The strong beat and raised guidance reinforce the growth narrative. Monitor the deployment of IPO proceeds into credit for ROE recovery above 20% and the Kovr acquisition closing for insurance segment upside. Risks include rapid credit expansion and rising NPL ratios.
Price Chart
Executive Summary
PicS N.V. (PICS) reported Q1 2026 results that exceeded guidance across all key metrics, with total revenue and financial income up 70% YoY to R$3.5 billion and adjusted net income up 92% YoY to R$169 million. The credit portfolio grew 116% YoY to R$28.0 billion with cost of risk stable at 3.7%, while the company provided strong Q2 2026 guidance including managerial revenues of ~R$3.6 billion and adjusted net income of ~R$245 million. The IPO capital raise diluted ROE to 15.5%, but management expects recovery above 20% as IPO proceeds are deployed.
Key Facts
- Total revenue and financial income of R$3.5 billion in 1Q26, up 70% YoY and 17% QoQ, exceeding guidance of ~R$3.15 billion.
- Adjusted net income of R$169 million, up 92% YoY and above guidance of ~R$155 million.
- Credit portfolio reached R$28.0 billion, up 116% YoY and 17% QoQ, with quarterly cost of risk stable at 3.7%.
- Net interest income (NII) of R$1.7 billion, up 76% YoY and 19% QoQ, with NIM of 20.7%.
- 2Q26 guidance: total credit portfolio ~R$31.0 billion, managerial revenues ~R$3.6 billion, adjusted net income ~R$245 million.
- Kovr acquisition approved by CADE without restrictions, pending SUSEP and Central Bank approval.
Financial Impact
R$3.5 billion total revenue, R$169 million adjusted net income for 1Q26
Risk Factors
- Credit loss allowance expenses doubled YoY to R$974 million, reflecting portfolio growth and seasoning.
- NPL over 90 days reached 8.9%, up from prior periods, though management attributes this to portfolio velocity.
- ROE temporarily compressed to 15.5% due to IPO capital raise; recovery depends on execution.
- Regulatory approvals for Kovr acquisition remain pending (SUSEP and Central Bank).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-064381 |
| Document: ea029250701ex99-2.htm | 0001213900-26-064381 |
| Document: ea029250701ex99-3.htm | 0001213900-26-064381 |
| Document: ea029250701ex99-1.htm | 0001213900-26-064381 |
| Document: ea0292507-6k_picsnv.htm | 0001213900-26-064381 |
| Document: 0001213900-26-064381-index-headers.html | 0001213900-26-064381 |
| Document: 0001213900-26-064381-index.html | 0001213900-26-064381 |
| Document: 0001213900-26-064381.txt | 0001213900-26-064381 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | Press Release | $13.28 | awaiting T+20 | — | $7.59 (−42.85%) |
Aug 24, 2026 9w ago | 6-K | $10.85 $9.71 | ▼ −10.51% | ▼ −11.75% | $7.59 (−30.05%) |
Aug 24, 2026 9w ago | Press Release | $10.85 $9.71 | ▼ −10.51% | ▼ −11.75% | $7.59 (−30.05%) |
Aug 17, 2026 10w ago | Press Release | $10.27 | awaiting T+20 | — | $7.59 (−26.10%) |
Aug 10, 2026 11w ago | 6-K | $10.94 $10.60 | ▼ −3.11% | ▼ −2.05% | $7.59 (−30.62%) |
Jul 29, 2026 12w ago | Press Release | $12.13 $10.61 | ▲ +12.53% | ▲ +17.55% | $7.59 (+37.43%) |
Jul 23, 2026 13w ago | 6-K / PRESS-RELEASE | $11.85 $10.60 | ▼ −10.55% | ▼ −14.17% | $7.59 (−35.95%) |
Jun 12, 2026 19w ago | Insider Cluster | $10.82 $11.81 | ▲ +9.15% | ▲ +9.90% | $7.59 (−29.85%) |
Jun 10, 2026 19w ago | Insider Cluster | $9.40 $11.58 | ▲ +23.19% | ▲ +19.57% | $7.59 (−19.26%) |
Jun 10, 2026 19w ago | Insider Cluster | $9.40 $11.58 | ▲ +23.19% | ▲ +19.57% | $7.59 (−19.26%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers