Porto Seguro (PSSA3) Q4 2025 earnings summary

Executive summary

• Achieved 28% net income growth and 12% revenue growth in 2025, with net income at R$3.4B and revenue at R$41B year-over-year.

• ROAE reached 22.7% for the year, up 2.7 p.p. from 2024, with all business verticals posting ROAE above 23%.

• Diversification strategy led health, bank, and services to represent nearly half of total results, up 7 p.p. from 2024.

• Celebrated 80th anniversary with record satisfaction and operational efficiency gains for the sixth consecutive year.

Financial highlights

• Q4 2025 revenue reached R$11B, up 11% YoY; net income was R$839M, up 25% YoY; ROAE at 22.5%, up 2.2 p.p.

• Full-year 2025 revenue was R$41B, up 12%; net income R$3.4B, up 28%; ROAE at 22.7%, up 2.7 p.p.

• Client base reached 19 million, with 35 million businesses served; cross-selling increased from 1.7 to 1.9 businesses per client.

• Net income diversification: insurance contributed 51%, healthcare 18%, bank 25%, and service 7% in 2025.

• Operational efficiency ratio improved to 10.9% (-0.4 p.p. YoY).

Outlook and guidance

• 2025 results delivered at the high end of guidance; 2026 guidance expects further growth, with premium growth range widened to reflect acceleration in issued premiums.

• 2026 guidance: Porto Seguro earned premium growth of 3–7%, Porto Saúde 14–22%, Porto Bank revenue R$7.5–7.9B, Porto Serviço R$2.6–2.9B.

• Projected loss ratios: Porto Seguro 50.5–54.5%, Porto Saúde 72–77%; financial result guidance R$1.4–1.8B, effective rate 28–32%.

• Favorable loss ratio outlook for 2026, with continued focus on balancing growth and profitability.

• Bank guidance incorporates new accounting for consortia and card expenses, impacting comparability with 2025.