Porto Seguro (PSSA3) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of BRL 41 billion (+12% YoY) and net income of BRL 3.4 billion (+28% YoY) in 2025, driven by diversification and ecosystem strategy, with health, bank, and services representing nearly half of results.

• ROAE reached 22.7% for 2025 (+2.7 p.p. YoY), with all business verticals posting ROAE above 23%.

• Client base grew to 19 million, with 35 million businesses served and NPS scores above 75 in key segments.

• Celebrated 80th anniversary, recognized as a top employer and brand, and expanded digital ecosystem partnerships.

Financial highlights

• Q4 2025 revenue reached BRL 11 billion (+11% YoY), net income BRL 839 million (+25% YoY), and ROAE 22.5% (+2.2 p.p. YoY).

• Full-year 2025 revenue was BRL 41 billion (+12% YoY), net income BRL 3.4 billion (+28% YoY), and operational efficiency ratio improved to 10.9% (-0.4 p.p. YoY).

• Net income diversification: insurance contributed 51%, healthcare 18%, bank 25%, and service 7% in 2025.

• Number of clients grew 4% to 19 million; number of businesses up 16% to 35 million.

Outlook and guidance

• 2025 results at the high end of guidance; 2026 guidance expects further premium growth, improved loss ratios, and higher financial results from bond rollouts.

• Porto Seguro earned premium growth of 3–7%, Porto Saúde 14–22%, Porto Bank revenue R$7.5–7.9B, Porto Serviço R$2.6–2.9B expected in 2026.

• Projected loss ratios: Porto Seguro 50.5–54.5%, Porto Saúde 72–77%; financial result guidance: R$1.4–1.8B, effective rate 28–32%.

• Dividend payout increased to 55% gross (50% net) for 2025, with potential for additional share buybacks in 2026 if guidance is met.

• Auto segment growth expected to accelerate in 2026, with a focus on balancing profitability and growth amid competitive dynamics.