Creditas Financial Results Q2-2025

São Paulo, 29th August 2025

Business Context

Key Highlights – Q2 2025

Portfolio

• Loan origination remained consistent with the previous quarter, as we remain cautious in the migration to eConsignado while accelerating on other verticals. Total quarterly origination at R$848.6mn (+22% YoY and -1.5% QoQ)

• Portfolio reaching R$6,465.6mn (+14% YoY and +3.7% QoQ)

Financials

• Record quarterly Revenues at R$582.5mn (+18% YoY and +6.2% QoQ) as we benefit from increasing volumes and continue repricing in the portfolio

• Gross Profit at R$190.1mn (-9.2% YoY and -11.9% QoQ) with Gross Profit Margin on revenues at 32.6%, temporarily below our 40-45% target as we consolidate increase in SELIC rates in the securitizations’ funding, experience the trailing effect of increased origination in cost of credit and eliminate the fees of Private Payroll loans in the transition to eConsignado. Profitability at the cohort level remains well above our 40% target allowing us to continue our growth strategy despite accounting impact of gross profit margin

• Costs below Gross Profit of R$277.4mn (+2.1% QoQ), being impacted by the one-off recognition of deferred costs from early liquidation of certain fund structures which allow us to optimize future gross profit. Customer Acquisition Costs and Corporate expenses continue to gain efficiency and operational leverage

• Operating loss reached R$87.3mn as we continue investing in profitable growth by building new cohorts of highly profitable portfolio

• We continue targeting neutral cash flow as guardrails for our operation since end of 2023, financing growth without the need for external capital

Operations

• In Q2-25, we resumed scaling our Auto Finance product, driven by improved unit economics in the product and the lowest customer acquisition cost to date

• We continued the migration of Private Payroll loans to the new Consignado Trabalhador in Q2. We're remaining cautious with lower origination volumes than in the previous product to first validate the new product’s unit economics and operational processes before scaling. This strategy ensures a seamless ramp-up in volume once we have full confidence in the platform

• We are gaining significant traction in automation of some of our critical operational processes, reaching our highest productivity metrics. We are ramping up investments in AI in multiple areas including customer experience, operational processes and coding, while keeping a disciplined approach to return on investments

Second Quarter Financial & Operating Results

In Q2-2025, we maintained our focus in growing the business, achieving solid results, particularly in Home Equity and Auto Finance origination. At the same time, we remained cautious in some product lines to allow for a better assessment of risk before scaling. Despite this measured approach, our growth trajectory remained robust, with Origination increasing 22% and our Portfolio growing 14% YoY (see Figure 2 and 3).

The continued increase in Portfolio supported revenues growth to a new record of R$582.5mn in Q2-25 +18% YoY (see Figure 4). While this shows strong top-line momentum, Gross Profit is impacted by higher short-term interest rates (SELIC), above the average priced swap rates in the portfolio, and the trailing effect of cost of credit from our increased origination volumes. As a reminder, our IFRS accounting policy requires us to front-load a significant portion of expected losses despite this cost will only materialize in the future. Nearly 70% of total credit losses are accounted for within the first nine months of origination, compared to our average loan maturity of 7 years. This creates a temporary, non-cash headwind that is a function of our scaling pace, not an indication of deterioration in credit quality. Gross Profit in Q2-25 was R$190mn, yielding a 32.6% margin (See Figure 5).

Costs below gross profit (see Figure 6) reached R$277mn in the quarter, a 2% QoQ increase, primarily due to one-off fund costs. The stability of our operational cost base, combined with increased revenue and portfolio growth, demonstrates our ability to achieve significant gains in scale and generate value sustainably. These results are a direct outcome of our continued focus on improved client acquisition efficiency, operational performance, and a conservative approach to corporate expenses. It's important to remember that Creditas recognizes all acquisition and technology costs upfront, while loan & insurance margins accrue over time.

Our focus is on reinvesting the profits of our portfolio to drive growth in 2025. This strategy is built on strong unit economics and relatively short payback period. Although the combined effect of higher growth and a rising SELIC rate impacts short-term profitability due to accounting recognition, we are prioritizing net present value to build significant future cash flows.

In Q2-25, we recorded an operating loss of R$87.3 million (see Figure 7) and a net loss of R$104.7 million (see Figure 8). Importantly, we maintained a neutral cash flow position, which enables us to fund our growth internally without the need for external capital, which is a key pillar of our long-term strategy. The performance of this quarter highlights our continued momentum and underscores the strength of our discipline in portfolio expansion, cost control and focus on sustainable, long-term value creation.

Business Unit Performance

Auto Equity

The flagship product held a robust origination level in Q2-25, reinforcing the strong performance achieved at the beginning of the year. The solid 20% YoY portfolio growth demonstrates the sustained positive impact of our continued investments in digital onboarding and customer acquisition, fueling momentum for the second half of 2025.

Home Equity

Home Equity delivered record origination in the quarter, building on the strong momentum from 2024 and resulting in 34% YoY portfolio growth. This performance was driven by our strategic focus on improving the user experience and lowering our acquisition costs, while successfully scaling both our direct-to-consumer and affiliate networks.

Private Employees Payroll Loans

In Q2-25, we continued the migration to the new eConsignado model, prioritizing the validation of the new product’s unit economics and operational experience before investing in scale.

Auto Finance

After gaining confidence with the product's unit economics and operational experience, we have re-entered growth mode for Auto Finance. Our strategic focus on efficiency has been key, leading to our lowest-ever customer acquisition cost and positioning us for a profitable, balanced expansion.

Insurance

Continue to scale our insurance operations consolidating Minuto as the leading independent car insurance broker, while bringing the business to profitability. Numerous avenues to explore full potential for insurance within Creditas ecosystem. We continue investing in these fronts during 2025 and expect insurance to become instrumental in the growth of our platform over the years.

Business Outlook

Creditas is in a new growth phase, supported by a foundation of high client recurrence that supports our revenue base, strong credit performance, and clear product-market fit across all core offerings. We're prioritizing investments in user experience and automation, with AI now delivering tangible value. This positions us for an annual growth target of 25%+ in the coming years while maintaining portfolio profitability.