Porto Seguro (PSSA3) Q1 2026 earnings summary

Executive summary

• Net income reached R$1.14 billion in 1Q26, up 36% year-over-year, with recurring net income of R$958 million (+15%).

• Total revenues grew 10% year-over-year to R$11 billion, driven by double-digit growth in 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.

Financial highlights

• Recurring ROAE was 25% (+1 p.p.), and reported ROAE was 29% (+5 p.p.) compared to 1Q25.

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

• 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%), with an EBITDA margin of 15%; digital product revenues up 69.6%.

• Financial investment portfolio revenue was R$408 million in 1Q26.

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 financial results and capital adequacy reaffirmed.

• Effective tax rate expected at 28–32% due to non-cash accounting effects and higher TJLP.

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