Porto Seguro (PSSA3) Q2 2025 earnings summary

Executive summary

• Total revenue reached R$10 billion in Q2 2025, up 12% year-over-year, with net income of R$878 million, a 50% increase versus Q2 2024.

• ROAE improved to 24.6% in Q2 2025, up 6.2 p.p. year-over-year, with all business verticals above 21%.

• First half 2025 revenue grew 13% to R$20 billion, net income up 38% to R$1.7 billion, and ROAE at 24%.

• Client base includes 18 million active clients and 31 million businesses, reflecting business expansion.

• Recognized as the third strongest brand in Brazil and entered the top 15 most valuable brands nationally.

Financial highlights

• EBITDA margin was 16.2%, down 0.7 p.p. year-over-year.

• Financial investment portfolio revenue in Q2 2025 was R$431.2 million, representing 86.4% of CDI.

• Net income diversification: insurance 55%, healthcare 13%, bank 24%, service 7% in Q2 2025.

• Financial result reached R$376 million, up 121% year-over-year.

• Operating efficiency ratio improved to 10.9%, a 0.9 p.p. reduction year-over-year.

Outlook and guidance

• Porto Saúde earned premium growth guidance revised to 25–40%, loss ratio to 73–78%.

• Porto Bank revenue expected to grow 20–28% year-over-year, with efficiency ratio projected at 32–34%.

• Porto Seguro earned premium growth guidance at 2–5%, loss ratio at 51–55%.

• Effective tax rate expected to decrease to 28–32% due to higher Selic rates.

• Financial result guidance held, expecting stable revenue due to lower IPCA in H2 2025.