Porto Seguro (PSSA3) Q2 2025 earnings summary

Executive summary

• Total revenue reached R$10 billion in 2Q25, up 12% year-over-year, with net income of R$878 million, a 50% increase over 2Q24, and ROAE at 24.6%.

• All business verticals posted ROAE above 21%, with the client base at 18 million and 31 million businesses.

• Recognized as the third strongest brand in Brazil and among the top 15 most valuable brands.

• Maintained focus on operational efficiency, digital transformation, and ecosystem strengthening.

Financial highlights

• Net income rose 50.4% year-over-year to R$878.1 million in 2Q25; total revenue increased 11.9% to R$10,047.6 million.

• Financial result reached R$376 million, up 121% year-over-year, with investment returns at 86.4% of CDI.

• Operating efficiency ratio improved to 10.9%, a 0.9 p.p. reduction year-over-year.

• Net income diversification in 2Q25: insurance 55%, healthcare 13%, bank 24%, service 7%.

Outlook and guidance

• 2025 guidance: Porto Saúde earned premium growth of 25–40%, loss ratio 73–78%.

• Porto Bank expects total revenue growth of 20–28% and efficiency ratio of 32–34%.

• Consolidated effective tax rate guidance revised to 28–32%.