||||||||||
| Other liabilities | |||||||||||
| Total Liabilities | |||||||||||
| Equity | 17 | ||||||||||
| Share premium reserve | |||||||||||
| Treasury shares | ( | ) | |||||||||
| Capital reserve | |||||||||||
| Fair value reserve | |||||||||||
| Retained earnings | |||||||||||
| Non-Controlling interests | |||||||||||
| TOTAL EQUITY AND LIABILITIES | |||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
3
| PicS N.V. Unaudited Condensed Consolidated Statements of Profit or Loss For the Three and six-month period ended June 30, 2026 and 2025 (Thousands of Reais, except Earnings per share) |
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| Three-month ended June 30 |
Six-month period ended June 30 |
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| Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net revenue from transaction activities and other services | |||||||||||||||||||
| Financial income | 19 | ||||||||||||||||||
| Total revenue and financial income | |||||||||||||||||||
| Transaction expenses | 20 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Interest and other financial expenses | 21 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Total transaction and financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
| Credit loss allowance expenses | 22 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Technology expenses | 23 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Marketing expenses | 24 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Personnel expenses | 25 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Administrative expenses | 26 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
| Other expenses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
| Other income | |||||||||||||||||||
| Profit before income taxes | |||||||||||||||||||
| Current income tax and social contribution | 15.2 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Deferred income tax and social contribution | 15.2 | ||||||||||||||||||
| Total income tax and social contribution (expense) benefit | ( | ) | |||||||||||||||||
| Profit for the period | |||||||||||||||||||
| Profit attributable to the Company’s shareholders | |||||||||||||||||||
| Profit attributable to non-controlling interests | ( | ) | ( | ) | |||||||||||||||
| Earnings per share – basic and diluted (R$) | 17.c | ||||||||||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
4
| PicS N.V. Unaudited Condensed Consolidated Statements of Comprehensive Income For the Three and six-month period ended June 30, 2026 and 2025 (Thousands of Reais) |
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| Three-month ended June 30 |
Six-month period ended June 30 |
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| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Profit for the period | ||||||||||||||||
| Other comprehensive income/(loss) (OCI) | ( | ) | ( | ) | ||||||||||||
| - Items that are or may be reclassified subsequently to profit or loss | ||||||||||||||||
| Fair value of financial assets at fair value through other comprehensive income | ( | ) | ( | ) | ||||||||||||
| Deferred income tax | ( | ) | ( | ) | ||||||||||||
| Reclassification of fair value adjustments to profit or loss | ( | ) | ( | ) | ||||||||||||
| Total comprehensive income | ||||||||||||||||
| Comprehensive income attributable to the Company’s shareholders | ||||||||||||||||
| Comprehensive income attributable to non-controlling interests | ( | ) | ( | ) | ||||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
5
| PicS N.V. Unaudited Condensed Consolidated Statements of Changes in Equity For the six-month period ended June 30, 2026 and 2025 (Thousands of Reais) |
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| Note | Share premium reserve | Treasury shares | Capital reserve | Fair value reserve | Retained earnings | Non-Controlling Interest | Total | |||||||||||||||||||||||
| Balances as of December 31, 2025- PicS N.V | ||||||||||||||||||||||||||||||
| Share capital increase | ||||||||||||||||||||||||||||||
| Repurchase of treasury shares | ( | ) | ||||||||||||||||||||||||||||
| IPO cost | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Corporate reorganization | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Share-based long-term incentive plan - (LTIP) | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Other comprehensive income for the period (OCI) | ||||||||||||||||||||||||||||||
| Fair value of financial assets at fair value through other comprehensive income | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
| Deferred income tax | ||||||||||||||||||||||||||||||
| Reclassification of fair value adjustments to profit or loss | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
| Profit for the period | ( | ) | ||||||||||||||||||||||||||||
| Balances as of June 30, 2026 - PicS N.V | ( | ) | ||||||||||||||||||||||||||||
| Note | Share premium reserve | Treasury shares | Capital reserve | Fair value reserve | Retained earnings | Non-Controlling Interest | Total | |||||||||||||||||||||||
| Balances as of December 31, 2024 -PicS N.V | ( | ) | ||||||||||||||||||||||||||||
| Share capital increase | ||||||||||||||||||||||||||||||
| Other comprehensive income for the period (OCI) | ||||||||||||||||||||||||||||||
| Fair value of financial assets at fair value through other comprehensive income | ||||||||||||||||||||||||||||||
| Deferred income tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
| Reclassification of fair value adjustments to profit or loss | ||||||||||||||||||||||||||||||
| Profit for the year | ||||||||||||||||||||||||||||||
| Balances as of June 30, 2025- PicS N.V | ( | ) | ||||||||||||||||||||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
6
| PicS N.V. Unaudited Condensed Consolidated Statements of Cash Flows For the six-month period ended June 30, 2026 and 2025 (Thousands of Reais) |
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| Note | June 30, 2026 |
June 30, 2025 |
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| Profit for the period | |||||||||||
| Adjustments for | |||||||||||
| Income tax and social contribution expenses (benefit) | ( | ) | ( | ) | |||||||
| Labor provisions | |||||||||||
| Share based long term incentive plan (LTIP) | ( | ) | |||||||||
| Depreciation/amortization | |||||||||||
| Provision for legal and administrative claims | |||||||||||
| Chargeback provision | ( | ) | |||||||||
| Credit loss allowance | 22 | ||||||||||
| Interest accrued on third party funds | |||||||||||
| Interest accrued on consumer loans | ( | ) | ( | ) | |||||||
| Interest accrued on FIDC FGTS senior quotas | ( | ) | |||||||||
| Interest accrued on financial assets | ( | ) | ( | ) | |||||||
| Variations in operating assets and liabilities | |||||||||||
| Financial assets | ( | ) | |||||||||
| Derivative financial instruments | |||||||||||
| Trade receivables and other receivables | ( | ) | ( | ) | |||||||
| Consumer loans | ( | ) | ( | ) | |||||||
| Prepaid expenses | ( | ) | ( | ) | |||||||
| Other assets | ( | ) | ( | ) | |||||||
| Third-party funds | |||||||||||
| Labor obligations and taxes payable | ( | ) | |||||||||
| Trade payables and other obligations | |||||||||||
| Obligations to FIDC FGTS quota holders | |||||||||||
| Legal and administrative claims | ( | ) | - | ||||||||
| Interest received | |||||||||||
| Interest paid | ( | ) | ( | ) | |||||||
| Income tax and social contribution paid | ( | ) | ( | ) | |||||||
| Net cash (used in) from operating activities | ( | ) | |||||||||
| Cash flows from investing activities | |||||||||||
| Acquisition of property, plant and equipment | ( | ) | ( | ) | |||||||
| Acquisition of intangible assets | ( | ) | ( | ) | |||||||
| Net cash (used in) investing activities | ( | ) | ( | ) | |||||||
| Cash flows from financing activities | |||||||||||
| Share Capital Increase | |||||||||||
| Payment of leases | ( | ) | ( | ) | |||||||
| Net cash from financing activities | |||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ) | |||||||||
| Cash and cash equivalents at the beginning of the period | |||||||||||
| Cash and cash equivalents at the end of the period | |||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ) | |||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
7
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
1. Operating context
PicS N.V. (formerly known as PicPay Holdings Netherlands B.V. - change effective January 29, 2026). (“PicPay Netherlands” or “Company”, along with its subsidiaries, “PicPay Group” or “Group”), a public limited liability company under Dutch law, resulted from the conversion of PicPay Netherlands B.V., which was a private limited liability company, to a public limited liability company, both under Dutch law. On January 29, 2026, PicS N.V. finalized its initial public offering (“IPO”) and trading of its shares began on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) under the symbol “PICS”.
The PicPay Group is a Brazilian digital financial services platform operating through a set of regulated subsidiaries authorized by the Brazilian Central Bank (“BACEN”). The Group’s principal activities encompass digital payments and money transfers, credit products — including personal loans, payroll-deductible loans and FGTS-collateralized advances — credit card issuance and acquiring, financial investments, securities brokerage and P2P lending. As of June 30, 2026, the Group’s main operating subsidiaries and their respective regulatory authorizations are as follows:
PicPay Instituição de Pagamento S.A. (“PicPay”) is authorized by the Brazilian Central Bank to operate as a payment institution in the capacities of:
(1) issuer of electronic currency;
(2) issuer of postpaid payment instruments;
(3) acquirer;
PicPay Bank – Banco Múltiplo S.A. (“PicPay Bank”) is authorized by the Brazilian Central Bank to operate as a multi-purpose bank, with authorization to perform both commercial and credit, financing and investment activities;
PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. (“PicPay Invest”) is authorized by the Brazilian Central Bank to operate as a securities broker. In addition, PicPay Invest is authorized by the CVM to perform custodian securities services and fiduciary administration and trustee activities;
Guiabolso Finanças Correspondente Bancário e Serviços Ltda. (“Guiabolso”) is a non-regulated entity that operates as a banking correspondent linked to the PicPay application, intermediating financial products and services between the application’s users and commercial partners. Guiabolso’s activities include banking correspondent services, commercialization of advertising spaces, and the provision of debt collection and receivables strategy services on behalf of third parties; and
Crednovo Sociedade de Empréstimo Entre Pessoas S.A. (“Crednovo”) is authorized by the Brazilian Central Bank to operate as a P2P (“Peer-to-peer”) lending fintech company intermediating credit operations between lenders and borrowers.
In addition, its subsidiaries substantially include the following companies: Guiabolso Pagamentos Ltda, BX Negócios Inteligentes Ltda, Fundo de Investimentos em Direitos Creditórios Não-Padronizados PicPay I, Fundo de Investimentos em Direitos Creditórios PicPay FGTS, PicPay Participações e Investimentos Ltda, Nosso Time Igaming, PicPay Holding Ltda and Zem Collection Ltda.
As of June 30, 2026, the controlling shareholder of PicS N.V. is J&F International, which holds % of the total issued and outstanding capital stock of PicS N.V. J&F International is a wholly owned subsidiary of J&F Participações.
8
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
1.1. Seasonality of operations
The Group´s semester financial results are likely to fluctuate as a result of a variety of factors, some of which are outside of the Group’s control, although they do not demonstrate significant seasonality or cyclicality. As a consequence of these factors, an interim period may not be indicative of the annual expected result.
2. Presentation and preparation of the consolidated financial statements
2.1 Basis of preparation of the unaudited condensed consolidated financial statements
Unaudited condensed interim financial statements of the Company have been prepared in accordance with IAS 34 - Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).
Unaudited condensed interim financial statements were approved by the Board of Directors at the meeting held on August 24, 2026.
The consolidated interim financial statements were prepared on a historical cost basis, unless otherwise stated.
2.2 Basis of consolidation
These consolidated interim financial statements include PicS N.V. and all entities over which it has control (subsidiaries). Control is when the Group is exposed or has rights to variable returns from its involvement with the investee, has existing rights that give it the ability to direct the relevant activities and has the ability to affect those returns through its power over the investee.
The Group reassesses whether it controls a subsidiary if facts and circumstances indicate there are changes to one or more of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the entity and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary are included in the consolidated financial statements from the date the Group obtains control until the date the Group loses control. Intragroup transactions between parent company and its subsidiaries are eliminated in full on consolidation.
Acquisition Kev
On August 3, 2026, PicPay Bank completed the acquisition of
The total consideration for the acquisition amounts to R$
Kev (formerly Kovr) has been a long-standing strategic partner of PicPay in the structuring of insurance products. The acquisition is consistent with PicPay’s strategy of strengthening its presence in this segment by incorporating specialized expertise and expanding its revenue sources, thereby contributing to earnings diversification and to the broadening of the product portfolio offered to its customers.
The acquisition will be accounted for under the acquisition method, whereby the identifiable assets acquired and liabilities assumed are measured at fair value as of the acquisition date. The purchase price allocation (PPA) is in progress and comprises, among other procedures, the fair value measurement of the classes of identifiable assets and liabilities, the determination of goodwill attributable to expected future profitability and of the factors comprising it, the fair value measurement of the financial assets acquired, and the assessment of the consideration transferred.
9
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The consolidated financial statements include PicS N.V. and the following subsidiaries:
| Entity | Country | Principal activities | June 30, 2026 | December 31, 2025 | Control | |||||||||
| PicS Ltd. | % | % | ||||||||||||
| PicS Holding Ltda | % | % | ||||||||||||
| PicPay Instituição de Pagamento S.A. | % | % | ||||||||||||
| PicPay Bank - Banco Múltiplo S.A. | % | % | ||||||||||||
| Crednovo Sociedade de Empréstimo Entre Pessoas S.A. | % | % | ||||||||||||
| PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda | % | % | ||||||||||||
| Guiabolso Correspondente Bancário e Serviços Ltda | % | % | ||||||||||||
| Guiabolso Pagamentos Ltda | % | % | ||||||||||||
| BX Negócios Inteligentes Ltda | % | % | ||||||||||||
| Fundo de Investimentos em Direitos Creditórios Não- Padronizados PicPay I (2) | % | % | ||||||||||||
| Veredas FIF Multimercado Crédito Privado Responsabilidade Limitada | % | |||||||||||||
| Fundo de Investimentos em Direitos Creditórios PicPay FGTS II de Responsabilidade | % | % | ||||||||||||
| Fundo de Investimentos em Direitos Creditórios PicPay FGTS (2) | % | % | ||||||||||||
| PicPay Participações e Investimentos Ltda (3) | % | % | ||||||||||||
| Nosso Time Igaming S.A. (3) | % | % | ||||||||||||
| PicPay Holding Ltda (3) | % | % | ||||||||||||
| Zem Collection Ltda (3) | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
Accounting policies have been applied uniformly to all consolidated entities.
3. Material accounting policies
The accounting policies used in the preparation of these condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements of PicS N.V. for the year ended December 31, 2025, as described in Note 3 to those financial statements, and should be read in conjunction with them.
4. Critical accounting judgments and key estimates and assumptions
In applying the Group’s accounting policies, management must exercise judgment and make estimates which impact the carrying amounts of certain assets and liabilities. Estimates and related assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.
The underlying estimates and assumptions are reviewed at each reporting period. The effects resulting from revisions made to accounting estimates are recognized in the period in which they are revised.
The critical accounting judgments and key estimates and assumptions used in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2025, as described in Note 3 of those financial statements. No changes in the methods used to determine these judgments and estimates have occurred during the three-month and six-month period ended June 30, 2026, except as described below.
10
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
5. Adoption of new accounting standards and interpretations not yet effective
5.1 New standards and amendments effective for annual periods beginning on January 1, 2025
| ● | Lack of exchangeability (Amendments to IAS 21) |
The above-mentioned standards do not have any impact on Unaudited condensed interim financial statements.
5.2 Other new standards and amendments issued but not yet effective
| ● | Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) |
| ● | Amendments from ‘Annual Improvements to IFRS Accounting Standards – Volume 11: |
| ● | Presentation and Disclosure in Financial Statements (IFRS 18): The new standard replaces IAS 1 - Presentation of Financial Statements and determines a new structure for the income statement by categorizing it into predefined sections: operating, investing, financing, discontinued operations, and income tax. This standard will take effect on January 1, 2027. The Group expects impacts on disclosures, presentation and classification on financial statements. |
Management did not early adopt any amendments. Also, Management does not expect the adoption of the amendments described above to have a significant impact, other than additional disclosures to the Group’s consolidated interim financial statements.
6. Cash and Cash Equivalents
| June 30, 2026 | December 31, 2025 | |||||||
| Bank balances | ||||||||
| Voluntary deposits at Central Bank (1) | ||||||||
| Reverse repurchase agreements (2) | ||||||||
| Cash and Cash Equivalents | ||||||||
| (1) |
| (2) |
7. Financial investments and derivatives
7.1 Financial investments - securities
As of June 30, 2026
| No maturity | Up to 30 days | From 181 to 365 days | Over 365 days | Cost Value | Adjustment to fair value | Fair Value | ||||||||||||||||||||||
| Financial assets measured at fair value through profit or loss | ( | ) | ||||||||||||||||||||||||||
| Government Bonds - LFT (1) (3) | ( | ) | ||||||||||||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||||||||||||||
| Other investments | ||||||||||||||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||||||||||||||
| Government Bonds - LFT (1) (3) | ||||||||||||||||||||||||||||
| Government Bonds – NTN-B (4) | ( | ) | ||||||||||||||||||||||||||
| Financial assets measured at amortized cost | ( | ) | ||||||||||||||||||||||||||
| Government Bonds - LTN (2) | ||||||||||||||||||||||||||||
| Government Bonds - NTN-F (6) | ( | ) | ||||||||||||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||||||||||||||
| Total | ( | ) | ||||||||||||||||||||||||||
11
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
As of December 31, 2025
| No maturity | Up to 30 days | From 181 to 365 days | Over 365 days | Cost Value | Adjustment to fair value | Fair Value | ||||||||||||||||||||||
| Financial assets measured at fair value through profit or loss | ||||||||||||||||||||||||||||
| Government Bonds - LFT (1) | ||||||||||||||||||||||||||||
| Other investments | ||||||||||||||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||||||||||||||
| Government Bonds - LFT (1) (3) | ||||||||||||||||||||||||||||
| Government Bonds – NTN-B (4) | ||||||||||||||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||||||||||||||
| Government Bonds - LTN (2) (5) | ||||||||||||||||||||||||||||
| Government Bonds - NTN-F (6) | ( | ) | ||||||||||||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
| (5) |
| (6) |
7.2 Derivative Financial instruments
Fair Value and Notional values by risk factor and maturity as of June 30, 2026
| Fair Value | Notional value | Up to 30 days | From 31 to 365 days | |||||||||||||
| Assets | ||||||||||||||||
| Derivative hedging instrument of portfolio hedge accounting | ||||||||||||||||
| Derivative financial instruments (Swap) | ||||||||||||||||
| DI1 – futures contracts (1) (2) | ||||||||||||||||
| Total | ||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||
| DI1 and DDI - futures contracts (1) (2) | ||||||||||||||||
| Total | ||||||||||||||||
| Total Assets | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||
| DI1 - futures contracts (1) (2) | ||||||||||||||||
| Derivative financial instrument (Swap) | ||||||||||||||||
| Total liabilities | ||||||||||||||||
12
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Fair Value and Notional values by risk factor and maturity as of December 31, 2025
| Fair Value | Notional value | Up to 30 days | From 31 to 365 days | Over 365 days | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Derivative hedging instrument of portfolio hedge accounting | ||||||||||||||||||||
| Derivative financial instruments (Swap) | ||||||||||||||||||||
| DI1 – futures contracts (1) (2) | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||||||
| DI1 and DDI - futures contracts (1) (2) | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Total assets | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||||||
| DI1 – futures contracts (1) (2) | ||||||||||||||||||||
| Derivative financial instrument (Swap) | ||||||||||||||||||||
| Total liabilities | ||||||||||||||||||||
| (1) |
| (2) |
8. Financial assets measured at amortized cost
8.1 Trade receivables
| June 30, 2026 | December 31, 2025 | |||||||
| Financial transactions processed by acquirers (1) (3) | ||||||||
| Financial transactions processed by card issuers (2) (3) | ||||||||
| Other trade receivables | ||||||||
| Total | ||||||||
| (1) | |
| (2) | |
| (3) |
13
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
8.1.1 Breakdown by maturity – Trade receivables
As of June 30, 2026
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| From 91 to 180 days | ||||||||||||
| From 181 to 365 days | ||||||||||||
| Over 365 days | ||||||||||||
| Total | ||||||||||||
As of December 31, 2025
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| From 91 to 180 days | ||||||||||||
| From 181 to 365 days | ||||||||||||
| Over 365 days | ||||||||||||
| Total | ||||||||||||
8.2 Consumer loans
| June 30, 2026 | December 31, 2025 | |||||||
| Gross amount - Consumer Loans (a) | ||||||||
| Credit loss allowance – on balance (b) | ( | ) | ( | ) | ||||
| Credit loss allowance – off balance (1) | ( | ) | ( | ) | ||||
| Total credit loss allowance | ( | ) | ( | ) | ||||
| Total consumer loans - amortized cost (a +b) | ||||||||
| Fair Value Adjustment – Portfolio Hedge (Note 28.2 - c) (2) | ( | ) | ( | ) | ||||
| Consumer loans | ||||||||
| (1) |
| (2) |
14
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
8.2.1 Credit loss allowance breakdown
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 1 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 2 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 3 | % | ( | ) | % | ||||||||||||||||
| Total consumer loans | % | ( | ) | % | ||||||||||||||||
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 1 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 2 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 3 | % | ( | ) | % | ||||||||||||||||
| Total consumer loans | % | ( | ) | % | ||||||||||||||||
| 1) | Loans to customers are composed as follows: |
“Personal loans” are loans of fixed amounts of money either for general purposes or to pay for specific goods or services in a buy now pay later context. Personal loans are typically paid back in regular installments over time.
“Payroll loans” are those in which the installments and interest are deducted directly from the consumer’s salary. These loans may be linked to government entities — such as in the case of public servants, pensions, or benefits paid by the government — or to private companies. The ability to deduct payments directly from customer’s payrolls significantly enhances credit quality. “FGTS Loans” are loans in which consumers can draw down in advance up to seven annual installments of their FGTS, while authorizing the Group to collect payment of these installments directly from the consumer’s FGTS accounts.
| (2) |
15
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
8.2.2 Breakdown by maturity
Credit card:
| Not Overdue | Overdue | Not Overdue | Overdue | |||||||||||||||||||||||||||||
| June 30, 2026 | % | June 30, 2026 | % | December 31, 2025 | % | December 31, 2025 | % | |||||||||||||||||||||||||
| Up to 30 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 31 to 60 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 61 to 90 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 91 to 180 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 181 to 365 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 1 to 3 years | % | % | % | % | ||||||||||||||||||||||||||||
| From 3 to 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Over 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Total | % | % | % | % | ||||||||||||||||||||||||||||
| Total overdue and not overdue | % | % | ||||||||||||||||||||||||||||||
Loans to customers:
| Not Overdue | Overdue | Not Overdue | Overdue | |||||||||||||||||||||||||||||
| June 30, 2026 | % | June 30, 2026 | % | December 31, 2025 | % | December 31, 2025 | % | |||||||||||||||||||||||||
| Up to 30 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 31 to 60 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 61 to 90 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 91 to 180 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 181 to 365 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 1 to 3 years | % | % | % | % | ||||||||||||||||||||||||||||
| From 3 to 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Over 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Total | % | % | % | % | ||||||||||||||||||||||||||||
| Total overdue and not overdue | % | % | ||||||||||||||||||||||||||||||
16
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables:
| Not Overdue | Overdue | Not Overdue | Overdue | |||||||||||||||||||||||||||||
| June 30, 2026 | % | June 30, 2026 | % | December 31, 2025 | % | December 31, 2025 | % | |||||||||||||||||||||||||
| Up to 30 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 31 to 60 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 61 to 90 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 91 to 180 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 181 to 365 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 1 to 3 years | % | % | % | % | ||||||||||||||||||||||||||||
| From 3 to 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Over 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Total | % | % | % | % | ||||||||||||||||||||||||||||
| Total overdue and not overdue | % | % | ||||||||||||||||||||||||||||||
8.3 Expected credit losses - by credit quality vs. stages
As of June 30, 2026, the ECL allowance totaled R$
The table below shows the credit card portfolio segmented by ranges of PD and stages as of June 30, 2026 and December 31, 2025.
Credit card
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
Loans to customers
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
17
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
Credit Card
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
Loans to consumer
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
18
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
8.3.1 Changes in credit loss allowance
As of June 30, 2026
Credit card
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ||||||||||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance as of June 30, 2026 | ||||||||||||||||
Loans to customers
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ||||||||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance as of June 30, 2026 | ||||||||||||||||
19
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
| Newly originated financial assets | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Credit loss allowance as of June 30, 2026 | ||||||||||||||||
| (1) |
| (2) |
As of December 31, 2025
Credit card
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2024 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Changes to ECL calculation methods | ( | ) | ( | ) | ( | ) | ||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
Loans to customers
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2024 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ||||||||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Changes to ECL calculation methods | ( | ) | ||||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
20
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2024 | ||||||||||||||||
| Newly originated financial assets | ||||||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
8.4
| June 30, 2026 | December 31, 2025 | |||||||
| Receivables - related parties (1) | ||||||||
| Compulsory deposits in Central Bank (2) | ||||||||
| Sundry receivables (3) | ||||||||
| Total | ||||||||
| (1) | ||
| (2) | ||
| (3) |
8.4.1 Breakdown by maturity – Other receivables
As of June 30, 2026
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| From 91 to 180 days | ||||||||||||
| From 181 to 365 days | ||||||||||||
| Over 365 days | ||||||||||||
| Total | ||||||||||||
As of December 31, 2025
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| Total | ||||||||||||
21
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
9. Tax assets
| June 30, 2026 | December 31, 2025 | |||||||
| Income tax and social contribution to offset (1) | ||||||||
| Deferred tax assets | ||||||||
| Total | ||||||||
| (1) |
9.1 Deferred tax assets
| December 31, 2025 | Realization | Additions | June 30, 2026 | |||||||||||||
| Temporary differences | ( | ) | ||||||||||||||
| Provisions for credit losses | ( | ) | ||||||||||||||
| Fair value adjustment - Financial assets measured at fair value through profit or loss | ( | ) | ||||||||||||||
| Others | ( | )(1) | (3) | |||||||||||||
| Tax loss and social contribution negative basis | ( | )(2) | (4) | |||||||||||||
| Total | ( | ) | ||||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
9.2 Deferred tax liability
The PicPay Bank recognized a deferred tax liability related to the mark-to-market valuation of DI and DDI futures derivatives. The taxes will be due upon realization of the securities, as permitted by Law.
| December 31, 2025 | Realization | Additions | June 30, 2026 | |||||||||||||
| Fair value adjustment – future contract (DI and DDI) | ( | ) | (1) | ( | ) | ( | ) | |||||||||
| Total | ( | ) | ( | ) | ( | ) | ||||||||||
| (1) |
22
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
10. Intangible assets
| June 30, 2026 | ||||||||||||
| Value at cost | Accumulated Amortization | Total | ||||||||||
| Internally/Externally developed software (1) | ( | ) | ||||||||||
| Software licenses | ( | ) | ||||||||||
| Purchased software | ( | ) | ||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||
| Other intangible assets | ( | ) | ||||||||||
| Goodwill (2) | ||||||||||||
| Total | ( | ) | ||||||||||
| December 31, 2025 | ||||||||||||||||
| Value at cost | Accumulated Amortization | Accumulated Impairment | Total | |||||||||||||
| Internally/Externally developed software (1) | ( | ) | ||||||||||||||
| Software licenses | ( | ) | ( | ) | ||||||||||||
| Purchased software | ( | ) | ( | ) | ||||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||||||
| Goodwill (2) | ||||||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||
The table below demonstrates the changes during the years presented:
Six-month period ended June 30, 2026
| December 31, 2025 | Additions | Write-offs | Amortization for the period | June 30, 2026 | ||||||||||||||||
| Internally/Externally developed software (1) | ( | ) | ( | ) | ||||||||||||||||
| Software licenses | ( | ) | ||||||||||||||||||
| Purchased software | ( | ) | ||||||||||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||||||||||
| Other intangible assets | ( | ) | ||||||||||||||||||
| Goodwill (2) | ||||||||||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||||||
23
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Six-month period ended June 30, 2025
| December 31, 2024 | Additions | Amortization for the period | June 30, 2025 | |||||||||||||
| Internally/Externally developed software (1) | ( | ) | ||||||||||||||
| Software licenses | ( | ) | ||||||||||||||
| Purchased software | ( | ) | ||||||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||||||
| Goodwill (2) | ||||||||||||||||
| Total | ( | ) | ||||||||||||||
| (1) |
| (2) |
11. Third-party funds
| June 30, 2026 | December 31, 2025 | |||||||
| User balance - CDBs (1) | ||||||||
| User balance - Payment accounts (2) | ||||||||
| Other obligations under financial Instruments (3) | ||||||||
| Balance of commercial establishments – corporates (4) | ||||||||
| Deposits – corporate customers | ||||||||
| Financial Liabilities under repurchase agreements - LFT (5) | ||||||||
| Total | ||||||||
| (1) |
| (2) |
| (3) |
| (4) |
| (5) |
24
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
12. Trade payables
| June 30, 2026 | December 31, 2025 | |||||||
| Service providers and consumables | ||||||||
| Related parties | ||||||||
| Operational suppliers | ||||||||
| Credit card transactions | ||||||||
| Other suppliers | ||||||||
| Total | ||||||||
In Brazil, payments to the credit card network (for further details, see Note 12.1) follow a similar settlement schedule. However, as receipts from cardholders and payments to the credit card network are aligned, the Group is exposed to cardholder credit risk, since it remains obligated to settle amounts due to the credit card network even in cases where cardholders fall behind on their payments. These amounts include credit card balances not paid in full by customers and subsequently converted into fixed-rate installment plans, as well as installment purchases, which comprise credit card transactions that allow payment to be made in more than one installment.
12.1 Credit card transactions
Corresponds to the amount payable to acquirers related to credit and debit card transactions. The amounts to be transferred to the card network are settled according to the transaction installments, substantially within up to 27 days for non-installment domestic transactions; 1 business day for international transactions, and, in the case of installment transactions, the amounts are mostly settled over a period of up to 36 months through monthly payments.
The table below provides a detailed breakdown of credit card transactions categorized by maturity, as of June 30, 2026 and December 31, 2025:
12.1.1 Breakdown by maturity – Credit card transactions
| June 30, 2026 | December 31, 2025 | |||||||
| Up to 30 days | ||||||||
| From 31 to 60 days | ||||||||
| From 61 to 90 days | ||||||||
| From 91 to 180 days | ||||||||
| From 181 to 365 days | ||||||||
| Over 365 days | ||||||||
| Total | ||||||||
25
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
12.1.2 Collateral for credit card transactions
As of June 30, 2026, the Company held R$
13. Obligation to FIDC FGTS quota holders
| June 30, 2026 | December 31, 2025 | |||||||
| Senior quotas | ||||||||
| Total | ||||||||
The obligations to FIDC FGTS quota holders refer to amounts payable related to senior quotas issued in connection with the securitization of receivables arising from FGTS consumer advances originated by PicPay Bank. This balance comprises the outstanding principal of the senior quotas and the related accrued interest not yet settled.
Although the fund has an indefinite term, the senior quotas mature within six years from the date of the initial capital contribution and bear remuneration at a rate equivalent to CDI plus
Additionally, quotas of a new fund denominated “FIDC FGTS II” was issued during the six-month period ended June 2026. For the six-month period ended June 30, 2026, accrued interest amounted to R$
26
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
14. Labor obligations
| June 30, 2026 | December 31, 2025 | |||||||
| Personnel expenses payable | ||||||||
| Social security charges payable (1) (2) | ||||||||
| Total | ||||||||
| (1) |
| (2) |
15. Tax
15.1 Taxes payable
| June 30, 2026 | December 31, 2025 | |||||||
| Withholding taxes | ||||||||
| Payroll Taxes | ||||||||
| Social security contribution on revenues (1) | ||||||||
| Income tax and social contribution | ||||||||
| Other taxes | ||||||||
| Total | ||||||||
15.2 Income tax and social contribution
| Three-month period ended Jun 30, 2026 | Six-month period ended Jun 30, 2026 | Three-month period ended Jun 30, 2025 | Six-month period ended Jun 30, 2025 | |||||||||||||
| Profit before income tax | ||||||||||||||||
| Income tax and social contribution (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (Additions) exclusions | ||||||||||||||||
| Effect of different tax rates – subsidiaries | ||||||||||||||||
| Compensation of previously unrecognized deductible temporary differences | ( | ) | ( | ) | ||||||||||||
| Compensation of previously unrecognized tax losses(2) | ||||||||||||||||
| R&D Tax incentives (3) | ||||||||||||||||
| Others | ( | ) | ( | ) | ||||||||||||
| Total income tax and social contribution | ( | ) | ||||||||||||||
| Current taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Deferred taxes | ||||||||||||||||
| Total income tax and social contribution | ( | ) | ||||||||||||||
| Effective rate (%) | %(3) | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
27
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
15.3 Unrecognized deferred tax assets
The Group has unrecognized deferred tax assets in its subsidiaries for which it is not expected that future taxable profits will be sufficient to consume the deferred tax assets in an appropriate period of time. The Group’s unrecognized deferred tax assets, shown on the table below, without expiration date, were calculated on income tax losses and temporary differences at a rate of
| June 30, 2026 | December 31, 2025 | |||||||||||||||
| Gross amount | Tax effect | Gross amount | Tax effect | |||||||||||||
| Deductible temporary differences | ||||||||||||||||
| Tax losses | ||||||||||||||||
| Total | ||||||||||||||||
16. Provision for legal and administrative claims
| June 30, 2026 | ||||||||||||||||
| Civil Claims | Labor Claims | Tax Claims | Total Claims | |||||||||||||
| Opening balance | ||||||||||||||||
| Constitution | ||||||||||||||||
| Reversal | ( | ) | ( | ) | ( | ) | ||||||||||
| Reversal due to payment | ( | ) | ( | ) | ( | ) | ||||||||||
| Closing balance | ||||||||||||||||
| December 31, 2025 | ||||||||||||||||
| Civil Claims | Labor Claims | Tax Claims | Total Claims | |||||||||||||
| Opening balance | ||||||||||||||||
| Constitution | ||||||||||||||||
| Reversal | ( | ) | ( | ) | ( | ) | ||||||||||
| Reversal due to payment | ( | ) | ( | ) | ( | ) | ||||||||||
| Closing balance | ||||||||||||||||
| a) | Civil claims |
As of June 30, 2026, the Group recognized provisions of R$
In connection with the acquisition of KOVR, Brazil’s antitrust authority (Conselho Administrativo de Defesa Econômica — “CADE”) has established a Procedimento Administrativo para Apuração de Ato de Concentração (APAC) n. 08700.004240/2026- 45. The referred administrative proceeding has been filed on July 29, 2026 (Despacho SG 998/2026).
| a.1) | Securities Class Action in the United States of America |
On June 5, 2026, a putative class action was filed before the U.S. District Court for the Southern District of New York, captioned FirstFire Global Opportunities Fund, LLC v. PicS N.V., et al., Case No. 1:26-cv-04793-VSB-JW, against PicS N.V. (the “Company”), certain of its current and former officers and directors, the underwriters of the Company’s initial public offering (“IPO”) and the Company’s controlling shareholder (the “Class Action”).
The Class Action asserts claims under Sections 11, 12 and 15 of the U.S. Securities Act of 1933, the federal statute governing public offerings of securities in the United States, and is brought on behalf of purchasers of Class A common shares issued in, or traceable to, the Company’s IPO, completed on January 30, 2026. The plaintiff alleges that the Registration Statement and the Prospectus for the IPO contained untrue statements of material fact and omitted material facts, and seeks damages, rescission and other relief.
28
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The proceeding is at an early stage. Considering the preliminary stage of the proceeding — Management, supported by the assessment of its external legal counsel, believes that neither the outcome of the proceeding nor the amount or range of potential loss, if any, can be reasonably estimated at this time.
The Company will continue to monitor the progress of the proceeding and will update this disclosure in subsequent periods should new developments allow the estimation of any potential effects.
| b) | Labor claims |
As of June 30, 2026, the Group recognized a labor provision of R$
| c) | Tax claims |
As of June 30, 2026, the balance of the tax claims provisions is R$
17. Equity
| a) | Share capital |
On February 26, 2025, J&F International invested R$
On March 25, 2025, J&F International invested R$
On April 28, 2025, J&F International invested R$
On May 27, 2025, J&F International invested R$
On June 19, 2025, J&F International transferred
29
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
On July 21, 2025, J&F International invested R$
On September 23, 2025, J&F International invested R$
On November 25, 2025, J&F International invested R$
On November 26, 2025, a non-disproportional partial spin-off of PicS Holding was approved, which involved the transfer of a portion of its equity, totaling R$
Following the completion of this transaction, PicS Ltd. became the holder of
On December 24, 2025, J&F International invested R$
As of December 31, 2025, the total share capital incorporated under Dutch law is EUR
On December 31, 2025, by virtue of a Sale and Purchase Agreement, J&F International transferred
On January 06, 2026, PicPay Participações e Investimentos LTDA, invested R$
On January 12, 2026, J&F International invested R$
On January 14, 2026, PicPay Participações e Investimentos Ltda invested R$
On January 29, 2026, PicS N.V. (formerly PicPay Holdings Netherlands B.V.) went public on the NASDAQ stock exchange (NY). This change modified the company’s legal nature, transforming it from a limited liability company (“B.V.” in Dutch) to a public limited company (“N.V.” in Dutch). On February 13, 2026, PicS N.V. invested R$
On May 15, 2026, PicS N.V. invested R$
30
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
b) Composition of share capital
| June 30, 2026 | December 31, 2025 | |||||||||||||||
| Number of shares | Total shares % | Number of shares | Total shares % | |||||||||||||
| Shareholder | ||||||||||||||||
| J&F International B.V. | % | % | ||||||||||||||
| Banco Original S.A. | % | % | ||||||||||||||
| Stichting JAB | % | % | ||||||||||||||
| Stichting ACC Family | % | % | ||||||||||||||
| Stichting AGR | % | % | ||||||||||||||
| Stichting ECS | % | % | ||||||||||||||
| Albino Andrade de Pinho | % | % | ||||||||||||||
| Other Investors (Free Float) | % | % | ||||||||||||||
| Total | % | % | ||||||||||||||
c) Earnings per share
| June 30, 2026 | June 30, 2025 | |||||||
| Earnings attributable to shareholders of the parent company | ||||||||
| Weighted average outstanding shares - ordinary shares - basic | ||||||||
| Earnings per share - basic and diluted | ||||||||
| (1) | amounts in reais |
d) Share-based long-term incentive plan (LTIP)
PicPay operates a Long-Term Incentive Plan (“LTIP”) for employees from junior to executive levels. The LTIP was established by PicS Ltd on July 1, 2021 and was adopted by the Company and its subsidiaries. The LTIP is designed to support the Group’s long-term success by retaining key talents and aligning employees’ interests with those of the Group.
Under the LTIP, eligible employees may be granted awards that are either equity-settled or cash-settled, depending on the terms of each individual grant and the employee’s role. Awards granted under the LTIP are generally subject to both a service condition, requiring participants to remain actively employed by PicPay throughout the relevant vesting periods; and a non-market performance condition, requiring the occurrence of a qualifying liquidity event, defined as either (a) an initial public offering (“IPO”) of PicPay’s shares, or (b) a private placement of PicPay’s shares to third parties, as specified in the plan rules.
The overall vesting period is
An award is considered vested only when both the service condition and the liquidity condition have been satisfied. Once an award has been vested, settlement (either in shares for equity-settled awards or in cash for cash-settled awards) is made within 30 days following the occurrence of the liquidity event. If the liquidity event occurs after the end of the original five-year vesting period, vested awards remain outstanding and the beneficiaries retain their entitlement, subject to the other terms of the plan.
On January 29, 2026, the completion of the IPO satisfied the non-market performance (liquidity) condition of the LTIP, and, to the extent that the service condition had been met by the beneficiaries at the IPO date, a portion of the outstanding LTIP awards vested and became eligible for settlement in cash or shares, as applicable.
18. Transactions with related parties
18.1 Agreements with Banco Original
18.1.1 - As of June 30, 2026, the interbank deposit (“DI”) position related to the fiduciary assignment of financial assets in the amount of R$
18.1.2 – On February 25, 2026, pursuant to the Master Services Agreement – MSA, the Group and Banco Original entered into a Statement of Work – SOW (Solicitação de Serviço) relating to the provision of procurement, supplier management and facilities services. The SOW has a twelve (
18.1.3 – On February 12, 2026, pursuant to the Master Services Agreement – MSA, the Group and Banco Original entered into a Statement of Work – SOW (Solicitação de Serviço) relating to the provision of customer support services relating to Banco Original originated customers. The SOW has a twenty-four (
31
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
18.1.4 – On February 12, 2026, the Group and Banco Original entered into a Master Services Agreement – MSA (Contrato de Prestação de Serviços Master), pursuant to which the parties agreed on the general terms and conditions governing the provision of certain services to Banco Original. The MSA has a twenty-four (
18.1.5 – On May 16, 2025, the Group and Banco Original entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) to establish the criteria for cost rates, common expenses, deadlines, and conditions observed for sharing Information Security activities between the Group and Banco Original. The reimbursements from Banco Original are recognized in the statement of profit or loss as “administrative expenses”.
18.1.6 - On January 21, 2025, the Group and Banco Original entered into an Operational Agreement (Acordo Operacional para Utilização de Infraestrutura Administrativa) to provide administrative services, including human resources, systems sharing and materials used. The term of this agreement is indefinite. This agreement may be terminated by either party upon
18.1.7 - On July 4, 2024, the Group and Banco Original entered into a Derivatives Master Agreement (Contrato Global de Derivativos), with the purpose of establishing a standardized template for over the counter (OTC) transactions between the parties, streamlining the negotiation process and facilitating efficient and secure OTC derivatives trading. Such agreement establishes daily mark-to-market checks with bilateral margin exchange between the parties with the purpose of mitigating credit risk. As of September 30, 2025, under such agreement, there are only Payer OIS (Overnight Index Swaps) with notional fully collateralized by deposits from Banco Original.
18.1.8 - On April 10, 2024, Banco Original entered into an Endorsement Contract of Bank Credit Notes without co-obligation (Contrato de Endosso de Cédulas de Crédito Bancário sem Coobrigação) with the Group, through which Banco Original committed to endorse and transfer to the Group of the credit notes issued by Banco Original in its loan operations collateralized by credit rights arising from the FGTS Loans. This agreement will remain valid for an indefinite period and may be terminated by either party with a
18.1.9 - On January 18, 2024, the Group entered into a Credit Recovery Services Agreement (Contrato de Prestação de Serviços de Cobrança de Crédito) with Banco Original, pursuant to which PicPay Bank agreed to provide certain services to Banco Original relating to collection and recovery of amounts owed to Banco Original by customers who defaulted on their debts. Such agreement has a twenty-four (
18.1.10 - On January 10, 2024, the Group entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) with Banco Original to establish the terms and conditions governing the sharing of support areas between the Group and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by the Group in the contracting of suppliers who provide products and/or services that are also shared between the Group and Banco Original. This agreement will remain valid for an indefinite period. Either party may terminate this agreement for any reason and without penalty at any time with
18.1.11 - On November 16, 2023, the Group and Banco Original entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) to regulate the terms and conditions related to the cost sharing of back-office areas, as well as the reimbursement by Banco Original of certain costs incurred in the contracting certain suppliers, such as technology and administrative expenses. This agreement will remain valid for an indefinite period. The reimbursements are recognized in the statement of profit or loss as “administrative reimbursement”.
18.1.12 - On May 5, 2022, the Group entered into an application programming interface agreement (Acordo Operacional para Licença de Uso de API’s, Acesso a Produtos e Serviços Bancários e Prestação de Serviços de Suporte Técnico) with Original Hub, granting a license for the use of APIs to offer its customers payment services for bills, taxes, and utility bills from Banco Original (“API PAG”), as well as account registration for automatic debit. On November 29, 2022, an amendment to the Operational Agreement was executed, assigning the agreement from Original Hub to Banco Original. On December 21, 2022, new APIs were contracted including access to cash withdrawal and processing services using QR Codes at ATMs of the 24Horas network. In 2024, PicPay completed the development of these solutions, and on March 21, 2025, the agreement was terminated. The revenues were recognized in the statement of profit or loss as “commission – banking correspondent and marketplace”.
18.1.13 - On July 26, 2022, Banco Original and the Group entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). This agreement is valid for an indefinite period and may be terminated by either party with
18.1.14 - On September 11, 2018, the Group and Banco Original entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). However, since the Group has developed its own solutions for processing bill payments for its customers and Banco Original is no longer a card issuer, the agreement was terminated on March 21, 2025. The revenues were recognized in the statement of profit or loss as “commission – banking correspondent and marketplace”.
18.1.15 - On July 26, 2022, Banco Original and the Group entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). This agreement is valid for an indefinite period and may be terminated by either party with
32
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
18.2 Agreements with J&F
18.2.1 - PicPay Bank entered into a Receivables Assignment Agreement with Âmbar Energia S.A. (J&F Participações subsidiary), of one installment in connection with the Reserve Energy Contract (CER) of Brazilian Electric Energy Trading Chamber (CCEE). On December 10, 2025, and December 19, 2025, PicPay Bank entered into the following non-recourse credit rights assignment agreements with J&F for the acquisition of credit rights held against certain electric power distributors arising from the sale of electric power by J&F subsidiaries:
| ● | on December 10, 2025, Mauá III (J&F Participações subsidiary) assigned receivables in the total amount of R$ |
| ● | On December 19, 2025, Âmbar Energia assigned receivables in the total amount of R$ |
18.2.2 - As of June30, 2026, guarantees provided by J&F S.A. amounted to R$
18.3 Agreements with JBS
18.3.1 - In November 2025, PicPay Bank entered into supplier finance arrangements involving the assignment of trade receivables and the advance of payments to suppliers, on a non-recourse basis (reverse factoring / supplier finance arrangements). The participating suppliers include: Seara Alimentos Ltda., JBS Aves Ltda., Seara Comércio de Alimentos Ltda., Excelsior Alimentos S.A., Agro Alfa Indústria e Comércio Ltda., JBS S.A., JBS Confinamento Ltda., Via Rovigo Indústria, Comércio e Distribuição de Produtos Alimentícios S.A., and JBS Terminais Ltda.
| J&F Participações | Banco Original | Key Personnel (a) | Others (b) | Total | ||||||||||||||||
| As of June 30, 2026 | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Trade receivables | ||||||||||||||||||||
| Financial investments | ||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||
| Consumer loans | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Third-party funds | ||||||||||||||||||||
| Labor obligations | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| For the three-month period ended June 30, 2026 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Interest income from receivables | ||||||||||||||||||||
| Income from purchased receivables | ||||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ) | ( | )(2) | ( | ) | |||||||||||||||
| Selling expenses | ||||||||||||||||||||
| Net revenue from transaction activities and other services | ( | ) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | ) | ( | )(3) | ( | ) | ||||||||||||
| Total | ( | ) | ||||||||||||||||||
| For the six-month period ended June 30, 2026 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Interest income from receivables | ||||||||||||||||||||
| Income from purchased receivables | ||||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ( | )(2) | ( | ) | ||||||||||||||||
| Selling expenses | ( | ) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | ) | ( | )(3) | ( | ) | ||||||||||||
| Total | ( | ) | ||||||||||||||||||
33
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| J&F Participações | Banco Original | Key Personnel (a) | Others (b) | Total | ||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Trade receivables | ||||||||||||||||||||
| Financial investments | ||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||
| Consumer loans | ||||||||||||||||||||
| Other receivables | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Trade payables | ||||||||||||||||||||
| Third-party funds | ||||||||||||||||||||
| Labor obligations | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| For the three-month period ended June 30, 2025 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ( | )(2) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | )(3) | ( | ) | ||||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||||||
| For the six-month period ended June 30, 2025 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ( | )(2) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | ) | ( | )(3) | ( | ) | ||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||||||
| (a) |
| (b) |
| (1) |
| (2) |
| (3) |
| (4) |
34
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Assets and liabilities with related parties
Cash and cash equivalents and financial investments: The amount refers to the current account balance and financial investments at Banco Original, mainly short-term investments and reverse repurchase agreements.
Trade receivables: Primarily refers to amounts receivable for financial transactions processed by Banco Original in the role of acquirer referring to the PicPay.
Financial investments: The linked balances are related to the value of investments in interbank deposits with Banco Original.
Derivative instruments: Refers to the Derivatives Master Agreement for more details see the agreement description above.
Consumer loans: Refers to the credit portfolio (credit card and loans to customers) of related parties. Additionally, prepayment of receivables with related parties subject to future settlement.
Other receivables: Amounts receivable from J&F Participações due to a reimbursement agreement of marketing expenses of the PicPay brand incurred by PicPay until September 20, 2021.
Trade payables: The amount payable to Banco Original is related to the cost of issuing, processing and settling the bank slips, the cost of producing the PicPay Card, the withdrawal cost.
Third -party funds: Refers to the balance in the pre-paid accounts of related parties.
19. Financial Income
Classification and subsequent measurement
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Financial investments measured at fair value through profit or loss | ||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||
| Total | ||||||||||||||||
20. Transaction Expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Processing fees | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Third-party fraud prevention services (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| PicPay card issuance expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Chargeback | ( | ) | ( | ) | ( | ) | ||||||||||
| Operating losses (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
| (2) |
35
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
21. Interest and Other Financial Expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Bank fees | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Cost of Funding (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Derivative financial instruments | ( | ) | ( | ) | ||||||||||||
| Others | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
22.
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Provision for expected losses - credit risk | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Recovery of loans written off as losses | ||||||||||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
23. Technology expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Software expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| IT Services | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
24. Marketing expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Advertising | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Cashback | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Digital Marketing | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Customer Acquisition expenses (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Commission expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
25. Personnel expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Salaries | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Benefits (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Social security charges (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Others | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
| (2) |
36
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
26.
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Third party services and financial system services | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Rent, condominium fee and property services | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Provisions for contingencies | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Others | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
27. Share-based payments
| RSUs Share based payment transaction with an equity component | Fair Value R$ | |||
| Equity-settled: | ||||
| Outstanding on December 31, 2025 | ||||
| Granted during the period | ||||
| Forfeited/cancelled during the period | ( | ) | ||
| Vested during the period | ||||
| Deduction | ( | ) | ||
| Outstanding on June 30, 2026 | ||||
| Cash-settled: | ||||
| Outstanding on December 31, 2025 | ||||
| Granted during the period | ||||
| Forfeited/cancelled during the | ( | ) | ||
| Vested during the period | ||||
| Outstanding on June 30, 2026 | ||||
| Three-month period ended June 30, 2026 | R$ | |||
| Expense related to share based payment transaction with an equity component | ( | ) | ||
| Expense related to cash-settled awards | ( | ) | ||
| Payroll taxes and social charges related to share-based payment arrangements | ||||
| Total share-based payment expense recognized in profit or loss | ( | ) | ||
| Six-month period ended June 30, 2026 | R$ | |||
| Expense related to share based payment transaction with an equity component | ( | ) | ||
| Expense related to cash-settled awards | ( | ) | ||
| Payroll taxes and social charges related to share-based payment arrangements | ||||
| Total share-based payment expense recognized in profit or loss | ( | ) | ||
28. Risk management
The Group has a specific structure for risk management, including policies and procedures, covering the evaluation and monitoring of operational, credit, market and liquidity risks (including cash flow and investments of funds held in payment accounts) incurred by the institution.
The Group’s approach to risk management requires that its risk taking be consistent with its risk appetite. Risk appetite is the aggregate level of risk that the Group is willing to tolerate to achieve its strategic objectives and business plan. PicPay’s risks are generally categorized and summarized as follows:
| ● | Credit risk: Refers to the risk of loss resulting from the failure of a borrower, counterparty, third party or issuer to honor its financial or contractual obligations. PicS N.V. manages and controls credit risk by setting limits on the amount of risk it is willing to accept for each customer and counterparty as well as limits on the ratio of expected losses to revenues for each segment of the portfolio and on the composition of the portfolio between secured and unsecured credits. Exposures are monitored relative to these limits and adjusted as needed to ensure compliance with the limits. |
| ● | Market risk: Refers to potential losses arising from changes in the value of the Group assets and liabilities as well as adverse impact on net interest income resulting from changes in market variables, such as interest rates, equity, foreign exchange rates or credit spreads. |
37
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| ● | Liquidity risk: Refers to the risk that the Group will not be able to efficiently meet both expected and unexpected current and future cash flow and collateral needs without adversely affecting either daily operations or financial conditions. |
| ● | Operational risk: Refers to the risk of loss resulting from systems failure, human error, fraud or external events. When controls fail to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications as well as lead to financial loss. |
28.1 Credit risk
The Group’s credit risk arises from its cash, cash equivalents, financial investments, OTC derivatives, acquirer and card issuer receivables, other receivables and loans to its users.
Concentrations of credit risk for similar financial instruments are already being shown in accordance with Note 8.2.1 Credit loss allowance breakdown.
| ● | Cash and cash equivalents |
The Risk and Treasury departments manage credit risk associated with bank account balances and investments in financial institutions, prioritizing those with a “AAA” rating from agencies like Moody’s, S&P or Fitch. Because the Group’s accounts receivable mostly consist of high liquidity investments and operational accounts approved by major financial institutions with low-risk ratings, the expected credit loss is not material. Furthermore, these financial institutions are legally responsible for the accounts receivable.
| ● | Financial investments |
The Group’s available resources are mostly invested in bonds issued by the Brazilian government and reverse repos collateralized by bonds issued by the Brazilian government. There is no significant expected credit loss recognized for these assets.
| ● | Acquirer and card issuers receivables |
The Group recognizes amounts receivable from acquirers related to its activity as a sub-acquirer and from card issuers related to its activities as an acquirer and also when its users use its app to settle bank slips or make other payments using an on-boarded credit card. These receivables are due in up to twelve monthly installments. As a result, the Group is exposed to the risk of default by the acquirers and card issuers.
In its role as a sub-acquirer, the Group uses acquirers of national reach while seeking to avoid concentration in any single acquirer as well as to increase financial efficiency. When acting as sub-acquirer, PicPay processes all credit card transactions with the acquirers Cielo and Getnet and card issuers.
The Group uses only acquirers authorized to operate by BACEN, which are supervised and monitored by BACEN, including with respect to the minimum capitalization required, and which have a national “AAA” rating by the rating agencies (S&P or Fitch). The acquirers may default on their financial obligations due to lack of liquidity, operational failure or other reasons, situations in which the Group can be held responsible for making the payment due to commercial establishments without having received the corresponding funds from the acquirer.
Until now, the Group has not suffered losses on receivables from acquirers and management does not expect any significant losses from non-performance by these counterparties in addition to the amounts already recognized as chargebacks.
Credit card issuers are supervised by BACEN. The payment arrangements (Visa, Mastercard, Elo and others) have their own risk models and collateral requirements to evaluate and mitigate the default risk of the issuers, which mitigate the risk of the acquirers and the systemic risk of Brazilian payment arrangements. Additionally, the acquirers and issuers have other risk mitigators such as:
| ● | Amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by the payment arrangement if the legal obligors do not make payment. |
| ● | Processes for mitigating operational failures, such as fraud prevention, limitations on advances on future payments, among others. |
As of June 30, 2026, the Group had an amount receivable totaling R$
38
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| ● | Consumer Loans |
Consumer loans include: (i) public and private payroll loans, personal loans and FGTS advances; and (ii) credit cards that are transactions in one-payment, installment with interest and installments without interest. Consumers must meet certain credit risk criteria to be eligible for a credit offering.
“Payroll loans” are loans for which the payments of principal and interest are deducted either directly from the consumer’s salary from the payroll of a government-related entity or private company or from their government-sponsored pension or other benefit payments. The ability to collect the payments directly from the payroll significantly enhances the credit quality of these secured loans.
“FGTS advances” are advances taken by customers of up to seven annual installments of their FGTS. After making the advance, the group receives the payment of these installments directly from the FGTS. FGTS advances are collateralized by the deposits held in the FGTS fund.
As of June 30, 2026, the Group had a provision for expected credit losses in the amount of R$
| ● | Other receivables |
Other receivables relate mainly to transactions involving related parties that are based on conditions negotiated between Group and related companies. In June 30, 2026 and December 31, 2025, the Group did not record any impairment loss on accounts receivable related to the amounts due from related parties as it understands that there is no significant credit risk on outstanding balances.
Due to the nature of PicPay’s financial services, and the actual counterparty related to its receivables and investments, no significant credit risk increase was observed. Additionally, the Group does not have any credit-impaired financial assets.
The Group’s credit exposure from financial assets, pre-approved credit card limits and derivative financial instruments is presented in the table below:
| June 30, 2026 | December 31, 2025 | |||||||
| Cash and cash equivalents | ||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||
| Financial Investments | ||||||||
| Financial assets measured at fair value through profit or loss | ||||||||
| Financial Investments | ||||||||
| Derivative financial instruments | ||||||||
| Financial assets measured at amortized cost | ||||||||
| Financial Investments | ||||||||
| Trade receivables | ||||||||
| Consumer loans | ||||||||
| Other receivables | ||||||||
| Pre-approved credit card limits (off-balance) (1) | ||||||||
| Total | ||||||||
| (1) |
28.2 Market risk
The Group may face financial losses due to market fluctuations that affect the value of its financial position. These changes can arise from a variety of factors, the most relevant of which in PicPay’s case are fluctuations in interest rates.
As of June 30, 2026 and December 31, 2025, the Group had derivative financial instruments for accounting and economic hedge purposes. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken.
39
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The risks are identified, quantified, managed and reported as per the Group’s risk management policy. Moreover, these limits are continuously monitored by the Risk function, independently from the treasury.
To monitor and control such market risks, the Group employs various methods, including stress scenarios, sensitivity - delta variation (DV), exposure mismatches (GAP), and measurement and monitoring of interest rate risk in the banking book (IRRBB).
a) Interest rate risk
Interest rate risk is the risk that potential changes in interest rates affect the value of a Group’s assets, liabilities, or future cash flows in a way that is detrimental to the Group’s financial position
DV01 or interest rate sensitivity refers to the effect on market valuations of cash flows when there is an increase of one basis point in current benchmark interest rates or in the index. Mathematically, the DV01 measures the change in the value of a portfolio of financial instruments for every 1 basis point (1 basis point is equal to
The analysis below demonstrates the sensitivity of the fair value of the group’s financial instruments to an increase of 1 basis point (DV01) in the Brazilian interest rates.
| DV01 – June 30, 2026 | ||||||||||||||||
| Asset | Liability | Derivative | Net | |||||||||||||
| Fixed interest rate financial instruments | ( | ) | ( | ) | ||||||||||||
| DV01 - December 31, 2025 | ||||||||||||||||
| Asset | Liability | Derivative | Net | |||||||||||||
| Fixed interest rate financial instruments | ( | ) | ||||||||||||||
b) Exchange rate risk
Foreign exchange risk is the potential financial loss that can occur due to fluctuations in the exchange rates between different currencies.
The Group’s exposure to foreign exchange risk arises mainly from the accounts payable corresponding to US Dollar denominated expenses as well as from balances held in dollars in the Group’s USD denominated current accounts.
c) Hedge Accounting
The Group maintains portfolios of consumer loans and FGTS advances which are exposed to interest rate risk. In order to hedge that risk the Group entered into future DI contracts and Pre x DI swaps.
Starting in February 2024, PicPay assigned the hedging strategy to an eligible hedge accounting structure aiming to eliminate differences between the accounting measurement of its derivatives and hedged items, which are adjusted to reflect changes in CDI. In accordance with its hedging strategy, the Group adopts the “portfolio layer” method.
This method allows the Group to use part of the portfolio of financial assets as a fair value hedge during the hedging period in the event of events such as prepayment, default or sale of operations. The interest rate risk arising from the portfolio layers is mitigated by purchasing DIV01 futures contracts as a hedging instrument. The number of contracts per net maturity needed to cover exposure is assessed based on DV01.
The Group holds fixed rate Government Bonds (LTNs) and fixed-rate financial liabilities which are exposed to interest rate risk. In order to hedge that risk, the Group entered into DI futures contracts. Starting in December 2024, PicPay assigned the hedging strategy to an eligible hedge accounting structure in order to eliminate differences between the accounting measurement of its derivatives and hedged items. In accordance with the hedging strategy, the Group designates the hedge items on an individual basis.
Starting in November 2025, PicPay also designated hedging strategies for NTN-F federal government bonds and for the issuance of subordinated financial letters. Both are exposed to the fixed rate and suffer the risk of variation in the risk-free rate (Pre x DI curve). In order to mitigate this risk, the Group uses DI1 futures contracts as hedging instruments.
In December 2025, the Group acquired energy receivables that were contracted at a fixed rate, generating exposure to the risk of variation in the risk-free rate (Pre x DI curve). In order to mitigate this risk, the Group uses DI1 futures contracts as a hedging instrument. Considering the nature of the receivables acquisition product, events such as prepayment, default or sale of transactions for this portion of the portfolio are not expected. Additionally, the existence of receivables in amounts equal to or greater than the designated amounts is continuously proven
40
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The Group calculates the DV01 (delta value of a basis point) of the hedged items and futures contracts to identify the optimal hedging ratio. The hedge relationship is monitored periodically and the hedge is rebalanced as needed to ensure hedge effectiveness within the
The effectiveness test of the hedge is performed prospectively and retrospectively. In the prospective test, the Group compares the impact of a 1 basis point parallel shift on the interest rate curve (DV01) on the hedged item and on the hedge instrument market value. For the retrospective test, the market-to-market value change since the inception of the hedged item is compared with that of the hedge instrument. In both cases, the hedge is considered effective if the change in value of the hedge instruments is between
For designated and qualifying fair value hedges, the cumulative change in the fair value of the hedging derivative and of the hedged item is recognized in the consolidated financial statements of profit or loss in “interest income and gains (losses) on financial instruments – Financial assets at fair value through other comprehensive income”.
| June 30, 2026 | ||||||||||||||||||||
| Total Amount of Hedge | Fair Value Adjustment to the Hedge Object | Fair Value Adjustment to the Hedging | Hedge | |||||||||||||||||
| Item | Asset | Liability | Instrument | Effectiveness | ||||||||||||||||
| Interest Rate Risk | ||||||||||||||||||||
| Interest Rate Contracts - Future and Swap - Public Payroll Loans (1) | 4,700,518 | - | (16,022 | ) | 16,022 | 100 | % | |||||||||||||
| Interest Rate Contracts - Future and Swap - Private Payroll Loans (1) | 2,065,758 | - | (6,027 | ) | 6,027 | 100 | % | |||||||||||||
| Interest Rate Contracts - Future and Swap - FGTS Advances (2) | 3,739,688 | - | (61,320 | ) | 61,320 | 100 | % | |||||||||||||
| Interest Rate Contracts - Future - Liabilities Pre | (2,051,456 | ) | - | (16,749 | ) | 16,749 | 100 | % | ||||||||||||
| Interest Rate Contracts - Future - LTN Bonds | 670,493 | 5,698 | - | (5,698 | ) | 100 | % | |||||||||||||
| Interest Rate Contracts - Future - NTN-F Bonds | 1,083,309 | - | (27,558 | ) | 27,773 | 101 | % | |||||||||||||
| Interest Rate Contracts - Future - LF Sub (3) | (285,258 | ) | 14,994 | - | (15,436 | ) | 103 | % | ||||||||||||
| Interest Rate Contracts - Future - Advances on Energy Receivables | 1,109,081 | - | (15,729 | ) | 15,808 | 101 | % | |||||||||||||
| Total | 11,032,133 | 20,692 | (143,405 | ) | 122,565 | 100 | % | |||||||||||||
| December 31, 2025 | ||||||||||||||||||||
| Total amount of hedged | Fair value adjustment to the hedge object | Fair value adjustment to the hedging | Hedge | |||||||||||||||||
| Item | Asset | Liability | instrument | effectiveness | ||||||||||||||||
| Interest rate risk | ||||||||||||||||||||
| Interest Rate Contracts - Future and Swap - Payroll loans (1) | 1,705,083 | ( | ) | % | ||||||||||||||||
| Interest Rate Contracts - Future and Swap - FGTS Advances (2) | ( | ) | % | |||||||||||||||||
| Interest Rate Contracts - Future - Liabilities Fixed-Rate | ( | ) | ( | ) | % | |||||||||||||||
| Interest Rate Contracts - Future - LTN Bonds | ( | ) | % | |||||||||||||||||
| Interest Rate Contracts - Future - NTN-F Bonds | ( | ) | % | |||||||||||||||||
| Interest Rate Contracts - Future - LF Sub(3) | ( | ) | ( | ) | % | |||||||||||||||
| Interest Rate Contracts - Future - Advances on energy receivables | ( | ) | % | |||||||||||||||||
| Total | ( | ) | % | |||||||||||||||||
| (1) | Payroll loan – From the value of the hedging instrument of R$ |
| (2) |
| (3) |
41
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
28.3 Liquidity risk
Liquidity risk is the possibility that the Group will not have sufficient liquid resources to honor its financial commitments. PicPay’s liquidity management processes include:
| ● | Cash liquidity monitoring: daily update of the cash flow, detailing the inflows and outflows, including the cash projection and stress scenario. |
| ● | Minimum cash limits: which trigger preemptive actions to be taken to ensure sufficient resources are available to meet financial commitments. |
The Group’s projected cash flow is generated and monitored daily by the Treasury to ensure that the Group has the necessary resources to meet financial commitments and operational needs. For the projection of cash, growth assumptions and stress factors are used, which include increased losses and expenses.
The information on financial liabilities is essential for the projection and management of cash flow, ensuring that the Group has the necessary resources to settle its obligations.
As a cash management procedure, the treasury invests surplus funds in highly quality liquid and unencumbered assets.
The objective of the Group’s liquidity risk management activities is to ensure its ability to meet both expected and unexpected obligations without disrupting daily operations or incurring significant losses.
In order to ensure a sound basis of funding for growth, management has adopted a diversified approach to financing, complementing its main base of deposits, which is predominately made up of retail liabilities. A liquidity risk management policy has been implemented, involving the use of various tools and activities, such as daily cash flow forecasts, liquidity profile monitoring, and maintenance of adequate cash reserves. Any new initiative or product is preliminarily assessed by the market and risk liquidity department.
The treasury department, acting as a first line of defense, is in charge of the implementation of the liquidity management strategy. This approach is coordinated with other functions, such as risk management, to ensure a sound second line of defense.
The table below shows the expected maturity of the Group’s liabilities. For the deposits that are redeemable immediately, the expected maturity was estimated based on historical data, which was used to estimate, for each vintage of deposits, the probability of the balance remaining for 1 more month given how long it has been in the portfolio.
Considering the earliest date in which customers may exercise their redemption rights, the cash outflows are presented as follows up to 365 days: R$
Liabilities
| Up to 30 days | From 31 to 60 days | From 61 to 90 days | From 91 to 180 days | From 181 to 365 days | Over 365 days | Total | ||||||||||||||||||||||
| As of June 30, 2026 | ||||||||||||||||||||||||||||
| Third-party funds - payment accounts | ||||||||||||||||||||||||||||
| Third-party funds – CDB’s | ||||||||||||||||||||||||||||
| Third party funds - financial instruments | ||||||||||||||||||||||||||||
| Third-party funds – Others | ||||||||||||||||||||||||||||
| Obligations to FIDC FGTS quota holders | ||||||||||||||||||||||||||||
| Trade payables | ||||||||||||||||||||||||||||
| Derivative financial instrument | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||||||||||
| Third-party funds - payment accounts | ||||||||||||||||||||||||||||
| Third-party funds – CDB’s | ||||||||||||||||||||||||||||
| Third party funds - financial instruments | ||||||||||||||||||||||||||||
| Third-party funds – Others | ||||||||||||||||||||||||||||
| Obligations to FIDC FGTS quota holders | ||||||||||||||||||||||||||||
| Trade payables | ||||||||||||||||||||||||||||
| Derivative financial instrument | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||
28.4 Fraud risk
The Group is exposed to several operational risks, one of which is the risk of fraud, which is an undue, illegal or criminal activity that causes a financial loss for one of the parties involved in a financial transaction within the PicPay arrangement. Credit card fraud includes unauthorized use of lost, stolen, fraudulent, counterfeit, or altered cards, as well as misuse of the PicPay user payment account. Within this scenario, the Group is exposed to losses due to transaction chargebacks (cancellations).
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| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The chargeback process starts when a user makes a transaction via credit card in the PicPay application and, for reasons unrelated to PicPay, decides to contest the transaction with the card issuer who forwards it to the acquirer who performs the transaction cancellation, reducing the amount of payables it has outstanding with PicPay.
The Group has dedicated fraud-prevention team strategies and processes which include real-time monitoring of transactions using payment account balances or credit cards for bank slips, withdrawals or transfers between users, analyzing and then approving or declining transactions.
28.5 Capital management
The Group’s capital management objectives are to ensure ongoing compliance with minimum capital requirements set by regulatory authorities, maintain a capital structure appropriate to the risks assumed and support the Group’s operational continuity and stakeholder confidence.
The Group’s subject to the prudential framework defined by the Central Bank of Brazil, in accordance with BACEN Resolution No. 200/22 and BACEN Resolution No. 436/24, which establish capital requirements based on factors such as size, operational complexity, and risk profile. The lead entity of the prudential conglomerate is PicPay Payments Institution.
The Group’s available regulatory capital is composed of the following tiers, which are the numerators of its capital indices:
| ● | Common Equity Tier I Capital: Includes share capital, capital reserves and retained earnings minus regulatory deductions from capital such as intangible assets and deferred tax assets; |
| ● | Tier I Capital (1): Includes Common Equity Tier I Capital plus Additional Tier I Capital such as perpetual subordinated debt |
| ● | Total Capital: Includes Tier I Capital plus Tier II capital such as fixed-maturity subordinated debt. |
The Group’s Risk-Weighted Assets (RWA), which are the denominator of its capital indices, reflect a bank’s exposure to credit, market, payment services and operational risks. RWA’s are calculated, for credit risk for example, by applying different risk weights to different assets depending on their level of risk, resulting in the Risk-Weighted Assets.
The following table presents the Group’s capital ratios as of June 30, 2026 and December 31, 2025, calculated according to BACEN’s regulation on capital requirements and accounting, which differs from IFRS in some respects, notably in the scope of consolidation and in the calculation of expected losses.
| June 30, 2026 | December 31, 2025 | |||||||
| Common Equity Tier I | ||||||||
| Tier I | ||||||||
| Tier II | ||||||||
| Total Capital (Tier I + Tier II) | ||||||||
| Risk-Weighted Assets (RWA) | ||||||||
| Credit Risk (RWA CPAD) | ||||||||
| Market Risk (RWA MPAD) | ||||||||
| Operational Risk (RWA OPAD) | ||||||||
| Payment Service Risk (RWA SP) | ||||||||
| Common Equity Tier I Ratio | % | % | ||||||
| Tier I Ratio | % | % | ||||||
| CAR (Total Capital Ratio) | % | % | ||||||
On June 30, 2026, the total capital ratio was
The tier I ratio(1) was
The common equity tier I ratio was
The Company monitors and forecasts its capital needs to maintain compliance with regulatory requirements and internal target capital ratios.
| (1) | The Group has not yet issued Additional Tier I capital instruments, so its Common Equity Tier I capital and Tier I capital are identical. |
43
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
28.6 Fair Value Measurement
Determination of fair value and fair value hierarchy
For assets and liabilities measured at fair value, PicPay measures fair value using the procedures set out below. The objective of the valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.
Level 1: When available, the Bank uses quoted market prices from active markets to determine fair value and classifies such items as Level 1.
Level 2: quoted prices in an active market for similar assets or liabilities or based on another valuation method in which all significant inputs are based on observable market data.
Level 3: when quoted market prices are not available, fair value is based on internally developed valuation techniques that use, whenever possible, current market-based parameters such as interest rates, exchange rates and option volatilities. Financial instruments valued using such internally generated valuation techniques are classified according to the lowest-level input factor that is significant to the valuation. Therefore, an item may be classified as Level 3, even though there may be some significant inputs into its valuation that are easily observable.
The pricing models used to measure fair value are governed by an independent control structure. Fair value estimates from internal valuation techniques are checked, whenever possible, against prices obtained from independent suppliers or brokers. Vendor and broker valuations can be based on a variety of data ranging from observed prices to proprietary valuation models, and the Bank assesses the quality and relevance of this information to determine the fair value estimate.
Financial instruments recorded at fair value
The following is a description of the method for determining the fair value of financial instruments. The valuation techniques incorporate estimates of the assumptions that a market participant would use to value the instruments.
| June 30, 2026 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Financial assets | ||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||
| Total | ||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||
| Government Bonds – LTN | ||||||||||||||||
| Investment Fund Quotas | - | 107,539 | - | 107,539 | ||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Total | ||||||||||||||||
| Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| DI1 and DDI - future contract | ||||||||||||||||
| Total | ||||||||||||||||
| Other financial assets measured at fair value through profit or loss | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Other Investments | ||||||||||||||||
| Total | ||||||||||||||||
| Total Financial assets | ||||||||||||||||
| Financial liabilities | ||||||||||||||||
| Derivative measured at fair value through profit or loss | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| Total Financial Liabilities | ||||||||||||||||
| (1) |
44
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| December 31, 2025 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Financial assets | ||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Total | ||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||
| Government Bonds – LTN | ||||||||||||||||
| Investment Fund Quotas | 99,926 | |||||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Total | ||||||||||||||||
| Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| DI1 - future contract | ||||||||||||||||
| DI1 e DDI - future contract | ||||||||||||||||
| Total | ||||||||||||||||
| Other financial assets measured at fair value through profit or loss | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Other Investments | ||||||||||||||||
| Total | ||||||||||||||||
| Total Financial assets | ||||||||||||||||
| Financial liabilities | ||||||||||||||||
| Derivative measured at fair value through profit or loss | ||||||||||||||||
| DI1 - future contract | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| Total Financial Liabilities | ||||||||||||||||
As of June 30, 2026 and December 31, 2025, there were no transfers between the fair value measurements of Level I and Level II or between Level II and Level III.
Derivative financial instruments
The fair value of the swaps is calculated considering the projected cash flows of each of their ends, discounted to present value according to their respective yield curves, which are representative of market conditions. The yield curve calculations use models audited and approved internally by PicPay’s risk management department.
Interest rate futures contracts are commitments to buy or sell a financial instrument on a future date, at a contracted price or yield, which can be financially settled. The nominal value represents the face value of the related instrument. This instrument is settled daily in line with changes in market prices.
The main interest rates used in the composition of the yield curves are taken from futures and swaps traded on the B3 exchange. Adjustments are made to these curves whenever certain points are considered to lack sufficient liquidity to be representative, or, for atypical reasons, do not reasonably represent market conditions.
Credit Risk Adjustment (CVA)
The current standard requires the allocation of Credit Value Adjustment (CVA) and Debit Value Adjustment (DVA) for derivative financial instruments. These adjustments are intended to reflect the counterparty’s credit risk and the entity’s own credit risk in the valuations of these instruments.
However, PicPay does not carry out the allocation as there is no derivative exposure with clients. All current derivatives are contracted exclusively with companies in the same economic group. This factor considerably reduces credit risk, since the relationship between the parties involved is one of common control, mitigating potential losses associated with non-compliance with obligations.
Therefore, considering the absence of exposure to external customers and the low materiality of credit risk in intra-group transactions, we believe that there is no need to allocate CVA and DVA to these derivative financial instruments. This approach is based on the Company’s operational reality and the effective assessment of the risk involved.
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| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Financial assets
| June 30, 2026 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Cash and cash equivalents | ||||||||
| Financial Investments | ||||||||
| Amounts receivable from card issuers | ||||||||
| Consumer loans | ||||||||
| Other receivables (1) | ||||||||
| Total | ||||||||
| (1) |
Financial liabilities
| June 30, 2026 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Third-party funds - payment account | ||||||||
| Third-party funds - CDBs | ||||||||
| Third-party funds - financial instruments | ||||||||
| Third-party funds - Others | ||||||||
| Trade payables | ||||||||
| Obligations to FIDC FGTS quota holders | ||||||||
| Total | ||||||||
46
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Financial assets
| December 31, 2025 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Cash and cash equivalents | ||||||||
| Financial Investments | ||||||||
| Amounts receivable from card issuers | ||||||||
| Consumer loans | ||||||||
| Other receivables (1) | ||||||||
| Total | ||||||||
| (1) | Balance composed of: Receivables from purchasers, Receivables from customers, Receivables - related parties, Compulsory deposits in Central Bank and Sundry receivables. |
Financial liabilities
| December 31, 2025 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Third-party funds - payment account | ||||||||
| Third-party funds - CDBs | ||||||||
| Third-party funds - financial instruments | ||||||||
| Third-party funds - Others | ||||||||
| Trade payables | ||||||||
| Obligations to FIDC FGTS quota holders | ||||||||
| Total | ||||||||
47
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
28.6.1 Offsetting of financial instruments
The balances of financial assets and liabilities can be offset ( i.e. recognized by the net amount) if there is a legally enforceable agreement in which the parties agree to offset the recognized amounts and intend to settle on a net basis, or to realize the asset and settle the liability simultaneously. As of June 30, 2026 and December 31, 2025, the Group does not have financial instruments that meet the conditions for offsetting.
29. Reconciliation of changes in equity and liabilities with cash flows from financing activities
| Liability Lease | Equity Share premium reserve | |||||||
| Balances as of December 31, 2025 | ||||||||
| Variations with effect on cash | ( | ) | ||||||
| Payment of leases | ( | ) | ||||||
| Share capital increase | ||||||||
| IPO cost | ( | ) | ||||||
| Balances as of June 30, 2026 | ||||||||
30. Segment information
Operating segments are determined based on information reviewed by the board of directors, the Chief Operating Decision Maker (CODM), which is responsible for allocating resources and assessing business performance.
The CODM monitors the operating results of each segment separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on Adjusted Gross Profit, which is defined as ‘Total revenue and financial income’ less ‘transaction expenses’, ‘interest and other financial expenses’ and ‘credit loss allowance expenses’, all of which are consistent with the same lines in the consolidated statements of profit or loss except for amounts that are not allocated to segments and inter-segment amounts.
The Group’s organizational structure has
| a) | Consumer Banking: generates revenue from various transaction activities occurring in the digital wallet, such as Pix, peer-to-peer transfers, and bill payments, including when customers use credit cards as a funding source for payments or money transfers, either in one or multiple installments. It also encompasses interest income from financial investments backed by customers’ account balances. In addition, the segment includes interest revenues from credit activities managed by PicPay Bank, fee revenues from distributing third-party credit products in the financial marketplace, interchange fees from prepaid and credit card transactions, and commissions from distributing insurance and investment products from third-party partners on the platform. |
| b) | Small and Medium-Sized Businesses: generates revenues from MDR (merchant-discount rates) charged to merchants accepting PicPay as a payment network, interchange fees from corporate benefit card transactions, and settlement scheduled floating relating to corporate benefits solutions. Additionally, the segment generates financial income from acquired credit rights and advances to suppliers of corporate clients. |
| c) | Audiences and Ecosystem Integration: This segment provides services to all of the Group’s customers, which include consumers and businesses, with the goal of increasing engagement and monetization of both sides of the ecosystem. This segment generates monetization of the audiences by leveraging PicPay’s customer base of consumers and merchants by offering products and solutions such as PicPay Ads, allowing brands and companies to benefit from PicPay’s audience in app and promote its products and services, as well as many others non-financial products. Ecosystem engagement is achieved, for example, through PicPay Shop, which is a platform that allows online merchants to sell their products and services to consumers. |
| d) | Institutional: This segment encompasses revenues, costs and expenses from financial investments and funding activities executed at the Corporate level. The Institutional unit has the role of managing funding and liquidity at the Group level as well as the allocation of liquidity and capital to each segment. |
The Group does not disclose total assets and liabilities by segment since this information is not presented to its CODM.
48
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Three-month period ended June 30, 2026
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ( | ) | ||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
b) Revenue and financial income reconciliation
| June 30, 2026 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
| June 30, 2026 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
Three-month period ended June 30, 2025
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ||||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ) | ( | ) | ( | ) | |||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ||||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
49
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
b) Revenue and financial income reconciliation
| June 30, 2025 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
c) Reconciliation from segment adjusted gross profit to profit before income taxes
| June 30, 2025 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
Six-month period ended June 30, 2026
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ( | ) | ||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
b) Revenue and financial income reconciliation
| June 30, 2026 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
50
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
c) Reconciliation from segment adjusted gross profit to profit before income taxes
| June 30, 2026 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
Six-month period ended June 30, 2025
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ||||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ||||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
b) Revenue and financial income reconciliation
| June 30, 2025 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
c) Reconciliation from segment adjusted gross profit to profit before income taxes
| June 30, 2025 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
51
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
31. Subsequent event
On August 3, 2026, PicPay Bank has concluded
On July 31, 2026, the full amount of the loan in the value of R$
On August 6, 2026, PicPay Bank – Banco Múltiplo S.A. acquired, through Euroclear, debt securities (Notes) issued by Instituto de Crédito Oficial (ICO), a Spanish public business entity, under its Euro
52