Exhibit 99.4
KPMG Auditores Independentes Ltda.
Rua Verbo Divino, 1400 - Conjunto Térreo ao 801 – parte,
Chácara Santo Antônio, CEP 04719-911, São Paulo - SP
Caixa Postal 79518 - CEP 04707-970 - São Paulo - SP - Brasil
Telefone 55 (11) 3940-1500
kpmg.com.br
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of PicS N.V. (formerly known as PicPay Holdings Netherlands B.V)
Results of review of interim financial statements
We have reviewed the condensed consolidated statement of financial position of PicS N.V., formerly known as PicPay Holdings Netherlands B.V. (the Company) as of June 30, 2026, the related condensed consolidated statements of profit or loss and comprehensive income for the three-month and six-month periods ended June 30, 2026 and 2025, and related condensed consolidated statements of changes in equity and cash flows for the six-month periods ended June 30, 2026 and 2025, and related notes (collectively, the unaudited condensed consolidated interim financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with IAS 34 – Interim Financial Reporting as issued by the International Accounting Standards Board (IASB).
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2025, and the related consolidated statements of profit or loss, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated April 30, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the statement of financial position from which it has been derived.
Basis for Review Results
These condensed consolidated interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
KPMG Auditores Independentes Ltda. São Paulo, Brazil
August 24, 2026
| KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada. | KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
2
| PicS N.V. Unaudited Condensed Consolidated Statements of Financial Position As of June 30, 2026 and December 31, 2025 (Thousands of Reais) |
 |
| ASSETS | Note | June 30, 2026 |
December 31, 2025 |
||||||||
| Cash and cash equivalents | 6 | ||||||||||
| Financial assets | |||||||||||
| Financial assets measured at fair value through profit or loss | |||||||||||
| Financial Investments | 7.1 | ||||||||||
| Derivative financial instruments | 7.2 | ||||||||||
| Financial assets measured at fair value through other comprehensive income | |||||||||||
| Financial Investments | 7.1 | ||||||||||
| Financial assets measured at amortized cost | |||||||||||
| Financial investments | 7.1 | ||||||||||
| Trade receivables | 8.1 | ||||||||||
| Consumer Loans | 8.2 | ||||||||||
| Other receivables | 8.4 | ||||||||||
| Prepaid expenses | |||||||||||
| Other assets | |||||||||||
| Tax assets | |||||||||||
| Current income tax assets | |||||||||||
| Deferred tax assets | 9.1 | ||||||||||
| Legal deposits | |||||||||||
| Property, plant and equipment | |||||||||||
| Right of use assets – leases | |||||||||||
| Intangible assets | 10 | ||||||||||
| TOTAL ASSETS | |||||||||||
| LIABILITIES | Note | June 30, 2026 |
December 31, 2025 |
||||||||
| Financial liabilities measured at fair value through profit or loss | |||||||||||
| Derivative financial instruments | 7.2 | ||||||||||
| Financial liabilities measured at amortized cost | |||||||||||
| Third-party funds | 11 | ||||||||||
| Trade payables | 12 | ||||||||||
| Obligations to FIDC FGTS quota holders | 13 | ||||||||||
| Labor obligations | 14 | ||||||||||
| Taxes payable | 15.1 | ||||||||||
| Deferred tax liabilities | 9.2 | ||||||||||
| Lease liability | |||||||||||
| Provision for legal and administrative claims | 16 | ||||||||||
| Other liabilities | |||||||||||
| Total Liabilities | |||||||||||
| Equity | 17 | ||||||||||
| Share premium reserve | |||||||||||
| Treasury shares | ( | ) | |||||||||
| Capital reserve | |||||||||||
| Fair value reserve | |||||||||||
| Retained earnings | |||||||||||
| Non-Controlling interests | |||||||||||
| TOTAL EQUITY AND LIABILITIES | |||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
3
| PicS N.V. Unaudited Condensed Consolidated Statements of Profit or Loss For the Three and six-month period ended June 30, 2026 and 2025 (Thousands of Reais, except Earnings per share) |
|
| Three-month ended June 30 |
Six-month period ended June 30 |
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| Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net revenue from transaction activities and other services | |||||||||||||||||||
| Financial income | 19 | ||||||||||||||||||
| Total revenue and financial income | |||||||||||||||||||
| Transaction expenses | 20 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Interest and other financial expenses | 21 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Total transaction and financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
| Credit loss allowance expenses | 22 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Technology expenses | 23 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Marketing expenses | 24 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Personnel expenses | 25 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Administrative expenses | 26 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
| Other expenses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
| Other income | |||||||||||||||||||
| Profit before income taxes | |||||||||||||||||||
| Current income tax and social contribution | 15.2 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Deferred income tax and social contribution | 15.2 | ||||||||||||||||||
| Total income tax and social contribution (expense) benefit | ( | ) | |||||||||||||||||
| Profit for the period | |||||||||||||||||||
| Profit attributable to the Company’s shareholders | |||||||||||||||||||
| Profit attributable to non-controlling interests | ( | ) | ( | ) | |||||||||||||||
| Earnings per share – basic and diluted (R$) | 17.c | ||||||||||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
4
| PicS N.V. Unaudited Condensed Consolidated Statements of Comprehensive Income For the Three and six-month period ended June 30, 2026 and 2025 (Thousands of Reais) |
|
| Three-month ended June 30 |
Six-month period ended June 30 |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Profit for the period | ||||||||||||||||
| Other comprehensive income/(loss) (OCI) | ( | ) | ( | ) | ||||||||||||
| - Items that are or may be reclassified subsequently to profit or loss | ||||||||||||||||
| Fair value of financial assets at fair value through other comprehensive income | ( | ) | ( | ) | ||||||||||||
| Deferred income tax | ( | ) | ( | ) | ||||||||||||
| Reclassification of fair value adjustments to profit or loss | ( | ) | ( | ) | ||||||||||||
| Total comprehensive income | ||||||||||||||||
| Comprehensive income attributable to the Company’s shareholders | ||||||||||||||||
| Comprehensive income attributable to non-controlling interests | ( | ) | ( | ) | ||||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
5
| PicS N.V. Unaudited Condensed Consolidated Statements of Changes in Equity For the six-month period ended June 30, 2026 and 2025 (Thousands of Reais) |
|
| Note | Share premium reserve | Treasury shares | Capital reserve | Fair value reserve | Retained earnings | Non-Controlling Interest | Total | |||||||||||||||||||||||
| Balances as of December 31, 2025- PicS N.V | ||||||||||||||||||||||||||||||
| Share capital increase | ||||||||||||||||||||||||||||||
| Repurchase of treasury shares | ( | ) | ||||||||||||||||||||||||||||
| IPO cost | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Corporate reorganization | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Share-based long-term incentive plan - (LTIP) | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Other comprehensive income for the period (OCI) | ||||||||||||||||||||||||||||||
| Fair value of financial assets at fair value through other comprehensive income | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
| Deferred income tax | ||||||||||||||||||||||||||||||
| Reclassification of fair value adjustments to profit or loss | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
| Profit for the period | ( | ) | ||||||||||||||||||||||||||||
| Balances as of June 30, 2026 - PicS N.V | ( | ) | ||||||||||||||||||||||||||||
| Note | Share premium reserve | Treasury shares | Capital reserve | Fair value reserve | Retained earnings | Non-Controlling Interest | Total | |||||||||||||||||||||||
| Balances as of December 31, 2024 -PicS N.V | ( | ) | ||||||||||||||||||||||||||||
| Share capital increase | ||||||||||||||||||||||||||||||
| Other comprehensive income for the period (OCI) | ||||||||||||||||||||||||||||||
| Fair value of financial assets at fair value through other comprehensive income | ||||||||||||||||||||||||||||||
| Deferred income tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
| Reclassification of fair value adjustments to profit or loss | ||||||||||||||||||||||||||||||
| Profit for the year | ||||||||||||||||||||||||||||||
| Balances as of June 30, 2025- PicS N.V | ( | ) | ||||||||||||||||||||||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
6
| PicS N.V. Unaudited Condensed Consolidated Statements of Cash Flows For the six-month period ended June 30, 2026 and 2025 (Thousands of Reais) |
|
| Note | June 30, 2026 |
June 30, 2025 |
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| Profit for the period | |||||||||||
| Adjustments for | |||||||||||
| Income tax and social contribution expenses (benefit) | ( | ) | ( | ) | |||||||
| Labor provisions | |||||||||||
| Share based long term incentive plan (LTIP) | ( | ) | |||||||||
| Depreciation/amortization | |||||||||||
| Provision for legal and administrative claims | |||||||||||
| Chargeback provision | ( | ) | |||||||||
| Credit loss allowance | 22 | ||||||||||
| Interest accrued on third party funds | |||||||||||
| Interest accrued on consumer loans | ( | ) | ( | ) | |||||||
| Interest accrued on FIDC FGTS senior quotas | ( | ) | |||||||||
| Interest accrued on financial assets | ( | ) | ( | ) | |||||||
| Variations in operating assets and liabilities | |||||||||||
| Financial assets | ( | ) | |||||||||
| Derivative financial instruments | |||||||||||
| Trade receivables and other receivables | ( | ) | ( | ) | |||||||
| Consumer loans | ( | ) | ( | ) | |||||||
| Prepaid expenses | ( | ) | ( | ) | |||||||
| Other assets | ( | ) | ( | ) | |||||||
| Third-party funds | |||||||||||
| Labor obligations and taxes payable | ( | ) | |||||||||
| Trade payables and other obligations | |||||||||||
| Obligations to FIDC FGTS quota holders | |||||||||||
| Legal and administrative claims | ( | ) | - | ||||||||
| Interest received | |||||||||||
| Interest paid | ( | ) | ( | ) | |||||||
| Income tax and social contribution paid | ( | ) | ( | ) | |||||||
| Net cash (used in) from operating activities | ( | ) | |||||||||
| Cash flows from investing activities | |||||||||||
| Acquisition of property, plant and equipment | ( | ) | ( | ) | |||||||
| Acquisition of intangible assets | ( | ) | ( | ) | |||||||
| Net cash (used in) investing activities | ( | ) | ( | ) | |||||||
| Cash flows from financing activities | |||||||||||
| Share Capital Increase | |||||||||||
| Payment of leases | ( | ) | ( | ) | |||||||
| Net cash from financing activities | |||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ) | |||||||||
| Cash and cash equivalents at the beginning of the period | |||||||||||
| Cash and cash equivalents at the end of the period | |||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ) | |||||||||
The notes are an integral part of unaudited interim condensed consolidated financial statements.
7
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
1. Operating context
PicS N.V. (formerly known as PicPay Holdings Netherlands B.V. - change effective January 29, 2026). (“PicPay Netherlands” or “Company”, along with its subsidiaries, “PicPay Group” or “Group”), a public limited liability company under Dutch law, resulted from the conversion of PicPay Netherlands B.V., which was a private limited liability company, to a public limited liability company, both under Dutch law. On January 29, 2026, PicS N.V. finalized its initial public offering (“IPO”) and trading of its shares began on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) under the symbol “PICS”.
The PicPay Group is a Brazilian digital financial services platform operating through a set of regulated subsidiaries authorized by the Brazilian Central Bank (“BACEN”). The Group’s principal activities encompass digital payments and money transfers, credit products — including personal loans, payroll-deductible loans and FGTS-collateralized advances — credit card issuance and acquiring, financial investments, securities brokerage and P2P lending. As of June 30, 2026, the Group’s main operating subsidiaries and their respective regulatory authorizations are as follows:
PicPay Instituição de Pagamento S.A. (“PicPay”) is authorized by the Brazilian Central Bank to operate as a payment institution in the capacities of:
(1) issuer of electronic currency;
(2) issuer of postpaid payment instruments;
(3) acquirer;
PicPay Bank – Banco Múltiplo S.A. (“PicPay Bank”) is authorized by the Brazilian Central Bank to operate as a multi-purpose bank, with authorization to perform both commercial and credit, financing and investment activities;
PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. (“PicPay Invest”) is authorized by the Brazilian Central Bank to operate as a securities broker. In addition, PicPay Invest is authorized by the CVM to perform custodian securities services and fiduciary administration and trustee activities;
Guiabolso Finanças Correspondente Bancário e Serviços Ltda. (“Guiabolso”) is a non-regulated entity that operates as a banking correspondent linked to the PicPay application, intermediating financial products and services between the application’s users and commercial partners. Guiabolso’s activities include banking correspondent services, commercialization of advertising spaces, and the provision of debt collection and receivables strategy services on behalf of third parties; and
Crednovo Sociedade de Empréstimo Entre Pessoas S.A. (“Crednovo”) is authorized by the Brazilian Central Bank to operate as a P2P (“Peer-to-peer”) lending fintech company intermediating credit operations between lenders and borrowers.
In addition, its subsidiaries substantially include the following companies: Guiabolso Pagamentos Ltda, BX Negócios Inteligentes Ltda, Fundo de Investimentos em Direitos Creditórios Não-Padronizados PicPay I, Fundo de Investimentos em Direitos Creditórios PicPay FGTS, PicPay Participações e Investimentos Ltda, Nosso Time Igaming, PicPay Holding Ltda and Zem Collection Ltda.
As of June 30, 2026, the controlling shareholder of PicS N.V. is J&F International, which holds % of the total issued and outstanding capital stock of PicS N.V. J&F International is a wholly owned subsidiary of J&F Participações.
8
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
1.1. Seasonality of operations
The Group´s semester financial results are likely to fluctuate as a result of a variety of factors, some of which are outside of the Group’s control, although they do not demonstrate significant seasonality or cyclicality. As a consequence of these factors, an interim period may not be indicative of the annual expected result.
2. Presentation and preparation of the consolidated financial statements
2.1 Basis of preparation of the unaudited condensed consolidated financial statements
Unaudited condensed interim financial statements of the Company have been prepared in accordance with IAS 34 - Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).
Unaudited condensed interim financial statements were approved by the Board of Directors at the meeting held on August 24, 2026.
The consolidated interim financial statements were prepared on a historical cost basis, unless otherwise stated.
2.2 Basis of consolidation
These consolidated interim financial statements include PicS N.V. and all entities over which it has control (subsidiaries). Control is when the Group is exposed or has rights to variable returns from its involvement with the investee, has existing rights that give it the ability to direct the relevant activities and has the ability to affect those returns through its power over the investee.
The Group reassesses whether it controls a subsidiary if facts and circumstances indicate there are changes to one or more of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the entity and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary are included in the consolidated financial statements from the date the Group obtains control until the date the Group loses control. Intragroup transactions between parent company and its subsidiaries are eliminated in full on consolidation.
Acquisition Kev
On August 3, 2026, PicPay Bank completed the acquisition of
The total consideration for the acquisition amounts to R$
Kev (formerly Kovr) has been a long-standing strategic partner of PicPay in the structuring of insurance products. The acquisition is consistent with PicPay’s strategy of strengthening its presence in this segment by incorporating specialized expertise and expanding its revenue sources, thereby contributing to earnings diversification and to the broadening of the product portfolio offered to its customers.
The acquisition will be accounted for under the acquisition method, whereby the identifiable assets acquired and liabilities assumed are measured at fair value as of the acquisition date. The purchase price allocation (PPA) is in progress and comprises, among other procedures, the fair value measurement of the classes of identifiable assets and liabilities, the determination of goodwill attributable to expected future profitability and of the factors comprising it, the fair value measurement of the financial assets acquired, and the assessment of the consideration transferred.
9
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The consolidated financial statements include PicS N.V. and the following subsidiaries:
| Entity | Country | Principal activities | June 30, 2026 | December 31, 2025 | Control | |||||||||
| PicS Ltd. | % | % | ||||||||||||
| PicS Holding Ltda | % | % | ||||||||||||
| PicPay Instituição de Pagamento S.A. | % | % | ||||||||||||
| PicPay Bank - Banco Múltiplo S.A. | % | % | ||||||||||||
| Crednovo Sociedade de Empréstimo Entre Pessoas S.A. | % | % | ||||||||||||
| PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda | % | % | ||||||||||||
| Guiabolso Correspondente Bancário e Serviços Ltda | % | % | ||||||||||||
| Guiabolso Pagamentos Ltda | % | % | ||||||||||||
| BX Negócios Inteligentes Ltda | % | % | ||||||||||||
| Fundo de Investimentos em Direitos Creditórios Não- Padronizados PicPay I (2) | % | % | ||||||||||||
| Veredas FIF Multimercado Crédito Privado Responsabilidade Limitada | % | |||||||||||||
| Fundo de Investimentos em Direitos Creditórios PicPay FGTS II de Responsabilidade | % | % | ||||||||||||
| Fundo de Investimentos em Direitos Creditórios PicPay FGTS (2) | % | % | ||||||||||||
| PicPay Participações e Investimentos Ltda (3) | % | % | ||||||||||||
| Nosso Time Igaming S.A. (3) | % | % | ||||||||||||
| PicPay Holding Ltda (3) | % | % | ||||||||||||
| Zem Collection Ltda (3) | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
Accounting policies have been applied uniformly to all consolidated entities.
3. Material accounting policies
The accounting policies used in the preparation of these condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements of PicS N.V. for the year ended December 31, 2025, as described in Note 3 to those financial statements, and should be read in conjunction with them.
4. Critical accounting judgments and key estimates and assumptions
In applying the Group’s accounting policies, management must exercise judgment and make estimates which impact the carrying amounts of certain assets and liabilities. Estimates and related assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.
The underlying estimates and assumptions are reviewed at each reporting period. The effects resulting from revisions made to accounting estimates are recognized in the period in which they are revised.
The critical accounting judgments and key estimates and assumptions used in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2025, as described in Note 3 of those financial statements. No changes in the methods used to determine these judgments and estimates have occurred during the three-month and six-month period ended June 30, 2026, except as described below.
10
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
5. Adoption of new accounting standards and interpretations not yet effective
5.1 New standards and amendments effective for annual periods beginning on January 1, 2025
| ● | Lack of exchangeability (Amendments to IAS 21) |
The above-mentioned standards do not have any impact on Unaudited condensed interim financial statements.
5.2 Other new standards and amendments issued but not yet effective
| ● | Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) |
| ● | Amendments from ‘Annual Improvements to IFRS Accounting Standards – Volume 11: |
| ● | Presentation and Disclosure in Financial Statements (IFRS 18): The new standard replaces IAS 1 - Presentation of Financial Statements and determines a new structure for the income statement by categorizing it into predefined sections: operating, investing, financing, discontinued operations, and income tax. This standard will take effect on January 1, 2027. The Group expects impacts on disclosures, presentation and classification on financial statements. |
Management did not early adopt any amendments. Also, Management does not expect the adoption of the amendments described above to have a significant impact, other than additional disclosures to the Group’s consolidated interim financial statements.
6. Cash and Cash Equivalents
| June 30, 2026 | December 31, 2025 | |||||||
| Bank balances | ||||||||
| Voluntary deposits at Central Bank (1) | ||||||||
| Reverse repurchase agreements (2) | ||||||||
| Cash and Cash Equivalents | ||||||||
| (1) |
| (2) |
7. Financial investments and derivatives
7.1 Financial investments - securities
As of June 30, 2026
| No maturity | Up to 30 days | From 181 to 365 days | Over 365 days | Cost Value | Adjustment to fair value | Fair Value | ||||||||||||||||||||||
| Financial assets measured at fair value through profit or loss | ( | ) | ||||||||||||||||||||||||||
| Government Bonds - LFT (1) (3) | ( | ) | ||||||||||||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||||||||||||||
| Other investments | ||||||||||||||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||||||||||||||
| Government Bonds - LFT (1) (3) | ||||||||||||||||||||||||||||
| Government Bonds – NTN-B (4) | ( | ) | ||||||||||||||||||||||||||
| Financial assets measured at amortized cost | ( | ) | ||||||||||||||||||||||||||
| Government Bonds - LTN (2) | ||||||||||||||||||||||||||||
| Government Bonds - NTN-F (6) | ( | ) | ||||||||||||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||||||||||||||
| Total | ( | ) | ||||||||||||||||||||||||||
11
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
As of December 31, 2025
| No maturity | Up to 30 days | From 181 to 365 days | Over 365 days | Cost Value | Adjustment to fair value | Fair Value | ||||||||||||||||||||||
| Financial assets measured at fair value through profit or loss | ||||||||||||||||||||||||||||
| Government Bonds - LFT (1) | ||||||||||||||||||||||||||||
| Other investments | ||||||||||||||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||||||||||||||
| Government Bonds - LFT (1) (3) | ||||||||||||||||||||||||||||
| Government Bonds – NTN-B (4) | ||||||||||||||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||||||||||||||
| Government Bonds - LTN (2) (5) | ||||||||||||||||||||||||||||
| Government Bonds - NTN-F (6) | ( | ) | ||||||||||||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
| (5) |
| (6) |
7.2 Derivative Financial instruments
Fair Value and Notional values by risk factor and maturity as of June 30, 2026
| Fair Value | Notional value | Up to 30 days | From 31 to 365 days | |||||||||||||
| Assets | ||||||||||||||||
| Derivative hedging instrument of portfolio hedge accounting | ||||||||||||||||
| Derivative financial instruments (Swap) | ||||||||||||||||
| DI1 – futures contracts (1) (2) | ||||||||||||||||
| Total | ||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||
| DI1 and DDI - futures contracts (1) (2) | ||||||||||||||||
| Total | ||||||||||||||||
| Total Assets | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||
| DI1 - futures contracts (1) (2) | ||||||||||||||||
| Derivative financial instrument (Swap) | ||||||||||||||||
| Total liabilities | ||||||||||||||||
12
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Fair Value and Notional values by risk factor and maturity as of December 31, 2025
| Fair Value | Notional value | Up to 30 days | From 31 to 365 days | Over 365 days | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Derivative hedging instrument of portfolio hedge accounting | ||||||||||||||||||||
| Derivative financial instruments (Swap) | ||||||||||||||||||||
| DI1 – futures contracts (1) (2) | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||||||
| DI1 and DDI - futures contracts (1) (2) | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Total assets | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Derivatives measured at fair value through profit or loss | ||||||||||||||||||||
| DI1 – futures contracts (1) (2) | ||||||||||||||||||||
| Derivative financial instrument (Swap) | ||||||||||||||||||||
| Total liabilities | ||||||||||||||||||||
| (1) |
| (2) |
8. Financial assets measured at amortized cost
8.1 Trade receivables
| June 30, 2026 | December 31, 2025 | |||||||
| Financial transactions processed by acquirers (1) (3) | ||||||||
| Financial transactions processed by card issuers (2) (3) | ||||||||
| Other trade receivables | ||||||||
| Total | ||||||||
| (1) | |
| (2) | |
| (3) |
13
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
8.1.1 Breakdown by maturity – Trade receivables
As of June 30, 2026
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| From 91 to 180 days | ||||||||||||
| From 181 to 365 days | ||||||||||||
| Over 365 days | ||||||||||||
| Total | ||||||||||||
As of December 31, 2025
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| From 91 to 180 days | ||||||||||||
| From 181 to 365 days | ||||||||||||
| Over 365 days | ||||||||||||
| Total | ||||||||||||
8.2 Consumer loans
| June 30, 2026 | December 31, 2025 | |||||||
| Gross amount - Consumer Loans (a) | ||||||||
| Credit loss allowance – on balance (b) | ( | ) | ( | ) | ||||
| Credit loss allowance – off balance (1) | ( | ) | ( | ) | ||||
| Total credit loss allowance | ( | ) | ( | ) | ||||
| Total consumer loans - amortized cost (a +b) | ||||||||
| Fair Value Adjustment – Portfolio Hedge (Note 28.2 - c) (2) | ( | ) | ( | ) | ||||
| Consumer loans | ||||||||
| (1) |
| (2) |
14
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
8.2.1 Credit loss allowance breakdown
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 1 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 2 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 3 | % | ( | ) | % | ||||||||||||||||
| Total consumer loans | % | ( | ) | % | ||||||||||||||||
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 1 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 2 | % | ( | ) | % | ||||||||||||||||
| Credit card | % | ( | ) | % | % | |||||||||||||||
| Loans to customers (1) | % | ( | ) | % | % | |||||||||||||||
| Prepayment of receivables (2) | % | ( | ) | % | % | |||||||||||||||
| Total consumer loans stage 3 | % | ( | ) | % | ||||||||||||||||
| Total consumer loans | % | ( | ) | % | ||||||||||||||||
| 1) | Loans to customers are composed as follows: |
“Personal loans” are loans of fixed amounts of money either for general purposes or to pay for specific goods or services in a buy now pay later context. Personal loans are typically paid back in regular installments over time.
“Payroll loans” are those in which the installments and interest are deducted directly from the consumer’s salary. These loans may be linked to government entities — such as in the case of public servants, pensions, or benefits paid by the government — or to private companies. The ability to deduct payments directly from customer’s payrolls significantly enhances credit quality. “FGTS Loans” are loans in which consumers can draw down in advance up to seven annual installments of their FGTS, while authorizing the Group to collect payment of these installments directly from the consumer’s FGTS accounts.
| (2) |
15
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
8.2.2 Breakdown by maturity
Credit card:
| Not Overdue | Overdue | Not Overdue | Overdue | |||||||||||||||||||||||||||||
| June 30, 2026 | % | June 30, 2026 | % | December 31, 2025 | % | December 31, 2025 | % | |||||||||||||||||||||||||
| Up to 30 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 31 to 60 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 61 to 90 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 91 to 180 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 181 to 365 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 1 to 3 years | % | % | % | % | ||||||||||||||||||||||||||||
| From 3 to 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Over 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Total | % | % | % | % | ||||||||||||||||||||||||||||
| Total overdue and not overdue | % | % | ||||||||||||||||||||||||||||||
Loans to customers:
| Not Overdue | Overdue | Not Overdue | Overdue | |||||||||||||||||||||||||||||
| June 30, 2026 | % | June 30, 2026 | % | December 31, 2025 | % | December 31, 2025 | % | |||||||||||||||||||||||||
| Up to 30 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 31 to 60 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 61 to 90 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 91 to 180 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 181 to 365 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 1 to 3 years | % | % | % | % | ||||||||||||||||||||||||||||
| From 3 to 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Over 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Total | % | % | % | % | ||||||||||||||||||||||||||||
| Total overdue and not overdue | % | % | ||||||||||||||||||||||||||||||
16
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables:
| Not Overdue | Overdue | Not Overdue | Overdue | |||||||||||||||||||||||||||||
| June 30, 2026 | % | June 30, 2026 | % | December 31, 2025 | % | December 31, 2025 | % | |||||||||||||||||||||||||
| Up to 30 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 31 to 60 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 61 to 90 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 91 to 180 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 181 to 365 days | % | % | % | % | ||||||||||||||||||||||||||||
| From 1 to 3 years | % | % | % | % | ||||||||||||||||||||||||||||
| From 3 to 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Over 5 years | % | % | % | % | ||||||||||||||||||||||||||||
| Total | % | % | % | % | ||||||||||||||||||||||||||||
| Total overdue and not overdue | % | % | ||||||||||||||||||||||||||||||
8.3 Expected credit losses - by credit quality vs. stages
As of June 30, 2026, the ECL allowance totaled R$
The table below shows the credit card portfolio segmented by ranges of PD and stages as of June 30, 2026 and December 31, 2025.
Credit card
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
Loans to customers
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
17
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
As of June 30, 2026
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
Credit Card
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
Loans to consumer
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| 5% <= PD <= 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
18
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
As of December 31, 2025
| Gross Exposure | % | Credit Loss Allowance | % | Coverage Ratio (%) | ||||||||||||||||
| PD < 5% | % | ( | ) | % | % | |||||||||||||||
| Stage 1 | % | ( | ) | % | % | |||||||||||||||
| Stage 2 | % | ( | ) | % | % | |||||||||||||||
| PD > 20% | % | ( | ) | % | % | |||||||||||||||
| Stage 3 | % | ( | ) | % | % | |||||||||||||||
| Total | % | ( | ) | % | % | |||||||||||||||
8.3.1 Changes in credit loss allowance
As of June 30, 2026
Credit card
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ||||||||||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance as of June 30, 2026 | ||||||||||||||||
Loans to customers
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ||||||||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance as of June 30, 2026 | ||||||||||||||||
19
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
| Newly originated financial assets | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Credit loss allowance as of June 30, 2026 | ||||||||||||||||
| (1) |
| (2) |
As of December 31, 2025
Credit card
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2024 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Changes to ECL calculation methods | ( | ) | ( | ) | ( | ) | ||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
Loans to customers
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2024 | ||||||||||||||||
| Transfer from stage 1 to stage 2 | ( | ) | ||||||||||||||
| Transfer from stage 1 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 3 | ( | ) | ||||||||||||||
| Transfer from stage 2 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 1 | ( | ) | ||||||||||||||
| Transfer from stage 3 to stage 2 | ( | ) | ||||||||||||||
| Newly originated financial assets (1) | ||||||||||||||||
| Changes in exposures and risk migration (2) | ( | ) | ||||||||||||||
| Write-offs | ( | ) | ( | ) | ||||||||||||
| Changes to ECL calculation methods | ( | ) | ||||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
20
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Prepayment of receivables
| Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||
| Credit loss allowance as of December 31, 2024 | ||||||||||||||||
| Newly originated financial assets | ||||||||||||||||
| Credit loss allowance as of December 31, 2025 | ||||||||||||||||
8.4
| June 30, 2026 | December 31, 2025 | |||||||
| Receivables - related parties (1) | ||||||||
| Compulsory deposits in Central Bank (2) | ||||||||
| Sundry receivables (3) | ||||||||
| Total | ||||||||
| (1) | ||
| (2) | ||
| (3) |
8.4.1 Breakdown by maturity – Other receivables
As of June 30, 2026
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| From 91 to 180 days | ||||||||||||
| From 181 to 365 days | ||||||||||||
| Over 365 days | ||||||||||||
| Total | ||||||||||||
As of December 31, 2025
| Receivables falling due: | Receivables overdue: | Total | ||||||||||
| Up to 30 days | ||||||||||||
| From 31 to 60 days | ||||||||||||
| From 61 to 90 days | ||||||||||||
| Total | ||||||||||||
21
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
9. Tax assets
| June 30, 2026 | December 31, 2025 | |||||||
| Income tax and social contribution to offset (1) | ||||||||
| Deferred tax assets | ||||||||
| Total | ||||||||
| (1) |
9.1 Deferred tax assets
| December 31, 2025 | Realization | Additions | June 30, 2026 | |||||||||||||
| Temporary differences | ( | ) | ||||||||||||||
| Provisions for credit losses | ( | ) | ||||||||||||||
| Fair value adjustment - Financial assets measured at fair value through profit or loss | ( | ) | ||||||||||||||
| Others | ( | )(1) | (3) | |||||||||||||
| Tax loss and social contribution negative basis | ( | )(2) | (4) | |||||||||||||
| Total | ( | ) | ||||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
9.2 Deferred tax liability
The PicPay Bank recognized a deferred tax liability related to the mark-to-market valuation of DI and DDI futures derivatives. The taxes will be due upon realization of the securities, as permitted by Law.
| December 31, 2025 | Realization | Additions | June 30, 2026 | |||||||||||||
| Fair value adjustment – future contract (DI and DDI) | ( | ) | (1) | ( | ) | ( | ) | |||||||||
| Total | ( | ) | ( | ) | ( | ) | ||||||||||
| (1) |
22
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
10. Intangible assets
| June 30, 2026 | ||||||||||||
| Value at cost | Accumulated Amortization | Total | ||||||||||
| Internally/Externally developed software (1) | ( | ) | ||||||||||
| Software licenses | ( | ) | ||||||||||
| Purchased software | ( | ) | ||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||
| Other intangible assets | ( | ) | ||||||||||
| Goodwill (2) | ||||||||||||
| Total | ( | ) | ||||||||||
| December 31, 2025 | ||||||||||||||||
| Value at cost | Accumulated Amortization | Accumulated Impairment | Total | |||||||||||||
| Internally/Externally developed software (1) | ( | ) | ||||||||||||||
| Software licenses | ( | ) | ( | ) | ||||||||||||
| Purchased software | ( | ) | ( | ) | ||||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||||||
| Goodwill (2) | ||||||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||
The table below demonstrates the changes during the years presented:
Six-month period ended June 30, 2026
| December 31, 2025 | Additions | Write-offs | Amortization for the period | June 30, 2026 | ||||||||||||||||
| Internally/Externally developed software (1) | ( | ) | ( | ) | ||||||||||||||||
| Software licenses | ( | ) | ||||||||||||||||||
| Purchased software | ( | ) | ||||||||||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||||||||||
| Other intangible assets | ( | ) | ||||||||||||||||||
| Goodwill (2) | ||||||||||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||||||
23
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Six-month period ended June 30, 2025
| December 31, 2024 | Additions | Amortization for the period | June 30, 2025 | |||||||||||||
| Internally/Externally developed software (1) | ( | ) | ||||||||||||||
| Software licenses | ( | ) | ||||||||||||||
| Purchased software | ( | ) | ||||||||||||||
| Software acquired through business combination (2) | ( | ) | ||||||||||||||
| Goodwill (2) | ||||||||||||||||
| Total | ( | ) | ||||||||||||||
| (1) |
| (2) |
11. Third-party funds
| June 30, 2026 | December 31, 2025 | |||||||
| User balance - CDBs (1) | ||||||||
| User balance - Payment accounts (2) | ||||||||
| Other obligations under financial Instruments (3) | ||||||||
| Balance of commercial establishments – corporates (4) | ||||||||
| Deposits – corporate customers | ||||||||
| Financial Liabilities under repurchase agreements - LFT (5) | ||||||||
| Total | ||||||||
| (1) |
| (2) |
| (3) |
| (4) |
| (5) |
24
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
12. Trade payables
| June 30, 2026 | December 31, 2025 | |||||||
| Service providers and consumables | ||||||||
| Related parties | ||||||||
| Operational suppliers | ||||||||
| Credit card transactions | ||||||||
| Other suppliers | ||||||||
| Total | ||||||||
In Brazil, payments to the credit card network (for further details, see Note 12.1) follow a similar settlement schedule. However, as receipts from cardholders and payments to the credit card network are aligned, the Group is exposed to cardholder credit risk, since it remains obligated to settle amounts due to the credit card network even in cases where cardholders fall behind on their payments. These amounts include credit card balances not paid in full by customers and subsequently converted into fixed-rate installment plans, as well as installment purchases, which comprise credit card transactions that allow payment to be made in more than one installment.
12.1 Credit card transactions
Corresponds to the amount payable to acquirers related to credit and debit card transactions. The amounts to be transferred to the card network are settled according to the transaction installments, substantially within up to 27 days for non-installment domestic transactions; 1 business day for international transactions, and, in the case of installment transactions, the amounts are mostly settled over a period of up to 36 months through monthly payments.
The table below provides a detailed breakdown of credit card transactions categorized by maturity, as of June 30, 2026 and December 31, 2025:
12.1.1 Breakdown by maturity – Credit card transactions
| June 30, 2026 | December 31, 2025 | |||||||
| Up to 30 days | ||||||||
| From 31 to 60 days | ||||||||
| From 61 to 90 days | ||||||||
| From 91 to 180 days | ||||||||
| From 181 to 365 days | ||||||||
| Over 365 days | ||||||||
| Total | ||||||||
25
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
12.1.2 Collateral for credit card transactions
As of June 30, 2026, the Company held R$
13. Obligation to FIDC FGTS quota holders
| June 30, 2026 | December 31, 2025 | |||||||
| Senior quotas | ||||||||
| Total | ||||||||
The obligations to FIDC FGTS quota holders refer to amounts payable related to senior quotas issued in connection with the securitization of receivables arising from FGTS consumer advances originated by PicPay Bank. This balance comprises the outstanding principal of the senior quotas and the related accrued interest not yet settled.
Although the fund has an indefinite term, the senior quotas mature within six years from the date of the initial capital contribution and bear remuneration at a rate equivalent to CDI plus
Additionally, quotas of a new fund denominated “FIDC FGTS II” was issued during the six-month period ended June 2026. For the six-month period ended June 30, 2026, accrued interest amounted to R$
26
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
14. Labor obligations
| June 30, 2026 | December 31, 2025 | |||||||
| Personnel expenses payable | ||||||||
| Social security charges payable (1) (2) | ||||||||
| Total | ||||||||
| (1) |
| (2) |
15. Tax
15.1 Taxes payable
| June 30, 2026 | December 31, 2025 | |||||||
| Withholding taxes | ||||||||
| Payroll Taxes | ||||||||
| Social security contribution on revenues (1) | ||||||||
| Income tax and social contribution | ||||||||
| Other taxes | ||||||||
| Total | ||||||||
15.2 Income tax and social contribution
| Three-month period ended Jun 30, 2026 | Six-month period ended Jun 30, 2026 | Three-month period ended Jun 30, 2025 | Six-month period ended Jun 30, 2025 | |||||||||||||
| Profit before income tax | ||||||||||||||||
| Income tax and social contribution (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (Additions) exclusions | ||||||||||||||||
| Effect of different tax rates – subsidiaries | ||||||||||||||||
| Compensation of previously unrecognized deductible temporary differences | ( | ) | ( | ) | ||||||||||||
| Compensation of previously unrecognized tax losses(2) | ||||||||||||||||
| R&D Tax incentives (3) | ||||||||||||||||
| Others | ( | ) | ( | ) | ||||||||||||
| Total income tax and social contribution | ( | ) | ||||||||||||||
| Current taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Deferred taxes | ||||||||||||||||
| Total income tax and social contribution | ( | ) | ||||||||||||||
| Effective rate (%) | %(3) | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
27
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
15.3 Unrecognized deferred tax assets
The Group has unrecognized deferred tax assets in its subsidiaries for which it is not expected that future taxable profits will be sufficient to consume the deferred tax assets in an appropriate period of time. The Group’s unrecognized deferred tax assets, shown on the table below, without expiration date, were calculated on income tax losses and temporary differences at a rate of
| June 30, 2026 | December 31, 2025 | |||||||||||||||
| Gross amount | Tax effect | Gross amount | Tax effect | |||||||||||||
| Deductible temporary differences | ||||||||||||||||
| Tax losses | ||||||||||||||||
| Total | ||||||||||||||||
16. Provision for legal and administrative claims
| June 30, 2026 | ||||||||||||||||
| Civil Claims | Labor Claims | Tax Claims | Total Claims | |||||||||||||
| Opening balance | ||||||||||||||||
| Constitution | ||||||||||||||||
| Reversal | ( | ) | ( | ) | ( | ) | ||||||||||
| Reversal due to payment | ( | ) | ( | ) | ( | ) | ||||||||||
| Closing balance | ||||||||||||||||
| December 31, 2025 | ||||||||||||||||
| Civil Claims | Labor Claims | Tax Claims | Total Claims | |||||||||||||
| Opening balance | ||||||||||||||||
| Constitution | ||||||||||||||||
| Reversal | ( | ) | ( | ) | ( | ) | ||||||||||
| Reversal due to payment | ( | ) | ( | ) | ( | ) | ||||||||||
| Closing balance | ||||||||||||||||
| a) | Civil claims |
As of June 30, 2026, the Group recognized provisions of R$
In connection with the acquisition of KOVR, Brazil’s antitrust authority (Conselho Administrativo de Defesa Econômica — “CADE”) has established a Procedimento Administrativo para Apuração de Ato de Concentração (APAC) n. 08700.004240/2026- 45. The referred administrative proceeding has been filed on July 29, 2026 (Despacho SG 998/2026).
| a.1) | Securities Class Action in the United States of America |
On June 5, 2026, a putative class action was filed before the U.S. District Court for the Southern District of New York, captioned FirstFire Global Opportunities Fund, LLC v. PicS N.V., et al., Case No. 1:26-cv-04793-VSB-JW, against PicS N.V. (the “Company”), certain of its current and former officers and directors, the underwriters of the Company’s initial public offering (“IPO”) and the Company’s controlling shareholder (the “Class Action”).
The Class Action asserts claims under Sections 11, 12 and 15 of the U.S. Securities Act of 1933, the federal statute governing public offerings of securities in the United States, and is brought on behalf of purchasers of Class A common shares issued in, or traceable to, the Company’s IPO, completed on January 30, 2026. The plaintiff alleges that the Registration Statement and the Prospectus for the IPO contained untrue statements of material fact and omitted material facts, and seeks damages, rescission and other relief.
28
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The proceeding is at an early stage. Considering the preliminary stage of the proceeding — Management, supported by the assessment of its external legal counsel, believes that neither the outcome of the proceeding nor the amount or range of potential loss, if any, can be reasonably estimated at this time.
The Company will continue to monitor the progress of the proceeding and will update this disclosure in subsequent periods should new developments allow the estimation of any potential effects.
| b) | Labor claims |
As of June 30, 2026, the Group recognized a labor provision of R$
| c) | Tax claims |
As of June 30, 2026, the balance of the tax claims provisions is R$
17. Equity
| a) | Share capital |
On February 26, 2025, J&F International invested R$
On March 25, 2025, J&F International invested R$
On April 28, 2025, J&F International invested R$
On May 27, 2025, J&F International invested R$
On June 19, 2025, J&F International transferred
29
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
On July 21, 2025, J&F International invested R$
On September 23, 2025, J&F International invested R$
On November 25, 2025, J&F International invested R$
On November 26, 2025, a non-disproportional partial spin-off of PicS Holding was approved, which involved the transfer of a portion of its equity, totaling R$
Following the completion of this transaction, PicS Ltd. became the holder of
On December 24, 2025, J&F International invested R$
As of December 31, 2025, the total share capital incorporated under Dutch law is EUR
On December 31, 2025, by virtue of a Sale and Purchase Agreement, J&F International transferred
On January 06, 2026, PicPay Participações e Investimentos LTDA, invested R$
On January 12, 2026, J&F International invested R$
On January 14, 2026, PicPay Participações e Investimentos Ltda invested R$
On January 29, 2026, PicS N.V. (formerly PicPay Holdings Netherlands B.V.) went public on the NASDAQ stock exchange (NY). This change modified the company’s legal nature, transforming it from a limited liability company (“B.V.” in Dutch) to a public limited company (“N.V.” in Dutch). On February 13, 2026, PicS N.V. invested R$
On May 15, 2026, PicS N.V. invested R$
30
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
b) Composition of share capital
| June 30, 2026 | December 31, 2025 | |||||||||||||||
| Number of shares | Total shares % | Number of shares | Total shares % | |||||||||||||
| Shareholder | ||||||||||||||||
| J&F International B.V. | % | % | ||||||||||||||
| Banco Original S.A. | % | % | ||||||||||||||
| Stichting JAB | % | % | ||||||||||||||
| Stichting ACC Family | % | % | ||||||||||||||
| Stichting AGR | % | % | ||||||||||||||
| Stichting ECS | % | % | ||||||||||||||
| Albino Andrade de Pinho | % | % | ||||||||||||||
| Other Investors (Free Float) | % | % | ||||||||||||||
| Total | % | % | ||||||||||||||
c) Earnings per share
| June 30, 2026 | June 30, 2025 | |||||||
| Earnings attributable to shareholders of the parent company | ||||||||
| Weighted average outstanding shares - ordinary shares - basic | ||||||||
| Earnings per share - basic and diluted | ||||||||
| (1) | amounts in reais |
d) Share-based long-term incentive plan (LTIP)
PicPay operates a Long-Term Incentive Plan (“LTIP”) for employees from junior to executive levels. The LTIP was established by PicS Ltd on July 1, 2021 and was adopted by the Company and its subsidiaries. The LTIP is designed to support the Group’s long-term success by retaining key talents and aligning employees’ interests with those of the Group.
Under the LTIP, eligible employees may be granted awards that are either equity-settled or cash-settled, depending on the terms of each individual grant and the employee’s role. Awards granted under the LTIP are generally subject to both a service condition, requiring participants to remain actively employed by PicPay throughout the relevant vesting periods; and a non-market performance condition, requiring the occurrence of a qualifying liquidity event, defined as either (a) an initial public offering (“IPO”) of PicPay’s shares, or (b) a private placement of PicPay’s shares to third parties, as specified in the plan rules.
The overall vesting period is
An award is considered vested only when both the service condition and the liquidity condition have been satisfied. Once an award has been vested, settlement (either in shares for equity-settled awards or in cash for cash-settled awards) is made within 30 days following the occurrence of the liquidity event. If the liquidity event occurs after the end of the original five-year vesting period, vested awards remain outstanding and the beneficiaries retain their entitlement, subject to the other terms of the plan.
On January 29, 2026, the completion of the IPO satisfied the non-market performance (liquidity) condition of the LTIP, and, to the extent that the service condition had been met by the beneficiaries at the IPO date, a portion of the outstanding LTIP awards vested and became eligible for settlement in cash or shares, as applicable.
18. Transactions with related parties
18.1 Agreements with Banco Original
18.1.1 - As of June 30, 2026, the interbank deposit (“DI”) position related to the fiduciary assignment of financial assets in the amount of R$
18.1.2 – On February 25, 2026, pursuant to the Master Services Agreement – MSA, the Group and Banco Original entered into a Statement of Work – SOW (Solicitação de Serviço) relating to the provision of procurement, supplier management and facilities services. The SOW has a twelve (
18.1.3 – On February 12, 2026, pursuant to the Master Services Agreement – MSA, the Group and Banco Original entered into a Statement of Work – SOW (Solicitação de Serviço) relating to the provision of customer support services relating to Banco Original originated customers. The SOW has a twenty-four (
31
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
18.1.4 – On February 12, 2026, the Group and Banco Original entered into a Master Services Agreement – MSA (Contrato de Prestação de Serviços Master), pursuant to which the parties agreed on the general terms and conditions governing the provision of certain services to Banco Original. The MSA has a twenty-four (
18.1.5 – On May 16, 2025, the Group and Banco Original entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) to establish the criteria for cost rates, common expenses, deadlines, and conditions observed for sharing Information Security activities between the Group and Banco Original. The reimbursements from Banco Original are recognized in the statement of profit or loss as “administrative expenses”.
18.1.6 - On January 21, 2025, the Group and Banco Original entered into an Operational Agreement (Acordo Operacional para Utilização de Infraestrutura Administrativa) to provide administrative services, including human resources, systems sharing and materials used. The term of this agreement is indefinite. This agreement may be terminated by either party upon
18.1.7 - On July 4, 2024, the Group and Banco Original entered into a Derivatives Master Agreement (Contrato Global de Derivativos), with the purpose of establishing a standardized template for over the counter (OTC) transactions between the parties, streamlining the negotiation process and facilitating efficient and secure OTC derivatives trading. Such agreement establishes daily mark-to-market checks with bilateral margin exchange between the parties with the purpose of mitigating credit risk. As of September 30, 2025, under such agreement, there are only Payer OIS (Overnight Index Swaps) with notional fully collateralized by deposits from Banco Original.
18.1.8 - On April 10, 2024, Banco Original entered into an Endorsement Contract of Bank Credit Notes without co-obligation (Contrato de Endosso de Cédulas de Crédito Bancário sem Coobrigação) with the Group, through which Banco Original committed to endorse and transfer to the Group of the credit notes issued by Banco Original in its loan operations collateralized by credit rights arising from the FGTS Loans. This agreement will remain valid for an indefinite period and may be terminated by either party with a
18.1.9 - On January 18, 2024, the Group entered into a Credit Recovery Services Agreement (Contrato de Prestação de Serviços de Cobrança de Crédito) with Banco Original, pursuant to which PicPay Bank agreed to provide certain services to Banco Original relating to collection and recovery of amounts owed to Banco Original by customers who defaulted on their debts. Such agreement has a twenty-four (
18.1.10 - On January 10, 2024, the Group entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) with Banco Original to establish the terms and conditions governing the sharing of support areas between the Group and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by the Group in the contracting of suppliers who provide products and/or services that are also shared between the Group and Banco Original. This agreement will remain valid for an indefinite period. Either party may terminate this agreement for any reason and without penalty at any time with
18.1.11 - On November 16, 2023, the Group and Banco Original entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) to regulate the terms and conditions related to the cost sharing of back-office areas, as well as the reimbursement by Banco Original of certain costs incurred in the contracting certain suppliers, such as technology and administrative expenses. This agreement will remain valid for an indefinite period. The reimbursements are recognized in the statement of profit or loss as “administrative reimbursement”.
18.1.12 - On May 5, 2022, the Group entered into an application programming interface agreement (Acordo Operacional para Licença de Uso de API’s, Acesso a Produtos e Serviços Bancários e Prestação de Serviços de Suporte Técnico) with Original Hub, granting a license for the use of APIs to offer its customers payment services for bills, taxes, and utility bills from Banco Original (“API PAG”), as well as account registration for automatic debit. On November 29, 2022, an amendment to the Operational Agreement was executed, assigning the agreement from Original Hub to Banco Original. On December 21, 2022, new APIs were contracted including access to cash withdrawal and processing services using QR Codes at ATMs of the 24Horas network. In 2024, PicPay completed the development of these solutions, and on March 21, 2025, the agreement was terminated. The revenues were recognized in the statement of profit or loss as “commission – banking correspondent and marketplace”.
18.1.13 - On July 26, 2022, Banco Original and the Group entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). This agreement is valid for an indefinite period and may be terminated by either party with
18.1.14 - On September 11, 2018, the Group and Banco Original entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). However, since the Group has developed its own solutions for processing bill payments for its customers and Banco Original is no longer a card issuer, the agreement was terminated on March 21, 2025. The revenues were recognized in the statement of profit or loss as “commission – banking correspondent and marketplace”.
18.1.15 - On July 26, 2022, Banco Original and the Group entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). This agreement is valid for an indefinite period and may be terminated by either party with
32
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
18.2 Agreements with J&F
18.2.1 - PicPay Bank entered into a Receivables Assignment Agreement with Âmbar Energia S.A. (J&F Participações subsidiary), of one installment in connection with the Reserve Energy Contract (CER) of Brazilian Electric Energy Trading Chamber (CCEE). On December 10, 2025, and December 19, 2025, PicPay Bank entered into the following non-recourse credit rights assignment agreements with J&F for the acquisition of credit rights held against certain electric power distributors arising from the sale of electric power by J&F subsidiaries:
| ● | on December 10, 2025, Mauá III (J&F Participações subsidiary) assigned receivables in the total amount of R$ |
| ● | On December 19, 2025, Âmbar Energia assigned receivables in the total amount of R$ |
18.2.2 - As of June30, 2026, guarantees provided by J&F S.A. amounted to R$
18.3 Agreements with JBS
18.3.1 - In November 2025, PicPay Bank entered into supplier finance arrangements involving the assignment of trade receivables and the advance of payments to suppliers, on a non-recourse basis (reverse factoring / supplier finance arrangements). The participating suppliers include: Seara Alimentos Ltda., JBS Aves Ltda., Seara Comércio de Alimentos Ltda., Excelsior Alimentos S.A., Agro Alfa Indústria e Comércio Ltda., JBS S.A., JBS Confinamento Ltda., Via Rovigo Indústria, Comércio e Distribuição de Produtos Alimentícios S.A., and JBS Terminais Ltda.
| J&F Participações | Banco Original | Key Personnel (a) | Others (b) | Total | ||||||||||||||||
| As of June 30, 2026 | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Trade receivables | ||||||||||||||||||||
| Financial investments | ||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||
| Consumer loans | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Third-party funds | ||||||||||||||||||||
| Labor obligations | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| For the three-month period ended June 30, 2026 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Interest income from receivables | ||||||||||||||||||||
| Income from purchased receivables | ||||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ) | ( | )(2) | ( | ) | |||||||||||||||
| Selling expenses | ||||||||||||||||||||
| Net revenue from transaction activities and other services | ( | ) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | ) | ( | )(3) | ( | ) | ||||||||||||
| Total | ( | ) | ||||||||||||||||||
| For the six-month period ended June 30, 2026 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Interest income from receivables | ||||||||||||||||||||
| Income from purchased receivables | ||||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ( | )(2) | ( | ) | ||||||||||||||||
| Selling expenses | ( | ) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | ) | ( | )(3) | ( | ) | ||||||||||||
| Total | ( | ) | ||||||||||||||||||
33
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| J&F Participações | Banco Original | Key Personnel (a) | Others (b) | Total | ||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Trade receivables | ||||||||||||||||||||
| Financial investments | ||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||
| Consumer loans | ||||||||||||||||||||
| Other receivables | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Trade payables | ||||||||||||||||||||
| Third-party funds | ||||||||||||||||||||
| Labor obligations | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| For the three-month period ended June 30, 2025 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ( | )(2) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | )(3) | ( | ) | ||||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||||||
| For the six-month period ended June 30, 2025 | ||||||||||||||||||||
| Revenues and expenses | ||||||||||||||||||||
| Commission – banking correspondent and marketplace | (1) | |||||||||||||||||||
| Revenue from financial investments | ||||||||||||||||||||
| Interest and other financial expenses | ( | )(2) | ( | ) | ||||||||||||||||
| Administrative expenses | ( | )(4) | ( | ) | ( | )(3) | ( | ) | ||||||||||||
| Total | ( | ) | ( | ) | ||||||||||||||||
| (a) |
| (b) |
| (1) |
| (2) |
| (3) |
| (4) |
34
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Assets and liabilities with related parties
Cash and cash equivalents and financial investments: The amount refers to the current account balance and financial investments at Banco Original, mainly short-term investments and reverse repurchase agreements.
Trade receivables: Primarily refers to amounts receivable for financial transactions processed by Banco Original in the role of acquirer referring to the PicPay.
Financial investments: The linked balances are related to the value of investments in interbank deposits with Banco Original.
Derivative instruments: Refers to the Derivatives Master Agreement for more details see the agreement description above.
Consumer loans: Refers to the credit portfolio (credit card and loans to customers) of related parties. Additionally, prepayment of receivables with related parties subject to future settlement.
Other receivables: Amounts receivable from J&F Participações due to a reimbursement agreement of marketing expenses of the PicPay brand incurred by PicPay until September 20, 2021.
Trade payables: The amount payable to Banco Original is related to the cost of issuing, processing and settling the bank slips, the cost of producing the PicPay Card, the withdrawal cost.
Third -party funds: Refers to the balance in the pre-paid accounts of related parties.
19. Financial Income
Classification and subsequent measurement
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Financial investments measured at fair value through profit or loss | ||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||
| Total | ||||||||||||||||
20. Transaction Expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Processing fees | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Third-party fraud prevention services (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| PicPay card issuance expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Chargeback | ( | ) | ( | ) | ( | ) | ||||||||||
| Operating losses (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
| (2) |
35
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
21. Interest and Other Financial Expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Bank fees | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Cost of Funding (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Derivative financial instruments | ( | ) | ( | ) | ||||||||||||
| Others | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
22.
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Provision for expected losses - credit risk | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Recovery of loans written off as losses | ||||||||||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
23. Technology expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Software expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| IT Services | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
24. Marketing expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Advertising | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Cashback | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Digital Marketing | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Customer Acquisition expenses (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Commission expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
25. Personnel expenses
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Salaries | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Benefits (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Social security charges (2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Others | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| (1) |
| (2) |
36
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
26.
| Three-month period ended June 30 | Six-month period ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Third party services and financial system services | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Rent, condominium fee and property services | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Provisions for contingencies | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Others | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
27. Share-based payments
| RSUs Share based payment transaction with an equity component | Fair Value R$ | |||
| Equity-settled: | ||||
| Outstanding on December 31, 2025 | ||||
| Granted during the period | ||||
| Forfeited/cancelled during the period | ( | ) | ||
| Vested during the period | ||||
| Deduction | ( | ) | ||
| Outstanding on June 30, 2026 | ||||
| Cash-settled: | ||||
| Outstanding on December 31, 2025 | ||||
| Granted during the period | ||||
| Forfeited/cancelled during the | ( | ) | ||
| Vested during the period | ||||
| Outstanding on June 30, 2026 | ||||
| Three-month period ended June 30, 2026 | R$ | |||
| Expense related to share based payment transaction with an equity component | ( | ) | ||
| Expense related to cash-settled awards | ( | ) | ||
| Payroll taxes and social charges related to share-based payment arrangements | ||||
| Total share-based payment expense recognized in profit or loss | ( | ) | ||
| Six-month period ended June 30, 2026 | R$ | |||
| Expense related to share based payment transaction with an equity component | ( | ) | ||
| Expense related to cash-settled awards | ( | ) | ||
| Payroll taxes and social charges related to share-based payment arrangements | ||||
| Total share-based payment expense recognized in profit or loss | ( | ) | ||
28. Risk management
The Group has a specific structure for risk management, including policies and procedures, covering the evaluation and monitoring of operational, credit, market and liquidity risks (including cash flow and investments of funds held in payment accounts) incurred by the institution.
The Group’s approach to risk management requires that its risk taking be consistent with its risk appetite. Risk appetite is the aggregate level of risk that the Group is willing to tolerate to achieve its strategic objectives and business plan. PicPay’s risks are generally categorized and summarized as follows:
| ● | Credit risk: Refers to the risk of loss resulting from the failure of a borrower, counterparty, third party or issuer to honor its financial or contractual obligations. PicS N.V. manages and controls credit risk by setting limits on the amount of risk it is willing to accept for each customer and counterparty as well as limits on the ratio of expected losses to revenues for each segment of the portfolio and on the composition of the portfolio between secured and unsecured credits. Exposures are monitored relative to these limits and adjusted as needed to ensure compliance with the limits. |
| ● | Market risk: Refers to potential losses arising from changes in the value of the Group assets and liabilities as well as adverse impact on net interest income resulting from changes in market variables, such as interest rates, equity, foreign exchange rates or credit spreads. |
37
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| ● | Liquidity risk: Refers to the risk that the Group will not be able to efficiently meet both expected and unexpected current and future cash flow and collateral needs without adversely affecting either daily operations or financial conditions. |
| ● | Operational risk: Refers to the risk of loss resulting from systems failure, human error, fraud or external events. When controls fail to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications as well as lead to financial loss. |
28.1 Credit risk
The Group’s credit risk arises from its cash, cash equivalents, financial investments, OTC derivatives, acquirer and card issuer receivables, other receivables and loans to its users.
Concentrations of credit risk for similar financial instruments are already being shown in accordance with Note 8.2.1 Credit loss allowance breakdown.
| ● | Cash and cash equivalents |
The Risk and Treasury departments manage credit risk associated with bank account balances and investments in financial institutions, prioritizing those with a “AAA” rating from agencies like Moody’s, S&P or Fitch. Because the Group’s accounts receivable mostly consist of high liquidity investments and operational accounts approved by major financial institutions with low-risk ratings, the expected credit loss is not material. Furthermore, these financial institutions are legally responsible for the accounts receivable.
| ● | Financial investments |
The Group’s available resources are mostly invested in bonds issued by the Brazilian government and reverse repos collateralized by bonds issued by the Brazilian government. There is no significant expected credit loss recognized for these assets.
| ● | Acquirer and card issuers receivables |
The Group recognizes amounts receivable from acquirers related to its activity as a sub-acquirer and from card issuers related to its activities as an acquirer and also when its users use its app to settle bank slips or make other payments using an on-boarded credit card. These receivables are due in up to twelve monthly installments. As a result, the Group is exposed to the risk of default by the acquirers and card issuers.
In its role as a sub-acquirer, the Group uses acquirers of national reach while seeking to avoid concentration in any single acquirer as well as to increase financial efficiency. When acting as sub-acquirer, PicPay processes all credit card transactions with the acquirers Cielo and Getnet and card issuers.
The Group uses only acquirers authorized to operate by BACEN, which are supervised and monitored by BACEN, including with respect to the minimum capitalization required, and which have a national “AAA” rating by the rating agencies (S&P or Fitch). The acquirers may default on their financial obligations due to lack of liquidity, operational failure or other reasons, situations in which the Group can be held responsible for making the payment due to commercial establishments without having received the corresponding funds from the acquirer.
Until now, the Group has not suffered losses on receivables from acquirers and management does not expect any significant losses from non-performance by these counterparties in addition to the amounts already recognized as chargebacks.
Credit card issuers are supervised by BACEN. The payment arrangements (Visa, Mastercard, Elo and others) have their own risk models and collateral requirements to evaluate and mitigate the default risk of the issuers, which mitigate the risk of the acquirers and the systemic risk of Brazilian payment arrangements. Additionally, the acquirers and issuers have other risk mitigators such as:
| ● | Amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by the payment arrangement if the legal obligors do not make payment. |
| ● | Processes for mitigating operational failures, such as fraud prevention, limitations on advances on future payments, among others. |
As of June 30, 2026, the Group had an amount receivable totaling R$
38
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| ● | Consumer Loans |
Consumer loans include: (i) public and private payroll loans, personal loans and FGTS advances; and (ii) credit cards that are transactions in one-payment, installment with interest and installments without interest. Consumers must meet certain credit risk criteria to be eligible for a credit offering.
“Payroll loans” are loans for which the payments of principal and interest are deducted either directly from the consumer’s salary from the payroll of a government-related entity or private company or from their government-sponsored pension or other benefit payments. The ability to collect the payments directly from the payroll significantly enhances the credit quality of these secured loans.
“FGTS advances” are advances taken by customers of up to seven annual installments of their FGTS. After making the advance, the group receives the payment of these installments directly from the FGTS. FGTS advances are collateralized by the deposits held in the FGTS fund.
As of June 30, 2026, the Group had a provision for expected credit losses in the amount of R$
| ● | Other receivables |
Other receivables relate mainly to transactions involving related parties that are based on conditions negotiated between Group and related companies. In June 30, 2026 and December 31, 2025, the Group did not record any impairment loss on accounts receivable related to the amounts due from related parties as it understands that there is no significant credit risk on outstanding balances.
Due to the nature of PicPay’s financial services, and the actual counterparty related to its receivables and investments, no significant credit risk increase was observed. Additionally, the Group does not have any credit-impaired financial assets.
The Group’s credit exposure from financial assets, pre-approved credit card limits and derivative financial instruments is presented in the table below:
| June 30, 2026 | December 31, 2025 | |||||||
| Cash and cash equivalents | ||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||
| Financial Investments | ||||||||
| Financial assets measured at fair value through profit or loss | ||||||||
| Financial Investments | ||||||||
| Derivative financial instruments | ||||||||
| Financial assets measured at amortized cost | ||||||||
| Financial Investments | ||||||||
| Trade receivables | ||||||||
| Consumer loans | ||||||||
| Other receivables | ||||||||
| Pre-approved credit card limits (off-balance) (1) | ||||||||
| Total | ||||||||
| (1) |
28.2 Market risk
The Group may face financial losses due to market fluctuations that affect the value of its financial position. These changes can arise from a variety of factors, the most relevant of which in PicPay’s case are fluctuations in interest rates.
As of June 30, 2026 and December 31, 2025, the Group had derivative financial instruments for accounting and economic hedge purposes. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken.
39
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The risks are identified, quantified, managed and reported as per the Group’s risk management policy. Moreover, these limits are continuously monitored by the Risk function, independently from the treasury.
To monitor and control such market risks, the Group employs various methods, including stress scenarios, sensitivity - delta variation (DV), exposure mismatches (GAP), and measurement and monitoring of interest rate risk in the banking book (IRRBB).
a) Interest rate risk
Interest rate risk is the risk that potential changes in interest rates affect the value of a Group’s assets, liabilities, or future cash flows in a way that is detrimental to the Group’s financial position
DV01 or interest rate sensitivity refers to the effect on market valuations of cash flows when there is an increase of one basis point in current benchmark interest rates or in the index. Mathematically, the DV01 measures the change in the value of a portfolio of financial instruments for every 1 basis point (1 basis point is equal to
The analysis below demonstrates the sensitivity of the fair value of the group’s financial instruments to an increase of 1 basis point (DV01) in the Brazilian interest rates.
| DV01 – June 30, 2026 | ||||||||||||||||
| Asset | Liability | Derivative | Net | |||||||||||||
| Fixed interest rate financial instruments | ( | ) | ( | ) | ||||||||||||
| DV01 - December 31, 2025 | ||||||||||||||||
| Asset | Liability | Derivative | Net | |||||||||||||
| Fixed interest rate financial instruments | ( | ) | ||||||||||||||
b) Exchange rate risk
Foreign exchange risk is the potential financial loss that can occur due to fluctuations in the exchange rates between different currencies.
The Group’s exposure to foreign exchange risk arises mainly from the accounts payable corresponding to US Dollar denominated expenses as well as from balances held in dollars in the Group’s USD denominated current accounts.
c) Hedge Accounting
The Group maintains portfolios of consumer loans and FGTS advances which are exposed to interest rate risk. In order to hedge that risk the Group entered into future DI contracts and Pre x DI swaps.
Starting in February 2024, PicPay assigned the hedging strategy to an eligible hedge accounting structure aiming to eliminate differences between the accounting measurement of its derivatives and hedged items, which are adjusted to reflect changes in CDI. In accordance with its hedging strategy, the Group adopts the “portfolio layer” method.
This method allows the Group to use part of the portfolio of financial assets as a fair value hedge during the hedging period in the event of events such as prepayment, default or sale of operations. The interest rate risk arising from the portfolio layers is mitigated by purchasing DIV01 futures contracts as a hedging instrument. The number of contracts per net maturity needed to cover exposure is assessed based on DV01.
The Group holds fixed rate Government Bonds (LTNs) and fixed-rate financial liabilities which are exposed to interest rate risk. In order to hedge that risk, the Group entered into DI futures contracts. Starting in December 2024, PicPay assigned the hedging strategy to an eligible hedge accounting structure in order to eliminate differences between the accounting measurement of its derivatives and hedged items. In accordance with the hedging strategy, the Group designates the hedge items on an individual basis.
Starting in November 2025, PicPay also designated hedging strategies for NTN-F federal government bonds and for the issuance of subordinated financial letters. Both are exposed to the fixed rate and suffer the risk of variation in the risk-free rate (Pre x DI curve). In order to mitigate this risk, the Group uses DI1 futures contracts as hedging instruments.
In December 2025, the Group acquired energy receivables that were contracted at a fixed rate, generating exposure to the risk of variation in the risk-free rate (Pre x DI curve). In order to mitigate this risk, the Group uses DI1 futures contracts as a hedging instrument. Considering the nature of the receivables acquisition product, events such as prepayment, default or sale of transactions for this portion of the portfolio are not expected. Additionally, the existence of receivables in amounts equal to or greater than the designated amounts is continuously proven
40
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The Group calculates the DV01 (delta value of a basis point) of the hedged items and futures contracts to identify the optimal hedging ratio. The hedge relationship is monitored periodically and the hedge is rebalanced as needed to ensure hedge effectiveness within the
The effectiveness test of the hedge is performed prospectively and retrospectively. In the prospective test, the Group compares the impact of a 1 basis point parallel shift on the interest rate curve (DV01) on the hedged item and on the hedge instrument market value. For the retrospective test, the market-to-market value change since the inception of the hedged item is compared with that of the hedge instrument. In both cases, the hedge is considered effective if the change in value of the hedge instruments is between
For designated and qualifying fair value hedges, the cumulative change in the fair value of the hedging derivative and of the hedged item is recognized in the consolidated financial statements of profit or loss in “interest income and gains (losses) on financial instruments – Financial assets at fair value through other comprehensive income”.
| June 30, 2026 | ||||||||||||||||||||
| Total Amount of Hedge | Fair Value Adjustment to the Hedge Object | Fair Value Adjustment to the Hedging | Hedge | |||||||||||||||||
| Item | Asset | Liability | Instrument | Effectiveness | ||||||||||||||||
| Interest Rate Risk | ||||||||||||||||||||
| Interest Rate Contracts - Future and Swap - Public Payroll Loans (1) | 4,700,518 | - | (16,022 | ) | 16,022 | 100 | % | |||||||||||||
| Interest Rate Contracts - Future and Swap - Private Payroll Loans (1) | 2,065,758 | - | (6,027 | ) | 6,027 | 100 | % | |||||||||||||
| Interest Rate Contracts - Future and Swap - FGTS Advances (2) | 3,739,688 | - | (61,320 | ) | 61,320 | 100 | % | |||||||||||||
| Interest Rate Contracts - Future - Liabilities Pre | (2,051,456 | ) | - | (16,749 | ) | 16,749 | 100 | % | ||||||||||||
| Interest Rate Contracts - Future - LTN Bonds | 670,493 | 5,698 | - | (5,698 | ) | 100 | % | |||||||||||||
| Interest Rate Contracts - Future - NTN-F Bonds | 1,083,309 | - | (27,558 | ) | 27,773 | 101 | % | |||||||||||||
| Interest Rate Contracts - Future - LF Sub (3) | (285,258 | ) | 14,994 | - | (15,436 | ) | 103 | % | ||||||||||||
| Interest Rate Contracts - Future - Advances on Energy Receivables | 1,109,081 | - | (15,729 | ) | 15,808 | 101 | % | |||||||||||||
| Total | 11,032,133 | 20,692 | (143,405 | ) | 122,565 | 100 | % | |||||||||||||
| December 31, 2025 | ||||||||||||||||||||
| Total amount of hedged | Fair value adjustment to the hedge object | Fair value adjustment to the hedging | Hedge | |||||||||||||||||
| Item | Asset | Liability | instrument | effectiveness | ||||||||||||||||
| Interest rate risk | ||||||||||||||||||||
| Interest Rate Contracts - Future and Swap - Payroll loans (1) | 1,705,083 | ( | ) | % | ||||||||||||||||
| Interest Rate Contracts - Future and Swap - FGTS Advances (2) | ( | ) | % | |||||||||||||||||
| Interest Rate Contracts - Future - Liabilities Fixed-Rate | ( | ) | ( | ) | % | |||||||||||||||
| Interest Rate Contracts - Future - LTN Bonds | ( | ) | % | |||||||||||||||||
| Interest Rate Contracts - Future - NTN-F Bonds | ( | ) | % | |||||||||||||||||
| Interest Rate Contracts - Future - LF Sub(3) | ( | ) | ( | ) | % | |||||||||||||||
| Interest Rate Contracts - Future - Advances on energy receivables | ( | ) | % | |||||||||||||||||
| Total | ( | ) | % | |||||||||||||||||
| (1) | Payroll loan – From the value of the hedging instrument of R$ |
| (2) |
| (3) |
41
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
28.3 Liquidity risk
Liquidity risk is the possibility that the Group will not have sufficient liquid resources to honor its financial commitments. PicPay’s liquidity management processes include:
| ● | Cash liquidity monitoring: daily update of the cash flow, detailing the inflows and outflows, including the cash projection and stress scenario. |
| ● | Minimum cash limits: which trigger preemptive actions to be taken to ensure sufficient resources are available to meet financial commitments. |
The Group’s projected cash flow is generated and monitored daily by the Treasury to ensure that the Group has the necessary resources to meet financial commitments and operational needs. For the projection of cash, growth assumptions and stress factors are used, which include increased losses and expenses.
The information on financial liabilities is essential for the projection and management of cash flow, ensuring that the Group has the necessary resources to settle its obligations.
As a cash management procedure, the treasury invests surplus funds in highly quality liquid and unencumbered assets.
The objective of the Group’s liquidity risk management activities is to ensure its ability to meet both expected and unexpected obligations without disrupting daily operations or incurring significant losses.
In order to ensure a sound basis of funding for growth, management has adopted a diversified approach to financing, complementing its main base of deposits, which is predominately made up of retail liabilities. A liquidity risk management policy has been implemented, involving the use of various tools and activities, such as daily cash flow forecasts, liquidity profile monitoring, and maintenance of adequate cash reserves. Any new initiative or product is preliminarily assessed by the market and risk liquidity department.
The treasury department, acting as a first line of defense, is in charge of the implementation of the liquidity management strategy. This approach is coordinated with other functions, such as risk management, to ensure a sound second line of defense.
The table below shows the expected maturity of the Group’s liabilities. For the deposits that are redeemable immediately, the expected maturity was estimated based on historical data, which was used to estimate, for each vintage of deposits, the probability of the balance remaining for 1 more month given how long it has been in the portfolio.
Considering the earliest date in which customers may exercise their redemption rights, the cash outflows are presented as follows up to 365 days: R$
Liabilities
| Up to 30 days | From 31 to 60 days | From 61 to 90 days | From 91 to 180 days | From 181 to 365 days | Over 365 days | Total | ||||||||||||||||||||||
| As of June 30, 2026 | ||||||||||||||||||||||||||||
| Third-party funds - payment accounts | ||||||||||||||||||||||||||||
| Third-party funds – CDB’s | ||||||||||||||||||||||||||||
| Third party funds - financial instruments | ||||||||||||||||||||||||||||
| Third-party funds – Others | ||||||||||||||||||||||||||||
| Obligations to FIDC FGTS quota holders | ||||||||||||||||||||||||||||
| Trade payables | ||||||||||||||||||||||||||||
| Derivative financial instrument | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||||||||||
| Third-party funds - payment accounts | ||||||||||||||||||||||||||||
| Third-party funds – CDB’s | ||||||||||||||||||||||||||||
| Third party funds - financial instruments | ||||||||||||||||||||||||||||
| Third-party funds – Others | ||||||||||||||||||||||||||||
| Obligations to FIDC FGTS quota holders | ||||||||||||||||||||||||||||
| Trade payables | ||||||||||||||||||||||||||||
| Derivative financial instrument | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||
28.4 Fraud risk
The Group is exposed to several operational risks, one of which is the risk of fraud, which is an undue, illegal or criminal activity that causes a financial loss for one of the parties involved in a financial transaction within the PicPay arrangement. Credit card fraud includes unauthorized use of lost, stolen, fraudulent, counterfeit, or altered cards, as well as misuse of the PicPay user payment account. Within this scenario, the Group is exposed to losses due to transaction chargebacks (cancellations).
42
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
The chargeback process starts when a user makes a transaction via credit card in the PicPay application and, for reasons unrelated to PicPay, decides to contest the transaction with the card issuer who forwards it to the acquirer who performs the transaction cancellation, reducing the amount of payables it has outstanding with PicPay.
The Group has dedicated fraud-prevention team strategies and processes which include real-time monitoring of transactions using payment account balances or credit cards for bank slips, withdrawals or transfers between users, analyzing and then approving or declining transactions.
28.5 Capital management
The Group’s capital management objectives are to ensure ongoing compliance with minimum capital requirements set by regulatory authorities, maintain a capital structure appropriate to the risks assumed and support the Group’s operational continuity and stakeholder confidence.
The Group’s subject to the prudential framework defined by the Central Bank of Brazil, in accordance with BACEN Resolution No. 200/22 and BACEN Resolution No. 436/24, which establish capital requirements based on factors such as size, operational complexity, and risk profile. The lead entity of the prudential conglomerate is PicPay Payments Institution.
The Group’s available regulatory capital is composed of the following tiers, which are the numerators of its capital indices:
| ● | Common Equity Tier I Capital: Includes share capital, capital reserves and retained earnings minus regulatory deductions from capital such as intangible assets and deferred tax assets; |
| ● | Tier I Capital (1): Includes Common Equity Tier I Capital plus Additional Tier I Capital such as perpetual subordinated debt |
| ● | Total Capital: Includes Tier I Capital plus Tier II capital such as fixed-maturity subordinated debt. |
The Group’s Risk-Weighted Assets (RWA), which are the denominator of its capital indices, reflect a bank’s exposure to credit, market, payment services and operational risks. RWA’s are calculated, for credit risk for example, by applying different risk weights to different assets depending on their level of risk, resulting in the Risk-Weighted Assets.
The following table presents the Group’s capital ratios as of June 30, 2026 and December 31, 2025, calculated according to BACEN’s regulation on capital requirements and accounting, which differs from IFRS in some respects, notably in the scope of consolidation and in the calculation of expected losses.
| June 30, 2026 | December 31, 2025 | |||||||
| Common Equity Tier I | ||||||||
| Tier I | ||||||||
| Tier II | ||||||||
| Total Capital (Tier I + Tier II) | ||||||||
| Risk-Weighted Assets (RWA) | ||||||||
| Credit Risk (RWA CPAD) | ||||||||
| Market Risk (RWA MPAD) | ||||||||
| Operational Risk (RWA OPAD) | ||||||||
| Payment Service Risk (RWA SP) | ||||||||
| Common Equity Tier I Ratio | % | % | ||||||
| Tier I Ratio | % | % | ||||||
| CAR (Total Capital Ratio) | % | % | ||||||
On June 30, 2026, the total capital ratio was
The tier I ratio(1) was
The common equity tier I ratio was
The Company monitors and forecasts its capital needs to maintain compliance with regulatory requirements and internal target capital ratios.
| (1) | The Group has not yet issued Additional Tier I capital instruments, so its Common Equity Tier I capital and Tier I capital are identical. |
43
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
28.6 Fair Value Measurement
Determination of fair value and fair value hierarchy
For assets and liabilities measured at fair value, PicPay measures fair value using the procedures set out below. The objective of the valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.
Level 1: When available, the Bank uses quoted market prices from active markets to determine fair value and classifies such items as Level 1.
Level 2: quoted prices in an active market for similar assets or liabilities or based on another valuation method in which all significant inputs are based on observable market data.
Level 3: when quoted market prices are not available, fair value is based on internally developed valuation techniques that use, whenever possible, current market-based parameters such as interest rates, exchange rates and option volatilities. Financial instruments valued using such internally generated valuation techniques are classified according to the lowest-level input factor that is significant to the valuation. Therefore, an item may be classified as Level 3, even though there may be some significant inputs into its valuation that are easily observable.
The pricing models used to measure fair value are governed by an independent control structure. Fair value estimates from internal valuation techniques are checked, whenever possible, against prices obtained from independent suppliers or brokers. Vendor and broker valuations can be based on a variety of data ranging from observed prices to proprietary valuation models, and the Bank assesses the quality and relevance of this information to determine the fair value estimate.
Financial instruments recorded at fair value
The following is a description of the method for determining the fair value of financial instruments. The valuation techniques incorporate estimates of the assumptions that a market participant would use to value the instruments.
| June 30, 2026 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Financial assets | ||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Investment Fund Quotas | ||||||||||||||||
| Total | ||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||
| Government Bonds – LTN | ||||||||||||||||
| Investment Fund Quotas | - | 107,539 | - | 107,539 | ||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Total | ||||||||||||||||
| Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| DI1 and DDI - future contract | ||||||||||||||||
| Total | ||||||||||||||||
| Other financial assets measured at fair value through profit or loss | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Other Investments | ||||||||||||||||
| Total | ||||||||||||||||
| Total Financial assets | ||||||||||||||||
| Financial liabilities | ||||||||||||||||
| Derivative measured at fair value through profit or loss | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| Total Financial Liabilities | ||||||||||||||||
| (1) |
44
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
| December 31, 2025 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Financial assets | ||||||||||||||||
| Financial assets measured at fair value through other comprehensive income | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Total | ||||||||||||||||
| Financial assets measured at amortized cost | ||||||||||||||||
| Government Bonds – LTN | ||||||||||||||||
| Investment Fund Quotas | 99,926 | |||||||||||||||
| Government Bonds – NTN | ||||||||||||||||
| Total | ||||||||||||||||
| Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| DI1 - future contract | ||||||||||||||||
| DI1 e DDI - future contract | ||||||||||||||||
| Total | ||||||||||||||||
| Other financial assets measured at fair value through profit or loss | ||||||||||||||||
| Government Bonds – LFT | ||||||||||||||||
| Other Investments | ||||||||||||||||
| Total | ||||||||||||||||
| Total Financial assets | ||||||||||||||||
| Financial liabilities | ||||||||||||||||
| Derivative measured at fair value through profit or loss | ||||||||||||||||
| DI1 - future contract | ||||||||||||||||
| Swaps contracts (1) | ||||||||||||||||
| Total Financial Liabilities | ||||||||||||||||
As of June 30, 2026 and December 31, 2025, there were no transfers between the fair value measurements of Level I and Level II or between Level II and Level III.
Derivative financial instruments
The fair value of the swaps is calculated considering the projected cash flows of each of their ends, discounted to present value according to their respective yield curves, which are representative of market conditions. The yield curve calculations use models audited and approved internally by PicPay’s risk management department.
Interest rate futures contracts are commitments to buy or sell a financial instrument on a future date, at a contracted price or yield, which can be financially settled. The nominal value represents the face value of the related instrument. This instrument is settled daily in line with changes in market prices.
The main interest rates used in the composition of the yield curves are taken from futures and swaps traded on the B3 exchange. Adjustments are made to these curves whenever certain points are considered to lack sufficient liquidity to be representative, or, for atypical reasons, do not reasonably represent market conditions.
Credit Risk Adjustment (CVA)
The current standard requires the allocation of Credit Value Adjustment (CVA) and Debit Value Adjustment (DVA) for derivative financial instruments. These adjustments are intended to reflect the counterparty’s credit risk and the entity’s own credit risk in the valuations of these instruments.
However, PicPay does not carry out the allocation as there is no derivative exposure with clients. All current derivatives are contracted exclusively with companies in the same economic group. This factor considerably reduces credit risk, since the relationship between the parties involved is one of common control, mitigating potential losses associated with non-compliance with obligations.
Therefore, considering the absence of exposure to external customers and the low materiality of credit risk in intra-group transactions, we believe that there is no need to allocate CVA and DVA to these derivative financial instruments. This approach is based on the Company’s operational reality and the effective assessment of the risk involved.
45
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Financial assets
| June 30, 2026 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Cash and cash equivalents | ||||||||
| Financial Investments | ||||||||
| Amounts receivable from card issuers | ||||||||
| Consumer loans | ||||||||
| Other receivables (1) | ||||||||
| Total | ||||||||
| (1) |
Financial liabilities
| June 30, 2026 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Third-party funds - payment account | ||||||||
| Third-party funds - CDBs | ||||||||
| Third-party funds - financial instruments | ||||||||
| Third-party funds - Others | ||||||||
| Trade payables | ||||||||
| Obligations to FIDC FGTS quota holders | ||||||||
| Total | ||||||||
46
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Financial assets
| December 31, 2025 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Cash and cash equivalents | ||||||||
| Financial Investments | ||||||||
| Amounts receivable from card issuers | ||||||||
| Consumer loans | ||||||||
| Other receivables (1) | ||||||||
| Total | ||||||||
| (1) | Balance composed of: Receivables from purchasers, Receivables from customers, Receivables - related parties, Compulsory deposits in Central Bank and Sundry receivables. |
Financial liabilities
| December 31, 2025 | ||||||||
| Carrying amount | Fair Value | |||||||
| Fair Value of financial instruments measured at fair value through profit or loss | ||||||||
| Derivative financial instruments | ||||||||
| Fair Value of financial instruments measured at amortized cost | ||||||||
| Third-party funds - payment account | ||||||||
| Third-party funds - CDBs | ||||||||
| Third-party funds - financial instruments | ||||||||
| Third-party funds - Others | ||||||||
| Trade payables | ||||||||
| Obligations to FIDC FGTS quota holders | ||||||||
| Total | ||||||||
47
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
28.6.1 Offsetting of financial instruments
The balances of financial assets and liabilities can be offset ( i.e. recognized by the net amount) if there is a legally enforceable agreement in which the parties agree to offset the recognized amounts and intend to settle on a net basis, or to realize the asset and settle the liability simultaneously. As of June 30, 2026 and December 31, 2025, the Group does not have financial instruments that meet the conditions for offsetting.
29. Reconciliation of changes in equity and liabilities with cash flows from financing activities
| Liability Lease | Equity Share premium reserve | |||||||
| Balances as of December 31, 2025 | ||||||||
| Variations with effect on cash | ( | ) | ||||||
| Payment of leases | ( | ) | ||||||
| Share capital increase | ||||||||
| IPO cost | ( | ) | ||||||
| Balances as of June 30, 2026 | ||||||||
30. Segment information
Operating segments are determined based on information reviewed by the board of directors, the Chief Operating Decision Maker (CODM), which is responsible for allocating resources and assessing business performance.
The CODM monitors the operating results of each segment separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on Adjusted Gross Profit, which is defined as ‘Total revenue and financial income’ less ‘transaction expenses’, ‘interest and other financial expenses’ and ‘credit loss allowance expenses’, all of which are consistent with the same lines in the consolidated statements of profit or loss except for amounts that are not allocated to segments and inter-segment amounts.
The Group’s organizational structure has
| a) | Consumer Banking: generates revenue from various transaction activities occurring in the digital wallet, such as Pix, peer-to-peer transfers, and bill payments, including when customers use credit cards as a funding source for payments or money transfers, either in one or multiple installments. It also encompasses interest income from financial investments backed by customers’ account balances. In addition, the segment includes interest revenues from credit activities managed by PicPay Bank, fee revenues from distributing third-party credit products in the financial marketplace, interchange fees from prepaid and credit card transactions, and commissions from distributing insurance and investment products from third-party partners on the platform. |
| b) | Small and Medium-Sized Businesses: generates revenues from MDR (merchant-discount rates) charged to merchants accepting PicPay as a payment network, interchange fees from corporate benefit card transactions, and settlement scheduled floating relating to corporate benefits solutions. Additionally, the segment generates financial income from acquired credit rights and advances to suppliers of corporate clients. |
| c) | Audiences and Ecosystem Integration: This segment provides services to all of the Group’s customers, which include consumers and businesses, with the goal of increasing engagement and monetization of both sides of the ecosystem. This segment generates monetization of the audiences by leveraging PicPay’s customer base of consumers and merchants by offering products and solutions such as PicPay Ads, allowing brands and companies to benefit from PicPay’s audience in app and promote its products and services, as well as many others non-financial products. Ecosystem engagement is achieved, for example, through PicPay Shop, which is a platform that allows online merchants to sell their products and services to consumers. |
| d) | Institutional: This segment encompasses revenues, costs and expenses from financial investments and funding activities executed at the Corporate level. The Institutional unit has the role of managing funding and liquidity at the Group level as well as the allocation of liquidity and capital to each segment. |
The Group does not disclose total assets and liabilities by segment since this information is not presented to its CODM.
48
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
Three-month period ended June 30, 2026
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ( | ) | ||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
b) Revenue and financial income reconciliation
| June 30, 2026 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
| June 30, 2026 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
Three-month period ended June 30, 2025
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ||||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ) | ( | ) | ( | ) | |||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ||||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
49
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
b) Revenue and financial income reconciliation
| June 30, 2025 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
c) Reconciliation from segment adjusted gross profit to profit before income taxes
| June 30, 2025 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
Six-month period ended June 30, 2026
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ( | ) | ||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
b) Revenue and financial income reconciliation
| June 30, 2026 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
50
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
c) Reconciliation from segment adjusted gross profit to profit before income taxes
| June 30, 2026 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
Six-month period ended June 30, 2025
a) Segment information
| Consumer Banking | Small and Medium-Sized Businesses | Audiences and Ecosystem Integration | Institutional | Total reportable segments | ||||||||||||||||
| Net revenue from transaction activities and other services | ||||||||||||||||||||
| Financial income | ||||||||||||||||||||
| Total revenue and financial income | ||||||||||||||||||||
| Transaction expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Interest and Other financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Credit loss allowance expenses | ( | ) | ( | ) | ||||||||||||||||
| Adjusted gross profit | ||||||||||||||||||||
b) Revenue and financial income reconciliation
| June 30, 2025 | ||||
| Net revenue from transaction activities and other services | ||||
| Financial income | ||||
| Total reportable segments | ||||
| Inter-segment revenues, adjustments or reclassifications (1) | ( | ) | ||
| Total revenue and financial income | ||||
| (1) |
c) Reconciliation from segment adjusted gross profit to profit before income taxes
| June 30, 2025 | ||||
| Adjusted gross profit - Total reportable segments | ||||
| Expenses and income that are not part of adjusted gross profit: | ||||
| Technology expenses | ( | ) | ||
| Marketing expenses | ( | ) | ||
| Personnel expenses | ( | ) | ||
| Administrative expenses | ( | ) | ||
| Depreciation and amortization | ( | ) | ||
| Other expenses | ( | ) | ||
| Other income | ||||
| Profit before income taxes | ||||
51
| PicS N.V. Notes to the Unaudited Condensed Consolidated Interim Financial Statements of June 2026 (All amounts in thousands of reais unless otherwise stated) | |
31. Subsequent event
On August 3, 2026, PicPay Bank has concluded
On July 31, 2026, the full amount of the loan in the value of R$
On August 6, 2026, PicPay Bank – Banco Múltiplo S.A. acquired, through Euroclear, debt securities (Notes) issued by Instituto de Crédito Oficial (ICO), a Spanish public business entity, under its Euro
52