Earnings release
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1 E A R N I N G S 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. All the management efficiency and capacity to innovate that we have developed over 80 years can be summed up in this word. However, for this to be possible, it needs the company of another word, trust. Without it, we would not have 18 million clients trusting us with their most important things: their own health, their families, their homes, their most significant goods, their savings and assets. IF IT HAD TO BE SUMMED UP IN JUST ONE VERB, THE PURPOSE OF PORTO IS TO TAKE CARE.
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Our Message Management Analysis and Result for the Year Porto Seguro Vertical Auto P&C Life and Pension Plan Summary and Income Statement – Insurance Porto Saúde Vertical Summary and Income Statement – Healthcare Porto Bank Vertical Financial Solutions for Credit Consortium Financial Solutions for Rent and Guarantee Summary and Income Statement – Bank Porto Serviço Vertical Summary and Income Statement – Porto Serviço Financial Result Investments, Capital Adequacy, Market Indicators and Projections Operating Highlights Financial Statements ESG – Environmental, Social and Governance Factors Ecosystem Strengthening Appendix 03 05 06 08 09 10 11 12 15 16 18 20 21 22 23 25 27 29 32 34 40 43 47 2 From this edition of the Earnings Release, you will meet some of our employees, brokers and Suppliers. The results you will see below arise from the work of more than 60 thousand people who look after the 18 million clients that Porto serves everyday. COVER: AGEU – Service provider, 13 years with Porto. Contents
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3 Increasingly strong and diversified The year 2024 ended in a very positive way for us. The figures you will see here are the result of the strategy of diversifying and strengthening the four business units of the Porto Ecosystem. Our revenues grew by double digits, reaching R$ 10 billion in the fourth quarter (+14% vs. 4Q23) and R$ 37 billion in the year to date (+13% vs. 2023). These figures, coupled with the 18 million clients reached, are examples that reinforce the consistency of this path. In the last quarter, we recorded net income, excluding extraordinary effects, of R$ 710 million (+3% vs. 4Q23) and an ROAE of 20%. In the year to date, net income, excluding extraordinary effects, reached R$ 2.7 billion (+18% vs. 2023). It is worth highlighting that both in the quarter and in the year the return on equity was over 20% in all our Business Verticals (Insurance, Health, Bank and Services). Performance of the business units compared to 4Q23: Insurance: growth of 4% at Porto Seguro, with highlights in the P&C (+14%) and Life (+10%) segments. In Auto, premiums grew 2% and the insured fleet increased 1%. We maintained a Combined Ratio of 89%, in line with our strategy of maintaining margins. Health: Porto Saúde recorded a 24% increase in the number of lives covered by its Health Insurance, reaching 675 thousand beneficiaries; and +27% in Dental, which reached 995 thousand people. These figures contributed to the 37% increase in revenues. The Combined Ratio for the quarter was 89%, accounting for an improvement of 4 p.p. Net income for the period was R$ 139 million (+109%). Bank: Porto Bank’s revenue rose 21% in 4Q24, with growth in all business lines: Consortium (+35%), Capitalization (+21%), Financial Risks (+16%) and Cards, Financing and Loans (+17%). The NPL of Loan Operations over 90 days decreased to 5.2%³, accounting for an improvement of 1.2 p.p. compared to 3Q24 and below the market average1, reflecting the evolution of credit quality. This performance resulted in a 53% increase in annual net income, totaling R$ 632 million in 2024. Services: Porto Serviço recorded R$ 641 million in revenue and carried out 1.4 million services in the quarter, with growth in sales to end consumers (+62% vs. 4Q23) and strategic partnerships (+25% vs. 4Q23) standing out, which together accounted for 27% of 4Q24 revenue. 1) Excluding the net impact of the write-off of the Subscription Car product in the amount of R$ -41 million, the effect of R$ -14 million from the rollover of securities in the financial investments portfolio and non-recurring gains of R$ 16 million associated with the operation with Oncoclínicas. 2) Source: Bacen, weighted by the company's comparable portfolio. 3) Excluding the effects of the portfolio sale, Over 90 would be 6.1%, accounting for an improvement of 0.3 p.p. compared to 3Q24. Our Message
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4 Revenue from financial investments (excluding Pension Plan, portfolio ALM and securities rollovers) totaled R$ 347 million in 4Q24, achieving a return equivalent to 90% of the CDI rate, driven by the performance of allocations to shares and fixed-rate securities. The net financial result was R$ 272 million in the quarter. Our commitment to efficiency and financial sustainability has also remained firm. The operating efficiency ratio, which considers the sum of Administrative Expenses in relation to Total Revenue, improved both in the quarter (11.2%, -0.6 p.p.) and in the year (11.4%, -0.4 p.p.), reflecting productivity gains. Another important milestone was the celebration of the 20th anniversary of Porto’s listing on the Brazilian Stock Exchange, as well as its recent inclusion in the Ibovespa Index, reflecting our growth trajectory. The results in 2024 reinforce our confidence in the path we are following and in the strong and true connections we have cultivated with Clients, Employees, Brokers, Suppliers, Service Providers and Investors. There are thousands of very special people who give us the privilege of being with us everyday, some of whom you will get to know quarterly in this new version of our Report. Porto’s vocation is Caring. Constantly striving to perfect our way of caring, we continue towards our purpose day after day: Increasingly be a “Safe Haven” for people and their dreams (Porto Seguro means “Safe Haven in Portuguese). Our Message 4
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(1) For comparison purposes, Insurance Net Income and ROAE for 3Q23 consider the Assistance markup, which started to be considered as of 1Q24. 5 (a) Credit Losses from Credit Card operations, Loans and Financing and Financial Risks. (b) Corporate results are impacted by the adoption of the IFRS 17/CPC 50 standard, bringing changes to accounting practices, affecting insurance results. For management results purposes, insurance results remain accounted for according to the IFRS 4/CPC 11 accounting standard, in accordance with SUSEP standards. (c) joint venture of oncological medical services (d) write-off of investment assets due to change of strategy (e) Roll-over of government bonds to longer maturities at higher rates Management Analysis and Result for the Year 4Q24 Extraordinary Events 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Net Income for the Period 670.8 688.9 (2.6) 739.1 (9.2) 2,644.8 2,266.1 16.7 Onco Clínicas (c) (15.6) - - - - (39.0) (35.6) 9.5 Write-offs of Investments (d) 41.0 - - - - 41.0 41.8 (1.9) Rollover of securities (e) 14.2 - - - - 33.6 - - Recurring Net Income 710.4 688.9 3.1 739.1 (3.9) 2,680.4 2,272.3 18.0 Insurance Vertical Result and ROAE¹ 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Net Income (R$ million) Insurance 441.4 474.1 (6.9) 429.9 2.7 1,643.4 1,894.6 (13.3) ROAE % Insurance 29.7% 33.4% -3.7 28.9% 0.8 27.7% 33.4% -5.7 Healthcare Vertical Result and ROAE 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Net Income (R$ million) Health care 138.8 66.5 108.6 76.7 81.0 393.6 200.4 96.4 ROAE % Healthcare 38.0% 23.5% 14.5 22.2% 15.8 27.0% 17.7% 9.3 Bank Vertical Result and ROAE 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Net Income (R$ million) Bank 162.4 145.5 11.6 165.4 (1.8) 632.2 412.6 53.2 ROAE % Bank 26.7% 38.4% -11.7 29.0% -2.3 26.0% 27.2% -1.3 Service Vertical Result and ROAE 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Net Income (R$ million) Services 58.9 - - 52.5 12.1 204.6 - - ROAE % Services 25.8% - - 23.8% 2.1 22.5% - - Income Statement – Other Businesses and Other 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Net Income (R$ million) Other Businesses and Other (130.7) 2.7 - 14.6 - (228.9) (241.4) (5.2) Results of Porto Group 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Net Income (R$ million) Porto Seguro S.A. 670.8 688.9 (2.6) 739.1 (9.2) 2,644.8 2,266.1 16.7 ROAE % Porto Seguro S.A. 20.3% 23.9% -3.6 22.9% -2.6 20.0% 19.6% 0.3 Operating Efficiency 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Administrative Expenses (1,103.0) (1,017.4) 8.4 (1,050.1) 5.0 (4,194.6) (3,819.4) 9.8 Total Revenue 9,835.0 8,617.8 14.1 9,487.1 3.7 36,929.7 32,621.0 13.2 Operating Efficiency Ratio 11.2% 11.8% -0.6 11.1% 0.1 11.4% 11.7% -0.4 PORTO SEGURO S.A.'S INCOME STATEMENT 4Q24 4Q23 Δ% 3Q24 Δ% 2024 2023 Δ% Total Revenue (Retained Premium + Other Revenues) 9,835.0 8,617.8 14.1 9,487.1 3.7 36,929.7 32,621.0 13.2 Retained Premium 7,428.4 6,699.7 10.9 7,145.4 4.0 27,800.5 25,066.0 10.9 Earned Premium (insurance and healthcare vertical) 7,163.8 6,392.8 12.1 6,986.6 2.5 27,478.6 24,051.5 14.2 Non-Insurance Revenues 2,406.7 1,918.1 25.5 2,341.6 2.8 9,129.2 7,555.0 20.8 Retained Net Claims (4,089.8) (3,529.7) 15.9 (3,996.0) 2.3 (15,675.8) (13,146.9) 19.2 Credit Losses (a) (495.4) (422.2) 17.3 (441.2) 12.3 (1,816.6) (1,725.1) 5.3 Commission (1,672.9) (1,520.6) 10.0 (1,632.8) 2.5 (6,427.2) (5,565.6) 15.5 Tax Expenses (347.2) (302.9) 14.6 (340.3) 2.0 (1,290.9) (1,141.0) 13.1 Operating Expenses (839.8) (645.0) 30.2 (778.0) 8.0 (3,114.6) (2,860.6) 8.9 Administrative Expenses (1,103.0) (1,017.4) 8.4 (1,050.1) 5.0 (4,194.6) (3,819.4) 9.8 Operating Income 1,022.5 873.1 17.1 1,089.9 (6.2) 4,088.0 3,347.9 22.1 Financial Results 271.9 362.1 (24.9) 246.4 10.4 919.4 1,019.6 (9.8) EBIT 1,294.4 1,235.2 4.8 1,336.3 (3.1) 5,007.3 4,367.4 14.7 Income Tax and Social Contribution (351.2) (382.5) (8.2) (294.7) 19.2 (1,319.3) (1,262.6) 4.5 Profit Sharing (255.2) (191.0) 33.6 (284.3) (10.2) (975.6) (766.4) 27.3 Non-controlling shareholders in subsidiaries (12.7) (6.9) 84.4 (11.8) 7.0 (45.9) (48.7) (5.7) Result from Investee Companies and Subsidiaries (8.5) (6.0) 41.6 (0.7) - (12.5) (23.2) (46.0) Net Income (Ex-adoption of IFRS 17) 666.8 648.8 2.8 744.8 (10.5) 2,653.9 2,266.4 17.1 Adjustment IFRS 17 (b) 4.0 40.1 (90.1) (5.7) (169.5) (9.1) (0.3) - Net Income 670.8 688.9 (2.6) 739.1 (9.2) 2,644.8 2,266.1 16.7 Extraordinary Items 39.6 - - - - 35.6 6.2 4.7 Recurring Net Income 710.4 688.9 3.1 739.1 (3.9) 2,680.4 2,272.3 18.0 Effective Income Tax over Net Income (before tax) and after Profit Sharing 33.8% 36.6% -2.8 28.0% 5.8 32.7% 35.1% -2.3 Average Shareholders’ Equity 13,233.0 11,538.1 14.7 12,917.1 2.4 13,233.0 11,538.1 14.7 ROAE 20.3% 23.9% -3.6 22.9% -2.6 20.0% 19.6% 0.3
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4Q24 EARNINGS RELEASE PORTO SEGURO S.A. Porto Seguro 4Q24 ROBSON Commercial Manager 13 years with Porto 6
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• Addition of 1.1 million Insured Lives in Life Insurance vs. 4Q23 • Loss ratio of 51.1% in Vertical; -1.1 p.p. vs. 4Q23² • Combined Ratio of 89.4%; -0.6 p.p. vs. 4Q23² • Vertical Result of R$ 441.4 million in the 4Q24; +7.2%. vs. 4Q23² • ROAE of 29.7%, +0.7 p.p. vs. 4Q23²,³ R$ 5.6 B in total revenue¹ (4Q24) +4.0% YoY 16.6 M of current items/lives (Dec 2024) +9.7% YoY Result of R$ 441.4 M (4Q24) +7,2% YoY2 7 We ended the quarter with 16.6 million items/lives in force in Porto Seguro Vertical (+9.7% vs. 4Q23), with emphasis on the increase of 1.1 million clients Life Insurance (+20.9% vs. 4Q23). The result of Porto Seguro Vertical in the fourth quarter of 2024 was R$ 441.4 million (+7.2% vs. 4Q23)², while the ROAE reached 29.7% in the period (+0.7 p.p. vs. 4Q23)³. The Combined Ratio reached 89.4% in the period (-0.6 p.p. vs. 4Q23)². The continuous search for reducing loss ratio through improvements in underwriting models, better claims control and discipline in pricing have contributed to maintaining consistent profitability. (1) Total revenue comprises retained premiums + revenues. (2) Adjustment of 4Q23 to allow comparability with 4Q24, since as of the first quarter of 2024, mainly, the loss ratio, combined ratio, amplified combined ratio, income and ROAE started to be impacted by the Assistance operation markup. By adjusting 4Q23 to allow comparability with 4Q24, the loss ratio of 4Q23 would be 52.3%, the Combined Ratio would be 90.0% and the Expanded Combined Ratio would be 86.5%. (3) To calculate Vertical’s ROAE, Shareholders’ Equity currently includes the values corresponding to the business combination with Itaú (“Business Combination”), adding goodwill and other intangible assets related to the agreement. 4Q24 Main Highlights Combined ratio Net income and Profitability³ 49.8% 51.1% 52.5% 50.8% 51.1% 22.7% 23.0% 23.1% 23.1% 23.7% 10.6% 10.6% 10.9% 10.4% 10.7% 2.8% 2.8% 2.9% 1.3% 1.3% 1.1% 3.3% 4Q23 1.5% 1Q24 1.3% 2Q24 2.9% 3Q24 4Q24 O.E. (%) Taxes (%) G&A (%) Commission (%) Loss Ratio (%) 5.40 5.10 5.18 5.48 5.62 15.14 15.87 16.25 16.52 16.62 4Q23 1Q24 2Q24 3Q24 4Q24 Total Revenue (R$ billion) Current Items/Lives (million) 87.8% 88.9% 90.5% 88.5% 89.4% Combined Ratio (%) 84.3% 85.8% 87.3% 85.4% 86.5% Amplified Combined Ratio (%) 474 412 399 373 430 441 87 33.4% 26.9% 24.9% 28.9% 29.7%29.0% 4Q23 4Q23 Ajustado² 1Q24 2Q24 3Q24 4Q24 461 Impact of rains in Rio Grande do Sul (R$ million) Net Income (R$ million) ROAE (% p.a.)
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R$ 4.2 B in written premium (4Q24) +1.5% YoY 6.0 M vehicles (Dec‘24) +1.4% YoY • R$ 15.8 billion in premiums (+0.6% vs. 2023) • Market Share of 27.4% in 11M24¹ • 6 million vehicles in the fleet in 4Q24 (+82 thousand vs. 4Q23) • Loss ratio of 56.5% in 4Q24; increase of 0. 6 p.p. (vs. 4Q23)² Company % Market Premium (R$B) % Loss Ratio Porto Seguro Group 27.4% 14.40 57.5% 2nd Largest 17.2% 9.05 62.9% 3rd Largest 14.0% 7.36 57.3% 4th Largest 12.2% 6.40 64.8% 5th Largest Total Market (ex-Porto) 11.8% 6.20 57.4% 60.3% 8 Auto’s total written premium grew 1.5% (vs. 4Q23). Moreover, we increased our insured fleet by 1.4% (vs. 4Q23), preserving our strategy of maintaining healthier margins. In recent months, we have continued to make progress in integrating the brands (Porto Seguro, Azul, Itaú and Mitsui Sumitomo), capturing operational efficiencies and expanding the offer of more segmented coverage. This move contributes to our insurance inclusion strategy, while at the same time improving the client experience through more personalized benefits and the increasing use of technology in interactions with Porto. Auto loss ratio reached 56.5% in the quarter (+0.6 p.p. vs. 4Q23²) and 57.2% in the year to date (+1.0 p.p. vs. 2023²), remaining below the historical average in both periods. In 11M24¹, market loss ratio increased 1.3 p.p. (vs. 11M23), mainly driven by the effects of the heavy rains in Rio Grande do Sul for the period. At Porto, we have maintained a consolidated leadership and results with solid foundations, which remain structurally preserved. (1) Market data for the accumulated period from January to November 2024. Source: Susep/Porto Seguro (2) Comparing 4Q23 and 4Q24, the Adjusted Loss Ratio in 4Q23 considers the Assistance markup, which started to be considered as of 1Q24. 4Q24 Auto Written Premium and Insured Fleet Loss Ratio Market View (11M24¹) 4.10 3.81 3.80 4.04 4.16 5.92 6.02 6.04 5.96 6.00 4Q23 1Q24 2Q24 3Q24 4Q24 Written Premium (R$ billion) Insured Fleet (million) 53.1% 55.9% 56.2% 59.0% 57.3% 56.5% 4Q23 4Q23 Ajustado² 1Q24 2Q24 3Q24 4Q24 +3.3 p.p. +0.6 p.p.
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• 13.8% growth in premiums in 4Q24 (vs. 4Q23) • Increase of 286 thousand items (vs. 4Q23) • P&C Loss Ratio improved 6.2 p.p. (vs. 4Q23)¹, reaching 37.7% in the quarter. R$ 901.0 M in written premium (4Q24) +13.8% YoY 4.1 M of items (Sep 2024) +7.5% YoY Homeowner Commercial² Our P&C insurance premiums grew 13.8% compared to 4Q23, mainly driven by double-digit growth in the Homeowner and Commercial products and even more expressive growth of over 20% in the Real Estate, Condominium and Cell Phone products, attracting new clients to the Company. The total loss ratio for P&C products recorded an improvement of 6.2 p.p. compared to the fourth quarter of 2023¹, due to the improvement in risk underwriting and the lower fire incidence in the period. 9 4Q24 P&C Written Premium and Items Insured Loss Ratio Market View (11M24) (1) For comparison purposes, between 4Q23 and 4Q24, the Adjusted Loss Ratio in 4Q23 includes the Assistance markup, which sta rted to be considered as of 1Q24. (2) Considers line 118 of SUSEP. (3) Commercial loss ratio net of reinsurance revenues and expenses. Source: Susep/Porto. 792 764 821 848 901 3.80 3.80 3.86 3.91 4.08 4Q23 1Q24 2Q24 3Q24 4Q24 Written Premium (R$ million) Items Insured (million) 41.5% 43.9% 36.0% 29.6% 28.6% 37.7% 4Q23 4Q23 Ajustado¹ 1Q24 2Q24 3Q24 4Q24 -3.9 p.p. -6.2 p.p. Company % Market Premium (R$ million) % Loss Ratio Porto Seguro Group 20.7% 1,137.8 37.4% 2nd Largest 16.3% 897.1 19.7% 3rd Largest 15.2% 836.9 16.6% 4th Largest 13.5% 741.6 23.4% 5th Largest Total Market (ex-Porto) 7.2% 396.4 43.1% 27.1% Company % Market Premium (R$ million) % Sinistralidade³ Porto Seguro Group 24.7% 968.1 31.8% 2nd Largest 8.3% 327.0 19.1% 3rd Largest 8.2% 320.7 38.0% 4th Largest 7.7% 301.8 38.1% 5th Largest Total Market (ex-Porto) 7.6% 298.8 54.7% 38.2%
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Life’s quarterly loss ratio reached 33.7% in 4Q24, remaining stable in relation to the same period of last year. The loss ratio remained at favorable levels, resulting from actions taken with the purpose of achieving a healthy portfolio growth. Pension plan’s assets under management increased by 4.0% in relation to the 4Q23, reaching R$ 5.86 billion at the end of quarter. Gross funding was driven by an increase of 51.6% in Contributions (vs. 4Q23). Growth in Life premiums (+10.0% vs. 4Q23), mainly explained by the increase in the number of lives insured (+20.9% vs. 4Q23) Life loss ratio of 33.7% in 4Q24 (stable vs. 4Q23) R$ 406.0 M in Life premiums (4Q24) +10.0% YoY 6.4 M Lives Insured (Dec 2024) +20.9% YoY R$ 5.9 B AUM Pension Plan (Dec 2024) +4.0% YoY We have been focusing on actions to foster gross funding, with the purpose of improving net funding. Furthermore, we have evolved in relationship actions with clients and brokers, such as monthly sessions with fund managers, preparation of suggested portfolios, among other initiatives. 10 In 4Q24, Life premiums increased by 10.0% and the number of lives insured grew 20.9% compared to 4Q23. The faster expansion in items is due to the change in mix, with an increase in products aimed at companies. The expansion recorded for the period is mainly explained by the performance of Moneylender, Group Life and Travel Insurance segment. In the Moneylender segment, quarterly premiums grew above the market¹ (+27.3% vs. 4Q23), driven by commercial actions that expanded the base of partner brokers, as well as an increase in sales. In Group Life, expansion reached +13.0% (vs. 4Q23), ratifying the growth strategy in the segment and the new partnership with Porto Saúde through an integrated Health and Life insurance solution for companies. In Travel insurance, we maintained our market leadership¹ in the broker channel, with growth of 14.8% (vs. 4Q23), due to the restructuring of the product and the strengthening of the supply channels. 4Q24 Life and Pension Plan Written Premium and Items Insured Loss Ratio - Life Effective Revenue and Active Participants - Pension Plan Assets under Management - Pension Plan 33.7% 34.4% 36.6% 37.7% 33.7% 4Q23 1Q24 2Q24 3Q24 4Q24 5.63 5.69 5.67 5.75 5.86 4Q23 1Q24 2Q24 3Q24 4Q24 21.8 23.6 24.8 26.5 25.9 112 111 110 109 108 4Q23 1Q24 2Q24 3Q24 4Q24 Total Revenue (R$ million) Active Participants (thousand) 369 372 412 425 406 5.3 5.9 6.2 6.5 6.4 4Q23 1Q24 2Q24 3Q24 4Q24 Written Premium (R$ million) Lives Insured (million) Assets under Management (R$ billion)
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Financial and Operational Summary – Porto Seguro 11 Managerial Income Statement – Porto Seguro *For comparison purposes, between 3Q23 and 3Q24, the Adjusted Loss Ratio, Adjusted Net Income, Adjusted ROAE and Adjusted Com bined Ratio for 3Q23 consider the Assistance markup, which started to be considered as of 1Q24. (1) To calculate the Vertical’s ROAE, Shareholders’ Equity bega n to include the amounts corresponding to the business combination with Itaú (“Business Combination”), adding goodwill and other intangible assets related to the agreement . 4Q24 Financial and Operational Summary and I/S Auto 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Written Premium (R$ million) 4,160.8 4,099.1 1.5% 4,035.8 3.1% 15,811.6 15,723.0 0.6% Earned Premiums (R$ million) 3,967.3 3,944.3 0.6% 3,978.7 -0.3% 15,862.6 15,201.7 4.3% Loss Ratio (%) - Chg. (p.p.) 56.5% 53.1% 3.3 57.3% -0.8 57.2% 53.7% 3.5 Adjusted Loss Ratio (%) - Chg. (p.p.) 56.5% 55.9% 0.6 57.3% -0.8 57.2% 56.3% 1.0 Insured Fleet (thousand) 6,000.4 5,918.3 1.4% 5,955.3 0.8% 6,000.4 5,918.3 1.4% P&C 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Written Premium (R$ million) 901.0 792.0 13.8% 847.8 6.3% 3,333.8 2,984.7 11.7% Earned Premiums (R$ million) 794.8 691.7 14.9% 779.2 2.0% 3,034.7 2,621.8 15.7% Loss Ratio (%) - Chg. (p.p.) 37.7% 41.5% -3.9 28.6% 9.1 33.0% 35.7% -2.7 Adjusted Loss Ratio (%) - Chg. (p.p.) 37.7% 43.9% -6.2 28.6% 9.1 33.0% 37.8% -4.8 Items Insured (thousand) 4,082.7 3,796.9 7.5% 3,905.1 4.5% 4,082.7 3,796.9 7.5% Life 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Written Premium (R$ million) 406.0 369.2 10.0% 425.0 -4.5% 1,615.3 1,475.5 9.5% Earned Premiums (R$ million) 417.4 347.6 20.1% 400.2 4.3% 1,548.3 1,341.9 15.4% Loss Ratio (%) - Chg. (p.p.) 33.7% 33.7% 0.0 37.7% -4.0 35.6% 32.5% 3.1 Lives Insured (thousand) 6,428.0 5,318.0 20.9% 6,548.0 -1.8% 6,428.0 5,318.0 20.9% Pension Plan 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Financial Administration Fee (TAF) (R$ million) 14.1 13.2 6.7% 14.4 -2.4% 56.0 53.3 4.9% Loading Fee (R$ million) 0.2 0.4 -36.9% 0.2 -3.8% 1.0 1.5 -32.2% Earned Premiums (R$ million) 11.6 8.2 41.2% 11.8 -1.6% 43.7 29.9 46.2% Total Effective Revenue (R$ million) 25.9 21.8 19.0% 26.5 -2.0% 100.7 84.8 18.8% Total Active Participants (thousand) 107.6 111.7 -3.7% 109.0 -1.3% 107.6 111.7 -3.7% Assets under Management (R$ million) 5,861.6 5,634.2 4.0% 5,750.1 1.9% 5,861.6 5,634.2 4.0% Uruguay Seguros 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Written Premium (R$ million) 182.9 143.6 27.3% 167.8 9.0% 651.3 560.6 16.2% Earned Premiums (R$ million) 169.9 133.7 27.0% 159.5 6.5% 617.2 529.7 16.5% Loss Ratio (%) - Chg. (p.p.) 34.7% 39.0% -4.3 33.9% 0.8 33.8% 36.6% -2.8 Service Revenue (R$ million) 9.6 8.9 7.1% 9.8 -2.4% 38.8 35.9 8.0% Other Insurance 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Revenues/Premiums (R$ million) * 2.7 4.3 -36.6% 3.6 -24.6% 13.1 17.4 -24.8% *Coinsurance, Trackers and Run Off (RCO and Others - Azul) Reinsurance 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Reinsurance (R$ million) -69.6 -35.2 97.4% -31.8 118.7% -176.4 -195.7 -9.8% Total Porto Seguro 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Total Revenue (Retained premium+Revenues) 5,619.4 5,403.8 4.0% 5,484.4 2.5% 21,388.2 20,686.2 3.4% Net Income (R$ million) 441.4 474.1 -6.9% 429.9 2.7% 1,643.4 1,894.6 -13.3% ROAE (%) - Chg. (p.p.) 29.7% 33.4% -3.7 28.9% 0.8 27.7% 33.4% -5.7 Adjusted Net Income (R$ million) 441.4 411.8 7.2% 429.9 2.7% 1,643.4 1,678.5 -2.1% Adjusted ROAE (%) - Chg. (p.p.) 29.7% 29.0% 0.7 28.9% 0.8 27.7% 29.6% -1.9 Porto Seguro Income Statement 4Q24 4Q23 ∆% 3Q24 ∆% 2024 2023 ∆% Total Revenue (Retained premium+Revenues) 5,619.4 5,403.8 4.0 5,484.4 2.5 21,388.2 20,686.2 3.4 Retained Premium 5,592.5 5,377.1 4.0 5,456.3 2.5 21,279.1 20,578.2 3.4 Earned Premium 5,361.0 5,125.5 4.6 5,329.4 0.6 21,106.4 19,725.1 7.0 Revenues 26.8 26.7 0.5 28.1 (4.5) 109.1 108.1 1.0 Retained Net Claims (2,740.6) (2,554.6) 7.3 (2,706.3) 1.3 (10,842.2) (9,738.4) 11.3 Commission (1,270.2) (1,164.4) 9.1 (1,233.9) 2.9 (4,904.6) (4,392.1) 11.7 Operating Expenses (64.0) (73.7) (13.2) (77.5) (17.5) (296.7) (297.1) (0.1) Tax Expenses (153.8) (169.1) (9.0) (152.1) 1.1 (600.9) (629.4) (4.5) Administrative Expenses (576.4) (548.8) 5.0 (560.8) 2.8 (2,263.1) (2,139.6) 5.8 Operating Result 582.9 641.6 (9.2) 626.8 (7.0) 2,307.9 2,636.6 (12.5) Financial result 153.8 219.3 (29.9) 180.7 (14.9) 709.6 890.6 (20.3) Results before Tax 736.6 861.0 (14.4) 807.5 (8.8) 3,017.5 3,527.2 (14.4) Income Tax and Social Contribution (163.9) (266.5) (38.5) (246.4) (33.5) (870.0) (1,145.6) (24.1) Net Income before Participation 572.7 594.5 (3.7) 561.0 2.1 2,147.5 2,381.6 (9.8) Shareholding (131.1) (119.2) 10.0 (131.2) (0.0) (503.8) (483.9) 4.1 Net Income 441.6 475.3 (7.1) 429.9 2.7 1,643.8 1,897.7 (13.4) Result from Investee Companies (0.2) (1.2) (85.3) 0.0 - (0.4) (3.1) (88.7) Total Net Income 441.4 474.1 (6.9) 429.9 2.7 1,643.4 1,894.6 (13.3) ROAE (%) - Chg. (p.p.) 29.7% 33.4% -3.7 28.9% 0.8 27.7% 33.4% -5.7 Combined Ratio (%) - Chg. (p.p.) 89.4% 87.8% 1.6 88.5% 0.9 89.4% 86.9% 2.4 Amplified Combined Ratio (%) - Chg. (p.p.) 86.5% 84.3% 2.2 85.4% 1.1 86.3% 83.3% 3.0 Total Adjusted Net Income 441.4 411.8 7.2 429.9 2.7 1,643.4 1,678.5 (2.1) Adjusted ROAE (%) - Chg (p.p.) 29.7% 29.0% 0.7 28.9% 0.8 27.7% 29.6% -1.9 Adjusted Combined Ratio (%) - Chg (p.p.) 89.4% 90.0% -0.6 88.5% 0.9 89.4% 89.0% 0.4 Adjusted Amplified Combined Ratio (%) – Chg (p.p.) 86.5% 86.5% 0.0 85.4% 1.1 86.3% 85.2% 1.0 Basis - Financial investments 5,397.5 5,672.8 (4.9) 5,455.5 (1.1) 5,397.5 5,672.8 (4.9)
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4Q24 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. LIA Broker 15 years with Porto Porto Saúde 12
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Porto Saúde achieved another quarter of consistent results, recording significant growth in premiums, members and income. In 2024, Revenues and Premiums reached R$ 6.6 billion (+43.9% vs. 2023), the number of lives in Health insurance reached 675K (+132K vs. 2023) and income reached R$ 393.6 million (+96.4% vs. 2023). Growth in members and revenue in the quarter (4Q24 vs. 3Q24) • +34k lives in Health Insurance (+5.3% vs. 3Q24) • +R$ 137.2 million in revenue at the Vertical (+8.0% vs. 3Q24) Loss ratio (4Q24 vs. 4Q23) • 75.1% in Health and Dental (-0.7 p.p. vs. 4Q23) Recurring income 2024 vs. 2023 • Growth of 115.2% in recurring net income* ROAE reached 27.0% in 2024 (+9.3 p.p. vs. 2023) In Health Insurance, we reached 675 thousand members, maintaining a series of 17 consecutive quarters of growth. We increased 132K lives compared to 4Q23 and + 34K lives compared to the immediately previous quarter. In Dental insurance, we reached 995 thousand lives, increasing 210 thousand lives compared to 2023 and + 49 thousand lives compared to 3Q24. Revenues continued to grow significantly compared to the same period of 2023, reaching R$ 1.9 billion in the quarter (+37.4% vs. 4Q23), accounting for an increase of +R$ 507.0 million compared to the same period of 2023 and +R$ 2 billion considering 2024 vs. 2023. R$ 6.6 B in revenues in 2024 (+43.9% vs. 2023) +132 k members in Health Insurance (+24.3% vs. 2023) R$ 393.6M in net income in 2024 (+96.4% vs. 2023) 13 4Q24 Members and Revenues Members Revenues 413 427 461 510 543 562 606 641 675 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 +24.3% +5.3% Members - Health (thousand) 668 676 690 737 785 811 879 946 995 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 +26.8% +5.2% Members - Dental (thousand) 4Q23 1Q24 2Q24 3Q24 4Q24 1.275 1.371 1.523 1.638 1.771 +38.9% 2022 2023 2024 3.038 4.304 6.302 +107.5% Health Insurance (R$ million) 4Q23 1Q24 2Q24 3Q24 4Q24 1.356 1.453 1.607 1.725 1.863 +37.4% Porto Saúde (R$ million) 2022 2023 2024 3.340 4.621 6.648 +99.1% *Net Income excluding non-recurring impact of the transaction with Oncoclínicas;
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The Health + Dental Insurance loss ratio in 4Q24 was 75.1%, showing an improvement of 0.7 p.p. compared to 4Q23. The indicator also reflects the seasonality expected for the period, showing a drop of 2.9 p.p. compared to the previous quarter. Health Insurance loss ratio closed at 76.2%, -0.9 p.p. compared to 4Q23, once again reinforcing the effects of our virtual verticalization strategy, with the Porto Medical Team and Partnerships, actions to combat fraud, as well as the new products and well-priced new sales. The Healthcare vertical’s Combined Ratio improved 3.7 p.p. (vs. 4Q23) to 89.4% in the quarter, reflecting lower loss ratio, efficiency in administrative expenses and commission. Net income reached R$ 138.8 million in 4Q24 (+108.6% vs. 4Q23) and R$ 393.6 million in 2024 (96.4% vs. 2023). Positive profitability was reflected in ROAE of 38.0% in the quarter (33.8% excluding the Oncoclínicas effect, +10.3p.p. vs. 4Q23), and 27.0% in the year to date (24.3% excluding the Oncoclínicas effect, +9.7 p.p. vs. 2023³). Regarding commission expenses, an adjustment was made to the deferral of commissions in September 2024 as a result of actuarial studies, which showed an increase in the average length of stay of clients in Health Insurance. In the quarter, the change generated an impact of 2.5 p.p. on the sales ratio, corresponding to R$ 44.7 million in commission expenses or R$ 21.1 million in net income (1) Non-recurring impact of R$ 15.6 million in 4Q24 related to the transaction with Oncoclínicas; (2) To calculate Vertical’s ROAE, Shareholders’ Equity started to consider the effect of the commission deferral. (3) Recurring ROAE (without Oncoclinicas effect) would be 14.6% in 2023 and 24.3% in 2024. 4Q24 Loss ratio and Results Loss Ratio Combined ratio Net income and Profitability 77.1% 72.7% 80.7% 79.2% 76.2% 4Q23 1Q24 2Q24 3Q24 4Q24 -0.9 p.p. 75.8% 71.4% 79.4% 78.1% 75.1% 4Q23 1Q24 2Q24 3Q24 4Q24 -0.7 p.p. Health Insurance Health + Dental Insurance 75.8% 71.4% 79.4% 78.1% 75.1% 1.1% 1.4% 1.2% 1.3% 1.6%1.0% 1.0% 0.9% 1.0% 1.2% 9.7% 5.6% 4Q23 9.0% 5.3% 1Q24 9.3% 5.4% 2Q24 8.4%5.0% 3Q24 6.9%4.6% 4Q24 Taxes (%) O.E. (%) G&A (%) Commission (%) Loss Ratio (%) 93.1% 88.0% 96.2% 89.4% 93.6% Combined Ratio (%) 91.5% 86.5% 92.0% 86.5% 92.2% Amplified Combined Ratio (%) 66.5 105.3 49.3 76.7 123.223.4 15.6 23.5% 33.2% 22.2% 22.2% 38.0% 4Q23 1Q24 2Q24 3Q24 4Q24 72.7 138.8 Oncoclínicas Impact¹ Result (R$ million) ROAE (% a.a.)² 14 Results 2021−2024 We ended a three-year cycle with very consistent results, with constant growth in lives and gains in profitability year after year. 2021 2022 2023 2024 CAGR 21-24 / Chg. (p.p.) Members - Health (# thousand) 349 413 543 675 24.6% Revenue (R$ M) 2,394.1 3,339.5 4,621.4 6,647.5 40.6% Combined Ratio (%) 96.9% 98.4% 95.9% 91.8% -5.1 p.p. Net income (R$ M) 57.1 86.3 200.4 393.6 90.3% ROAE (%)²,³ 12.1% 15.6% 17.7% 27.0% +14.9 p.p.
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Financial and Operational Summary – Porto Saúde (1) As of 1Q24, to calculate Vertical’s ROAE, Shareholders’ Equity started to consider the effect of the commission deferral. Financial and Operational Summary and I/S Managerial Income Statement – Porto Saúde 4Q24 15 Health Insurance 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Written Premium (R$ million) 1,771.1 1,275.4 38.9% 1,637.6 8.2% 6,302.3 4,304.4 46.4% Members - (thousand) 675 543 24.3% 641 5.3% 675 543 24.3% Dental 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Written Premium (R$ million) 53.2 45.6 16.6% 50.8 4.6% 201.7 170.8 18.1% Members - (thousand) 995 785 26.8% 946 5.2% 995 785 26.8% Other 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Revenues (R$ million) 38.4 34.6 10.9% 37.0 3.9% 144.1 146.0 -1.3% Clients - (thousand) 146 150 -2.8% 149 -1.8% 146 150 -2.8% Total Porto Saúde 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Revenues (R$ million) 1,862.7 1,355.6 37.4% 1,725.4 8.0% 6,648.1 4,621.2 43.9% Net Income (R$ million) 138.8 66.5 108.6% 76.7 81.0% 393.6 200.4 96.4% ROAE (%) - Chg. (p.p.) 38.0% 23.5% 14.5 22.2% 15.8 27.0% 17.7% 9.3 Combined Ratio (%) - Chg. (p.p.) 89.4% 93.1% -3.7 93.6% -4.3 91.8% 95.9% -4.1 DRE Porto Saúde 4T24 4T23 ∆% 3T24 ∆% 2024 2023 ∆% Receita Total (Prêmio Retido + Receitas) 1.862,7 1.355,6 37,4 1.725,4 8,0 6.648,1 4.621,2 43,9 Prêmio Retido 1.824,2 1.321,0 38,1 1.688,4 8,0 6.504,0 4.475,2 45,3 Prêmio Ganho 1.800,2 1.287,0 39,9 1.655,2 8,8 6.362,9 4.318,4 47,3 Receitas 38,4 34,6 10,9 37,0 3,9 144,1 146,0 (1,3) Sinistros Líquidos Retidos (1.352,9) (976,1) 38,6 (1.292,2) 4,7 (4.842,2) (3.403,7) 42,3 Despesa Comercialização (123,6) (124,7) (0,9) (138,8) (11,0) (529,9) (381,1) 39,0 Despesas Operacionais (51,2) (29,2) 75,1 (41,8) 22,4 (163,2) (125,2) 30,4 Despesas com Tributos (24,1) (17,3) 39,3 (19,7) 22,2 (81,7) (55,0) 48,5 Despesas Administrativas (89,9) (79,1) 13,7 (88,8) 1,2 (349,4) (296,7) 17,7 Resultado Operacional 197,0 95,3 106,7 110,8 77,8 540,5 202,7 166,7 Resultado Financeiro e Patrimonial 60,8 23,4 160,1 27,4 121,8 182,8 146,8 24,5 Resultado antes dos Impostos 257,8 118,7 117,3 138,2 86,5 723,3 349,5 107,0 Imposto de Renda e Contribuição Social (81,5) (37,0) 120,2 (40,8) 99,7 (223,5) (103,6) 115,7 Lucro Líquido antes das Participações 176,3 81,6 115,9 97,4 81,0 499,8 245,9 103,3 Participações (37,5) (15,1) 148,0 (20,7) 80,9 (106,3) (45,5) 133,6 Lucro Líquido 138,8 66,5 108,6 76,7 81,0 393,6 200,4 96,4 R.O.A.E. (%) - Var (p.p.) 38,0% 23,5% 14,5 22,2% 15,8 27,0% 17,7% 9,3 Índice Combinado (%) - Var (p.p.) 89,4% 93,1% -3,7 93,6% -4,3 91,8% 95,9% -4,1 Índice Combinado Ampliado (%) - Var (p.p.) 86,5% 91,5% -5,0 92,2% -5,7 89,3% 92,8% -3,5 Base Aplicações Financeiras 956,4 734,6 30,2 896,0 6,7 956,4 734,6 30,2
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INGRID Broker 17 years with Porto PortoBank 4Q24 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. 16
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Income of R$ 162.4 M in 4Q24, growing 11.6% vs. 4Q23. In 2024, it totaled R$ 632.2 M +53.2% vs. 2023. Reflection of the effectiveness of current policies and focus on loan products within the Porto ecosystem and diversification of revenues with complementarity of our product portfolio. (1) From 2024 onwards, the calculation basis for Porto Bank’s Average Shareholders’ Equity and ROAE considers the capital adequacy required for Card and Loan and Financing operations. / (2) New calculation methodology (Operating and Administrative Expenses / Net Revenue – Premiums – Commission). 17 Our business continues to grow, reaching 4.6 million clients (+16.3% vs. 4Q23). This growth was driven by an increase of 354 thousand units in Credit Cards, 93 thousand contracts in Consortium, 12 thousand capitalization bonds and 21 thousand deals in Landlord Protection (vs. 4Q23). In 4Q24, we launched our individual digital account, at no cost to the client, providing security and practicality. This implementation represents an evolution in Porto Bank’s means of payment, integrating it into the Porto Ecosystem. By the end of 4Q24, we had reached 189 thousand digital accounts. Revenues grew 21.1% in the quarter, totaling R$ 1.6 billion. Revenues totaled R$ 5.84 billion in the year-to-date, accounting for an increase of 22.4% YoY. The efficiency ratio in 4Q24 reached 33.5%, remaining at healthy levels even in the face of investments in the technological development of product platforms and channels. In 2024, the ratio was 32.9%, compared to 34.3% in 2023. The loan portfolio grew 9.8% in relation to 4Q23, reaching R$ 19.2 billion. The NPL ratio between 90 and 360 days improved by 1.4 p.p., to 5.2% in 4Q24. We sold part of the loan portfolio of low-income clients who were not previously Porto’s client, as this portfolio is not part of our current strategy. This accelerated the write-off and generated an impact of R$ 28.3 million on net income in 4Q24. On the other hand, the Consortium managed portfolio advanced at an even faster pace, reaching R$ 78.9 billion (+33.4% vs. 4Q23). • Accumulated net income of R$ 632.2 M +53.2% YoY, with ROAE1 of 26.0% • Accumulated revenues of R$ 5.84 B (+22.4% YoY) • Improvement in NPL YoY with a 9.2 p.p. drop in the loss on financial revenue ratio for Credit products and a 1.4 p.p. drop in the over 90 In the Landlord Protection and Guarantee products, there was a 5.6 p.p. decrease in risk. • Launch of the Individual Digital Account with 189 thousand active accounts at the end of 4Q24 R$ 1.6 B in Revenues (4Q24) +21.1% YoY 4.6 M Business (Dec 2024) +16.3% YoY 4Q24 Main Highlights Revenues Efficiency Ratio3 Net Income and Profitability1 818 823 860 913 957 260 271 291 314 351236 246 257 275 276 -5 4Q23 0 1Q24 2Q24 3Q24 4Q24 1,308 1,341 1,409 1,503 1,584 Other Financial Solutions for Rent and Guarantee Consortium Card, Loans and Financing 145.5 148.8 155.6 165.4 162.4 38.4% 26.7% 28.3% 29.0% 26.7% 30.1% 4Q23 1Q24 2Q24 3Q24 4Q24 Result (R$ million) ROAE (%) Adjusted ROAE (%) 31.3% 31.0% 33.1% 34.0% 33.5% 4Q23 1Q24 2Q24 3Q24 4Q24
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(1) NPL Ratio = Portfolio balance over 90 days overdue (up to 360 days) / Total active portfolio balance (up to 360 days overdue). The ratios are in line with the methodology of the Central Bank, which establishes that the balances of agreed operations referring to overdue payments are not considered to be in default. The chart shows operations with individuals, which represent 96% of the total loan portfolio. (2) Source: Bacen, weighted by the company's comparable portfolio. (3) Coverage ratio = Allowance for Doubtful Debts IFRS (up to 360 days overdue) / Portfolio balance overdue for more than 90 days (up to 360 days). (4) Credit Loss on Net Financial Income = Credit Loss Expense (IFRS) / Income from Financial Intermediation. The total loan portfolio ended 4Q24 at R$ 19.2 billion, +9.8% vs. 4Q23. The Credit Card portfolio reached R$ 16.6 billion at the end of 4Q24, accounting for an increase of 12.0% (vs. 4Q23). The Loan and Financing portfolio ended the quarter at R$ 2.6 billion, in line with the strategy of increasing the share of clients from the Porto ecosystem (88.5% 4Q23 vs. 95.8% 4Q24). In 4Q24, we sold R$ 374 million of defaulted clients outside the current business strategy (low income and “mar aberto”). Disregarding this effect, portfolio growth would be 12% vs. 4Q23. In 4Q24, we achieved growth in Credit Card and Loans and Financing revenues (+17.0% vs. 4Q23), with efficient portfolio management and strengthening of product benefits and differentials The coverage ratio was 148% in 4Q24. Without the effect of the portfolio sale, it would be 135%, close to 3Q24. The credit loss on net financial revenue increased 2.5 p.p. vs. 4Q23, due to the one-off effect of the portfolio sale. Adjusting for the effect, the ratio would be 66%, reaching the best level in recent quarters. NPL Ratio¹ (Overdue >90 days) The NPL ratio over 90 days continued to drop and ended 4Q24 at 5.2%, down 1.4 p.p. vs. 4Q23 and 1.2 p.p. vs. 3Q24. Excluding the sale of the portfolio, the ratio would be 6.1%. The new vintages have been performing well, indicating the effectiveness of the policies. Coverage Ratio3 and Credit Loss on Net Financial Income4 18 Revenue R$ 956.9 M +17.0% YoY Cards 3.4 M +11.5% YoY Loans and financing 108.0 K -10.8% YoY 4Q24 Financial Solutions for Credit Loan Portfolio Credit quality 817.9 823.4 860.1 912.7 956.9 4Q23 1Q24 2Q24 3Q24 4Q24 17.0% Total revenue (R$ million) 17,509 17,563 17,771 18,167 19,224 4Q23 1Q24 2Q24 3Q24 4Q24 Total Credit Portfolio (million) 6.6% 6.5% 6.4% 6.4% 5.2% 7.1% 6.9% 7.1% 7.4% 4Q23 1Q24 2Q24 3Q24 6.1% 4Q24 6.9% Porto Bank Market Porto Bank Adjusted 75% 74% 70% 68% 78% 123% 128% 133% 133% 148% 4Q23 1Q24 2Q24 3Q24 4Q24 Coverage Ratio Credit Losses / Net Financial Income 2
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The volume of active contracts dropped 10.8% compared to 4Q23, an expected move, with the strategy of prioritizing operations with greater profitability. The evolution of credit policies for Loans and Financing operations, combined with effective recovery management, resulted in a reduction in NPL, from 6.5% in 4Q23 to 4.6% in 4Q24 (excluding the sale of the portfolio, NPL was 5.6%), reflecting greater control and efficiency. Moreover, the improvements made to digital contracting journeys, especially in the Porto App, led to a 17% increase in the volume of new contract sales compared to the same period in 2023. The amount of credit released in the period reached R$ 495 million, accounting for an increase of 43.5% compared to 4Q23, in line with the strategy of greater focus on clients in the Porto ecosystem and guaranteed products, contributing to building a more profitable portfolio. The evolution of the vehicle-guaranteed loan portfolio stands out, with growth of 29% YoY. The total number of Credit Cards grew 11.5% vs. 4Q23 and 2.3% vs. the previous quarter. In 4Q24, sales reached 161 thousand cards, with good NPL indicators. Total traded volume (TTV) grew 16.5% in 4Q24 (vs. 4Q23), reaching R$ 16.5 billion. The average value transacted per card increased by 4.5% vs. 4Q23, while the number of transactions was 82.5 million, 7.1% above the same period of the previous year. 4Q24 Financial Solutions for Credit Credit Card Loans and financing (E&F) 4Q23 1Q24 2Q24 3Q24 4Q24 172,2 3.079 149,8 3.125 183,1 3.232 176,1 3.355 160,2 3.433 Cards issued (thousands) Ready-to-use cards (thousands) 14.2 13.6 14.1 14.9 16.5 77.0 74.2 78.9 77.6 82.5 4Q23 1Q24 2Q24 3Q24 4Q24 Number of transactions (million) TPV (R$ billion) 121 117 117 109 108 4Q23 1Q24 2Q24 3Q24 4Q24 Active Contracts (thousand) 345 312 384 372 495 4Q23 1Q24 2Q24 3Q24 4Q24 +43.5% Credit Release (R$ million) 19
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Product and commercial initiatives boosted sales performance in 3Q24 and guaranteed a result of R$ 17.3 billion. Sales initiatives in 4Q24 resulted in R$ 4.2 billion in credit sold. We highlight the 9.9% growth in quotas sold over the course of 2024, while the market dropped 0.3% over the same period. Regarding market share, compared to 2023, we recorded an increase of 0.3 p.p., reaching 13.2%. in managed loans in the real estate segment and 0.6 p.p., reaching 2.6% in the auto segment, demonstrating the effectiveness of the strategies adopted and the strengthening of our presence in the market.1 Revenue R$ 350.8 M +35.0% YoY Active Businesses 408 K +29.5% YoY The Consortium Credit Portfolio reached R$ 78.9 billion, an increase of 33.4% compared to 4Q23. We highlight a growth of 39.8% in the vehicle segment and an increase of 31.9% in the real estate category, which consolidates our market leadership. The managed credit portfolio was R$ 78.9 billion in 4Q24 (+33.4% vs. 4Q23). The performance in the volume of credit sold and the managed credit portfolio, coupled with the efficient management of the groups, guaranteed the growth in revenues and active businesses in 4Q24 (vs. 4Q23). In 4Q24, we reached R$ 351 million in revenues, accounting for an increase of 35% compared to 4Q23. This result is driven by the 33.3% growth in revenues from the real estate portfolio and the 38.4% increase in revenues from the vehicle segment, both compared to 4Q23. Active business volume increased 29.5% with 408 thousand active quotas. The growth in business and in the managed portfolio allowed us to reach R$ 1.2 billion in revenue by 2024. 20 The groups managed by Porto Bank remain healthy, with NPL indicators under control and significant growth in consortiums payable, both better than the market average. The Porto Bank Consortium's awards increased 20.3%, considering the period from January to December 2024. At Porto Bank, in the period from January to August 2024, the amount of R$ 4.5 billion (+41.7% in credit vs. 2023) was made available for the acquisition of movable and real estate assets from clients covered during the year. Active Contracts (thousands) Revenue (R$ million) 4Q24 Consortium Managed Portfolio Group Management 48.2 48.6 51.2 63.2 63.6 11.0 11.3 12.4 15.3 15.3 4Q23 1Q24 2Q24 3Q24 4Q24 59.2 59.9 63.6 78.5 78.9 +33.4% Real Estate (R$ billion) Vehicles (R$ billion) 170 167 176 204 217 145 147 161 191 190 4Q23 1Q24 2Q24 3Q24 4Q24 315 314 337 395 408 +29.5% Real Estate (thousand) Vehicles (thousand) 172 178 190 204 230 87 92 101 110 121 4Q23 1Q24 2Q24 3Q24 4Q24 260 271 291 314 351 +35.0% Real Estate Vehicles (1) Real Estate Consortium market data available until November 2024 and Auto Consortium market data available until September 2024.
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The review of the acceptance policy and the improvement in recoveries resulted in a reduction in the frequency of claims and average damage, reflecting a loss ratio of 38.3% in 2024, down 6.9 p.p. vs. 2023. In 4Q24, the loss ratio was 35.2%, close to the level of 3Q24. Moreover, the optimization of operational processes, such as Prior Inspection, Billing and Payment of Claims, helped to increase efficiency, reduce costs and keep the loss ratio at controlled levels. Credit Losses Revenue R$ 276.1 M +17.1% YoY Landlord Protection Contracts 333.6 K +6.8% YoY Capitalization Securities 99.5 K +13.1% YoY Capitalization Portfolio (R$ billion) • Acceleration in revenues in 4Q24, with growth of 17.1% vs. 4Q23; • Landlord Protection Market Share of 59.8% in 11M24, +3.4 p.p. vs. 11M23. 21 The portfolio of financial solutions for leasing and guarantee products reached 433 thousand contracts in force at the end of 4Q24, growth of 8.2% (vs. 4Q23). The rental guarantee product through Capitalization recorded an increase of 13.1% in the number of securities in force (vs. 4Q23), due to new fundraising and reinvestments, with growth in the managed portfolio of 22.7% in the period (vs. 4Q23), in line with the growth in Collection Revenue (+19.9%). Another highlight is the Market Share gain, reaching 43.8%, which accounts for an increase of 4.5 p.p. (vs. 4Q23). Improvement of hiring tools, now also in the Capitalization product, facilitated the quotation process and integration of our brokers with their partners. The implementation of the new Landlord Protection contracting journey resulted in a 17.3% increase in sales compared to 2023, as well as a 7.2% increase in the average ticket. This results highlight the efficiency and positive impact of the process changes. Active Contracts (thousands) 4Q24 Financial Solutions for Rent and Guarantee Revenues (R$ million) 1.71 1.79 1.83 1.91 2.09 4Q23 1Q24 2Q24 3Q24 4Q24 +22.2% 312 321 326 331 334 88 91 93 97 99 4Q23 1Q24 2Q24 3Q24 4Q24 400 412 420 428 433 +8.2% Landlord Protection Capitalization 200 207 217 232 233 36 39 40 44 43 4Q23 1Q24 2Q24 3Q24 4Q24 236 246 257 275 276 +17.1% Landlord Protection Capitalization 34.6% 46.0% 40.0% 33.8% 35.2% 52.1% 56.4% 56.7% 42.0% 30.5% 4Q23 1Q24 2Q24 3Q24 4Q241 Porto Bank Market (1) Market data available up to Nov/24. (2) Source: SUSEP; Line 746; when calculating the loss ratio, premiums and claims net of reinsurance are considered. 2 2
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Managerial Income Statement – Porto Bank 22 Financial and Operational Summary – Porto Bank 4Q24 Financial and Operational Summary and I/S (1) The fee-based breakdown is Abert as follows: revenue from services/other, revenue from the provision of consortium services,revenue from capitalization and revenue from other services. (2) For the calculation of this indicator, we consider only the Prevision for Loan Losses and portfolio up to 360 days in arrears, to maintain comparability with the history; (3) Financial Risks consider Earned Premiums + Financial Revenues; (4) From 2024 onwards, the calculation basis for Porto Bank’s Average Shareholders’ Equity and ROAE considers the capital adequacy required for Card and Loan and Financing operations. (5) Efficiency Ratio New Methodology = (Expenses) / (Net Revenue – Rewards – Commission); (6) Efficiency Ratio = (Operating Expenses + Administrative Expenses) / (Net Revenue – Rewards – Commission). Financial Solutions for Credit 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Net financial revenues 542.3 473.4 14.6% 532.9 1.8% 2,054.5 1,714.6 19.8% Gross financial revenue 617.7 573.6 7.7% 608.8 1.5% 2,373.7 2,143.6 10.7% Financial expense -75.3 -100.2 -24.8% -75.9 -0.8% -319.3 -429.0 -25.6% Fee-Based Revenue (1) 414.5 344.5 20.3% 379.8 9.2% 1,498.6 1,289.9 16.2% Total Net Revenue (R$ million) 956.9 817.9 17.0% 912.7 4.8% 3,553.1 3,004.4 18.3% Provision for Loan Losses - Chg. p.p. (2) 7.7% 8.1% -4.8% 8.4% -8.3% 7.7% 8.1% -4.8% Loan and financing contracts (thousand units) 108.0 121.1 -10.8% 108.6 -0.5% 108.0 121.1 -10.8% Credit Card (thousand units) 3,432.5 3,078.9 11.5% 3,355.3 2.3% 3,432.5 3,078.9 11.5% Commission 46.6 64.7 -28.0% 47.3 -1.4% 195.4 191.7 2.0% Credit losses 420.5 355.3 18.3% 364.2 15.5% 1,490.6 1,402.0 6.3% Average Credit Portfolio Sensitive to Spread 16,190.1 14,661.1 10.4% 15,242.7 6.2% 16,190.1 14,661.1 10.4% Write-Off to Loss Net of Recoveries 353.0 267.6 31.9% 276.4 27.7% 353.0 267.6 31.9% Financial Solutions for Rent and Guarantee (Financial Risks) 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Net Financial Revenue (R$ million) 232.7 199.8 16.4% 231.6 0.48% 887.5 750.4 18.3% Earned Premiums (R$ million) 223.6 191.5 16.7% 219.5 1.85% 844.6 715.6 18.0% Financial result (R$ million) 9.1 8.3 9.4% 12.0 -24.55% 42.9 34.8 23.4% Claims (R$ million) -76.6 -65.7 16.6% -77.0 -0.6% -327.7 -319.4 2.6% Credit Loss (%) - Chg. (p.p.) 34.3% 34.3% 0.0 35.1% -0.8 38.8% 44.6% -5.8 Financial Risk Contracts (thousand) 333.6 312.4 6.8% 330.5 0.9% 333.6 312.4 6.8% Financial Solutions for Rent and Guarantee (Capitalization) 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Total Revenues (R$ million) 43.4 35.9 21.1% 43.9 -1.1% 167.0 139.5 19.7% Fee-Based Revenue (R$ million) 25.8 20.8 23.9% 24.8 4.0% 95.6 80.3 19.0% Net Financial Revenue (R$ million) 17.6 15.0 17.2% 19.1 -7.7% 71.4 59.2 20.7% Current Capitalization Bonds (thousand) 99.5 87.9 13.1% 97.3 2.3% 99.5 87.9 13.1% Consortium 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Total revenues (R$ million) 350.8 259.8 35.0% 314.3 11.6% 1,227.3 892.7 37.5% Fee-Based Revenue (R$ million) 340.2 249.1 36.6% 308.4 10.3% 1,195.3 849.2 40.8% Net Financial Revenue (R$ million) 10.6 10.7 -1.1% 5.9 80.2% 32.0 43.5 -26.5% Active Business (thousand) 407.6 314.8 29.5% 395.3 3.1% 407.6 314.8 29.5% Other products 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Revenue with Other Products (R$ million) 0.2 -5.4 -103.3% 0.6 -68.2% 1.3 -20.0 -106.5% Total Porto Bank 4Q24 4Q23 ∆%/p.p. 3Q24 ∆%/p.p. 2024 2023 ∆%/p.p. Total Revenues (R$ million) (3) 1,583.9 1,308.1 21.1% 1,503.0 5.4% 5,836.2 4,767.0 22.4% Net Income (R$ million) 162.4 145.5 11.6% 165.4 -1.8% 632.2 412.6 53.2% ROAE (%) - Chg. (p.p.) 26.7% 38.4% -11.7 29.0% -2.3 26.0% 27.2% -1.3 Net Income (R$ million) 162.4 156.4 3.8% 165.4 -1.8% 632.2 467.9 35.1% ROAE (%) - Chg. (p.p.) (4) 26.7% 30.1% -3.5 29.0% -2.3 26.0% 22.5% 3.4 Efficiency Ratio (%) - Chg. (p.p.) (5) 33.5% 31.3% 2.2 34.0% -0.5 32.9% 34.3% -1.3 Efficiency Ratio (%) - Chg. (p.p.) (6) 47.5% 44.6% 2.9 47.4% 0.1 46.2% 45.8% 0.4 I/S – Porto Bank 4Q24 4Q23 ∆% 3Q24 ∆% 2024 2023 ∆% Fee Based (1) 781.1 614.8 27.0 713.1 9.5 2,790.8 2,221.1 25.7 Net financial revenues (i) 802.9 693.3 15.8 789.9 1.6 3,045.4 2,545.9 19.6 Total Revenues 1,583.9 1,308.1 21.1 1,503.0 5.4 5,836.2 4,767.0 22.4 Tax Expenses (108.0) (86.6) 24.7 (101.3) 6.7 (375.0) (297.5) 26.0 Net revenue 1,475.9 1,221.5 20.8 1,401.8 5.3 5,461.2 4,469.5 22.2 Credit Losses (ii) (497.1) (422.2) 17.7 (441.2) 12.7 (1,818.4) (1,725.1) 5.4 Total expenses (700.7) (544.3) 28.7 (664.4) 5.5 (2,521.8) (2,047.0) 23.2 Commission (222.8) (186.7) 19.3 (204.9) 8.7 (798.5) (600.3) 33.0 Operating Expenses (274.4) (175.6) 56.3 (263.9) 4.0 (978.3) (786.8) 24.3 Administrative Expenses (203.5) (182.0) 11.8 (195.6) 4.0 (745.0) (659.9) 12.9 Results before Tax 278.2 255.0 9.1 296.1 (6.1) 1,121.1 697.4 60.8 Income Tax and Social Contribution (75.2) (76.7) (1.9) (91.4) (17.7) (334.8) (195.0) 71.7 Profit Sharing (42.9) (33.2) 29.4 (43.4) (1.1) (166.4) (92.8) 79.3 Result from Investee Companies 2.4 0.4 - 4.1 (41.7) 12.3 3.1 299.1 Net Income (R$ million) 162.4 145.5 11.6 165.4 (1.8) 632.2 412.6 53.2 ROAE (%) - Chg. (p.p.) 26.7% 38.4% -11.7 29.0% -2.3 26.0% 27.2% -1.3 Net Income (R$ million) 162.4 156.4 3.8 165.4 (1.8) 632.2 467.9 35.1 ROAE (%) - Chg. (p.p.) (2) 26.7% 30.1% -3.5 29.0% -2.3 26.0% 22.5% 3.4 Financial Risk Monitoring Framework - Bank Vertical Income Statement 4Q24 4Q23 ∆% 3Q24 ∆% 2024 2023 ∆% (i) Earned Premium embedded in Financial Revenues 223.6 191.5 16.7 219.5 1.8 844.6 715.6 18.0 (ii) Retained Claims embedded in Credit Loss (76.6) (65.7) 16.6 (77.0) (0.6) (327.7) (319.4) 2.6 (i) Financial Result embedded in Financial Revenues 9.1 8.3 9.4 12.0 (24.6) 42.9 34.8 23.4
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Porto Serviço 4Q24 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. MARCELO First Responder, Car 10 years with Porto 23
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723 K car services in 4Q24 In the fourth quarter of 2024, Porto Serviço continued to consistently increase its results and profitability, with a net profit of R$ 58.9 million, EBITDA of R$103.0 million, EBITDA margin of 16.1%, and ROAE of 25.8%. In the year, Porto Serviço had a net profit of R$ 204.6 million, EBITDA of R$411.1 million, EBITDA margin of 16.4%, and ROAE of 22.5%. We remain focused on structuring, expanding partnerships and B2C sales, seeking to extend the provision of services of recognized quality to users other than the Company's policyholders. 24 667 K services for homes and businesses in 4Q24 From the first quarter of 2024 onwards, we started reporting the results of Porto Serviço. The vertical operates in three segments: Porto Seguro Partnership, Strategic Partners and B2C, with a wide portfolio of mobility services (such as towing, tire changing and others) and for homes and companies (such as installation and maintenance of household appliances and hydraulic and electrical assistance, among others). Porto Serviço, through the Porto Seguro Partnership, offers services to Porto clients, included in insurance policies, while the Strategic Partnership line has services offered in the B2B2C model, such as installation services for household appliances, TVs and other equipment and helpdesk for clients of large retailers within the country, in addition to automotive assistance for clients of car manufacturers, rental companies, utilities, telecom, among others, totaling 56 partnerships and 10 of them started throughout 2024. These strategic partnerships continued to advance, and in addition to the increase in the number of automakers served by Porto Serviço in recent quarters, totaling five partners in this segment, we also closed an agreement with an insurance company and started offering our services to clients of payment method companies. The B2C service line has assistance services offered even to those who are not Porto clients. The vertical is constantly increasing the number of strategic partnerships with clients outside the Porto Seguro Partnership, which has positively impacted revenue and contributed to the increase in diversification. Additionally, we have been intensifying actions in the B2C segment, aiming to expand this line of business through initiatives with partner brokers such as expanding sales of services in residential condominiums via the structuring of digital offers. In the quarter, partnership revenues reached R$ 167.0 million (+24.5% vs. 4Q23) and B2C revenues totaled R$ 4.7 million (+62.2% vs. 4Q23). EBITDA of R$ 103 million in 4Q24 16.1% EBITDA Margin in 4Q24 4Q24 Porto Serviço Vertical Expansion of strategic B2B2C partnerships and increase in B2C sales, for widespread distribution of the Company’s services. Income distribution Net income and ProfitabilityEBITDA and EBITDA Margin 0.7% 73,2% 26,0% Porto Seguro Partnership Strategic partnerships B2C Revenue from Strategic Partnerships and B2C 45.0 48.3 52.5 58.9 1Q24 2Q24 3Q24 4Q24 Porto Result (R$ million) 55.6 59.1 64.3 71.5 1Q24 2Q24 3Q24 4Q24 Porto Result + Minority Interest (R$ million) 23.8% 22.0% 23.7% 21.9% 21.0% 21.1% ROAE 25.8% 25.6% 2.6 1Q24 2.5 2Q24 3.5 3Q24 4.7 4Q24 131.3 149.1 146.1 171.7 128,7 146,6 142,6 167,0 +30.8% +17.5% Strategic Partnerships (R$ million) B2C (R$ million)
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Financial and Operational Summary – Porto Serviço Managerial Income Statement – Porto Serviço 25 4Q24 Financial and Operational Summary and I/S Porto Seguro Partnership 4Q24 3Q24 ∆% 2024 Revenues from Services (R$ million) 469.6 474.0 -0.9% 1,911.4 Business (thousand) 1,038.5 1,053.4 -1.4% 1,038.5 Strategic partnerships 4Q24 3Q24 ∆% 2024 Revenues from Services (R$ million) 167.0 142.6 17.1% 585.0 Business (thousand) 6,175.2 6,148.4 0.4% 6,175.2 B2C 4Q24 3Q24 ∆% 2024 Revenues from Services (R$ million) 4.7 3.5 32.6% 13.3 Business (thousand) 24.4 21.5 13.8% 24.4 Total Service 4Q24 3Q24 ∆%/p.p. 2024 Total Revenues (R$ million) 641.2 620.1 3.4% 2,509.7 Net income before minority (R$ million) 71.5 64.3 11.2% 250.5 Minority Interest (R$ million) -12.7 -11.8 7.0% -45.9 Net Income (R$ million) 58.9 52.5 12.1% 204.6 EBITDA (R$ million) 103.0 105.5 -2.4% 411.1 EBITDA Margin (%) - Chg. (p.p.) 16.1% 17.0% -1.0 16.4% ROAE (%) - Chg. (p.p.) 25.8% 23.8% 2.1 22.5% Net debt (R$ million) 0.0 188.5 - 0.0 Porto Serviço 4Q24 3Q24 ∆% 2024 Service Revenue 641.2 620.1 3.4 2,509.7 Cost of services rendered (314.6) (305.5) 3.0 (1,261.4) Tax Expenses (31.3) (29.9) 4.7 (122.8) Commission (51.0) (56.9) (10.4) (205.2) Operating Expenses (63.8) (51.0) 25.2 (217.3) Income before Administrative Expenses 180.6 176.8 2.1 702.9 Administrative Expenses (58.1) (57.9) 0.2 (225.7) Operating Result 122.5 118.9 3.0 477.2 Financial result 5.4 (1.1) - (9.8) Results before Tax 127.9 117.8 8.6 467.4 Income Tax and Social Contribution (36.3) (39.1) (7.0) (147.4) Income before interests 91.6 78.7 16.4 320.0 Profit Sharing (20.1) (14.4) 39.7 (69.5) Income before Minority Interest 71.5 64.3 11.2 250.5 Minority (12.7) (11.8) 7.0 (45.9) Net Income 58.9 52.5 12.1 204.6 EBITDA (R$ million) 103.0 105.5 (2.4) 411.1 EBITDA Margin (%) - Chg. (p.p.) 16.1% 17.0% -1.0 16.4% ROAE (%) - Chg. (p.p.) 25.8% 23.8% 2.1 22.5% Net debt (R$ million) - 188.5 - -
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Porto 4Q24 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. JULIANA First Aider 5 years with Porto 26
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1.5% 1.2% 1.3% 1.1% 1.0% 0.5% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Stress Annualized R$ 20.3 B Investment Portfolio (Dec 2024) Ex-pension plan % CDI Last 3 months 2.2% 81.3% Last 12 months 8.4% 77.3% Last 60 months 56.7% 111.0% 27 (1) Result generated on funds invested by the Company to mitigate the mismatch between assets and liabilities (ALM) of Traditional Pension Plan operations (product whose sale was discontinued), Credit Operations (Porto Bank) and Capitalization (PortoCap). (2) In 2Q24 and 4Q24, we rolled over inflation-linked government bonds into longer- term bonds with higher interest rates. Position as of: 12/31/2024 4Q24 Financial Result | 4Q24 Breakdown of Nominal Portfolio – 4Q24 (R$ M) Revenue and Profitability vs. CDI (ex. Pension Plan) Profitability of Financial Investments vs. CDI Risk Indicators of Investment Portfolio 30.1 310.0 (81.4%) Total Revenue (% CDI) Rollover of Securities (2) -0.7 Pension Plan (Traditional) (1) 7.3 ALM PortoCap (1) 346.6 (90.4%) Final Revenue (% CDI) Investment Portfolio (R$ B) 12.8 13.3 13.3 13.8 14.4 5.6 5.7 5.7 5.8 5.9 4Q23 1Q24 2Q24 3Q24 4Q24 18.4 19.0 19.0 19.5 20.3 Other Assets Pension Plan Reserves Breakdown of Nominal Portfolio – 2024 (R$ M) 71.1 1,094.7 (77.3%) Total Revenue (% CDI) Rollover of Securities (2) -1.3 Pension Plan (Traditional) 23.5 ALM PortoCap (1) 1,187.9 (84.8%) Final Revenue (% CDI) 212,6 93.2 1,094.7 (77.3%) CDI (% CDI) 1,400.5 37,0 36,6 310.0 (81.4%) CDI (% CDI) 383.6 Result from financial investments 4Q24 4Q23 Δ / % 3Q24 Δ / % 2024 2023 Δ / % Revenue Managed by the Treasury (e.g. Rollover of securities and ALM) 346.6 378.0 (8.3) 293.6 18.1 1,187.9 1,310.0 (9.3) ALM Impact and Pension Plan (6.6) (9.8) (32.7) (4.4) 50.0 (22.2) (48.4) (54.1) Impact - Roll-over from fixed income securities (30.1) - - - - (71.1) - - Hedge PortoBank - - - - - - (4.8) - Total revenue from financial investments 310.0 368.2 (15.8) 289.2 7.2 1,094.7 1,256.8 (12.9) Profitability of Investments as a % of CDI 81.4% 104.0% -22.6 p.p. 82.5% -1.1 p.p. 77.3% 89.0% -11.7 p.p. Result of Business Allocations at Porto Bank and Resources not Managed by the Treasury (59.1) (54.1) 9.2 (63.0) (6.2) (235.1) (149.6) 57.2 Result from financial investments 250.9 314.1 (20.1) 226.2 10.9 859.6 1053.0 (18.4) (1) 100% CDI 100% CDI
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28 The financial result was R$ 271.9 million in 4Q24 (-24.9% vs. 4Q23) and R$ 919.4 million in 2024 (-9.8% vs. 2023). Revenue from the financial investments portfolio (ex-pension plan, rolling over fixed-rate securities and ALM), managed by the Treasury area, was R$ 346.6 million in 4Q24, which accounts for 90.4% of the CDI rate, and R$ 1,187.9 million in 2024, equivalent to 84.8% of the CDI rate. The 4Q24 results, when compared to the CDI rate, were impacted by allocations to fixed-income assets and equities. The main impact of the securities marked on the curve is the result of a portfolio rollover (impact of R$ -30.1 million in 4Q24), with recognition of said marking. The total portfolio of financial investments, which includes resources from pension plan participants, reached R$ 20.3 billion. Excluding resources from pension technical reserves, the total portfolio of financial investments totaled R$ 14.4 billion and reached a return of 2.17% in the quarter (81.3% of the CDI). The Company considers the search to capital preservation to be a relevant objective within the strategy for allocating the financial investment portfolio due, for example, to the need to protect operations against inflationary components (e.g.: auto parts inflation, which has an impact on the cost of motor vehicle insurance indemnities, collective bargaining, among others). And for that, it incorporates other asset classes in its portfolio allocation, which may result in a detachment in relation to the CDI. 39% 40% 39% 21% 36% 36% 28% 16% 19% 9% 5% 4% 4Q23 3% 3Q24 3% 4Q24 3% Ibovespa JGP Index-CDI1 3Q244Q24 3.6% -8.7% 1.2% 4Q23 3.4% 15.1% Accumulated IPCA 0.8% 1.1%1.5% Benchmark 1) Ratio that aims to reflect the price variation in the local DI Debentures market. 2) Allocation mostly marked on the curve. (4) The difference between Total Revenue from treasury area (R$346.6 M in the 4Q24) and Result from Financial Investments (R$ 250.9 M in the 4Q24) is explained by adaptations of allocations between income lines from financial services that started to be reallocated mainly at Porto Bank and funds notmanaged by the treasury. 4Q24 Financial Result | 4Q24 Breakdown and Profitability of Investment Portfolio Return by asset class 6.4%Shares Floating rate Nominal Interest2 Actual Interest2 Credit Financial Result (ex. pension plan) 4Q24 4Q23 Δ % 3Q24 Δ % 2024 2023 Δ % Income from financial investments 250.9 314.1 (20.1) 226.2 10.9 859.6 1,053.0 (18.4) Additional fractionation 40.7 45.1 (9.8) 41.1 (1.0) 167.8 179.9 (6.7) Interest on Loans (20.8) (39.9) (47.9) (18.1) 15.0 (74.1) (223.5) (66.9) Other financial results 26.4 39.4 (33.1) 12.4 113.6 13.5 (28.0) (148.0) Total (ex pension plan) 297.1 358.7 (17.2) 261.5 13.6 966.8 981.4 (1.5) Financial Result of the Pension Plan Operations (25.2) 3.4 - (15.2) 66.2 (47.4) 38.2 (224.0) Total financial result 271.9 362.1 (24.9) 246.4 10.4 919.4 1,019.6 (9.8)
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Capital Adequacy* - (R$ million)Investments (CAPEX) - (R$ million) Adjusted shareholders’ equity (PLA): Shareholders’ Equity adjusted by additions and deletions, in accordance with SUSEP, BACEN, National Regulatory Agency for Private Health Insurance and Plans (ANS) and Central Bank of Uruguay regulations; Capital requirement: minimum capital required in accordance with the regulatory models of SUSEP, BACEN, National Regulatory Agency for Private Health Insurance and Plans (ANS) and the Central Bank of Uruguay; Capital Sufficiency: difference between the Adjusted Net Worth and the capital requirement. (*) The capital adequacy required does not necessarily reflect the capital adequacy of the verticals, but the accounting capital. We have made relevant investments (CAPEX) in innovation and digital transformation projects, such as Auto 2.0, which simplifies the insurance quote process; our Sales Hub, which allows the purchase of Porto products on a single digital platform; the R3 project, with the purpose of incorporating Azul, with several expected synergy and systems shutdown benefits; in addition to recurring investments in information security, systems development, acquisition of software licenses and hardware infrastructure, such as servers and notebooks, aimed at improving and controlling processes of technological renewal of the Company. 4Q24 Capital, Projections and Market Indicators | 4Q24 Investments and Capital Adequacy 29 214 329 421 470 363 367 2019 2020 2021 2022 2023 2024 622 Insurance Companies 406 Financial Holding company PLA 5,809 2,386 2,311 10,506 5.187 1.980 3.339 7.167 Capital Sufficiency Capital RequirementCapex (R$ million)
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50% 53% 44% 40% 43% 3.4% 5.7% 5.1% 3.0% 5.3% 5.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2019 2020 2021 2022 2023 2024 Payout Dividend Yield 24 43 52 68 51 56 38 26 24 16 19 17 12 30 19 20 12 24 19 8 Dec 2019 Dec 2020 4 Dec 2021 4 Dec 2022 6 Dec 2023 8 Dec 2024 Brazil USA England Other 14.7 9.4 8.7 13.3 8.2 8.8 Dec 2019 Dec 2020 Dec 2021 Dec 2021 Dec 2023 Dec 2024 PSSA3 Performance vs. Ibovespa of IPO (Nov 2004) to Dec 2024 Base- year 100 Ibovespa: +400% Porto: +1,070% Source: Economática, Itaú Custódia and Porto Seguro 4Q24 Capital, Projections and Market Indicators | 4Q24 Market Indicators Geographic breakdown of Free Float Shares (%) Payout & Dividend Yield Price/Earnings 30 Porto Seguro S.A. – B3: PSSA3 Market Indicators: Share Price: R$ 36.55 (Dec 2023) | Change (last 12 months): +27.2% | Free Float: 179,827,185 | Market Value: R$ 23.6 B 4Q24 Earnings Release: February 14, 2025 (before market opening) Conference Call: February 14, 2025 - 9:30 am (BRT) / 7:30 am (US EDT) - In Portuguese and English (with simultaneous translation) Link to webcast: https://mzgroup.zoom.us/webinar/register/WN_u2L5fJutSzKsYvEV3v8Hkw#/registration Nov ‘04 Nov ‘05 Nov ‘06 Nov ‘07 Nov ‘08 Nov ‘09 Nov ‘10 Nov ‘11 Nov ‘12 Nov ‘13 Nov ‘14 Nov ‘15 Nov ‘16 Nov ‘17 Nov ‘18 Nov ‘19 Nov ‘20 Nov ‘21 Nov ‘22 Nov ‘23 Dec ‘24 50% 53% 44% 40% 43% 3.4% 5.7% 5.1% 3.0% 5.3% 5.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2019 2020 2021 2022 2023 2024 Payout Dividend Yield 45%
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Projections for the year 2025 on the evolution of indicators considered relevant by the Company: *The Company clarifies that the projections disclosed reflect Management’s expectations regarding the Company’s business and therefore do not represent a promise of performance or result. The realization of these expectations will depend on several factors, many of them external to the Company, and actual results may differ from the projections presented. The projections will be monitored and reviewed by the Company, pursuant to the applicable regulations. 4Q24 2024 and 2025 Guidance 2024 Projections - Realized 2025 Projections* 31 Range Vertical Earned Premium Change (vs. 2023) +5% to +10% + 7.0% Realized Vertical Loss Ratio 50% to 54% 51.4% Vertical G&A Ratio 10.5% to 11.5% 10.7% Range Vertical Earned Premium Change (vs. 2023) +40% to +50% + 47.3% Realized Vertical Loss Ratio 75% to 79% 76.1% Vertical G&A Ratio 5.1% to 6.1% 5.4% Range Total Vertical Revenue 2.4 to 2.7 B 2.5 B Realized Vertical G&A Ratio 8.0% to 9.0% 9.0% Range Total Vertical Revenue Change (vs. 2023) +18% to +24% + 22.4% Realized Credit Losses (R$ B) -1.75 to 2.05 -1.82 B Efficiency Ratio 31% to 35% 32.9% Range Financial Result (R$ B) 0.85 to 1.0 B 0.92 B Realized Effective rate 30.0 to 36.0% 32.7% Below is presented the Company’s projections and figures for 2024: Range Vertical Earned Premium Change (vs. 2024) +2 to +5% Vertical Loss Ratio 51 to 55% Vertical G&A Ratio 10.3 to 11.2% Range Total Vertical Revenue Change (vs. 2024) +14% to +22% Credit Losses (R$ B) -1.9 to -2.3 Efficiency Ratio 32.5 to 35% Range Vertical Earned Premium Change (vs. 2024) +25% to +40% Vertical Loss Ratio 75% to 80% Vertical G&A Ratio 4.5% to 5.5% Range Total Vertical Revenue (R$ B) 2.5to 2.8 Vertical G&A Ratio 8.0% to 9.0% Range Financial Result (R$ B) 1.2 to 1.4 Effective rate 30−34%
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32 Clientes1 4Q24 Operating Highlights | 4Q24 People 18 M Employees 13.5K Independent brokers 37K Service providers 13K Users in the App2 3.8 M LinkedIn Followers3 1.2 M Operation Digital interactions and services in 4Q24 80 M Car services in 4Q24 723 K Service calls for homes and businesses 667 K 4Q24 service activations via App and WhatsApp (Auto and Home) 57% Human services in 4Q24 9.3 M Valuation Porto App rating on Apple Store & Google Play³ 4.8 NPS & 80% renewal ratio of Porto Seguro Auto 80 pts NPS & 66% renewal ratio of Azul Auto 77 pts NPS & 79% renewal ratio of Porto Seguro Homeowner 80 pts of NPS and 59% of Card clients redeemed points on Porto products 72 pts Awards 2nd strongest brand in the country Brand Finance 1st place in the Insurance category (Brazil) Top of Mind 16th most valuable brand in the country Interbrand Top 10 companies to work for GPTW In Financial Services category Best of ESG Exame Notes: (1) Excluding Uruguay; as of 3Q23, the total number of customers began to include CDF customers / (2) As of 3Q23 we started to adopt the concept of using the app in the last 12 months / (3) Position as of February 12, 2025.
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Porto 4Q24 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. ADRIANA IT Governance Analyst 2 years with Porto 33
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34 Porto Seguro S.A.'s Income Statement (R$ million) Insurance Health Bank Service Holding Company 2024 Total Revenue (Retained Premium + Other Revenues) 21,388.2 6,648.1 5,836.2 2,509.7 547.6 36,929.7 Retained Premium 21,279.1 6,504.0 - - 17.4 27,800.5 Earned Premium (insurance and healthcare vertical) 21,106.4 6,362.9 - - 9.3 27,478.6 Non-Insurance Revenues 109.1 144.1 5,836.2 2,509.7 530.2 9,129.2 Retained Net Claims (10,842.2) (4,842.2) - - 8.6 (15,675.8) Credit Losses (a) - - (1,818.4) - 1.8 (1,816.6) Commission (4,904.6) (529.9) (798.5) (205.2) 10.9 (6,427.2) Tax Expenses (600.9) (81.7) (375.0) (122.8) (110.5) (1,290.9) Operating Expenses (296.7) (163.2) (978.3) (1,478.7) (197.6) (3,114.6) Administrative Expenses (2,263.1) (349.4) (745.0) (225.7) (611.5) (4,194.6) Operating Income 2,307.9 540.5 1,121.1 477.2 (358.8) 4,088.0 Financial Results 709.6 182.8 - (9.8) 36.8 919.4 EBIT 3,017.5 723.3 1,121.1 467.4 (322.0) 5,007.3 Income Tax and Social Contribution (870.0) (223.5) (334.8) (147.4) 256.4 (1,319.3) Profit Sharing (503.8) (106.3) (166.4) (69.5) (129.7) (975.6) Non-controlling shareholders in subsidiaries - - - (45.9) - (45.9) Result from Investee Companies and Subsidiaries (0.4) - 12.3 - (24.5) (12.5) Net Income (Ex-adoption of IFRS 17) 1,643.4 393.6 632.2 204.6 (219.8) 2,653.9 IFRS 17 adjustment - - - - (9.1) (9.1) Net Income 1,643.4 393.6 632.2 204.6 (228.9) 2,644.8 Effective Income Tax over Net Income (before tax) and after Profit Sharing 34.6% 36.2% 35.1% 37.0% - 32.7% Average Shareholders’ Equity 5,943.4 1,459.5 2,435.2 911.1 - 13,233.0 ROAE 27.7% 27.0% 26.0% 22.5% - 20.0% 2024 2023 4Q24 Management Income Statement – Breakdown 2024 and 2023 Porto Seguro S.A.'s Income Statement (R$ million) Insurance Health Bank Service Holding Company 2024 Total Revenue (Retained Premium + Other Revenues) 20,686.2 4,621.2 4,767.0 - 2,546.6 32,621.0 Retained Premium 20,578.2 4,475.2 - - 12.7 25,066.0 Earned Premium (insurance and healthcare vertical) 19,725.1 4,318.4 - - 8.0 24,051.5 Non-Insurance Revenues 108.1 146.0 4,767.0 - 2,533.9 7,555.0 Retained Net Claims (9,738.4) (3,403.7) - - (4.8) (13,146.9) Credit Losses (a) - - (1,725.1) - (0.0) (1,725.1) Commission (4,392.1) (381.1) (600.3) - (192.2) (5,565.6) Tax Expenses (629.4) (55.0) (297.5) - (159.0) (1,141.0) Operating Expenses (297.1) (125.2) (786.8) - (1,651.6) (2,860.6) Administrative Expenses (2,139.6) (296.7) (659.9) - (723.2) (3,819.4) Operating Income 2,636.6 202.7 697.4 - (188.8) 3,347.9 Financial Results 890.6 146.8 - (17.8) 1,019.6 EBIT 3,527.2 349.5 697.4 - (206.6) 4,367.4 Income Tax and Social Contribution (1,145.6) (103.6) (195.0) - 181.6 (1,262.6) Profit Sharing (483.9) (45.5) (92.8) - (144.2) (766.4) Non-controlling shareholders in subsidiaries - - - - (48.7) (48.7) Result from Investee Companies and Subsidiaries (3.1) - 3.1 - (23.2) (23.2) Net Income (Ex-adoption of IFRS 17) 1,894.6 200.4 412.6 - (241.2) 2,266.4 IFRS 17 adjustment - - - - (0.3) (0.3) Net Income 1,894.6 200.4 412.6 - (241.4) 2,266.1 Effective Income Tax over Net Income (before tax) and after Profit Sharing 37.6% 34.1% 32.3% - - 35.1% Average Shareholders’ Equity 5,677.3 1,131.8 1,516.4 - - 11,538.1 ROAE 33.4% 17.7% 27.2% - - 19.6%
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35 Porto Seguro S.A.'s Income Statement (R$ million) Insurance Health Bank Service Holding Company 4Q24 Total Revenue (Retained Premium + Other Revenues) 5,619.4 1,862.7 1,583.9 641.2 127.8 9,835.0 Retained Premium 5,592.5 1,824.2 - - 11.6 7,428.4 Earned Premium (insurance and healthcare vertical) 5,361.0 1,800.2 - - 2.6 7,163.8 Non-Insurance Revenues 26.8 38.4 1,583.9 641.2 116.2 2,406.7 Retained Net Claims (2,740.6) (1,352.9) - - 3.7 (4,089.8) Credit Losses (a) - - (497.1) - 1.7 (495.4) Commission (1,270.2) (123.6) (222.8) (51.0) (5.3) (1,672.9) Tax Expenses (153.8) (24.1) (108.0) (31.3) (29.9) (347.2) Operating Expenses (64.0) (51.2) (274.4) (378.4) (71.9) (839.8) Administrative Expenses (576.4) (89.9) (203.5) (58.1) (175.2) (1,103.0) Operating Income 582.9 197.0 278.2 122.5 (158.0) 1,022.5 Financial Results 153.8 60.8 - 5.4 51.9 271.9 EBIT 736.6 257.8 278.2 127.9 (106.1) 1,294.4 Income Tax and Social Contribution (163.9) (81.5) (75.2) (36.3) 5.8 (351.2) Profit Sharing (131.1) (37.5) (42.9) (20.1) (23.7) (255.2) Non-controlling shareholders in subsidiaries - - - (12.7) - (12.7) Result from Investee Companies and Subsidiaries (0.2) - 2.4 - (10.7) (8.5) Net Income (Ex-adoption of IFRS 17) 441.4 138.8 162.4 58.9 (134.7) 666.8 IFRS 17 adjustment - - - - 4.0 4.0 Net Income 441.4 138.8 162.4 58.9 (130.7) 670.8 Effective Income Tax over Net Income (before tax) and after Profit Sharing 27.1% 37.0% 32.0% 33.7% - 33.8% Average Shareholders’ Equity 5,943.4 1,459.5 2,435.2 911.1 - 13,233.0 ROAE 29.7% 38.0% 26.7% 25.8% - 20.3% 4Q24 4Q23 4Q24 Management Income Statement – 4Q24 and 4Q23 Composition Porto Seguro S.A.'s Income Statement (R$ million) Insurance Health Bank Service Holding Company 2023 Total Revenue (Retained Premium + Other Revenues) 5,403.8 1,355.6 1,308.1 - 550.4 8,617.8 Retained Premium 5,377.1 1,321.0 - - 1.7 6,699.7 Earned Premium (insurance and healthcare vertical) 5,125.5 1,287.0 - - (19.8) 6,392.8 Non-Insurance Revenues 26.7 34.6 1,308.1 - 548.7 1,918.1 Retained Net Claims (2,554.6) (976.1) - - 0.9 (3,529.7) Credit Losses (a) - - (422.2) - - (422.2) Commission (1,164.4) (124.7) (186.7) - (44.7) (1,520.6) Tax Expenses (169.1) (17.3) (86.6) - (29.9) (302.9) Operating Expenses (73.7) (29.2) (175.6) - (366.5) (645.0) Administrative Expenses (548.8) (79.1) (182.0) - (207.5) (1,017.4) Operating Income 641.6 95.3 255.0 - (118.8) 873.1 Financial Results 219.3 23.4 - - 119.4 362.1 EBIT 861.0 118.7 255.0 - 0.5 1,235.2 Income Tax and Social Contribution (266.5) (37.0) (76.7) - (2.3) (382.5) Profit Sharing (119.2) (15.1) (33.2) - (23.5) (191.0) Non-controlling shareholders in subsidiaries - - - - (6.9) (6.9) Result from Investee Companies and Subsidiaries (1.2) - 0.4 - (5.3) (6.0) Net Income (Ex-adoption of IFRS 17) 474.1 66.5 145.5 - (37.4) 648.8 IFRS 17 adjustment - - - - 40.1 40.1 Net Income 474.1 66.5 145.5 - 2.7 688.9 Effective Income Tax over Net Income (before tax) and after Profit Sharing 35.9% 35.7% 34.6% - - 36.6% Average Shareholders’ Equity 5,677.3 1,131.8 1,516.4 - - 11,538.1 ROAE 33.4% 23.5% 38.4% - - 23.9%
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36 Porto Seguro S.A. and subsidiaries Balance sheets on December 31, 2023 and 2024 (Amounts expressed in thousands of Reais) 4Q24 Balance sheet – IFRS17 | 4Q24 2024 2023 ASSETS Current 26,288,831 26,456,059 Cash and cash equivalents 2,191,494 1,105,403 Financial investments Financial investments measured at fair value through profit or loss 7,414,555 10,905,996 Loans and receivables (at amortized cost) 13,829,746 12,108,173 Reinsurance contract assets 98,294 107,976 Accounts receivable from provision of services 598,621 478,898 Recoverable taxes and contributions 295,594 220,327 Goods for sale 190,043 297,258 Deferred acquisition costs 508,959 311,620 Derivative financial instruments 160,192 12,970 Other assets 1,001,333 907,438 Non-current 21,624,905 17,783,540 Non-current receivables Financial investments Financial investments at fair value through profit or loss 2,608 2,403 Financial investments at fair value through other comprehensive income 2,024,620 3,358,475 Financial investments measured at amortized cost 8,986,434 3,713,075 Loans and receivables (at amortized cost) 1,026,884 1,029,840 Insurance contract assets — — Reinsurance contract assets 2,667 7,503 Deferred income tax and social contribution 1,553,404 1,212,491 Recoverable taxes and contributions 1,472 1,472 Deferred acquisition costs 1,033,428 695,780 Judicial deposits 1,519,542 1,622,616 Other assets 105,046 102,948 Investments Interest in associated companies and jointly controlled entities 226,851 193,574 Other investments 32,784 48,428 Real estate for investments 273,535 307,018 Property, plant and equipment 930,500 1,568,425 Intangible assets 3,817,933 3,817,064 Right-of-use assets 87,197 102,428 TOTAL ASSETS 47,913,736 44,239,599 Liabilities and shareholders' equity Current 22,875,026 23,490,246 Insurance contract liabilities 5,806,877 5,853,590 Financial liabilities 13,664,214 14,973,868 Taxes and contributions payable 545,337 366,932 Dividends and interest on capital payable 606,734 522,193 Derivative financial instruments 718 50,307 Lease liabilities 20,197 18,887 Other liabilities 2,230,949 1,704,469 Non-current 10,893,312 8,251,555 Insurance contract liabilities 4,621,884 4,782,571 Financial liabilities 3,559,964 873,662 Deferred income tax and social contribution 534,419 329,234 Taxes and contributions payable — 74 Derivative financial instruments 11,284 — Lease liabilities 114,317 126,635 Legal provisions 1,431,451 1,513,154 Other liabilities 619,993 626,225 Shareholders' equity 14,145,398 12,497,798 Capital 8,500,000 8,500,000 Revenue reserves: 4,241,500 2,920,853 (-) Treasury shares (155,607) (123,192) Revenue reserves – other 4,397,107 3,044,045 Capital reserves 808,332 808,332 Additional dividends proposed 559,335 288,153 Other comprehensive income (loss) in associated companies (58,373) (102,076) Retained earnings — — Non-controlling interest 94,604 82,536 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 47,913,736 44,239,599
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37 4Q24 Income Statement IFRS 17 and Income Statement for Other Businesses Income Statement IFRS 17 Income Statements – Other Businesses and Other INCOME STATEMENTS – ADDITIONAL BUSINESSES AND OTHERS 4Q24 4Q23 ∆% 3Q24 ∆% 2024 2023 ∆% Retained Premium 11.6 1.7 - 0.7 - 17.4 12.7 37.1 Earned Premium 2.6 (19.8) (113.2) 2.0 29.5 9.3 8.0 16.0 Non-Insurance Revenues 116.2 548.7 (78.8) 153.4 (24.2) 530.2 2,533.9 (79.1) Retained Net Claims 3.7 0.9 322.5 2.6 41.4 8.6 (4.8) (281.4) Credit losses 1.7 - - - - 1.8 (0.0) - Commission (5.3) (44.7) (88.1) 1.7 (406.8) 10.9 (192.2) (105.7) Tax Expenses (29.9) (29.9) (0.1) (37.3) (19.8) (110.5) (159.0) (30.5) Operating Expenses (71.9) (366.5) (80.4) (38.2) 88.3 (197.6) (1,651.6) (88.0) Administrative Expenses (175.2) (207.5) (15.6) (147.0) 19.1 (611.5) (723.2) (15.5) Operating Result (158.0) (118.8) 33.0 (62.7) 151.9 (358.8) (188.8) 90.0 Financial Results 51.9 119.4 (56.5) 39.4 31.7 36.8 (17.8) (306.9) EBIT (106.1) 0.5 - (23.3) 355.2 (322.0) (206.6) 55.8 Income Tax and Social Contribution 5.8 (2.3) (356.7) 123.1 (95.3) 256.4 181.6 41.2 Profit Sharing (23.7) (23.5) 0.5 (74.7) (68.3) (129.7) (144.2) (10.1) Non-controlling shareholders in subsidiaries - (6.9) (100.0) - - - (48.7) (100.0) Result from Investee Companies and Subsidiaries (10.7) (5.3) 103.8 (4.8) 124.1 (24.5) (23.2) 5.6 Loss (Ex-adoption of IFRS 17) (134.7) (37.4) 260.2 20.3 - (219.8) (241.2) (8.9) IFRS 17 adjustment 4.0 40.1 (90.1) (5.7) (169.5) (9.1) (0.3) - Income/loss (130.7) 2.7 - 14.6 - (228.9) (241.4) (5.2) 4Q24 4Q23 Δ % / p.p. 3Q24 Δ % / p.p. 2024 2023 Δ % / p.p. Revenue from insurance contract 6,426,667 7,021,071 -8.5 7,590,693 -15.3 28,363,063 26,352,305 7.6 Revenue from loan operations 969,600 883,521 9.7 944,334 2.7 3,701,018 3,316,036 11.6 Revenue from services rendered 828,786 674,170 22.9 779,542 6.3 3,084,116 2,646,648 16.5 Revenue from special savings bonds 25,844 20,767 24.4 24,551 5.3 95,269 80,088 19.0 Other operating revenues 82,237 66,191 24.2 36,605 124.7 218,475 210,468 3.8 Equity in net income of subsidiaries 9,273 124 7,378.2 9,305 -0.3 33,277 -8,007 -515.6 8,342,407 8,665,844 -3.7 9,385,030 -11.1 35,495,218 32,597,538 8.9 EXPENSES Insurance contract expense -4,662,108 -5,267,292 -11.5 -5,846,561 -20.3 -21,614,392 -20,017,663 8.0 Net expense with reinsurance/retrocession contracts -9,653 9,288 -203.9 -12,095 -20.2 -56,044 -73,070 -23.3 Acquisition costs - other -257,050 -123,241 108.6 -186,881 37.5 -773,606 -476,665 62.3 Administrative expenses -1,416,176 -1,237,437 14.4 -1,357,702 4.3 -5,322,697 -4,662,138 14.2 Tax expenses -270,207 -263,878 2.4 -286,288 -5.6 -1,068,913 -980,753 9.0 Cost of services rendered -41,900 -57,996 -27.8 -56,276 -25.5 -241,062 -284,188 -15.2 Other operating expenses -934,696 -826,929 13.0 -820,060 14.0 -3,319,018 -3,296,370 -75.1 -7,591,790 -7,767,485 -2.3 -8,565,863 -11.4 -32,395,732 -29,790,847 8.7 OPERATING INCOME BEFORE FINANCIAL RESULT 750,617 898,359 -16.4 819,167 -8,4 3,099,486 2,806,691 -70.8 Financial revenue 373,368 491,476 -24.0 383,091 -2.5 1,669,537 2,040,214 -81.2 Financial expense -126,065 -306,874 -58.9 -174,466 -27.7 -824,457 -1,303,874 -86.6 247,303 184,602 34.0 208,625 18.5 845,080 736,340 -71.7 OPERATING INCOME 997,920 1,082,961 -7.9 1,027,792 -2.9 3,944,566 3,543,031 11.3 INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 997,920 1,082,961 -7.9 1,027,792 -2.9 3,944,566 3,543,031 11.3 INCOME TAX AND SOCIAL CONTRIBUTION -314,501 -387,215 -18.7 -276,877 13.6 -1,253,784 -1,228,174 2.1 Current -334,290 -257,141 30.0 -225,410 48.3 -1,332,386 -1,111,488 -79.7 Deferred 19,789 -130,074 -115.2 -51,467 -138.4 78,602 -116,686 -55.9 - Effect of non-controlling shareholders in subsidiaries -12,654 -6,864 84.4 -11,832 6.9 -45,937 -48,708 -5.7 NET INCOME FOR THE YEAR 670,765 688,882 -2,6 739,083 -9.2 2,644,845 2,266,149 16.7 Attributable to: - Company's shareholders 670,765 688,882 -2.6 739,083 -9.2 2,644,845 2,266,149 16.7 - Effect of non-controlling shareholders in subsidiaries 12,654 6,864 84.4 11,832 6.9 45,937 48,708 -5.7 Effective IR and CS rate on income (loss) before taxes 31.52% 35.76% -4.2 26.94% 4.6 31.79% 34.66% -2.9
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38 4Q24 Cash Flow Statements – IFRS17 | 4Q24 Cash flow statements for the periods ended December 31, 2024 and 2023 (in thousands of reais) 2024 2023 NET CASH FROM OPERATING ACTIVITIES Cash from operations 3,002,137 2,588,400 Net income for the period 2,690,782 2,314,857 Depreciation 113,642 127,174 Amortization 299,423 254,283 Equity in net income of subsidiaries (33,277) 8,007 Asset impairment loss 3,314 (310,128) Legal provisions (62,897) 135,473 Proceeds from sale of fixed assets (8,850) 58,734 Changes in assets and liabilities 734,488 (1,416,407) Financial investments measured at fair value through profit or loss 3,491,236 (3,799,614) Financial investments - other categories (3,939,504) (544,546) Insurance and reinsurance contract assets 14,518 22,278 Loans and receivables (1,567,573) (998,849) Deferred income tax and social contribution (252,681) 55,790 Recoverable taxes and contributions (75,267) 29,992 Goods for sale 109,065 (46,022) Deferred acquisition costs (534,987) (461,972) Judicial deposits 103,074 (86,456) Other assets (205,844) (67,293) Lease operations 4,223 4,772 Insurance and reinsurance contract liabilities (207,400) 683,897 Financial liabilities 2,009,026 2,373,901 Derivative financial instruments (185,527) 22,473 Taxes and contributions payable 1,399,914 889,209 Payment of legal provisions (18,806) (20,605) Other liabilities 591,021 526,638 Other (1,321,538) (1,102,227) Other comprehensive income (loss) in associated companies 43,703 94,383 Non-controlling interest (33,869) (24,122) Income tax and social contribution paid (1,221,583) (821,927) Funding interest paid (109,789) (350,561) NET CASH FROM INVESTMENT ACTIVITIES 232,841 72,190 Sale of property, plant and equipment and intangible assets 619,421 773,426 Acquisition of property, plant and equipment (103,121) (128,821) Acquisition of intangible assets (283,459) (572,415) NET CASH FROM FINANCING ACTIVITIES (1,561,837) (1,470,461) Repurchase - treasury shares (200,824) — Funding 1,663,944 2,342,153 Payment of loans and leases (except interest) (2,186,533) (3,455,521) Dividends and interest on capital paid (838,424) (357,093) DECREASE IN CASH AND CASH EQUIVALENTS 1,086,091 (1,328,505) Opening balance of cash and cash equivalents 1,105,403 2,433,908 Closing balance of cash and cash equivalents 2,191,494 1,105,403
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4Q24 ESG and Ecosystem Strengthening 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. NÍVIA SILVA Telemarketing Operations Technician 12 years with Porto 39
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40 4Q24 ESG | Environmental, Social and Governance | 2024 Main social and environmental indicators Sustainability in Porto’s Strategy 2019 2020 2021 2022 2023 2024 Environmental Absolute water consumption (thousands of m³) 89.8 26.1 27.6 62.9 59.7 79.0 Absolute energy consumption (million kWh) 33.2 17.6 19.3 26.8 27.2 29.3 Total waste (organic + recyclable) generated (tons) 760 213 302 430 463 666 Diversity Number of women in leadership 445 436 470 520 550 560 Number of women on the team 6,673 6,637 6,695 6,915 6,693 6,861 Number of black people in leadership 225 239 279 269 296 310 Number of black people on the team 4,614 4,886 5,017 4,647 4,552 4,797 Volunteer work Number of volunteers 847 728 611 705 817 815 Porto Seguro Institute Number of students in the Young Apprentices Pre -training course (Graduates) 109 110 217 117 376 443 Active Young Apprentices 45 53 77 83 106 226 Number of children assisted by the Ação Educa Program 189 176 200 239 246 242 Associação Campos Number of open neighborhood cleaning and maintenance protocols 1,126 470 483 598 649 177 Elíseos + Gentil Resolvability of protocols with public agencies 84% 68% 83% 79% 81% 83% In 2024, Porto advanced in sustainability governance with the creation of the 2025-2030 Strategic Sustainability Plan, integrating sustainability into the business strategy and the debate at the highest levels of the organization. Among the milestones was the creation of the Sustainability Committee, with internal and external members specializing in Sustainability and Diversity and Inclusion. The Sustainability and Diversity Committee was also set up, made up of nine directors, aiming to ensure engagement and transversal alignment of Porto’s verticals. In 2024, for another year, Porto was included in B3’s Carbon Efficient Index (ICO2-B3), which brings together companies with the lowest carbon emission coefficients. The inclusion reflects the recognition of Porto’s commitment to the strategy of reducing greenhouse gas (GHG) emissions. This recognition strengthens the company’s position in the market, highlighting its contribution to the transition to a low-carbon economy. Porto carried out its first dual materiality process in 2024, identifying 12 material topics, such as ethics and compliance, decarbonization, diversity, waste management and data privacy. As a result of this work, both the reports and the strategy for the coming years will reflect the company’s impact on the environment and society and the financial impact of environmental and climate aspects on Porto. Double Materiality B3’s Carbon Efficient Index
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41 4Q24 ESG | Environmental, Social and Governance | 2024 In 2024, the Ação Educa Program served 242 children and adolescents and assisted 60 families with the delivery of food vouchers. There was a migration of 07 former students to the Pre-Training program for apprentices and 05 joined the Young Apprentice Program. Furthermore, 818 psychological and 707 psycho-pedagogical consultations were carried out for students in the program and 3.4 thousand hours were dedicated to pedagogical projects. In the last semester, around 160 children and adolescents benefited from educational trips to Parque da Mônica, the Aquarium and Hopi Hari. The purpose of said action is to broaden the cultural repertoire and offer moments of leisure for the public served. We fostered 133 volunteer actions throughout Brazil with 815 volunteers in 45 partner social institutions, generating 28 visits and impacting 8.8 thousand people. Over 3 thousand hours of volunteer work generated around R$ 200 thousand in savings for the institutions that received the actions. We believe that corporate volunteering has contributed to people’s professional and personal development, which explains why 27% of volunteers attributed the actions to their development process, which is a way of recognizing the improvement and evolution of skills. In 2024, 338 projects were carried out at the Instituto Ação Pela Paz, totaling an estimated 26 thousand people served. The “Cutting to Transform” project, carried out at the Santo André CDP in partnership with Funap and the Instituto Ação Pela Paz, has already trained three classes of 40 inmates in a professional hair-cutting course. Taught by former students, the program combined theory, practice and entrepreneurship, transforming life prospects and promoting social reintegration. With its modern infrastructure and comprehensive methodology, the project stood out for its positive impact on reducing criminal recidivism, demonstrating the power of vocational education as a tool for transformation. Instituto Ação pela Paz Porto Voluntário Ação Educa Program
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42 4Q24 ESG | Environmental, social and governance | 2024 In 2024, several activities were carried out with the purpose of improving the quality of life and development of the Campos Elíseos region. 177 protocols were sent to regulatory bodies, with a resolution rate of 83%, accounting for an increase of 9% compared to 2023. Our aim is to look after, preserve and clean up the district, in partnership with residents, shopkeepers and the Sé Subprefecture. Due to the heavy rains and winds, there was a reinforcement of the mapping of service priorities and continuous contact with the Sé Subprefecture. Trees were also planted in the district, with the aim of revitalizing it and improving quality of life. Several infrastructure, culvert and sidewalk maintenance actions have been carried out to ensure the district’s safety and accessibility. In the “Our Street” program, 94% of the complaints received were resolved, with actions to raise awareness about the disposal of materials and the collection of 3 tons of waste. The “Passeio + Gentil” project fostered the improvement of sidewalks, with 94% of the warnings completed, while the “Carroça do Futuro” project generated income for 3 waste pickers, collecting 39 tons of recyclable materials. Moreover, 320 approaches with stakeholders have strengthened community engagement. Communication with residents was intensified, with regular updates via WhatsApp and face-to-face meetings. The Community Garden and the Cultural Drawing Competition involved local children, fostering sustainable practices and environmental education. Furthermore, actions to fight dengue had an impact on 290 students, and local mobilization to combat the disease was expanded with the participation of 50 commercial establishments. District meetings grew 49% compared to 2023, with 1,600 people attending in person, and the “Get Moving” program recorded a 190% increase in participation, offering 101 classes to improve quality of life. Collaboration with CET, the Military Police and other stakeholders was constant, promoting the alignment of actions and community engagement, with the purpose of transforming the territory into a safer and more sustainable space. Campos Elíseos +Gentil Association
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Ecosystem Strengthening 4Q24 Main acknowledgments in 2024 43 Brand Finance We were recognized as the second strongest brand by Brand Finance Latin America, for the trust and loyalty built up daily. Most Valuable Brazilian Brands Porto is one of the 25 Most Valuable Brazilian Brands of 2023/2024, according to the Interbrand ranking. The company grew 14% in relation to the previous year, reached R$ 1.1 billion in brand value, and occupied 16th place in the ranking for the second year running. Top of Mind We were recognized for the 11th consecutive year as the most remembered brand in the Insurance category by Top of Mind of Folha de S. Paulo. This is the most respected brand recognition award in the country and features 82 categories from different segments. Future-Proof Score Future-proof brands: the study “Future-Proof Score 2024”, by the consulting firm Timelens, reveals the 30 most future-proof brands in Brazil and Porto is on this select list, showing resilience and transforming its legacy into strategies focused on the customer experience. Estadão Top Brands We won the “Insurance Companies” category once again, in addition to being among the 5 best companies in the special “Top 5 Best Performance in 10 years according to the Top Brands Ratio” of Estadão. All these recognitions are aligned with our objective of increasingly strengthening the Porto brand and the Porto Bank, Porto Saúde, Porto Seguro and Porto Serviço business units.
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Ecosystem Strengthening 4Q24 Main Events and Initiatives 44 With the purpose of further strengthening our partnership with brokers, we carried out the second edition of the Summit Corretor É Pra Sempre in August. The event brought together over 1,500 partner brokers and our executive board in São Paulo to share news, strategies and results from the four business units. At the end, brokers and companions were able to enjoy a special session of the Crystal show, by Cirque du Soleil. We also foster another edition of the “Porto tá por perto” event in Minas Gerais, aligned with our purpose of valuing and strengthening relationships with brokers throughout Brazil. Broker Summit is Forever Porto is nearby During this period, we also promoted the launch of Porto Bank Digital Account exclusively for brokers, reinforcing that “Broker is also Bank” and presenting the news available in the Porto app first-hand. Furthermore, we also had the incentive campaign “Acelera Consórcio” with special offers for the purchase of real estate, cars and heavy vehicles, which was a great success. Porto Bank After just over 6 months of operation as an independent business unit, Porto Serviço announced the registration in CMV and communicated the new phase of a long- term partnership with Carrefour for the sale of convenience services such as the installation of TVs and other household appliances for clients at 11 stores in the chain. Porto Serviço Porto Saúde, in addition to be registered in CVM, launched the product Linha Porto Bairro, aimed at companies with 3 to 99 lives who are looking for a healthcare plan with a quality network, close to home and with a hospital and laboratory located in the neighborhood. The objective of this launch is to offer access to supplementary healthcare with the standard and quality of Porto care at competitive prices. Porto Saúde
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Ecosystem Strengthening 4Q24 45 Car Culture For the third year running, we have taken our care to the F1 São Paulo Grand Prix. With a covered grandstand for 4,400 people and a 9,000-meter space with entertainment, music, food and drink options for the whole family, we provided fantastic experiences for brokers who won prizes in the Fecha com a Porto incentive campaign, employees, clients, suppliers and partners. Our squad of car racers, including Gabriel Bortoleto, was also present in our space to entertain and talk to the public. We announced the renewal of our partnership with the São Paulo Grand Prix until 2027. As a result, we became a founding partner of the event for six consecutive years. We also announced our sponsorship of the Porsche Cup, the largest GT championship in Latin America and, from 2025, the Porto brand will be seen on the cars in the main category, the Carrera Cup, as well as appearing on the tracks, medical areas and communal areas. Gabriel Bortoleto, a car racer sponsored by Porto since F3, has been announced as a starter for Formula 1 from 2025. The car racer also won F2 and, to commemorate this achievement, we made a projection on the gable of one of our buildings in the center of São Paulo. Together, we will fulfill the dream of Brazilians to once again see our country in the main category of world motorsport. Entertainment Porto Theater was nominated for the 2024 CENYM Award and is celebrating the extension of the season of Rita Lee – A Musical Autobiography until April 2025. Since its premiere on April 26, 2024, the musical has been a phenomenon in the São Paulo theater season, with sold-out sessions. For the first time, Porto sponsored Oktoberfest Blumenau, the biggest German festival in the Americas. The company had an exclusive box for local brokers, providing a special environment to celebrate and strengthen relationships with its main partners, as well as reinforcing the brand in the south region of the country. ACTIVATION PLATFORM In the fourth quarter, we continued reinforcing our brand presence and our ecosystem of products and services in the two activation territories:
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46 Strengthening Ecosystem ACTIVATION PLATFORM In the fourth quarter, we continued reinforcing our brand presence and our ecosystem of products and services in the two activation territories: 4Q24 EARNINGS RELEASE PORTO SEGURO S.A. Entertainment In the wellness territory, the Porto Bike Tour & Running, an event held in partnership with TFSports (Track&Field), returned to the Interlagos Racetrack with a weekend dedicated to sport. And the Blue Run, the Porto Street Race Circuit held in Florianópolis, brought together lovers of running for health and quality of life. Education During the last quarter of 2024, Porto celebrated the Broker Month with several actions - such as a special edition of PodPorto - reinforcing this partnership and the commitment to these professionals who are essential to the success of the segment. Porto Educ: in 2024, we launched the Generations Program, which aims to support brokers in their development process, contributing content on digital influence, entrepreneurship and soft skills. The platform has registered over 20 thousand registrations in the last year, more than 320 thousand participations in training, and an NPS of 94, as well as more than 150 thousand participations in virtual rooms.
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▪ Porto Seguro Vertical (page 6): composed of Motor Vehicle, Property, Life, Pension Plan and Uruguay ▪ Property (page 9): composed mainly by Commercial, Homeowner, Real Estate, Condominium, Transport, Rural, Liabilities, Events, Machinery and Equipment, Cell Phone and Bike ▪ Pension plan (page 10): ▪ Effective Revenue: pension plan contribution income (accumulation + risk) + VGBL premiums ▪ Assets under Management: considers only participant resources ▪ Porto Saúde (page 12): composed of Commercial Health, Dental Insurance, Portomed, Administrative Services and Occupational Health ▪ Porto Bank (page 16): composed of Credit Card and Financing, Financial Risks, Consortium, Asset Management and Capitalization ▪ Credit Quality (page 17): ▪ NPL Ratio: Portfolio balance over 90 days overdue (up to 360 days) / Total active portfolio balance (up to 360 days overdue), regardless of the operations rating. The ratios are in line with the methodology of the Central Bank, which establishes that the balances of agreed operations referring to overdue payments are not considered to be in default. The chart on page 18 shows operations with individuals, which represent 96% of the total loan portfolio. ▪ Coverage Ratio: Allowance for Doubtful Debts IFRS (up to 360 days overdue) / Portfolio balance overdue for more than 90 days (up to 360 days) ▪ Credit Loss on Net Revenue: Credit Loss Expense (IFRS) / Income from Financial Intermediation ▪ Pro-forma values and ratios excluding the impacts of the refinement of the IFRS9 model (pages 16 and 22): ▪ Credit Portfolio (up to 360 days in arrears): R$ 18.9 billion in 4Q24 and R$ 16.9 billion in 4Q23 ▪ Allowance for Doubtful Debts - Losses/Provisions for Loan Losses (up to 360 days overdue): R$ 1,450 million in 4Q24 and R$ 1,365 million in 4Q23 ▪ Financial and Operational Summaries – Porto Bank – Financial Solutions for Credit (page 21): ▪ IFRS9 effect: In August 2023, new IFRS 9 provisioning models were implemented for credit products, considering a write-off period of 540 days (previous models considered write-off periods of 1,890 days for Credit Cards and 1,620 days for Loans and financing). ▪ Financial Revenue (Financial Margin): Income mainly from interest on invoice installments and revolving card and income from interest on financing and loans (E&F), discounting financial expenses (funding cost). ▪ Other Revenues (Fee-Based): Revenues mainly from interchange, card annual fees, consortium fees and charges ▪ Porto Serviço (page 23): segmented between Porto Assistência, Partnerships and B2C, mainly offering assistance services for households, companies and vehicles. ▪ Financial Result (page 27): ▪ Financial Result of Pension Plan Operations: Result mainly from the monetary restatement of pension plan liabilities ▪ Investments/Capex (page 29): “System Development and Other Intangibles”, “Hardware and Software”, “Furniture, Equipment and Vehicles” and “Real Estate”. ▪ Earnings (page 30): ▪ Payout: Total proceeds distributed (dividends and interest on capital) / Net Income ▪ Dividend Yield: Total earnings distributed in the period (per share) / Share price on the last day of the period ▪ Operating Highlights (page 32): ▪ Total revenue: Retained Premium + Income from Credit Operations + Other Non-Insurance Income 47 4Q24 Appendix | 4Q24
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Contact Alameda Barão de Piracicaba, 740 – 11º andar – São Paulo, SP https://ri.portoseguro.com.br gri@portoseguro.com.br