PicS (PICS) Q4 2025 earnings summary

Executive summary

• Delivered results above IPO guidance in Q4 and FY2025, with strong operational and financial performance, robust growth in total accounts, payment volumes, and active clients, and accelerated credit portfolio expansion, especially in secured products and private payroll loans.

• Achieved R$502 million adjusted net income in 2025 (+99% YoY), 24.4% ROE in 4Q25, and completed IPO on Nasdaq, strengthening capital structure and enabling further investment in technology and innovation.

• Total revenue surpassed R$10.3 billion in 2025 (+85% YoY), driven by expansion of financial services, cross-selling, and diversified revenue streams.

• Strategic acquisition of Kovr to accelerate insurance business, pending regulatory approval.

Financial highlights

• Net revenues were R$3.0 billion in Q4 (+69% YoY) and R$10.3 billion for the year (+85% YoY), both above guidance.

• Gross profit for 2025 was R$3.6 billion (+29% YoY); 4Q25 gross profit was R$1.0 billion (+38% YoY).

• Adjusted net income was R$188 million in Q4 (+136% YoY) and R$502 million for the year (+99% YoY).

• Deposits increased 44% YoY to R$28.7 billion in Q4; total accounts reached 67 million (+11% YoY); credit portfolio R$24.1 billion (+128% YoY).

• Total payment volume (TPV) reached R$157.5 billion in Q4 (+28% YoY) and R$550 billion for the year (+31% YoY).

Outlook and guidance

• Q1 2026 guidance: GAAP net income ~R$140 million, adjusted net income ~R$155 million, total revenue and financial income ~R$3,150 million, gross profit ~R$1,090 million.

• Cost of credit/risk projected to remain flat at 3.5%-4% for 2026; capital ratios projected at CET1 ~14% and total capital ~16%.

• Priorities for 2026: sustainable and profitable growth, expanding credit penetration, scaling SMB operations, deepening customer engagement, and margin expansion.