Inter & Co (INTR) Q1 2026 earnings summary

Executive summary

• Achieved record net income of R$395 million in Q1 2026, up 38% year-over-year, with ROE at 15.5% and ROTE near 20%.

• Client base reached 44 million, with the highest activation rate since 2024 and 4.2 million net new active clients added in the last 12 months.

• Gross loan portfolio grew 33% year-over-year to R$50 billion, outpacing the Brazilian market by over 3x, with diversified credit expansion.

• Launched Seven, a multi-agent AI tool, enhancing client experience, product engagement, and operational efficiency.

• Continued focus on sustainable, profitable growth and innovation, with Owner's Day event to detail strategic vision.

Financial highlights

• Gross revenue reached R$4.3 billion (+38% YoY); net revenue was R$2.4 billion (+33% YoY).

• Net interest income rose 38% year-over-year to R$1.88 billion, driven by credit mix evolution.

• Efficiency ratio improved to a record low of 43.8%, reflecting strong cost discipline.

• NIM 2.0 expanded 70 bps YoY to 9.5%; risk-adjusted NIM 2.0 at 5.6%.

• Cards + PIX TPV reached R$1.7 trillion, up 25% year-over-year, with a 26% increase in TPV per active client.

Outlook and guidance

• Expect cost of risk to be closer to 6% for 2026, reflecting higher exposure to private payroll and credit card reshaping.

• NIM expansion guidance maintained at 10 basis points per quarter on average.

• Management highlighted momentum to further improve ROE beyond 15.5%.

• Expect continued ARPAC growth in 2Q26, driven by credit penetration and hyper-personalization.

• Strategic roadmap to be detailed at Owner's Day event in May 2026.