EARNINGS RELEASE PSSA3
Earnings Presentation
AMANDA
Broker 20 Years with Porto
1Q26
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
CONSOLIDATED SUMMARY
1Q26 vs. 1Q25
No, of Clients
19.0 mi
(+924K)
No of Businessess
36,3 mi
(+4,5 mi)
Porto Brokers' NPS
86 pts
1Q26
Total Revenue¹ | Recurring Net Income² | Recurring ROAE² |
R$ 11 B | R$ 958 M | 25% |
(+10%) | (+15%) | (+1 p.p.) |
Net Income | ROAE | |
R$ 1.1 B | 29% | |
(+36%) | (+5 p.p.) |
Excluding the effects of the improvement in the Consortium's revenue and cost deferral method through the systemic implementation of the new
granular control model by group and quota.
The recurring result excludes the reversal of deferred tax on the goodwill recognized in the acquisition of the subsidiary, due to its merger (RÇ 185 million). Additionally, the recurring result currently considers the benefit of RÇ 9.2 million quarterly in cash resulting from the tax result after amortization of CDF's goodwill.
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
VERTICALS SUMMARY
1Q26 vs. 1Q25
34%
ROAE (+11 p.p.)
+49%
Net Income
+336K
Members - Porto Saúde
(+156 thousand in Health Insurance and +179 thousand in Dental)
+20%
Net Income
+24%
Revenue¹
+10%
Net Income
R$ 101 M
EBITDA (-11%)
15.0%
EBITDA Margin (-1.9 p.p.)
(1) Excluding the effects of the improvement in the Consortium's revenue and cost deferral method through the systemic implementation of the new granular control model by group and quota.
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
DIGITAL SERVICE
Consistent evolution in channels for Clients and Brokers.
Evolution of Digital Customer Service (% of Total)
Share in Digital Customer Service Share in Digital Broker Support
63% 64%
+9 p.p.
+19 p.p.
50%
41%
45%
31%
37%
67% 71% 72%
1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
REVENUES
DOUBLE-DIGIT GROWTH IN TOTAL REVENUE
Revenue by Line of Business (R$ million)
+10%
Total Revenue (YoY)*
+5.5%
5,4085,708
+15.1%
1,965 2,261
+24.5%*
1,561 1,941*
670
674
+0.6%
1Q25 1Q26
1Q25 1Q26 1Q25 1Q26
1Q25
1Q26
2
4
1 3
*Excluding the effects of the improvement in the Consortium's revenue and cost deferral method through the systemic implementation of the new granular control model by group and quota.
(1) Includes premiums from Auto, P&C, Life, Uruguay and other businesses / (2) Consisting of Health Insurance, Dental Insurance, Managed Plans and Occupational Health / (3) Includes premiums and income from Credit Card, Loan, Financing, Financial Risks, Pension Plan, Consortium, Investment and Premium Bonds | (4) Porto Seguro Vertical is segmented between Porto Seguro Partnership, Strategic Partnerships and Digital Products, mainly
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
PROFITABILITY
RECURRING ROAE¹ OF 25%
ROAE Breakdown - 1Q26
Recurring ROAE
without
34% 36%
25% 23%
Excess Capital Recurring 31%
ROAE ¹
25%
Recurring ROAE¹ of 25%
(1) The recurring result excludes the reversal of deferred tax on the capital gain realized in the acquisition of the subsidiary, due to its incorporation (RÇ 185 million). Additionally, the recurring result now considers the benefit of RÇ 9.2 million in quarterly cash from the tax result after amortization of goodwill from CDF. / The consolidated ROAE differs from the average of the verticals mainly due to the result of the Parent Company and Other
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
RESULTS DIVERSIFICATION
CONSISTENT AND DIVERSIFIED GROWTH IN RESULTS
Net Income Breakdown ¹,²
1Q25
1Q26
+15%
Net Income: R$ 832 M Net Income: R$ 958 M
Insurance
40%
60%
42%
24%
Healthcare
Insurance
43%
57%
49%
23%
Healthcare
Auto³Other Insurance³
7%
Service
26%
Bank
Auto³Other Insurance³
6%
Service
22%
Bank
Does not consider the result of the Parent Company and other businesses | (2) The recurring result excludes the reversal of deferred tax on the goodwill recognized in the acquisition
of the subsidiary, due to its merger (RÇ 185 million). Additionally, the recurring result currently considers the benefit of RÇ 9.2 million quarterly in cash resulting from the tax result after
7amortization of CDF's goodwill. | (3) Participation in the Underwriting Result of the Insurance Vertical (earned premium - claims - commission / earned premium).
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
FINANCIAL INVESTMENT PERFORMANCE
Revenue from the financial investment portfolio (ex-pension plan and ALM), managed by the Treasury, was RÇ 408.0 million in 1Q26.
Breakdown of Nominal Portfolio - 1Q26 (R$ M) Breakdown of the Investment Portfolio
0.6
3%
3%
3%
354.2
408.0
53.2
4% | 5% 3% | |||||||
19% | ||||||||
19% | 18% | |||||||
38% | 35% | 26% | ||||||
48% | ||||||||
37% | 38% | |||||||
Total Revenue
Pension Plan
(Traditional) ¹
ALM PortoCap 1 Adjusted Revenue
1Q25
4Q25
1Q26
Shares
Credit 2Floating rate
Inflation + Real Interest 3 5
Fixed rate 3 4 5
Result generated on funds invested by the Company to mitigate the mismatch between assets and liabilities (ALM) of Traditional Pension operations (product whose sale was discontinued), Credit Operations (Porto Bank) and Premium Bonds (PortoCap).
Allocation primarily in floating rates.
Allocation mostly marked on the curve.
As of 4Q25, we had an increase in the duration of fixed-rate securities through derivatives, despite the reduction in the percentage exposure of the equity.
Through the sale of DAPs, we reduce exposure to IPCAs for the year 2026.
8
Quarterly Premiums - Main Products (R$ million)
13.4%
+12.2%
842
955
431
484
+2.9%
R$ 5.7 B
Porto Seguro Revenue¹ in 1Q26 (+5.5% vs. 1Q25)
82 pts
NPS of Porto Seguro Auto in 1Q26
82 pts
NPS of Azul Seguros Auto in 1Q26
81 pts
NPS of Porto Seguro Residência in 1Q26
3,985
4,101
Auto P&C Life
1Q25 1Q261Q26 EARNINGS RELEASE PORTO SEGURO S.A.
-1.6 p.p.
Quarterly Loss Ratio - Main Products (%)
51.1%
Porto Seguro Loss Ratio in 1Q26
(-2.5 p.p. vs. 1Q25)
60.1% 58.5%
-4.0 p.p.
-4.2 p.p.
35.4%
31.4%
39.1% 34.9%
Auto P&C Life
1Q25 1Q261Q26 EARNINGS RELEASE PORTO SEGURO S.A.
Distribution of Subscription Result (1Q26) (%)1 Net Income and Profitability (R$ M)
Other
22.6% 31.1% 32.2% 32.3% 33.8%
6%
Life
11%
57%
25%
313
434 451 459 467
P&C
1Q25 2Q25 3Q25 4Q25 1Q26
Auto
Net Income (RÇ million) ROAE (% p.a.)Porto Seguro:
Net Income of R$ 467.1 M (+49.0% vs. 1Q25) and ROAE of 33.8% in 1Q26 (+11.2 p.p. vs. 1Q25).
(1) Subscription Result = earned premium - claims - commission / earned premium
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
+23.2%
Members and Premiums - Health Insurance
+156k
Lives Insured in Health
(+22.3% vs. 1Q25)
R$ 2.3 B
Total Revenues of Porto Saúde in
1Q26
(+15.1% vs. 1Q25)
R$ 216 M
Net Income in 1Q26
(+20.1% vs. 1Q25)
+22.3% +3.3%
701.7
750.9
784.0
830.8
858.1
1Q25 2Q25 3Q25 4Q25 1Q26
Members - Health Insurance (thousands)+15.2% -0.7%
1,872.1
1,953.6
2,090.6
2,171.9
2,155.9
1Q25 2Q25 3Q25 4Q25 1Q26
Written Premiums - Health Insurance (RÇ M)
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
Loss Ratio - Health Insurance and Health + Dental Insurance
-0.8 p.p. -0.9 p.p.
70.8%
78.4%
78.3%
74.9%
70.0%
69.8%
77.3%
77.3%
73.5%
68.9%
1Q25 2Q25 3Q25 4Q25 1Q26
1Q25 2Q25 3Q25 4Q25 1Q26
Loss Ratio - Health Insurance Loss Ratio - Health and Dental Insurance1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
Net income and Profitability
39.7%
32.7%
36.5%
22.4%
25.7%
215.7
179.6
169.7
105.5
126.3
1Q25 2Q25 3Q25 4Q25 1Q26
Result (RÇ million) ROAE (%)1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
6.8M
Businesses
+36% vs. 1Q25
76 pts
of NPS at Porto
Bank in 1Q26
+10.1%
in the Net income of
the vertical (vs. 1Q25)
Revenue
1,561
635
1,663
648
1,779
738
1,845
276
516
1,942
83
730
926
1.015
1.041
1.053
1.129
146 150 157
1Q25 2Q25 3Q25
143¹
4Q25
143¹
1Q26
Efficiency Ratio²
-1.4 p.p.
29.1%
29.5%
30.7%
29.5%
27.7%
1Q25 2Q25 3Q25 4Q25 1Q26
Pro-forma revenue¹
Fee-Based Revenue (R$ million)Net Financial Revenue (R$ million)
Average Monthly Revenue per Active Customer (R$)(1) Excluding the effects of the improvement in the Consortium's revenue and cost deferral method through the systemic implementation of the new granular control model by group and quota. (2) Methodology for calculating the Efficiency Ratio:
(Operating and Administrative Expenses) / (Revenue net of taxes - Commission -
15Rewards).
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
NPL Ratio1 Representation of Stage 3 Portfolio %
6.0%
4.5%
4.2%
8.8%
4.5%
4.3%
9.0%
8.2%
8.3%
7.2%
8.2%
6.9%
7.2%
7.3%
5.2%
11.9%
13.7%
14.6%
15.3%
13.8%
1Q25
2Q25
3Q25
4Q25
1Q26
1Q25 2Q25 3Q25 4Q25 1Q26
Over 90 - Porto Bank Over 90 - Market2Over 15-90 - Porto Bank
(1) Delays up to 360 days (2) Source: Central Bank of Brazil, weighted by the Company's comparable portfolio
161Q26 EARNINGS RELEASE PORTO SEGURO S.A.
Income and ROAE
27.0% 27.6% 26.1% 28.4% 24.8%
192.1
204.1
196.0
219.4
211.5
1Q25 2Q25 3Q25 4Q25 1Q26
Net Income (R$ million) ROAE (%)1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
730k
Car services
721k
Services for homes and businesses
79 pts
NPS at Porto Seguro in 1Q26
• + 69.6% in Digital Product Revenues in 1Q26 vs. 1Q25 and
+ 22.7% vs. 4Q25
73 partnerships in the Strategic Partnerships line (+17 vs. 1T25)
Total Revenue (R$ M) and Revenue Breakdown (%)
+0.6% | ||||||||
670 | 624 | 606 | 663 | 674 | ||||
0.7% | 0.7% | 0.8% | 0.9% | 1.1% | ||||
23.9% | 23.4% | 22.6% | 24.1% | 21.7% | ||||
75.4% | 75.9% | 76.7% | 74.9% | 77.2% | ||||
1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | ||||
Porto Seguro Partnership Strategic partnerships Digital Products
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
R$ 101 M
of EBITDA (-10.9% vs. 1Q25) and
an EBITDA margin of 15% in 1Q26 (-1.9 p.p. vs. 1Q25)
R$ 61 M¹
In Net Income (-9.2% vs 1Q25) and ROAE of 22.8% in 1Q26
(-3.9 p.p. vs. 1Q25)
Net income and Profitability (1) (2)
34.4%
26.7%
22.0%
18.6%
91.1
22.8%
66.7
56.8
49.1
60.6
1Q25 2Q25 3Q25 4Q25 1Q26
Porto Result + Minority Interest (RÇ million) ROAE(1) Result and ROAE related to Porto + Minority Shareholders (2) The Shareholders' Equity in 1Q25 decreased RÇ 130.7 million, resulting in a consequent benefit for the ROAE, due to the following factors: (i) acquisition of 6.7% of minority shares by Porto Assistência, a subsidiary that is part of the DRE of Porto Serviços, and (ii)
distribution of dividends.
191Q26 EARNINGS RELEASE PORTO SEGURO S.A.
Range | Review | Range | Review | |||
Vertical Earned Premium Change (vs. 2025) | +3% to +7% | Held | Vertical Earned Premium Change (vs. 2025) | +14% to +22% | Held | |
Vertical Loss Ratio | 50.5% to 54.5% | Held | Vertical Loss Ratio | 72% to 77% | Held | |
Vertical G&A Ratio | +10.0% to +10.6% | Held | Vertical G&A Ratio | 4.7% to 5.7% | Held |
Range
Total Vertical revenue (R$ B) 1 7.5 to 7.9
Credit Losses (R$ bn) -2.7 to -3.1
Review
Held
Held
Range
Total Vertical Revenue (R$ B) 2.6 to 2.9
Vertical G&A Ratio 9% to 10%
Review
Held
Held
Efficiency Ratio2 27% to 31%
Range
Financial Result (R$ B) 1.4 to 1.8
Effective Rate³ 28 % to 32%
Held
Review
Held 24% to 28%
Porto Bank Total Revenue: Revenue impacted by improvements in the deferral method of consortium revenues and costs and now net of expenses with Rewards and card brands.
New calculation of Porto Bank Efficiency Ratio: (Operating and Administrative Expenses net of Rewards and brands) / (Net revenue net of taxes, Rewards and brands - Commission). Expenses such as Rewards and flags will no longer be part of operating expenses and will become revenue deductions in 2026.
Effective Rate: Review of the Effective Rate resulting from the reversal of deferred taxes on the capital gain from the acquisition of a subsidiary after its incorporation.
The Company clarifies that the projections disclosed reflect Management's expectations regarding the Company's business and therefore do not represent a promise of performance or result. The realization of these expectations will depend on several factors, many of them external to the Company, and actual results may differ from the projections presented.
The projections will be monitored and reviewed by the Company, pursuant to the applicable regulations.
201Q26 EARNINGS RELEASE PORTO SEGURO S.A.
GUIDANCE FOR THE YEAR 2026
Guidance 2026
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
PORTO VS. MARKET
Porto is the leader in some segments
AUTO
(Direct Premium - RÇ B)
RESIDENTIAL
(Direct Premium - RÇ B)
COMMERCIAL (P&C)
(Direct Premium - RÇ B)
CONSORTIUM
(REAL ESTATE)
(Managed Credit - RÇ B)
LANDLORD PROTECTION
(Direct Premium - RÇ B)
MARKET SHARE
26.3%
20.7%
25.5%
12.6%
54.9%
+2.4%
+10.1%
+16.0%
+35.0%
+10.3%
15.8 16.2
1.3
1.4
1.1 1.3
85.6
63.4
1.0
1.1
2024
2025
2024 2025
2024 2025
2024 2025
2024 2025
TOTAL MARKET
R$ 61.6 B
(+6.8%)
R$ 6.7 B
(+11.0%)
R$ 5.0 B
(+14.0%)
R$ 677.9 B
(+38.1%)
R$ 2.0 B
(+19.5%)
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
PORTO VS. MARKET
Porto has been gaining market share in other markets.
MARKET SHARE
CREDIT CARD
(Credit portfolio - Individuals - RÇ B)
2.8%
CONSORTIUM
(LIGHT VEHICLES)
(Managed Credit - RÇ B)
4.2%
HEALTH + DENTAL
(Written Premium) - RÇ B
2.5%
LIFE
(Direct Premium - RÇ B)
2.4%
+22.8%
+38.0%
+27.7%
+12.7%
16.6
20.5
16.2
8.5
1.9
11.7
6.6
1.7
2024 2025
2024 2025
2024 2025
2024 2025
TOTAL MARKET
R$ 719.1 B
(+17.8%)
R$ 381.8 B
(+18.3%)
R$ 342.1 B
(+11.3%)
R$ 77.3 B
(+8.7%)
Q&A
1Q26
EARNINGS RELEASE
PSSA3
1Q26 EARNINGS RELEASE PORTO SEGURO S.A.
DISCLAIMERAny statements that may be made during this conference call, regarding Porto Seguro's business prospects, projections and operational and financial goals, constitute beliefs and assumptions of the Company's management, as well as currently available information.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may not occur.
Investors should understand that general economic conditions, industry conditions and other operating factors may affect Porto Seguro's future performance and may lead to results that differ materially from those expressed in such forward-looking statements.
CONTACTAlameda Barão de Piracicaba, 740 - 11º andar - São Paulo, SP https://ri.portoseguro.com.br
gri@portoseguro.com.br