v3.26.1
Financial Assets Measured at Amortized Cost (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Assets Measured at Amortized Cost [Abstract]  
Schedule of Trade Receivables Trade receivables
   December 31,
2025		   December 31,
2024		 
Financial transactions processed by acquirers (1) (3)   463,663    181,572 
Financial transactions processed by card issuers (2) (3)   3,273,306    3,653,774 
Other trade receivables   409,352    41,821 
Total   4,146,321    3,877,167 

 

(1)Amounts receivable from acquirers as a result of processing transactions in the role of sub-acquirer.

 

(2)Accounts receivable from card issuers, net of interchange fees, as a result of processing transactions with clients in the role of acquirer.

 

(3)Amount net of ECL (expected credit losses) and fraud risk (chargeback) in the amount of R$ 397 and R$ 2,225 respectively, as of December 31, 2025 (R$ 400 and R$ 7,356 respectively, as of December 31, 2024).
Schedule of Breakdown by Maturity Trade Receivables

As of December 31, 2025

 

   Receivables
falling due:		   Receivables
overdue:		   Total 
Up to 30 days   2,563,908    48,320    2,612,228 
From 31 to 60 days   442,127    2,073    444,200 
From 61 to 90 days   277,610    141,699    419,309 
From 91 to 180 days   450,954    2,027    452,981 
From 181 to 365 days   206,774    684    207,458 
Over 365 days   6,154    3,991    10,145 
Total   3,947,527    198,794    4,146,321 

 

As of December 31, 2024

 

   Receivables
falling due:		   Receivables
overdue:		   Total 
Up to 30 days   2,471,796    
    -
    2,471,796 
From 31 to 60 days   404,597    
-
    404,597 
From 61 to 90 days   277,416    
-
    277,416 
From 91 to 180 days   470,393    
-
    470,393 
From 181 to 365 days   252,889    
-
    252,889 
Over 365 days   76    
-
    76 
Total   3,877,167    
-
    3,877,167 

As of December 31, 2025

 

   Receivables
falling due:		   Receivables
overdue:		   Total 
Up to 30 days   1,910,827    
-
    1,910,827 
From 31 to 60 days   
-
    54    54 
From 61 to 90 days   
-
    129    129 
Total   1,910,827    183    1,911,010 

As of December 31, 2024

 

   Receivables
falling due:		   Receivables
overdue:		   Total 
Up to 30 days   137,036    11,483    148,519 
From 31 to 60 days   
-
    635    635 
From 61 to 180 days   
-
    4,405    4,405 
From 181 to 365 days   67,507    
-
    67,507 
Total   204,543    16,523    221,066 
Schedule of Consumer Loan Consumer loans
   December 31,
2025		   December 31,
2024		 
Gross amount - Consumer Loans (a)   24,068,242    10,571,338 
Credit loss allowance – on balance (b)   (3,121,544)   (838,696)
Credit loss allowance – off balance (1)   (33,842)   (25,524)
Total credit loss allowance   (3,155,386)   (864,220)
           
Total consumer loans - amortized cost (a +b)   20,946,698    9,732,642 
Fair Value Adjustment – Portfolio Hedge (Note 30.2 - c)   (33,179)   (154,494)
Consumer loans   20,913,519    9,578,148 

 

(1)Provision for expected credit loss of pre-approved credit card limits available to customers, presented as other liabilities in the statement of financial position. Limit disclosed in Note 30.1.
Schedule of Credit Loss Allowance Breakdown

As of December 31, 2025

 

   Gross Exposure   %   Credit Loss
Allowance		   %   Coverage
Ratio (%)		 
Credit card (1)   6,176,938    25.66%   (146,509)   4.64%   2.37%
Loans to customers (2)   12,218,389    50.77%   (129,323)   4.10%   1.06%
Prepayment of receivables (3)   1,029,909    4.28%   (471)   0.01%   0.05%
Total consumer loans stage 1   19,425,236    80.71%   (276,303)   8.75%     
                          
Credit card (1)   512,833    2.13%   (141,107)   4.47%   27.52%
Loans to customers (2)   1,255,193    5.22%   (547,844)   17.37%   43.65%
Prepayment of receivables(3)   9,311    0.04%   (21)   0.00%   0.23%
Total consumer loans stage 2   1,777,337    7.39%   (688,972)   21.83%     
                          
Credit card (1)   104,680    0.43%   (84,884)   2.69%   81.09%
Loans to customers (2)   2,760,757    11.47%   (2,105,111)   66.72%   76.25%
Prepayment of receivables (3)   232    0.00%   (116)   0.00%   50.00%
Total consumer loans stage 3   2,865,669    11.90%   (2,190,111)   69.41%     
                          
Total consumer loans   24,068,242    100.00%   (3,155,386)   100.00%     

As of December 31, 2024

 

   Gross Exposure   %   Credit Loss
Allowance		   %   Coverage
Ratio (%)		 
Credit card (1)   3,526,836    33.36%   (64,296)   7.44%   1.82%
Loans to customers (2)   5,561,617    52.61%   (43,282)   5.01%   0.78%
Total consumer loans stage 1   9,088,453    85.97%   (107,578)   12.45%     
                          
Credit card (1)   394,631    3.73%   (96,270)   11.14%   24.39%
Loans to customers (2)   539,935    5.11%   (204,055)   23.61%   37.79%
Total consumer loans stage 2   934,566    8.84%   (300,325)   34.75%     
                          
Credit card (1)   164,199    1.55%   (147,587)   17.08%   89.88%
Loans to customers (2)   384,120    3.64%   (308,730)   35.72%   80.37%
Total consumer loans stage 3   548,319    5.19%   (456,317)   52.80%     
                          
Total consumer loans   10,571,338    100.00%   (864,220)   100.00%     

 

(1)On January 26, 2024, The Group acquired credit card-related assets from Banco Original. The transaction included only balances from customers with less than 20 days past due and was accounted for as asset acquisition. As a result of the transaction, the credit card operations of retail customers were concentrated in the Company. (Refer to Note 14 for further details). The analysis is based on the expected credit loss in accordance with the principles of IFRS 9 at fair value.

 

(2)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.

 

(3)Prepayment of receivables correspond to contracts for the advance payment of energy, with future due dates. For more information, please refer to the explanatory note 21.2.1 and 21.3.1.
Schedule of Breakdown by Maturity

Credit card:

 

   Not Overdue   Overdue   Not Overdue   Overdue 
   December 31,
2025		   %   December 31,
2025		   %   December 31,
2024		   %   December 31,
2024		   % 
Up to 30 days   2,867,453    42.20%   444,968    6.55%   1,934,967    47.36%   118,057    2.89%
From 31 to 60 days   983,722    14.48%   122,001    1.80%   223,611    5.47%   60,586    1.48%
From 61 to 90 days   614,390    9.04%   41,352    0.61%   242,119    5.93%   46,975    1.15%
From 91 to 180 days   412,042    6.06%   63,888    0.94%   518,644    12.69%   81,908    2.00%
From 181 to 365 days   1,055,994    15.54%   40,212    0.59%   718,442    17.58%   80,793    1.98%
From 1 to 3 years   147,695    2.18%   734    0.01%   59,564    1.61%   
-
    
-
 
Total   6,081,296    89.34%   713,155    10.50%   3,697,348    90.50%   388,319    9.50%
Total overdue and not overdue             6,794,451    99.84%             4,085,666    100.00%

Loans to customers:

 

   Not Overdue   Overdue   Not Overdue   Overdue 
   December 31,
2025		   %   December 31,
2025		   %   December 31,
2024		   %   December 31,
2024		   % 
Up to 30 days   551,681    3.40%   876,975    5.40%   19,322    0.30%   228,256    3.52%
From 31 to 60 days   440,395    2.71%   467,730    2.88%   49,459    0.76%   107,266    1.65%
From 61 to 90 days   383,779    2.36%   398,751    2.46%   51,518    0.79%   66,226    1.02%
From 91 to 180 days   374,275    2.31%   772,301    4.76%   194,920    3.01%   187,965    2.90%
From 181 to 365 days   1,946,765    11.99%   842,991    5.19%   454,071    7.00%   87,487    1.35%
From 1 to 3 years   4,265,978    26.28%   5,211    0.03%   2,343,388    40.34%   
-
    0.00%
From 3 to 5 years   2,522,961    15.54%   
-
    0.00%   1,385,914    23.86%   
-
    0.00%
Over 5 years   2,384,546    14.69%   
-
    0.00%   1,309,880    22.55%   
-
    0.00%
Total   12,870,381    79.28%   3,363,958    20.72%   5,808,471    89.56%   677,201    10.44%
Total overdue and not overdue             16,234,339    100.00%             6,485,671    100.00%

 

Prepayment of receivables:

 

   Not Overdue   Overdue   Not Overdue   Overdue 
   December 31,
2025		   %   December 31,
2025		   %   December 31,
2024		   %   December 31,
2024		   % 
Up to 30 days   17,981    1.73%   66,043    6.35%   
      -
    0.0%   
     -
    0.0%
From 31 to 60 days   81,571    7.85%   8,711    0.84%   
-
    0.0%   
-
    0.0%
From 61 to 90 days   61,678    5.93%   601    0.06%   
-
    0.0%   
-
    0.0%
From 91 to 180 days   57,798    5.56%   218    0.02%   
-
    0.0%   
-
    0.0%
From 181 to 365 days   336,243    32.35%   13    0.00%   
-
    0.0%   
-
    0.0%
From 1 to 3 years   324,638    31.23%   
-
    0.00%   
-
    0.0%   
-
    0.0%
From 3 to 5 years   83,956    8.08%   
-
    0.00%   
-
    0.0%   
-
    0.0%
Over 5 years   17,981    1.73%   
-
    0.00%   
-
    0.0%   
-
    0.0%
Total   963,866    92.73%   75,586    7.27%   
-
    0.0%   
-
    0.0%
Total overdue and not overdue             1,039,452    100.00%                    
Schedule of Expected Credit Losses

The table below shows the credit card portfolio segmented by ranges of PD and stages as of December 31, 2025 and 2024.

   Gross
Exposure		   %   Credit
Loss Allowance		   %   Coverage
Ratio (%)		 
PD < 5%   4,021,475    59.19%   (39,358)   10.57%   0.98%
Stage 1   4,021,410    59.19%   (39,357)   10.57%   0.98%
Stage 2   65    0.00%   (1)   0.00%   1.54%
                          
5% <= PD <= 20%   1,744,158    25.67%   (58,473)   15.70%   3.35%
Stage 1   1,720,419    25.32%   (57,372)   15.40%   3.33%
Stage 2   23,739    0.35%   (1,101)   0.30%   4.64%
                          
PD > 20%   1,028,818    15.14%   (274,669)   73.74%   26.70%
Stage 1   435,109    6.40%   (49,780)   13.36%   11.44%
Stage 2   489,029    7.20%   (140,005)   37.59%   28.63%
Stage 3   104,680    1.54%   (84,884)   22.79%   81.09%
                          
Total   6,794,451    100.00%   (372,500)   100.00%   5.48%

Loans to customers

   Gross
Exposure		   %   Credit
Loss Allowance		   %   Coverage
Ratio (%)		 
PD < 5%   7,527,849    46.37%   (33,670)   1.21%   0.45%
Stage 1   7,519,438    46.32%   (33,495)   1.20%   0.45%
Stage 2   8,411    0.05%   (175)   0.01%   2.08%
                          
5% <= PD <= 20%   4,008,363    24.69%   (29,736)   1.07%   0.74%
Stage 1   3,928,205    24.20%   (23,108)   0.83%   0.59%
Stage 2   80,158    0.49%   (6,628)   0.24%   8.27%
                          
PD > 20%   4,698,128    28.94%   (2,718,873)   97.72%   57.87%
Stage 1   770,746    4.75%   (72,720)   2.61%   9.44%
Stage 2   1,166,625    7.19%   (541,042)   19.45%   46.38%
Stage 3   2,760,757    17.00%   (2,105,111)   75.66%   76.25%
                          
Total   16,234,340    100.00%   (2,782,279)   100.00%   17.14%

 

Prepayment of receivables

 

   Gross
Exposure		   %   Credit
Loss Allowance		   %   Coverage
Ratio (%)		 
PD < 5%   1,039,220    99.98%   (492)   80.92%   0.05%
Stage 1   1,029,909    99.08%   (471)   77.47%   0.05%
Stage 2   9,311    0.90%   (21)   3.45%   0.23%
                          
PD > 20%   232    0.02%   (116)   19.08%   50.00%
Stage 3   232    0.02%   (116)   19.08%   50.00%
                          
Total   1,039,452    100.00%   (608)   100.00%   0.06%

 

Credit card

   Gross
Exposure		   %   Credit
Loss Allowance		   %   Coverage
Ratio (%)		 
PD < 5%   2,146,060    52.53%   (27,839)   9.03%   1.30%
Stage 1   2,114,679    51.76%   (27,081)   8.79%   1.28%
Stage 2   31,381    0.77%   (758)   0.25%   2.42%
                          
5% >= PD <= 20%   1,360,210    33.29%   (31,973)   10.38%   2.35%
Stage 1   1,265,064    30.96%   (27,802)   9.02%   2.20%
Stage 2   95,146    2.33%   (4,171)   1.35%   4.38%
                          
PD > 20%   579,396    14.18%   (248,341)   80.59%   42.86%
Stage 1   147,093    3.60%   (9,413)   3.05%   6.40%
Stage 2   268,104    6.56%   (91,341)   29.64%   34.07%
Stage 3   164,199    4.02%   (147,587)   47.89%   89.88%
                          
Total   4,085,666    100.00%   (308,153)   100.00%   7.54%

Loans to customers

   Gross
Exposure		   %   Credit
Loss Allowance		   %   Coverage
Ratio (%)		 
PD < 5%   5,164,602    79.63%   (22,180)   3.99%   0.43%
Stage 1   5,164,529    79.63%   (22,178)   3.99%   0.43%
Stage 2   73    0.00%   (2)   0.00%   2.77%
                          
5% >= PD <= 20%   383,365    5.91%   (17,232)   3.10%   4.49%
Stage 1   330,022    5.09%   (11,075)   1.99%   3.36%
Stage 2   53,343    0.82%   (6,157)   1.11%   11.54%
                          
PD > 20%   937,705    14.46%   (516,655)   92.91%   55.10%
Stage 1   67,066    1.03%   (10,029)   1.80%   14.95%
Stage 2   486,519    7.50%   (197,896)   35.59%   40.68%
Stage 3   384,120    5.92%   (308,730)   55.52%   80.37%
                          
Total   6,485,672    100.00%   (556,067)   100.00%   8.57%
Schedule of Changes in Credit Loss Allowance

Credit card

 

   Stage 1   Stage 2   Stage 3   Total 
Credit loss allowance as of December 31, 2024   64,296    96,270    147,587    308,153 
Transfer from stage 1 to stage 2   (1,861)   1,861    
-
    
-
 
Transfer from stage 1 to stage 3   (602)   
-
    602    
-
 
Transfer from stage 2 to stage 3   
-
    (1,012)   1,012    
-
 
Transfer from stage 2 to stage 1   5,542    (5,542)   
-
    
-
 
Transfer from stage 3 to stage 1   150    
-
    (150)   
-
 
Transfer from stage 3 to stage 2   
-
    73    (73)   
-
 
New originated financial assets (1)   72,341    77,692    30,426    180,459 
Changes in exposures and risk migration (2)   (6,227)   (13,394)   (54,166)   (73,787)
Write-offs   
-
    
-
    (32,850)   (32,850)
Changes to ECL calculation methods (3)   12,870    (14,841)   (7,504)   (9,475)
Credit loss allowance as of December 31, 2025   146,509    141,107    84,884    372,500 

 

Loans to customers

 

   Stage 1   Stage 2   Stage 3   Total 
Credit loss allowance as of December 31, 2024   43,282    204,055    308,730    556,067 
Transfer from stage 1 to stage 2   (152)   152    
-
    
-
 
Transfer from stage 1 to stage 3   (1,132)   
-
    1,132    
-
 
Transfer from stage 2 to stage 3   
-
    (25,681)   25,681    
-
 
Transfer from stage 2 to stage 1   3,797    (3,797)   
-
    
-
 
Transfer from stage 3 to stage 1   629    
-
    (629)   
-
 
Transfer from stage 3 to stage 2   
-
    70    (70)   
-
 
New originated financial assets (1)   55,656    21,083    159,315    236,054 
Changes in exposures and risk migration (2)   (5,404)   299,857    1,887,826    2,182,279 
Write-offs   
-
    
-
    (202,402)   (202,402)
Changes to ECL calculation methods (3)   32,647    52,105    (74,472)   10,280 
Credit loss allowance as of December 31, 2025   129,323    547,844    2,105,111    2,782,278 

Prepayment of receivables

 

   Stage 1   Stage 2   Stage 3   Total 
Credit loss allowance as of December 31, 2024   
-
    
-
    
-
    
-
 
                     
New originated financial assets   471    21    116    608 
                     
Credit loss allowance as of December 31, 2025   471    21    116    608 

 

(1)ECL allowances as of December 31, 2025 for financial assets originated during 2025.

 

(2)Change in ECL allowances due to changes in exposure amounts as well as migration of exposures between stages and risk bands within stages, are associated with credit portfolio movement and rollovers during the years.

 

(3)Change in ECL allowances due to changes in ECL calculation methods implemented during 2025, as a result of a methodology review and update to incorporate the latest risk and recovery information.
Schedule of Other Receivables Other receivables
   December 31,
2025		   December 31,
2024		 
Receivables - related parties (1)   75,422    101,942 
Compulsory deposits in Central Bank (2)   1,834,088    117,977 
Sundry receivables (3)   1,500    1,147 
Total   1,911,010    221,066 

 

(1)As of December 31, 2025, these amounts primarily relate to receivables from J&F Participações for marketing expenses incurred, along with receivables from other companies within the Group for various services and transactions. These receivables reflect the ongoing business relationships and agreements in place. For a comprehensive breakdown and further details regarding these amounts, please refer to Note 21.

 

(2)Compulsory deposits are required by BACEN based on the amount of CDBs issued by PicPay Bank. These resources are remunerated at the Brazilian SELIC rate (special settlement and custody system of the BACEN).

 

(3)Mainly related to receivables from government entities. The Group understands that there is no risk on the outstanding balances of its “Other receivables”.