Slide 1: Private Payroll Virtual Session with JPM August 2026
Private Payroll Virtual Session with JPM August 2026
Slide 2: Agenda of the day
2 Agenda of the day 1. Industry Dynamics 2. Private Payroll at Glance 3. Our Performance 4. Our Business Model Private Payroll Virtual Session 5. The Operational Framework
Slide 3: Secured Personal Loans Has The Highest Addressable Market
3 Secured Personal Loans Has The Highest Addressable Market Brazilian Loan Market – June 20261 Cards Personal Others Mortgage Payroll Auto Home Equity, FGTS & Others Rural SME/Corporate 0.7 0.5 0.1 1.4 0.8 0.4 0.2 0.7 2.0 R$1.3 Trillion R$ 2.7 Trillion R$2.6 Trillion Unsecured3 Personal Loans Secure
Slide 4: Secured Personal Loans Remained Mostly Undisrupted
Secured Personal Loans Remained Mostly Undisrupted Source: Banco Central do Brasil and Inter. 4 77% 72% 69% 66% 69% 64% 63% 63% 23% 28% 31% 34% 31% 36% 37% 37% 2019 2020 2021 2022 2023 2024 2025 2026 Top 5 Non- Top 5 88% 88% 87% 87% 87% 84% 82% 81% 12% 12% 13% 13% 13% 16% 18% 19% 2019 2020 2021 2022
Slide 5: Private Payroll TAM Could Reach Potential Portfolio
N# Consignado CLT MM Source (a) Number of CLTs (millions) 38.4 80% of CLT (b) Available Net Income (R$) 2,041 PNAD1 (c) Margem Consignavel (% of monthly income) 30% Market average (d) Average Contract Duration (Months) 14 Average Duration (e) = (a) x (b) X (c) x (d) Maximum Portfolio 329,313 (f) Pub
Slide 6: Brazil's Impressive Track Record in Financial Innovation
6 Brazil’s Impressive Track Record in Financial Innovation Oct 9th, 2013 Payment Institutions Law Legal framework for payment institutions, enabling fintechs and digital accounts under BCB supervision. Mar 11th, 2016 Federal payroll management Federal rules for payroll deductions via SIAPE for Execu
Slide 7: A Fast-Growing Revenue Engine
167 331 590 828 964 153 282 447 570 629 A Fast-Growing Revenue Engine 0.2 0.7 1.9 2.5 2.8 0 .0 0 .5 1 .0 1 .5 2 .0 2 .5 3 .0 2Q25 3Q25 4Q25 1Q26 2Q26 Private Payroll Portfolio In R$ billions, active clients and contracts in thousands R$4.5k Average ticket¹ 3.7x Higher ARPAC3 than Inter’s Average cli
Slide 8: A Gateway to Full Client Engagement
10% 20% 70% 629k Opened an account shortly after contracting Already active or reactivated account holders June Client Profile Remained non-account holders 8 A Gateway to Full Client Engagement Account Opening Checking account Demand deposits Full Bankarization Debit Card FGTS Loans Insurance Produc
Slide 9: Who Are Our Clients?
9 Companies profile Who Are Our Clients? Note 1: Average number of products among Private Payroll clients with more than one product. Client Demographics Gateway Opportunities Bank Relationship 25% Of Costumers have more than one contract Our Business ModelIndustry Dynamics Private Payroll at Glance
Slide 10: Our Distribution Channels
10 Our Distribution Channels Government App (CTPS) Mar/2025 Banco Inter S.A WhatsApp Apr/2026 ˜20% Via CTPS Higher ARPAC new cohorts ˜20% Via WhatsApp Higher Conversion Rate % of Total Contracts% of Total Contracts Inter’s Super App Jun/2025 ˜60% Via Inter’s Super App % of Total Contracts Higher Cro
Slide 11: The Operational Framework
The Operational Framework Surpassed Ongoing Next Steps Caixa instability: Temporary halt due to system instability Employers Credit Rating: Model based on operational performance Dataprev/ MTE1 11 Employers missing payroll deductions: Recurring issue in early operations Repayment of overdue installm
Slide 12: Private Payroll Illustrative P&L
Portfolio 1,000 Average Rate (p.m) 3% Cost of Funding (p.y.) 14% Cost of Risk 15% SG&A 10% Basel Ratio 12% Effective Tax Rate 33% Fee Income Ratio 10% RWA Consolidated 90% RWA Credit 75% Income Statement in R$MM Net interest income 216 Loan provisions (150) NII Post Provision 66 Fee Revenue 11 SG&A
Slide 13: What is the Payback of the Product?
13 What is the Payback of the Product? Note: Definitions are in the Glossary section of this Presentation. Note 1: Return on Average Equity. Note 2: Average number of products among Private Payroll clients with more than one product. Rate: 3% (p.m.) CoR: 15% (p.y.) Ilustrative P&L Evolution Payback
Slide 14: Private Payroll is 100% Inter by Design
14 Private Payroll is 100% Inter by Design The Operational FrameworkIndustry Dynamics Private Payroll at Glance Our Performance Our Business Model Sustainable Revenue Growth Scalable Distribution Capabilities Unique Cost Efficiencies Profitable Growth ~30% ROE1 Drives CSI & ARPAC Growth Digital Dist
Slide 15: Appendix
Appendix
Slide 16: Disclaimer
Disclaimer This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they involve known and unknown risks and uncertainties that
Slide 17: Glossary: Activation Rate and definitions
Activation Rate: Number of active clients at the end of the quarter Total number of clients at the end of the quarter Active clients: We define an active client as a customer at any given date that was the source of any amount of revenue for us in the preceding three months, or/and a customer that u
Slide 18: Glossary: Cost of funding and cost of risk
Cost of funding normalized by business days: Interest expenses × 4 ÷ business days in the quarter × 63 Average of last 2 quarters Interest bearing liabilities (demand deposits, time deposits, savings deposits, creditors by resources to release, securities issued, securities sold under agreements to
Slide 19: Glossary: Loan portfolio and net revenue
Gross take rate: Inter Shop gross revenue GMV Loan portfolio: Loans and Advance to Customers, gross of provision for expected losses Margin per active client gross of interest expenses: ARPAC gross of interest expenses – Cost to Serve Margin per active client net of interest expenses: ARPAC net of i
Slide 20: Glossary: ROA, ROE and risk-adjusted NIM
Return on Average Assets (ROA): (ProDit (loss) for the quarter)× 4 Average of last 2 quarters of total assets Return on Average Equity (ROE): (ProDit (loss) for the quarter)× 4 Average of last 2 quarters of total shareholder`s equity Return on Average Tangible Equity Excluding Only Goodwill (ROTE):
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