Porto Seguro (PSSA3) Q1 2026 earnings summary

Executive summary

• Achieved fifth consecutive quarter of double-digit growth, with total revenue reaching R$11 billion in 1Q26, up 10% year-over-year, and recurring net income of R$958 million (+15%).

• Net income reached R$1.13 billion in 1Q26, up 36% year-over-year, with strong diversification across insurance, health, and banking.

• Digitalization and customer experience initiatives led to high NPS scores, operational efficiency gains, and significant adoption of digital channels.

• Insurance vertical net income surged 49% to R$467 million, with ROE above 30% for the fourth straight quarter.

• Health, Banking, and Services verticals contributed 51% of total results, each with ROAE above 22%.

Financial highlights

• Recurring ROAE was 25% (+1 p.p.), reported ROAE was 29% (+5 p.p.), and consolidated recurring ROAE at 25%.

• Porto Saúde net income increased 20% to R$216 million, with total revenues up 15.1%.

• Porto Bank revenue up 24.5%, net income up 10%, ROAE at 25%, and efficiency ratio near 28%.

• Porto Serviço EBITDA was R$101 million, down 11% year-over-year, with an EBITDA margin of 15%.

• Total assets stood at R$57.5 billion as of March 31, 2026.

Outlook and guidance

• 2026 guidance maintained: Insurance earned premium growth of 3–7%, Health 14–22%, Bank revenue R$7.5–7.9B, Service revenue R$2.6–2.9B.

• Loss ratio and efficiency targets held across all verticals.

• Guidance for the year maintained, except for a higher effective tax rate due to non-cash accounting effects and higher TJLP.

• Portfolio expansion, intelligent pricing, and innovation are key growth levers for the coming years.

• Guidance incorporates expectations for a more challenging macro scenario.