Earnings release
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1 EA RN IN GS 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. IF IT HAD TO BE SUMMED UP IN JUST ONE VERB, THE MEANING OF PORTO IS TO TAKE CARE. 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, another word should be added, 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.
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Message from Management Management Analysis and Result for the Period Porto Seguro Vertical Auto P&C Life 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, guarantee and pension plan Summary and Income Statement – Bank Porto Serviço Vertical Summary and Income Statement – Porto Serviço Financial result Investments, Capital Adequacyand Projections Market Indicators 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 30 31 33 38 39 40 2 Starting with the 4Q24 edition of the Earnings Release, you have become acquainted with some of our Employees, Brokers, and Service Providers. The results arise from the work of more than 60 thousand people who look after the 18 million clients that Porto serves. COVER: ROBSON - Commercial Manager, 13 years with Porto Contents
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3 Historical, consistent and diversified result We started the year 2025 with an important achievement. Our revenue in the first quarter was R$ 9.9 billion (+15% vs. 1Q24) and we achieved the highest recurring result in our history: net income of R$ 832.3 million (+28% vs. 1Q24), driven by the strategy of diversifying and strengthening the four Business Verticals of the Porto Ecosystem. The results of this strategy, which continues guiding our next steps, can also be seen in the evolution of each vertical’s contribution to income generation: Porto Seguro accounted for 42% of the total (compared to 57% in 1Q24); followed by Porto Bank¹, with 26% (21% in 1Q24); Porto Saúde¹, with 24% (15% in 1Q24) and Porto Serviço¹, with 7% (6% in 1Q24). All verticals exceeded 22% return on equity, resulting in a consolidated ROAE of 23.9% for the quarter. Performance of the Business Verticals compared to 1Q24: Insurance: revenues and premiums from Porto Seguro totaled R$ 5.4 billion (+6%), with an emphasis on the Life segment (+16%) and the P&C (+10%). In Auto, premiums advanced 4% and the insured fleet increased 2%, with an addition of 146 thousand vehicles during the period. The Vertical loss ratio grew 2.5 p.p., mainly driven by a slightly higher frequency of events in Auto and, by comparison, with a loss ratio in 1Q24 significantly lower than the historical average for this time of year. Therefore, the higher loss ratio in the first quarter is seasonal and does not change our Guidance. Health: Porto Saúde recorded a 25% increase in the number of lives covered by its Health Insurance, reaching 702 members; and a 27% expansion in Dental which surpassed the mark of 1 million people covered. These numbers contributed to the 35% increase in revenue, which reached R$ 2.0 billion in the period. The Combined Ratio for the quarter was 84%, accounting for an improvement of 4 p.p. Income for the period was R$ 180 million (+71%). Bank: Porto Bank’s revenue grew 29%, reaching R$ 1.7 billion, mainly due to the growth of the Consortium segment (+36%); Card, Loans and Financing (+29%); Capitalization (+21%) and; Financial Risks (+15%). The default rate of Loan Operations over 90 days decreased to 6.0%, accounting for an improvement of 0.5 p.p. compared to 1Q24 and 0.1 p.p. compared to the end of 2024², reflecting the evolution of credit quality. This performance resulted in a 29% increase in quarterly net income, totaling R$ 192 million. Services: Porto Serviços recorded R$ 670 million in revenue (+9%), highlighting the growth in sales to end clients (+129%) and strategic partnerships (+24%), which together accounted for 25% of total revenue. The income for the period grew 19%, reaching R$ 54 million. 1) It does not specify the results of other businesses. 2) Disregarding the effects of the portfolio sale carried out in 4Q24. Our Message
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4 The financial result was R$ 383 million in the quarter (+68%). Revenue from the financial investment portfolio (ex-Pension plan and ALM), managed by the Treasury, was R$ 432.7 million in 1Q25, equivalent to 99.4% of CDI. Despite the rise of the IBOV index for the quarter, we were slightly impacted by allocations in equities assets, which performed below the benchmark. The operating efficiency ratio, which considers the sum of Administrative Expenses in relation to Total Revenue, reached 10.9%, accounting for an improvement of 0.5 p.p., aligned with our efforts to generate efficiency gains. Our service culture and quality of care are differentials that define us, strengthen us and lead us to a future of shared growth with brokers, our main business partners. With them, we reached the mark of 18 million clients (+6%) and 4 million Porto App users (+20%), which demonstrate, through the constantly evolving satisfaction ratios, that we are on the right track. The first quarter of this year delivered historic results, which are a consequence of what we seek to do best: taking care of people’s well-being, health and assets. Thanks to all who trusted and followed us on this journey. Paulo Kakinoff Highlights – 1Q25 R$ 9.9 B in total revenue (1Q25) +14.6% YoY 18.1 M Clients (Mar 2025) +6.4% YoY Result of R$ 832 M (1Q25) +27.8% YoY ROAE 23.9% (1Q25) +3.0 p.p.YoY Our Message
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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 Period 1Q25 Insurance Vertical Result and ROAE 1Q25 1Q24 Δ% 4Q24 Δ% Net Income (R$ million) Insurance 313.4 398.8 (21.4) 441.4 (29.0) ROAE % Insurance 22.6% 26.9% -4.3 29.7% -7.1 Healthcare Vertical Result and ROAE 1Q25 1Q24 Δ% 4Q24 Δ% Net Income (R$ million) Health care 179.6 105.3 70.6 138.8 29.4 ROAE % Healthcare 39.7% 33.2% 6.5 38.0% 1.6 Bank Vertical Result and ROAE 1Q25 1Q24 Δ% 4Q24 Δ% Net Income (R$ million) Bank 192.1 148.8 29.2 162.4 18.3 ROAE % Bank 27.0% 26.7% 0.2 26.7% 0.3 Service Vertical Result and ROAE 1Q25 1Q24 Δ% 4Q24 Δ% Net Income (R$ million) Services 53.6 45.0 19.1 58.9 (9.0) ROAE % Services 26.3% 21.7% 4.6 25.8% 0.4 Income Statement – Other Businesses and Other 1Q25 1Q24 Δ% 4Q24 Δ% Net Income (R$ million) Other Businesses and Other 93.5 (46.8) (300.0) (130.7) (171.6) Result and Consolidated ROAE 1Q25 1Q24 Δ% 4Q24 Δ% Net Income (R$ million) Porto Seguro S.A. 832.3 651.0 27.8 670.8 24.1 ROAE % Porto Seguro S.A. 23.9% 20.9% 3.0 20.3% 3.6 Operating Efficiency 1Q25 1Q24 Δ% 4Q24 Δ% Administrative Expenses (1,076.2) (984.4) 9.3 (1,102.9) -2.4 Total Revenue (Retained Premium + Other Revenues) 9,900.6 8,642.4 14.6 9,835.0 0.7 Operating Efficiency Ratio 10.9% 11.4% -0.5 11.2% -0.3 Porto Seguro S.A.'s Income Statement 1Q25 1Q24 Δ% 4Q24 Δ% Total Revenue (Retained Premium + Other Revenues) 9,900.6 8,642.4 14.6 9,835.0 0.7 Retained Premium 7,332.0 6,492.1 12.9 7,428.4 (1.3) Earned Premium (insurance and healthcare vertical) 7,150.7 6,549.6 9.2 7,163.8 (0.2) Non-Insurance Revenues 2,568.7 2,150.3 19.5 2,406.7 6.7 Retained Net Claims (4,146.3) (3,625.3) 14.4 (4,089.8) 1.4 Credit Losses (a) (503.1) (445.6) 12.9 (495.4) 1.6 Commission (1,711.7) (1,528.3) 12.0 (1,673.2) 2.3 Tax Expenses (328.4) (303.0) 8.4 (346.8) (5.3) Operating Expenses (844.4) (738.9) 14.3 (828.1) 2.0 Administrative Expenses (1,076.2) (984.4) 9.3 (1,102.9) (2.4) Operating Income 1,109.4 1,074.5 3.2 1,034.4 7.3 Financial Results 382.6 227.1 68.4 271.6 40.9 Amortization of Intangible Assets (11.2) (10.9) 3.3 (12.5) (10.2) EBIT 1,480.7 1,290.8 14.7 1,293.5 14.5 Income Tax and Social Contribution (388.9) (376.3) 3.3 (350.3) 11.0 Profit Sharing (258.2) (244.2) 5.8 (255.2) 1.2 Non-controlling shareholders in subsidiaries (13.2) (10.6) 24.2 (12.7) 4.2 Result of Investee Companies and Subsidiaries (0.4) (1.6) (72.4) (8.5) (94.9) Net Income (Ex-adoption of IFRS 17) 820.0 658.0 24.6 666.8 23.0 Adjustment to IFRS 17 (b) 12.3 (7.0) (274.5) 4.0 209.5 Net Income 832.3 651.0 27.8 670.8 24.1 Effective Income Tax over Net Income (before tax) and after Profit Sharing 31.8% 36.0% -4.1 33.7% -1.9 Average Shareholders’ Equity 13,953.8 12,460.2 12.0 13,233.0 5.4 ROAE 23.9% 20.9% 3.0 20.3% 3.6 Eventos Extraordinários 1Q25 1Q24 Δ % 4Q24 Δ % Net Income for the Period 832.3 651.0 27.8 670.8 24.1 Onco Clínicas (c) - - - (15.6) - Write-offs of Investments (d) - - - 41.0 - Rollover of securities (e) - - - 14.2 - Recurring Net Income 832.3 651.0 27.8 710.4 17.2
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1Q25 EARNINGS RELEASEPORTO SEGURO S.A. Porto Seguro 1Q25 PAMELLA Broker 18 years with Porto 6
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1Q24 2Q24 3Q24 4Q24 1Q25 460.5 26.9% 24.9% 28.9% 29.7% 22.6% 398.8 87.2 373.3 429.9 441.4 313.4 R$ 5.4 B in total revenue² (1Q25) +6.1% YoY 17.3 M of items/lives (Mar2025) +14.5% YoY¹ Result of R$ 313.4 M (1Q25) -21.4% YoY 7 (1) Criterion adopted as of 1Q25, with figures restated from 1Q24 onwards: volume data now considers only identifiable clients, counts items instead of policies, and records volume based on the last day of the period. (2) Total revenue comprises retained premiums + revenues. 1Q25 Main Highlights Combined ratio Net income and Profitability 1.5% 1Q24 1.3% 2Q24 1.3% 3Q24 1.1% 4Q24 1.5% 1Q25 2.8% 2.8% 2.9% 2.6% 51.1% 23.0% 10.6% 52.5% 23.1% 10.9% 50.8% 23.1% 10.4% 51.1% 23.7% 10.7% 53.6% 24.4% 10.6%2.9% O.E. (%) Taxes (%) G&A (%) Commission (%) Loss Ratio (%) 15.14 1Q24 15.35 2Q24 15.74 3Q24 15.88 4Q24 17.34 1Q25 5.10 5.18 5.48 5.62 5.41 Total Revenue (R$ billion) Current Items/Lives (million) 88.9% 90.5% 88.5% 89.4% 92.7% C.R. (%) 85.8% 87.3% 85.4% 86.5% 89.4% Amplified Combined Ratio (%) Impact of rains in Rio Grande do Sul (R$ million) Net Income (R$ million) ROAE (% p.a.) • Growth of 6.1% in total revenue vs. 1Q24 • Addition of 1.3 million Insured Lives in Life Insurance vs. 1Q24¹ • Loss ratio of 53.6% in the Vertical; +2.5 p.p. vs. 1Q24 • Vertical Result of R$ 313.4 million in the 1Q25; -21.4%. vs. 1Q24 • ROAE of 22.6%, -4.3 p.p. vs. 1Q24 We ended the quarter with 17.3 million items/lives in the Porto Seguro Vertical (+14.5% vs. 1Q24)¹, highlighting the increase of 1.3 million lives in Life Insurance (+25.0% vs. 1Q24)¹ and 0.9 million in P&C (+22.8% vs. 1Q24)¹. The result of Porto Seguro Vertical in the first quarter of 2025 was R$ 313.4 million (-21.4% vs. 1Q24), while the ROAE reached 22.6% in the period (-4.3 p.p. vs. 1Q24)³. The combined ratio reached 92.7% for the quarter (+3.8 p.p. vs. 1Q24). Quarterly results were impacted by a slight increase in Auto claim frequencies, reflecting expected seasonal effects for the period and a comparison base in 1Q24 with significantly lower loss ratios than the historical average for this time of year.
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R$ 4.0 B in written premium (1Q25) +4.5% YoY 6.2 M vehicles (Mar 2025) +2.4% YoY 8 (1) Market data for the accumulated period from January to February 2025. Source: SUSEP/Porto Seguro. 1Q25 Auto Written Premium and Insured Fleet Loss Ratio Market View (2M25¹) 1Q24 2Q24 3Q24 4Q24 1Q25 6.02 3.81 6.04 3.80 5.96 4.04 6.00 4.16 6.17 3.99 Written Premium (R$ billion) Insured Fleet (million) 1Q24 2Q24 3Q24 4Q24 1Q25 56.2% 59.0% 57.3% 56.5% 60.1% +3.9 p.p. • Market Share of 28.2% in 2M25¹ • 6.2 million vehicles in the fleet in 1Q25 (+146 thousand vs. 1Q24) • Loss ratio of 60.1% in 1Q25; 3.9 p.p. increase (vs. 1Q24) Auto’s total written premium grew 4.5% (vs. 1Q24), while the insured fleet increased 2.4% (vs. 1Q24). 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. The Auto loss ratio reached 60.1% in the quarter, an increase of 3.9 p.p. in relation to the previous year. The loss ratio for the quarter was driven by a slightly higher frequency of events and by a comparison base in 1Q24 that was significantly below the historical average for this time of year. Company Premium (R$ B) ∆ YoY % % Market ∆ YoY p.p. % Loss Ratio ∆ YoY p.p. Porto Seguro Group 2.70 4.8% 28.2% -0.8 p.p. 62.6% 4.6 p.p. 2nd Largest 1.61 -1.6% 16.8% -1.6 p.p. 62.4% 4.7 p.p. 3rd Largest 1.43 17.4% 14.9% 1.2 p.p. 60.8% 5.5 p.p. 4th Largest 1.17 21.9% 12.2% 1.4 p.p. 71.9% 7.0 p.p. 5th Largest 1.04 6.1% 10.9% -0.2 p.p. 58.8% 4.2 p.p. Total Market (excl. Porto) 6.86 8.8% 62.5% 4.5 p.p.
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R$ 841.8 M in written premium (1Q25) +10.1% YoY 4.8 M of items (Mar 2025) +22.8% YoY¹ 9 1Q25 P&C Written Premium and Items Insured Loss Ratio 764 821 848 901 842 1Q24 2Q24 3Q24 4Q24 1Q25 3.91 3.97 4.02 4.24 4.80 Written Premium (R$ million) Items Insured (million) 1Q24 2Q24 3Q24 4Q24 1Q25 36.0% 29.6% 28.6% 37.7% 35.4% -0.6 p.p. • 10.1% growth in premiums in 1Q25 (vs. 1Q24) • Increase of 893 thousand items (vs. 1Q24)¹ • P&C Loss Ratio improved 0.6 p.p. (vs. 1Q24), reaching 35.4% in the quarter. Our P&C insurance premiums grew 10.1% compared to 1Q24, driven mainly by the expansion of Homeowner insurance. It is worth highlighting the increase in the offer of Combined Protection — which includes coverage for car and home in a single contract — and Commercial insurance. There was also a significant growth, exceeding 20%¹, in Real Estate, Mobile, and Condominium Insurance, attracting new clients to the Company. The total loss ratio of P&C products reached 35.4%, showing an improvement of 0.6 p.p. compared to the first quarter of 2024, remaining at levels considered healthy by the Company. Homeowner Commercial (1) Criterion adopted as of 1Q25, with figures restated from 1Q24 onwards: volume data now considers only identifiable clients, counts items instead of policies, and records volume based on the last day of the period. (2) Market data for the accumulated period from January to February 2025. Source: SUSEP/Porto Seguro. Market View (2M25²) Company Premium (R$ B) ∆ YoY % % Market ∆ YoY p.p. % Loss Ratio ∆ YoY p.p. Porto Seguro Group 0.23 16.2% 21.2% 1.6 p.p. 41.3% -4.9 p.p. 2nd Largest 0.18 30.0% 17.0% 3.0 p.p. 17.5% -3.0 p.p. 3rd Largest 0.17 14.8% 15.5% 1.0 p.p. 22.4% -3.2 p.p. 4th Largest 0.09 47.3% 8.6% -9.0 p.p. 29.3% -5.7 p.p. 5th Largest 0.08 12.7% 7.4% 0.3 p.p. 57.7% -2.3 p.p. Total Market (excl. Porto) 0.84 5.3% 29.7% -8.0 p.p. Company Premium (R$ B) ∆ YoY % % Market ∆ YoY p.p. % Loss Ratio ∆ YoY p.p. Porto Seguro Group 0.17 15.9% 23.7% 0.1 p.p. 39.6% 3.0 p.p. 2nd Largest 0.07 -1.3% 10.8% -1.6 p.p. 90.4% 47.0 p.p. 3rd Largest 0.06 27.6% 7.9% 0.8 p.p. 68.2% -16.4 p.p. 4th Largest 0.06 0.9% 9.2% -1.2 p.p. 44.2% -8.1 p.p. 5th Largest 0.06 75.2% 5.2% 2.7 p.p. 24.3% -25.9 p.p. Total Market (excl. Porto) 0.55 15.3% 76.3% -6.5 p.p.
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R$ 431.1 M in Life premiums (1Q25) +15.8% YoY 6.4 M Lives Insured (Mar 2025) +25.0% YoY¹ 10 1Q25 Written Premium and Lives Insured Loss Ratio - Life 1Q24 2Q24 3Q24 4Q24 1Q25 34.4% 36.6% 37.7% 33.7% 39.1% 372 412 425 406 431 1Q24 2Q24 3Q24 4Q24 1Q25 5.1 5.2 5.6 5.5 6.4 Written Premium (R$ million) Lives Insured (million) Life’s quarterly loss ratio reached 39.1% in 1Q25, accounting for an increase of 4.7 p.p. compared to the same period of last year. The increase in the loss ratio is mainly explained by the change in the product mix and seasonality in Travel Insurance, due to the high season period. In 1Q25, Life premiums increased by 15.8% and the number of lives insured grew 25.0% compared to 1Q24¹. The expansion recorded for the period is mainly explained by the performance of Moneylender, Collective, Travel and Individual Life segment. In the Moneylender segment, quarterly premiums grew above the market² (+40.6% vs. 1Q24), driven by commercial actions that expanded the base of partner brokers, as well as an increase in sales due to the advancement in Porto ecosystem. In Collective Life, expansion reached +13.1% (vs. 1Q24), ratifying the growth strategy in the Small and Medium-Sized Enterprises segment and the expansion of the partnership with Porto Saúde through “Proteção Turbinada”, an integrated Health and Life insurance solution for companies. In Individual Life, there was a growth of 7.2% (vs. 1Q24) in premiums, stemming from the restructuring of the product journey, strengthening of the offering channels, and lower cancellation rates. Market View (2M25³) Life • 15.8% growth in premiums in 1Q25 (vs. 1Q24) • Increase of 1.3 million items (vs. 1Q24)¹ • Life Loss Ratio of 39.1%, accounting for an increase of 4.7 p.p. (vs. 1Q24) (1) Criterion adopted as of 1Q25: volume data only considers identifiable lives as of 1Q24. (2) Data from the Moneylender segment accrued from January to February based on SUSEP, lines 977 and 1377. (3) Market data for the accumulated period from January to February 2025. Source: SUSEP/Porto Seguro. Company Premium (R$ B) ∆ YoY % % Market ∆ YoY p.p. % Loss Ratio ∆ YoY p.p. 1st Largest 1.13 -8.8% 12.1% -2.1 p.p. 28.9% 4.5 p.p. 2nd Largest 1.01 -20.0% 10.9% -3.7 p.p. 19.8% 1.8 p.p. 3rd Largest 1.01 34.5% 10.8% 2.2 p.p. 20.3% 0.1 p.p. 4th Largest 0.79 16.6% 8.5% 0.7 p.p. 33.8% -14.2 p.p. 5th Largest 0.65 15.9% 7.0% 0.5 p.p. 36.4% -2.1 p.p. Porto Seguro Group (10th largest) 0.29 21.7% 3.1% 0.4 p.p. 37.7% 3.8 p.p. Total Market 9.33 7.1% 28.5% 0.9 p.p.
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Financial and Operational Summary – Porto Seguro 11 Managerial Income Statement – Porto Seguro 1Q25 Financial and Operational Summary and I/S Auto 1Q25 1Q24 Δ% 4Q24 Δ% Written Premium (R$ million) 3,985.3 3,814.9 4.5% 4,160.8 -4.2% Earned Premium (R$ million) 3,882.9 3,933.7 -1.3% 3,967.3 -2.1% Loss Ratio (%) - Chg. (p.p.) 60.1% 56.2% 3.9 56.5% 3.6 Insured Fleet (thousand) 6,165.8 6,019.5 2.4% 6,000.4 2.8% P&C 1Q25 1Q24 Δ% 4Q24 Δ% Written Premium (R$ million) 841.8 764.4 10.1% 901.0 -6.6% Earned Premiums (R$ million) 787.6 713.9 10.3% 794.8 -0.9% Loss Ratio (%) - Chg. (p.p.) 35.4% 36.0% -0.6 37.7% -2.2 Items (thousand) 4,802.6 3,909.8 22.8% 4,235.9 13.4% Life 1Q25 1Q24 Δ% 4Q24 Δ% Written Premium (R$ million) 431.1 372.4 15.8% 406.0 6.2% Earned Premiums (R$ million) 422.4 358.4 17.9% 417.4 1.2% Loss Ratio (%) - Chg. (p.p.) 39.1% 34.4% 4.7 33.7% 5.4 Lives (thousand) 6,354.8 5,083.6 25.0% 5,516.7 15.2% Pension Plan¹ 1Q25 1Q24 Δ% 4Q24 Δ% Financial Administration Fee (TAF) (R$ million) - 13.6 - 14.1 - Loading Fee (R$ million) - 0.3 - 0.2 - Earned Premium (R$ million) - 9.7 - 11.6 - Total Effective Revenue (R$ million) - 23.6 - 25.9 - Total Active Participants (thousand) - 109.8 - 107.6 - Assets under Management (R$ million) - 5,691.8 - 5,861.6 - Uruguay Seguros 1Q25 1Q24 Δ% 4Q24 Δ% Written Premium (R$ million) 191.3 148.1 29.2% 182.9 4.6% Earned Premium (R$ million) 174.3 137.9 26.4% 169.9 2.6% Loss Ratio (%) - Chg. (p.p.) 30.1% 30.4% -0.3 34.7% -4.6 Service Revenue (R$ million) 10.5 9.4 11.2% 9.6 9.9% Other Insurance 1Q25 1Q24 Δ% 4Q24 Δ% Revenues/Premiums (R$ million) * 3.1 3.7 -15.9% 2.7 12.9% *Coinsurance, Trackers and Run Off (RCO and Others - Azul) Reinsurance 1Q25 1Q24 Δ% 4Q24 Δ% Reinsurance (R$ million) -54.8 -37.1 48.0% -69.6 -21.2% Total Porto Seguro 1Q25 1Q24 Δ% 4Q24 Δ% Total Revenue (Retained premium+Revenues) 5,408.1 5,099.4 6.1% 5,619.4 -3.8% Net Income (R$ million) 313.4 398.8 -21.4% 441.4 -29.0% ROAE (%) - Chg. (p.p.) 22.6% 26.9% -4.3 29.7% -7.1 Porto Seguro Income Statement 1Q25 1Q24 Δ% 4Q24 Δ% Total Revenue (Retained premium+Revenues) 5,408.1 5,099.4 6.1 5,619.4 (3.8) Retained Premium 5,394.5 5,072.4 6.4 5,592.5 (3.5) Earned Premium 5,267.2 5,153.7 2.2 5,361.0 (1.8) Revenues 13.6 27.0 (49.6) 26.8 (49.4) Retained Net Claims (2,823.9) (2,633.3) 7.2 (2,740.6) 3.0 Commission (1,284.3) (1,184.1) 8.5 (1,270.2) 1.1 Operating Expenses (88.0) (81.8) 7.6 (64.0) 37.6 Tax Expenses (138.3) (147.1) (6.0) (153.8) (10.1) Administrative Expenses (560.2) (548.7) 2.1 (576.4) (2.8) Operating Result 386.0 585.7 (34.1) 582.9 (33.8) Financial result 194.0 173.1 12.0 153.8 26.1 Amortization of intangible assets (3.2) - - - - Results before Tax 576.8 758.8 (24.0) 736.6 (21.7) Income Tax and Social Contribution (170.0) (239.0) (28.9) (163.9) 3.7 Net Income before Participation 406.8 519.8 (21.7) 572.7 (29.0) Shareholding (93.0) (120.8) (23.0) (131.1) (29.0) Result from Investee Companies (0.4) (0.2) 75.9 (0.2) 142.1 Total Net Income 313.4 398.8 (21.4) 441.4 (29.0) ROAE (%) - Chg. (p.p.) 22.6% 26.9% -4.3 29.7% -7.1 Combined Ratio (%) - Chg. (p.p.) 92.7% 88.9% 3.8 89.4% 3.3 Amplified Combined Ratio (%) - Chg. (p.p.) 89.4% 85.8% 3.6 86.5% 2.9 Basis - Financial investments 5,624.0 5,783.0 (2.7) 5,397.5 4.2 (1) Starting in 1Q25, the Pension Plan product was no longer accounted for in the Porto Seguro Vertical and started being integra ted into the Porto Bank vertical.
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1Q25 1Q25 EARNINGS RELEASEPORTO SEGURO S.A. DANILO Broker 2 years with Porto Porto Saúde 12
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Health Insurance reached 702 thousand members, maintaining a series of 18 consecutive quarters of growth. There was an increase of +139 thousand lives compared to 1Q24. In Dental insurance, we reached 1,032 thousand lives, increasing 221 thousand lives compared to 1Q24. Porto Saúde’s revenues grew by R$ 511.8 million (+35.2%) compared to the same period last year, reaching R$ 2 billion in the quarter. R$ 2.0 B in revenues in 1Q25 (+35.2% vs. 1Q24) 702k members +139k members in Health Insurance (+24.7% vs. 1Q24) R$ 180 M of Net Income in 1Q25 (+70.6% vs. 1Q24) 13 • Achievement of over 700 thousand lives in health insurance and over 1 million lives in dental insurance • Revenues and Premiums increased R$ 511.8 M, +35.2% (vs. 1Q24) • The loss ratio for health + dental in 1Q25 improved by 1.6 p.p. (vs. 1Q24) • Net income of R$ 179.6 M, growth of R$ 74.3 M (+70.6% vs. 1Q24) • ROAE of 39.7% in 1Q25 (+6.5 p.p. vs. 1Q24) 1Q25 Members and Revenues Members Revenues 427 461 510 543 562 606 641 675 702 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 +24.7% +4.0% Members - Health (thousand) 676 690 737 785 811 879 946 995 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 1,032 +27.2% +3.7% Members - Dental (thousand) 1Q24 2Q24 3Q24 4Q24 1Q25 1,371 1,523 1,638 1,771 1,872 +36.6% 1Q24 2Q24 3Q24 4Q24 1Q25 1,453 1,607 1,726 1,863 1,965 +35.2% Porto Saúde (R$ million) 39.7% ROAE (+6.5 p.p. vs. 1Q24) Health Insurance (R$ million)
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The Health Insurance loss ratio was 70.8%, -1.9 p.p. compared to 1Q24, reinforcing the effects of our virtual verticalization strategy, with the Porto Medical Team, Partnerships, and actions to combat fraud. On the other hand, the Health + Dental Insurance loss ratio in 1Q25 was 69.8%, showing an improvement of 1.6 p.p. compared to 1Q24. The Porto Saúde’s Combined Ratio improved 4.3 p.p. (vs. 1Q24) to 83.6% in the quarter, reflecting a lower loss ratio, efficiency in administrative expenses, and reduction in commission. Net income reached R$ 179.6 million in 1Q25 (+70.6% vs. 1Q24). The positive profitability was reflected in the ROAE of 39.7% for the quarter (+6.5 p.p. vs. 1Q24). 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 1Q25, the change generated an impact of 2.3 p.p. on the sales ratio, corresponding to R$ 42.1 million in commission expenses or R$ 19.3 million in net income. 1Q25 Loss Ratio and Results Loss Ratio Combined ratio Net income and Profitability 1Q24 2Q24 3Q24 4Q24 1Q25 72.7% 80.7% 79.2% 76.3% 70.8% -1.9 p.p. 9.3% 5.4% 2Q24 8.4%5.0% 3Q24 6.9%4.6% 4Q24 9.0% 5.3% 1Q24 4.8% 1Q25 1.7% 71.4% 1.4% 1.0% 79.4% 0.9% 1.2% 78.1% 1.0% 1.3% 75.2% 1.2% 69.8% 1.4% 1.0% 6.7% O.E. (%) Taxes (%) G&A (%) Commission (%) Loss Ratio (%) 89.4%88.0% 96.3% 93.7% 83.6% Combined Ratio (%) 92.2% 86.5% 92.0% 86.5% 82.2% Amplified Combined Ratio (%) 1Q24 2Q24 22.2% 3Q24 4Q24 1Q25 72.7 138.8 33.2% 105.3 23.4 49.3 22.2% 76.7 15.6 123.2 38.0% 39.7% 179.6 Oncoclínicas Impact¹ Net Income (R$ million) ROAE (% a.a.)² 14 1Q24 2Q24 3Q24 4Q24 1Q25 71.4% 79.4% 78.1% 75.2% 69.8% -1.6 p.p. Health Insurance + Dental Insurance Health Insurance (1) Non-recurring impact of R$ 15.6 million in 4Q24 and R$ 23.4 million in 2Q24 related to the transaction with Oncoclínicas;
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Financial and Operational Summary and I/S 1Q25 15 Financial and Operational Summary – Porto Saúde Managerial Income Statement – Porto Saúde Health Insurance 1Q25 1Q24 ∆% 4Q24 ∆% Written Premium (R$ million) 1,872.1 1,370.6 36.6% 1,771.1 5.7% Members - (thousand) 702 562 24.7% 675 4.0% Dental 1Q25 1Q24 ∆% 4Q24 ∆% Written Premium (R$ million) 55.0 48.3 13.8% 53.2 3.4% Members - (thousand) 1,032 811 27.2% 995 3.7% Other 1Q25 1Q24 ∆% 4Q24 ∆% Revenues (R$ million) 37.5 33.9 10.8% 38.9 -3.7% Clients - (thousand) 145 149 -2.8% 145 0.1% Total Porto Saúde 1Q25 1Q24 ∆%/p.p. 4Q24 ∆%/p.p. Revenues (R$ million) 1,964.6 1,452.8 35.2% 1,863.2 5.4% Net Income (R$ million) 179.6 105.3 70.6% 138.8 29.4% ROAE (%) - Chg. (p.p.) 39.7% 33.2% 6.5 38.0% 1.6 Combined Ratio (%) - Chg. (p.p.) 83.6% 88.0% -4.3 89.4% -5.8 Porto Saúde Income Statement 1Q25 1Q24 ∆% 4Q24 ∆% Total Revenue (Retained premium+Revenues) 1,964.6 1,452.8 35.2 1,863.2 5.4 Retained Premium 1,927.1 1,418.9 35.8 1,824.3 5.6 Earned Premium 1,872.5 1,393.8 34.3 1,799.7 4.0 Revenues 37.5 33.9 10.8 38.9 (3.7) Retained Net Claims (1,306.8) (995.0) 31.3 (1,352.9) (3.4) Commission (126.2) (126.1) 0.1 (123.6) 2.1 Operating Expenses (38.2) (32.3) 18.4 (51.2) (25.4) Tax Expenses (28.7) (21.6) 32.9 (24.1) 19.0 Administrative Expenses (97.3) (80.5) 20.8 (89.9) 8.3 Operating Result 312.8 172.2 81.7 197.0 58.8 Financial Results 34.2 24.0 42.2 60.8 (43.8) Results before Tax 347.0 196.2 76.9 257.8 34.6 Income Tax and Social Contribution (112.2) (63.7) 76.1 (81.5) 37.6 Net Income before Participation 234.8 132.5 77.2 176.3 33.2 Profit Sharing (55.2) (27.2) 103.2 (37.5) 47.3 Net Income 179.6 105.3 70.6 138.8 29.4 ROAE (%) - Chg. (p.p.) 39.7% 33.2% 6.5 38.0% 1.6 Combined Ratio (%) - Chg. (p.p.) 83.6% 88.0% -4.3 89.4% -5.8 Amplified Combined Ratio (%) - Chg. (p.p.) 82.2% 86.5% -4.3 86.6% -4.4 Basis - Financial investments 1,017.4 768.8 32.3 956.4 6.4
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INGRID Broker 17 years with Porto Porto Bank 1Q25 1Q25 EARNINGS RELEASEPORTO SEGURO S.A. 16
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17 R$ 1.7 B in Revenues (1Q25) +29.0% YoY 5.0 M Businesses (Mar/25) +25.6% YoY 1Q25 Main Highlights Revenues Efficiency Ratio* Net income and Profitability 711 632 1Q24 747 664 2Q24 795 713 3Q24 803 781 4Q24 926 806 1Q25 1,343 1,412 1,508 1,584 1,732 132.3 135.1 137.0 140.9 146.3 1Q24 2Q24 3Q24 4Q24 1Q25 26.7%26.7% 148.8 28.3% 155.6 29.0% 165.4 162.4 27.0% 192.1 Result (R$ million) ROAE (%) 1Q24 2Q24 3Q24 4Q24 1Q25 33.5%31.1% 33.3% 34.4% 33.4% • Net income of R$ 192.1 M +29.2% YoY, with ROAE of 27.0% • Revenues of R$ 1.732 B (+29.0% YoY) • Improvement in default rate YoY with a 11.8 p.p. drop in the loss on financial revenue ratio for loan products and a 0.5 p.p. drop in the “over 90.” In the Landlord Protection and Guarantee products, there was a 5.4 p.p. decrease in risk. • Growth of the Individual Digital Account portfolio with 347 thousand accounts at the end of 1Q25. Porto Bank closed the first quarter of 2025 with 5 million clients, accounting for an increase of 25.6% compared to 1Q24. This movement evidences the success of the expansion strategy in the integration into the Porto Ecosystem. In the constant search for increasing Porto Bank’s relevance among Porto clients, new features have been implemented, such as: advance of installment purchases; “buy now, pay later”; zero IOF tax on international purchases; revitalization of the card portfolio, and new digital journey for the Car Equity product. Such differentials strengthen the digital presence and consolidate the differentiated value proposition for clients. The Porto Bank Digital Personal Account directly contributes to this goal by providing daily presence for the clients in the portfolio, complementing the Porto Bank payment methods offering. The average revenue per active client (ARPAC) recorded growth of 10.6% compared to 1Q24, reaching R$ 146,26, demonstrating the revenue generation capacity of the clients in the Porto ecosystem. This performance significantly contributed to total revenues reaching R$ 1.7 billion in the quarter, accounting for an increase of 29% compared to the previous year. The loan portfolio recorded an increase of 14.4% compared to 1Q24, totaling R$ 20.1 billion. The default ratio above 90 days decreased 0.5 percentage points, reaching 6.0%, demonstrating assertiveness in the strategy of focusing on the Porto ecosystem and discipline in executing efficient risk management and improved granting policies. Another highlight is the performance of the managed consortium portfolio, which grew 35.6% compared to the same period of last year, reaching R$ 81.2 billion and consolidating Porto Bank’s leadership position in this segment. The diversification of revenues and the complementarity between Porto Bank's products strengthen profitability per customer. This performance reflects the effectiveness of the strategies implemented with a focus on the Porto ecosystem, highlighting the potential and profitability, in addition to the opportunities for cross-sell expansion. This integrated product structure contributes to the resilience of the portfolio. Net Financial Revenue (R$ million) Fee-Based Revenue (R$ million) Average Monthly Revenue per Active Client (R$ ) *Calculation methodology (Operating and Administrative Expenses) / (Revenue net of taxes – Rewards – Commission).
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Default Rate (Overdue >90 days) 18 Revenue R$ 1.1 B +29.1% YoY Cards R$ 913.3 M +27.7% YoY Loans and financing R$ 149.5 M +38.1% YoY 1Q25 Financial Solutions for Credit Loan Portfolio 1Q24 2Q24 3Q24 4Q24 1Q25 823.4 860.1 912.7 956.9 1,062.8 +29.1% Total revenue (R$ million) 697 1Q24 635 2Q24 566 3Q24 355 4Q24 401 1Q25 17,563 17,761 18,167 19,224 20,094 16,866 17,126 17,602 18,869 19,693 +14.4% Portfolio 0-360d (R$ million) Portfolio 361-540d (R$ million) 1Q24 2Q24 3Q24 6.1%* 8.5%* 4Q24 1Q25 10.2 6.4 6.4 9.8 6.3 9.2 6.0 7.8 Over90 (Base 360d) Over 90 (Base 540d) The default ratio above 90 days (based on 360 days) of Porto continues its decreasing trend with a reduction of 0.5 p.p. compared to 1Q24 and 0.1 p.p. versus adjusted 4Q24, reaching 6.0% in 1Q25. In 1Q25, the coverage ratio reached 138% (based on 360 days), stressing the robustness of the provision structure in relationto the loan portfolio. 1Q24 2Q24 3Q24 3.3%* 4Q24 1Q25 11.4% 12.1% 12.7% 12.2% 13.9% 1.9% 424.8 2.7% 452.9 3.2% 485.8 495.5 4.5% 604.1 NII (R$ million) NIM (%) Risk-adjusted NIM (%) The strategy demonstrates efficiency with growth and profitability in a more selective environment. Credit Card: R$ 17.4 billion (+16.2% vs. 1Q24), consolidating itself as the main growth driver of the financial operation, and Loans and Financing: R$ 2.6 billion, focusing on products with guarantee. The profitability indicators recorded solid growth in the NIM, demonstrating a positive trend. This advancement reflects both the increase in the spread and the improvement in credit performance, essential factors for sustaining and strengthening the financial results.. 31 2 Coverage Ratio4 111% 116% 117% 125% 128% 133% 133% 138% 1Q24 2Q24 3Q24 137%* 121%* 4Q24 1Q25 IC (Base 360d) IC (Base 540d) *Considering the effects of the portfolio sale in 4Q24, risk-adjusted NIM was 1.9% in the period *Considering the effects of the portfolio sale carried out in 4Q24, the default ratio for the base up to 360 days was 5.2% (6.9% for the base up to 540 days). *Considering the effects of the portfolio sale carried out in 4Q24, the Coverage ratio for the base up to 360 days was 148% and for the base up to 540 days was 131% . (1) NII = Financial revenue - Financial expenses - Loan Operation Commission. (2) NIM = (NII x 4) / Average Spread Sensitive Portfolio. (3) Adjusted NIM for Risk = (NII – Loss x 4) / Average Spread Sensitive Portfolio. (4) Coverage Ratio = Allowance for Doubtful Accounts / Balance of portfolio overdue for over 90 days.
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1Q25 Financial Solutions for Credit Credit Card Loans and financing (E&F) 1Q24 2Q24 3Q24 4Q24 1Q25 3,558 3,125 3,232 3,355 3,433 +13.9% Ready-to-use cards (thousands) 312 384 372 495 437 1Q24 2Q24 3Q24 4Q24 1Q25 +40.1% Credit Release (R$ million) 19 The total number of credit cards reached 3.6 million in 1Q25, an increase of 13.9% compared to 1Q24 and 3.7% compared to the previous quarter. In 1Q25, 155 thousand units were sold. Total payment volume (TPV) grew 17.1% in 1Q25 (vs. 1Q24), reaching R$ 15.9 billion. The average value transacted per card increased by 2.8% vs. 1Q24, while the number of transactions was 79.0 million, 6.5% above the same period of the previous year. In 1Q25, the volume of credit released reached R$ 437 million, accounting for a growth of 40.1% compared to 1Q24. The performance focused on offering guaranteed products, aligned with the strategy of building a more profitable and resilient portfolio, demonstrates the capacity for growth within the Porto ecosystem. The developments and improvements made to the digital contracting journeys for the Car Equity product, especially in the Porto app, were fundamental to the growth in sales, which increased 126.9% compared to the same period of last year, and totaled R$ 172.3 million in credit. 1Q24 2Q24 3Q24 4Q24 1Q25 74.2 13.6 78.9 14.1 77.6 14.9 82.5 16.5 79.0 15.9 Number of transactions (million) TPV (R$ billion) Cost of Risk (Credit Loss on Net Financial Revenue)* 74% 70% 68% 62% 1Q24 2Q24 3Q24 66%* 4Q24 1Q25 Credit Losses / Net Financial Income *Considering the effects of the portfolio sale carried out in 4Q24, the Cost of Risk was 78% The cost of risk showed a significant decrease of 11.5 p.p. compared to 1Q24, reaching 62% in the quarter and demonstrating consistent improvement each quarter. * Credit Loss on Net Income = Credit Loss Expense (IFRS) / Income from Financial Intermediation.
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Revenue R$ 372.7 M +36.5% YoY Managed Portfolio R$ 81.2 B +35.6% YoY 20 Active Contracts (thousands) Revenue (R$ million) 1Q25 Consortium Managed Portfolio 1Q24 2Q24 3Q24 4Q24 1Q25 59.9 63.6 78.5 78.9 81.2 11.3 48.6 51.2 12.4 63.2 15.3 63.6 15.3 64.8 16.4 +35.6% Real Estate (R$ billion) Vehicles (R$ billion) 180 192 208 230 245 93 102 112 121 128 1Q24 2Q24 3Q24 4Q24 1Q25 273 294 320 351 373 Real Estate Vehicles The Consortium segment of Porto Bank maintained sustainable growth in the first quarter of 2025, with revenues of R$ 372.7 million, +36.5% compared to the previous year. This result was driven by the 36.1% increase in revenues from the real estate portfolio and the 37.2% increase in revenues from the auto segment compared to 1Q24. The active business base reached 416 thousand quotas, accounting for a 32.3% YoY expansion. The managed portfolio reached R$ 81.2 billion, accounting for an increase of 35.6% compared to 1Q24. This performance reflects the efficient management of the administered groups and the assertive strategy for sales and acquisiton of new business. 167 176 204 217 217 147 161 191 190 199 1Q24 2Q24 3Q24 4Q24 1Q25 314 337 395 408 416 +32.3% Real Estate (thousand) Vehicles (thousand) The new product initiatives (such as the use of part of the real estate credit for the acquisition of planned furniture) and the sales force boosted revenue to R$ 372.7 million in 1Q25, with R$ 5.5 billion in credits sold. The traded shares grew 33.0% in 2025, while the market grew 26.0%. We gained 0.5 p.p. of equity interest in the Real Estate segment, reaching 12.8% (2M25 vs. 2M24), and 0.6 p.p. in Auto, reaching 3.6% (12M24 vs. 12M23), reinforcing the effectiveness of the strategies adopted and the strengthening of our presence in the market.* The Consortium Credit Portfolio reached R$ 81.2 billion, a growth of 35.6% compared to 1Q24. We highlight a growth of 45.8% in the vehicle segment and an increase of 33.2% in the real estate category, which consolidates our market leadership. The consortia managed by Porto Bank maintained financial health indicators above the market average, with low levels of default and significant growth in awards, which increased 35% in 1Q25. In the period, the amount of R$ 1.5 billion in credit was made available for the acquisition of movable and real estate assets, accounting for an increase of 42% YoY. Group Management * Real Estate Consortium market data available until February 2024 and Auto Consortium market data available until December 2024.
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Credit losses Revenue R$ 285.0 M +15.9% YoY Rental Guarantee Contracts 441.9 K +7.3% YoY Capitalization Portfolio R$ 2.7 B +21% YoY Capitalization Portfolio (R$ billion) 21 Active Contracts (thousands) 1Q25 Financial Solutions for Rent and Guarantee Revenues (R$ million) 1Q24 2Q24 3Q24 4Q24 1Q25 2.17 1.79 1.83 1.91 2.09 +21.0% 321 326 331 334 340 91 93 97 99 102 1Q24 2Q24 3Q24 4Q24 1Q25 412 420 428 433 442 +7.3% Landlord Protection Capitalization 207 217 232 233 237 39 40 44 43 47 1Q24 2Q24 3Q24 4Q24 1Q25 246 257 275 276 285 +15.9% Landlord Protection Capitalization 45.9% 1Q24 39.9% 2Q24 33.8% 3Q24 34.5% 4Q24 41.2% 1Q25 (1) Source: SUSEP; Line 746; when calculating the loss ratio, premiums and claims net of reinsurance are considered. (2) Data provided by SUSEP until February 2025 The portfolio of financial solutions for rental and guarantee products reached R$285 million in revenue at the end of 1Q25, accounting for a growth of 15.9% (vs. 1Q24). The volume of active Landlord Protection and Capitalization contracts reached 442 thousand in 1Q25, accounting for a growth of 7.3% compared to 1Q24. The growing demand in the real estate market for professional guarantees has driven the expansion of Landlord Protection and Rent Guarantees through Capitalization. The result demonstrates the effectiveness of the strategy to strengthen the guarantee portfolio and consolidates Porto as a benchmark in the segment. Effective Revenue and Active Participants Assets under management 1Q24 2Q24 3Q24 4Q24 1Q25 5.69 5.67 5.75 5.86 5.98 1Q24 2Q24 3Q24 4Q24 1Q25 20.7 21.3 21.8 21.6 22.3 Total Revenue (R$ million) Assets under Management (R$ billion) We have been focusing on actions with the purpose of improving 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. Pension Plan’s assets under management reached R$ 5.98 billion at the end of the quarter. Pension Plan 2 1
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Managerial Income Statement – Porto Bank 22 Financial and Operational Summary – Porto Bank 1Q25 Financial and Operational Summary and I/S (1) The fee-based breakdown is as follows: revenue from services/other, revenue from the provision of consortium services, revenue from capitalization and revenue from other services. (2) Starting from 1Q25, the Pension Plan product began to be accounted for in the Porto Bank vertical. Previously, the product was located in Porto Seguro Vertical. (3) Financial Risks consider Earned Premiums + Financial Revenues. (4) Efficiency Ratio New Methodology = (Expenses) / (Net Revenue – Rewards – Commission). (5) Previous Efficiency Ratio = Total Expenses / Net Revenue Card and Financing Operating 1Q25 1Q24 ∆%/p.p. 4Q24 ∆%/p.p. Net financial revenues 651.0 475.3 37.0% 542.3 20.0% Gross financial revenue 735.0 565.7 29.9% 617.7 19.0% Financial expense -84.0 -90.3 -7.1% -75.3 11.4% Fee-Based Revenue (1) 411.8 348.1 18.3% 414.5 -0.7% Total Net Revenue (R$ million) 1,062.8 823.4 29.1% 956.9 11.1% Allowance for doubtful accounts / Portfolio (Base 360d) 8.3% 8.3% 0.0 7.7% 0.6 Allowance for doubtful accounts / Portfolio (Base 540d) 9.8% 11.3% -1.5 9.1% 0.7 Loan and financing contracts (thousand units) 114.0 117.0 -2.6% 108.0 5.6% Credit Card (thousand units) 3,557.8 3,124.8 13.9% 3,432.5 3.7% Commission 47.0 50.5 -7.0% 46.6 0.8% Average Credit Portfolio Sensitive to Spread 17,424.9 14,921.4 16.8% 16,190.1 7.6% Financial Risks 1Q25 1Q24 ∆%/p.p. 4Q24 ∆%/p.p. Net Financial Revenue (R$ million) 237.5 206.7 14.9% 232.7 2.07% Earned Premiums (R$ million) 227.9 196.9 15.7% 223.6 1.92% Financial result (R$ million) 9.6 9.8 -1.9% 9.1 5.86% Credit Loss (%) - Chg. (p.p.) 40.9% 46.3% -5.4 34.3% 6.7 Financial Risk Contracts (thousand) 339.6 320.9 5.8% 333.6 1.8% Capitalization 1Q25 1Q24 ∆%/p.p. 4Q24 ∆%/p.p. Total Revenues (R$ million) 47.5 39.2 21.3% 43.4 9.3% Fee-Based Revenue (R$ million) 26.7 21.9 22.0% 25.8 3.4% Net Financial Revenue (R$ million) 20.8 17.3 20.4% 17.6 17.9% Current Capitalization Bonds (thousand) 102.3 90.8 12.7% 99.5 2.9% Consortium 1Q25 1Q24 ∆%/p.p. 4Q24 ∆%/p.p. Total Revenues (R$ million) 372.7 273.1 36.5% 350.8 6.2% Fee-Based Revenue (R$ million) 352.3 261.8 34.6% 340.2 3.6% Net Financial Revenue (R$ million) 20.3 11.2 81.3% 10.6 91.7% Active Business (thousand) 415.7 314.2 32.3% 407.6 2.0% Other products 1Q25 1Q24 ∆%/p.p. 4Q24 ∆%/p.p. Revenue with Other Products (R$ million) (2) 11.9 0.4 - 0.2 - Total Porto Bank 1Q25 1Q24 ∆%/p.p. 4Q24 ∆%/p.p. Total Revenues (R$ million) (3) 1,732.4 1,342.8 29.0% 1,583.9 9.4% Net Income (R$ million) 192.1 148.8 29.2% 162.4 18.3% ROAE (%) - Chg. (p.p.) 27.0% 26.7% 0.2 26.7% 0.3 Efficiency Ratio (%) - Chg. (p.p.) (4) 33.4% 31.1% 2.3 33.5% -0.2 Efficiency Ratio (%) - Chg. (p.p.) (5) 47.0% 43.8% 3.2 47.5% -0.4 I/S – Porto Bank 1Q25 1Q24 ∆% 4Q24 ∆% Fee Based 806.1 632.2 27.5 781.1 3.2 Net financial revenues (i) 926.3 710.5 30.4 802.9 15.4 Total Revenues 1,732.4 1,342.8 29.0 1,583.9 9.4 Tax Expenses (104.9) (80.1) 31.0 (108.0) (2.9) Net revenue 1,627.5 1,262.7 28.9 1,475.9 10.3 Credit Losses (ii) (503.5) (445.6) 13.0 (497.1) 1.3 Total expenses (765.6) (553.2) 38.4 (700.7) 9.3 Commission (241.1) (179.1) 34.6 (222.8) 8.2 Operating Expenses (306.9) (208.6) 47.1 (274.4) 11.8 Administrative Expenses (217.6) (165.5) 31.5 (203.5) 6.9 Results before Tax 358.4 263.8 35.8 278.2 28.9 Income Tax and Social Contribution (110.9) (80.8) 37.2 (75.2) 47.5 Profit Sharing (57.9) (37.3) 55.1 (42.9) 34.8 Result from Investee Companies 2.5 3.1 (18.4) 2.4 6.3 Net Income (R$ million) 192.1 148.8 29.2 162.4 18.3 ROAE (%) - Chg. (p.p.) 27.0% 26.7% 0.2 26.7% 0.3 Financial Risk Segment Framework - Bank Income Statement 1Q25 1Q24 ∆% 4Q24 ∆% (i) Earned Premium embedded in Financial Revenues 227.9 196.9 15.7 223.6 1.9 (ii) Retained Claims embedded in Credit Loss (93.3) (91.3) 2.2 (76.6) 21.8 (i) Financial Result embedded in Financial Revenues 9.6 9.8 (1.9) 9.1 5.9
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Porto Serviço 1Q25 1Q25 EARNINGS RELEASEPORTO SEGURO S.A. LIA Broker 15 years with Porto 23
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731 K in car services in 1Q25 24 693 K services for homes and businesses in 1Q25 EBITDA of R$ 113 million in 1Q25 16.9% EBITDA Margin in 1Q25 1Q25 Revenue Breakdown Net income and Profitability*EBITDA and EBITDA Margin Revenue from Strategic Partnerships and B2C 2.0 1Q24 2.5 2Q24 2.9 3Q24 4.6 4Q24 4.5 1Q25 131.3 149.1 146.2 171.7 164.6 160.1129.3 146.6 143.3 167.1 +25.4% -4.1% Strategic Partnerships (R$ million) B2C (R$ million) In 1Q25, the main profitability indicators of Porto Serviços grew compared to the same period of last year, highlighting a 19.1% increase in net income, reaching R$ 53.6 million, with a 19.4% increase in EBITDA, reaching R$ 113.5 million, a 1.4 p.p. increase in the EBITDA margin, reaching 16.9%, and a 4.6 p.p. rise in ROAE, closing the quarter at 26.3%. We maintained the focus on structuring, expansion of partnerships and B2C sales, seeking to extend the provision of recognized quality services to users other than just the Company’s insured parties. Porto Serviço operates in three segments: Porto Seguro Partnership, Strategic Partnerships 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. On the other hand, the Strategic Partnerships line includes services offered in the B2B2C model, such as automotive assistance for automakers, car rental companies and insurance companies and installation services for household appliances, TVs and help desks for clients of large retailers in the country, as well as services for utilities, telecom and payment companies. 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. The B2C service line has assistance services offered even to those who are not Porto clients. 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, strategic partnership revenues reached R$ 160.1 million (+23.8% vs. 1Q24) and B2C revenues totaled R$ 4.5 million (+129.0% vs. 1Q24). 80 NPS of Services 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 1Q24 2Q24 3Q24 4Q24 1Q25 21.7% 45.0 22.0% 48.3 23.8% 52.5 25.8% 58.9 26.3% 53.6 Porto Net Income (R$ million) ROAE (% p.a.) 1Q24 2Q24 3Q24 4Q24 1Q25 21.8% 55.6 21.9% 59.1 23.7% 64.3 25.6% 71.5 26.7% 66.7 Porto + Minority Net Income (R$ million) *Shareholders’ Equity in 1Q25 was reduced by R$ 130.7 million, resulting in a positive impact on ROAE. This was mainly due to: (i) the acquisition of a 6.7% minority stake by Porto Assistência, a subsidiary consolidated under Porto Serviços’ income statement, and (ii) the distribution of dividends.
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Financial and Operational Summary – Porto Serviço Managerial Income Statement – Porto Serviço 25 1Q25 Financial Financial and Operational Summary and I/S Porto Seguro Partnership 1Q25 1Q24 ∆% 4Q24 ∆% Revenues from Services (R$ million) 505.1 481.1 5.0% 469.6 7.6% Business (thousand) 1,133.8 1,134.6 -0.1% 1,113.8 1.8% B2C 1Q25 1Q24 ∆% 4Q24 ∆% Revenues from Services (R$ million) 160.1 129.3 23.8% 167.1 -4.2% Business (thousand) 5,540.7 5,352.5 3.5% 6,192.3 -10.5% B2C 1Q25 1Q24 ∆% 4Q24 ∆% Revenues from Services (R$ million) 4.5 2.0 129.0% 4.6 -0.3% Business (thousand) 6.1 2.8 118.8% 7.3 -17.2% Total Service 1Q25 1Q24 ∆% 4Q24 ∆% Total Revenues (R$ million) 669.7 612.4 9.4% 641.2 4.4% Net Income before Minority Interest (R$ million) 66.7 55.6 20.1% 71.5 -6.7% Minority Interest (R$ million) -13.2 -10.6 24.2% -12.7 4.2% Net Income (R$ million) 53.6 45.0 19.1% 58.9 -9.0% EBITDA (R$ million) 113.5 95.1 19.4% 103.0 10.2% EBITDA Margin (%) - Chg. (p.p.) 16.9% 15.5% 1.4 16.1% 0.9 ROAE (%) - Chg. (p.p.) 26.3% 21.7% 4.6 25.8% 0.4 Net debt (R$ million) - 2.0 - - - Porto Serviço 1Q25 1Q24 ∆% 4Q24 ∆% Service Revenue 669.7 612.4 9.4 641.2 4.4 Cost of services rendered (398.8) (368.6) 8.2 (363.7) 9.6 Tax Expenses (29.9) (32.4) (7.8) (31.3) (4.5) Commission (53.8) (44.6) 20.7 (51.0) 5.7 Operating Expenses (5.9) (5.6) 4.8 (14.7) (60.0) Income before Administrative Expenses 181.3 161.1 12.5 180.6 0.4 Administrative Expenses (46.5) (50.3) (7.4) (58.1) (19.8) Operating Result 134.8 110.9 21.6 122.5 10.0 Financial result 7.8 (2.0) (486.1) 5.4 44.0 Amortization of Intangible Assets (8.1) - - - - Results before Tax 134.5 108.9 23.5 127.9 5.1 Income Tax and Social Contribution (45.3) (35.9) 26.2 (36.3) 24.5 Income before interests 89.2 73.0 22.2 91.6 (2.6) Profit Sharing (22.5) (17.4) 28.9 (20.1) 12.1 Income before Minority Interest 66.7 55.6 20.1 71.5 (6.7) Minority (13.2) (10.6) 24.2 (12.7) 4.2 Net Income 53.6 45.0 19.1 58.9 (9.0) EBITDA (R$ million) 113.5 95.1 19.4 103.0 10.2 EBITDA Margin (%) - Chg. (p.p.) 16.9% 15.5% 1.4 16.1% 0.9 ROAE (%) - Chg. (p.p.)* 26.3% 21.7% 4.6 25.8% 0.4 Net debt (R$ million) - 2.0 - - *Shareholders’ Equity in 1Q25 was reduced by R$ 130.7 million, resulting in a positive impact on ROAE. This was mainly due to: (i) the acquisition of a 6.7% minority stake by Porto Assistência, a subsidiary consolidated under Porto Serviços’ income statement, and (ii) the distribution of dividends.
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Porto 1Q25 1Q25 EARNINGS RELEASE PORTO SEGURO S.A. ADRIANA Business and Relationship Specialist 21 years with Porto 26
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27 41% 39% 38% 31% 36% 37% 18% 19% 19% 7% 4% 1Q24 3%3% 4Q24 3%3% 1Q25 Ibovespa JGP Index-CDI1) 1Q25 8.3% 4.6% 1Q24 4.0% -4.5% Accum. IPCA 1.4%2.0% Benchmark 1) Ratio that aims to reflect the price variation in the local DI Debentures market. 2) Allocation mostly marked on the curve. 1Q25 Breakdown and Profitability of Investment Portfolio Return by asset class Shares Floating rate Nominal Interest2 Actual Interest² Credit R$ 21.1 B Investment Portfolio (Mar 2025) Financial Result | 1Q25 Investment Portfolio (R$ B) 2.3 1Q24 2Q24 2.2 3Q24 2.5 4Q24 1Q25 19.0 19.0 19.5 20.3 21.1 5.7 11.0 2.6 10.7 5.7 11.5 5.8 11.9 5.9 2.7 12.5 6.0 Bank¹ Other Assets Pension Plan Reserves¹ 1Q24 2Q24 3Q24 4Q24 1Q25 0.7% 1.3% 0.7% 1.1% 0.6% 1.0% 0.6% 0.5% 0.6% 0.6% Stress % NAV Annualized VolPosition as of: 03/31/2025 Profitability of Financial Investments vs. CDI Risk Indicators of Investment Portfolio 4Q24 -8.7% 1.2% 1.5% Ex-pension plan % CDI Last 3 months 2.9% 96.1% Last 12 months 8.9% 78.7% Last 60 months 60.7% 112.4% (1) Return on investments allocated in the Porto Bank Vertical
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28 1Q25 Breakdown of Nominal Portfolio - 1Q25 (R$ M) Revenue and Profitability vs. CDI (ex. Pension Plan) 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) Financial Result | 1Q25 The financial result was R$ 382.6 million in 1Q25 (+ 60.8% vs 1Q24). The revenue from the financial investment portfolio (ex-Pension plan and ALM), managed by the Treasury, was R$ 432.7 million in 1Q25, equivalent to 99.4% of CDI. Despite the Ibovespa´s gains in the quarter, our performance was slightly impacted by allocations to equity assets, which underperformed their respective benchmarks. The total portfolio of financial investments, which includes resources from pension plan participants, reached R$ 21.1 billion. Excluding resources from Pension technical reserves, the total portfolio of financial investments totaled R$ 15.1 billion and reached a return of 2.87% in the quarter (96.1% of CDI). The Company considers the pursuit of 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.: 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. Result from financial investments 1Q25 1Q24 Δ / % 4Q24 Δ / % Revenue Managed by the Treasury¹ 432.7 316.2 36.8 346.6 24.8 Impact of ALM, Pension Plan and Rollout (12.9) 6.0 - (36.6) (64.8) Total revenue from financial investments 419.8 322.2 30.3 310.0 35.4 Result of Business Allocations at Porto Bank and Resources not Managed by the Treasury (60.0) (62.0) 6.6 (59.1) 1.5 Result from financial investments² 359.8 260.2 38.3 250.9 43.4 Additional fractionation ³ 37.9 43.5 (13.0) 40.7 (7.0) Interest on Loans (8.1) (17.9) (54.9) (20.8) (61.3) Other financial results (7.0) (47.9) (85.3) 26.1 (126.9) Financial Result - ex. pension plans 382.6 238.0 60.8 296.8 28.9 Financial Result of the Pension Plan Operations4 - (10.9) - (25.2) - Total financial result 382.6 227.1 68.4 271.6 40.9 (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), Loan Operations (Porto Bank) and Capitalization (PortoCap). (2) The difference between total treasury revenue (R$ 432.7 M in 1Q25) and the result of financial investments (R$ 359.8 million in 1Q25) is explained by adjustments to allocations between lines of income from financial services which are currently reallocated mainly to Porto Bank and to funds not managed by the treasury area. (3) Result related to the installment payment of policies in the Insurance vertical. (4) As of 1Q25, the results of pension plan operations began to be allocated to the financial revenues of Porto Bank.
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Insurance Capital Adequacy* - (R$ million) Investments (CAPEX) - (R$ million) 1Q25 Investments, Capital Adequacy and Projections Investments and Capital Adequacy 29 421 470 363 367 54 116 2021 2022 2023 2024 1Q24 1Q25 667 499 Financial Holding PLA 5,964 2,532 2,905 11,401 5,297 2,033 4,071 7,330 Capital Sufficiency Capital Requirement 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 significant investments (CAPEX) in innovation and digital transformation projects, such as 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; the Corporate account project of Porto Bank, which will enable service to several stakeholders inside and outside the Porto ecosystem; the Project to adapt to the Tax Reform; 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. 2025 Projections Range Vertical Earned Premium Change (vs. 2024) +2to +5% Vertical Loss Ratio 51−55% Vertical G&A Ratio 10.3−11.2% Range Total Vertical Revenue Change (vs. 2024) +14% to+22% Credit Losses (R$ bn) -1.9to -2.3 Efficiency Ratio 32.5−35% Range Vertical Earned Premium Change (vs. 2024) +25%to +40% Vertical Loss Ratio 75−80% Vertical G&A Ratio 4.5−5.5% Range Total Vertical Revenue (R$ B) 2.5−2.8 Vertical G&A Ratio 8.0−9.0% Range Financial Result (R$ bn) 1.2−1.4 Effective rate 30−34% Guidance for the year remains unchanged
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44% 40% 43% 50% 5.1% 3.0% 5.3% 5.6% -20,0% -15,0% -10,0% -5,0% 0,0% 5,0% 10,0% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2021 2022 2023 2024 Payout Dividend Yield 52 68 51 56 55 24 16 19 17 19 20 12 24 19 19 4 Dec/21 4 Dec/22 6 Dec/23 8 Dec/24 7 Mar/25 Brazil USA England Other Dec/21 Dec/22 Dec/23 Dec/24 Mar/25 8.7 13.3 8.2 8.8 9.7 PSSA3 Performance vs. Ibovespa from IPO (Nov 2004) to Mar 2025 Ibovespa: +442% Source: Economática, Itaú Custódia and Porto Seguro 1Q25 Market Indicators 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$ 40.00 (Mar/25) | 12 months variation: +27.9% | Free Float: 184,098,759 | Market Value: R$ 25.8 B 1Q25 Earnings Release: 05/09/2025 (before market opening) Conference Call: May 9, 2025 – 8:30 am (BRT) / 7:30 am (US EDT) - In Portuguese and English (with simultaneous translation) Link to webcast: https://mzgroup.zoom.us/webinar/register/WN_lo6LgajWQ3KaWAdWtu2HnA#/registration *Payout considers earnings before income tax. Base 100 Porto: +1,180% 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 nov-24 mar-25
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31 Clients1 1Q25 Operating Highlights People 18.1 M Employees 13.7K Independent brokers2 45.8K Service providers 13K Users in the App3 4.0 M LinkedIn Followers4 1.4 M Operation Digital interactions and services in 1Q25 72 M Car services in 1Q25 731K Service calls for homes and businesses in 1Q25 693K 1Q25 service activations via App and WhatsApp (Auto and Home) 56% Human services in 1Q25 9.9 M Evaluation Porto App rating on Apple Store & Google Play4 4.8 NPS of Porto Seguro Auto 82 pts NPS of Azul Seguros Auto 80 pts NPS of Porto Seguro Homeowner 80 pts of NPS and 57% of Card clients redeemed points on Porto products 74 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 / (2) As of 1Q25, the number of brokers considers all brokers who had at least one sale in the last 12 months. / (3) As of 3Q23, we started to adopt the concept of using the app in the last 12 months / (4) Position as of April 24, 2025.
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Porto 1Q25 1Q25 EARNINGS RELEASEPORTO SEGURO S.A. NICOLAS Communication Analyst 3 years with Porto 32
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33 1Q25 Management Income Statement – Breakdown 1Q25 and 1Q24 Porto Seguro S.A.'s Income Statement Insurance Health Bank Service Other 1Q25 Total Revenue (Retained Premium + Other Revenues) 5,408.1 1,964.6 1,732.4 669.7 125.8 9,900.6 Retained Premium 5,394.5 1,927.1 - - 10.4 7,332.0 Earned Premium (insurance and healthcare vertical) 5,267.2 1,872.5 - - 11.1 7,150.7 Non-Insurance Revenues 13.6 37.5 1,732.4 669.7 115.4 2,568.7 Retained Net Claims (2,823.9) (1,306.8) - - (15.6) (4,146.3) Credit Losses (a) - - (503.5) - 0.4 (503.1) Commission (1,284.3) (126.2) (241.1) (53.8) (6.2) (1,711.7) Tax Expenses (138.3) (28.7) (104.9) (29.9) (26.6) (328.4) Operating Expenses (88.0) (38.2) (306.9) (404.7) (6.7) (844.4) Administrative Expenses (560.2) (97.3) (217.6) (46.5) (154.5) (1,076.2) Operating Income 386.0 312.8 358.4 134.8 (82.7) 1,109.4 Financial Results 194.0 34.2 - 7.8 146.7 382.6 Amortization of Intangible Assets (3.2) - - (8.1) - (11.2) EBIT 576.8 347.0 358.4 134.5 64.0 1,480.7 Income Tax and Social Contribution (170.0) (112.2) (110.9) (45.3) 49.5 (388.9) Profit Sharing (93.0) (55.2) (57.9) (22.5) (29.7) (258.2) Non-controlling shareholders in subsidiaries - - - (13.2) - (13.2) Result of Investee Companies and Subsidiaries (0.4) - 2.5 - (2.5) (0.4) Net Income (Ex-adoption of IFRS 17) 313.4 179.6 192.1 53.6 81.3 820.0 Adjustment to IFRS 17 (b) - - - - 12.3 12.3 Net Income 313.4 179.6 192.1 53.6 93.5 832.3 Effective Income Tax over Net Income (before tax) and after Profit Sharing 35.1% 38.5% 36.9% 40.4% - 31.8% Average Shareholders’ Equity 5,539.3 1,810.6 2,851.2 815.2 - 13,953.8 ROAE 22.6% 39.7% 27.0% 26.3% - 23.9% Porto Seguro S.A.'s Income Statement Insurance Health Bank Service Other 1Q24 Total Revenue (Retained Premium + Other Revenues) 5,099.4 1,452.8 1,342.8 612.4 135.1 8,642.4 Retained Premium 5,072.4 1,418.9 - - 0.7 6,492.1 Earned Premium (insurance and healthcare vertical) 5,153.7 1,393.8 - - 2.1 6,549.6 Non-Insurance Revenues 27.0 33.9 1,342.8 612.4 134.4 2,150.3 Retained Net Claims (2,633.3) (995.0) - - 3.0 (3,625.3) Credit Losses (a) - - (445.6) - (0.0) (445.6) Commission (1,184.1) (126.1) (179.1) (44.6) 5.6 (1,528.3) Tax Expenses (147.1) (21.6) (80.1) (32.4) (21.8) (303.0) Operating Expenses (81.8) (32.3) (208.6) (374.2) (42.0) (738.9) Administrative Expenses (548.7) (80.5) (165.5) (50.3) (139.3) (984.4) Operating Income 585.7 172.2 263.8 110.9 (58.0) 1,074.5 Financial Results 173.1 24.0 - (2.0) 32.0 227.1 Amortization of Intangible Assets - - - - (10.9) (10.9) EBIT 758.8 196.2 263.8 108.9 (37.0) 1,290.8 Income Tax and Social Contribution (239.0) (63.7) (80.8) (35.9) 43.1 (376.3) Profit Sharing (120.8) (27.2) (37.3) (17.4) (41.5) (244.2) Non-controlling shareholders in subsidiaries - - - (10.6) - (10.6) Result of Investee Companies and Subsidiaries (0.2) - 3.1 - (4.4) (1.6) Net Income (Ex-adoption of IFRS 17) 398.8 105.3 148.8 45.0 (39.7) 658.0 Adjustment to IFRS 17 (b) - - - - (7.0) (7.0) Net Income 398.8 105.3 148.8 45.0 (46.8) 651.0 Effective Income Tax over Net Income (before tax) and after Profit Sharing 37.5% 37.7% 35.7% - - 36.0% Average Shareholders’ Equity 5,922.2 1,268.5 2,224.8 830.0 - 12,460.2 ROAE 26.9% 33.2% 26.7% 21.7% - 20.9% 1Q25 1Q24 (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 IFRS4/CPC 11 accounting standard, in accordance with SUSEP standards.
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34 Porto Seguro S.A. and subsidiaries Balance sheets as of March 31, 2025 and 2024 (amounts expressed in millions of reais) 1Q25 Balance Sheet – IFRS 17 2025 2024 Assets Current assets 27,417.3 26,288.8 Cash and cash equivalents 2,033.5 2,191.5 Financial investments Financial investments measured at fair value through profit or loss 7,897.3 7,414.6 Loans and receivables (at amortized cost) 14,492.0 13,829.7 Reinsurance contract assets 97.1 98.3 Accounts receivable from provision of services 587.9 598.6 Recoverable taxes and contributions 360.9 295.6 Goods for sale 193.2 190.0 Deferred acquisition costs 539.9 509.0 Derivative financial instruments 116.8 160.2 Other assets 1,098.7 1,001.3 Non-current assets 22,049.6 21,624.9 Non-current receivables Financial investments Financial investments at fair value through profit or loss 2.6 2.6 Financial investments at fair value through other comprehensive income 2,045.1 2,024.6 Financial investments measured at amortized cost 9,376.6 8,986.4 Loans and receivables (at amortized cost) 1,013.6 1,026.9 Reinsurance contract assets 10.0 2.7 Deferred income tax and social contribution 1,555.7 1,553.4 Recoverable taxes and contributions 1.5 1.5 Deferred acquisition costs 1,067.9 1,033.4 Judicial deposits 1,534.7 1,519.5 Other assets 97.7 105.0 Investments Interest in associated companies and jointly controlled entities 239.2 226.9 Other investments 33.7 32.8 Real estate for investments 256.0 273.5 Property, plant and equipment 922.9 930.5 Intangible assets 3,810.0 3,817.9 Right-of-use assets 82.3 87.2 Total assets 49,466.8 47,913.7 Liabilities and shareholders’ equity Current liabilities 24,293.4 22,875.0 Insurance contract liabilities 5,936.6 5,806.9 Financial liabilities 14,357.7 13,664.2 Taxes and contributions payable 528.3 545.3 Dividends and interest on capital payable 1,400.8 606.7 Derivative financial instruments — 0.7 Lease liabilities 15.1 20.2 Other liabilities 2,054.9 2,230.9 Non-current liabilities 11,273.6 10,893.3 Insurance contract liabilities 4,894.1 4,621.9 Financial liabilities 3,573.7 3,560.0 Deferred income tax and social contribution 550.0 534.4 Derivative financial instruments — 11.3 Lease liabilities 115.5 114.3 Legal provisions 1,535.3 1,431.5 Other liabilities 604.8 620.0 Shareholders' equity 13,899.9 14,145.4 Capital 8,500.0 8,500.0 Revenue reserves: 4,072.1 4,241.5 (-) Treasury shares (231.3) (155.6) Revenue reserves – other 4,303.4 4,397.1 Capital reserves 808.3 808.3 Additional dividends proposed — 559.3 Other comprehensive income (78.1) (58.4) Retained earnings 554.5 — Non-controlling interest 43.1 94.6 Total liabilities and shareholders’ equity 49,466.8 47,913.7
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35 1Q25 Income Statement IFRS 17 and Income Statement for Other Businesses 1Q25 1Q24 Δ % / p.p. 4Q24 Δ % / p.p. Revenues Revenue from insurance contract 7,708.6 7,054.2 9.3 6,426.7 19.9 Revenue from loan operations 1,098.1 884.3 24.2 969.6 13.3 Revenue from services rendered 872.8 709.4 23.0 828.8 5.3 Revenue from special savings bonds 26.4 21.8 21.0 25.8 2.1 Other operating revenues 69.1 35.7 93.8 82.2 (16.0) Equity in net income of subsidiaries 17.7 7.2 147.2 9.3 91.1 9,792.7 8,712.5 12.4 8,342.4 17.4 Expenses Insurance contract expense (5,994.5) (5,388.0) 11.3 (4,662.1) 28.6 Net expense with reinsurance/retrocession contracts (6.5) (17.8) (63.3) (9.7) (32.2) Acquisition costs - other (212.2) (158.9) 33.5 (257.1) (17.5) Administrative expenses (1,428.1) (1,261.6) 13.2 (1,416.2) 0.8 Tax expenses (277.7) (251.9) 10.2 (270.2) 2.8 Cost of services rendered (79.3) (71.0) 11.6 (41.9) 89.2 Other operating expenses (957.5) (804.7) 19.0 (934.7) 2.4 (8,955.7) (7,953.9) 12.6 (7,591.8) 18.0 Operating income before financial result 836.9 758.6 10.3 750.6 11.5 Financial revenue 712.8 506.9 40.6 373.4 90.9 Financial expense (300.8) (233.0) 29.1 (126.1) 138.6 412.0 273.9 50.4 247.3 66.6 Operating income 1,249.0 1,032.6 21.0 997.9 25.2 Income before income tax and social contribution 1,249.0 1,032.6 21.0 997.9 25.2 Income tax and social contribution (403.5) (370.9) 8.8 (314.5) 28.3 Current (296.6) (305.5) (2.9) (334.3) (11.3) Deferred (106.9) (65.5) 63.3 19.8 (640.3) Net income (loss) for the period 845.4 661.6 27.8 683.4 23.7 Attributable to: - Company's shareholders 832.3 651.0 27.8 670.8 24.1 - Effect of non-controlling shareholders in subsidiaries 13.2 10.6 24.2 12.7 4.2 Effective IR and CS rate on income (loss) before taxes 32.3% 35.9% (3.6) 31.5% 0.8 Income Statements – Additional Businesses and Others 1Q25 1Q24 Δ% 4Q24 Δ% Retained Premium 10.4 0.7 - 11.6 (10.2) Earned Premium 11.1 2.1 430.3 3.1 253.3 Non-Insurance Revenues 115.4 134.4 (14.1) 115.7 (0.3) Retained Net Claims (15.6) 3.0 - 3.7 - Credit losses 0.4 (0.0) - 1.7 (76.3) Commission (6.2) 5.6 (209.6) (5.6) 9.9 Tax Expenses (26.6) (21.8) 22.1 (29.5) (9.9) Operating Expenses (6.7) (42.0) (84.2) (60.1) (88.9) Administrative Expenses (154.5) (139.3) 10.9 (175.1) (11.8) Operating Result (82.7) (58.0) 42.5 (146.1) (43.4) Financial Results 146.7 32.0 358.9 51.6 184.1 Amortization of intangible assets* - (10.9) (100.0) (12.5) (100.0) EBIT 64.0 (37.0) (273.2) (107.0) (159.8) Income Tax and Social Contribution 49.5 43.1 14.9 6.7 - Profit Sharing (29.7) (41.5) (28.3) (23.7) 25.6 Result of Investee Companies and Subsidiaries (2.5) (4.4) (42.7) (10.7) (76.3) Result (Ex-adoption of IFRS 17) 81.3 (39.7) (304.5) (134.7) (160.4) IFRS 17 adjustment 12.3 (7.0) (274.5) 4.0 209.5 Result 93.5 (46.8) (300.0) (130.7) (171.6) Income Statement IFRS 17 Income Statements – Other Businesses and Other * Starting in 1Q25, the amortization of intangible assets will be allocated to each vertical.
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36 1Q25 Cash Flow Statements – IFRS17 Cash Flow Statements for the periods ended March 31, 2025 and 2024 (in millions of reais) 2025 2024 Net cash from operating activities 109.9 690.9 Cash from operations 1,310.2 950.6 Net income (loss) for the period 832.3 661.6 Depreciation 24.3 31.5 Amortization 83.8 68.6 Equity in net income of subsidiaries (17.7) (7.2) Asset impairment loss 287.4 154.8 Legal provisions 109.0 32.7 Proceeds from sale of fixed assets (8.9) 8.6 Changes in assets and liabilities (837.0) (71.6) Financial investments measured at fair value through profit or loss (482.8) 654.4 Financial investments - other categories (410.6) (409.8) Insurance and reinsurance contract assets (6.1) (4.6) Loans and receivables (863.2) (61.1) Deferred income tax and social contribution (26.6) 4.6 Recoverable taxes and contributions (65.3) (81.5) Goods for sale (17.7) (13.4) Deferred acquisition costs (65.4) (66.8) Judicial deposits (15.2) (19.5) Other assets (76.1) (197.8) Lease operations 0.9 1.9 Insurance and reinsurance contract liabilities 402.0 59.7 Financial liabilities 857.9 (167.7) Derivative financial instruments 31.4 1.4 Taxes and contributions payable 235.8 171.8 Payment of legal provisions (5.1) (4.0) Other liabilities (330.8) 60.9 Other (363.4) (188.0) Other comprehensive income (19.7) (20.2) Non-controlling interest (62.1) (23.0) Income tax and social contribution paid (252.8) (121.8) Funding interest paid (28.8) (23.0) Net cash from investment activities (83.7) 121.2 Sale of property, plant and equipment and intangible assets 32.0 174.8 Acquisition of property, plant and equipment (43.7) (8.1) Acquisition of intangible assets (72.0) (45.6) Net cash from financing activities (184.2) (256.3) Repurchase - treasury shares (62.3) (76.7) Funding 490.6 618.1 Payment of loans and leases (except interest) (612.5) (797.8) Increase/(decrease) in cash and cash equivalents (158.0) 555.8 Opening balance of cash and cash equivalents 2,191.5 1,105.4 Closing balance of cash and cash equivalents 2,033.5 1,661.2
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1Q25 ESG and Ecosystem Strengthening 1Q25 EARNINGS RELEASEPORTO SEGURO S.A. MICHELE Product Analyst 8 years with Porto 37
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1Q25 ESG | Environmental, Social and Governance Porto Institute and Initiatives 50K Items donated to the Institute in 1Q25 45 Volunteering actions started in 1Q25 Productive Inclusion Initiatives2: • Started: 125 people (1Q25) • Graduates: 119 people Education Initiatives: Porto Institute • Psychological and pedagogical care services: 369 • Active students: 171 people Associação Crescer Sempre3 • Active students: 390 Campos Elíseos + Gentil Association Main social and environmental indicators R$ 344 M Revenue and Premiums from Sustainable Businesses1 (1Q25) 251 K Volume of Sustainable Products and Businesses Sold1 (1Q25) Aiming to improve the monitoring process of ESG indicators and align with best practices and trends (such as IFRS S1 and S2), we carried out the double materiality process in our management. In addition to defining 10 corporate targets for the main pillars of our strategy. Further information is available at the following link: https://www.portoseguro.com.br/sustentabilidade Evolution of Revenue and Premiums from Sustainable Products and Businesses 1 By offering affordable, customizable products with simplified contracting, we drive the insurance democratization. Accordingly, we expanded our market and reinforced our role as agents of social transformation, bringing protection to an increasing number of Brazilians. Among the sustainable products and services, one of the highlights is the accessible and inclusive products, such as Azul por Assinatura. Azul por Assinatura: innovative car insurance model, based on fixed monthly payments, without the need for an annual contract, allowing flexibility and simplified access for different driver profiles. 1Q24 2Q24 3Q24 4Q24 1Q25 178.5 184.7 214.5 231.7 343.7 Revenues and Premiums from Sustainable Products and Businesses(R$ M) Campos Elíseos + Gentil Association: District meeting at the Porto Library, with residents and merchants. Maintenance, cleaning, and conservation initiatives: • 57 alerts and maintenance and cleaning protocols • 1,487 services to the community 38 (1) Considers the products and services Auto Insurance by Subscription, Auto Insurance for Electric and Hybrid Cars, Compact Auto Insurance, Light Auto Insurance, Theft Auto Insurance, Essential Insurance, and Loans and Financing for companies with CNAEs that have a positive socio-environmental impact. / (2) Compile the initiatives of: Vocational courses + Apprentice + Pre-Training. (3) Considering the active students in early childhood education, elementary school and high school.
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Ecosystem Strengthening 1Q25 Activation platform 39 We had the opening of the 2025 Porsche Cup season, which marks the arrival of Porto as the competition’s new official sponsor for the next three seasons. Our presence at the largest GT championship in Latin America further strengthens the company’s connection with the automotive world, highlighting its commitment to offering protection and peace of mind to car lovers. To mark Gabriel Bortoleto’s debut and the return of a Brazilian to the Formula 1 starting grid, we launched an inspirational film to show the power of dreams and the care of those who have always been by the driver’s side during his career in motorsport: Bortoleto’s grandmother. The piece, which was narrated by her, was broadcast on Band and on Porto’s social networks, consolidating the company as the brand that takes care of people’s dreams. In wellness, Porto has enthusiastically announced the sponsorship and naming rights of the Track&Field Experience, which from now on will be the Porto Track&Field Experience. The company is genuinely dedicated to health and care and, with this initiative, it seeks to reach different profiles of people throughout Brazil, aiming to foster new sports modalities and encourage outdoor activities. Moreover, the Blue Run, our Porto Street Race Circuit held in Porto Alegre, brought together running lovers for health and quality of life. We also had the first stage of the Rock Mountain Games in Atibaia, and we still offered the Porto Saúde spaces at the Summer Mix Arena, with Yoga classes aimed at our brokers and employees. Car Culture Well-being The award-winning musical Wicked is back in São Paulo and Porto is a sponsor of the show’s 2025 season, which is being staged at the Renault Theater in São Paulo. In March, we announced the final extension of sales for our biggest success: Rita Lee - A Musical Autobiography. The show has already attracted over 75 thousand spectators to the Porto Theater and since its premiere, the musical has won over audiences, with sold-out sessions and four season extensions, totaling over 155 performances until the end of April. Entertainment Porto participated in Brasesul - the Southern Brazilian Congress of Insurance Brokers, the largest gathering of the insurance market in the south region of Brazil. The event brought together thousands of brokers from Rio Grande do Sul, Santa Catarina, and Paraná, as well as executives from insurance companies, industry specialists, and major leaderships. As part of its commitment to brokers, Porto was present with an exclusive booth and actively participated in the discussions, strengthening the connection with the insurance market. Education Furthermore, Porto announced its participation as an empowering entity of “Casa do Seguro” (House of Insurance), an initiative of the National Confederation of Insurance Companies (CNseg). The project was created to position the insurance sector as a key player in the climate transition. “Casa do Seguro” will operate throughout COP30, in Belém (PA), as a space for content and commercial relationships. Institutional In the first quarter of 2025, we reinforced our brand presence and our ecosystem of products and services in the activation territories:
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▪ Porto Seguro Vertical (page 6): composed of Auto, P&C, Life and Uruguay ▪ P&C (page 9): composed mainly by Commercial, Homeowner, Real Estate, Condominium, Cargo, Rural, Liabilities, Events, Machinery and Equipment, Cell Phone and Bike ▪ 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, Capitalization and Pension Plan ▪ Loan Portfolio (page 18 and 19): ▪ NII: Financial Revenue - Financial Expenses - Loan Operation Fee ▪ NIM:(NII x 4) / Average Spread Sensitive Portfolio ▪ Risk-adjusted NIM:(NII – Loss x 4) / Average Spread Sensitive Portfolio ▪ Coverage Ratio:Allowance for Doubtful Accounts / Balance of portfolio overdue for over 90 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 18 and 23): ▪ Credit Portfolio (up to 360 days in arrears): R$ 20.1 billion in 1Q25 and R$ 17.6 billion in 1Q24 ▪ Allowance for Doubtful Debts - Losses/Provisions for Loan Losses (up to 360 days overdue): R$ 1,625 million in 1Q25 and R$ 1,393 million in 1Q24 ▪ 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 ▪ Pension plan (page 21): ▪ Effective Revenue: pension plan contribution income (accumulation + risk) + VGBL premiums ▪ Assets under Management: considers only participant resources ▪ Porto Serviço (page 23): segmented between Porto Assistência, Partnerships and B2C, mainly offering assistance services for households, companies and vehicles. ▪ Financial Result (pages 27 to 28): ▪ 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 40 1Q25 Appendix
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Contact Alameda Barão de Piracicaba, 740 – 11º andar – São Paulo, SP https://ri.portoseguro.com.br gri@portoseguro.com.br