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E A R N I N G S 1Q25 EARNINGS RELEASE PSSA3 ROBSON Commercial Manager 13 years with Porto
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1Q25 EARNINGS RELEASE PORTO SEGURO S.A. 2 CONSOLIDATED SUMMARY 1Q25 vs 1Q24 Total Revenue R$ 10 B (+15%) ROAE 23.9% (+3 p.p.) No. of Clients 18 mn No. of Businesses 32 mn 88 pts Porto Brokers’ NPS 1Q25 Net Income R$ 832 mn (+28%)
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53.6% Loss Ratio (+2.5 p.p.) 17.3 mn Items/Businesses (+15%) 3 69.8% Loss Ratio (-1.6 p.p.) +360K Health Insurance Members (+139 thousand in Health Insurance and +221 thousand in Dental) -0.5 p.p. Over 90 +29% Revenue 16.9% EBITDA margin (+1.4 p.p.) R$ 113 mn EBITDA (+19%) 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. VERTICALS SUMMARY 1Q25 vs 1Q24
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21 3 4 1Q24 1Q25 1Q24 1Q251Q24 1Q25 1Q25 4 +15% Total Revenue (YoY) Revenue by Line of Business (R$ million) (1) Includes premiums and contributions from Auto, P&C, Life, Uruguay and other businesses / 2) Consisting of Health Insurance, Dental Insurance, Managed Plans and Occupational Health / 3) Includes premiums and income from Credit Card, Loan, Financing, Financial Risks, Pension Plan, Consortium, Investment and Capitalization / 4) Porto Serviço Vertical is segmented between Porto Assistência, Partnerships and B2C, mainly offering assistance services for households, companies and vehicles. 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. REVENUES - DOUBLE-DIGIT GROWTH IN TOTAL REVENUE 612 670 5,099 5,408 1,453 1,965 1,343 1,732 +6.1% +35.2% +29.0% +9.4% 1Q24
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5 23% 40% 26%27% 24% ROAE without Surplus Capital 27% Total ROAE¹ ROAE over 22% in all Business Units 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. PROFITABILITY – ROAE GREATER THAN 22% ACROSS ALL BUSINESS OPPORTUNITIES ROAE Breakdown - 1Q25 (1) The consolidated ROAE differs from the average of the verticals mainly due to the holding results and other businesses.
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57% 15% 21% 6% Healthcare Bank Service Insurance 42% 24% 26%7% Healthcare Bank Service Insurance Net Income: R$ 651 mn² Net Income: R$ 832 mn² Auto* Other Insurance* 60% 40% Auto* Other Insurance* (1) It does not specify the results of other businesses. | (2) Total Net Income * Share in the Insurance Vertical (ex pension plan) Underwriting Result 6 1Q251Q24 +28% 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. DIVERSIFICATION OF RESULTS – CONSISTENT AND DIVERSIFIED GROWTH IN RESULTS¹ Net Income Breakdown¹ 69% 31%
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179.3 (55%) 419.8 (96.1%) Total Revenue (% CDI) -1.0 Pension Plan (Traditional) (1) 13.9 ALM PortoCap (1) 432.7 (99.4%) Adjusted Revenue (% CDI) 41% 39% 38% 31% 36% 37% 18% 19% 19% 7%4% 1Q24 3%3% 4Q24 3%3% 1Q25 7 Shares Credit Nominal rate Actual Interest Floating rate Revenue from the financial investment portfolio (ex-pension plan and ALM), managed by the Treasury, was R$ 432.7 million in 1Q25, which accounts for 99.4% of CDI. 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. FINANCIAL INVESTMENT PERFORMANCE Breakdown of Nominal Portfolio – 1Q25 (R$ mn) Breakdown and Profitability of Investment Portfolio (1) Result generated on funds invested by the Company to mitigate the mismatch between assets and liabilities (ALM) of Tradit ional Pension Plan operations (product whose sale was discontinued), Credit Operations (Porto Bank) and Capitalization (PortoCap).
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764 372 842 431 Auto P&C Life 3,815 3,985 +4.5% +10.1% +15.8% 1Q24 1Q25 1) Includes premiums and contributions from Auto, P&C, Live, and Uruguay. 8 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Quarterly Premiums – Main Products (R$ million) PORTO SEGURO VERTICAL R$ 5.4 bn Porto Seguro¹ Revenue in 1Q25 (+6.1% vs. 1Q24) NPS of Porto Seguro Auto 82 pts NPS of Azul Seguros Auto 80 pts NPS of Porto Seguro Homeowner 80 pts
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9 Auto P&C Life 56.2% 60.1% 36.0% 35.4% 34.4% 39.1% +3.9 p.p. -0.6 p.p. 4.7 p.p. 1Q24 1Q25 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Quarterly Loss Ratio – Main Products (%) PORTO SEGURO VERTICAL 53.6% Porto Seguro Loss Ratio in 1Q25 (+2.5 p.p. vs. 1Q24)
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5.7% 10.5% 23.8%60.0% Other Life P&C Auto Impact of rains in Rio Grande do Sul (R$ million) Net Income (R$ million)ROAE (% p.a.) Porto Seguro: Net Income of R$ 313 mn and ROAE of 22.6% in 1Q25. 399 373 430 441 31387 26.9% 1Q24 24.9% 2Q24 28.9% 3Q24 29.7% 4Q24 22.6% 1Q25 461 10 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Distribution of Underwriting Result (1Q25) (%) Net Income and Profitability (R$ mn) PORTO SEGURO VERTICAL
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427 562 675 702 1Q23 1Q24 +24.7% +4.0% Members - Health Insurance (thousands) 898 1,371 1,771 1,872 +36.6% +5.7% Written Premiums - Health Insurance (R$ million)(R$ million) 4Q24 1Q25 11 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Members and Premiums - Health Insurance PORTO SAÚDE VERTICAL 1Q23 1Q24 4Q24 1Q25 +139k Lives Insured in Health (+24.7% vs. 1Q24) R$ 2.0 bn Total Revenues of Porto Saúde in 1Q25 (+35.2% vs. 1Q24) R$ 180 mn Net income in 1Q25 (+70.6% vs. 1Q24)
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1Q24 2Q24 3Q24 4Q24 1Q25 72.7 138.8 33.2% 105.3 23.4 49.3 22.2% 22.2% 76.7 15.6 123.2 38.0% 39.7% 179.6 Oncoclínicas Impact ¹ Result (R$ million) ROAE (%) 12 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Net income and Profitability PORTO SAÚDE VERTICAL (1) Non-recurring impact of R$ 23.4 million in 2Q24 and R$ 15.6 million in 4Q24, related to the closing of the transaction with Oncoclínicas.
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13 1Q24 2Q24 3Q24 4Q24 1Q25 72.7% 80.7% 79.2% 76.3% 70.8% -1.9 p.p. 1Q24 2Q24 3Q24 4Q24 1Q25 71.4% 79.4% 78.1% 75.2% 69.8% -1.6 p.p. Health Insurance Loss Ratio - Health and Dental Insurance 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Health Insurance Loss Ratio and Health + Dental Insurance Loss Ratio PORTO SAÚDE VERTICAL
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14 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. PORTO BANK VERTICAL 5.0 mn Business +25.6% NPS of Porto Bank 75 pts 148.8 155.6 165.4 162.4 192.1 26.7% 28.3% 29.0% 26.7% 27.0% 1Q24 2Q24 3Q24 4Q24 1Q25 Result (R$ million) ROAE (%) Income and ROAE in Net Profit (vs. 1Q24) +29.2%
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*Efficiency Ratio: calculation methodology (Expenses / Net Revenue – Rewards – Commission) 15 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Efficiency Ratio* PORTO BANK VERTICAL 711 632 132.3 1Q24 747 664 135.1 2Q24 795 713 137.0 3Q24 803 781 140.9 4Q24 926 806 146.3 1Q25 1,343 1,412 1,508 1,584 1,732 Net Financial Revenue (R$ million) Fee-Based Revenue (R$ million) Average Monthly Revenue per Active Client (R$ ) Revenue 1Q24 2Q24 3Q24 4Q24 1Q25 31.1% 33.3% 34.4% 33.5% 33.4%
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16 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Default Rate (Over 90 Days)Loan Portfolio (R$ billion) PORTO BANK VERTICAL Source: (1) Disregarding one-off effect / (2) Source: Bacen, weighted by the company's comparable portfolio. 1Q24 2Q24 3Q24 +14.4% Loan Financing Credit Card 4Q24 1Q24 2Q24 3Q24 4Q24 1Q25 6.4% 6.9% 6.4% 7.1% 6.3% 7.2% 6.1% 6.7% 6.0% 7.1% Porto Bank Market1 2 15.0 15.2 15.7 16.6 17.4 1.5 1.4 1.4 1.3 1.21.1 1.1 1.2 1.3 1.517.6 17.8 18.2 19.2 20.1 1Q25
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Revenue (R$ mn) Distribution (%) +23.8% Revenues from Strategic Partnerships (B2B2C) - 1Q25 vs 1Q24 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. 17 PORTO SERVIÇO VERTICAL 0.3% 1Q24 0.4% 2Q24 0.5% 3Q24 0.7% 4Q24 0.7% 1Q25 78.6% 21.1% 76.5% 23.1% 76.4% 23.1% 73.2% 26.1% 75.4% 23.9% Porto Seguro Partnership Strategic partnerships B2C 731k Car services 693k Services for homes and businesses 80 pts Net Promoter Score 612 636 620 641 670 +9.4%
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Net income and Profitability 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. 21.8% 1Q24 21.9% 2Q24 23.7% 3Q24 25.6% 4Q24 26.7% 1Q25 55.6 59.1 64.3 71.5 66.7 Porto Result + Minority Interest (R$ million) ROAE² PORTO SERVIÇO VERTICAL 18 R$ 113 mn EBITDA (+19.4% vs. 1Q24) and 16.9% EBITDA Margin in 1Q25 (+1.4 p.p. vs. 1Q24) R$ 67 mn Income (+20.1% vs 1Q24) and ROAE of 26.7% in 1Q25¹ (+4.9 p.p. vs 1Q24) (1) Result and ROAE related to Porto + Minority Shareholders (2) Shareholders’ Equity in 1Q25 decreased by R$ 130.7 million, resulting in a benefit to ROAE, due to the following factors: ( i) acquisition of 6.7% of minority shares by Porto Assistência, a subsidiary included in Porto Serviço's income statement, and (ii) distribution of dividends.
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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 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 Change (vs. 2024) +14% to +22% Credit Losses (R$ bn) -1.9 to -2.3 Efficiency Ratio 32.5 to 35% Range Total Vertical Revenue (R$ bn) 2.5 to 2.8 Vertical G&A Ratio 8.0 to 9.0% Range Financial Result (R$ bn) 1.2 to 1.4 Effective rate 30 to 34% 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. 19 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. PROJECTIONS FOR THE YEAR 2025 Guidance for the year remains unchanged
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AUTO (Written Premium – R$ bn) 1.2 1.3 1.0 1.1 47.7 63.415.9 15.9 2023 27.4% R$ 58.0 bn (+3.2%) 2024 RESIDENTIAL (Written Premium – R$ bn) 20.9% 2023 2024 R$ 6.0 bn (+16.5%) R$ 4.4 bn (+10.8%) R$ 1.7 bn (+21.4%) R$ 490.9 bn (+30.1%) 2023 2024 24.9% P&C (COMMERCIAL) (Written Premium – R$ bn) 2023 2024 CONSORTIUM (REAL ESTATE) (Managed Credit – R$ bn) 12.9% 0.8 1.0 2023 2024 LANDLORD PROTECTION (Written Premium – R$ bn) 58.8% MARKET SHARE TOTAL MARKET 20Source: Susep and Bacen +28.3%+32.9%+12.4%+7.4%-0.2% 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Porto is the leader in some segments PORTO VS. MARKET
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CARD (Credit portfolio - Individuals – R$ bn) 2.6% R$ 614.9 bn (+13.0%) CONSORTIUM (LIGHT VEHICLES) (Managed Credit – R$ bn) 3.6% R$ 322.7 bn (+15.0%) R$ 307.5 bn (+9.9%) R$ 55.4 bn (+12.7%) 2.2% HEALTH + DENTAL (Written Premium – R$ bn) LIFE (Written Premium – R$ bn) 3.0% MARKET SHARE TOTAL MARKET 21Source: Susep, Bacen, and ANS +10.0%+43.9%+38.6%+14.3% 8.4 11.7 4.6 6.6 1.5 1.614.2 16.2 2023 20242023 20242023 20242023 2024 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Porto has been gaining market share in other markets. PORTO VS. MARKET
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Q&A 1Q25 CONFERENCE CALL PRESENTATION PSSA3
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1Q25 EARNINGS RELEASE PORTO SEGURO S.A. Any statements that may be made during this conference call, regarding Porto Seguro's business prospects, projections and operational and financial goals, constitute beliefs and assumptions of the Company's management, as well as currently available information. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions and other operating factors may affect Porto Seguro's future performance and may lead to results that differ materially from those expressed in such forward-looking statements. DISCLAIMER
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CONTACT Alameda Barão de Piracicaba, 740 – 11º andar – São Paulo, SP https://ri.portoseguro.com.br gri@portoseguro.com.br