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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
PicS
PicS (PICS) investor relations material
PicS has been private
PicS Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Registration Filing summary20 Jan, 2026
Company overview and business model
Operates a two-sided digital financial platform in Brazil, offering payments, banking, credit, insurance, investments, and business solutions to consumers and SMBs.
Core products include a digital wallet, credit and prepaid cards, personal and payroll loans, insurance, and investment products.
Business model leverages an open platform, integrating third-party financial products and services, and a proprietary ecosystem for both consumers and businesses.
Recent expansion includes the acquisition of a digital insurance company (Kovr) and integration of Banco Original’s retail operations.
Focuses on financial inclusion, digital engagement, and cross-selling, with a strong presence among younger, lower- to middle-income consumers.
Financial performance and metrics
Total revenue and financial income for the nine months ended September 30, 2025, was R$7.26 billion, up 92% YoY; net profit for the period was R$314 million, up 82%.
For the year ended December 31, 2024, total revenue and financial income was R$5.57 billion, up 61% YoY; net profit was R$252 million, up 573%.
Adjusted gross profit for the nine months ended September 30, 2025, was R$2.55 billion, up 26% YoY; efficiency ratio improved to 56.9% from 75.9%.
Total payment volume (TPV) for the nine months ended September 30, 2025, was R$392 billion, up 32% YoY; deposits reached R$26.7 billion, up 61%.
Credit portfolio reached R$18.7 billion as of September 30, 2025, with 44% secured and 56% unsecured; NPL over 90 days at 6.2%.
Quarterly ARPAC for Q3 2025 was R$65.4, up 71% YoY; cost to serve per client was R$17.8, with a monthly average of R$5.9.
Use of proceeds and capital allocation
Net proceeds of approximately US$356.4 million (or US$412.2 million if the underwriters' option is exercised in full) expected from the IPO.
Proceeds will be used for general corporate purposes, working capital, regulatory capital requirements, capital expenditures, and the Kovr acquisition.
Additional capital injections from controlling shareholders have supported regulatory capital requirements and business growth.
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