SÃO PAULO–( BUSINESS WIRE )–PicPay (NASDAQ: PICS ) (the “Company”) today announced its financial results for the first quarter ended March 31, 2026, delivering strong results, exceeding guidance and reinforcing the sustainability of its business model.
“We exceeded guidance across key indicators, reflecting the consistent execution of our strategy focused on profitable growth, scale, financial discipline and deepening customer relationships,” said PicPay CEO Eduardo Chedid. “We are confident in our ability to build on a strong start to the year and deliver another quarter of profitable growth in the second quarter, supported by continued portfolio expansion, disciplined risk management and the scalability of our operating model.”
First Quarter 2026 Financial Highlights
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Net revenue reached R$ 3.5 billion, an increase of 70% year-on-year, while adjusted net income was R$ 169 million, a 92% increase compared to the first quarter of 2025.
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Gross profit reached R$ 1.1 billion, a 44% year-on-year increase and net interest income (NII) reached R$ 1.7 billion, a 76% growth over the same period, reflecting scale, operational efficiency and greater monetization of the customer base.
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Average revenue per active customer (ARPAC) reached R$ 80.7, an increase of 55% year-on-year and almost 4 times the cost to serve of R$ 20.3, showing strong operational efficiency and monetization.
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Digital wallet total payment volume (TPV) grew 24% year-on-year to R$ 134 billion, driven by higher PicPay card penetration and growth in transactions with us; Wallet is the primary engine for acquisition, engagement and data generation.
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ROE reached 15.5% during the period, primarily reflecting an increase in the capital base as a result of the IPO completed in the first quarter. This capital injection created a temporary mathematical dilution effect in the metric, with no deterioration in business fundamentals. As the growth strategy continues – particularly in the loan portfolio – ROE is expected to gradually recover to its previous steady 20%.
Operational, revenue expansion & innovation highlights
Revenue diversification and base monetization. During the quarter, revenue diversification strengthened. Collateral loan revenue grew 272% year-on-year, a major highlight of the quarter. Non-loan revenues (wallet, acquisition, float and insurance) increased by 47% year-on-year to R$ 1.6 billion, reflecting strong engagement and continued ecosystem use. Total user base reached 68.6 million (+11% YoY); Active accounts totaled 44.3 million (+10% YoY), with 1.5 million net new active customers in the prior quarter.
Loan with decent growth and flexible portfolio. Credit was an important growth channel during the quarter supported by disciplined origination policy, risk management and resilient portfolio. At the end of the first quarter the portfolio totaled R$ 28 billion, a 116% year-on-year increase, and the cost of risk was 3.7% in the last two quarters, even as the outlook improved. Currently, credit accounts for 54% of the company’s total revenue, with 54% of the portfolio comprising public and private payday loans, secured products such as FGTS Anticipation and Secured Limit Cards. The strategy supports a balanced mix between collateral and non-collateral products, with progressive margin increases based on customer behavior and risk profile. Joining PicPay among the top five players in Brazil, private payday loan is one of the fastest growing products, with an average of R$ 700 million and approximately 5% sector exposure. In the first quarter, the total volume generated was approximately R$ 2 billion.
Innovation and platform development. PicPay is focused on expanding its portfolio and offering integrated business and personal account management that simplifies business financial management, cashback cards and card machines with competitive terms. The company is advancing across verticals with integrated offerings across travel, delivery, entertainment and shopping, increasing engagement—especially with audiences and ecosystems around major events like the World Cup. In technology, PicPay continues to invest in artificial intelligence to scale operations and improve user experience. Currently, 100% of customer service chat interactions start with AI, while the WhatsApp-integrated assistant already enables Pix payments, bill payments and due date reminders. Internally, the proprietary HubAI platform supports more than four thousand employees across various functions.
“The depth of our relationship with more than 68 million users, combined with the continuous expansion of everyday services, supports the scalability of the model and increasingly efficient monetization,” said André Cazotto, PicPay’s Investor Relations, Strategy and M&A Officer. “We have seen meaningful growth in consolidated products and focus on more mature clients in unsecured lines. This strategy supports more stable asset quality metrics at a controlled cost of risk, even as the portfolio expands. The strategy is not to improve isolated indicators, but to maximize returns through appropriate pricing.”
Q2 2026 Outlook
Looking ahead to the second quarter of 2026, management expects PicPay’s total loan portfolio to reach approximately R$ 31.0 billion, representing 11% sequential growth, while the quarterly cost of risk is expected to be within the company’s target range of 3.7% to 3.9%. Administrative revenues are expected to increase to approximately R$ 3.6 billion, with net interest income of approximately R$ 1.9 billion and gross profit of approximately R$ 1.15 billion. Expects IFRS EBT of approximately R$ 265 million and adjusted EBT of approximately R$ 285 million, IFRS net income of approximately R$ 235 million and adjusted net income of approximately R$ 245 million. The outlook reflects continued portfolio expansion, stable credit performance and increasing operational efficiency, positioning the company to deliver meaningful earnings growth while maintaining disciplined risk management.
Conference call details
Additional details, including the letter to shareholders, can be found on the Investor Relations Company’s website at investor.picpay.com. PicPay will host a conference call and earnings webcast today at 5:00 PM ET / 6:00 PM BR to discuss these results.
To participate in the conference call, please visit the Events and Presentations section of PicPay’s Investor Relations website.
About PicPay
PicPay is one of the largest digital banks in Brazil by number of customers. The company operates a two-sided ecosystem that creates a bridge between consumers and businesses. PicPay offers a wide range of financial products and services to individuals and businesses, including digital wallets, credit cards, loans, investments and insurance.
For more information, visit: https://investor.picpay.com/
Forward-looking statements
This press release contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements about the company’s future financial and operating performance, business strategy, growth initiatives, market opportunities, product development, customer adoption and management’s expectations and beliefs.
These statements are based on current assumptions and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among other things, economic and market conditions, competitive developments, regulatory changes, credit performance, technology and cyber security risks and other factors described in the Company’s filings with the US Securities and Exchange Commission (“SEC”) may cause actual results to differ.
Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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