Slide 1: 2Q26 Earnings presentation
2Q26 Earnings presentation August 24, 2026
Slide 2: Disclaimer: Forward-Looking Statements
2 Disclaimer 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 harbor provi
Slide 3: Presenters
3 Presenters Danilo Caffaro Executive Vice President of Consumer Banking Eduardo Chedid Chief Executive Officer André Cazotto Chief Financial Officer & Investor Relations Officer
Slide 4: Performance Overview
4 Eduardo Chedid Chief Executive Officer Performance Overview
Slide 5: Strong Execution Leading to Guidance Beat
Strong Execution Leading to Guidance Beat 5 METRIC 2Q26 GUIDANCE 2Q26 ACTUAL GUIDANCE BEAT Total Credit Portfolio ~R$31.0B R$ 31.9B +3.0% Quarterly Cost of Risk ~3.7 – 3.9% 3.9% Aligned Managerial Revenues (1) ~R$3,600M R$3,730M +3.6% Net Interest Income ~R$1,900M R$ 2,002 M +5.4% Gross Profit R$1,1
Slide 6: 2Q26 Results Highlights: Operational metrics
Wallet & BanTPV 41.5 2Q25 44.3 1Q26 45.4 2Q26 63.9 68.6 70.4 +10% +3% Total Accounts 2Q25 1Q26 2Q26 132.4 156.0 167.6 +27% +7% 6 2Q26 Results Highlights Solid results in operational metrics, Scaling with Consistency Deposits 2Q25 1Q26 2Q26 24.8 32.5 35.8 +45% +10% 2Q25 1Q26 2Q26 116.3 125.4 136.4 +1
Slide 7: 2Q26 Results Highlights: Monetizing at Scale
2,352 117 2Q25 3,190 322 1Q26 3,730 391 2Q26 2,469 3,512 4,122 +67% +17% 7 2Q26 Results Highlights Solid results in financial metrics | Monetizing at Scale Note: (1) Managerial Revenues is the total net revenue and financial income excluding revenues from derivative and hedge accounting . (2) ARPAC
Slide 8: 2Q26 Results Highlights: Efficiency Compounding
8 2Q26 Results Highlights Solid results in financial metrics | Efficiency Compounding Note: (1) We define the average cost to serve per quarterly active client as the sum of transaction expenses, technology expenses, marketing expenses (excluding customer acquisition expenses), personnel expenses (e
Slide 9: Resilient and diversified revenue model
9 17% 48% 9% 26% 2Q24 18% 31% 16% 35% 2Q25 23% 24% 24% 29% 2Q26 Float and hedge accounting Fees, commissions, and other services Secured and partially secured credit products Unsecured credit products 1,237 2,469 4,122 2Q26 Results Highlights Solid track record with a more resilient and diversified
Slide 10: Strong revenue growth, boosted by secured and non-credit revenues
10 2Q26 Results Highlights Strong revenue growth, boosted by secured and non -credit revenues 2Q25 3Q25 4Q25 1Q26 2Q26 391 465 581 820 1,008 +158% +23% Note: (1) "Secured and Partially Secured " includes interest revenues from the private payroll loan, public payroll loan, and FGTS portfolios . (2)
Slide 11: Strong bottom line growth and ROE
11 2Q26 Results Highlights Strong bottom line growth, resulting in increasing profitability and compelling ROE Adjusted Net Income (1) (R$ M) 2Q25 1Q26 2Q26 120 169 283 +135% +67% Quarterly Annualized Adjusted ROE (2) (%) 20.3% 2Q25 15.5% 1Q26 20.2% 2Q26 Note: (1) Adjusted by the expenses of share -
Slide 12: Credit origination and portfolio growth trends
12 2Q26 Results Highlights Credit origination and portfolio delivering relevant growth trends 2Q25 1Q26 2Q26 13.9 17.4 19.5 +40% +12% 2Q25 1Q26 2Q26 2.7 4.5 4.8 +78% +7% 16.0 (99% ) 0.1 (1%) 2Q25 26.1 (93% ) 2.0 (7% ) 1Q26 29.7 (93% ) 2.3 (7% ) 2Q26 16.1 28.0 31.9 +99% +14% PicPay Card TPV R$ billio
Slide 13: Product Highlights
13 Danilo Caffaro Executive Vice President of Consumer Banking Product Highlights Eduardo Chedid Chief Executive Officer
Slide 14: 2Q26 Product Highlights: Ecosystem of services and experiences
14 2Q26 Product Highlights A&E | A complete portfolio of services and experiences to our users focusing on increasing engagement and monetization iGaming Lucky Numbers National Lotteries Themed World Cup games One year to build a high margin business with over 2.7M clients Shopping Marketplace 145k
Slide 15: 2Q26 Product Highlights: SMBs
Tap on Phone for Consumers PicPay is expanding its Tap on Phone solution to individual consumers, enabling 70 million users to accept debit and credit card payments directly on their smartphones. 15 27 67 85 1H25 2H25 1H26 +3.2x 40 4Q25 1Q26 2Q26 693 1,050 +26.3x New SMB Accounts '000, monthly avera
Slide 16: 2Q26 Product Highlights: Consumers, investment platform and AI
16 Full Investment Platform Rolling out Epic to existing clients with a compelling value proposition Package Benefits — Premium Partners ✦ 1st Brazilian bank on AI Clients Reinforces our appless strategy , solving broken journeys anywhere our users need us, with contextual and relevant products and
Slide 17: Credit Overview
17 Danilo Caffaro Executive Vice President of Consumer Banking Credit Overview
Slide 18: 2Q26 Credit Overview: Market share gains
2Q26 Credit Overview We continue to gain market share by increasing our share of wallet across the different products, and still significant room to grow Private Payroll Loans Portfolio¹ Personal Loans Portfolio¹² Cards TPV³ Credit Cards Portfolio¹ 2.76% 4.93% 6.37% 2.28% 2.76% 2.81% 1.18% 1.53% 1.6
Slide 19: Credit growth driven by secured products and mature cards
19 New cards almost doubled their contribution to portfolio expansion compared to last quarter , reflecting our progressive limits approach, designed as an early -stage customer acquisition and risk -calibration strategy. 86% on lower -risk loans and mature credit cards Total Credit Portfolio Evolut
Slide 20: Underwriting strategy: performance and growth
20 Cards Portfolio Portfolio NPL +30 Creation (1) (100 basis = 1Q25) 100 106 106 105 98 92 218 203 174 169 180 173 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Standard Strategy Growth Strategy Progressive Limits Note: (1) Rolling average 2 quarters; (2) For the credit card portfolio, it includes upgraded credit c
Slide 21: Cohort performance across both strategies
21 Standard Strategy Portfolio Performance approach Growth Strategy Portfolio CAC approach (1) Personal Loans ($over30 per cohort) 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1Q24 1Q26 Growth portfolio performance reflects the intention
Slide 22: Private Payroll Loan: healthy margins
22 1.3 2Q25 1.5 3Q25 2.9 4Q25 5.0 1Q26 7.2 2Q26 +5.6x +44.1% Private Payroll Loan Portfolio R$ billion Marginal ROE (1) % >100% 6.4% Market share % as of June 2026 ARPAC 8.9x higher than PicPay's average client Note: (1) Marginal ROE is defined as the net income excluding corporate expenses and cost
Slide 23: Financial Results
23 André Cazotto Chief Financial Officer & Investor Relations Officer Financial Results
Slide 24: Early delinquency improved, late-stage NPLs reflect maturation
2Q26 Financial Results Early delinquency improved , while late -stage NPLs reflect portfolio maturation 24 90+ NPLs & Stage 3 over Total Credit Portfolio (%) 4.0% 6.3% 1Q25 4.1% 7.1% 2Q25 6.0% 8.7% 3Q25 7.2% 11.9% 4Q25 8.9% 12.7% 1Q26 9.8% 12.9% 2Q26 15-90 NPLs (%) 6.2% 1Q25 7.0% 2Q25 8.0% 3Q25 7.6%
Slide 25: NPL and Stage 3 movement
25 NPL 90 (%) 1Q26 +318bps Aging (117)bps Origination +50bps Seasonality (34)bps Product Mix (7)bps Others (117)bps Desenrola 2Q26 8.9% 9.8% Stage 3 (% of total credit portfolio) 1Q26 +184bps Aging (117)bps Origination +41bps Seasonality (26)bps Product Mix (9) bps Others (46) bps Desenrola 2Q26 12.
Slide 26: Evolution of Stage 2+3 and 3 Formation
26 Stage 3 Formation (2) (%) Notes : (1) The stage 2+3 formation rate is calculated considering stage 2 and 3 credit balances in the end of the period minus the stage 2 and 3 credit balances in the previous period plus write-off in the current period divided by the total credit portfolio in the prev
Slide 27: Portfolio classification by stages and coverage
27 2Q26 Financial Results Portfolio classification by stages and coverage Total Credit Portfolio R$M Coverage by Stage % Stage 1 Stage 2 Stage 3 Stage 1 84.1% 83.5% 76.4% 77.0% 74.1% 56.6% 2Q25 59.1% 3Q25 62.0% 4Q25 63.9% 1Q26 62.7% 2Q26 Stage 3 1.5% 1.1% 1.4% 1.3% 1.4% Stage 2 + 3 Stage 2 39.2% 40.
Slide 28: Cost of risk and loss absorption
28 2Q26 Financial Results Performance in line with Loss Absorption guidelines, controlled cost of risk, and robust portfolio coverage Quarterly Cost of Risk (2) (%) Loss Absorption Ratio (1) (%) Note: (1) Represents all the expected losses over all the lifetime credit -related revenues of a given cr
Slide 29: Improving efficiency driven by revenue growth
Total Revenue and Financial Income R$M Adjusted Operating Expenses & Adj. Efficiency Ratio (1) Evolution R$M; % 29 Notes : (1) The Adjusted Efficiency Ratio considers the sum of transactional expenses, technology expenses, marketing expenses, personnel expenses, administrative expenses, and other ex
Slide 30: Financial margin expansion
30 2Q26 Financial Results Financial margin expansion Net Interest Income (NII) (1) & Net Interest Income Margin (NIM) (2) R$M & % Notes: (1) NII is calculated as financial income less interest and other financial expenses. (2) NIM is calculated as NII mul tiplied by 4 and then divided by the average
Slide 31: Increasing funding base with controlled cost of funding
2Q26 Financial Results Increasing funding base with controlled cost of funding 96.4% 2Q25 94.2% 3Q25 93.6% 4Q25 94.0% 1Q26 96.2% 2Q26 24.8 27.8 30.0 32.5 35.8 +45% +10% Cost of Funding Third-party funds Total Deposits (1) and Cost of Funding (2) (R$B & % of CDI) 31 Note: (1) Total deposits include t
Slide 32: Solid capital position, CET1 at 15.6%
2Q26 Financial Results Solid capital position, with CET1 at 15.6% CET1 ratio (R$ billion; % of RWA) 32 2.0 (8.5%) 1.5 (6.2%) 0.5 (2.0%) 1Q26 2.3 (8.5%) 1.4 (5.4%) 0.5 (1.7%) 2Q26 Required Regulatory Capital (1) Including Conservation Buffer Excess Capital Held at PicPay Bank Excess Capital Held at P
Slide 33: 3Q26 Guidance (ex-Kovr)
3Q26 Guidance (ex -Kovr) 33 Note: (1) Considers net revenues excluding derivative and hedge accounting revenues for each quarter . (2) Excludes LTIP expenses . Total Credit Portfolio Quarterly Cost of Risk Managerial Revenues (1) Net Interest Income Gross Profit IFRS Net Income Adjusted EBT (2) Adju
Slide 34: Final Remarks
34 Eduardo Chedid Chief Executive Officer Final Remarks
Slide 35: Kovr insurtech platform
✓Accelerated Product development: Faster creation and launch of products. Scale and Execution Full Service Insurtech Platform Distribution Channels Rebranding Senior Executive Partners avg. 20+ years track - record in insurance Already Sizable Business +100 products Strong Origination & Ability to e
Slide 36: Risk-adjusted growth strategy delivering resilient credit portfolio
01 36 Our risk -adjusted growth strategy is delivering a more resilient credit portfolio while expanding PicPay's addressable market beyond credit . Macro Outlook 02 Asset Quality Remains Resilient 04 Non -Credit Revenue Expansion 05 SMB Gaining Traction While delinquency remains elevated, recent tr
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Slide 38: Non-IFRS Measures Reconciliation
Non-IFRS Measures Reconciliation
Slide 39: Adjusted Profit Before Income Taxes Reconciliation
39 Adjusted Profit Before Income Taxes Reconciliation 2Q26 1Q26 2Q25 ΔQoQ ΔYoY (in R$ M) % Profit before income taxes 268.4 221.7 106.1 +21% +153% Adjustments : Expenses related to share -based long -term incentive plan 22.5 26.8 - (21)% n.a. Adjusted Profit Before Income Taxes 290.9 248.5 106.1 17%
Slide 40: Adjusted Profit Reconciliation
40 Adjusted Profit Reconciliation 2Q26 1Q26 2Q25 ΔQoQ ΔYoY (in R$ M) % Profit for the period 269.0 151.7 120.3 +77% +124% Adjustments : Expenses related to share -based long -term incentive plan 14.0 17.6 - (21)% n.a. Adjusted Profit 283.0 169.4 120.3 +67% +135%
Slide 41: Glossary
Glossary Pp’
Slide 42: Glossary
Glossary • Adjusted Efficiency Ratio : Efficiency Ratio considers the sum of transactional expenses, technology expenses, marketing expenses, personnel expenses (excluding LTIP expenses), administrative expenses, and other expenses divided by total revenue and financial income, interest and other fi
Slide 43: Glossary
Glossary • Margin from credit products : We calculate margin from credit products as the sum of total net revenue from transaction activities and other services and financial income from our credit operations (cards and loans) minus cost of funding from these products . • Margin from credit products
Slide 44: 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 our