Porto Seguro (PSSA3) investor relations material

Executive summary

• 3Q26 revenue was R$11.275B, up 9.9% YoY; recurring net income was R$712.7M, down 14.3%, while net income attributable to shareholders reached R$839M, up 0.9%.

• Reported ROAE was 20.7% and recurring ROAE 17.6%; diversified operations supported resilience amid a tougher credit cycle.

• Customer count increased by 1.2M to 19.2M, and business relationships grew by 6.1M to 38.2M.

Financial highlights

• 9M26 revenue was R$32.777B; net income reached R$2.875B, up 12% YoY, and recurring net income was R$2.6B, up 1%.

• 9M26 recurring ROAE was 21%, down 2.2 p.p. YoY; reported ROAE was 23%, unchanged YoY.

• Q3 operating income before financial results and taxes was R$459M versus R$779M YoY; financial result was R$414M versus R$418M.

• 9M operating cash flow was R$1.378B versus R$180M; cash and equivalents ended at R$2.450B.

Outlook and guidance

• 2026 Porto Seguro earned-premium growth guidance remained 3%–7%, with a 50%–54% loss-ratio range and 10.0%–10.6% G&A ratio.

• Porto Saúde growth guidance was revised to 12%–16% from 14%–22%; its loss-ratio range remained 72%–77%.

• Porto Bank revenue guidance was cut to R$7.5B–R$7.9B from R$7.7B–R$8.1B; credit-loss guidance rose to R$3.4B–R$3.8B from R$3.1B–R$3.5B.

• Financial-result guidance was lowered to R$1.1B–R$1.5B from R$1.4B–R$1.8B; effective tax-rate guidance fell to 17%–21% from 23%–27%.

• Porto Serviço revenue guidance remained R$2.6B–R$2.9B, with G&A at 9%–10%; Porto Bank efficiency guidance remained 24%–28%.