# EDGAR Filing Document

**Accession Number:** 0001864163
**File Stem:** 0000899140-25-001272
**Filing Date:** 2025-11
**Character Count:** 13229
**Document Hash:** 2e5c7bdf25be5e0fcb2eb589fd2f5779
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899140-25-001272.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000899140-25-001272

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Inter & Co, Inc.
- **CENTRAL INDEX KEY:** 0001864163
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93964
- **FILM NUMBER:** 251480000

**BUSINESS ADDRESS:**
- **STREET 1:** AV. BARBACENA, 1219
- **STREET 2:** 22ND FLOOR
- **CITY:** BELO HORIZONTE
- **STATE:** D5
- **ZIP:** 30 190-131
- **BUSINESS PHONE:** 55 31 2138 7978

**MAIL ADDRESS:**
- **STREET 1:** AV. BARBACENA, 1219
- **STREET 2:** 22ND FLOOR
- **CITY:** BELO HORIZONTE
- **STATE:** D5
- **ZIP:** 30 190-131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inter Platform, Inc.
- **DATE OF NAME CHANGE:** 20210525
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.
- **CENTRAL INDEX KEY:** 0001577806

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** AV. BORGES DE MEDEIROS 633/704 - LEBLON
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22430-041
- **BUSINESS PHONE:** 5521-3622-8080

**MAIL ADDRESS:**
- **STREET 1:** AV. BORGES DE MEDEIROS 633/704 - LEBLON
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22430-041

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Issuer:** Inter & Co, Inc.

**Title of Class of Securities:** Class A Common Shares

**CUSIP Number:** G4R20B107

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. | Names of Reporting Persons<br>SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D5 | Citizenship or Place of Organization<br>D5 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>21099531 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>24445740 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24445740 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24445740 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.6% | Percent of Class Represented by Amount in Row (9)<br>7.6% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

| 1. | Names of Reporting Persons<br>SQUADRA INVESTIMENTOS | Names of Reporting Persons<br>SQUADRA INVESTIMENTOS |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D5 | Citizenship or Place of Organization<br>D5 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>21099531 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>24445740 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24445740 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24445740 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.6% | Percent of Class Represented by Amount in Row (9)<br>7.6% |
| 12. | Type of Reporting Person (See Instructions)<br>FI | Type of Reporting Person (See Instructions)<br>FI |

---

| 1. | Names of Reporting Persons<br>GUILHERME MEXIAS ACHE | Names of Reporting Persons<br>GUILHERME MEXIAS ACHE |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D5 | Citizenship or Place of Organization<br>D5 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>21099531 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>24445740 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24445740 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24445740 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.6% | Percent of Class Represented by Amount in Row (9)<br>7.6% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

**Item 1(a). Name of Issuer:**
Inter & Co, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Avenida Barbacena, No. 1.219, 22nd floor, Belo Horizonte, Brazil, 30 190-131

**Item 2(a). Name of Person Filing:**
SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA (the "US Investment Manager");

SQUADRA INVESTIMENTOS - GESTAO DE RECURSOS LTDA (the "Brazil Investment Manager"); 

Mr. GUILHERME MEXIAS ACHE ("Mr. Ache" and collectively, the "Reporting Persons")

**Item 2(b). Address of Principal Business Office:**
The address of the business office of each of the Reporting Persons is 

Av Borges de Medeiros 633/704

Leblon Rio de Janeiro RJ 22430-041 Brazil

**Item 2(c). Citizenship:**
Brazil

**Item 2(d). Title of Class of Securities:**
Class A Common Shares

**Item 2(e). CUSIP Number:**
G4R20B107

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The percentages used herein and in the rest of this Schedule 13G/A are calculated based upon the number shares of Common Stock issued and outstanding as of September 7, 2025 as reflected on the Issuer's publicly accessible website and reflect the ownership of the Reporting Persons as of September 30, 2025.
Reporting Persons do not directly own any Common Stock.  Pursuant to investment agreements with the certain investment funds and managed accounts (collectively, the "Funds"), the US Investment Manager and the Brazil Investment Manager (together the "Investment Managers") maintain voting and dispositive power with respect to the securities held by the Funds.  Mr. Ache controls the Investment Managers.  Under the rules promulgated by the Securities and Exchange Commission, the Reporting Persons may be deemed to beneficially own the Common Stock.  Each Reporting Person hereby disclaims beneficial ownership of the securities covered by this statement.
The information required by Item 4(a) is set forth in Rows 5-11 of the cover page for each Reporting Person hereto.

**(b) Percent of class:**

The information required by Item 4(b) is set forth in Rows 5-11 of the cover page for each Reporting Person hereto.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

0

**(ii) Shared power to vote or to direct the vote:**

See cover page

**(iii) Sole power to dispose or to direct the disposition of:**

0

**(iv) Shared power to dispose or to direct the disposition of:**

See cover page

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

The business of Investment Managers is the rendering of financial services and as such they provides discretionary investment advisory services to each of the Funds. In such capacity, the Investment Managers have the power to make decisions regarding the voting and disposition of the Common Stock. Under the rules promulgated by the Securities and Exchange Commission, the Investment Managers and their control person Mr. Ache may be considered beneficial owners of securities acquired by the Funds.  The Reporting Persons have the right to receive the proceeds from the sale of, or the power to direct the receipt of distributions from, the Common Stock reported in this Schedule 13G/A.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.**

**Date:** 11/13/2025

**By:** /s/ LUIS FELIPE STERN

**Name & Title:** LUIS FELIPE STERN/Chief Operating Officer

**SQUADRA INVESTIMENTOS**

**Date:** 11/13/2025

**By:** /s/ LUIS FELIPE STERN

**Name & Title:** LUIS FELIPE STERN/Chief Operating Officer

**GUILHERME MEXIAS ACHE**

**Date:** 11/13/2025

**By:** /s/ GUILHERME MEXIAS ACHE

**Name & Title:** GUILHERME MEXIAS ACHE