Inter 2026 Q3 Earnings Call

Hi, everyone. I'm Rafa Vitória, IR Officer at Inter, and I would like to welcome you to Inter's third. Available in Portuguese. To access it, press the globe icon on the lower right side of your Zoom screen, then select the Portuguese room. Please be advised that all participants will be in listen-only mode and that the conference is being recorded. You may submit online questions at any time today using the Q&A box on the webcast. A replay will be available at the company's IR website. Here with me today is João Vitor Menin, our CEO, Alexandre Riccio, our COO, Francisco Santos, our CGO, and Santiago Stel, our CFO. João will start sharing the strategic overview.

João, please go ahead. Thank you very much, Rafa.

Good morning, everyone. Thanks for joining us again to discuss our third quarter results. First of all, before we go into any page, I want to leave you with one important message. I have great confidence in the model we have been building at Inter for a while. I call it the BanTech model, and it works. Today, I will share how we built our story and how it gives us the strength to look at the future with excitement. To explain where this confidence comes from, I would like to start at the origin. This is how we introduced Inter to the market back in 2018 when we did our IPO. I still remember presenting this page on the roadshow and how much it meant to all of us.

At the time, the market saw traditional banks trying to become digital and fintechs trying to become a bank, and Inter was in the intersection of it. That intersection was never a compromise. It was our conviction, and it is one of our biggest strengths to date. We were born from banking, but also powered by tech. As a licensed bank, we offer the full set of banking products, such as credit, deposits, payments, investments, and insurance. As a tech company, we have speed. We run asset-light, no branch network, distribution at fintech cost. We call this combination the BanTech model I told you before, and it still holds true today, maybe more than ever. I'm sure you have heard this story before. Why am I bringing it up again today? Because this design is what makes Inter resilient in any environment.

We're not stuck in one product or in one specific credit cycle. The BanTech model creates something strong, and it is built for any cycle, for any moment. Let me explore it a bit further. First, our balance sheet fortress. 70% of our loan book is secured, and our cost of funding is consistently lower than our peers, digital and traditional banks. That gives us resilience when the environment gets tougher and room to keep growing when it gets better. Second, regulation. The regulator is moving towards the book we have already built, secured credit, such as private payroll, real estate, or invoice discount. We are ahead where the market is heading. Third, the competitive landscape. In a crowded market of banks and fintechs, clients keep choosing Inter. We are very proud that today we have 90% of all the Pix transactions in Brazil.

Our daily logins just hit a new record this month. We stand out because clients find everything in one place and use it every day. We call this the strong combination of serving clients with convenience, savings, and trust. The fourth reason is technology. AI is already part of how we run Inter, and we are building on top of strong foundations, especially our data vault. Most importantly, we have the DNA to innovate. If you ask me, "How can Inter innovate so much?" I would answer you, "It's all about being bold." We don't adapt the future, we design it, and we have a track record of doing so. The first digital bank in Brazil back in 2015, the first bank to migrate to cloud in 2017, and also the first super app in the Americas in 2020.

Every time, the same choice, to lead, to disrupt, and every time, we have been building that with the best partners. Today, we are making the same choice with the next technological wave, AI. It is not a plan, it's a red run, and it's a great opportunity for Inter again, and we are already seizing it. Not only we have the better models and more efficiency in our teams, but we are going even further. As I mentioned at our Owners' Day, we have the perfect combination of our data vault, our 3SA approach, and our agentic engine called Seven. The same way we have launched hundreds of versions of our super app, I'm sure we will launch hundreds of versions of Seven ahead. Our ambition is for Seven to become the core of our client experience, and I'm sure that now we're just scratching the surface.

As we did before on the previous technological waves, again, we are now partnering with the best. We just recently connected with SpaceX AI, and they are now our strategic partner for us in the AI world. But AI does not work alone. It's fed by data, and data comes from the relationship with our clients. That is where the magic begins, and that's why our model shines. The BanTech approach created something bigger, a flywheel of learning effects, now even more empowered by AI. Let me explain how our flywheel works. It starts with the relationship. Customers come to Inter first, and they come most often. The more of their financial life sits with us, the more data we have, and more they trust us. With more data comes intelligence.

Every decision and its outcome feed our data vault, and AI turns that data into more personalized experience, better credit models, and faster operations. With that intelligence, our capabilities grow. The client is better served, use more products with us, and brings more data to the vault. That is what makes each loop larger, and the flywheel restarts. More relationship, more data, more learning, each time faster and larger. When this flywheel runs, Inter captures continuous growth and sustainable profitability. This is not theory. It's already showing up in our numbers. For instance, this quarter, our ARPAC reached its highest level ever. Santi will walk you through it later today. But the message is quite simple. The more the flywheel turns, the more value each client generates, and the more data flows into our data vault. This is what we call the learning effect.

But technology alone does not turn the flywheel. People do. To lead Inter into the future, we are evolving our structure into two clear focuses: growth and operational excellence. We are welcoming Francisco Santos as our Chief Growth Officer. He will be focused on growth and monetization. Francisco will use the flywheel I just described to grow not only our client base, but also our monetization, with our data vault and our learning effects supporting that journey. Xande, who you might know already, steps in as our COO, focused on operational excellence and on improving our credit and collection capabilities. He will turn the intelligence of our data vault and the power of AI into even smarter credit decisions and lighter operations. Also, Santi continues as our CFO, focused on profitability and capital allocation, turning growth into returns with discipline. Think about this flywheel. Francisco makes every turn bigger, Xande makes every turn run better, and Santi makes sure each turn is profitable.

As I said, it's people who turn the flywheel. Together with these leaders, our 4,000 employees do it every day, guided by our strong culture. With the right team and the right culture, I'm sure we will keep building Inter ahead. Now, it's my pleasure to invite Francisco to share a few words with you. He will share his first impressions of Inter. Francisco, welcome, and the floor is yours.