REVENUEBeat +496.1%
EPSBeat +11.1%
Actuals vs. estimates
| Metric | Actual | Consensus | Surprise |
|---|---|---|---|
| RevenueTotal revenues (2Q26) | BRL 4.10B | BRL 687.9M | ▲ Beat +496.1% |
| EPS(provider-reported) | BRL 0.44 | BRL 0.40 | ▲ Beat +11.1% |
Revenue — API Ninjas actual does not reconcile with a unique Quartr consolidated revenue
EPS — actual sourced from API Ninjas, not the company release
Verdict
- PicPay cleared every layer of its own Q2 guidance: managerial revenues of R$3.7bn (3.6% above), gross profit of R$1.25bn (8.4% above) and adjusted net income of R$283m (15.5% above).
- Total revenues of R$4.1bn grew 67% year over year while cost to serve per active client rose only 13%, taking the adjusted efficiency ratio down to 44.8%.
- Adjusted net income more than doubled to R$283m and adjusted ROE reached 20.2% from 15.5% in the first quarter, helped by a tax incentive concentrated in the period.
- Q3 guidance calls for adjusted net income of roughly R$265m, 6% below Q2, entirely because that tax benefit does not repeat.
Guidance & KPIs
| Item | New guidance | Prior guidance |
|---|---|---|
| Q3 2026 total credit portfolio | approximately BRL 34.7 billion | — |
| Q3 2026 managerial revenues | approximately BRL 4 billion | — |
| Q3 2026 gross profit | approximately BRL 1.3 billion | — |
| Q3 2026 adjusted net income | approximately BRL 265 million | — |
| Q3 2026 risk-adjusted NIM | around 12.1% | — |
| Kovr net income contribution, August-December 2026 | between BRL 80 million and BRL 100 million | — |
Management commentary
- CFO Andre Cazotto guided Q3 adjusted net income to roughly R$265m, down 6% sequentially, attributing the decline to the tax benefit normalising rather than to any operational deterioration.
- Management expects the adjusted efficiency ratio to reach the low 40s or high 30s by year end, with headcount flat since October 2025 as AI absorbs the growth.
- CEO Eduardo Chedid said clients holding the payroll loan product generate revenue per active client 8.9 times the average and cross-sell 30% higher.
- Chedid closed the call on the Kovr acquisition: "We remain confident here on the year-end results."
- Write-off policy is unchanged at 360 days for both credit cards and personal loans.
Quality of earnings
- The sequential jump in adjusted net income from R$169m to R$283m carries a Lei do Bem tax benefit management says was heavily concentrated in Q2; Q3 adjusted net income is guided down 6% to about R$265m on a normalised tax rate.
- Cost to serve of R$21.3 per active client includes R$0.70 of marketing pulled forward from Q3; excluding it the figure is R$20.6, a 1% sequential increase rather than 5%.
Gotchas & watch items
- Q3 guidance excludes Kovr entirely even though the acquisition closed on 3 August and is expected to contribute R$80m-R$100m of net income across August to December.
- Kovr consumes roughly 150 basis points of capital in Q3, with the year-end total capital ratio guided to about 14% against 17.6% reported this quarter.
- Funding cost rose to 96.2% of CDI from 94% on the new FIDC FGTS II issuance; management guides Q3 back to a 94%-95% range.