Porto Seguro (PSSA3) Q1 2026 earnings summary

Executive summary

• Total revenue reached R$11 billion in 1Q26, up 10% year-over-year, with recurring net income of R$958 million (+15%) and net income of R$1.13 billion (+36%).

• Achieved fifth consecutive quarter of double-digit growth, with strong diversification across bank, health, and services verticals, now generating over half of results.

• Number of clients grew to 36.3 million, with 1 million added in the last 12 months.

• Digitalization and customer experience initiatives led to high NPS scores and operational efficiency gains, with digital broker support up 19 percentage points year-over-year.

Financial highlights

• Insurance vertical net income grew 49% year-over-year to R$467 million, with ROAE at 34%.

• Porto Saúde net income increased 20% to R$216 million, with total revenues up 15.1%.

• Porto Bank revenue increased 24%, net income up 10%, and ROAE at 25%.

• Porto Serviço EBITDA was R$101 million, down 11% year-over-year, with an EBITDA margin of 15%.

• Recurring ROAE was 25%, reported ROAE 29%, and pro forma ROAE (excluding excess capital) close to 31%.

Outlook and guidance

• 2026 guidance maintained: Insurance earned premium growth of 3–7%, Health 14–22%, Bank revenue R$7.5–7.9B, Service revenue R$2.6–2.9B.

• Loss ratio guidance: Porto Seguro 50.5–54.5%, Porto Saúde 72–77%.

• Efficiency and G&A ratios for all verticals held at previous guidance levels.

• Asset quality and risk appetite adjusted for a more challenging macro scenario, with provisions and guidance reflecting this.