# EDGAR Filing Document

**Accession Number:** 0001841644
**File Stem:** 0001213900-26-064907
**Filing Date:** 2026-6
**Character Count:** 249672
**Document Hash:** 58b7eca010e03d0766e3538a3a5b01ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-064907.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001213900-26-064907

**CONFORMED SUBMISSION TYPE**: 6-K/A

**PUBLIC DOCUMENT COUNT**: 147

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PicS N.V.
- **CENTRAL INDEX KEY:** 0001841644
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7

**FILING VALUES:**
- **FORM TYPE:** 6-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43083
- **FILM NUMBER:** 261062565

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STROOMBAAN 10
- **CITY:** AMSTELVEEN
- **PROVINCE COUNTRY:** P7
- **BUSINESS PHONE:** 55 (11) 97723-1925

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STROOMBAAN 10
- **CITY:** AMSTELVEEN
- **PROVINCE COUNTRY:** P7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Picpay Holdings Netherlands B.V.
- **DATE OF NAME CHANGE:** 20240227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PicS Ltd.
- **DATE OF NAME CHANGE:** 20210121

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 6-K/A**

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

**For the month of June 2026**

**Commission File Number: 001-43083**

**PicS N.V.**

(Exact Name as Specified in its Charter)

**N/A**

(Translation of registrant's name into English)

**Avenida Manuel Bandeira, 291**

**Block A, 2nd floor**

**São Paulo — SP, 05317-020, Brazil**

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 **Form 20-F:** ☒&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F: ☐

**EXPLANATORY NOTE** 

PicS N.V. is filing this Amendment No. 1 (this "Amendment") to its report on Form 6-K, which was originally furnished to the U.S. Securities and Exchange Commission on June 3, 2026 (Film No.: 261058720) (the "Original Form 6-K").

This Amendment is being furnished solely to amend and restate Exhibit 99.4 (Unaudited Interim Condensed Consolidated Financial Statements as of March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025) ("Unaudited Interim Financial Statements") to the Original Form 6-K to correct the breakdown of consumer loan amounts overdue (Note 8.2.2 to the Unaudited Interim Financial Statements), which should be and is now disclosed by delinquency range rather than by maturity date. In the previously furnished Unaudited Interim Financial Statements, we presented the overdue portfolio by maturity date and without a delinquency range breakdown.

Accordingly, an updated version of Exhibit 99.4 has been attached to this Amendment and supersedes the earlier version attached to the Original Form 6-K. No other portions of the Original Form 6-K are being modified.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Document** |
| 99.4 | [Unaudited Interim Condensed Consolidated Financial Statements as of March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025](ea029349601ex99-4.htm) |
| 101.INS | Inline XBRL Instance Document. The instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Linkbase Document. |
| 104 | Cover page interactive data (formatted as Inline XBRL and contained in Exhibit 101). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 3, 2026

---

| | |
|:---|:---|
| PicS N.V. | PicS N.V. |
| By: | /s/ Eduardo Chedid Simões |
| Name: | Eduardo Chedid Simões |
| Title: | Executive Director and Chief Executive Officer |
| By: | /s/ Rodrigo Luís Rosa Couto |
| Name: | Rodrigo Luís Rosa Couto |
| Title: | Chief Financial Officer |

---

## Exhibit 99.4

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.4**

![](ea029349601_ex99-4img1.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of PicS N.V. (formerly known as PicPay Holdings Netherlands B.V)

*Results of review of interim financial statements*

We have reviewed the interim condensed consolidated statement of financial position of PicS N.V., formerly known as PicPay Holdings Netherlands B.V. (the Company), as of March 31, 2026, the related interim condensed consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the three-month period ended March 31, 2026 and 2025, and the related notes (collectively, the interim condensed consolidated financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with IAS 34 – Interim Financial Reporting as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2025, and the related consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended (not presented herein); and in our report dated April 30, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the statement of financial position from which it has been derived.

 

*Basis for Review Results*

These condensed consolidated interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ KPMG Auditores Independentes Ltda.

São Paulo, Brazil

June 02, 2026

---

| | |
|:---|:---|
| **PicS N.V.**<br> **Unaudited Interim Condensed Consolidated Statements of Financial Position**<br> As of March 31, 2026 and December 31, 2025<br> (Thousands of Reais) | ![](ea029349601_ex99-4img2.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSETS** | **Note** | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | 6 | 5478020 | 3863395 |
| **Financial assets** |  | **36031913** | **32933941** |
| &nbsp;&nbsp;&nbsp;**Financial assets measured at fair value through profit or loss** |  | **73069** | **71451** |
| &nbsp;&nbsp;&nbsp;Financial Investments | 7.1 | 43903 | 42435 |
| &nbsp;&nbsp;&nbsp;Derivative financial instruments | 7.2 | 29166 | 29016 |
| &nbsp;&nbsp;&nbsp;**Financial assets measured at fair value through other comprehensive income** |  | **2873043** | **3000551** |
| &nbsp;&nbsp;&nbsp;Financial Investments | 7.1 | 2873043 | 3000551 |
| &nbsp;&nbsp;&nbsp;**Financial assets measured at amortized cost** |  | **33085800** | **29861939** |
| &nbsp;&nbsp;&nbsp;Financial investments | 7.1 | 2813277 | 2891089 |
| &nbsp;&nbsp;&nbsp;Trade receivables | 8.1 | 3903868 | 4146321 |
| &nbsp;&nbsp;&nbsp;Consumer Loans | 8.2 | 24110990 | 20913519 |
| &nbsp;&nbsp;&nbsp;Other receivables | 8.4 | 2257666 | 1911010 |
| Prepaid expenses |  | 233013 | 273755 |
| Other assets |  | 184394 | 19174 |
| **Tax assets** |  | **3484546** | **3609417** |
| &nbsp;&nbsp;&nbsp;Current income tax assets |  | 1263934 | 1533487 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 9.1 | 2220612 | 2075930 |
| Legal deposits |  | 1884 | 1370 |
| Property, plant and equipment |  | 108832 | 110784 |
| Right of use assets – leases |  | 33098 | 35462 |
| Intangible assets | 10 | 1187678 | 1138811 |
| **TOTAL ASSETS** |  | **46743377** | **41986108** |
| **LIABILITIES** | **Note** | **March 31, 2026** | **December 31, 2025** |
| **Financial liabilities measured at fair value through profit or loss** |  | **35989** | **15751** |
| &nbsp;&nbsp;&nbsp;Derivative financial instruments | 7.2 | 35989 | 15751 |
| **Financial liabilities measured at amortized cost** |  | **39054396** | **36287500** |
| &nbsp;&nbsp;&nbsp;Third-party funds | 11 | 32518418 | 29974830 |
| &nbsp;&nbsp;&nbsp;Trade payables | 12 | 5813723 | 5497113 |
| Obligations to FIDC FGTS quota holders | 13 | 722255 | 815557 |
| Labor obligations | 14 | 650900 | 594918 |
| Taxes payable | 15.1 | 511084 | 826498 |
| Deferred tax liabilities | 9.2 | 52804 | 37791 |
| Lease liability |  | 42590 | 45171 |
| Provision for legal and administrative claims | 16 | 271025 | 254723 |
| Other liabilities |  | 42075 | 33842 |
| **Total Liabilities** |  | **40660863** | **38096194** |
| **Equity** | 17 | **6082514** | **3889914** |
| Share premium reserve |  | 4622647 | 2589934 |
| Treasury shares |  | (260) | - |
| Capital reserve |  | 136151 | 131325 |
| Fair value reserve |  | 3820 | 3507 |
| Retained earnings |  | 1301206 | 1148018 |
| Non-Controlling interests |  | 18950 | 17130 |
| **TOTAL EQUITY AND LIABILITIES** |  | **46743377** | **41986108** |

---

The notes are an integral part of unaudited interim condensed consolidated financial statements.

---

| | |
|:---|:---|
| **PicS N.V.**<br> **Unaudited Interim Condensed Consolidated Statements of Profit or Loss**<br> For the three-month period ended March 31, 2026 and 2025<br> (Thousands of Reais) | ![](ea029349601_ex99-4img2.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31, 2026** | **March 31, 2025** |
| Net revenue from transaction activities and other services |  | 552741 | 401347 |
| Financial income | 19 | 2959687 | 1662583 |
| **Total revenue and financial income** |  | **3512428** | **2063930** |
| Transaction expenses | 20 | (186440) | (184516) |
| Interest and other financial expenses | 21 | (1255936) | (639920) |
| **Total transaction and financial expenses** |  | **(1442376)** | **(824436)** |
| Credit loss allowance expenses | 22 | (974020) | (480136) |
| Technology expenses | 23 | (162462) | (112901) |
| Marketing expenses | 24 | (179367) | (154237) |
| Personnel expenses | 25 | (337634) | (260323) |
| Administrative expenses | 26 | (111090) | (63114) |
| Depreciation and amortization |  | (118378) | (103692) |
| Other expenses |  | (9873) | (11225) |
| Other income |  | 44487 | 22751 |
| **Profit before income taxes** |  | **221714** | **76617** |
| Current income tax and social contribution | 15.2 | (199917) | (187545) |
| Deferred income tax and social contribution | 15.2 | 129940 | 199024 |
| **Total income tax and social contribution (expense) benefit** |  | **(69977)** | **11479** |
| **Profit for the period** |  | **151737** | **88096** |
| **Profit attributable to the Company's shareholders** |  | **151430** | **74980** |
| **Profit attributable to non-controlling interests** |  | **307** | **13116** |
| **Earnings per share – basic and diluted** |  | **1.24** | **375** |

---

The notes are an integral part of unaudited interim condensed consolidated financial statements.

---

| | |
|:---|:---|
| **PicS N.V.**<br> **Unaudited interim condensed consolidated statements of comprehensive income**<br> For the three-month period ended March 31, 2026 and 2025<br> (Thousands of Reais) | ![](ea029349601_ex99-4img2.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| **Profit for the period** | **151737** | **88096** |
| **Other comprehensive income/(loss) (OCI)** | **2127** | **4332** |
| **- Items that are or may be reclassified subsequently to profit or loss** |  |  |
| Fair value of financial assets at fair value through other comprehensive income | 3539 | 6259 |
| Deferred income tax | (1391) | (1974) |
| Reclassification of fair value adjustments to profit or loss | (21) | 47 |
| **Total comprehensive income** | **153864** | **92428** |
| **Comprehensive income attributable to the Company's shareholders** | **134914** | **78701** |
| **Comprehensive income attributable to non-controlling interests** | **18950** | **13727** |

---

The notes are an integral part of unaudited interim condensed consolidated financial statement.

---

| | |
|:---|:---|
| **PicS N.V.**<br> **Unaudited interim condensed consolidated statements of changes in equity**<br> For the three-month period ended March 31, 2026 and 2025<br> (Thousands of Reais) | ![](ea029349601_ex99-4img2.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share<br> premium<br> reserve** | **Treasury<br> shares** | **Capital reserve** | **Fair value reserve** | **Retained earnings** | **Non-Controlling Interest** | **Total** |
| **Balances as of December 31, 2025- PicS N.V** |  | **2589934** | **&nbsp;&nbsp;&nbsp;&nbsp; -**  | **131325** | **3507** | **1148018** | **17130** | **3889914** |
| Share capital increase |  | 2116731 | - | - | - | 1758 | 1512 | 2120001 |
| Repurchase of treasury shares |  | - | (260) | 260 | - | - | - | - |
| IPO cost |  | (84018) | - | - | - | - | - | (84018) |
| Share-based long-term incentive plan - (LTIP) |  | - | - | 4566 | - | - | - | 4566 |
| **Other comprehensive income for the period (OCI)** |  |  |  |  |  |  |  |  |
| Fair value of financial assets at fair value through other comprehensive income |  | - | - | - | 602 | - | 2 | 604 |
| Deferred income tax |  | - | - | - | (268) | - | (1) | (269) |
| Reclassification of fair value adjustments to profit or loss |  | - | - | - | (21) | - | - | (21) |
| Profit for the period |  | - | - | - | - | 151430 | 307 | 151737 |
| **Balances as of March 31, 2026 - PicS N.V** |  | **4622647** | **(260)** | **136151** | **3820** | **1301206** | **18950** | **6082514** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share<br> premium<br> reserve** | **Treasury<br> shares** | **Capital reserve** | **Fair value reserve** | **Retained earnings** | **Non-Controlling Interest** | **Total** |
| **Balances as of December 31, 2024 - PicS N.V** |  | **1406563** |  | **-**  | **22610** | **224633** | **155281** | **1763867** |
| Share capital increase |  | 1183371 |  | - | - | - | - | 1183371 |
| Corporate reorganization |  | - |  | - | - | (168102) | (191898) | (360000) |
| Share-based long-term incentive plan - (LTIP) |  | - |  | 131325 | - | - | - | 131325 |
| **Other comprehensive income for the period (OCI)** |  |  |  |  |  |  |  |  |
| Fair value of financial assets at fair value through other comprehensive income |  | - |  | - | 44557 | - | 6391 | 50948 |
| Deferred income tax |  | - |  | - | (20013) | - | (2776) | (22789) |
| Reclassification of fair value adjustments to profit or loss |  | - |  | - | 1573 | - | 13 | 1586 |
| Profit for the year |  | - |  | - | - | 1091487 | 50119 | 1141606 |
| **Balances as of December 31, 2025- PicS N.V** |  | **2589934** |  | **131325** | **3507** | **1148018** | **17130** | **3889914** |

---

The notes are an integral part of unaudited interim condensed consolidated financial statements.

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31, 2026** | **March 31, 2025** |
| **Profit for the period** |  | **151737** | **88096** |
| ***Adjustments for*** |  |  |  |
| Income tax and social contribution expenses (benefit) |  | (129940) | (11479) |
| Labor provisions |  | (30187) | 18606 |
| Share based long term incentive plan (LTIP) |  | 26760 | - |
| Depreciation/amortization |  | 118378 | 103692 |
| Provision for legal and administrative claims |  | 23150 | 5275 |
| Chargeback provision |  | 2127 | (5989) |
| Credit loss allowance | 22 | 977709 | 480136 |
| Interest accrued on third party funds |  | 479046 | 338466 |
| Interest accrued on consumer loans |  | (384998) | (580548) |
| Interest accrued on FIDC FGTS senior quotas |  | (31030) | (23604) |
| Interest accrued on financial assets |  | (103334) | (124416) |
| **Variations in operating assets and liabilities** |  |  |  |
| Financial assets |  | 307187 | (1691111) |
| Derivative financial instruments |  | 20088 | 20576 |
| Trade receivables and other receivables |  | (104202) | (551392) |
| Consumer loans |  | (3790182) | (2215376) |
| Prepaid expenses |  | 40742 | (50909) |
| Other assets |  | 89076 | (265610) |
| Third-party funds |  | 2094123 | 775920 |
| Labor obligations and taxes payable |  | (256005) | 110484 |
| Trade payables and other obligations |  | 1221079 | 816770 |
| Obligations to FIDC FGTS quota holders |  | (62271) | 3893 |
| Legal and administrative claims |  | (6848) |  |
| Interest received |  | 754646 | 329825 |
| Interest paid |  | (784226) | (110263) |
| Income tax and social contribution paid |  | (883349) | (122615) |
| **Net cash (used in) from operating activities** |  | **(260725)** | **(2661575)** |
| **Cash flows from investing activities** |  |  |  |
| Acquisition of property, plant and equipment |  | (8161) | (1849) |
| Acquisition of intangible assets |  | (154771) | (173677) |
| **Net cash (used in) investing activities** |  | **(162932)** | **(175526)** |
| **Cash flows from financing activities** |  |  |  |
| Share Capital Increase |  | 2040863 | 370191 |
| Payment of leases |  | (2581) | (2291) |
| **Net cash from financing activities** |  | **2038282** | **367900** |
| **Net increase (decrease) in cash and cash equivalents** |  | **1614625** | **(2469201)** |
| Cash and cash equivalents at the beginning of the period |  | 3863395 | 7471673 |
| Cash and cash equivalents at the end of the period |  | 5478020 | 5002473 |
| **Net increase (decrease) in cash and cash equivalents** |  | **1614625** | **(2469201)** |

---

The notes are an integral part of unaudited interim condensed consolidated financial statements.

1. Operating context

PicS N.V. (formerly known as PicPay Holdings Netherlands B.V.- change effective January 29, 2026). ("PicPay Netherlands" or "Company", along with its subsidiaries, "PicPay Group" or "Group"), a public limited liability company under Dutch law, resulted from the conversion of PicPay Netherlands B.V., which was a private limited liability company, to a public limited liability company, both under Dutch law. On January 29, 2026, PicS N.V. finalized its initial public offering ("IPO") and trading of its shares began on the National Association of Securities Dealers Automated Quotation ("NASDAQ") under the symbol "PICS".

 

*The PicPay Group is a Brazilian digital financial services platform operating through a set of regulated subsidiaries authorized by the Brazilian Central Bank ("BACEN"). The Group's principal activities encompass digital payments and money transfers, credit products — including personal loans, payroll-deductible loans and FGTS-collateralized advances — credit card issuance and acquiring, financial investments, securities brokerage and P2P lending. As of March 31, 2026, the Group's main operating subsidiaries and their respective regulatory authorizations are as follows:*

PicPay Instituição de Pagamento S.A. ("PicPay") is authorized by the Brazilian Central Bank to operate as a payment institution in the capacities of:

 

*(1) issuer of electronic currency;*

 

*(2) issuer of postpaid payment instruments;*

 

*(3) acquirer;* 

PicPay Bank – Banco Múltiplo S.A. ("PicPay Bank") is authorized by the Brazilian Central Bank to operate as a multi-purpose bank, with authorization to perform both commercial and credit, financing and investment activities;

PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. ("PicPay Invest") is authorized by the Brazilian Central Bank to operate as a securities broker. In addition, PicPay Invest is authorized by the CVM to perform custodian securities services and fiduciary administration and trustee activities;

Guiabolso Finanças Correspondente Bancário e Serviços Ltda. ("Guiabolso") *is a non-regulated entity that* operates as a banking correspondent linked to the PicPay application, intermediating financial products and services between the application's users and commercial partners. Guiabolso's activities include banking correspondent services, commercialization of advertising spaces, and the provision of debt collection and receivables strategy services on behalf of third parties; and

Crednovo Sociedade de Empréstimo Entre Pessoas S.A. ("Crednovo") is authorized by the Brazilian Central Bank to operate as a P2P ("Peer-to-peer") lending fintech company intermediating credit operations between lenders and borrowers.

In addition, its subsidiaries substantially include the following companies: Guiabolso Pagamentos Ltda, BX Negócios Inteligentes Ltda, Fundo de Investimentos em Direitos Creditórios Não-Padronizados PicPay I, Fundo de Investimentos em Direitos Creditórios PicPay FGTS, PicPay Participações e Investimentos Ltda, Nosso Time Igaming, PicPay Holding Ltda and Zem Collection Ltda.

As of March 31, 2026, the controlling shareholder of PicS N.V is J&F International, which holds 65,38% of the total issued and outstanding capital stock of PicS N.V. J&F International is a wholly owned subsidiary of J&F Participações.

**1.1. Seasonality of operations**

The Group´s quarterly financial results are likely to fluctuate as a result of a variety of factors, some of which are outside of the Group's control, although they do not demonstrate significant seasonality or cyclicality. As a consequence of these factors, an interim period may not be indicative of the annual expected result.

2. Presentation and preparation of the consolidated financial statements

2.1 Basis of preparation of the unaudited condensed consolidated financial statements

Unaudited condensed interim financial statements of the Company have been prepared in accordance with IAS 34 - Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB").

Unaudited condensed interim financial statements were approved by the Board of Directors at the meeting held on June 02, 2026.

The consolidated interim financial statements were prepared on a historical cost basis, unless otherwise stated.

2.2 Basis of consolidation

These consolidated interim financial statements include **PicS N.V** and all entities over which it has control (subsidiaries). Control is when the Group is exposed or has rights to variable returns from its involvement with the investee, has existing rights that give it the ability to direct the relevant activities and has the ability to affect those returns through its power over the investee.

The Group reassesses whether it controls a subsidiary if facts and circumstances indicate there are changes to one or more of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the entity and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary are included in the consolidated financial statements from the date the Group obtains control until the date the Group loses control. Intragroup transactions between parent company and its subsidiaries are eliminated in full on consolidation.

On September 19, 2025, PicPay Participações e Investimentos Ltda entered into an Equity Purchase Agreement for the acquisition (the "Acquisition") of two separate entities:

(i) shares representing 100% of the total share capital of KOVR Participações S.A., a Brazilian insurance company, which holds 100% of the total share capital of KOVR Seguradora S.A. and KOVR Previdência S.A., and indirectly holds 100% of KOVR Capitalização S.A.; and

(ii) quotas representing 53% of the total share capital of *Estrutural Corretora Assessoria e Consultoria de Seguros Ltda. ("Estrutural")* an insurance brokerage company. PicPay Participações was also granted an option to purchase the remaining 47% of Estrutural's total share capital. This option to purchase may be exercised up to 60 (sixty) months following the third year after the closing date of the Acquisition.

Kovr Participações S.A. is a full-service digital insurance company that offers services for multiple partners with products such as affinity, surety, life, financial lines, among others. Estrutural is responsible for brokerage services for Kovr Seguradora S.A.

The purchase price for the acquisition of KOVR Participações S.A. is approximately R$657,596 and the purchase price for Estrutural is R$154.

The closing of the Acquisition is subject to the precedent conditions for this type of transaction, including approvals from the Central Bank of Brazil (*Banco Central do Brasil - BACEN*) and the Brazilian federal insurance regulator (*Superintendência de Seguros Privados - SUSEP*). The precedent conditions have not been fulfilled as of the issuance date of Unaudited condensed financial statements.

The consolidated financial statements include **PicS N.V** and the following subsidiaries:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Entity** | **Country** | **Principal activities** | **March 31, 2026** | **December 31, 2025** | **Control** |
| PicS Ltd. | Cayman | Holding | 99.61% | 99.61% | Direct |
| PicS Holding Ltda | Brazil | Holding | 100.00% | 100.00% | Indirect |
| PicPay Instituição de Pagamento S.A. | Brazil | Financial services <sup>(1)</sup> | 100.00% | 100.00% | Indirect |
| PicPay Bank - Banco Múltiplo S.A. | Brazil | Banking services <sup>(1)</sup> | 100.00% | 100.00% | Indirect |
| Crednovo Sociedade de Empréstimo Entre Pessoas S.A. | Brazil | P2P Lending Services | 100.00% | 100.00% | Indirect |
| PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda | Brazil | Brokerage firm and securities dealer Company | 100.00% | 100.00% | Indirect |
| Guiabolso Correspondente Bancário e Serviços Ltda | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
| Guiabolso Pagamentos Ltda | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
| BX Negócios Inteligentes Ltda | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
| Fundo de Investimentos em Direitos Creditórios Não- Padronizados PicPay I <sup>(2)</sup> | Brazil | Receivable investment fund | 100.00% | 100.00% | Indirect |
| Fundo de Investimentos em Direitos Creditórios PicPay FGTS <sup>(2)</sup> | Brazil | Receivable Investment fund | 16.27% | 16.27% | Indirect |
| PicPay Participações e Investimentos Ltda <sup>(3)</sup> | Brazil | Holding | 100.00% | 100.00% | Direct |
| Nosso Time Igaming S.A. <sup>(3)</sup> | Brazil | Sportbook | 95.25% | 95.25% | Indirect |
| PicPay Holding Ltda <sup>(3)</sup> | Brazil | Holding | 100.00% | 100.00% | Direct |
| Zem Collection Ltda <sup>(3)</sup> | Brazil | Debt Collection Agency | 100.00% | 100.00% | Indirect |

---

(1) Banking activities are focused on issuance of CDBs (Certificado
de Depósito Bancário, Certificate of Deposit), lending, and funding. Financial services activities are focused on payment
services, credit cards, prepayment of receivables, and other financial activities.

(2) The % interest represents the percentage of the subordinated
quotas issued by the "FIDC PicPay I" (Fundo de Investimentos em Direitos Creditórios Não-Padronizados PicPay I)
and "FIDC FGTS" (Fundo de Investimentos em Direitos Creditórios PicPay FGTS) held by the Group.

(3) In 2025, the Company founded four new entities: PicPay Participações
e Investimentos Ltda (April 07), Nosso Time Igaming S.A (May 07), PicPay Holding Ltda (September 15), and Zem Collection Ltda (September
18).

Accounting policies have been applied uniformly to all consolidated entities.

3. Material accounting policies

The accounting policies used in the preparation of these condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements of PicS N.V. for the year ended December 31, 2025, as described in Note 3 to those financial statements, and should be read in conjunction with them.

4. Critical accounting judgments and key estimates and assumptions

In applying the Group's accounting policies, management must exercise judgment and make estimates which impact the carrying amounts of certain assets and liabilities. Estimates and related assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.

The underlying estimates and assumptions are reviewed at each reporting period. The effects resulting from revisions made to accounting estimates are recognized in the period in which they are revised.

The critical accounting judgments and key estimates and assumptions used in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2025, as described in Note 3 of those financial statements. No changes in the methods used to determine these judgments and estimates have occurred during the three-month period ended March 31, 2026, except as described below.

**IPO completion and LTIP settlement**

On January 30, 2026, the Company completed its initial public offering on the NASDAQ. The IPO represented the occurrence of the qualifying liquidity event under the Long-Term Incentive Plan (LTIP), which constituted the non-market performance condition for vesting of awards granted to employees. Management had assessed the occurrence of this event as probable as of December 31, 2025. Upon completion of the IPO, the liquidity condition was fully met and the vested portion of outstanding LTIP awards became eligible for settlement. Refer to Note 20d for further details.

**Recognition of deferred tax assets**

The Group carries deferred tax assets of R$2,220,612 as of March 31, 2026 (R$2,075,930 as of December 31, 2025). The recognition of these assets requires management's judgment that sufficient future taxable profits will be available against which the deductible temporary differences and tax loss carryforwards can be utilized. This assessment is based on approved business plans and budgets. Management has reviewed the recoverability of deferred tax assets as of December 31, 2025 and has concluded that no adjustment to the recognized amounts is required (Note 9).

**Expected credit losses**

The Group's consumer loan portfolio grew from R$20,913,519 as of December 31, 2025 to R$24,110,990 as of March 31, 2026. The measurement of expected credit losses involves significant judgment in determining the probability of default, loss given default, exposure at default and the allocation of exposures between stages. Management has reviewed ECL parameters as of March 31, 2026. Any changes in estimates are reflected in the credit loss allowance balance as of March 31, 2026 and disclosed in Note 8.

5. Adoption of new accounting standards and interpretations not yet effective

**5.1 New standards and amendments effective for annual periods beginning on January 1, 2025**

● Lack of exchangeability (Amendments to IAS 21)

The above-mentioned standards do not have any impact on Unaudited condensed financial statements.

**5.2** **Other new standards and amendments issued but not yet effective** 

● Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)

● Amendments from 'Annual Improvements to IFRS Accounting Standards – Volume 11:

● Presentation and Disclosure in Financial Statements (IFRS 18): The new standard replaces IAS 1 - Presentation of Financial Statements and determines a new structure for the income statement by categorizing it into predefined sections: operating, investing, financing, discontinued operations, and income tax. This standard will take effect on January 1, 2027. The Group expects impacts on disclosures, presentation and classification on financial statements.

Management did not early adopt any amendments. Also, Management does not expect the adoption of the amendments described above to have a significant impact, other than additional disclosures to the Group's consolidated interim financial statement.

6. Cash and Cash Equivalents

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Bank balances | 1572796 | 2287556 |
| Voluntary deposits at Central Bank <sup>(1)</sup> | 2897307 | 1575839 |
| Reverse repurchase agreements <sup>(2)</sup> | 1007916 | - |
| **Cash and Cash Equivalents** | **5478020** | **3863395** |

---

(1) Voluntary deposits at the central bank are deposits made
mainly by the subsidiary PicPay Bank at the Brazilian Central Bank and are considered as cash and cash equivalents.

(2) Investments with historically high liquidity and composed
mainly of Government Bonds with an average return of fixed interest rate. As of December 31, 2025 the amount was totally settled.

7. Financial investments and derivatives

7.1 Financial investments - securities

**As of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to 30<br> days** | **From 61<br> to 90 days** | **From 91<br> to 180<br> days** | **From 181<br> to 365<br> days** | **Over 365<br> days** | **Cost<br> Value** | **Adjustment<br> to fair value** | **Fair Value** |
| **Financial assets measured at fair value through profit or loss** | **-** | **3** | **1** | **36404** | **7480** | **43888** | **15** | **43903** |
| Government Bonds - LFT <sup>(1) (3)</sup> |  |  |  | 36401 |  | **36401** | 15 | **36416** |
| Investment Fund Quotas |  |  |  |  | 7480 | **7480** |  | **7480** |
| Other investments |  | 3 | 1 | 3 |  | **7** |  | **7** |
| **Financial assets measured at fair value through other comprehensive income** | **1155003** | **-** | **-** | **1069520** | **645005** | **2869528** | **3515** | **2873043** |
| Government Bonds - LFT <sup>(1) (3)</sup> | 1155003 |  |  | 1069520 | 643966 | **2868489** | 3512 | **2872001** |
| Government Bonds – NTN-B <sup>(4)</sup> |  |  |  |  | 1039 | **1039** | 3 | **1042** |
| **Financial assets measured at amortized cost** | **99970** | **161643** | **145879**  | **-** | **2415553** | **2823045** | **(9768**)** | **2813277**  |
| Government Bonds - LTN <sup>(2)</sup> | 99970 |  | 145879 |  | 525426 | **771275** | 9545 | **780820**  |
| Government Bonds - NTN-F <sup>(6)</sup> |  |  |  |  | 1786419 | **1786419** | (19313) | **1767106** |
| Investment Fund Quotas |  |  |  |  | 103708 | **103708** |  | **103708** |
| Other investments | - | 161643 | - | - | - | **161643** | - | **161643** |
| **Total** | **1254973** | **161646** | **145880**  | **1105924** | **3068038** | **5736461** | **(6238)** | **5730223**  |

---

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to 30<br> days** | **From 61<br> to 90 days** | **From 91<br> to 180<br> days** | **From 181<br> to 365<br> days** | **Over 365<br> days** | **Cost<br> Value** | **Adjustment<br> to fair<br> value** | **Fair Value** |
| **Financial assets measured at fair value through profit or loss** | **-** | **1** | **-** | **-** | **42426** | **42427** | **8** | **42435** |
| Government Bonds - LFT <sup>(1)</sup> |  |  |  |  | 35195 | **35195** | 8 | **35203** |
| Other investments |  | 1 |  |  | 7231 | **7232** |  | **7232** |
| **Financial assets measured at fair value through other comprehensive income** | **818751** | **42590** | **-** | **114037** | **2022256** | **2997634** | **2917** | **3000551** |
| Government Bonds - LFT <sup>(1) (3)</sup> | 818751 | 42590 |  | 114037 | 2021222 | **2996600** | 2916 | **2999516** |
| Government Bonds – NTN-B <sup>(4)</sup> |  |  |  |  | 1034 | **1034** | 1 | **1035** |
| **Financial assets measured at amortized cost** | **199880** | **-** | **97331** | **141957** | **2444596** | **2883764** | **7325** | **2891089** |
| Government Bonds - LTN <sup>(2) (5)</sup> | 199880 |  | 97331 | 141957 | 510963 | **950131** | 15709 | **965840** |
| Government Bonds - NTN-F <sup>(6)</sup> |  |  |  |  | 1833707 | **1833707** | (8384) | **1825323** |
| Investment Fund Quotas | - | - | - | - | 99926 | **99926** | - | **99926** |
| **Total** | **1018631** | **42591** | **97331** | **255994** | **4509278** | **5923825** | **10250** | **5934075** |

---

(1) Treasury Selic (LFT): Variable interest rate bonds whose returns
follow the variation of the SELIC. The Group makes the investment and receives the face value (amount invested plus interest) on the
maturity date of the bond.

(2) Fixed Treasury (LTN): Government bonds with a fixed interest
rate at the time of purchase. The Group makes the investment and receives the face value (amount invested plus interest), on the maturity
date of the bond.

(3) The Group allocated the guarantees for credit card transactions
in LFT; refer to note 12.1.2 for further details.

(4) National Treasury Notes (NTN-B): Variable income securities
whose yield follows the variation of the Brazilian official inflation index (The IPCA (*Índice de Preços ao Consumidor Amplo*) is Brazil's official consumer price inflation index which measures the change in the cost of a basket of consumer goods
and services and is calculated by the Brazilian Institute of Geography and Statistics (IBGE) "IPCA") plus a fixed-rate coupon.
The Group makes the investment and receives the nominal value (amount invested adjusted for IPCA variation plus interest) on the security's
maturity date.

(5) In June 2025 the business model was changed and approved by
Management to reclassify a financial asset previously classified as Fair Value through Other Comprehensive Income (FVOCI) in December
31, 2024 to Financial assets measured at amortized cost. This adjustment occurred on July 1, 2025, related to the Mark-to-Market (MTM)
valuation, resulting in a financial impact of R$24,696, so that it is measured as if it had been originally classified in the Amortized
Cost category.

(6) National Treasury Note (NTN-F): Government bonds with a fixed
interest rate at the time of purchase. The Group makes the investment and receives the face value (amount invested plus interest), on
the maturity date of the bond.

**7.2 Derivative Financial instruments**

**Fair Value and Notional values by risk factor and maturity as of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Notional<br> value** | **Up to 30<br> days** | **From 31 to<br> 365 days** | **Over 365<br> days** |
| **Assets** | | | | | |
| **Derivative hedging instrument of portfolio hedge accounting** | | | | | |
| Derivatives financial instruments (Swap) | 26472 | 742242 | 4194 | 7592 | 14686 |
| DI1 – futures contracts <sup>(1) (2)</sup> | - | 8525143 | **-**  | **-**  | - |
| **Total** | **26472** | **9267385** | **4194** | **7592** | **14686** |
| **Derivatives measured at fair value through profit and loss** |  |  |  |  |  |
| DI1 and DDI - futures contracts <sup>(1) (2)</sup> | 2694 | 515900 | 2694 | **-**  | **-**  |
| **Total** | **2694** | **515900** | **2694** | **-**  | **-**  |
| **Total Assets** | **29166** | **9783285** | **6888** | **7592** | **14686** |
| **Liabilities** |  |  |  |  |  |
| **Derivatives measured at fair value through profit and loss** |  |  |  |  |  |
| DI1 - futures contracts <sup>(1) (2)</sup> | 26221 | 8763500 | 26221 |  |  |
| Derivative financial instrument (Swap) | 9768 | 874029 | 9767 | **-**  | **-**  |
| **Total liabilities** | **35989** | **9637529** | **35988** | **-**  | **-**  |

---

**Fair Value and Notional values by risk factor and maturity as of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Notional<br> value** | **Up to 30<br> days** | **From 31 to<br> 365 days** | **Over 365<br> days** |
| **Assets** | | | | | |
| **Derivative hedging instrument of portfolio hedge accounting** | | | | | |
| Derivatives financial instruments (Swap) | 27572 | 1201903 | 11088 | 5601 | 10883 |
| DI1 – futures contracts <sup>(1) (2)</sup> | 1299 | 11779400 | 1299 | - | - |
| **Total** | **28871** | **12981303** | **12387** | **5601** | **10883** |
| **Derivatives measured at fair value through profit and loss** |  |  |  |  |  |
| DI1 and DDI - futures contracts <sup>(1) (2)</sup> | 145 | 1274996 | 145 | - | - |
| **Total** | **145** | **1274996** | **145** | **-**  | **-**  |
| **Total assets** | **29016** | **14256299** | **12532** | **5601** | **10883** |
| **Liabilities** |  |  |  |  |  |
| **Derivatives measured at fair value through profit and loss** |  |  |  |  |  |
| DI1 – futures contracts <sup>(1) (2)</sup> | 1674 | 3252200 | 1674 | - | - |
| Derivative financial instrument (Swap) | 14077 | 661322 | 14077 | - | - |
| **Total liabilities** | **15751** | **3913522** | **15751** | **-**  | **-**  |

---

(1) As of March 31, 2026 and December 31, 2025 – DI1 Futures
Contracts are commitments to buy or sell a financial instrument at a future date, at a previously agreed price or yield. For these instruments,
daily settlements are made related to changes in market prices.

(2) PicPay started the portfolio fair value hedge of interest
rate risk in February 2024.

8. Financial assets measured at amortized cost

**8.1 Trade receivables**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Financial transactions processed by acquirers <sup>(1) (3)</sup> | 499135 | 463663 |
| Financial transactions processed by card issuers <sup>(2) (3)</sup> | 3194804 | 3273306 |
| Other trade receivables | 209929 | 409352 |
| **Total** | **3903868** | **4146321** |

---

(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$387
and R$2,335 respectively, as of March 31, 2026 (R$397 and R$2,225 respectively, as of December 31, 2025).

**8.1.1 Breakdown by maturity – Trade receivables**

**As of March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables falling due:** | **Receivables overdue:** | **Total** |
| Up to 30 days | 2453773 | 17463 | 2471236 |
| From 31 to 60 days | 410233 | 20303 | 430536 |
| From 61 to 90 days | 243279 | 286 | 243565 |
| From 91 to 180 days | 406518 | 144487 | 551005 |
| From 181 to 365 days | 193200 | 3408 | 196608 |
| Over 365 days | 7040 | 3878 | 10918 |
| **Total** | **3714043** | **189825** | **3903868** |

---

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables falling due:** | **Receivables overdue:** | **Total** |
| Up to 30 days | 2563908 | 48320 | 2612228 |
| From 31 to 60 days | 442127 | 2073 | 444200 |
| From 61 to 90 days | 277610 | 141699 | 419309 |
| From 91 to 180 days | 450954 | 2027 | 452981 |
| From 181 to 365 days | 206774 | 684 | 207458 |
| Over 365 days | 6154 | 3991 | 10145 |
| **Total** | **3947527** | **198794** | **4146321** |

---

8.2 Consumer loans

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Gross amount - Consumer Loans <sup>(a)</sup>** | **28043337** | **24068242** |
| Credit loss allowance – on balance <sup>(b)</sup> | (3849197) | (3121544) |
| Credit loss allowance – off balance <sup>(1)</sup> | (39655) | (33842) |
| **Total credit loss allowance** | **(3888852)** | **(3155386)** |
| **Total consumer loans - amortized cost (a +b)<sup>(2)</sup>** | **24194140** | **20946698** |
| **Fair Value Adjustment – Portfolio Hedge (Note 28.2 - c)** | (83151) | (33179) |
| **Consumer loans** | **24110990** | **20913519** |

---

(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. Value of the limit disclosed in Note 28.1.

(2) This balance includes a loan granted by PicPay Bank to certain individuals in the amount of R$371,068 to finance a management buy-out (MBO) transaction involving the acquisition of an equity interest in Kovr Participações. The loans are substantially secured by a corporate guarantee provided by J&F S.A, as disclosed in note 18.2.2

8.2.1 Credit loss allowance breakdown

**As of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| Credit card | 6854056 | 24.44% | (178761) | 4.60% | 2.61% |
| Loans to customers (1) | 14136775 | 50.41% | (122998) | 3.16% | 0.87% |
| Prepayment of receivables (2) | 1441701 | 5.14% | (488) | 0.01% | 0.03% |
| **Total consumer loans stage 1** | **22432532** | **79.99%** | **(302247)** | **7.77%** |  |
| Credit card | 728723 | 2.60% | (244616) | 6.29% | 33.57% |
| Loans to customers (1) | 1326923 | 4.73% | (604929) | 15.56% | 45.59% |
| Prepayment of receivables (2) | 225 | 0.00% | (1) | 0.00% | 0.44% |
| **Total consumer loans stage 2** | **2055871** | **7.33%** | **(849546)** | **21.85%** |  |
| Credit card | 174057 | 0.62% | (140607) | 3.62% | 80.78% |
| Loans to customers (1) | 3380804 | 12.06% | (2596416) | 66.77% | 76.80% |
| Prepayment of receivables (2) | 73 | 0.00% | (36) | 0.00% | 49.32% |
| **Total consumer loans stage 3** | **3554934** | **12.68%** | **(2737059)** | **70.38%** |  |
| **Total consumer loans** | **28043337** | **100.00%** | **(3888852)** | **100.00%** |  |

---

**As of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| Credit card | 6176938 | 25.66% | (146509) | 4.64% | 2.37% |
| Loans to customers <sup>(1)</sup> | 12218389 | 50.77% | (129323) | 4.10% | 1.06% |
| Prepayment of receivables <sup>(2)</sup> | 1029909 | 4.28% | (471) | 0.01% | 0.05% |
| **Total consumer loans stage 1** | **19425236** | **80.71%** | **(276303)** | **8.75%** |  |
| Credit card | 512833 | 2.13% | (141107) | 4.47% | 27.52% |
| Loans to customers <sup>(1)</sup> | 1255193 | 5.22% | (547844) | 17.37% | 43.65% |
| Prepayment of receivables <sup>(2)</sup> | 9311 | 0.04% | (21) | 0.00% | 0.23% |
| **Total consumer loans stage 2** | **1777337** | **7.39%** | **(688972)** | **21.84%** |  |
| Credit card | 104680 | 0.43% | (84884) | 2.69% | 81.09% |
| Loans to customers <sup>(1)</sup> | 2760757 | 11.47% | (2105111) | 66.72% | 76.25% |
| Prepayment of receivables <sup>(2)</sup> | 232 | 0.00% | (116) | 0.00% | 50.00% |
| **Total consumer loans stage 3** | **2865669** | **11.90%** | **(2190111)** | **69.41%** |  |
| **Total consumer loans** | **24068242** | **100.00%** | **(3155386)** | **100.00%** |  |

---

---

| | |
|:---|:---|
| (1) | 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. |

---

(2) 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 18.2.1 and 18.3.1.

8.2.2 Breakdown by maturity

**Credit card:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** |
|  | **March 31, 2026** | **%** | **March 31, 2026** | **%** | **December 31, 2025** | **%** | **December 31, 2025** | **%** |
| Up to 30 days | 3143134 | 40.52% | 520172 | 6.71% | 2867453 | 42.20% | 444968 | 6.55% |
| From 31 to 60 days | 1064669 | 13.73% | 230772 | 2.98% | 983722 | 14.48% | 122001 | 1.80% |
| From 61 to 90 days | 674421 | 8.69% | 118692 | 1.53% | 614390 | 9.04% | 41352 | 0.61% |
| From 91 to 180 days | 463697 | 5.98% | 107822 | 1.39% | 412042 | 6.06% | 63888 | 0.94% |
| From 181 to 365 days | 1191719 | 15.36% | 65923 | 0.85% | 1055994 | 15.54% | 40212 | 0.59% |
| From 1 to 3 years | 158199 | 2.04% | 1 | 0.00% | - | 0.00% | - | 0.00% |
| From 3 to 5 years | 7406 | 0.10% |  | 0.00% | - | 0.00% | - | 0.00% |
| Over 5 years | 10209 | 0.13% | - | 0.00% | 147695 | 2.18% | 734 | 0.01% |
| **Total** | **6713454** | **86.55%** | **1043382** | **13.45%** | **6081296** | **89.50%** | **713155** | **10.50%** |
| **Total overdue and not overdue** |  |  | **7756836** | **100.00%** |  |  | **6794451** | **100.00%** |

---

**Loans to customers:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** |
|  | **March 31, 2026** | **%** | **March 31, 2026** | **%** | **December 31, 2025** | **%** | **December 31, 2025** | **%** |
| Up to 30 days | 201125 | 1.07% | 958935 | 5.09% | 551681 | 3.40% | 876975 | 5.40% |
| From 31 to 60 days | 704266 | 3.74% | 630681 | 3.35% | 440395 | 2.71% | 467730 | 2.88% |
| From 61 to 90 days | 654654 | 3.47% | 433348 | 2.30% | 383779 | 2.36% | 398751 | 2.46% |
| From 91 to 180 days | 428135 | 2.27% | 1072644 | 5.69% | 374275 | 2.31% | 772301 | 4.76% |
| From 181 to 365 days | 2347220 | 12.46% | 1217320 | 6.46% | 1946765 | 11.99% | 842991 | 5.19% |
| From 1 to 3 years | 5210850 | 27.65% | 21059 | 0.11% | 4265978 | 26.28% | 5211 | 0.03% |
| From 3 to 5 years | 2738279 | 14.53% |  | 0.00% | 2522961 | 15.54% | - | 0.00% |
| Over 5 years | 2225986 | 11.81% | - | 0.00% | 2384546 | 14.69% | - | 0.00% |
| **Total** | **14510515** | **77.00%** | **4333987** | **23.00%** | **12870381** | **79.28%** | **3363958** | **20.72%** |
| **Total overdue and not overdue** |  |  | **18844502** | **100.00%** |  |  | **16234339** | **100.00%** |

---

**Prepayment of receivables:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** |
|  | **March 31, 2026** | **%** | **March 31, 2026** | **%** | **December 31, 2025** | **%** | **December 31, 2025** | **%** |
| Up to 30 days | 269646 | 18.70% | 2684 | 0.19% | 17981 | 1.73% | 66043 | 6.35% |
| From 31 to 60 days | 228378 | 15.84% | 205 | 0.01% | 81571 | 7.85% | 8711 | 0.84% |
| From 61 to 90 days | 135535 | 9.40% | 21 | 0.00% | 61678 | 5.93% | 601 | 0.06% |
| From 91 to 180 days | 107954 | 7.49% | 23 | 0.00% | 57798 | 5.56% | 218 | 0.02% |
| From 181 to 365 days | 288860 | 20.03% | 47 | 0.00% | 336243 | 32.35% | 13 | 0.00% |
| From 1 to 3 years | 339327 | 23.53% | 1 | 0.00% | 324638 | 31.23% | - | 0.00% |
| From 3 to 5 years | 69318 | 4.81% | - | 0.00% | 83956 | 8.08% | - | 0.00% |
| Over 5 years | - | 0.00% | - | 0.00% | 17981 | 1.73% | - | 0.00% |
| **Total** | **1439018** | **99.79%** | **2981** | **0.21%** | **963866** | **92.73%** | **75586** | **7.27%** |
| **Total overdue and not overdue** |  |  | **1441999** | **100.00%** |  |  | **1039452** | **100.00%** |

---

8.3 Expected credit losses - by credit quality vs. stages

As of March 31, 2026, the ECL allowance totaled R$3,888,852 (R$3,155,386 as of December 31, 2025). The Group monitors the expected credit loss allowance coverage ratio (table below) over the gross receivables amount to monitor credit risk.

The table below shows the credit card portfolio segmented by ranges of PD and stages as of March 31, 2026 and December 31, 2025.

**Credit card**

**As of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| **PD < 5%** | **4112781** | **53.02%** | **(42756)** | **7.58%** | **1.04%** |
| Stage 1 | 4112696 | 53.02% | (42755) | 7.58% | 1.04% |
| Stage 2 | 85 | 0.00% | (1) | 0.00% | 1.18% |
| **5% <= PD <= 20%** | **2219603** | **28.61%** | **(75461)** | **13.38%** | **3.40%** |
| Stage 1 | 2205335 | 28.43% | (74788) | 13.26% | 3.39% |
| Stage 2 | 14268 | 0.18% | (673) | 0.12% | 4.72% |
| **PD > 20%** | **1424452** | **18.36%** | **(445767)** | **79.04%** | **31.29%** |
| Stage 1 | 536025 | 6.91% | (61218) | 10.85% | 11.42% |
| Stage 2 | 714370 | 9.21% | (243942) | 43.25% | 34.15% |
| Stage 3 | 174057 | 2.24% | (140607) | 24.93% | 80.78% |
| **Total** | **7756836** | **100.00%** | **(563984)** | **100.00%** | **7.27%** |

---

**Loans to customers**

**As of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| **PD < 5%** | **9632144** | **51.11%** | **(27480)** | **0.83%** | **0.29%** |
| Stage 1 | 9626015 | 51.08% | (27350) | 0.82% | 0.28% |
| Stage 2 | 6129 | 0.03% | (130) | 0.00% | 2.12% |
| **5% <= PD <= 20%** | **3720278** | **19.74%** | **(35734)** | **1.07%** | **0.96%** |
| Stage 1 | 3620426 | 19.21% | (26679) | 0.80% | 0.74% |
| Stage 2 | 99852 | 0.53% | (9055) | 0.27% | 9.07% |
| **PD > 20%** | **5492080** | **29.14%** | **(3261128)** | **98.10%** | **59.38%** |
| Stage 1 | 890333 | 4.72% | (68969) | 2.07% | 7.75% |
| Stage 2 | 1220943 | 6.48% | (595744) | 17.92% | 48.79% |
| Stage 3 | 3380804 | 17.94% | (2596415) | 78.10% | 76.80% |
| **Total** | **18844502** | **100.00%** | **(3324342)** | **100.00%** | **17.64%** |

---

**Prepayment of receivables**

**As of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| **PD < 5%** | **1441926** | **99.99%** | **(489)** | **93.14%** | **0.03%** |
| Stage 1 | 1441701 | 99.98% | (488) | 92.95% | 0.03% |
| Stage 2 | 225 | 0.02% | (1) | 0.19% | 0.44% |
| **PD > 20%** | **73** | **0.01%** | **(36)** | **6.86%** | **49.32%** |
| Stage 3 | 73 | 0.01% | (36) | 6.86% | 49.32% |
| **Total** | **1441999** | **100.00%** | **(525)** | **100.00%** | **0.04%** |

---

**Credit Card**

**As of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| **PD < 5%** | **4021475** | **59.19%** | **(39358)** | **10.57%** | **0.98%** |
| Stage 1 | 4021410 | 59.19% | (39357) | 10.57% | 0.98% |
| Stage 2 | 65 | 0.00% | (1) | 0.00% | 1.54% |
| **5% <= PD <= 20%** | **1744158** | **25.67%** | **(58473)** | **15.70%** | **3.35%** |
| Stage 1 | 1720419 | 25.32% | (57372) | 15.40% | 3.33% |
| Stage 2 | 23739 | 0.35% | (1101) | 0.30% | 4.64% |
| **PD > 20%** | **1028818** | **15.14%** | **(274669)** | **73.74%** | **26.70%** |
| Stage 1 | 435109 | 6.40% | (49780) | 13.36% | 11.44% |
| Stage 2 | 489029 | 7.20% | (140005) | 37.59% | 28.63% |
| Stage 3 | 104680 | 1.54% | (84884) | 22.79% | 81.09% |
| **Total** | **6794451** | **100.00%** | **(372500)** | **100.00%** | **5.48%** |

---

**Loans to consumer**

**As of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| **PD < 5%** | **7527849** | **46.37%** | **(33670)** | **1.21%** | **0.45%** |
| Stage 1 | 7519438 | 46.32% | (33495) | 1.20% | 0.45% |
| Stage 2 | 8411 | 0.05% | (175) | 0.01% | 2.08% |
| **5% <= PD <= 20%** | **4008363** | **24.69%** | **(29736)** | **1.07%** | **0.74%** |
| Stage 1 | 3928205 | 24.20% | (23108) | 0.83% | 0.59% |
| Stage 2 | 80158 | 0.49% | (6628) | 0.24% | 8.27% |
| **PD > 20%** | **4698128** | **28.94%** | **(2718873)** | **97.72%** | **57.87%** |
| Stage 1 | 770746 | 4.75% | (72720) | 2.61% | 9.44% |
| Stage 2 | 1166625 | 7.19% | (541042) | 19.45% | 46.38% |
| Stage 3 | 2760757 | 17.00% | (2105111) | 75.66% | 76.25% |
| **Total** | **16234340** | **100.00%** | **(2782279)** | **100.00%** | **17.14%** |

---

**Prepayment of receivables**

**As of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss Allowance** | **%** | **Coverage Ratio (%)** |
| **PD < 5%** | **1039220** | **99.98%** | **(492)** | **80.92%** | **0.05%** |
| Stage 1 | 1029909 | 99.08% | (471) | 77.47% | 0.05% |
| Stage 2 | 9311 | 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** | **1039452** | **100.00%** | **(608)** | **100.00%** | **0.06%** |

---

8.3.1 Changes in credit loss allowance

**As of March 31, 2026**

**Credit card**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Credit loss allowance as of December 31, 2025** | **146509** | **141107** | **84884** | **372500** |
| Transfer from stage 1 to stage 2 | (20072) | 20072 | - | - |
| Transfer from stage 1 to stage 3 | (1478) | - | 1478 | - |
| Transfer from stage 2 to stage 3 | - | (30447) | 30447 | - |
| Transfer from stage 2 to stage 1 | 11896 | (11896) | - | - |
| Transfer from stage 3 to stage 1 | 73 | - | (73) | - |
| Transfer from stage 3 to stage 2 | - | 161 | (161) | - |
| Newly originated financial assets (1) | 27715 | 12685 | 151 | 40551 |
| Changes in exposures and risk migration <sup>(2)</sup> | 14118 | 112935 | 40887 | 167940 |
| Write-offs | - | - | (17006) | (17006) |
| **Credit loss allowance as of March 31, 2026** | **178761** | **244617** | **140607** | **563985** |

---

**Loans to customers**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Credit loss allowance as of December 31, 2025** | **129323** | **547844** | **2105111** | **2782278** |
| Transfer from stage 1 to stage 2 | (13974) | 13974 | - | - |
| Transfer from stage 1 to stage 3 | (7096) | - | 7096 | - |
| Transfer from stage 2 to stage 3 | - | (209656) | 209656 | - |
| Transfer from stage 2 to stage 1 | 5108 | (5108) | - | - |
| Transfer from stage 3 to stage 1 | 444 | - | (444) | - |
| Transfer from stage 3 to stage 2 | - | 77 | (77) | - |
| Newly originated financial assets (1) | 26463 | 9504 | 294 | 36261 |
| Changes in exposures and risk migration <sup>(2)</sup> | (17270) | 248294 | 501108 | 732132 |
| Write-offs | - | - | (226330) | (226330) |
| **Credit loss allowance as of March 31, 2026** | **122998** | **604929** | **2596414** | **3324341** |

---

**Prepayment of receivables**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Credit loss allowance as of December 31, 2025** | **471** | **21** | **116** | **608** |
| Newly originated financial assets | 178 | - | - | 178 |
| Changes in exposures and risk migration <sup>(2)</sup> | (160) | (21) | (80) | (261) |
| **Credit loss allowance as of March 31, 2026** | **489** | **-**  | **36** | **525** |

---

(1) ECL allowances as of March 31, 2026 for financial assets originated during the period 2026.

(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 period.

**As of December 31, 2025**

**Credit card**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Credit loss allowance as of December 31, 2024** | **64296** | **96270** | **147587** | **308153** |
| Transfer from stage 1 to stage 2 | (1861) | 1861 | - | - |
| Transfer from stage 1 to stage 3 | (602) | - | 602 | - |
| Transfer from stage 2 to stage 3 | - | (1012) | 1012 | - |
| Transfer from stage 2 to stage 1 | 5542 | (5542) | - | - |
| Transfer from stage 3 to stage 1 | 150 | - | (150) | - |
| Transfer from stage 3 to stage 2 | - | 73 | (73) | - |
| Newly originated financial assets (1) | 72341 | 77692 | 30426 | 180459 |
| Changes in exposures and risk migration (2) | (6227) | (13394) | (54166) | (73787) |
| Write-offs | - | - | (32850) | (32850) |
| Changes to ECL calculation methods | 12870 | (14841) | (7504) | (9475) |
| **Credit loss allowance as of December 31, 2025** | **146509** | **141107** | **84884** | **372500** |

---

**Loans to customers**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Credit loss allowance as of December 31, 2024** | **43282** | **204055** | **308730** | **556067** |
| Transfer from stage 1 to stage 2 | (152) | 152 | - | - |
| Transfer from stage 1 to stage 3 | (1132) | - | 1132 | - |
| Transfer from stage 2 to stage 3 | - | (25681) | 25681 | - |
| Transfer from stage 2 to stage 1 | 3797 | (3797) | - | - |
| Transfer from stage 3 to stage 1 | 629 | - | (629) | - |
| Transfer from stage 3 to stage 2 | - | 70 | (70) | - |
| Newly originated financial assets (1) | 55656 | 21083 | 159315 | 236054 |
| Changes in exposures and risk migration (2) | (5404) | 299857 | 1887826 | 2182279 |
| Write-offs | - | - | (202402) | (202402) |
| Changes to ECL calculation methods | 32647 | 52105 | (74472) | 10280 |
| **Credit loss allowance as of December 31, 2025** | **129323** | **547844** | **2105111** | **2782278** |

---

**Prepayment of receivables**

---

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

---

8.4 Other receivables

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Receivables - related parties <sup>(1)</sup> | 13758 | 75422 |
| Compulsory deposits in Central Bank <sup>(2)</sup> | 2243377 | 1834088 |
| Sundry receivables <sup>(3)</sup> | 530 | 1500 |
| **Total** | **2257666** | **1911010** |

---

(1) As of March 31, 2026, these amounts primarily relate to receivables from the salary advances product with employees of related companies.

(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's assessment is that there is no risk on the outstanding balances
of its "Other receivables".

8.4.1 Breakdown by maturity – Other receivables

**As of March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables falling due:** | **Receivables overdue:** | **Total** |
| Up to 30 days | 2257666 |  | 2257666 |
| **Total** | **2257666** |  | **2257666** |

---

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables falling due:** | **Receivables overdue:** | **Total** |
| Up to 30 days | 1910827 | - | 1910827 |
| From 31 to 60 days | - | 54 | 54 |
| From 61 to 90 days | - | 129 | 129 |
| **Total** | **1910827** | **183** | **1911010** |

---

9. Tax assets

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Income tax and social contribution to offset <sup>(1)</sup> | 1263934 | 1533487 |
| Deferred tax assets | 2220612 | 2075930 |
| **Total** | **3484546** | **3609417** |

---

(1) Primarily relates to withholding income tax and social contribution
on income from financial investments which can be used to settle other federal tax amounts due. For March 31, 2026, the amount of RS
24,163 refers to inflation indexation as "Other income" in the consolidated statements of profit or loss while such amount
for December 31, 2025 was R$90,450.

9.1 Deferred tax assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **Realization** | **Additions** | **March 31, 2026** |
| **Temporary differences** | **1369967** | **(8726)** | **172509** | **1533750** |
| Provisions for credit losses | 1011633 | - | 112688 | 1124321 |
| Fair value adjustment - Financial assets measured at fair value through profit or loss | 42877 | - | 9283 | 52160 |
| Others | 315457 | (8726)<sup>(1)</sup> | 50538<sup>(3)</sup> | 357269 |
| **Tax loss and social contribution negative basis** | **705963** | **(19102** **)<sup>(2)</sup>** | **-**  | **686861** |
| **Total** | **2075930** | **(27828)** | **172509** | **2220612** |

---

(1) The realization refers to the payment of the profit sharing
programs.

(2) The realization refers to Guiabolso Finanças e Correspondente
Bancário and Picpay Pagamentos.

(3) The amounts mainly represent temporary adjustments for the
period, including adjustments related to profit sharing, long-term incentives, contingencies, among others.

9.2 Deferred tax liability

The PicPay Bank recognized a deferred tax liability related to the mark-to-market valuation of DI and DDI futures derivatives. The taxes will be due upon realization of the securities, as permitted by Law.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **Realization** | **Additions** | **March 31, 2026** |
| Fair value adjustment – future contract (DI and DDI) | 37791 | (11614) | 26627 | 52804 |
| **Total** | **37791** | **(11614)** | **26627** | **52804** |

---

10. Intangible assets

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Value at cost** | **Accumulated**<br> **Amortization** | **Total** |
| Internally/Externally developed software <sup>(1)</sup> | 1735630 | (683930) | 1051700 |
| Software licenses | 248789 | (223884) | 24905 |
| Purchased software | 63008 | (44555) | 18453 |
| Software acquired through business combination <sup>(2)</sup> | 66924 | (54824) | 12100 |
| Other intangible assets | 30000 | - | 30000 |
| Goodwill <sup>(2)</sup> | 50520 | - | 50520 |
| **Total** | **2194871** | **(1007193)** | **1187678** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Value at cost** | **Accumulated<br> Amortization** | **Accumulated Impairment** | **Total** |
| Internally/Externally developed software <sup>(1)</sup> | 1612816 | (607674) | - | 1005142 |
| Software licenses | 248789 | (201563) | (128) | 47098 |
| Purchased software | 63008 | (41780) | (624) | 20604 |
| Software acquired through business combination <sup>(2)</sup> | 66924 | (51477) | - | 15447 |
| Goodwill <sup>(2)</sup> | 50520 | - | - | 50520 |
| **Total** | **2042057** | **(902494)** | **(752)** | **1138811** |

---

The table below demonstrates the changes during the years presented:

**As of March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **Additions** | **Amortization for the period** | **March 31, 2026** |
| Internally/Externally developed software (1) | 1005142 | 122813 | (76255) | 1051700 |
| Software licenses | 47098 | - | (22193) | 24905 |
| Purchased software | 20604 | - | (2151) | 18453 |
| Software acquired through business combination (2) | 15447 | - | (3347) | 12100 |
| Other intangible assets | - | 30000 | - | 30000 |
| Goodwill (2) | 50520 | - | - | 50520 |
| **Total** | **1138811** | **152813** | **(103946)** | **1187678** |

---

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **Additions** | **Amortization for the period** | **March 31, 2025** |
| Internally/Externally developed software (1) | 774562 | 137444 | (59021) | 852985 |
| Software licenses | 43435 | 36233 | (31136) | 48532 |
| Purchased software | 30065 | - | (2955) | 27110 |
| Software acquired through business combination (2) | 28832 |  | (3346) | 25486 |
| Goodwill (2) | 50520 | - | - | 50520 |
| **Total** | **927414** | **173677** | **(96458)** | **1004633** |

---

(1) Development of continuing improvements in digital solutions such as mobile banking applications, marketplace, business solutions and
investment platforms. The useful life of the internally and externally developed software is defined as being between 5 to 10 years for
the purposes of amortization.

(2) Additions through business combination and common control transactions.

11. Third-party funds

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| User balance - CDBs <sup>(1)</sup> | 29772564 | 27838964 |
| User balance - Payment accounts <sup>(2)</sup> | 979128 | 856573 |
| Other obligations under financial Instruments<sup>(3)</sup> | 776613 | 752571 |
| Balance of commercial establishments – corporates <sup>(4)</sup> | 457860 | 526607 |
| Deposits – corporate customers | 38 | 115 |
| Financial Liabilities under repurchase agreements - LFT <sup>(5)</sup> | 532215 | - |
| **Total** | **32518418** | **29974830** |

---

(1) PicPay Bank offers CDBs to its users. These instruments are
indexed to the CDI and may be either redeemable at any time or subject to fixed maturity dates. As of March 31, 2026, the average
yield rate on these CDBs was approximately 97% of the CDI.

(2) Refers to the balance of the payment accounts held by users backed by financial investments (as disclosed in note 28.2 a) and amounts
referring to withdrawals pending processing at the recipient's bank.

(3) Refers to non-convertible subordinated Financial Letters, namely: a fixed-rate senior Financial Letter (R$253,507) and a CDI-indexed
subordinated Financial Letter (R$532,106), maturing on December 22, 2027 and December 28, 2039, respectively.

(4) Refers to balances payable to commercial establishments related to the processing of sales via the PicPay payment arrangement.

(5) Values relating to LFTs with a bank that is not linked to related parties within the group.

12. Trade payables

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Service providers and consumables | 481006 | 534307 |
| Related parties | 47 | 30 |
| Operational suppliers | 384136 | 304618 |
| Credit card transactions | 4943586 | 4655769 |
| Other suppliers | 4948 | 2389 |
| **Total** | **5813723** | **5497113** |

---

In Brazil, payments to the credit card network (for further details, see Note 12.1) follow a similar settlement schedules. However, as receipts from cardholders and payments to the credit card network are aligned, the Group is exposed to cardholder credit risk, since it remains obligated to settle amounts due to the credit card network even in cases where cardholders fall behind on their payments. These amounts include credit card balances not paid in full by customers and subsequently converted into fixed-rate installment plans, as well as installment purchases, which comprise credit card transactions that allow payment to be made in more than one installment.

12.1 Credit card transactions

Corresponds to the amount payable to acquirers related to credit and debit card transactions. The amounts to be transferred to the card network are settled according to the transaction installments, substantially within up to 27 days for non-installment domestic transactions; 1 business day for international transactions, and, in the case of installment transactions, the amounts are mostly settled over a period of up to 36 months through monthly payments.

The table below provides a detailed breakdown of credit card transactions categorized by maturity, as of March 31, 2026 and December 31, 2025:

12.1.1 Breakdown by maturity – Credit card transactions

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Up to 30 days | 2334698 | 1493794 |
| From 31 to 60 days | 825610 | 953940 |
| From 61 to 90 days | 505467 | 651186 |
| From 91 to 180 days | 364240 | 1057386 |
| From 181 to 365 days | 801520 | 485028 |
| Over 365 days | 112050 | 14435 |
| **Total** | **4943586** | **4655769** |

---

12.1.2 Collateral for credit card transactions

As of March 31, 2026, the Company held R$834,010 in government bonds pledged as collateral for settlement of credit card transactions, in favor of Mastercard, Visa, and Elo (R$835,207 as of December 31, 2025). These government bonds are measured at fair value through profit or loss and fair value through other comprehensive income and serve as collateral for amounts payable to the network (Refer to note 7 for further details). The average remuneration rate for these pledged government bonds was 1.16% per month for the period ended March 31, 2026 (1.12 % per month for the year ended December 31, 2025).

13. Obligation to FIDC FGTS quota holders

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Senior quotas | 722255 | 815557 |
| **Total** | **722255** | **815557** |

---

The obligations to FIDC FGTS quota holders relate to amounts due on senior quotas issued with the securitization of receivables from FGTS consumer advances in PicPay Bank. This account includes the outstanding amount due to senior quotas (unpaid original contribution plus unpaid accrued interest expense).

Although the fund has an indefinite duration, the senior quotas have 6 years of maturity after the first capital contribution, with a remuneration of CDI + 1.50 % per annum. Also, the senior quotas can be redeemed prior to 6 years in case of specific events such as bankruptcy claims. For the period ended March 31, 2026, the interest accrued was R$30,947 (R$23,604 for the period ended March 31, 2025), recorded as "Interest and other financial expenses".

14. Labor obligations

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Personnel expenses payable | 570107 | 488873 |
| Social security charges payable <sup>(1) (2)</sup> | 80793 | 106045 |
| **Total** | **650900** | **594918** |

---

(1) Of the balance of social security charges payable, for the period ended March 31, 2026 R$43.222 (R$73,813 for the year ended December
31, 2025), correspond to payroll taxes and social security charges resulting from cash-settled awards and equity-settled awards, as disclosed
in Note 20d.

(2) As of December 31, 2025 the amount R$126,966 was reclassified from Labor obligations to Tax Claims as explained on note 19c.

15. Tax

15.1 Taxes payable

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Withholding taxes | 14056 | 16049 |
| Payroll Taxes | 31963 | 40795 |
| Social security contribution on revenues <sup>(1)</sup> | 53135 | 40534 |
| Income tax and social contribution | 404252 | 721522 |
| Other taxes | 7678 | 7598 |
| **Total** | **511084** | **826498** |

---

(1) As of December 31, 2025 the amount R$20,491 was reclassified from Taxes Payable to Tax Claims as explained in note 19c.

15.2 Income tax and social contribution

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| **Profit before income tax** | 221714 | 76617 |
| Income tax and social contribution <sup>(1)</sup> | (99771) | (34477) |
| **Permanent additions/exclusions** | **29794** | **45956** |
| Effect of different tax rates – subsidiaries | 10011 | 16696 |
| Compensation of previously unrecognized deductible temporary differences | 384 | 24239 |
| Compensation of previously unrecognized tax losses | **-**  | 4035 |
| Others | 19399 | 986 |
| **Total income tax and social contribution** | **(69977)** | **11479** |
| Current taxes | (199917) | (187545) |
| Deferred taxes | 129940 | 199024 |
| **Total income tax and social contribution** | **(69977)** | **11479** |
| **Effective rate (%)** | **(32)%** | **15%** |

---

(1) The Group's operations are primarily conducted in entities subject to income tax and social contribution in Brazil. All material
entities in Brazil are subject to corporate income tax of 25%. Social contribution is generally levied at 20% for financial entities
and 9% for non-financial entities. The tax rate used was the one applicable to PicPay Bank, which represents the most significant portion
of the operations of the Group. The effect of other tax rates is shown in the table above as "Effect of different tax rates –
subsidiaries".

**15.3 Unrecognized deferred tax assets**

The Group has unrecognized deferred tax assets in its subsidiaries for which it is not expected that future taxable profits will be sufficient to consume the deferred tax assets in an appropriate period of time. The Group's unrecognized deferred tax assets, shown on the table below, without expiration date, were calculated on income tax losses and temporary differences at a rate of 34% for Guiabolso (and its subsidiary), and Crednovo; and at a rate of 40% for PicPay Invest.

The reduction in the amount of unrecognized deferred tax assets was due to the recognition of PicPay deferred tax assets presented on Note 9 above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Gross amount** | **Tax effect** | **Gross amount** | **Tax effect** |
| Deductible temporary differences | 13219 | 5018 | 14054 | 5262 |
| Tax losses | 282688 | 104093 | 275109 | 101390 |
| **Total** | **295907** | **109111** | **289163** | **106652** |

---

16. Provision for legal and administrative claims

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Civil Claims** | **Labor Claims** | **Tax Claims** | **Total Claims** |
| **Opening balance** | **20239** | **22694** | **211790** | **254723** |
| Constitution | 19100 | 5533 | 5041 | 29674 |
| Reversal | (1944) | (4580) | - | (6524) |
| Reversal due to payment | (6848) | - | - | (6848) |
| **Closing balance** | **30547** | **23647** | **216831** | **271025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Civil Claims** | **Labor Claims** | **Tax Claims** | **Total Claims** |
| **Opening balance** | **8256** | **9228** | **-**  | **17484** |
| Constitution | 43899 | 19175 | 211790 | 274864 |
| Reversal | (12976) | (5581) | - | (18557) |
| Reversal due to payment | (18940) | (128) | - | (19068) |
| **Closing balance** | **20239** | **22694** | **211790** | **254723** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Civil claims** 

As of March 31, 2026, the Group recognized provisions of R$30,547 (R$20,239 as of December 31, 2025) for civil claims, the majority of which are claims by customers of compensation for moral and/or material damages. The amount considered as having a possible risk of loss, where no provision is recognized, totals R$28,350 (R$0 as of December 31, 2025). The Group estimates that the expected disbursement schedule is 18 months. However, due to the uncertainty in the conclusion of the proceedings, the disbursement occurs according to the development of the claim.

In connection with the acquisition of KOVR, Brazil's antitrust authority (*Conselho Administrativo de Defesa Econômica* — "CADE") has established a *Procedimento Administrativo para Apuração de Ato de Concentração* (APAC) n. 08700.004240/2026- 45 and therefore, a potential administrative fine may be imposed by CADE under Law n. 12,529/2011. The referred administrative proceeding is still at a very early stage, and the Company currently has limited information to assess how it may evolve or to predict its outcome with any reasonable degree of certainty.

Given the early stage of the proceedings and the limited elements currently available, the Company, supported by its external legal advisors, classifies this risk as possible. Accordingly, no provision has been recognized in these financial statements and the Company will continue to monitor the proceedings and reassess its classification as further developments occur. Should the proceeding advance, and based on a legal opinion issued by our external legal advisors applying the parameters established by CADE for the calculation of administrative fines, any potential fine would be estimated at approximately BRL 13,000,000, subject to a statutory cap of BRL 60,000,000 pursuant to the terms of Law n. 12,529/2011.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Labor claims** 

As of March 31, 2026, the Group recognized a labor provision of R$23,647 (R$22,694 as of December 31, 2025), considered as having a probable risk of loss where the plaintiffs claim the subsidiary conviction, as well as labor indemnities. The amount considered as having a possible risk of loss, where no provision is recognized, totals R$56,464 (R$48,265 as of December 31, 2025). The Group estimates that the expected disbursement schedule is 24 months, however due to the uncertainty in the conclusion of the proceedings, the disbursement occurs according to the development of the claim.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Tax claims** 

As of March 31, 2026, the Group recognized provisions of R$216,831 (R$211,790 as December 31, 2025) related to tax contingencies, and the contingencies assessed as a possible risk of loss that are remained provisioned given the uncertainties surrounding the trials, amounted to R$78,022 as of March 31, 2026 (R$133,967 as of December 31, 2025).

17. Equity

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Share capital** 

On February 26, 2025, J&F International invested R$319,901 in PicS N.V. without the issuance of new shares. On the same date, PicS N.V. invested the same amount in PicS Ltd, without the issuance of new shares. On February 27, 2025, PicS Ltd invested R$321,490 in PicS Holding, through the issue and subscription of 321,489,832 quotas, all nominative and with par value of R$1. On the same date, PicS Holding invested R$321,750 in PicPay Bank, through the issue and subscription of 88,121,683 shares, all nominative and without par value.

On March 25, 2025, J&F International invested R$50,290 in PicS N.V. without the issuance of new shares. On March 26, 2025, PicS N.V. invested the same amount in PicS Ltd, without the issuance of new shares. On the same date, PicS Ltd invested R$50,775 in PicS Holding, through the issue and subscription of 50,774,638 quotas, all nominative and with a par value of R$1. On March 27, 2025, PicS Holding invested R$50,000 in PicPay Bank, through the issue and subscription of 31,643,364 shares, all nominative and without par value.

On April 28, 2025, J&F International invested R$125,524 in PicS N.V. without the issuance of new shares. On April 29, 2025, PicS N.V. invested R$122,073 in PicS Ltd., without the issuance of new shares. On April 30, 2025, PicS Ltd. invested R$121,616 in PicS Holding through the issuance and subscription of 121,616,277 quotas, all nominative and with a par value of R$1.00 each. Later, on the same day, PicS Holding invested R$121,154 in PicPay Bank through the issuance and subscription of 49,627,302 shares, all nominative and without par value.

On May 27, 2025, J&F International invested R$49,989 in PicS N.V. without the issuance of new shares. On the same day, PicS N.V. invested the same amount in PicS Ltd., without the issuance of new shares. On May 28, 2025, PicS Ltd. invested R$50,164 in PicS Holding through the issuance and subscription of 50,163,586 quotas, all nominative and with a par value of R$1.00 each. On May 29, 2025, PicS Holding invested R$49,973 in PicPay Bank through the issuance and subscription of 21,777,231 shares, all nominative and without par value.

On June 19, 2025, J&F International transferred one share issued by PicS N.V., with a nominal value of EUR 0.005 to Banco Original, and from this date Banco Original holds 9.5% of the share capital of the Company. On the same date, Stichting JAB distributed 1 share issued by PicS N.V. to Mr. José Antonio Batista, who transferred this 1 share to Mr. Albino Andrade de Pinho, from this date, Mr. Albino Andrade de Pinho holds 0.5% of the share capital of the Company.

On July 21, 2025, J&F International invested R$108,442 in PicS N.V. without the issuance of new shares. On the same date, PicS N.V. invested the same amount in PicS Ltd. without the issuance of new shares. On July 23, 2025, PicS Ltd. invested R$108,317 in PicS Holding through the issuance and subscription of 108,317,593 quotas, all nominative and with par value of R$1.00 each. On the same date, PicS Holding invested R$107,906 in PicPay Bank through the issuance and subscription of 46,423,381 shares, all nominative and without par value.

On September 23, 2025, J&F International invested R$149,358 in PicS N.V. without the issuance of new shares. On September 24, 2025, PicS N.V. invested the same amount in PicS Ltd., without the issuance of new shares. On September 25, 2025, PicS Ltd. invested R$150,394 in PicS Holding through the issuance and subscription of 150,000,000 quotas, all nominative and with a par value of R$1.00 each. On September 26, 2025, PicS Holding invested R$150,000 in PicPay Bank through the issuance and subscription of 60,880,607 shares, all nominative and without par value.

On November 25, 2025, J&F International invested R$360,000 in PicS N.V. without the issuance of new shares. On the same day, PicS N.V. invested the same amount in PicS Ltd., also without the issuance of new shares. Subsequently, PicS Ltd. invested the same amount in PicS Holding through the issuance and subscription of 360,000,000 nominative quotas, each with a par value of R$1.00.

On November 26, 2025, a non-disproportional partial spin-off of PicS Holding was approved, which involved the transfer of a portion of its equity, totaling R$360,000, to J&F Participações S.A. As a result, J&F Participações S.A.'s direct interest in PicS Holding was terminated.

Following the completion of this transaction, PicS Ltd. became the holder of 100% of the share capital of PicS Holding.

On December 24, 2025, J&F International invested R$20,000 in PicS N.V. without the issuance of new shares, On December 29, 2025, PicS N.V. invested R$1,800 in PicPay Participações through the issuance and subscription of 1,800,000 nominative quotas, each with a par value of R$1.00.

As of December 31, 2025, the total share capital incorporated under Dutch law is EUR 1 divided into 200 shares, each with par value of EUR 0.005, all nominative and entitled to 1 vote per share and with priority in the distribution of dividends.

On December 31, 2025, by virtue of a Sale and Purchase Agreement, J&F International transferred one share issued by PicS N.V., with a nominal value of EUR 0.005 to Stichting JAB, from this date Stichting JAB holds 4% of the share capital of the Company.

On January 12, 2026, a corporate act of Pics N.V. (Netherlands) refers to the money sent by J&F International to Pics NV (Netherlands) in dollars – same rationale as the paragraph above. This money was subsequently transferred by Pics NV (Netherlands) to PicPay Participações (resulting in the 5th ACS that is in the folder).

On January 13, 2026, PicS N.V. invested R$37,161 in PicPay Participações e Investimentos LTDA, and subscribed to 37,160,691.65 registered shares, each with a nominal value of R$1.00.

On January 14, 2026, the controlling company Nosso Time Igaming Ltda. fully paid up its share capital without issuing new shares.

On January 30, 2026, PicS N.V. (formerly PicPay Holdings Netherlands B.V.) went public on the NASDAQ stock exchange (NY). This change modified the company's legal nature, transforming it from a limited liability company ("B.V." in Dutch) to a public limited company ("N.V." in Dutch). Even with the opening of J&F International B.V.'s capital.

On February 13, 2026, a corporate act of Pics Ltd (Cayman) – resolved the transfer of money raised in the IPO by Pics NV (Netherlands) to Pics Ltd (Cayman). In this act, we reported the value in dollars and not in reais. The final destination of this money was PicPay Bank through a corporate act from February where we resolved on the capital increase in the amount of R$1.5 billion.

On February 18, 2026, PicS N.V. raised R$1,500,000 through an IPO without issuing new shares. On the same day, PicS N.V. invested the same amount in Picpay Bank - Banco Múltiplo S.A., also without issuing new shares. Subsequently, through the issuance and subscription of 1,500,000,000 registered shares, each with a nominal value of R$1.00.

&nbsp;&nbsp;&nbsp;&nbsp;b) Composition of share capital

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Number of**<br> **shares** | **Total**<br> **shares %** | **Number of**<br> **shares** | **Total**<br> **shares %** |
| **Shareholder** | | | | |
| J&F International B.V. | 86451624 | 66.71% | 162 | 81.00% |
| Banco Original S.A. | 10139388 | 7.82% | 8 | 4.00% |
| Stichting JAB | 4269216 | 3.29% | 6 | 3.00% |
| Stichting ACC Family | 3201912 | 2.47% | 2 | 1.00% |
| Stichting AGR | 1067304 | 0.82% | 2 | 1.00% |
| Stichting ECS | 1067304 | 0.82% | 19 | 9.50% |
| Albino Andrade de Pinho | 533652 | 0.41% | 1 | 0.50% |
| Other Investors (Free Float) | 22857143 | 17.64% | - | 0.00% |
| **Total** | **129587543** | **100.00%** | **200** | **100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;c) Earnings per share

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| **Earnings attributable to shareholders of the parent company** | **151430** | **74980** |
| **Weighted average outstanding shares - ordinary shares - basic (thousands)** | **129587543** | **200** |
| **Earnings per share - basic and diluted** | 1.2416 | 375 |

---

The difference between the basic and diluted earnings per share calculation is mainly due to the existence of share-based payments.

&nbsp;&nbsp;&nbsp;&nbsp;d) Share-based long-term incentive plan (LTIP)

PicPay operates a Long-Term Incentive Plan ("LTIP") for employees from junior to executive levels. The LTIP was established by PicS Ltd on July 1, 2021 and was adopted by the Company and its subsidiaries. The LTIP is designed to support the Group's long-term success by retaining key talents and aligning employees' interests with those of the Group.

Under the LTIP, eligible employees may be granted awards that are either equity-settled or cash-settled, depending on the terms of each individual grant and the employee's role. Awards granted under the LTIP are generally subject to both a service condition, requiring participants to remain actively employed by PicPay throughout the relevant vesting periods; and a non-market performance condition, requiring the occurrence of a qualifying liquidity event, defined as either (a) an initial public offering ("IPO") of PicPay's shares, or (b) a private placement of PicPay's shares to third parties, as specified in the plan rules.

The overall vesting period is 5 years, divided into five annual tranches, each representing 20% of the total award. The first tranche vested after one full year of service from July 1, 2021. PicPay had the ability to elect additional beneficiaries after July 19, 2021, to whom the same vesting schedule applies. For beneficiaries hired after July 1, 2021, vesting periods start on fixed dates depending on the quarter of hire, as set out in the plan rules.

An award is considered vested only when both the service condition and the liquidity condition have been satisfied. Once an award has been vested, settlement (either in shares for equity-settled awards or in cash for cash-settled awards) is made within 30 days following the occurrence of the liquidity event. If the liquidity event occurs after the end of the original five-year vesting period, vested awards remain outstanding and the beneficiaries retain their entitlement, subject to the other terms of the plan.

On January 30, 2026, the completion of the IPO satisfied the non-market performance (liquidity) condition of the LTIP, and, to the extent that the service condition had been met by the beneficiaries at the IPO date, a portion of the outstanding LTIP awards vested and became eligible for settlement in cash or shares, as applicable.

18. Transactions with related parties

18.1 Agreements with Banco Original

**18.1.1** - As of March 31, 2026, the interbank deposit ("DI") position related to the fiduciary assignment of financial assets in the amount of R$148,459, for guarantees with Banco Original S.A..

**18.1.2 -** On May 16, 2025, the Group and Banco Original entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) to establish the criteria for cost rates, common expenses, deadlines, and conditions observed for sharing Information Security activities between the Group and Banco Original. The reimbursements from Banco Original are recognized in the statement of profit or loss as "administrative expenses".

**18.1.3 -** On January 21, 2025, the Group entered into an Operational Agreement with Banco Original to provide administrative services, including human resources, systems sharing and materials used. The term of this agreement is indefinite. This agreement may be terminated by either party upon 30 days' notice. The reimbursements from Banco Original are recognized in the statement of profit or loss as "administrative expenses".

**18.1.4** - On July 4, 2024, the Group and Banco Original entered into a Derivatives Master Agreement (*Contrato Global de Derivativos*), with the purpose of establishing a standardized template for over the counter (OTC) transactions between the parties, streamlining the negotiation process and facilitating efficient and secure OTC derivatives trading. Such agreement establishes daily mark-to-market checks with bilateral margin exchange between the parties with the purpose of mitigating credit risk. As of September 30, 2025, under such agreement, there are only Payer OIS (Overnight Index Swaps) with notional fully collateralized by deposits from Banco Original.

**18.1.5** - On April 10, 2024, Banco Original entered into an Endorsement Contract of Bank Credit Notes without co-obligation *(Contrato de Endosso de Cédulas de Crédito Bancário sem Coobrigação*) with the Group, through which Banco Original committed to endorse and transfer to the Group of the credit notes issued by Banco Original in its loan operations collateralized by credit rights arising from the FGTS Loans. This agreement will remain valid for an indefinite period and may be terminated by either party with a 30-days prior notice.

**18.1.6** - On January 18, 2024, the Group entered into a Credit Recovery Services Agreement (*Contrato de Prestação de Serviços de Cobrança de Crédito*) with *Banco Original*, pursuant to which *PicPay Bank* agreed to provide certain services to Banco Original relating to collection and recovery of amounts owed to Banco Original by customers who defaulted on their debts. Such agreement has a twenty-four (24) months term, being effective from January 1, 2023. This agreement may be terminated by either party upon 30 days' prior notice. This agreement was extended for twenty-four (24) months, effective from January 1, 2025. The revenues are recognized in the statement of profit or loss as "Commission – banking correspondent and marketplace".

**18.1.7** - On January 10, 2024, the Group entered into a Cost Sharing Agreement *(Contrato de Compartilhamento de Despesas*) with *Banco Original* to establish the terms and conditions governing the sharing of support areas between the Group and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by the Group in the contracting of suppliers who provide products and/or services that are also shared between the Group and Banco Original. This agreement will remain valid for an indefinite period. Either party may terminate this agreement for any reason and without penalty at any time with 30 days' prior written notice to the other party. The reimbursements are recognized in the statement of profit or loss as "administrative expenses".

**18.1.8** - On November 16, 2023, the Group and *Banco Original* entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) to regulate the terms and conditions related to the cost sharing of back-office areas, as well as the reimbursement by Banco Original of certain costs incurred in the contracting certain suppliers, such as technology and administrative expenses. This agreement will remain valid for an indefinite period. The reimbursements are recognized in the statement of profit or loss as "administrative reimbursement".

**18.1.9** - On May 5, 2022, the Group entered into an application programming interface agreement *(Acordo Operacional para Licença de Uso de API's, Acesso a Produtos e Serviços Bancários e Prestação de Serviços de Suporte Técnico*) with Original Hub, granting a license for the use of APIs to offer its customers payment services for bills, taxes, and utility bills from Banco Original *("API PAG")*, as well as account registration for automatic debit. On November 29, 2022, an amendment to the Operational Agreement was executed, assigning the agreement from Original Hub to Banco Original. On December 21, 2022, new APIs were contracted including access to cash withdrawal and processing services using QR Codes at ATMs of the 24Horas network. In 2024, PicPay completed the development of these solutions, and on March 21, 2025, the agreement was terminated. The revenues were recognized in the statement of profit or loss as "commission – banking correspondent and marketplace".

**18.1.10 -** On September 11, 2018, the Group and Banco Original entered into a Correspondent Banking Agreement (*Contrato de Correspondente Bancário*). However, since the Group has developed its own solutions for processing bill payments for its customers and Banco Original is no longer a card issuer, the agreement was terminated on March 21, 2025. The revenues were recognized in the statement of profit or loss as "commission – banking correspondent and marketplace".

**18.1.11-** On July 26, 2022, Banco Original and the Group entered into a Correspondent Banking Agreement (*Contrato de Correspondente Bancário*). This agreement is valid for an indefinite period and may be terminated by either party with 30 days' prior notice.

18.2 Agreements with J&F

**18.2.1** - PicPay Bank entered into a Receivables Assignment Agreement with Âmbar Energia S.A. (J&F Participações subsidiary), of one installment in connection with the Reserve Energy Contract (CER) of Brazilian Electric Energy Trading Chamber (CCEE). On December 10, 2025, and December 19, 2025, PicPay Bank entered into the following non-recourse credit rights assignment agreements with J&F for the acquisition of credit rights held against certain electric power distributors arising from the sale of electric power by J&F subsidiaries:

● on December 10, 2025, Mauá III (J&F Participações subsidiary) assigned receivables in the total amount of R$1,096,529, with an annual discount rate of 19.86%, for a total purchase price of R$580,813; and

● On December 19, 2025, Âmbar Energia assigned receivables in the total amount of R$375,654, with an annual discount rate of 19.11%, for a total purchase price of R$325,204.

**18.2.2** - As of March 31, 2026, guarantees provided by J&F S.A. amounted to R$371,068, related to Loans to Customers transactions, as disclosed in Note 8.2.

18.3 Agreements with JBS

**18.3.1** - In November 2025, PicPay Bank entered into supplier finance arrangements involving the assignment of trade receivables and the advance of payments to suppliers, on a non-recourse basis (reverse factoring / supplier finance arrangements). The participating suppliers include: Seara Alimentos Ltda., JBS Aves Ltda., Seara Comércio de Alimentos Ltda., Excelsior Alimentos S.A., Agro Alfa Indústria e Comércio Ltda., JBS S.A., JBS Confinamento Ltda., Via Rovigo Indústria, Comércio e Distribuição de Produtos Alimentícios S.A., and JBS Terminais Ltda. The revenues are recognized in the statement of profit or loss as "Financial income" and in the balance sheet as "Consumer Loans".

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **J&F Participações** | **Banco Original** | **Key Personnel <sup>(a)</sup>** | **Others <sup>(b)</sup>** | **Total** |
| **As of March 31, 2026** | | | | | |
| **Assets** | | | | | |
| Cash and cash equivalents | - | 582 | - | - | **582** |
| Trade receivables | - | 1993 | - | - | **1993** |
| Financial investments | - | 161643 | - | - | **161643** |
| Derivatives instruments | - | 26472 | - | - | **26472** |
| Consumer loans | 955915 | - | - | 103851 | **1059766** |
| Other receivables | - | - | - | 13758<sup>(4)</sup> | **13758** |
| **Total** | **955915** | **190690** | **-**  | **117609** | **1264214** |
| **Liabilities** |  |  |  |  |  |
| Trade payables | 15 | 324 | - | - | **339** |
| Third-party funds | - | 28685 | - | 6289 | **34974** |
| Labor obligations | - | - | 1426 | - | **1426** |
| **Total** | **15** | **29009** | **1426** | **6289** | **36739** |
| **For the three-month period ended March 31, 2026** |  |  |  |  |  |
| **Revenues and expenses** |  |  |  |  |  |
| Commission – banking correspondent and marketplace | - | 9902<sup>(1)</sup> | - | - | **9902** |
| Income from purchased receivables | 41818 | - | - | - | **41818** |
| Revenue from financial investments | - | 5874 | - | - | **5874** |
| Interest and other financial expenses | - | (10245)<sup>(2)</sup> | - | - | **(10245)** |
| Financial income | - | - | - | - | **-**  |
| Selling expenses | (251) | - | - | - | **(251)** |
| Net revenue from transaction activities and other services | 854 | - | - | **-**  | **854** |
| Administrative expenses | (3699) | (1411) | (20039)<sup>(3)</sup> | **-**  | **(25149)** |
| **Total** | **38722** | **4120** | **(20039)** | **-**  | **22803** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **J&F Participações** | **Banco Original** | **Key Personnel <sup>(a)</sup>** | **Others <sup>(a)</sup>** | **Total** |
| **As of December 31, 2025** | | | | | |
| **Assets** | | | | | |
| Cash and cash equivalents | - | 13837 | - | - | **13837** |
| Trade receivables | 206 | 1269 | - | 75 | **1550** |
| Financial investments | - | 154852 | - | - | **154852** |
| Derivative instruments | - | 27572 | - | - | **27572** |
| Consumer loans | 914098 | - | - | 83352 | **997450** |
| Other receivables | 74907 | - | - | 266 | **75173** |
| **Total** | **989211** | **197530** | **-**  | **83693** | **1270434** |
| **Liabilities** |  |  |  |  |  |
| Trade payables | 15 | 324 | - | - | **339** |
| Third-party funds | - | 27702 | - | 6189 | **33891** |
| Labor obligations | - | - | 1125 | - | **1125** |
| **Total** | **15** | **28026** | **1125** | **6189** | **35355** |
| **For the three-month period ended March 31, 2025** |  |  |  |  |  |
| **Revenues and expenses** |  |  |  |  |  |
| Commission – banking correspondent and marketplace | - | 19866<sup>(1)</sup> | - | 326 | **20192** |
| Interest and other financial expenses | - | (13661)<sup>(2)</sup> | - | - | **(13661)** |
| Administrative expenses | (4586) | (5873) | (5531)<sup>(3)</sup> | - | **(15989)** |
| **Total** | **(4586)** | **332** | **(5531)** | **326** | **(9458)** |

---

(a) Includes C-suite and Board of Directors.

(b Including close members of the family and other entities within the Group.

(1) For the three-month period ended March 31, 2026, the Group recognized
revenues of R$0 (R$3,436 for the three-month period ended March 31, 2025) related to the Credit Card Partnership Agreement, revenues
of R$9,902 for the three-month period ended March 31, 2026 (R$49 for the three-month period ended March 31, 2025) related to banking
correspondent services, revenues of R$0 for the three-month period ended March 31, 2026 (R$16,381 for the three-month period ended
March 31, 2025) related to Credit Recovery Services.

(2) For the three-month period ended March 31, 2026, the Group recorded
an expense of R$10,245 (R$13,661 for the three-month period ended March 31, 2025) related to the Assignment of Rights Agreement.

(3) For the three-month period ended March 31, 2026, the amount
paid as compensation to key management, including short-term benefits, was R$20,039 (R$5,531 for the three-month period ended March
31, 2025). The amounts were recognized as expenses during the reporting period.

(4) As of March 31, 2026, these amounts primarily relate to receivables
from the salary advances product with employees of related companies. The largest outstanding balance refers to Seara Alimentos, amounting
to approximately R$11,036.

**Assets and liabilities with related parties**

**Cash and cash equivalents and financial investments:** The amount refers to the current account balance and financial investments at Banco Original, mainly short-term investments and reverse repurchase agreements.

**Trade receivables:** primarily refers to amounts receivable for financial transactions processed by Banco Original in the role of acquirer referring to the PicPay.

**Financial investments:** The linked balances are related to the value of investments in interbank deposits with Banco Original.

**Derivative instruments:** Refers to the Derivatives Master Agreement for more details see the agreement description above.

**Consumer loans:**refers to the credit portfolio (credit card and loans to customers) of related parties. Additionally, prepayment of receivables with related parties subject to future settlement.

**Other receivables:** amounts receivable from J&F Participações due to a reimbursement agreement of marketing expenses of the PicPay brand incurred by PicPay until September 20, 2021.

**Trade payables:** the amount payable to Banco Original is related to the cost of issuing, processing and settling the bank slips, the cost of producing the PicPay Card, the withdrawal cost.

**Third -party funds:** refers to the balance in the pre-paid accounts of related parties.

19. Financial Income

**Classification and subsequent measurement**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **March 31, <br> 2025** |
| Financial investments measured at fair value through profit or loss | 36835 | 11541 |
| Financial assets measured at fair value through other comprehensive income | 579728 | 256586 |
| Financial assets measured at amortized cost | 2343124 | 1394456 |
| **Total** | **2959687** | **1662583** |

---

20. Transaction Expenses

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **March 31, <br> 2025** |
| Processing fees | (131620) | (121762) |
| Third-party fraud prevention services <sup>(1)</sup> | (14420) | (29859) |
| PicPay card issuance expenses | (35809) | (24200) |
| Chargeback | (2127) | (6796) |
| Operating losses <sup>(2)</sup> | (2464) | (1899) |
| **Total** | **(186440)** | **(184516)** |

---

(1) Verification and processing expenses incurred as a result of
user transactions, such as identity verification and biometric identification services, among others.

(2) Amounts related to expenses generated by events of fraud from
financial transactions processed by acquirers and card issuers and/or operating errors.

21. Interest and Other Financial Expenses

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **March 31, <br> 2025** |
| Bank fees | (20899) | (7184) |
| Cost of Funding <sup>(1)</sup> | (915470) | (599131) |
| Derivative financial instruments | (289662) | (14899) |
| Others | (29905) | (18706) |
| **Total** | **(1255936)** | **(639920)** |

---

(1) The cost of funding is mainly related to the interest expenses
paid to customers who deposit funds in CDBs, which are used as funding for the Company's assets. Management monitors these expenses,
and they are directly associated with the funding of investments, loans and operations.

22. Credit loss allowance expenses

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **March 31, <br> 2025** |
| Provision for expected losses - credit risk | (977709) | (496889) |
| Recovery of loans written off as losses | 3690 | 16753 |
| **Total** | **(974020)** | **(480136)** |

---

23. Technology expenses

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **March 31, <br> 2025** |
| Software expenses | (131250) | (89218) |
| IT Services | (31213) | (23683) |
| **Total** | **(162462)** | **(112901)** |

---

24. Marketing expenses

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **March 31, <br> 2025** |
| Advertising | (57886) | (85680) |
| Cashback | (40711) | (14227) |
| Digital Marketing | (12717) | (13795) |
| Customer Acquisition expenses <sup>(1)</sup> | (68366) | (39818) |
| Commission expenses | 314 | (717) |
| **Total** | **(179367)** | **(154237)** |

---

(1) Customer acquisition expenses are marketing expenditures directly
related to customer acquisition, such as performance media and member-get-member expenses, which the Group pays on a per-acquired customer
basis.

25. Personnel expenses

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **March 31, <br> 2025** |
| Salaries | (135406) | (124511) |
| Benefits <sup>(1)</sup> | (128140) | (60676) |
| Social security charges <sup>(2)</sup> | (73772) | (73731) |
| Others | (314) | (1404) |
| **Total** | **(337634)** | **(260323)** |

---

(1) The balance mainly refers to compensation expenses related to
LTIP provisions made in the period ended March 31, 2026 which amounted to R$26,760 (R $0 for the period ended March 31, 2025)..

(2) The balance mainly includes payroll taxes related to LTIP payments
made in the period ended March 31, 2026 which amounted to R$62,053 (R$36,234 for the period ended March 31, 2025).

26. Administrative expenses

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| Third party services and financial system services | (41801) | (46001) |
| Rent, condominium fee and property services | (13603) | (6904) |
| Taxes | (3613) | (256) |
| Provisions for contingencies | (22346) | (7713) |
| Others | (29728) | (2240) |
| **Total** | **(111090)** | **(63114)** |

---

27. Share-based payments

---

| | |
|:---|:---|
| **RSUs Share based payment transaction with an equity component** | **Fair Value <br> R$** |
| **Equity-settled:** | |
| **Outstanding on December 31, 2025** | **131325** |
| Granted during the period | 5553 |
| Forfeited/cancelled during the period | (987) |
| Vested during the period | - |
| **Outstanding on March 31, 2026** | **135891** |
| **Cash-settled:** |  |
| **Outstanding on December 31, 2025** | **74315** |
| Granted during the period | 22798 |
| Forfeited/cancelled during the | (604) |
| Vested during the period | (37023) |
| **Outstanding on March 31, 2026** | **59486** |

---

For the three-month period ended March 31, 2026, the total expense recognized in profit or loss related to share-based payment arrangements amounted to R$3,266, as follows:

---

| | |
|:---|:---|
| <br>**Three-month period ended March 31, 2026** | **R$** |
| Expense related to share based payment transaction with an equity component | (4566) |
| Expense related to cash-settled awards | (22194) |
| Payroll taxes and social charges related to share-based payment arrangements | 21610 |
| **Total share-based payment expense recognized in profit or loss** | **(5150)** |

---

28. Risk management

The Group has a specific structure for risk management, including policies and procedures, covering the evaluation and monitoring of operational, credit, market and liquidity risks (including cash flow and investments of funds held in payment accounts) incurred by the institution.

The Group's approach to risk management requires that its risk taking be consistent with its risk appetite. Risk appetite is the aggregate level of risk that the Group is willing to tolerate to achieve its strategic objectives and business plan. PicPay's risks are generally categorized and summarized as follows:

● **Credit risk:** Refers to the risk of loss resulting from the failure of a borrower, counterparty, third party or issuer to honor its financial or contractual obligations. PicS N.V. manages and controls credit risk by setting limits on the amount of risk it is willing to accept for each customer and counterparty as well as limits on the ratio of expected losses to revenues for each segment of the portfolio and on the composition of the portfolio between secured and unsecured credits. Exposures are monitored relative to these limits and adjusted as needed to ensure compliance with the limits.

● **Market risk:** Refers to potential losses arising from changes in the value of the Group assets and liabilities as well as adverse impact on net interest income resulting from changes in market variables, such as interest rates, equity, foreign exchange rates or credit spreads.

● **Liquidity risk:** Refers to the risk that the Group will not be able to efficiently meet both expected and unexpected current and future cash flow and collateral needs without adversely affecting either daily operations or financial conditions.

● **Operational risk:** Refers to the risk of loss resulting from systems failure, human error, fraud or external events. When controls fail to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications as well as lead to financial loss.

28.1 Credit risk

The Group's credit risk arises from its cash, cash equivalents, financial investments, OTC derivatives, acquirer and card issuer receivables, other receivables and loans to its users.

Concentrations of credit risk for similar financial instruments are already being shown in accordance with Note 8.2.1 Credit loss allowance breakdown.

● **Cash and cash equivalents** 

The Risk and Treasury departments manage credit risk associated with bank account balances and investments in financial institutions, prioritizing those with a "AAA" rating from agencies like Moody's, S&P or Fitch. Because the Group's accounts receivable mostly consist of high liquidity investments and operational accounts approved by major financial institutions with low-risk ratings, the expected credit loss is not material. Furthermore, these financial institutions are legally responsible for the accounts receivable.

**●** **Financial investments** 

The Group's available resources are mostly invested in bonds issued by the Brazilian government and reverse repos collateralized by bonds issued by the Brazilian government. There is no significant expected credit loss recognized for these assets.

**●** **Acquirer and card issuers receivables** 

The Group recognizes amounts receivable from acquirers related to its activity as a sub-acquirer and from card issuers related to its activities as an acquirer and also when its users use its app to settle bank slips or make other payments using an on-boarded credit card. These receivables are due in up to twelve monthly installments. As a result, the Group is exposed to the risk of default by the acquirers and card issuers.

In its role as a sub-acquirer, the Group uses acquirers of national reach while seeking to avoid concentration in any single acquirer as well as to increase financial efficiency. When acting as sub-acquirer, PicPay processes all credit card transactions with the acquirers Cielo and Getnet and card issuers.

The Group uses only acquirers authorized to operate by BACEN, which are supervised and monitored by BACEN, including with respect to the minimum capitalization required, and which have a national "AAA" rating by the rating agencies (S&P or Fitch). The acquirers may default on their financial obligations due to lack of liquidity, operational failure or other reasons, situations in which the Group can be held responsible for making the payment due to commercial establishments without having received the corresponding funds from the acquirer.

Until now, the Group has not suffered losses on receivables from acquirers and management does not expect any significant losses from non-performance by these counterparties in addition to the amounts already recognized as chargebacks.

Credit card issuers are supervised by BACEN. The payment arrangements (Visa, Mastercard, Elo and others) have their own risk models and collateral requirements to evaluate and mitigate the default risk of the issuers, which mitigate the risk of the acquirers and the systemic risk of Brazilian payment arrangements. Additionally, the acquirers and issuers have other risk mitigators such as:

● Amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by the payment arrangement if the legal obligors do not make payment.

● Processes for mitigating operational failures, such as fraud prevention, limitations on advances on future payments, among others.

As of March 31, 2026, the Group had an amount receivable totaling R$499,135 (R$463,663 on December 31, 2025) from the acquirers and R$3,194,804 (R$3,273,306 on December 31, 2025) from card issuers. Based on the probabilities of default attributed by the rating agencies and the risk mitigation processes presented above, the Group made a provision for expected credit losses in the amount of R$387 (R$397 on December 31, 2025).

● **Consumer Loans** 

Consumer loans include: (i) public and private payroll loans, personal loans and FGTS advances; and (ii) credit cards that are transactions in one-payment, installment with interest and installments without interest. Consumers must meet certain credit risk criteria to be eligible for a credit offering.

"Payroll loans" are loans for which the payments of principal and interest are deducted either directly from the consumer's salary from the payroll of a government-related entity or private company or from their government-sponsored pension or other benefit payments. The ability to collect the payments directly from the payroll significantly enhances the credit quality of these secured loans.

"FGTS advances" are advances taken by customers ofup to seven annual installments of their FGTS. After making the advance,he group receives the payment of these installments directly from the FGTS. FGTS advances are collateralized by the deposits held in the FGTS fund.

As of March 31, 2026, the Group had a provision for expected credit losses in the amount of R$3,928,507 (R$3,155,386 on December 31, 2025).

**●** **Other receivables** 

Other receivables relate mainly to transactions involving related parties that are based on conditions negotiated between Group and related companies. In March 31, 2026 and December 31, 2025, the Group did not record any impairment loss on accounts receivable related to the amounts due from related parties as it understands that there is no significant credit risk on outstanding balances.

Due to the nature of PicPay's financial services, and the actual counterparty related to its receivables and investments, no significant credit risk increase was observed. Additionally, the Group does not have any credit-impaired financial assets.

The Group's credit exposure from financial assets, pre-approved credit card limits and derivative financial instruments is presented in the table below:

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **December 31, <br> 2025** |
| **Cash and cash equivalents** | **5478020** | **3863395** |
| **Financial assets measured at fair value through other comprehensive income** | **2873043** | **3000551** |
| Financial Investments | 2873043 | 3000551 |
| **Financial assets measured at fair value through profit or loss** | **73069** | **71451** |
| Financial Investments | 43903 | 42435 |
| Derivative financial instruments | 29166 | 29016 |
| **Financial assets measured at amortized cost** | **33085800** | **29861939** |
| Financial Investments | 2813277 | 2891089 |
| Trade receivables | 3903868 | 4146321 |
| Consumer loans | 24110990 | 20913519 |
| Other receivables | 2257666 | 1911010 |
| **Pre-approved credit card limits (off-balance) <sup>(1)</sup>** | **8436097** | **7454802** |
| **Total** | **49946028** | **44252138** |

---

(1) The amounts presented in this line represent potential exposure
and correspond to the total authorized credit limits granted to customers, assuming full utilization (100%) of the available limits on
their credit cards. Actual exposure may differ from these amounts based on customers' effective usage patterns and repayment behavior.

28.2 Market risk

The Group may face financial losses due to market fluctuations that affect the value of its financial position. These changes can arise from a variety of factors, the most relevant of which in PicPay's case is fluctuations in interest rates.

As of March 31, 2026 and December 31, 2025, the Group had derivative financial instruments for accounting and economic hedge purposes. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken.

The risks are identified, quantified, managed and reported as per the Group's risk management policy. Moreover, these limits are continuously monitored by the Risk function, independently from the treasury.

To monitor and control such market risks, the Group employs various methods, including stress scenarios, sensitivity - delta variation (DV), exposure mismatches (GAP), and measurement and monitoring of interest rate risk in the banking book (IRRBB).

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Interest rate risk** 

Interest rate risk is the risk that potential changes in interest rates affect the value of a Group's assets, liabilities, or future cash flows in a way that is detrimental to the Group's financial position

DV01 or interest rate sensitivity refers to the effect on market valuations of cash flows when there is an increase of one basis point in current benchmark interest rates or in the index. Mathematically, the DV01 measures the change in the value of a portfolio of financial instruments for every 1 basis point (1 basis point is equal to 0.01%) change in interest rates.

The analysis below demonstrates the sensitivity of the fair value of the group's financial instruments to an increase of 1 basis point (DV01) in the Brazilian interest rates.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 – March 31, 2026** | **DV01 – March 31, 2026** | **DV01 – March 31, 2026** | **DV01 – March 31, 2026** |
|  | **Asset** | **Liability** | **Derivative** | **Net** |
| **Fixed interest rate financial instruments** | (3259) | 2332 | 901 | (26) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 - December 31, 2025** | **DV01 - December 31, 2025** | **DV01 - December 31, 2025** | **DV01 - December 31, 2025** |
|  | **Asset** | **Liability** | **Derivative** | **Net** |
| **Fixed interest rate financial instruments** | (2982) | 2053 | 942 | 12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Exchange rate risk** 

Foreign exchange risk is the potential financial loss that can occur due to fluctuations in the exchange rates between different currencies.

The Group's exposure to foreign exchange risk arises mainly from the accounts payable corresponding to US Dollar denominated expenses as well as from balances held in dollars in the Group's USD denominated current accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Hedge Accounting** 

The Group maintains portfolios of consumer loans and FGTS advances which are exposed to interest rate risk. In order to hedge that risk The Group entered into future DI contracts and Pre x DI swaps.

Starting in February 2024, PicPay assigned the hedging strategy to an eligible hedge accounting structure aiming to eliminate differences between the accounting measurement of its derivatives and hedged items, which are adjusted to reflect changes in CDI. In accordance with its hedging strategy, the Group adopts the "portfolio layer" method.

This method allows the Group to use part of the portfolio of financial assets as a fair value hedge during the hedging period in the event of events such as prepayment, default or sale of operations. The interest rate risk arising from the portfolio layers is mitigated by purchasing DIV01 futures contracts as a hedging instrument. The number of contracts per net maturity needed to cover exposure is assessed based on DV01.

The Group holds fixed rate Government Bonds (LTNs) and fixed-rate financial liabilities which are exposed to interest rate risk. In order to hedge that risk, the Group entered into DI futures contracts. Starting in December 2024, PicPay assigned the hedging strategy to an eligible hedge accounting structure in order to eliminate differences between the accounting measurement of its derivatives and hedged items. In accordance with the hedging strategy, the Group designates the hedge items on an individual basis.

Starting in November 2025, PicPay also designated hedging strategies for NTN-F federal government bonds and for the issuance of subordinated financial letters. Both are exposed to the fixed rate and suffer the risk of variation in the risk-free rate (Pre x DI curve). In order to mitigate this risk, the Group uses DI1 futures contracts as hedging instruments.

In December 2025, the Group acquired energy receivables that were contracted at a fixed rate, generating exposure to the risk of variation in the risk-free rate (Pre x DI curve). In order to mitigate this risk, the Group uses DI1 futures contracts as a hedging instrument. Considering the nature of the receivables acquisition product, events such as prepayment, default or sale of transactions for this portion of the portfolio are not expected.Additionally, the existence of receivables in amounts equal to or greater than the designated amounts is continuously proven

The Group calculates the DV01 (delta value of a basis point) of the hedged items and futures contracts to identify the optimal hedging ratio. The hedge relationship is monitored periodically and the hedge is rebalanced as needed to ensure hedge effectiveness within the 80-125% required range.

The effectiveness test of the hedge is performed prospectively and retrospectively. In the prospective test, the Group compares the impact of a 1 basis point parallel shift on the interest rate curve (DV01) on the hedged item and on the hedge instrument market value. For the retrospective test, the market-to-market value change since the inception of the hedged item is compared with that of the hedge instrument. In both cases, the hedge is considered effective if the change in value of the hedge instruments is between 80-125% of the change in value of the hedged items.

For designated and qualifying fair value hedges, the cumulative change in the fair value of the hedging derivative and of the hedged item is recognized in the consolidated financial statements of profit or loss in "interest income and gains (losses) on financial instruments – Financial assets at fair value through other comprehensive income".

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | | **Fair value adjustment to the hedge object** | **Fair value adjustment to the hedge object** | | |
|  | **Total amount of**<br>**hedged item** | **Asset** | **Liability** | **Fair value adjustment to the Hedging**<br>**instrument** | **Hedge**<br>**effectiveness** |
| **Interest rate risk** | | | | | |
| Interest Rate Contracts - Future and Swap - Public Payroll loans <sup>(1)</sup> | 1713066 | - | (3634) | 3634 | 100% |
| Interest Rate Contracts - Future and Swap - Private Payroll loans | 2363298 | - | (15644) | 15644 | 100% |
| Interest Rate Contracts - Future and Swap – FGTS Advances <sup>(2)</sup> | 3843005 | - | (53699) | 53699 | 100% |
| Interest Rate Contracts - Future - Liabilities Pre | (2003715) | - | (35092) | 35004 | 100% |
| Interest Rate Contracts - Future - LTN Bonds | 752439 | 9547 | - | (9547) | 100% |
| Interest Rate Contracts - Future - Titles NTNF | 1058444 | - | (19313) | 19461 | 101% |
| Interest Rate Contracts - Future - LF Sub<sup>(3)</sup> | (282039) | 9167 | - | (9437) | 100% |
| Interest Rate Contracts - Future - Advances on energy receivables | 1080645 | - | (10173) | 10285 | 101% |
| **Total** | **8525143** | **18714** | **(137555)** | **118743** | **100%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | **Fair value adjustment to the hedge object** | **Fair value adjustment to the hedge object** | | |
|  | **Total amount of hedged**<br>**item** | **Asset** | **Liability** | **Fair value adjustment to the Hedging**<br>**instrument** | **Hedge**<br>**effectiveness** |
| **Interest rate risk** | | | | | |
| Interest Rate Contracts - Future and Swap - Payroll loans <sup>(1)</sup> | 1705083 | 1539 | - | (1539) | 100% |
| Interest Rate Contracts - Future and Swap – FGTS Advances <sup>(2)</sup> | 5452205 | - | (33499) | 33499 | 100% |
| Interest Rate Contracts - Future - Liabilities Fixed-Rate | (1628546) | - | (53272) | 53335 | 100% |
| Interest Rate Contracts - Future - LTN Bonds | 934083 | 15709 | - | (15709) | 100% |
| Interest Rate Contracts - Future - NTN-FBonds | 1132440 | - | (8383) | 8534 | 102% |
| Interest Rate Contracts - Future - LF Sub<sup>(3)</sup> | (279418) | 3014 | - | (3823) | 100% |
| Interest Rate Contracts - Future - Advances on energy receivables | 1056634 | - | (1220) | 1206 | 99% |
| **Total** | **8372481** | **20262** | **(96374)** | **75503** | **99%** |

---

(1) Payroll loan – From the value of the hedging instrument
of R$3,634 as of March 31, 2026 (R$1,539 as December 31, 2025), it is composed by: Swap R$0 for the period ended March 31, 2026 (R$
(4) for the period ended December 31, 2025) and R$3,634 for the period ended March 31, 2026 by futures contracts (R$1,543 for the year
ended December 31, 2025) to futures contracts.

(2) FGTS advances- The value of the hedging instrument of R$53,699
as of March 31, 2026 (R$33,499 as of December 31, 2025), it is composed of Swap R$8,585 for the period ended March 31, 2026 (R$9,181
for the year ended December 31, 2025) and R$45,114 by futures contracts for the period ended March 31, 2026 (R$24,318 for the year
ended December 31, 2025).

(3) LF Sub - For the LF Sub´s hedge effectiveness, a regression
model is used, verifying if there is an economic relationship between the movements of the hedging object and instrument.

28.3 Liquidity risk

Liquidity risk is the possibility that the Group will not have sufficient liquid resources to honor its financial commitments.

PicPay's liquidity management processes include:

● Cash liquidity monitoring: daily update of the cash flow, detailing the inflows and outflows, including the cash projection and stress scenario.

● Minimum cash limits: which trigger preemptive actions to be taken to ensure sufficient resources are available to meet financial commitments.

The Group's projected cash flow is generated and monitored daily by the Treasury to ensure that the Group has the necessary resources to meet financial commitments and operational needs. For the projection of cash, growth assumptions and stress factors are used, which include increased losses and expenses.

The information on financial liabilities is essential for the projection and management of cash flow, ensuring that the Group has the necessary resources to settle its obligations.

As a cash management procedure, the treasury invests surplus funds in highly quality liquid and unencumbered assets.

The objective of the Group's liquidity risk management activities is to ensure its ability to meet both expected and unexpected obligations without disrupting daily operations or incurring significant losses.

In order to ensure a sound basis of funding for growth, management has adopted a diversified approach to financing, complementing its main base of deposits, which is predominately made up of retail liabilities. A liquidity risk management policy has been implemented, involving the use of various tools and activities, such as daily cash flow forecasts, liquidity profile monitoring, and maintenance of adequate cash reserves. Any new initiative or product is preliminarily assessed by the market and risk liquidity department.

The treasury department, acting as a first line of defense, is in charge of the implementation of the liquidity management strategy. This approach is coordinated with other functions, such as risk management, to ensure a sound second line of defense.

The table below shows the expected maturity of the Group's liabilities. For the deposits that are redeemable immediately, the expected maturity was estimated based on historical data, which was used to estimate, for each vintage of deposits, the probability of the balance remaining for 1 more monthgiven how long it has been in the portfolio.

Considering the earliest date in which customers may exercise their redemption rights, the cash outflows are presented as follows up to 365 days: R$29,149,575 (R$27,309,698 as of December 31, 2025) and over 365 days: R$622,989 (R$529,266 as of December 31, 2025).

**Liabilities**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to**<br> **30 days** | **From 31 to 60 days** | **From 61 to 90 days** | **From 91 to 180 days** | **From 181 to 365 days** | **Over**<br> **365 days** | **Total** |
| **As of March 31, 2026** | | | | | | | |
| Third-party funds - payment accounts | 979128 | - | - | - | - | - | **979128** |
| Third-party funds – CDB's | 10959692 | 2422129 | 1193876 | 2745783 | 3844910 | 8606174 | **29772564** |
| Third party funds - financial instruments | - | - | - | - | - | 776613 | **776613** |
| Third-party funds – Others | 457860 | - | - | - | - | - | **457860** |
| Obligations to FIDC FGTS quota holders | - | - | - | - | - | 722255 | **722255** |
| Trade payables | 2745636 | 970929 | 594436 | 428352 | 942598 | 131773 | **5813723** |
| Derivative financial instrument | 9768 | - | - | - | - | - | **9768** |
| **Total** | **15152084** | **3393058** | **1788312** | **3174135** | **4787508** | **10236815** | **38531911** |
| **As of December 31, 2025** |  |  |  |  |  |  |  |
| Third-party funds - payment accounts | 856573 | - | - | - | - | - | **856573** |
| Third-party funds – CDB's | 10206007 | 2270216 | 1118998 | 2573571 | 3603763 | 8066409 | **27838964** |
| Third party funds - financial instruments | - | - | - | - | - | 752571 | **752571** |
| Third-party funds – Others | 526722 | - | - | - | - | - | **526722** |
| Obligations to FIDC FGTS quota holders | - | - | - | - | - | 815557 | **815557** |
| Trade payables | 2333625 | 955257 | 651297 | 1057411 | 485049 | 14474 | **5497113** |
| Derivative financial instrument | 15751 | - | - | - | - | - | **15751** |
| **Total** | **13938678** | **3225473** | **1770295** | **3630982** | **4088812** | **9649011** | **36303251** |

---

28.4 Fraud risk

The Group is exposed to several operational risks, one of which is the risk of fraud, which is an undue, illegal or criminal activity that causes a financial loss for one of the parties involved in a financial transaction within the PicPay arrangement. Credit card fraud includes unauthorized use of lost, stolen, fraudulent, counterfeit, or altered cards, as well as misuse of the PicPay user payment account. Within this scenario, the Group is exposed to losses due to transaction chargebacks (cancellations).

The chargeback process starts when a user makes a transaction via credit card in the PicPay application and, for reasons unrelated to PicPay, decides to contest the transaction with the card issuer who forwards it to the acquirer who performs the transaction cancellation, reducing the amount of payables it has outstanding with PicPay.

The Group has dedicated fraud-prevention team strategies and processes which include real-time monitoring of transactions using payment account balances or credit cards for bank slips, withdrawals or transfers between users, analyzing and then approving or declining transactions.

28.5 Capital management

The Group's capital management objectives are to ensure ongoing compliance with minimum capital requirements set by regulatory authorities, maintain a capital structure appropriate to the risks assumed and support the Group's operational continuity and stakeholder confidence.

The Group's subject to the prudential framework defined by the Central Bank of Brazil, in accordance with BACEN Resolution No. 200/22 and BACEN Resolution No. 436/24, which establish capital requirements based on factors such as size, operational complexity, and risk profile. The lead entity of the prudential conglomerate is PicPay Payments Institution.

The Group's available regulatory capital is composed of the following tiers, which are the numerators of its capital indices:

● **Common Equity Tier I Capital:** Includes share capital, capital reserves and retained earnings minus regulatory deductions from capital such as intangible assets and deferred tax assets;

● **Tier I Capital** <sup>(1)</sup> **:** Includes Common Equity Tier I Capital plus Additional Tier I Capital such as perpetual subordinated debt

● **Total Capital:** Includes Tier I Capital plus Tier II capital such as fixed-maturity subordinated debt.

The group is **Risk-Weighted Assets (RWA)**, which are the denominator of its capital indices, reflect a bank's exposure to credit, market, payment services and operational risks. RWA's are calculated, for credit risk for example, by applying different risk weights to different assets depending on their level of risk, resulting in the Risk-Weighted Assets.

The following table presents the Group's capital ratios as of March 31, 2026 and December 31, 2025, calculated according to BACEN's regulation on capital requirements and accounting, which differs from IFRS in some respects, notably in the scope of consolidation and in the calculation of expected losses.

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **December 31,<br> 2025** |
| Common Equity Tier I | 3544350 | 1893357 |
| Tier I | 3544350 | 1893357 |
| Tier II | 523106 | 508457 |
| **Total Capital (Tier I + Tier II)** | **4067456** | **2401814** |
| **Risk-Weighted Assets (RWA)** | **24061124** | **20460446** |
| Credit Risk (RWA CPAD) | 19703563 | 16534435 |
| Market Risk (RWA MPAD) | 9655 | 75125 |
| Operational Risk (RWA OPAD) | 2424346 | 1972208 |
| Payment Service Risk (RWA SP) | 1923560 | 1878678 |
| **Common Equity Tier I Ratio** | **14.73%** | **9.25%** |
| **Tier I Ratio** | **14.73%** | **9.25%** |
| **CAR (Total Capital Ratio)** | **16.90%** | **11.74%** |

---

On March 31, 2026, the total capital ratio was 16.90% (compared to 11.74% on December 31, 2026), which is 6.4 pp above the regulatory requirement of 10.5% (including the conservation buffer of 2.5%), (1.24 pp above the minimum regulatory requirement including the conservation buffer on December 31, 2025) .

The tier I ratio<sup>(1)</sup> was 14.73% (compared to 9.25% on December 31, 2025), which is 6.23 pp above the regulatory requirement of 8.5% (including the conservation buffer of 2.5%), (0.75% above the minimum regulatory requirement including the conservation buffer on December 31, 2025).

The common equity tier I ratio was 14,73% (compared to 9.25% on December 31, 2025), which is 7.73 pp above the regulatory requirement of 7% (including the conservation buffer of 2.5%), (2.25 p.p. above the minimum regulatory requirement including the conservation buffer on December 31, 2025).

The Company monitors and forecasts its capital needs to maintain compliance with regulatory requirements and internal target capital ratios.

(1) The Group has not yet issued Additional Tier I capital instruments, so its Common Equity Tier I capital and Tier I capital are identical.

28.6 Fair Value Measurement

 ****

***Determination of fair value and fair value hierarchy***

For assets and liabilities measured at fair value, PicPay measures fair value using the procedures set out below. The objective of the valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

**Level 1:** When available, the Bank uses quoted market prices from active markets to determine fair value and classifies such items as Level 1.

**Level 2:** quoted prices in an active market for similar assets or liabilities or based on another valuation method in which all significant inputs are based on observable market data.

**Level 3:** when quoted market prices are not available, fair value is based on internally developed valuation techniques that use, whenever possible, current market-based parameters such as interest rates, exchange rates and option volatilities. Financial instruments valued using such internally generated valuation techniques are classified according to the lowest-level input factor that is significant to the valuation. Therefore, an item may be classified as Level 3, even though there may be some significant inputs into its valuation that are easily observable.

The pricing models used to measure fair value are governed by an independent control structure. Fair value estimates from internal valuation techniques are checked, whenever possible, against prices obtained from independent suppliers or brokers. Vendor and broker valuations can be based on a variety of data ranging from observed prices to proprietary valuation models, and the Bank assesses the quality and relevance of this information to determine the fair value estimate.

***Financial instruments recorded at fair value***

The following is a description of the method for determining the fair value of financial instruments. The valuation techniques incorporate estimates of the assumptions that a market participant would use to value the instruments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial assets** | | | | |
| **Financial assets measured at fair value through other comprehensive income** | | | | |
| Government Bonds – LFT | 2872001 | - |  | 2872001 |
| Government Bonds – NTN | 1042 | - |  | 1042 |
| Total | 2873043 | - |  | 2873043 |
| Financial assets measured at amortized cost |  |  |  |  |
| **Government Bonds – LTN** | 780821 | - |  | 780821 |
| Investment Fund Quotas | 103708 | - |  | 103708 |
| Government Bonds – NTN | 1767106 | - |  | 1767106 |
| Total | 2651635 | - |  | 2651635 |
| Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss |  |  |  |  |
| **Swaps contracts (1)** | - | 26472 |  | 26472 |
| DI1 and DDI - future contract | 2694 | - |  | 2694 |
| Total | 2694 | 26472 |  | 29166 |
| Other financial assets measured at fair value through profit or loss |  |  |  |  |
| **Government Bonds – LFT** | 36416 | - |  | 36416 |
| Other Investments | 7487 | - |  | 7487 |
| Total | 43903 | - |  | 43903 |
| Total Financial assets | 5571275 | 26472 |  | 5597747 |
| Financial liabilities |  |  |  |  |
| Derivative measured at fair value through profit or loss |  |  |  |  |
| **Swaps contracts (1)** | - | 9768 |  | 9768 |
| Total Financial Liabilities | - | 9768 |  | 9768 |

---

(1) Interest rate swap contracts are commitments to settle in cash
on a future date or dates, the difference between two specified financial indices (two different interest rates in a single currency
or two different rates each in a different currency) applied to a principal reference value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial assets** | | | | |
| **Financial assets measured at fair value through other comprehensive income** | | | | |
| Government Bonds – LFT | 2999516 | - |  | 2999516 |
| Government Bonds – NTN | 1035 | - |  | 1035 |
| **Total** | **3000551** | **-**  |  | **3000551** |
| **Financial assets measured at amortized cost** |  |  |  |  |
| Government Bonds – LTN | 965840 | - |  | 965840 |
| Investment Fund Quotas | 99926 |  |  | 99926 |
| Government Bonds – NTN | 1825323 | - |  | 1825323 |
| **Total** | **2891089** | **-**  |  | **2891089** |
| **Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss** |  |  |  |  |
| Swaps contracts <sup>(1)</sup> | - | 27572 |  | 27572 |
| DI1 - future contract | 1299 | - |  | 1299 |
| DI1 e DDI - future contract | 145 | - |  | 145 |
| **Total** | **1444** | **27572** |  | **29016** |
| **Other financial assets measured at fair value through profit or loss** |  |  |  |  |
| Government Bonds – LFT | 35203 | - |  | 35203 |
| Other Investments | 7232 | - |  | 7232 |
| **Total** | **42435** | **-**  |  | **42435** |
| **Total Financial assets** | **5935520** | **27572** |  | **5963092** |
| **Financial liabilities** |  |  |  |  |
| **Derivative measured at fair value through profit or loss** |  |  |  |  |
| DI1 - future contract | 1674 | - |  | 1674 |
| Swaps contracts <sup>(1)</sup> | - | 14077 |  | 14077 |
| **Total Financial Liabilities** | **1674** | **14077** |  | **15751** |

---

As of March 31, 2026 and December 31, 2025, there were no transfers between the fair value measurements of Level I and Level II or between Level II and Level III.

 ****

***Derivative financial instruments***

The fair value of the swaps is calculated considering the projected cash flows of each of their ends, discounted to present value according to their respective yield curves, which are representative of market conditions. The yield curve calculations use models audited and approved internally by PicPay's risk management department.

Interest rate futures contracts are commitments to buy or sell a financial instrument on a future date, at a contracted price or yield, which can be financially settled. The nominal value represents the face value of the related instrument. This instrument is settled daily in line with changes in market prices.

The main interest rates used in the composition of the yield curves are taken from futures and swaps traded on the B3 exchange. Adjustments are made to these curves whenever certain points are considered to lack sufficient liquidity to be representative, or, for atypical reasons, do not reasonably represent market conditions.

 ****

***Credit Risk Adjustment (CVA)***

The current standard requires the allocation of Credit Value Adjustment (CVA) and Debit Value Adjustment (DVA) for derivative financial instruments. These adjustments are intended to reflect the counterparty's credit risk and the entity's own credit risk in the valuations of these instruments.

However, PicPay does not carry out the allocation as there is no derivative exposure with clients. All current derivatives are contracted exclusively with companies in the same economic group. This factor considerably reduces credit risk, since the relationship between the parties involved is one of common control, mitigating potential losses associated with non-compliance with obligations.

Therefore, considering the absence of exposure to external customers and the low materiality of credit risk in intra-group transactions, we believe that there is no need to allocate CVA and DVA to these derivative financial instruments. This approach is based on the Company's operational reality and the effective assessment of the risk involved.

**Financial assets**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Carrying**<br> **amount** | **Fair Value** |
| **Fair Value of financial instruments measured at fair value through profit or loss** | **29166** | **29166** |
| Derivative financial instruments | 29166 | 29166 |
| **Fair Value of financial instruments measured at amortized cost** | **37937906** | **37854756** |
| Cash and cash equivalents | 5478020 | 5478020 |
| Financial Investments | 2813277 | 2813277 |
| Amounts receivable from card issuers | 3194804 | 3194804 |
| Consumer loans | 24194140 | 24110990 |
| Other receivables <sup>(1)</sup> | 2257666 | 2257666 |
| **Total** | **37967072** | **37883922** |

---

(1) Balance composed of: Receivables from purchasers, Receivables
from customers, Receivables - related parties, Compulsory deposits in Central Bank and Sundry receivables.

**Financial liabilities**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Carrying**<br> **amount** | **Fair Value** |
| **Fair Value of financial instruments measured at fair value through profit or loss** | **35989** | **35989** |
| Derivative financial instruments | 35989 | 35989 |
| **Fair Value of financial instruments measured at amortized cost** | **38522143** | **38522143** |
| Third-party funds - payment account | 979128 | 979128 |
| Third-party funds - CDBs | 29772564 | 29772564 |
| Third-party funds - financial instruments | 776613 | 776613 |
| Third-party funds - Others | 457860 | 457860 |
| Trade payables | 5813723 | 5813723 |
| Obligations to FIDC FGTS quota holders | 722255 | 722255 |
| **Total** | **38558132** | **38558132** |

---

**Financial assets**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying amount** | **Fair Value** |
| **Fair Value of financial instruments measured at fair value through profit or loss** | **29016** | **29016** |
| Derivative financial instruments | 29016 | 29016 |
| **Fair Value of financial instruments measured at amortized cost** | **33758513** | **33725334** |
| Cash and cash equivalents | 3863395 | 3863395 |
| Financial Investments | 2891089 | 2891089 |
| Amounts receivable from card issuers | 3273306 | 3273306 |
| Consumer loans | 20946698 | 20913519 |
| Other receivables <sup>(1)</sup> | 2784025 | 2784025 |
| **Total** | **33787529** | **33754350** |

---

(1) Balance composed of: Receivables from purchasers, Receivables
from customers, Receivables - related parties, Compulsory deposits in Central Bank and Sundry receivables.

**Financial liabilities**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying<br> amount** | **Fair Value** |
| **Fair Value of financial instruments measured at fair value through profit or loss** | **15751** | **15751** |
| Derivative financial instruments | 15751 | 15751 |
| **Fair Value of financial instruments measured at amortized cost** | **36287500** | **36287500** |
| Third-party funds - payment account | 856573 | 856573 |
| Third-party funds - CDBs | 27838964 | 27838964 |
| Third-party funds - financial instruments | 752571 | 752571 |
| Third-party funds - Others | 526722 | 526722 |
| Trade payables | 5497113 | 5497113 |
| Obligations to FIDC FGTS quota holders | 815557 | 815557 |
| **Total** | **36303251** | **36303251** |

---

**28.6.1 Offsetting of financial instruments**

The balances of financial assets and liabilities can be offset (i.e. recognized by the net amount) if there is a legally enforceable agreement in which the parties agree to offset the recognized amounts and intend to settle on a net basis, or to realize the asset and settle the liability simultaneously. As of March 31, 2026 and December 31, 2025, the Group does not have financial instruments that meet the conditions for offsetting.

29. Reconciliation of changes in equity and liabilities with cash flows from financing activities

---

| | | |
|:---|:---|:---|
|  |<br>**Liability<br> Lease** | **Equity**<br>**Share premium**<br> **reserve** |
| **Balances as of December 31, 2025** | **45171** | **2589934** |
| **Variations with effect on cash** | **(2581)** | **2032713** |
| Payment of leases | (2581) | - |
| Share capital increase | - | 2032713 |
| **Balances as of March 31, 2026** | **42590** | **4622647** |

---

30. Segment information

Operating segments are determined based on information reviewed by the board of directors, the Chief Operating Decision Maker (CODM), which is responsible for allocating resources and assessing business performance.

The CODM monitors the operating results of each segment separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on Adjusted Gross Profit, which is defined as 'Total revenue and financial income' less 'transaction expenses', 'interest and other financial expenses' and 'credit loss allowance expenses', all of which are consistent with the same lines in the consolidated statements of profit or loss except for amounts that are not allocated to segments and inter-segment amounts.

The Group's organizational structure has four reportable segments, which reflect its major business lines, as follows:

**a)** Consumer Banking: generates revenue from various transaction
activities occurring in the digital wallet, such as Pix, peer-to-peer transfers, and bill payments, including when customers use credit
cards as a funding source for payments or money transfers, either in one or multiple installments. It also encompasses interest income
from financial investments backed by customers' account balances. In addition, the segment includes interest revenues from credit
activities managed by PicPay Bank, fee revenues from distributing third-party credit products in the financial marketplace, interchange
fees from prepaid and credit card transactions, and commissions from distributing insurance and investment products from third-party
partners on the platform.

**b)** Small and Medium-Sized Businesses: generates revenues from
MDR (merchant-discount rates) charged to merchants accepting PicPay as a payment network,interchange fees from corporate benefit card
transactions, and settlement scheduled floating relating to corporate benefits solutions. Additionally, the segment generates financial
income from acquired credit rights and advances to suppliers of corporate clients.

**c)** Audiences and Ecosystem Integration: This segment provides
services to all of the Group's customers, which include consumers and businesses, with the goal of increasing engagement and monetization
of both sides of the ecosystem. This segment generates monetization of the audiences by leveraging PicPay's customer base of consumers
and merchants by offering products and solutions such as PicPay Ads, allowing brands and companies to benefit from PicPay's audience
in app and promote its products and services, as well as many others non-financial products. Ecosystem engagement is achieved, for example,
through PicPay Shop, which is a platform that allows online merchants to sell their products and services to consumers.

**d)** Institutional: This segment encompasses revenues, costs and
expenses from financial investments and funding activities executed at the Corporate level. The Institutional unit has the role of managing
funding and liquidity at the Group level as well as the allocation of liquidity and capital to each segment.

The Group does not disclose total assets and liabilities by segment since this information is not presented to its CODM.

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Segment information** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer Banking** | **Small and <br> Medium-Sized <br> Businesses** | **Audiences and <br> Ecosystem <br> Integration** | **Institutional** | **Total <br> reportable <br> segments** |
| Net revenue from transaction activities and other services | 442127 | 77784 | 32830 | - | **552741** |
| Financial income | 2955886 | 66703 | 969 | 673037 | **3696595** |
| **Total revenue and financial income** | **3398013** | **144487** | **33799** | **673037** | **4249336** |
| Transaction expenses | (136043) | (49834) | (1979) | 1415 | **(186440)** |
| Interest and Other financial expenses | (1312192) | (79761) | - | (600891) | **(1992844)** |
| Credit loss allowance expenses | (973531) | (489) | - | - | **(974020)** |
| **Adjusted gross profit** | **976247** | **14403** | **31820** | **73561** | **1096032** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Revenue and financial income reconciliation** 

---

| | |
|:---|:---|
|  | **March 31, <br> 2026** |
| Net revenue from transaction activities and other services | **552741** |
| Financial income | **3696595** |
| **Total reportable segments** | **4249336** |
| Inter-segment revenues, adjustments or reclassifications <sup>(1)</sup> | **(736908)** |
| **Total revenue and financial income** | **3512428** |

---

(1) Represents eliminations of inter-segment revenue from funding
transactions between the Consumer banking, Small and Medium-Sized Businesses, Audiences and Ecosystem Integration and Institutional segments
for R$(736,908).

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Reconciliation from segment adjusted gross profit to profit before income taxes** 

---

| | |
|:---|:---|
|  | **March 31, <br> 2026** |
| Adjusted gross profit - Total reportable segments | **1096032** |
| Expenses and income that are not part of adjusted gross profit: |  |
| Technology expenses | (162462) |
| Marketing expenses | (179367) |
| Personnel expenses | (337634) |
| Administrative expenses | (111090) |
| Depreciation and amortization | (118378) |
| Other expenses | (9874) |
| Other income | 44487 |
| **Profit before income taxes** | **221714** |

---

**As of March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Segment information** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer <br> Banking** | **Small and <br> Medium-Sized <br> Businesses** | **Audiences and <br> Ecosystem <br> Integration** | **Institutional** | **Total <br> reportable <br> segments** |
| Net revenue from transaction activities and other services | 313835 | 67227 | 20285 | - | 401347 |
| Financial income | 1754982 | (16533) | 1046 | 188300 | 1927795 |
| **Total revenue and financial income** | **2068817** | **50694** | **21331** | **188300** | **2329142** |
| Transaction expenses | (151100) | (32397) | (308) | (711) | (184516) |
| Interest and Other financial expenses | (722409) | (180) | (26) | (182517) | (905132) |
| Credit loss allowance expenses | (480136) | - | - | - | (480136) |
| **Adjusted gross profit** | **715172** | **18117** | **20997** | **5072** | **759358** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Revenue and financial income reconciliation** 

---

| | |
|:---|:---|
|  | **March 31, <br> 2025** |
| Net revenue from transaction activities and other services | 401347 |
| Financial income | 1927795 |
| **Total reportable segments** | **2329142** |
| Inter-segment revenues, adjustments or reclassifications <sup>(1)</sup> | (265212) |
| **Total revenue and financial income** | **2063930** |

---

(1) Represents eliminations of inter-segment revenue from funding
transactions between the Consumer banking, Small and Medium-Sized Businesses, Audiences and Ecosystem Integration and Institutional segments
for R$(265,212).

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Reconciliation from segment adjusted gross profit to profit before income taxes** 

---

| | |
|:---|:---|
|  | **March 31, <br> 2025** |
| Adjusted gross profit - Total reportable segments | **759358** |
| Expenses and income that are not part of adjusted gross profit: |  |
| Technology expenses | (112901) |
| Marketing expenses | (154237) |
| Personnel expenses | (260323) |
| Administrative expenses | (63114) |
| Depreciation and amortization | (103692) |
| Other expenses | (11225) |
| Other income | 22751 |
| **Profit before income taxes** | **76617** |

---

**31.** **Subsequent event** 

On May 13, 2026, PicS Ltd. initiated the dissolution process of its wholly-owned subsidiary incorporated in the Cayman Islands. The entity is expected to be struck from the Companies Register on September 30, 2026, upon which it will be formally dissolved. The entity had no operating activities at the time of initiation of the dissolution process.

On May 21, 2026, the Company structured the "PICPAY FGTS II Credit Rights Investment Fund" (FIDC FGTS II), a Credit Rights Investment Fund (*Fundo de Investimento em Direitos Creditórios*) domiciled in the city of São Paulo, Brazil. The fund comprises a total of 1,375,000 units, of which 1,250,000 are senior units and 125,000 are subordinated units. The senior units are held by third parties.

On May 27, 2026, the Brazilian Administrative Council for Economic Defense (CADE) approved the acquisition of Kovr Seguradora S.A. by the Group. As of the date of issuance of these financial statements, the transaction has not yet been completed, as it remains subject to customary closing conditions precedent, including approval by the Superintendency of Private Insurance (SUSEP) and the Brazilian Central Bank (BACEN).

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