Slides
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236A3L4ERI9121-X-40P77G230E81-32-A2P9S-RI 236A3L4ERI9121-X-40P77G230E81-32-A2P9S-RI 236A3L4ERI9121 -X-40P77G230E81 -32-A2P9S - 3Q26 Earnings Conference Call
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3Q26 EARNINGS RELEASE PORTO SEGURO S.A. 2 Consolidated Summary 3Q26 vs. 3Q25 | 9M26 vs. 9M25 Recurring Total Revenue¹ R$ 11 B (+10%) Recurring ROAE² 18% (-5.3 p.p.) 3Q26 Recurring Net Income² R$ 713 M (-14%) No. of Customers 19.2 M (+1.2 mi) No. of Businesses 38.2 M (+6.1 M) Porto Brokers’ NPS 86 pts (1) Excluding the effects of the new revenue and cost deferral model for the Consortium, now applied by group and quota. (2) For the quarter, the figures are adjusted for: i) the recognition of deferred tax credits (-R$ 135.4 million), previously provisioned as losses, resulting from the ongoing corporate reorganization of Porto Serviço; and ii) a cash benefit (+R$ 9.2 million) from an income tax reduction related to the amortization of goodwill from CDF. On a year-to-date basis, the figures are adjusted for: i) the reversal of deferred tax (-R$ 185 million) arising from the incorporation of ISAR; ii) the recognition of deferred tax credits (-R$ 135.4 million), previously provisioned as losses, resulting from the ongoing corporate reorganization of Porto Serviço; and iii) a cash benefit (+R$ 27.5 million) from an income tax reduction related to the amortization of goodwill from CDF. Recurring Total Revenue¹ R$ 33 B (+10%) Recurring ROAE² 21% (-2.2 p.p.) 9M26 Recurring Net Income² R$ 2.6 B (+1%) Net Income R$ 2.9 B (+12%) ROAE 23% (+0.0 p.p.) Net Income R$ 839 M (+1%) ROAE 21% (-2.3 p.p.)
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+9% Revenue (R$ 6,2 B) 3 + 12% Revenue (R$ 2,5 B) +352 K Members - Porto Saúde (+172k in Health Insurance and +180k in Dental) 32% ROAE (-0.4 p.p.) +34% Net Income (R$ 52 M) 25% ROAE (+7 p.p.) -3 p.p. Efficiency Ratio (27,4%) 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Verticals Summary 3Q26 vs. 3Q25 20% ROAE (-6 p.p.)
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4 Evolution of Digital Service (% of Total) 67% 71% 72% 73% 73% 3Q25 4Q25 1Q26 2Q26 3Q26 +6.0 p.p. 41% 45% 50% 54% 58% 3Q25 4Q25 1Q26 2Q26 3Q26 +17.0 p.p. Share in the Digital Client Service Share in Digital Broker Service 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Digital Service Consistent evolution in the channels for Customers and Brokers
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+9.4% +12.0% +12.5% +9.0% 606 660 2,002 5,663 6,192 2,190 2,454 1,779 21 3 4 5 +10% Total Revenue* (YoY) (1) Includes premiums 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 Premium Bonds | (4) Porto Seguro Vertical is segmented between Porto Seguro Partnership, Strategic Partnerships and Digital Products, mainly offering assistance services for households, companies and vehicles. 3Q25 3Q26 3Q25 3Q26*3Q25 3Q26 3Q263Q25 *Excluding the effects of the improvement in the Consortium’s revenue and cost deferral method through the systemic implementation of the new granular control model by group and quota. 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Revenues Double-digit growth in Total Revenue Revenue by Line of Business (R$ million)
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6 32% 25%20% Recurring ROAE¹ without Surplus Capital Recurring ROAE¹ Recurring ROAE¹ of 18% (1) For the quarter, adjusted for: i) a deferred tax reversal of -R$ 135.4 million resulting from the incorporation of Porto Serviço, and ii) a +R$ 9.2 million cash benefit from an income tax reduction related to the amortization of goodwill from CDF. | The consolidated ROAE differs from the average of the business verticals, primarily due to the results from the Parent Company and "Other Businesses." 14% 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Profitability Recurring ROAE1 of 18% ROAE Breakdown - 3Q26 18% 25%
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56% 16% 24% 5% Healthcare Bank Service Insurance 59% 11% 23% 7% Healthcare Bank Service Insurance Net Income: R$ 832 M Net Income: R$ 713 M Auto³ Other Insurance³ 57% 43% Auto³ Other Insurance³ 7 3Q263Q25 -14% Net Income Breakdown¹,² 61% 39% (1) The profit sharing does not consider the result of the Parent Company and other businesses | (2) The recurring result con siders the reversal of deferred tax of - R$ 135.4 million arising from the merger of Porto Serviços and the benefit of R$ 9.2 million quarterly in cash resulting from the tax result after Amortization of CDF’s goodwill. | (3) Participation in the Subscription Result of the Insurance Vertical (earned premium – claims – commission expenses / earned premium). 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Results Diversification Consistent and diversified results
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179.3 (55%) Total Revenue 3.3 Pension Plan (Traditional)¹ 11.6 ALM PortoCap¹ Adjusted Revenue 340.4 355.3 41% 44% 33% 37% 21% 18% 15% 27% 40% 2%4% 3Q25 4%5% 2Q26 3%5% 3Q26 Breakdown of Nominal Portfolio – 3Q26 (R$ M) Breakdown of the Investment Portfolio (1) Result generated on funds invested by the Company to mitigate the mismatch between assets and liabilities (ALM) of Traditiona l Pension operations (product whose sale was discontinued), Credit Operations (Porto Bank) and Premium Bonds (PortoCap). (2) Allocation primarily in floating rates. (3) Allocation mostly marked on the curve. (4) As of 4Q25, we had an increase in the duration of fixed-rate securities through derivatives, despite the reduction in the percentage exposure of the equity. (5) Through the sale of DAPs, we reduce exposure to IPCAs for the year 2026. Equities Corporate Bonds2 Floating rate Inflation-linked3 5 Fixed rate3 4 5 8 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Financial Investment Performance Revenue from the financial investment portfolio (ex-pension plan and ALM), managed by the Treasury, was R$ 355.3 million in 3Q26.
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4,072 939 480 4,482 1,027 489 Auto P&C Life +10.0% +9.4% +2.0% 3Q25 3Q26 (1) Includes premiums from Auto, Property and Casualty, Live, and Uruguay. 9 Quarterly Premiums – Main Products (R$ million) R$ 6.2 B Porto Seguro Revenue¹ in 3Q26 (+9.4% vs. 3Q25) NPS of Porto Seguro Auto in 3Q26 82 pts NPS of Azul Seguros Auto in 3Q26 82 pts NPS of Porto Seguro Residencial in 3Q26 81 pts 3Q26 EARNINGS RELEASE PORTO SEGURO S.A.
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10 58.2% 30.7% 39.5% 59.1% 32.2% 36.2% Auto P&C Life +0.9 p.p. +1.5 p.p. -3.3 p.p. 3Q25 3Q26 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Quarterly Loss Ratio – Main Products (%) 51.9% Porto Seguro Loss Ratio in 3Q26 (+0.3 p.p. vs. 3Q25)
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6% 11% 26%57% Other Life P&C Auto Net Income (R$ million) ROAE (% p.a.) Porto Seguro: Net Income of R$ 443.1 M (-1.7% vs. 3Q25) and ROAE of 31.7% in 3Q26 (-0.4 p.p. vs. 3Q25). 451 459 467 456 443 32.2% 32.3% 33.8% 32.9% 31.7% 3Q25 4Q25 1Q26 2Q26 3Q26 11 Distribution of Subscription Result (3Q26) (%)1 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. (1) Insurance Vertical Subscription Result = earned premium – claims – commission / earned premium Net Income and Profitability (R$ M)
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12 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. +172k Lives Insured in Health (+21.9% vs. 3Q25) R$ 2.5 B Total Revenues of Porto Saúde in 3Q26 (+12.0% vs. 3Q25) R$ 84 M Net Income in 3Q26 (-33.5% vs. 3Q25) 784 831 858 904 956 3Q25 4Q25 1Q26 2Q26 3Q26 +21.9% +5.8% Members - Health Insurance (thousands) 3Q25 4Q25 1Q26 2Q26 3Q26 2,091 2,172 2,156 2,243 2,344 +12.1% +4.5% Written Premium - Health Insurance (R$ million) Members and Premiums - Health Insurance
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13 3Q25 4Q25 1Q26 2Q26 3Q26 78.3% 74.9% 70.0% 77.9% 83.3% +5.0 p.p. 3Q25 4Q25 1Q26 2Q26 3Q26* 77.3% 73.5% 68.9% 76.9% 82.0% +4.7 p.p. Loss Ratio - Health Insurance Loss Ratio - Health and Dental Insurance 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Loss Ratio - Health Insurance and Health + Dental Insurance * Growth explained by the oncological impact and the seasonal effect of July.
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3Q25 4Q25 1Q26 2Q26 3Q26 25.7% 126.3 32.7% 169.7 36.5% 215.7 24.0% 143.9 13.7% 84.0 Result (R$ million) ROAE (%) 14 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Net Income and Profitability
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3Q25 4Q25 1Q26 2Q26 3Q26 30.7% 29.5% 27.7% 25.4% 27.4% 7.3 M Businesses +30% vs. 3Q25 75 pts NPS of Porto Bank in 3Q26 27.4% Efficiency Ratio -3 p.p. vs. 3Q25 15 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. (1) Excluding the effects of the improvement in the Consortium’s revenue and cost deferral method through the systemic implementation of the new granular control model by group and quota. (2) Methodology for calculating the Efficiency Ratio: (Operating and Administrative Expenses) / (Revenue net of taxes – Commission – Rewards). Efficiency Ratio²Revenue 738 516 730 773 842276 144 3Q25 143¹ 4Q25 83 143¹ 1Q26 67 139¹ 2Q26 56 140¹ 3Q26 1,779 1,845 1,942 1,939 2,002 1,041 1,053 1,129 1,099 1,104 Pro-forma Revenue¹ Fee-Based Revenue (R$ million) Net Financial Revenue (R$ million) Average Monthly Revenue per Active Customer (R$) -3.3 p.p.
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16 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Over 90 days1 Over 15-90 days (1) Delays up to 360 days | (2) Source: Bacen, weighted by the company's comparable portfolio. 7.2% 8.8% 3Q25 7.3% 8.8% 4Q25 8.2% 8.9% 1Q26 9.4% 9.5% 2Q26 10.2% 9.9% 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 4.5% 4.3% 5.2% 5.0% 4.9% Stage 3 14.6% 3Q25 15.3% 4Q25 13.8% 1Q26 15.1% 2Q26 15.0% 3Q26 Over 90 - Porto Bank Over 90 - Market²
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17 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. 3Q25 4Q25 1Q26 2Q26 3Q26 26.1% 196.0 28.4% 219.4 24.8% 211.5 16.3% 137.8 20.3% 170.7 Result (R$ million) ROAE (%) Net Income and ROAE
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Total Revenue (R$ M) and Revenue Distribution (%) 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. 18 76.7% 74.9% 77.2% 75.1% 76.6% 22.6% 24.1% 21.7% 24.0% 22.5% 0.8% 3Q25 0.9% 4Q25 1.1% 1Q26 0.9% 2Q26 1.0% 3Q26 Porto Seguro Partnership Strategic partnerships Digital Products 679k Car services 688k Services for homes and businesses 81 pts NPS at Porto Serviço in 3Q26 660606 663 674 +9.0% +38.6% in Digital Product Revenues in 3Q26 vs. 3Q25 +8.5% in Strategic Partnership Revenues in 3Q26 vs. 3Q25 659
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Net Income and Profitability 1 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. 49.1 91.1 60.6 57.4 59.0 18.6% 34.4% 22.8% 25.4% 25.2% 3Q25 4Q25 1Q26 2Q26 3Q26 Porto Result + Minority Interest (R$ million) ROAE (1) Result and ROAE referring to Porto + Minority Shareholders 19 R$ 96 M of EBITDA (+5.6% vs. 3Q25) and 15% of EBITDA Margin in 3Q26 (-0.5 p.p. vs. 3Q25) R$ 59 M Result¹ (+20.1% vs 3Q25) and ROAE at 25.2% in 3Q26 (+6.6 p.p. vs. 3Q25)
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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. 20 3Q26 EARNINGS RELEASE PORTO SEGURO S.A. Review - Guidance 2026 (1) Porto Bank Total Revenue: Revenue impacted by improvements in the deferral method of consortium revenues and costs and now net of expenses with Rewards and card brands. (2) New calculation of Porto Bank Efficiency Ratio: (Operating and Administrative Expenses net of Rewards and brands) / (Net revenue net of taxes, Rewards and brands – Commission). Expenses such as Rewards and flags will no longer be part of operating expenses and will become revenue deductions in 2026. (3) Effective Rate: Review of the Effective Rate resulting from the reversal of deferred taxes on the surplus from the acquisition of a subsidiary after its merger. Range Vertical Earned Premium Change (vs. 2025) +3% to +7% Vertical Loss Ratio 50 to 54% Vertical G&A Ratio +10.0% to +10.6% Range Vertical Earned Premium Change (vs. 2025) +14% to +22% Vertical Loss Ratio 72% to 77% Vertical G&A Ratio 4.7% to 5.7% Range Total Vertical Revenue1 (R$ bn) 7.7 to 8.1 Credit Losses (R$ bn) -3.1 to -3.5 Efficiency Ratio2 24% to 28% Range Total Vertical Revenue (R$ B) 2.6 to 2.9 Vertical G&A Ratio 9% to 10% Review Held Held Held Review 7.5 to 7.9 Review +12% to +16% Held Held Review Held Held Range Financial Result (R$ bn) 1.4 to 1.8 Effective rate ³ 23% to 27% Review 1.1 to 1.5 17% to 21% Held -3.4 to -3.8 Projections for the year 2026
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3Q26 Q&A November/2026
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3Q26 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 – 11th floor – São Paulo, SP https://ri.portoseguro.com.br gri@portoseguro.com.br