PicS N.V. (PICS) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, everyone, and welcome to the PicPay earnings conference call for the first quarter of 2026. I'm André Cazoto, PicPay's Strategy, M&A, and Investor Relations Officer. Today, I'm joined by Eduardo Chedi, our CEO, Rodrigo Couto, our CFO, Danilo Cáfaro, Vice President of Consumer Banking, and our Investor Relations and Strategy teams. We will begin with a short presentation highlighting our quarterly results, followed by a live Q&A with our management team. Please note that this presentation may contain forward-looking statements and non-GAAP measures. Please refer to the disclaimer on screen and in our earnings materials available on our Investor Relations website for additional information. This call is being recorded and a replay will be available on our website shortly after the call. Before I hand the call over to our CEO, Eduard Chedi, I would like to briefly highlight the strength of our execution. As you can see on the next slide, we deliver results above the guidance we presented across all key metrics for the first quarter of 2026. Our total credit portfolio reached R$28 billion, 5.8% above our guidance of R$26.5 billion, driven by a better than expected performance on our private payroll loans, which continue to gain traction during the quarter. Our cost of risk, On the revenue side, our managerial revenues, which exclude derivative revenues and hedge accounting effects, reached R$3.2 billion. Net interest income came in at 1.7 billion reais, surpassing 20% net interest margin for the quarter. And gross profit reached 1.1 billion reais, with both delivering slightly above guidance. Looking at our profitability metrics, IFRS earnings before taxes came in at 222 million reais, 3.1% above the guidance, and the IFRS net income reached 152 million rea...