Porto Seguro (PSSA3) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with total revenue of BRL 10.5 billion (up 11% YoY) and net income of BRL 832 million (up 13% YoY), marking the third consecutive quarter above BRL 800 million.

• ROAE reached 23% for the quarter, maintaining above 20% for five consecutive quarters.

• Strategic focus on insurance, health, banking, and services led to diversified growth, with non-insurance verticals now representing 44% of profit share.

• Number of clients reached 18 million and businesses 32 million.

• Sustained high NPS scores across all verticals, all above 80 points, reflecting strong client experience.

Financial highlights

• Total revenue for the first nine months of 2025 reached BRL 30.5 billion, the highest in company history.

• Net income for the quarter increased 13% year-over-year to BRL 832 million.

• Insurance segment contributed 56% of results, with banking and healthcare increasing their shares.

• Porto Banco revenue grew 29% and net income rose 19% year-over-year.

• Porto Saúde revenue grew 26.9% to nearly BRL 2.2 billion, net income up 65% year-over-year.

Outlook and guidance

• 2025 projections maintained: Insurance premium growth +2% to +5%, Health +25% to +40%, Bank revenue +20% to +28%.

• G&A ratio for Porto Seguro revised to 10%-10.5%.

• Porto Serviço revenue guidance revised to BRL 2.4-2.6 billion, with G&A expected at 7.5%-8.5%.

• Confident in continued double-digit growth and maintaining ROA above 20% in the medium term.

• Financial result guidance of BRL 1.2-1.4 billion for the year.