IRB-Brasil Resseguros (IRBR3) investor relations material

Executive summary

• Recurring net profit for 2Q26 was R$157 million, with comparable profit at R$185 million and a 10% year-over-year increase; adjusted net income for H1 2026 was R$307 million, excluding non-recurring tax reform effects.

• Solvency ratio reached 316%, representing a surplus of R$1.9 billion above minimum regulatory capital.

• Completed DOJ reporting obligations and finalized the 40-year London runoff, enhancing governance and compliance.

• Strategic initiatives included international expansion applications in Switzerland and Malta, and the establishment of new insurance companies for P&C and Life.

• Building an integrated risk protection ecosystem, including asset management, securitization, and R&D initiatives.

Financial highlights

• Retained premiums for the last 12 months were R$13.4 billion, down from R$13.7 billion year-over-year; in 2Q26, retained premiums were R$783 million, a 5% decrease year-over-year.

• Underwriting results rose 34% to R$839 million in the last 12 months, with net profit up 20% to R$592 million; 2Q26 underwriting income rose 9% to R$250 million.

• Asset segment grew its share of retained premiums from 48% to 60%, while international portfolio grew 6%.

• Protective retrocession expenses dropped 43% to R$274 million, improving risk retention and efficiency.

• Investment portfolio yielded 9.8% in the last 12 months, with R$708 million in financial results.

Outlook and guidance

• Focused on accelerating premium growth, expanding profitability, and international operations, with cost rationalization and process simplification for 2027.

• Administrative expenses targeted for reduction, with R$16 million in cuts already mapped.

• Expecting continued benefits from tax reform, with reinsurance activity subject to a 0% tax rate and zero-rated IBS/CBS from 2027.

• Dividend payout expected to increase from 25% to 50% as initiatives mature and cash generation improves.