Creditas Financial Results Q4-2025

São Paulo, 26th February 2026

Note about results: Following our commitment to transparency and financial discipline, we have enhanced our interest revenue recognition framework by further aligning accounting outcomes with our portfolio’s risk profile and global market best practices. Under this updated policy, we now cease interest accrual for loans past due more than 180 days for Home Equity (previously 730 days) and 90 days for all other products (previously 365 days). This shift represents a more conservative approach to revenue recognition and ensures a tighter alignment with our real-time assessment of credit risk. To ensure consistency and comparability across all periods, we performed a full reconciliation of our financial results starting on January 1, 2025, and applied a retroactive managerial reconciliation for previous periods. Using 2025 as the reference year, this non-cash methodology change resulted in a -6.4% impact on revenues, a -1.7% impact on gross profit and a -4.8% impact on operating profit. These adjustments do not affect our cash position or underlying credit performance, as any future payments on these assets will be recognized as recovery results upon receipt.

Business Context

Key Highlights – Q4 2025

Portfolio

• Origination surpassing R$1.1bn (+35.4% YoY and 10.7% QoQ). We continue to strategically accelerate our e-Consignado portfolio as we gain further confidence in the product’s performance and market dynamics, while maintaining strong momentum across our Auto products.

• Portfolio reached R$7.1bn (+19.5% YoY and +6.1% QoQ), concluding the year within our 20-25% annual guidance range.

Financials

• Record quarterly Revenues at R$582.7mn (+17.3% YoY and +7.9% QoQ) as we continue benefitting from increasing volumes and continuous repricing.

• Gross Profit grew to R$211.2mn (+20.7% YoY and +2.4% QoQ), representing a 36.2% Gross Profit Margin on revenues. This result continues to reflect the sustained high-SELIC environment and the frontloading of IFRS provisioning tied to our portfolio expansion. Profitability at the cohort level remains well above our 40% target, allowing us to continue our growth strategy despite the accounting impact on the reported gross profit margin.

• Costs below Gross Profit of R$292.1mn (+1.4% YoY/QoQ). This controlled increase primarily reflects the consolidation of Andbank corporate structure following our M&A close, which was largely offset by a decline in Customer Acquisition Costs (-0.9% YoY and -6.1% QoQ). Achieving strong origination growth (+10.7% QoQ) while simultaneously reducing customer acquisition spend highlights our significant operational leverage and marketing efficiency

• Operating loss remained stable at R$80.9mn, as we continue to invest in profitable growth by building new cohorts of highly profitable portfolios

• We have been targeting neutral cash flow as guardrail for our operation since end of 2023, financing growth without the need for external capital.

Operations

• In Q4-25, portfolio momentum accelerated as we continued to scale our Auto and e-Consignado verticals, while maintaining a consistently strong performance in Home Equity. This performance was underpinned by a new credit scoring model in Auto Equity that optimized the risk-return trade-off, enabling aggressive partner-led growth while preserving asset quality. Simultaneously, we successfully increased e-Consignado volumes as we gained visibility into unit economics and normalized operational processes. By combining these technological advancements with continuous funnel automation, we achieved a meaningful optimization of CAC and improved conversion rates. Ultimately, this allowed us to deliver another solid quarter of growth, navigating macro volatility through a disciplined, selective approach and conservative pricing.

• We continue to gain significant traction in automating critical operational processes, reaching record-high productivity metrics. We are strategically accelerating investments in AI areas across key areas—including customer experience, collections, operational processes, and coding—while keeping a disciplined approach to return on investments. We are increasingly confident that our transition towards and AI-native platform will be transformational for Creditas, enabling us to manage the inherent complexities of our products and the deep level of customer interactions in the collateralized lending journey with unprecedented efficiency. These initial efforts are already yielding tangible results, with productivity per employee reaching new records and further strengthening our path to long-term operational leverage .

• This operational focus supports our strategy of scaling growth via cross-sell, which is fundamental to leveraging our operation by reducing CAC and significantly increasing revenue per customer.

Fourth Quarter Financial & Operating Results

In Q4-2025, we maintained our rigorous focus on profitable growth, delivering solid results across all verticals. Origination increased 35.4% and our Portfolio grew 19.5% YoY (see Figure 2 and 3). This performance represents an all-time high, marking a significant milestone: we are now driving record expansion through a primary lens of profitability and optimized operational productivity. This approach represents a structural evolution from the volume-led growth of 2020-2021 period, prioritizing high-quality earnings as we resume scaling.

The continued expansion of our Portfolio supported revenue growth, reaching a new record of R$582.7mn in Q4-25, +17.3% YoY (see Figure 4). Gross Profit reached R$211.2mn (+20.7% YoY), outperforming revenue growth and demonstrating our capacity to continuously expand credit margins. The Gross Profit Margin stood at 36.2%, primarily reflecting higher front-loaded IFRS provisioning driven by record origination volumes in the recent quarters. Our gross profit margins remain below our cohort profit margins due to two factors: (i) the consolidation of higher SELIC rates in the securitizations’ funding (an effect expected to normalize as the CDI converges with long-term rates –which are currently below short-term rates –and aligns with the swap rate embedded in the portfolio pricing); and (ii) IFRS accounting that front-loads expected losses recognition. Crucially, Profitability at the cohort level remains well above our 40% target, allowing us to sustain our growth strategy despite the short-term accounting impact on the gross profit margin (See Figure 5).

Costs below gross profit (see Figure 6) totaled R$292.1mn in the quarter, a modest 1.4% QoQ increase. This movement is primarily attributed to the full consolidation of Andbank's operations following its final integration in Q4. It is important to note that since 2022, we had already been operating under an SLA with Andbank that resulted in a full consolidation of revenues and credit-related costs of the portfolio assigned to the bank; thus, the current impact is limited to the integration of administrative and operational structures. This inorganic increase was largely offset by a 6.1% QoQ reduction in Customer Acquisition Costs (CAC), achieved even as total origination grew 10.7%. Our focus on building an AI-native platform is yielding record productivity metrics, with revenues per employee reaching a new high of R$1.2mn. It is important to remember that, unlike market practices that often outsource core functions such as technology, collections, or sales, we internalize these operations to capture superior scale gains. Furthermore, we recognize all acquisition and technology costs upfront, while loan and insurance margins accrue over time, consistent with our conservative accounting framework.

Our focus continues to be on reinvesting the profits of our portfolio to drive growth, a strategy anchored by strong unit economics and short payback periods. Although the combined effect of higher growth and the current SELIC environment impacts short-term profitability due to accounting recognition, we are prioritizing net present value built on superior IRRs to generate strong future cash flows.

In Q4-25, we recorded an operating loss of R$80.9million (see Figure 8) and a net loss of R$143.3 million (see Figure 9). Importantly, we maintained a neutral cash flow position, which enables us to fund our growth internally without the need for external capital, a key pillar of our long-term strategy. The performance of this quarter highlights our continued momentum and underscores the strength of our discipline in portfolio expansion, cost control and focus on sustainable, long-term value creation.

Business Unit Performance

Auto Equity

Our flagship product continued its expansion in Q4-25 at a 19% YoY portfolio growth, fueled by the deployment of a new credit scoring model that significantly improved our risk-return assessment. This optimized pricing strategy allowed us to gain operational efficiency and scale origination sustainably through our partner network, building strong momentum into 2026.

Home Equity

Home Equity delivered another consistent quarter, solidifying its position among the Top-5 players in the market and achieving a robust 34% YoY portfolio expansion in 2025. This performance was driven by our strategic focus on improving user experience and optimizing acquisition costs, while successfully scaling both our direct-to-consumer and affiliate networks.

Private Employees Payroll Loans

Building on increased visibility into e-Consignado unit economics and the normalization of operational processes, we are now expanding origination by progressively broadening our customer coverage. By the end of Q4-25 we were serving approximately 8% of the addressable private employee market. We remain committed to a disciplined expansion, maintaining a highly selective approach to risk, pricing, and volumes to ensure long-term portfolio health.

Auto Finance

After gaining confidence with the product's unit economics and operational experience, we are reaccelerating growth and reached a 22% portfolio expansion in 2025. Our strategic focus on efficiency has been key, leading to our lowest-ever customer acquisition cost and positioning us for a profitable, balanced expansion.

Insurance

We are focusing on the redesign of our user experience as we consolidate Creditas as the largest online broker in Brazil. We are exploring multiple avenues to reach the full potential for insurance within our Creditas ecosystem. We continue investing in these fronts and expect insurance to become instrumental in the growth of our platform over the years.

Business Outlook

Creditas is in a new growth phase, supported by a foundation of high client recurrence that supports our revenue base, strong credit performance, and clear product-market fit across all core offerings. We're prioritizing investments in user experience and automation, with AI now delivering tangible value. This positions us for an annual growth target of 25%+ in the coming years while maintaining portfolio profitability.