Porto Seguro (PSSA3) Q1 2026 earnings summary

Executive summary

• Net income reached R$1.13 billion in 1Q26, up 36% year-over-year, with recurring net income of R$958 million (+15%).

• Total revenues rose 10% to R$11 billion compared to 1Q25, reflecting strong diversification and performance across all business verticals.

• Insurance vertical net income surged 49% to R$467 million, with ROAE at 34%.

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

• Digitalization and customer experience initiatives led to high NPS scores and operational efficiency gains, with digital broker support up 19 p.p. year-over-year.

Financial highlights

• Recurring ROAE reached 25% (+1 p.p. YoY); reported ROAE was 29% (+5 p.p.).

• Operating efficiency ratio improved to 11.0% (down 0.1 p.p. YoY).

• Porto Bank revenue up 24.5% YoY to R$1.9B; net income up 10.1% to R$211.5M; efficiency ratio improved to 27.7%.

• Porto Serviço EBITDA was R$101 million (-11% YoY), with an EBITDA margin of 15% and digital product revenues up 69.6%.

• Financial result was R$307 million, down 20% YoY, mainly due to market impacts on the investment portfolio.

Outlook and guidance

• 2026 projections 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 financial results and capital adequacy reaffirmed, with higher effective tax rate due to non-cash accounting effects.

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

• Guidance incorporates expectations for a more challenging macro scenario.