Q1 2026 Pics NV Earnings Call Transcript
Key Points
- PicS NV (PICS) delivered results above guidance across all key metrics for Q1 2026, showcasing strong execution.
- Total credit portfolio reached BRL28 billion, 5.8% above guidance, driven by private payroll loans.
- Net interest income surpassed 20% net interest margin, with gross profit slightly above guidance.
- Consumer deposits grew to BRL30.8 billion, up 46% year over year, indicating strong customer trust.
- Revenue diversification improved, with 69% of revenues now from low or no credit risk streams.
- NPLs (Non-Performing Loans) increased to 8.9%, with expectations to reach low teens as the portfolio matures.
- Sequential decline in TPV (Total Payment Volume) and cash inflow due to typical Q1 seasonality.
- Cost to serve per active client increased by 9% year over year, though slightly down from Q4.
- Adjusted ROE (Return on Equity) decreased to 15.5% from 24.4% last quarter due to expanded equity base.
- Guidance for Q2 2026 indicates a conservative approach with expected slower loan book growth.
Good evening, everyone, and welcome to the PicPay earnings conference call for the first quarter of 2026. I'm Andrea Cazzotto, PicPay's Strategy, M&A, and Investor Relations Officer. Today, I'm joined by Eduardo Chedid, our CEO; Rodrigo Couto, our CFO; Danilo Caffaro, Vice President of Consumer Banking; and our Investor Relations and Strategy teams.
We will begin with a short presentation highlighting our quarterly results followed by a live Q&A with our management team. Please note that this presentation may contain forward-looking statements and non-GAAP measures. Please refer to the disclaimer on screen and in our earnings materials available on our Investor Relations website for additional information. This call is being recorded, and a replay will be available on our website shortly after the call.
Before I hand the call over to our CEO, Eduardo Chedid, I would like to briefly highlight the strength of our execution. As you can see on the next slide, we deliver results above the guidance we presented
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