PICS: 1Q26 Beat; Secured Credit Remains Driver

研报英文原文证据摘录

PICS: 1Q26 Beat; Secured Credit Remains Driver

Payments, Processors, & IT Services

FLASH

FLASH: PICS N.V. (PICS) June 2, 2026

PICS: 1Q26 Beat; Secured Credit Remains Driver Rating:

Outperform

Price:

●PICS reported 1Q26 results AMC which were above the Street on net $11.17

revenues and gross profit, and beat on adjusted net income. Total revenue of Price Target:

R$3.5bn (+70% Y/Y) came in above our R$3.21bn and the Street's R$3.19bn. $16

GP grew 44% Y/Y to R$1,096mn, ahead of our R$1,082mn and the Street's % Upside: 43.2%

R$1,059mn. Credit revenues increased to 54% of total net revenues in the

quarter driven by higher exposure to secured credit as private payroll loans Source: FactSet, Wolfe Research

continue to ramp. Despite results beating across the board, shares are flat Priced as of 06/02/26

aftermarket on limited volume, we note much of the revenue beat was driven

by derivative & hedge accounting. Underlying KPIs were sound with 10% QAU

growth to 44.3mn (vs our 44.6mn and Street 44.1mn) and 55% ARPAC growth

to R$80.7 (vs. our R$73.5 and Street R$73.7, which are more in-line with R

$73.3 excluding derivative & hedge accounting). Darrin Peller

dpeller@wolferesearch.com

●Core KPIs: Total accounts came in at 68.6mn (+ 11% Y/Y) while QAUs of (646) 582-9310 View Darrin’s Research

44.3mn represent an 64.6% activity rate (vs. 63.7% LQ and 64.8% 1Q25). View PICS Model

Deposits grew 46% Y/Y to R$30.8bn. Total TPV of R$156bn (+31% Y/Y) View Comp Table

underperformed our R$165bn and the Street's R$160bn. Digital wallet TPV Griffen Drebing

which grew 24% Y/Y to R$134bn and SMB TPV of R$11.3bn (+36% Y/Y). gdrebing@wolferesearch.com

(646) 582-9314

●Credit: Total credit portfolio reached R$28.0bn (+116% Y/Y). Loan originations Cameron Dyer