PICS PicS N.V.
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.
Actionable Insight
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.
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
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 |
Track record builds as more directional reports settle.
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Jun 12, 2026
today
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| $10.82 awaiting T+1 | awaiting T+1 | — | $10.82 (−0.00%) |
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Jun 10, 2026
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Jun 10, 2026
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Jun 8, 2026
4d ago
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Jun 3, 2026
10d ago
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6-K
| $9.03 $9.16 | ▲ +1.44% | ▲ +1.04% | $10.82 (+19.82%) |
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Jun 1, 2026
11d ago
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Apr 30, 2026
6w ago
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20-F
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Mar 23, 2026
11w ago
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Insider Cluster
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Mar 23, 2026
11w ago
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Insider Cluster
| $11.85 $11.04 | ▼ −6.84% | ▼ −6.48% | $10.82 (−8.69%) |
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