Porto Seguro (PSSA3) Q4 2025 earnings summary

Executive summary

• Celebrated 80th anniversary with strong brand recognition, inclusion in major stock indices, and awards for workplace excellence, customer satisfaction, and sustainability initiatives.

• Achieved record satisfaction and operational efficiency gains, driven by diversification and ecosystem strategy.

• Health, bank, and services now represent about half of results, reflecting successful cross-selling and portfolio expansion.

• Client base reached 19 million, up 4% year-over-year, with 35 million businesses served.

Financial highlights

• 2025 revenue reached R$41.1 billion (+12% YoY); net income was R$3.4 billion (+28% YoY); ROAE improved to 22.7% (+2.7 p.p. YoY).

• Q4 2025 revenue was R$11 billion (+11% YoY); net income R$839 million (+25% YoY); ROAE 22.5% (+2.2 p.p. YoY).

• Insurance items up 8%, health members near 2 million (+346,000), bank revenue up 31%, bank net income up 35%.

• Services EBITDA up 5% to R$108 million; EBITDA margin up 0.3 p.p. to 16.3%.

• Earnings per share increased to R$5.21 from R$4.08 in 2024.

Outlook and guidance

• 2025 results at high end of guidance; 2026 guidance expects further premium growth, improved loss ratios, and higher dividend payouts.

• Porto Seguro earned premium growth of 3–7%, Porto Saúde 14–22% expected in 2026.

• Bank guidance incorporates new accounting for consortia and higher provisions for credit risk.

• Sustained focus on diversification, efficiency, digital transformation, and continued investment in sustainability and innovation.