This is a strategic update with no hard guidance changes or material events. Monitor upcoming quarterly results for evidence of execution against the Rule of 50 framework and credit quality trends (NPLs, cost of risk). The stock has already re-rated +2.7x since the 2023 Investor Day; further upside depends on sustained delivery of ROE expansion toward the 26-30% trajectory.
Price Chart
Executive Summary
Inter & Co. held its 2026 Owners' Day investor presentation, detailing progress on its long-term strategic plan (60/30/30 targets) and introducing a new 'Rule of 50' framework targeting a balance of ~50% between net revenue growth and ROE. The filing is a forward-looking strategic update with no new hard financial guidance or material transactions, making it a routine investor relations event.
Key Facts
- Inter reported LTM net revenue of R$9,004 million as of March 2026, up from R$8,401 million in FY2025.
- LTM net income was R$1,421 million as of March 2026, up from R$1,312 million in FY2025.
- ROE reached 15.5% in 1Q26, up from 15.1% in FY2025 and 1.8% in FY2022.
- Total clients reached 44 million as of March 2026, with 25.8 million active clients.
- Funding (deposits) grew to R$74 billion in 1Q26, a 29% CAGR from 4Q22.
- Gross loan portfolio reached R$49.8 billion in 1Q26, up from R$21.0 billion in 3Q22.
- The company introduced a 'Rule of 50' target: net revenue growth + ROE ≈ 50%, with a long-term ROE trajectory of 26-30%.
- Private payroll loan portfolio grew to R$2.5 billion in 1Q26 from R$0.2 billion in 1Q25.
- Credit card portfolio reached R$15.6 billion in 1Q26, a 29% CAGR from 3Q22.
- NPL > 90 days was 5.1% in 1Q26, up from 4.0% in 1Q22.
- Cost of funding was 64% of CDI in 1Q26, below both fintech (78%) and incumbent (98%) medians.
- Cost-to-serve per active client was R$13 monthly in 1Q26, below fintech (R$15) and incumbent (R$64) medians.
- The company has sufficient capital to double its ~R$50 billion gross loan portfolio, with a pro-forma capital ratio of 21.9%.
- Digital collection rate improved to ~90% in 2026 from ~70% in 2022.
Financial Impact
No new financial guidance or material transactions disclosed. The presentation reaffirms existing long-term targets and introduces a new strategic framework (Rule of 50). Historical financials show continued growth: LTM net revenue R$9,004M, LTM net income R$1,421M, ROE 15.5%.
Risk Factors
- NPL > 90 days has risen to 5.1% (from 4.0% in 1Q22) and cost of risk increased to 5.6% (from 4.4% in 3Q22), indicating credit deterioration.
- Forward-looking Rule of 50 targets are aspirational and not formal guidance; execution risk remains.
- Brazilian macroeconomic and interest rate environment could impact loan growth and credit quality.
- Competitive pressure from other digital banks and incumbents in the secured lending space.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001864163-26-000051 |
| Document: intr-20260511.htm | 0001864163-26-000051 |
| Document: 0001864163-26-000051-index-headers.html | 0001864163-26-000051 |
| Document: 0001864163-26-000051-index.html | 0001864163-26-000051 |
| Document: 0001864163-26-000051.txt | 0001864163-26-000051 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 6-K | $7.26 $4.43 | ▼ −38.98% | ▼ −39.06% | $4.43 (−38.98%) |
Oct 19, 2026 8d ago | 6-K | $6.90 $4.68 | ▼ −32.17% | ▼ −32.03% | $4.43 (−35.80%) |
Oct 13, 2026 14d ago | 6-K | $7.45 $7.26 | ▼ −2.55% | ▼ −1.40% | $4.43 (−40.54%) |
Sep 16, 2026 5w ago | 6-K | $5.45 $5.06 | ▼ −7.16% | ▼ −7.76% | $4.43 (−18.72%) |
Aug 20, 2026 9w ago | 6-K | $5.20 $5.38 | ▲ +3.46% | ▲ +2.35% | $4.43 (−14.81%) |
Jul 23, 2026 13w ago | Press Release | $5.46 $5.64 | ▲ +3.30% | ▲ +2.82% | $4.43 (−18.86%) |
Jun 5, 2026 20w ago | 6-K | $5.57 $5.82 | ▲ +4.49% | ▲ +2.38% | $4.43 (−20.47%) |
May 22, 2026 22w ago | 6-K | $6.16 $6.17 | ▲ +0.16% | ▼ −1.51% | $4.43 (−28.08%) |
May 11, 2026 24w ago | 6-K | $6.00 $5.82 | ▼ −3.00% | ▼ −2.91% | $4.43 (−26.17%) |
May 7, 2026 24w ago | Press Release | $6.70 $6.14 | ▼ −8.36% | ▼ −9.86% | $4.43 (−33.88%) |
US Market Status
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