Porto Seguro (PSSA3) Q3 2026 earnings summary

Executive summary

• Q3 revenue was R$11.275bn, up 9.9% YoY; reported net income was R$839m, up 0.9%, while recurring net income was R$712.7m, down 14.3%.

• Reported ROAE was 20.7% and recurring ROAE 17.6%; 9M revenue reached R$32.777bn and net income R$2.875bn.

• Customer count increased by 1.2m to 19.2m, while businesses rose by 6.1m to 38.2m.

Financial highlights

• 9M recurring revenue was R$33bn, up 10%; recurring net income reached R$2.6bn, up 1%, and reported net income rose 12% to R$2.875bn.

• Q3 operating income was R$459m versus R$779m YoY; financial result was R$414m versus R$418m.

• Low IPCA carry and equity performance below the Ibovespa weighed on investment returns and financial income; management expected some IPCA-related recovery in Q4.

Outlook and guidance

• 2026 Health revenue-growth guidance was reduced to 12%–16% from 14%–22%; its loss-ratio range remained 72%–77%.

• Bank revenue guidance was cut to R$7.5bn–R$7.9bn from R$7.7bn–R$8.1bn, and credit-loss guidance raised to R$3.4bn–R$3.8bn from R$3.1bn–R$3.5bn.

• Financial-result guidance was lowered to R$1.1bn–R$1.5bn from R$1.4bn–R$1.8bn; effective tax-rate guidance fell to 17%–21% from 23%–27%.

• Insurance earned-premium growth guidance remained 3%–7%; its loss-ratio range was 50%–54%. Services revenue guidance remained R$2.6bn–R$2.9bn.

• Management planned higher credit-loss coverage for a weaker macro outlook, including a GDP forecast revision from 1.5% to 0%.