Financial Data and Key Metrics Changes - Adjusted pre-tax earnings reached BRL 241 million for Q4 2025, 12.1% above guidance, and BRL 592 million for the full year, 11.5% above guidance [4] - Adjusted net income was BRL 180 million for Q4, 31.5% above guidance, and BRL 502 million for the full year, 14.1% above guidance [5] - Net revenues grew to BRL 3 billion in Q4, up 69% year-over-year, and BRL 10.3 billion for the full year, an 85% increase [9] Business Line Data and Key Metrics Changes - Total payment volume reached BRL 157.5 billion in Q4, up 28%, and BRL 550 billion for the full year, a 31% increase [6] - Cash-in grew to BRL 139.4 billion in Q4, up 27%, and BRL 483.4 billion for the year, up 29% [7] - Deposits increased by 44%, reaching BRL 28.7 billion, indicating growing client trust [7] Market Data and Key Metrics Changes - The credit portfolio reached BRL 24.1 billion, up 128% year-over-year, driven by secured and unsecured products [8] - Personal loans origination more than doubled in Q4, reaching BRL 4.4 billion, up 116% [8] - The average revenue per active client (ARPAC) rose to BRL 71 in Q4, up 52% [9] Company Strategy and Development Direction - The company is focusing on expanding its affluent consumer segment with the launch of Epic, targeting high-income clients [12] - A new Global Account was introduced, allowing multi-currency balances and a global debit card [13] - The strategy includes deepening integration with small and medium businesses and enhancing the B2B ecosystem [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong growth while managing asset quality, particularly with the shift towards secured products [47] - The company anticipates continued revenue growth and margin expansion in 2026, focusing on credit product penetration and customer engagement [41][42] - Management acknowledged the competitive landscape but remains optimistic about sustaining growth despite new entrants [66][70] Other Important Information - The company reported a significant shift in revenue mix, with float fees and commissions now representing 48% of revenues [10] - The efficiency ratio fell below 50% for the first time, reflecting improved operational leverage [28] - The company is actively seeking additional funding sources to support rapid credit portfolio growth [36][37] Q&A Session Summary Question: Asset quality and credit growth sustainability - Management expects to maintain a strong growth pace with improving asset quality, particularly due to the focus on secured products [47] Question: Evolution of third-party card transactions - Revenues from third-party credit cards represent low teens percentage of total net revenues, with a significant shift towards PicPay's own credit capabilities [49] Question: AI efforts and efficiency - The company has integrated AI into customer service, avoiding the need for thousands of customer service representatives, and is leveraging AI for cross-selling [59] Question: Seasonality in first-quarter guidance - Management acknowledged that Q1 is typically weaker but expects strong performance, with credit card TPV and loan origination remaining robust [64][65] Question: Competition in the private payroll product market - While competition is increasing, management believes they can maintain growth due to strong product offerings and customer relationships [66][70]

Financial Data and Key Metrics Changes - Adjusted pre-tax earnings reached BRL 241 million for Q4 2025, 12.1% above guidance, and BRL 592 million for the full year, 11.5% above guidance [3] - Adjusted net income was BRL 180 million for Q4 2025, 31.5% above guidance, and BRL 502 million for the full year, 14.1% above guidance [4] - Net revenues grew to BRL 3 billion in Q4, up 69% year-over-year, and BRL 10.3 billion for the full year, an 85% increase [8] - Gross profit for the year was BRL 3.6 billion, up 28%, with earnings before taxes reaching BRL 241 million in Q4, nearly four times the prior year [9] Business Line Data and Key Metrics Changes - Total payment volume reached BRL 157.5 billion in Q4, up 28%, and BRL 550 billion for the full year, a 31% increase [5] - Cash-in accelerated to BRL 139.4 billion in Q4, up 27%, and BRL 483.4 billion for the year, up 29% [6] - Deposits grew 44% to BRL 28.7 billion, indicating increased client trust [6] - Personal loans origination more than doubled in Q4 to BRL 4.4 billion, up 116%, totaling BRL 11.4 billion for the year, a 67% increase [7] Market Data and Key Metrics Changes - The credit share of wallet for existing customers stands at around 6%, indicating significant growth potential [18] - Market share for private payroll loans increased from 0% to 3.7% in one year, while personal loans market share nearly doubled from 0.9% to 1.78% [19] Company Strategy and Development Direction - The company is focusing on expanding its affluent consumer segment with the launch of Epic, targeting high-income clients [11] - A Global Account was introduced to extend services beyond Brazilian reais, offering multicurrency balances and a global debit card [12] - The strategy includes deepening integration between consumer banking and business platforms to enhance service offerings for small and medium businesses [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth while maintaining asset quality, particularly with the shift towards secured products [45] - The company anticipates continued revenue growth and margin expansion, driven by increased credit product penetration and enhanced customer engagement [40] Other Important Information - The company reported a significant shift in revenue mix, with float fees and commissions now representing 48% of revenues, indicating a more balanced revenue base [10] - The average revenue per active client (ARPAC) rose to BRL 71 in Q4, up 52% year-over-year [8] Q&A Session Summary Question: Asset quality and credit growth sustainability - Management expects to maintain a strong growth pace with improved asset quality, projecting a cost of risk between 3.5%-3.7% for 2026 [44][46] Question: Evolution of third-party card transactions - Revenues from third-party credit cards represent low teens percentage of total net revenues, with PicPay Card becoming the primary funding source for transactions [47][48] Question: AI efforts and efficiency - The company has integrated AI into customer service, significantly reducing the need for customer service representatives and enhancing revenue through AI-driven recommendations [53][56] Question: Seasonality in first quarter guidance - The first quarter is traditionally the weakest, but the company expects strong performance, with credit card TPV and loan origination remaining robust [60][63] Question: Competition in private payroll product market - While competition is increasing, the company believes it can maintain growth due to operational improvements and a strong market position [64][66]

4Q25 & 2025 Earnings Presentation March 18, 2026 1 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 harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "forward -looking statements") . All statements other than statements of historical fact ...

To participate in the conference call, please visit the Events & Presentations section of PicPay's Investor Relations website or register here. About PicPay PicPay is one of the largest digital banks in Brazil by number of customers. The company operates a two-sided ecosystem creating a bridge between both consumers and businesses. PicPay offers a broad array of financial products and services such as digital wallet, credit cards, loans, investments, and insurance to consumers and businesses. For more infor ...

Core Viewpoint - The recommendation is to avoid purchasing shares of PicPay (NASDAQ: PICS) following its recent IPO, with an analysis provided on various aspects of the company including its business model, corporate governance, finances, and valuation [1]. Group 1: IPO Analysis - PicPay has recently completed its IPO, and the analysis suggests that the current market conditions may not favor investment in its shares [1]. Group 2: Business Model - The article discusses PicPay's business model, although specific details are not provided in the excerpt [1]. Group 3: Corporate Governance - Corporate governance aspects of PicPay are mentioned, indicating that this is a factor in the overall assessment of the company [1]. Group 4: Financials - Financial performance and metrics of PicPay are analyzed, but specific figures are not included in the excerpt [1]. Group 5: Valuation - The valuation of PicPay is evaluated, suggesting that it may not be attractive for potential investors at this time [1].

Core Insights - PicPay's U.S. IPO marks a significant transition from a private wallet provider to a publicly traded financial platform, emphasizing its credit strategy [4][3] - The company has shifted its core credit products onto its own balance sheet, enhancing control over underwriting and long-term growth [4][7] - CEO Eduardo Chedid views the IPO as a new beginning rather than an endpoint, indicating a focus on sustainable growth and profitability [5][12] Company Strategy - PicPay's strategy involves repairing "broken journeys" in payments and credit by leveraging wallet data and account aggregation for improved underwriting [1][7] - The company aims to gradually introduce credit to customers, allowing them to demonstrate behavior before increasing credit limits, thus enhancing customer engagement [9][10] - The platform processes millions of bill payments and holds 52 million cards on file, providing a robust data collection mechanism for precise underwriting [9][10] Market Context - Brazil has achieved approximately 94% digital adoption, creating a favorable environment for FinTechs to expand wallet-driven financial services [10][11] - The Brazilian central bank has fostered competition, enabling FinTech platforms like PicPay to scale and extend their services into credit [10] Performance Metrics - As a public company, PicPay will focus on product-level customer satisfaction and the depth of credit adoption among its user base, rather than relying on aggregate scores [12] - The penetration of credit products within the existing user base is a key driver for margin expansion and revenue growth, integrating payments, bills, and lending into a unified financial experience [13]

Summary of Key Points Core Viewpoint - Six new stocks entered the US capital market on January 29, 2026, raising approximately $1.783 billion, with three additional companies set to list that evening, all of which are SPACs [1]. Group 1: Newly Listed Stocks - **York Space System (YSS)**: - Opened at $38 per share, up 11.76% from the offering price, but closed at $33.61, down 1.15%, with a total market capitalization of $4.201 billion [2]. - Issued 18.5 million shares at $34 each, raising $629 million. The company provides end-to-end critical solutions for space missions in the aerospace and defense sectors, reporting $281 million in revenue and a net loss of $56.04 million for the first nine months of 2025 [4]. - **Ethos Technologies (LIFE)**: - Opened at $19 per share, unchanged from the offering price, and closed at $16.85, down 11.32%, with a total market capitalization of $1.061 billion [5]. - Issued 10.53 million shares at $19 each, raising $200 million. The company operates a technology platform connecting consumers, agents, and insurance companies, reporting $277 million in revenue and a net profit of $46.59 million for the first nine months of 2025 [7]. - **Picpay (PICS)**: - Opened at $19.5 per share, a slight increase of 2.63%, and closed at $19, with a total market capitalization of $2.462 billion [7]. - Issued 22.86 million shares at $19 each, raising $434 million. The company serves the Brazilian market across various sectors, reporting $1.122 billion in revenue and a net profit of $59 million for the first nine months of 2025 [10]. Group 2: SPACs - Three SPACs listed: - **Xsolla SPAC 1 (XSLLU)** raised $200 million, targeting the video game industry and related sectors [10]. - **United Acquisition I (UACU)** raised $100 million, with no specific acquisition target yet identified, focusing on companies with strong management and competitive advantages [10]. - **K2 Capital Acquisition (KTWOU)** raised $120 million, concentrating on humanoid robotics, physical AI, and advanced energy sectors, particularly small modular nuclear reactors [10].

Core Viewpoint - Picpay NV has successfully launched on the US stock market with an opening price of $19.02, slightly above its IPO price of $19, indicating positive market reception [1] Company Overview - Picpay NV is a digital banking and payment technology platform headquartered in São Paulo, Brazil, originally starting as a mobile payment wallet [1] - The company has evolved into a comprehensive digital banking and payment ecosystem, offering a variety of financial services [1] Services Offered - Picpay provides multiple services including personal wallets, QR code payments, credit, insurance, investments, and merchant acquiring services [1] - The platform serves over 66 million users, showcasing its extensive reach in the digital finance sector [1]

Core Viewpoint - Picpay NV has successfully launched on the US stock market with an opening price of $19.02, slightly above its IPO price of $19, indicating positive market reception [1] Company Overview - Picpay NV is a digital banking and payment technology platform headquartered in São Paulo, Brazil, originally starting as a mobile payment wallet [1] - The company has evolved into a comprehensive digital banking and payment ecosystem, offering a variety of financial services [1] Services Offered - Picpay provides multiple services including personal wallets, QR code payments, credit, insurance, investments, and merchant acquiring services [1] - The platform serves over 66 million users, showcasing its significant market presence and user base [1]

Core Insights - Shares of PicPay, controlled by the billionaire Batista family, increased by 2.6% during their Nasdaq debut, leading to a valuation of $2.53 billion for the Brazilian digital bank [1] Company Overview - PicPay is a Brazilian digital bank that has recently made its debut on the Nasdaq stock exchange [1] - The company is under the control of the Batista family, known for their significant wealth and influence in Brazil [1] Market Performance - The initial public offering (IPO) saw a 2.6% rise in share price, indicating positive market reception [1] - The valuation of $2.53 billion reflects investor confidence in the company's growth potential within the digital banking sector [1]