INTR · Inter & Co, Inc.

Inter & Co’s 1Q26 results reflect robust execution of its hyper-personalized, AI-enhanced financial ecosystem strategy. Net income surged 37.8% YoY to R$395 million, supported by 33% YoY growth in the gross loan portfolio — significantly outpacing the Brazilian market — and a 32.8% YoY rise in net revenue. This growth was broad-based: payroll loans expanded 43.4%, mortgages 46.1%, and credit cards 27.4%, while SMB lending declined 1.9% YoY as part of a deliberate shift toward higher-ROE products. The company launched 'Seven', its multi-agent AI tool, which contributed to record client engagement: 58.6% activation rate, 20.8 million average daily logins, and 30 million daily financial transactions. Financial discipline was evident in the 43.8% efficiency ratio (down 4.5 p.p. YoY) and 15.5% ROE (up 2.6 p.p. YoY), reflecting scalable infrastructure and improved unit economics — net ARPAC rose 9% YoY to R$34.1 despite seasonal pressure. Asset quality metrics showed expected modest deterioration — NPL >90 days increased to 5.1% (+0.5 p.p. YoY) — attributed to rapid scaling of secured private payroll loans, which carry higher yields and collateral coverage. Management explicitly affirmed this trade-off is intentional and sustainable, citing strong coverage ratios (137%) and low cost of funding (64.1% of CDI). With no forward guidance disclosed, the earnings release emphasizes continued focus on credit penetration, AI-driven personalization, and capital efficiency — culminating in an Owner’s Day event at Nasdaq on May 11, 2026, underscoring investor-facing momentum.