Pics N.v. · NASDAQ:PICS
Pics — 4Q25 & FY2025 Earnings Presentation
38 slides from Pics's earnings presentation, Jun 2, 2026
Slide 1: 4Q25 & 2025 Earnings Presentation
4Q25 & 2025 Earnings Presentation March 18, 2026 1
Slide 2: Disclaimer / Forward-Looking Statements
Disclaimer Agenda Forward - Looking Statements This presentation contains forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements made pursuant to the safe harbo
Slide 3: Strong Execution Leading to Guidance Beat
Strong Execution Leading to Guidance Beat 4Q25 2025 4Q25 Guidance 2025 Guidance Top of the Top of the Actual Beat Actual Beat Guidance Guidance Total Revenue and Financial Income R$ 2,883 M R$3,014 M +4.5% R$10,011 M R$10,278 M +2.7% Gross Profit R$990 M R$1,013 M +2.3% R$3,493 M R$3,559 M +1.9% Pro
Slide 4: 4Q25 & 2025 Results Highlights
4Q25 & 2025 Results Highlights Solid results both in operational and financial metrics Total Accounts Consolidated TPV Wallet & Banking TPV In million R$ billion R$ billion +31% +30% +11% 550.0 497.0 60.2 67.0 +28% 421.0 +27% 382.5 123.3 157.5 111.6 141.6 39.0 42.7 4Q24 4Q25 4Q24 4Q25 2024 2025 4Q24
Slide 5: 4Q25 & 2025 Results Highlights
4Q25 & 2025 Results Highlights Solid results both in operational and financial metrics PicPay Card TPV Total Credit Portfolio R$ billion R$ billion +50% 58.7 +128% +42% 39.2 24.1 17.6 12.4 4Q24 4Q25 2024 2025 Personal Loan Origination R$ billion 10.6 +67% +116% 11.4 6.8 4.4 2.0 4Q24 4Q25 2024 2025 4
Slide 6: 4Q25 & 2025 Results Highlights
4Q25 & 2025 Results Highlights Solid results both in operational and financial metrics Net Revenues ARPAC (1) Adjusted Cost to Serve (2) R$ million +85% R$ / active client R$ / active client 10,278 +52% +66% +69% 5,570 71.0 62.9 +11% +11% 3,014 46.7 37.9 1,786 18.4 20.4 17.3 19.1 4Q24 4Q25 2024 2025
Slide 7: Solid track record of scale, profitability, and diversification
Solid track record of scale, profitability, and diversification Total Revenues and Financial Income & Profit for the Period (R$ MM) Quarterly Active 34.6M 39.0M 42.7M Clients 24.4% 19.0% 8.5% 3,014 Quarterly Annualized ROE 16% Float 1,786 32% Fees, commissions, and other services 12% Secured credit
Slide 8: Product Velocity - Affluent Consumers
Product Velocity - Affluent Consumers Domestic Transactions Global Account 1.3% cashback Multi- currency balance Higher - Yield Investments (US Dollar+ Euro) International Transactions Global debit card 4.0% cashback 4% annual yield 3 Installments with 0% Interest 0% FX spread 10 GB of free roaming
Slide 9: Product Velocity - Small and Medium Business
Product Velocity - Small and Medium Business Long Tail : Further Integration with the Consumer Banking Easier onboarding Q4: 60K new business acounts /month Payment Links One click integration Consumer account → SMB Account SMBs Tap on phone Working Capital Supply Chain Finance 9
Slide 10: Product Velocity - Audiences & Ecosystem
Product Velocity - Audiences & Ecosystem End - to end iGaming Food - delivery Travel Hub Marketplace Lottery - Raffles +300 Retailers 10
Slide 11: Product Velocity - Open Platform Approach
Product Velocity - Open Platform Approach Account Aggregator Cards Aggregator Investment Aggregator 11
Slide 12: Significant room to increase credit market share and share of wallet
Significant room to increase credit market share and share of wallet, boosted by private payroll loans, credit cards, and contextual offers Share of Wallet from Credit Products – 4Q25 (%) Market Share (1) – 4Q25 (%) 4Q24 4Q25 3.76% Potential of 60% Credit Expansion within PicPay’s 100% customer base
Slide 13: Accelerated and Balanced Growth mainly on Payroll Loans and Mature Credit Cards Cohorts
Accelerated and Balanced Growth mainly on Payroll Loans and Mature Credit Cards Cohorts. Shifting from FGTS to Private Payroll Loan as the Main Growth Engine Consumer Credit +0.5 +0.1 +1.1 3% Portfolio Evolution +1.4 12% 25% R$ Bn +0.9 33% +0.3 20% 6% 22.5 +R$ 4.3 Bn 18.2 Less risk + 24% QoQ More ri
Slide 14: Accelerated Growth with Improving Spread Dynamics in both Loans and Cards
Accelerated Growth with Improving Spread - to- Delinquency Dynamics in both Loans and Cards Personal Loans Total Origination(1) R$ Total MM Loans Origination Unsecured Loans Origination R$ MM; (Base - 100) R$ MM; (Base - 100) 114 4,386 100 97 540 94 108 83 100 100 81 92 76 73 89 86 85 80 100 80 64 7
Slide 15: Accelerated Growth with Improving Spread Dynamics in both Loans and Cards
Accelerated Growth with Improving Spread - to- Delinquency Dynamics in both Loans and Cards Personal Loans Total Origination(1) (1) Standard Credit Card Portfolio (1) R$ Total MM Unsecured Credit Card Portfolio Credit Portfolio (Base 100) Credit Portfolio (Base 100) 119 118 122 117 114 100 103 122 1
Slide 16: Private Payroll Loan cohort metrics are trending strongly
Private Payroll Loan cohort metrics are trending strongly . We are confident in the product's fundamentals and committed to scaling it responsibly Cohorts 2Q25 Cohorts 4Q25 Origination +40% qoq Interest Rate (p.m.) 4.5% 4.3% Avg Term 2x higher FPD% (1) Low double digit High single digit Turnover 90d
Slide 17: Consolidated Financial Highlights
Consolidated Financial Highlights
Slide 18: Increasing Profitability Driven by Fast Revenue Growth and Scale
Increasing Profitability Driven by Fast Revenue Growth and Scale Gains Adj. Efficiency Ratio (2)(3) & Adj. Quarterly Annualized ROE (4)(5) Total Revenue and Financial Income & Adj. Operating Expenses (1)(2) Evolution R$ MM; % % +69% Growth 61.5% 3,014 60.2% 2,731 56.2% 2,469 53.8% 49.9% 2,064 1,786
Slide 19: Financial Margin Expansion with NIM Reaching 19.9%
Financial Margin Expansion with NIM Reaching 19.9% Margin from Credit products (3) Margin from Credit Products After Net Interest Income (NII) (1) & Net R$ MM Losses (4) R$ MM Interest Income Margin (NIM) (2) R$ MM & % 21.9% 3,000 20.3% 19.9% 19.9% 19.5% 2,500 +69% +18% +72% +12% 2,000 1,483 1,500 1
Slide 20: Strong Credit Growth Increasingly Focused on Secured Products
Strong Credit Growth Increasingly Focused on Secured Products Total Credit Portfolio R$ MM +128% +29% Portfolio growth driven by secured products 24,068 5,406 +5,406 18,662 Private Payroll Loan 16,084 51% Public Payroll Loan 12,986 44% 69% Secured FGTS Prepayment 10,571 45% 42% Secured Cards 43% 49%
Slide 21: Evolution of Stage 2 and 3 Formation
Evolution of Stage 2 and 3 Formation Stage 2 Formation (1) Stage 3 Formation (2) 6.9% 6.8% 7.1% 6.2% 5.5% 3.8% 4.3% 3.7% – 4.0% 2.9% 3.1% 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 1Q26 • Stage 2 formation has been declining due to • In our annual Expected Credit Losses methodology review, we lower S2
Slide 22: Portfolio Classification by Stages and Coverage
Portfolio Classification by Stages and Coverage Total Credit Portfolio Coverage by Stage R$ MM % +29% 24,068 1.2% 1.0% 1.5% 1.1% 1.4% Stage 1 18,662 Stage 1 40.1% 39.2% 40.5% 38.8% 32.1% 81% Stage 2 80% 83.2% 83.8% 84.1% 83.5% 76.4% Stage 2 7% Stage 3 12% Stage 3 9% 12% 3Q25 4Q25 56.8% 56.6% 59.1% 6
Slide 23: Performance in line with Loss Absorption guidelines and Stable Cost of Credit
Performance in line with Loss Absorption guidelines and Stable Cost of Credit Loss Absorptio n Ratio (1) Quarterly Cost of Risk (2) % % 55.2% 53.3% 54.0% 48.7% 50.2% 5.1% 4.1% 4.2% 3.6% 3.7% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 • Cost of credit has remained stable and is expected • At t
Slide 24: Increasing Deposits and Stable Cost of Funding
Increasing Deposits and Stable Cost of Funding Deposits and Cost of Funding (R$ Bn & % of CDI) 60 120 55 110 94.1% 95.7% 96.4% 94.2% 93.6% 100 50 Multiple sources of Funding and 45 90 Deposits Growth… 80 40 +44% +8% 70 ▪ Digital On platform 35 28.7 60 ▪ Third - party platforms 30 26.7 50 25 23.9 ▪ F
Slide 25: Stronger capital base, boosted by IPO Proceeds
Stronger capital base, boosted by IPO Proceeds Capital Ratio (% of RWA) 16.0% Total Capital Ratio 2.1% Tier 2 11.7% 11.7% 2.5% CET1 13.9% 9.3% 3Q25 4Q25 1Q26 E 25
Slide 26: 2026 Guidelines
PicPay 2026 Guidelines
Slide 27: 1Q26 Guidance
1Q26 Guidance Expectation Total Credit Portfolio ~R$ 26.5 B Cost of Risk ~3.7% Total Revenue and Financial Income ~R$ 3,150 M Net Interest Margin ~R$ 1,650 M Gross Profit ~R$ 1,090 M Adjusted EBT ~R$ 235 M EBT ~R$ 215 M Net Income ~R$ 140 M Adjusted Net Income ~R$ 155M 27
Slide 28: 2026 Key Priorities
2026 Key Priorities Revenue growth and margin expansion Increase PicPay’s clients Share of Wallet of credit products Boost product Cross Sell Scale SMB and Audiences and Ecosystem Businesses Focus in Brazil 28
Slide 29: Q&A
Q&A
Slide 30: Non-IFRS Measures Reconciliation
Non - IFRS Measures Reconciliation
Slide 31: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation 4Q25 4Q24 2025FY (1) 2024FY (in R$ M) (in R$ M) Total revenue and financial income 3,014.1 1,786.3 10,277.8 5,570.1 Transaction expenses (213.0) (137.6) (691.2) (493.7) Interest and other financial expenses (987.4) (433.3) (3,499.4) (1,438.7) Credit loss allowanc
Slide 32: Adjusted Profit Before Income Taxes Reconciliation
Adjusted Profit Before Income Taxes Reconciliation (1) 4Q25 4Q24 2025FY (2) 2024FY (in R$ M) (in R$ M) Profit before income taxes (33.2) 62.8 317.3 346.0 Adjustments: Expenses related to share - based long - term 210.1 - 210.1 - incentive plan (2) Expenses related to provision for 64.3 - 64.3 - cont
Slide 33: Adjusted Profit Reconciliation
Adjusted Profit Reconciliation (1) 4Q25 4Q24 2025FY (2) 2024FY (in R$ M) (in R$ M) Profit for the period 827.8 79.8 1,141.6 251.8 Adjustments: Expenses related to share - based long - term 196.1 - 196.1 - incentive plan (2) Expenses related to provision for 54.2 - 54.2 - contingencies (3) Recognitio
Slide 34: Glossary
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Slide 35: Glossary
Glossary • Adjusted Efficiency Ratio : Efficiency Ratio considers the sum of transactional • Adjusted Profit Before Income Taxes (Adjusted EBT) : We calculate Adjusted Profit expenses , technology expenses , marketing expenses , personnel expenses , Before Income Taxes as our profit before income ta
Slide 36: Glossary
Glossary • Margin from credit products after losses : We calculate margin from credit products • Quarterly Average Cost to Serve per Quarterly Active Client (CTS) : We define after losses as margin from credit products minus credit loss allowance expenses . quarterly average cost to serve per quarte
Slide 37: Glossary
Glossary • Total Accounts : We define total accounts as the number of PicPay accounts opened by individuals , excluding accounts that have been charged - off, blocked or voluntarily closed by our consumers . Our management uses total accounts data to measure the growth of our brand and to evaluate o
Slide 38: Thank you
PicPay Thank you =.