PicPay Announces First Quarter 2026 Results

PicPay (NASDAQ: PICS) (the “Company”) today announced its financial results for the first quarter ended March 31, 2026, delivering robust results, exceeding guidance, and reinforcing consistency of its business model.

"We exceeded guidance across key indicators, reflecting the consistent execution of our strategy focused on profitable growth, based on scale, financial discipline, and deepening customer relationships," said Eduardo Chedid, PicPay Chief Executive Officer. “We are confident in our ability to build on our 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

• Net revenue reached R$ 3.5 billion, a 70% increase YoY, while adjusted net income totaled R$ 169 million, up 92% compared to the first quarter of 2025.
• Gross profit totaled R$ 1.1 billion, a 44% YoY increase, and net interest income (NII) reached R$ 1.7 billion, a 76% growth in the same period, reflecting gains in scale, operational efficiency, and greater monetization of the customer base.
• Average revenue per active customer (ARPAC) reached R$ 80.7, up 55% YoY and nearly 4x the cost to serve of R$ 20.3, demonstrating robust operational efficiency and monetization.
• Digital wallet total payment volume (TPV) rose 24% YoY to R$ 134 billion, driven by greater PicPay Card penetration and growth in on-us transactions; the wallet remains the primary engine for acquisition, engagement, and data generation.
• ROE reached 15.5% in the period, primarily reflecting the increase in the capital base resulting from the IPO completed in the first quarter. This capital injection created a temporary mathematical dilution effect on the metric, with no deterioration in business fundamentals. As the growth strategy continues — particularly in the credit portfolio — ROE is expected to gradually recover to its previous level of 20%.

Operational, Revenue Expansion & Innovation Highlights

Revenue diversification and base monetization. In the quarter, revenue diversification strengthened, with no-risk and low-risk products representing 69% of the indicator. Collateralized credit revenues grew 272% YoY, a key highlight for the quarter. Non-credit revenues (wallet, acquiring, float, and insurance) increased 47% YoY to R$ 1.6 billion, reflecting stronger engagement and recurring ecosystem usage. 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 versus the prior quarter.

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