PicS (PICS) Registration Filing summary

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.