Aug 24, 2026 earnings call — Quarterly results and Kovr acquisition
Beat guidance across metrics; managerial revenues reached BRL 3.7 billion in Q2.
Revenue $0.8B (est $0.7B) · EPS $0.44 (est $0.40)
Key quotes
"Stage 3 portfolio is already more than 75% provisioned reflecting a robust level of coverage against expected losses and reinforcing the adequacy of our provisioning framework."
"A key driver of this dynamic is AI. Its impact on our operations is already tangible and measurable."
"After obtaining approval from the insurance regulator, the antitrust authority and the Central Bank, the acquisition of Kovr was finalized on August 3."
Analyst Q&A 7
Desenrola impact and deposits
Q (Mario Pierry · BofA): Analyst asked what other benefits Desenrola gave and if it will continue to help in Q3. He also asked about the pace of deposit growth and ability to keep growing deposits from existing clients.
A: Management said Desenrola cut cost of risk by approximately BRL 59 million and reduced NPL over 90 days by 117 basis points, and they expect some additional but smaller benefit in Q3. They said deposits are growing and the platform is becoming more transactional; funding cost rose due to an FIDC issuance but they expect to keep funding cost around 95% of CDI going forward.
"For Q3, yes, we are expecting some additional positive impact from Desenrola, but more limited." — Andre Cazotto
AI products and internal use
Q (Dan Dolev · Mizuho): Analyst asked for details on the agentic AI products shown and how they work. He wanted more color on those AI offerings.
A: Management explained their AI strategy has two pillars: customer-facing products and AI for operations. The customer agents can answer and execute tasks like paying bills, Pix transactions, managing savings and renegotiations (with user confirmation), while internally AI reduced token costs and boosted employee productivity and deployments.
"All of that, of course, with user confirmation in every transaction." — Danilo Caffaro
Private payroll loan credit risk
Q (Gustavo Schroden · Citi): Analyst asked whether private payroll loan credit risk is worsening and if the bank will be more selective. He also asked why Central Bank data shows deterioration.
A: Management said they are intentionally opening to riskier profiles, so higher NPLs reflect mix not worse performance at same risk profiles. They keep the same risk framework and target a loss absorption ratio of 40% to 60% and ROEs above 30%; they expect NPLs to keep reflecting portfolio aging and to converge by year-end to levels similar to current stage 3 metrics.
"Let's say that we are still expecting NPLs to continue to be impacted by the aging effect, right?" — Andre Cazotto
Kovr (KEV) contribution
Q (Ricardo Buchpiguel · BTG Pactual): Analyst asked what unemployment level would hurt private payroll loan profitability and then asked how much Kovr (now KEV) will contribute to profit in H2.
A: Management said their loss-absorption approach implies vintages could withstand a 70% increase in delinquency and remain breakeven, and that consensus expects unemployment to stay stable. They said KEV will be consolidated from August 3 and they expect BRL 80 million to BRL 100 million in net income contribution for August through December.
"Our expectation is something around, something between BRL 80 million to BRL 100 million in net income contribution for the August, December period." — Eduardo Simoes
ARPAC growth drivers
Q (Daniel Perlin · RBC): Analyst asked how ARPAC will continue to grow and how that ties to product roadmap and mix shifts.
A: Management said ARPAC growth is driven mainly by deeper penetration and cross-selling of existing users, especially credit and insurance products. They noted cost to serve is rising much slower than ARPAC, mature cohorts show higher ARPAC, and cross-selling will be the key driver going forward.
"So it's still basically driven by more penetration of our products and mainly that instead of being new clients, but heavily concentrated on cross-selling those products and mainly, let's say, credit and insurance products into our user base." — Eduardo Simoes
OpEx, risk-adjusted margins, write-off policy
Q (Neha Agarwala · HSBC): Analyst asked which 2Q OpEx items were one-offs and the trend for OpEx, what to expect for risk-adjusted margins, and whether write-off policy changed.
A: Management said write-off policy is unchanged at 360 days for credit cards and personal loans. They expect risk-adjusted NIM to stabilize around 12.1% in Q3, and noted BRL 30 million of marketing was anticipated into 2Q for World Cup initiatives so Q3 marketing should be lower, supporting improving efficiency toward low 40s/high 30s by year-end.
"Our write-off policies remain unchanged, 360 days for both credit cards and personal loans." — Andre Cazotto
Cross-sell after payroll loans
Q (Craig Maurer · FT Partners): Analyst asked what attach rates and cross-sell levels are after customers take payroll loans, including effects on ARPAC.
A: Management said clients with payroll loans have much higher monetization: average ARPAC for those clients is 8.9x the average PicPay client. Cross-selling is about 30% higher than average clients, boosting ARPAC and adoption of other products.
"If you look at our, let's say, the average ARPAC on clients with that product, it's 8.9x higher than of the average client in PicPay." — Eduardo Simoes