PicS N.V.

Good evening, everyone, and welcome to the PicPay earnings conference call for the first quarter of 2026. I'm André Cazoto, PicPay's Strategy, M&A, and Investor Relations Officer. Today, I'm joined by Eduardo Chedi, our CEO, Rodrigo Couto, our CFO, Danilo Cáfaro, Vice President of Consumer Banking, and our Investor Relations and Strategy teams. We will begin with a short presentation highlighting our quarterly results, followed by a live Q&A with our management team. Please note that this presentation may contain forward-looking statements and non-GAAP measures. Please refer to the disclaimer on screen and in our earnings materials available on our Investor Relations website for additional information. This call is being recorded and a replay will be available on our website shortly after the call. Before I hand the call over to our CEO, Eduard Chedi, I would like to briefly highlight the strength of our execution. As you can see on the next slide, we deliver results above the guidance we presented across all key metrics for the first quarter of 2026. Our total credit portfolio reached R$28 billion, 5.8% above our guidance of R$26.5 billion, driven by a better than expected performance on our private payroll loans, which continue to gain traction during the quarter. Our cost of risk, On the revenue side, our managerial revenues, which exclude derivative revenues and hedge accounting effects, reached R$3.2 billion. Net interest income came in at 1.7 billion reais, surpassing 20% net interest margin for the quarter. And gross profit reached 1.1 billion reais, with both delivering slightly above guidance. Looking at our profitability metrics, IFRS earnings before taxes came in at 222 million reais, 3.1% above the guidance, and the IFRS net income reached 152 million reais. 8.4% above the guidance of 140 million. On adjusted basis, which excludes stock-based compensation expenses, adjusted EBT reached 248 million reais, 5.7% above the guidance of 235 million, and our adjusted net income came at 169 million reais, 9.3% above the guidance of 155 million. These results reinforce our strong execution and our ability to consistently grow with profitability. With that, I will now turn the call over to Eduardo Chegin.

Thank you, André. Good evening, everyone, and thank you for joining us for our second earnings call. I'm pleased to report that we delivered another strong quarter, beating our guidance across every single metric we track. Let me walk you through the highlights. We delivered solid results in the operational metrics. Total accounts reached 68.6 million, up 11% year over year, and 2% quarter over quarter, continuing to expand at a steady pace. Quarterly active clients grew to 44.3 million. Consolidated TPV came in at 156 billion reais, 31% above the prior year. N.V. N.V. N.V. N.V. Total cash-in was 125.4 billion reais in the quarter, growing 22% versus a year ago. On a sequential basis, the 10% decline mirrors the typical Q1 pattern relative to Q4's elevated activity. Consumer deposits grew to 30.8 billion reais, up 46% year-over-year and 70% higher than last quarter, reinforcing the trust and principality trends we have been building. And active insurance policies reached 10.2 million, 78% ahead of Q1 last year and 13% above Q4, as our insurance vertical continues to scale at a rapid clip. Turning to financials. Net revenues reached 3.5 billion reais, a 70% increase year over year, and 17% higher than last quarter. Excluding derivatives and hedge accounting, managerial revenues were 3.2 billion, up 60% versus the prior year, and 9% sequentially. Average revenue per active client grew to 80.7 reais in the quarter. N.V. Gross profit came in at 1.1 billion reais, representing a 44% year-over-year gain and an 8% step up from the prior quarter. On efficiency, cost to serve was 20.3 reais per active client, up 9% from a year ago, but down 1% versus Q4, showing that scale benefits are kicking in. For context, Revenue per client expanded 55% year-over-year, while cost to serve grew just 9%. That's the leverage embedded in this model. Adjusted earnings before taxes reached R248 million, more than tripling year-over-year with a 224% increase and advancing 3% sequentially, despite the seasonally lower activity typical of first quarters. This demonstrates the consistency of our earnings trajectory. Adjusted net income was 169 million, nearly doubling with 92% year-over-year growth. The 10% sequential decline is entirely attributable to normal Q1 seasonality following a strong fourth quarter. As you can see, our revenue diversification continues to evolve. We now have a significantly more diversified and resilient revenue mix N.V. 69% of our revenues are now driven by no or low credit risk streams. That's up from 63% just 12 months ago. So we're growing net revenues 70% year over year while building a fundamentally more resilient business. Looking at the three revenue engines individually. Secure credit revenues reached 820 million reais, up 272% compared to a year ago, and 41% higher than Q4, fueled by the rapid ramp-up of our payroll loan portfolio. Unsecured credit revenues came in at 1.1 billion, a 44% year-over-year expansion, and 10% above last quarter, growing at a measured pace as we deliberately shift the mix toward collateralized products. N.V. On returns, adjusted net income grew 92% year-over-year to R$169 million. The 10% sequential decline reflects normal Q1 seasonality. Quarterly annualized adjusted ROE was 15.5% compared to 24.4% last quarter. The sequential compression is fully explained by the expanded equity base from our IPO capital raise. As we deploy these proceeds into our high-returning credit portfolio, we expect ROE to trend back above 20% within the next couple of quarters. Now moving to credit. PickPay card TPV was R$17.4 billion. 41% higher year over year with a modest 1% sequential decline reflecting typical first quarter seasonality rather than any change in engagement trends. Consumer loans origination reached $4.5 billion, more than doubling year over year at 119% growth and edging up 2% from Q4. Holding essentially flat against a seasonally strong fourth quarter demonstrates the strength of our origination engine. Total credit portfolio reached R$28 billion, 116% above the prior year and 17% above last quarter. The consumer book represents 93% of the total, with SMBs and others comprising the remaining 7%. Beyond the numbers, we advanced several strategic initiatives in the quarter. On PicPayCard, we launched Skip Purchases. a feature that allows cardholders to pause a monthly payment without penalties, improving their cash flow management and deepening engagement with the product. On small and medium businesses, new business accounts openings grew from 60,000 per month in Q4 to 80,000 in Q1, a 33% sequential increase. We also rolled out supply chain finance, enabling businesses to anticipate receivables and improve their cash cycles. In its first quarter, the product generated 693 million reais in origination. We also announced a strategic partnership with TIM, one of Brazil's largest telecom operators, Structured as a two-way distribution agreement, PicPay will offer Teams telecom plans within our app, while Teams will offer PicPay accounts and credit products to its large customer base. The partnership is expected to reduce our customer acquisition costs by activating new users through Teams' existing infrastructure while driving higher engagement for both platforms. On the cover acquisition, we reached an important milestone. CADE, the Brazilian Antitrust Agency, approved the transaction on May 28th without restrictions. We're now awaiting final clearance from SUSEPI, the insurance regulator, as well as from the central bank to close the deal. Finally, on brand. In the quarter, we launched a new brand positioning. PicPay, your next bank. It marks PicPay's evolution from a payment platform to a full-service digital bank, building trust and daily relevance while preserving the simplicity and innovation that set us apart. The campaign has already generated 1.2 billion impressions and over 75 million views, achieving 81% brand favorability, nearly double the 44% average in the financial services category. This is a strategic investment in long-term principality, and the initial data confirms it's working. Now, I will hand it over to Danilo Caffaro, our Consumer Banking Vice President.

Thank you, Eduardo. In this next slide, we can see that we continue to execute on our strategy, gaining market share of major credit products by gaining share of wallet of our clients. As of first quarter 26, we reached 4.93% market share for private payroll loans, coming from 0.2%, 2.76% market share of personal loans, coming from 2%, and 1.53% market share of credit card TPV, and 1.08% of credit card portfolio, coming from 1.18% and 0.77% respectively. On the next slide, we have the breakdown of our portfolio growth for the consumer business. We reached 26.1 billion reais in the first quarter of 26. It represents a 3.6 billion growth from fourth quarter 25, already after a one-off public payroll portfolio sale. As you can see, we continue to grow our portfolio, 91% of the total growth, on lower risk products and more mature cohorts, meaning Clients that already have built credit behavior with us. Last but not least, the following slides take a deeper look at our private payroll loans operations. We continue to believe in the massive opportunity of private payroll loans, and we have seen strong evolution since the product launch in April 2025. From the very beginning, we have been operating this product very tightly, following our prudent underwriting strategy. Early on, as operational issues affected first payment default in the initial cohort, we decided to slow down origination in the following months. As the product matured and we gained more confidence in its performance, we increased origination quarter over quarter. This shows our ability to respond quickly to changing market conditions. We still do not have the quarter fully closed given the product's 30-day grace period plus an additional 30 days for payroll processing. Delinquency rates, represented here by the over 30 days metric, have also improved month after month. Important to mention that origination, FPDs, and over 30 for third quarter 2025 cohorts are reflecting a more conservative underwriting strategy. On the following slide, we continue to see very healthy unit economics in private payroll loans. With lifetime NEMALs around 30%, lifetime ROEs consistently above 100%, and FPDs stable at high single-digit levels. While FPDs remain stable and within a controllable range, our strategy is not centered on minimizing this metric at any cost, but rather on optimizing risk-adjusted returns. N.V. N.V. Our current pricing model does not yet incorporate the potential upside from collateral enhancements, such as FGTS balances and severance package proceeds, which should become effective throughout the year and help reduce cost of risk, particularly in higher risk segments. Now, I will hand it over to Rodrigo Couto, our CFO. Thank you.