AGI發布第二季業績活躍客戶創新高 淨利按年跌24%惟信貸質素改善

EX-99.1
2
ex99-1.htm
EX-99.1

  

  earnings release         

  

 

Introduction

São Paulo, August 5,
2026 – Agi Inc. (“Agi”), a leading technology-powered provider of specialized financial services in Brazil, invites
the investor community to its 2026 first half and second quarter earnings release. Agi listed at the New York Stock Exchange on February
11, 2026, under the ticker ‘AGBK’, after the Initial Public Offering. Agi Inc. is the holding company of Banco Agibank S.A.
(“Agibank”) and its subsidiaries.

 

Letter from the Founder

To Our Stakeholders,

We are pleased to present our
second-quarter results, which reflect disciplined execution and our unwavering commitment to long-term value creation.

Our performance and strategic
decisions continue to be guided by three long-term principles: living for our customers by prioritizing client value, winning with technology
by continuously enhancing our capabilities, and fostering an entrepreneurial culture that supports innovation and growth while maintaining
disciplined focus on long-term returns. These principles shape how we allocate capital, respond to market changes and build Agi for the
long term.

In June, our active customer
base reached 7.6 million, after attracting more than 600 thousand new customers during the quarter, with both metrics reaching all-time
highs for the Company. During the quarter, we also advanced one position to be the sixth-largest payer of INSS benefits in Brazil, surpassing
the incumbent bank who previously held it, further strengthening our strategy within the country's social security ecosystem, and placing
Agi among the leading institutions in the INSS benefits and payroll ecosystem, a market traditionally dominated by incumbent banks. Our
credit portfolio continued its upward trajectory, capturing an additional 60bps of market share in the INSS Payroll Credit segment to
reach 9.60% by the end of June, which is a testament to the resilience of our business model and our ability to continue gaining share
despite a challenging macroeconomic environment. This performance also demonstrates our ability to adapt rapidly to structural and regulatory
changes. It also reinforces our belief that Agi is among the first players in the market to return to strong growth.

To support the evolving needs
of our customers, we recently launched two important initiatives. First, we introduced our Proprietary Investment Platform further
expanding the range of financial solutions available within the Agibank app. The platform debuts with our own time deposit (CDB) available
to all Agibank account holders, offering customers a secure and attractive savings alternative while strengthening our primary banking
relationship with our clients. Over time, the platform will also enable the distribution of products from Agibank Asset as well as selected
third-party offerings, reinforcing our strategy to deepen customer engagement, increase
share of wallet and further diversify our deposit funding base.

  
2 

  earnings release         

  

 

Second, we launched Agi+,
marking another important step in our strategy to evolve into a subscription-based banking platform. Designed to extend our relationship
with customers beyond traditional financial services, Agi+ combines financial benefits with a broad suite of everyday services–including
healthcare and dental assistance, pharmacy discounts, home and pet assistance, mobile services, and exclusive retail offers–through
an affordable monthly subscription. Leveraging the scale of our more than 7 million active customers, Agi+ creates a new avenue for predictable
recurring revenue while strengthening customer engagement, increasing retention, expanding cross-selling opportunities, and reinforcing
Agibank as our customers' primary financial partner. This initiative further diversifies our revenue streams and reflects our long-term
vision of building a broader ecosystem centered around our customers' everyday needs. Following an initial rollout period, Agi+ has already
surpassed 250 thousand subscriptions in its first 45 days, demonstrating strong early customer engagement.

We believe Agi reached a significant
operational inflection point in the second quarter of 2026. This is already visible across customer acquisition, credit origination, product
activity and fee revenues, although the full financial benefits will be recognized over the coming quarters. Accelerating growth requires
upfront expected-loss provisions on new vintages, customer acquisition investments and higher costs to serve and activate customers, while
interest income, fees and cross-selling revenues accrue over the subsequent quarters and years.

We expect this operating resurgence
to support sequentially stronger earnings beginning in the third quarter, with a more pronounced financial contribution in the fourth
quarter.

In line with our principle of
winning with technology, we are seeing tangible results from our investments in artificial intelligence, which is rapidly becoming a core
pillar of our strategy. A clear example is the evolution of our customer service model: we have transitioned from traditional rule-based
chatbots to a multi-agent AI architecture integrated with WhatsApp, capable of managing complex, end-to-end customer journeys with greater
efficiency and personalization.

The challenges faced in previous
quarters have not altered our course or our conviction in our business model. Our confidence in this path remains unwavering. We believe
this conviction is shared by our long-term partners, as evidenced by Lumina Capital's recent decision to increase its ownership stake
in Agi Inc. from 5% to 7%. Members of management have likewise continued to increase their personal investment in the Company, further
reinforcing our alignment with all shareholders.

Thank you for your continued
trust and partnership.

Marciano Testa

Founder, Chairman and CEO of Agi
Inc.

  
3 

  earnings release         

  

 

Key Indicators

 

 
 Key
 Figures (R$
 millions)
 2Q26
 1Q26
 Var.%
 2Q25
 Var.%
 1H26
 1H25
 Var.%

 
 Total
 Active Clients ('000)
 7,589.0
 7,069.9
 7.3%
 5,563.4
 36.4%
 7,589.0
 5,563.4
 36.4%

 
  
  
  
  
  
  
  
  
  

 
 Total
 Revenues
 3,171.0
 2,996.6
 5.8%
 2,510.5
 26.3%
 6,167.6
 4,935.4
 25.0%

 
 Net
 Interest Income
 1,300.9
 1,268.6
 2.5%
 1,172.7
 10.9%
 2,569.4
 2,331.6
 10.2%

 
 Earnings
 Before Taxes
 115.0
 216.1
 -46.8%
 367.9
 -68.7%
 331.0
 879.6
 -62.4%

 
 Net
 Income
 200.3
 186.5
 7.4%
 264.8
 -24.4%
 386.8
 621.3
 -37.7%

 
 Interest
 Bearing Assets
 43,998.6
 43,238.5
 1.8%
 35,750.5
 23.1%
 43,998.6
 35,750.5
 23.1%

 
 Gross
 Credit Portfolio
 37,075.8
 35,498.5
 4.4%
 30,599.4
 21.2%
 37,075.8
 30,599.4
 21.2%

 
 Net
 Equity
 4,799.2
 4,655.0
 3.1%
 2,938.9
 63.3%
 4,799.2
 2,938.9
 63.3%

 
  
  
  
  
  
  
  
  
  

 
 ROAE
 LTM
 21.6%
 26.1%
 -4,5
 p.p
 41.2%
 -19,6
 p.p
 21.6%
 41.2%
 -19,6
 p.p

 
 NIM
 Annualized
 11.9%
 12.0%
 -0,1
 p.p
 14.1%
 -2,2
 p.p
 11.9%
 14.1%
 -2,2
 p.p

 
 Operating
 Efficiency Ratio
 48.9%
 43.2%
 5,7
 p.p
 42.9%
 6
 p.p
 46.1%
 38.5%
 7,6
 p.p

 
 NPL
 > 90 days
 3.3%
 3.6%
 -0,3
 p.p
 2.7%
 0,6
 p.p
 3.3%
 2.7%
 0,6
 p.p

 
 Capital
 Adequacy Ratio (Basel III)
 18.7%
 19.3%
 -0,6
 p.p
 15.0%
 3,7
 p.p
 18.7%
 15.0%
 3,7
 p.p

 
  
  
  
  
  
  
  
  
  

 
 Smart
 Hubs (#)
 1,115
 1,115
 0.0%
 1,057
 5.5%
 1,115
 1,057
 5.5%

 
 Headcount
 (#)
 5,068
 5,010
 1.2%
 5,030
 0.8%
 5,068
 5,030
 0.8%

 

 

  
4 

  earnings release         

  

 

Performance Evolution

Our second-quarter performance
reaffirmed many of the strengths of our business model. Even as the payroll lending market navigated a period of structural change, we
sustained high origination volumes and continued to gain share in our core segments, a direct result of the operational speed and competitive
advantage of our hybrid, 100% proprietary platform relative to other market players. An additional driver was our Private Payroll loan
portfolio, which posted its strongest single-quarter growth on record in 2Q, underpinned by consistently better credit quality metrics
that reinforce the profitability and durability of this expansion.

Importantly, the recovery was
broad-based across virtually every leading operating indicator. Gross credit origination exceeded R$7 billion, while customer acquisition
reached an all-time high. Private Payroll originations doubled compared with the previous quarter, unsecured Personal Loan originations
increased by more than 80%, and fee revenues grew 34.6% quarter over quarter. Together, these indicators reinforce our view that Agi’s
operating engine has returned to strong growth.

This resilience was tested by
the rollout of Desenrola 2.0, a Brazilian federal government program, in May. The program introduced system-wide changes to payroll lending,
mainly additional steps for contract formalization, as well as a reduction in payroll credit limits relative to clients’ monthly
income (from 45% to 40%) and an extension of maximum contract terms (from 96 to 108 months). We view these shifts as a net positive: they
reward the scale and agility on which Agi competes best. Despite the industry-wide disruption, our origination remained above R$7 billion,
net origination increased 15.0% quarter over quarter, and growth accelerated across several priority products, leading to an additional
60bps of market share in INSS Payroll Credit in the quarter alone, bringing our total share to 9.60%. We consider this a significant achievement
and clear evidence of our ability to adapt faster than the competition.

Fee revenues reached R$135.6
million in the second quarter, increasing 34.6% quarter over quarter and providing one of the clearest indications of the recovery in
business activity. Because fee revenues are recognized without the provisioning dynamics associated with credit growth, they provide a
more immediate view of operating momentum. One indirect impact of Desenrola 2.0 was that fee revenues originated from Operational Cost
Reimbursements related to external portability decreased in the quarter, as other financial institutions faced greater challenges in their
origination efforts. While this shift is highly beneficial to our credit portfolio health and customer retention, it created a temporary
headwind for our fee revenues, highlighting the organic growth capacity of this line. Looking ahead, Agi+ is expected to become an additional
driver of recurring fee revenue from the third quarter onward.

Agi exits the second quarter
from a position of strength. Having navigated the most significant regulatory transition the industry has seen in years – while
simultaneously gaining market share and improving credit quality – we enter the second half of 2026 with clear operating momentum
and a widening competitive moat. With Agi+ and our proprietary investment platform now live, we are positioned
to convert this foundation into accelerating growth and profitability, compounding long-term value for our shareholders.

  
5 

  earnings release         

  

 

Summary of Quarterly Results

Clients. Our total active
client base grew by 36.4% year-over-year, reaching 7.6 million by the end of 2Q26. For the purposes of our high-touch strategy, we define
"active customers" as those holding at least one product as of the quarter’s end. Our strategy continues to drive deep
engagement; average product penetration for customers with principality - defined as those who receive their payroll via Agi -
exceeds five products. Notably, for our mature cohorts (customers with a tenure exceeding one year), this figure rises to over seven products,
highlighting the significant cross-selling potential embedded in our business model. In June, Agi became the sixth-largest payer of Social
Security benefits in Brazil, serving approximately 1.5 million clients with principality and further reinforcing our commitment
to this vital segment of the population.

Agi+ is a brand-new subscription
service designed for broad penetration across our customer base, combining financial benefits with everyday services. Following its initial
rollout, the product surpassed 250 thousand subscriptions in its first 45 days, demonstrating strong early engagement. Agi+ is expected
to become an important source of recurring fee revenue and a driver of customer retention, engagement and cross-selling beginning in 3Q26.

Credit

 
 Credit Portfolio (R$ million)
  
 2Q26
 1Q26
 Var.%
  
 2Q25
 Var.%

 
 Secured Credit
  
  32,599.5
  30,714.3
 6.1%
  
  26,123.3
 24.8%

 
 Payroll Credit
  
  28,905.6
  26,937.3
 7.3%
  
  23,199.1
 24.6%

 
 INSS
  
  27,154.4
  25,687.5
 5.7%
  
  22,601.4
 20.1%

 
 Private
  
  1,406.8
 950.1
 48.1%
  
 495.8
 183.7%

 
 Public
  
 344.4
 299.7
 14.9%
  
 101.9
 238.0%

 
 Payroll Credit Cards
  
  2,490.1
  2,486.5
 0.1%
  
  2,262.9
 10.0%

 
 FGTS
  
  1,203.8
  1,290.5
 -6.7%
  
 661.2
 82.1%

 
 Unsecured Credit
  
  4,476.3
  4,784.2
 -6.4%
  
  4,476.1
 0.0%

 
 Personal Credit
  
  4,431.2
  4,729.6
 -6.3%
  
  4,410.6
 0.5%

 
 Credit Cards
  
 45.1
 54.6
 -17.4%
  
 65.5
 -31.2%

 
 Credit Portfolio
  
  37,075.8
  35,498.5
 4.4%
  
  30,599.4
 21.2%

 
 Loss Provisions - Loan Portfolio
  
 (2,226.7)
 (2,116.1)
 5.2%
  
 (2,001.7)
 11.2%

 
 Net Credit Portfolio
  
  34,849.2
  33,382.4
 4.4%
  
  28,597.7
 21.9%

 
 NPL>90 days (%)
  
 3.3%
 3.6%
 -0,3 p.p
  
 2.7%
 0,6 p.p

 
 Coverage Ratio (%)
  
 182.6%
 164.9%
 17,7 p.p
  
 240.4%
 -57,8 p.p

 
 Cost of Risk LTM (%)
  
 5.9%
 5.7%
 0,2 p.p
  
 5.7%
 0,2 p.p

 

Total portfolio grew 4.4% QoQ
and 21.2% YoY, reaching R$37.1 billion. Our portfolio is strategically balanced between Secured Loans (88%, R$32.6 billion) and Unsecured
Loans (12%, R$4.5 billion), serving Social Security beneficiaries alongside public and private sector employees. We believe this composition
provides an optimal balance of profitability, credit quality, and long-term client loyalty.

INSS Payroll Credit grew
5.7% QoQ and 20.1% YoY, with origination levels returning to pre-suspension volumes as of March. The Desenrola 2.0 program
introduced regulatory adjustments in May -including a reduction in the payroll installment limit (from 45% to 40% of monthly income),
an extension of maximum contract terms (from 96 to 108 months), and additional formalization requirements on the
client side. While these changes caused temporary challenges for market-wide origination, especially in connection with portability and
refinancing, they have encouraged players to focus in the origination of new INSS Payroll Credit contracts, which usually carry higher
yields. Our ability to navigate this environment and our competitive resilience resulted in a 60bps market share gain in 2Q26 alone.

  
6 

  earnings release         

  

 

Private Payroll Credit grew
48.1% QoQ to more than R$1.4 billion, while new originations approximately doubled compared with the previous quarter, with monthly originations
stabilizing between R$150 million and R$200 million. This growth is supported by refined credit modeling, which has significantly enhanced
the quality of new cohorts. We maintain our appetite to the product and view this segment as a key driver of future profitability.

Public Payroll Credit grew
14.9% QoQ and 238.0% YoY. While this remains a smaller portfolio, it represents a significant growth vector, with great potential. We
are actively expanding our presence across additional municipalities to increase our credit distribution footprint.

Personal Loans decreased
6.3% QoQ - despite an increase of more than 80% in new originations compared with the previous quarter - and remained stable YoY. While
originations for this unsecured portfolio have surpassed pre-suspension levels, the outstanding balance on 2Q26 reflected two factors:
the inherently shorter duration of these products (under 12 months) and the seasonal maturity of 13th-salary advances, which typically
occur in the second quarter. By itself, the amortization of the 13th-salary advances portion of the portfolio represented a
reduction of approximately R$ 300 million in the Personal Loans total balance, rather than a slowdown in new business activity.

Credit Origination. Production
recovered to pre-suspension levels in 2Q26: Net Credit Origination grew 15.0% QoQ to R$2.8 billion, driving the expansion of our outstanding
portfolio, and we estimate Agi held the highest origination share among all INSS players in payroll loans. Gross Credit Origination was
R$7.1 billion stable – QoQ despite the system-wide Desenrola 2.0 adjustments – underscoring our operating speed relative to
the market. Agi’s core competitive advantage lies in our hybrid, 100% proprietary platform integrating physical and digital channels,
which fosters higher product penetration, superior credit quality, and increased customer lifetime value.

Credit Quality. Our Non-Performing
Loans over 90 days (NPL>90) ratio improved to 3.3% by the end of June 2026 - a 0.3 p.p. reduction QoQ. This performance, driven by
the normalization of defaulting cohorts and enhanced credit modeling, stands in contrast to the broader deterioration observed across
the Brazilian consumer credit segment. The Cost of Risk (LTM) remained at a sustainable 5.9%, while our Coverage Ratio (Provisions over
NPL >90) reached 182.6%, an improvement of 17.7 p.p. QoQ, reflecting a robust and conservative stance on provisioning. These trends
demonstrate that Agi resumed strong growth while maintaining asset quality under control.

  
7 

  earnings release         

  

 

Funding

 
 Deposits
  
 2Q26
 1Q26
 Var.%
  
 2Q25
 Var.%

 
  Demand customer deposits 
  
 566.2
 456.5
 24.0%
  
 361.8
 56.5%

 
  Time Deposits - CDB 
  
 14,788.1
 17,154.6
 -13.8%
  
 18,038.1
 -18.0%

 
  Time Deposits - DPGE 
  
 2,332.2
 2,812.4
 -17.1%
  
 1,594.2
 46.3%

 
  Financial Bills and CDI 
  
 8,336.1
 8,556.0
 -2.6%
  
 6,287.2
 32.6%

 
  Collateralized Issuances 
  
 12,372.7
 9,422.6
 31.3%
  
 6,912.9
 79.0%

 
  Foreign Bonds 
  
 1,502.5
 890.6
 68.7%
  
 649.7
 131.2%

 
 Total Deposits
  
 39,897.8
 39,292.8
 1.5%
  
 33,843.9
 17.9%

 
  Share of Retail Funding (%) 
  
 38.5%
 44.8%
 -6,3 p.p
  
 54.4%
 -15,9 p.p

 
  Share of Institutional Funding (%) 
  
 61.5%
 55.2%
 6,3 p.p
  
 45.6%
 15,9 p.p

 
  Loans to Deposits Ratio (%) 
  
 92.9%
 90.3%
 2,6 p.p
  
 90.4%
 2,5 p.p

 

Deposits. Agi maintains
a long-standing presence in the Brazilian credit market as a frequent issuer of debt securities, with the primary objective of diversifying
funding sources to support the sustainable growth of our loan operations. Our Asset & Liability Management (ALM) strategy remains
conservative, effectively matching the durations and indexation of our secured credit portfolios with their respective funding sources.
This approach provides a structural hedge, protecting our spreads against market and interest rate volatility, while providing the liquidity
and balance-sheet flexibility required to support the renewed origination momentum.

Debt Issuances in Brazil.
In the second quarter of 2026, Agibank successfully executed two debt issuances to increase its funding base. These issuances underscore
our continued access to competitive funding and our status as a recurring issuer in the Brazilian debt market, ensuring the liquidity
necessary to accelerate credit origination and gain market share.

•Second
FIDC: Successfully structured in April, totaling R$2.5 billion. This instrument features a 10-year maturity and a ‘AAA.br’
rating from Moody’s. It is backed by payroll loan contracts and issued at a rate of CDI + 1.05%.

•Seventh
Public Financial Bill Issuance: Completed in June, raising R$500 million. This issuance was structured in two tranches with
tenors of 24 and 36 months, at rates of CDI + 0.60% and CDI + 0.75%, respectively.

Credit
Ratings. Agibank has recently received credit ratings upgrades from the core agencies. In July, Fitch Ratings upgraded Agibank’s
rating from ‘AA-(br)’ to ‘AA(bra)’, and in June Moody’s Local upgraded the bank’s rating from ‘AA-.br’
to ‘AA.br’. Both agencies note that the upgrades reflect the bank’s strengthened credit profile, driven by robust loan
portfolio growth, improved capital levels, and enhanced corporate governance following Agi’s NYSE listing. Agi’s management
expects this rating improvement to further bolster market confidence in our hybrid digital-physical business model, facilitating greater
diversification of funding alternatives and optimizing cost of capital.

 

  
8 

  earnings release         

  

 

Financial Results

 
 Net Interest Margin - Quarterly
 2Q26
 1Q26
 Var.%
  
 2Q25
 Var.%

 
 Interest from Loans
 2,316.2
 2,212.3
 4.7%
  
 2,061.0
 12.4%

 
 Interest from Cash and Gains on Financial Assets
 719.3
 683.6
 5.2%
  
 243.0
 196.0%

 
 Interest Expenses
 (1,734.6)
 (1,627.3)
 6.6%
  
 (1,131.3)
 53.3%

 
 Net Interest Income (a)
 1,300.9
 1,268.6
 2.5%
  
 1,172.7
 10.9%

 
 Average Secured Loans
 31,656.9
 30,354.4
 4.3%
  
 24,396.0
 29.8%

 
 Average Unsecured Loans
 4,630.3
 4,822.3
 -4.0%
  
 4,523.5
 2.4%

 
 Average Other Interest-Bearing Assets*
 7,331.4
 7,152.8
 2.5%
  
 4,335.7
 69.1%

 
 Average Interest-Bearing Assets (b)
 43,618.6
 42,329.6
 3.0%
  
 33,255.2
 31.2%

 
 Share of Average Secured Loans
 72.6%
 71.7%
 0,9 p.p
  
 73.4%
 -0,8 p.p

 
 Share of Average Unsecured Loans
 10.6%
 11.4%
 -0,8 p.p
  
 13.6%
 -3 p.p

 
 Share of Average Other Interest-Bearing Assets*
 16.8%
 16.9%
 -0,1 p.p
  
 13.0%
 3,8 p.p

 
 NIM - (a)/(b) - Annualized
 11.9%
 12.0%
 -0,1 p.p
  
 14.1%
 -2,2 p.p

 
 NIM -  (LTM)
 12.3%
 12.8%
 -0,5 p.p
  
 15.8%
 -3,5 p.p

 
 Provision Expenses (c) 
 (562.2)
 (499.0)
 12.7%
  
 (351.5)
 60.0%

 
 NIM after provisions - ((a)+(c))/(b) - Annualized
 6.8%
 7.3%
 -0,5 p.p
  
 9.9%
 -3,1 p.p

 
 NIM after provisions - LTM
 7.2%
 8.0%
 -0,8 p.p
  
 10.8%
 -3,6 p.p

 
  
  
  
  
  
  
  

 
 Net Interest Margin - First Half
 1H26
 1H25
 Var.%
  
  
  

 
 Interest from Loans
 4,528.4
 3,992.2
 13.4%
  
  
  

 
 Interest from Cash and Gains on Financial Assets
 1,402.9
 420.8
 233.4%
  
  
  

 
 Interest Expenses
 (3,361.9)
 (2,081.4)
 61.5%
  
  
  

 
 Net Interest Income (a)
 2,569.4
 2,331.6
 10.2%
  
  
  

 
 Average Secured Loans
 31,656.9
 24,396.0
 29.8%
  
  
  

 
 Average Unsecured Loans
 4,630.3
 4,523.5
 2.4%
  
  
  

 
 Average Other Interest-Bearing Assets*
 7,331.4
 4,335.7
 69.1%
  
  
  

 
 Average Interest-Bearing Assets (b)
 43,618.6
 33,255.2
 31.2%
  
  
  

 
 Share of Average Secured Loans
 72.6%
 73.4%
 -0,8 p.p
  
  
  

 
 Share of Average Unsecured Loans
 10.6%
 13.6%
 -3 p.p
  
  
  

 
 Share of Average Other Interest-Bearing Assets*
 16.8%
 13.0%
 3,8 p.p
  
  
  

 
 NIM - (a)/(b) - Annualized
 11.8%
 14.0%
 -2,2 p.p
  
  
  

 
 NIM -  (LTM)
 12.3%
 12.8%
 -0,5 p.p
  
  
  

 
 Provision Expenses (c) 
 (1,061.2)
 (712.9)
 48.8%
  
  
  

 
 NIM after provisions - ((a)+(c))/(b) - Annualized
 6.9%
 9.7%
 -2,8 p.p
  
  
  

 
 NIM after provisions - LTM
 7.2%
 8.0%
 -0,8 p.p
  
  
  

 

 

Net Interest Margin.
The quarterly annualized NIM, net of provisions, decreased 50bps QoQ. The move is largely mix-driven: a higher share of secured products
– which carry lower yields but materially better credit quality – together with a macro rate environment that compressed
spreads, and a temporarily larger allocation to liquid, lower-yielding assets that provides balance-sheet flexibility during this growth
phase. We regard this as a transitory trade-off and expect interest margins to recover as higher-yielding vintages mature and our asset
mix normalizes, subject to market and interest-rate conditions.

 

 
 
 *Other Interest-Bearing Assets:
 from 1Q26 earnings on, the line ‘Debentures’ is being excluded from calculation, as its outstanding balance in Assets stems
 from issuances collateralized by credit portfolio, destined for funding, and has null impact on Net Interest Income. This has been reflected
 in the previous quarters for proper comparison.

 

  
9 

  earnings release         

  

 

 
 Operating Efficiency Ratio - Quarterly
  
 2Q26
 1Q26
 Var.%
  
 2Q25
 Var.%

 
 Personnel Expenses
  
 (131.5)
 (90.6)
 45.2%
  
 (143.9)
 -8.6%

 
 Selling, general and administrative expenses
  
 (470.1)
 (368.1)
 23.1%
  
 (331.0)
 42.0%

 
 Depreciation and Amortization
  
 (57.8)
 (53.7)
 7.7%
  
 (48.4)
 19.3%

 
 Other income (expenses)
  
 10.1
 (17.1)
 -159.3%
  
 (18.1)
 -155.8%

 
 Total Expenses (a)
  
 (649.3)
 (529.4)
 19.5%
  
 (541.5)
 19.9%

 
 Operating Income (NII + Fees)
  
 1,436.4
 1,369.3
 4.9%
  
 1,379.2
 4.1%

 
 Tax expenses
  
 (109.9)
 (111.0)
 -1.0%
  
 (118.4)
 -7.1%

 
 Operating Income + Tax expenses (b)
  
 1,326.5
 1,258.2
 5.4%
  
 1,260.9
 5.2%

 
 Operating Efficiency Ratio - (a)/(b)
  
 48.9%
 42.1%
 6,9 p.p.
  
 42.9%
 6,1 p.p.

 
 Operating Efficiency Ratio - LTM
  
 44.8%
 42.5%
 2,4 p.p.
  
 43.5%
 1,4 p.p.

 
  
  
  
  
  
  
  
  

 
 Operating Efficiency Ratio - First Half
  
 1H26
 1H25
 Var.%
  
  
  

 
 Personnel Expenses
  
 (222.1)
 (231.5)
 -4.1%
  
  
  

 
 Selling, general and administrative expenses
  
 (852.0)
 (648.8)
 31.3%
  
  
  

 
 Depreciation and Amortization
  
 (111.5)
 (95.4)
 16.9%
  
  
  

 
 Other income (expenses)
  
 (7.0)
 (19.6)
 -64.6%
  
  
  

 
 Total Expenses (a)
  
 (1,192.5)
 (995.3)
 19.8%
  
  
  

 
 Operating Income (NII + Fees)
  
 2,805.7
 2,854.0
 -1.7%
  
  
  

 
 Tax expenses
  
 (220.9)
 (266.2)
 -17.0%
  
  
  

 
 Operating Income + Tax expenses (b)
  
 2,584.7
 2,587.8
 -0.1%
  
  
  

 
 Operating Efficiency Ratio - (a)/(b)
  
 46.1%
 38.5%
 7,7 p.p.
  
  
  

 
 Operating Efficiency Ratio - LTM
  
 46.4%
 42.5%
 3,9 p.p.
  
  
  

 

Efficiency. The Operating
Efficiency Ratio for 2Q26 was 48.9%, a 690bps increase QoQ. This was driven primarily by (i) higher SG&A, including legal expenses,
and (ii) an organic increase in transactional and financial-service costs that scales directly with our growing base of principality customers
– a cost we view as a leading indicator of deeper, more profitable relationships. The increase also reflects upfront investments
associated with customer acquisition, servicing and activation, while the related revenues are expected to accrue over subsequent quarters.
Personnel Expenses on 1Q26 were benefitted from the seasonality related to the payout of bonuses, which are previously provisioned throughout
the year, and thus generating an expected increase in the following quarters. We expect efficiency to improve in the coming quarters as
the financial returns from portfolio growth emerge and new initiatives, including Agi+, begin contributing to revenue from 3Q26 onward.

Profitability. Net Income
for 2Q26 reached R$200.3 million, up 7.4% QoQ, with a last-twelve-months Return on Equity of 21.6%. Earnings Before Taxes declined 46.8%
QoQ – a movement that reflects the growth dynamics described in this release rather than any deterioration in our franchise: front-loaded
provisioning to support a 4.4% QoQ portfolio expansion (allowance for loan losses of R$562.2 million, up 12.7% QoQ), temporary NIM compression
from our shift toward secured assets, and normalization of our SG&A. Because the revenues from these new, higher-quality vintages,
are recognized over their life while their costs are recognized upfront, we expect pre-tax profitability to re-accelerate as these cohorts
season. Our effective tax rate additionally benefited from the tax-efficient allocation of IPO proceeds and Agibank’s cash into
eligible instruments, which is a feature of our capital management. Accordingly, we believe the second quarter represents an operational
inflection point, with the earnings contribution from recent customer acquisition and new loan vintages expected to build progressively
over the second half of 2026.

Capital. The Capital Adequacy
Ratio (CAR) was 18.7% at the end of 2Q26, with a Tier I capital ratio of 17.6%. These figures reflect the capital allocation from Agi
Inc.’s consolidated financial statements, incorporating the proceeds from our IPO into our Referential Equity. Agi’s track
record of delivering above-average ROE continues to support a self-sustainable approach to capital generation, ensuring we remain well-positioned
for future growth, with our capital position allowing
us to continue investing in customer growth and technology while maintaining disciplined focus on long-term returns. The table below presents
the Capital Adequacy Ratio at the Agi Inc level from 2026 on.

  
10 

  earnings release         

  

 

 
 Capital*
  
 2Q26
 1Q26
 Var.%
 2Q25
 Var.%

 
 Referencial Equity
  
  5,250.6
  5,213.7
 0.7%
  3,304.2
 58.9%

 
 Referential Equity - Tier I
  
  4,924.8
  4,881.3
 0.9%
  2,940.8
 67.5%

 
 Common Equity
  
  4,696.6
  4,642.9
 1.2%
  2,940.8
 59.7%

 
 Complementary Capital
  
 228.3
 238.3
 -4.2%
  - 
 -

 
 Referential Equity - Tier II
  
 325.8
 332.4
 -2.0%
 363.4
 -10.3%

 
 Risk-weighted Assets
  
  28,035.8
  26,951.7
 4.0%
  21,989.3
 27.5%

 
 Credit Risk-weighted Assets
  
  23,921.8
  23,236.9
 2.9%
  19,874.6
 20.4%

 
 Market Risk-weighted Assets
  
 441.5
 42.2
 947.0%
 119.3
 269.9%

 
 Operational Risk-weighted Assets
  
  3,672.6
  3,672.6
 0.0%
  1,995.3
 84.1%

 
 RBAN
  
 756.7
 646.3
 17.1%
 535.1
 41.4%

 
 Capital Adequacy Ratio - Regulatory Limit = 10.5%
  
 18.7%
 19.3%
 -0.6 p.p.
 15.0%
 3.7 p.p.

 
 Tier I - Regulatory Limit = 8.0%
  
 17.6%
 18.1%
 -0.5 p.p.
 13.4%
 4.2 p.p.

 
 Tier II
  
 1.2%
 1.2%
 0.0 p.p.
 1.7%
 -0.5 p.p.

 
 Expanded Capital Adequancy Ratio (RE/(RWA+RBAN))
  
 18.2%
 18.9%
 -0.7 p.p.
 14.7%
 3.5 p.p.

 
  
  
  
  
  
  
  

 
 Liquidity Coverage Ratio
  
 2Q26
 1Q26
 Var.%
 2Q25
 Var.%

 
 High Quality Liquidity Assets
  
 2,141.5
 3,590.5
 -48.9%
 3,008.8
 -28.8%

 
 Potencial Cash Outflows
  
 292.6
 1,286.9
 29.6%
 427.6
 -31.6%

 
 LCR (%) Regulatory Limit = 100%
  
 731.9%
 279.0%
 -426.2 p.p.
 703.6%
 28.3 p.p.

 

* For 4Q25 and previous quarters, the Capital Adequacy Ratio refers
to Banco Agibank SA. From 1Q26 on, it refers to the Capital Adequacy Ratio of Agi Inc.

  
11 

  earnings release         

  

 

Consolidated Financial Statements 2Q26 - Agi Inc –
IFRS

For 4Q25 and earlier quarters, Agi Financial Holding

 

Balance Sheet

 
 ASSETS
 2Q26
 1Q26
 Var.%
 2Q25
 Var.%

 
 Cash and cash and equivalents
  752.1
 1,002.4
 -25.0%
  371.4
 102.5%

 
 Financial Assets Measured At Fair Value Through Profit Or Loss
 1,890.8
 2,115.4
 -10.6%
  383.8
 392.6%

 
 Financial Assets Measured At Fair Value Through Other Comprehensive Income
  - 
  - 
  
 2,518.8
 -100.0%

 
 Financial Assets Measured At Amortized Cost
 45,288.5
 43,897.4
 3.2%
 31,977.6
 41.6%

 
 Securities
 4,279.8
 4,054.3
 5.6%
 1,877.3
 128.0%

 
 Debentures
 6,159.5
 5,892.7
 4.5%
 1,502.7
 309.9%

 
 Loans to customers
 37,075.8
 35,498.5
 4.4%
 30,599.3
 21.2%

 
 (-) Provision for Expected Loss
 (2,226.7)
 (2,116.1)
 5.2%
 (2,001.7)
 11.2%

 
 Compulsory deposits with the Brazilian Central Bank
  - 
  567.9
 -100.0%
  - 
  

 
 Deferred Tax Assets
 1,318.5
 1,447.6
 -8.9%
 1,023.1
 28.9%

 
 Property and Equipment 
  101.9
  95.1
 7.2%
  65.9
 54.6%

 
 Intangible Assets
  227.7
  223.9
 1.7%
  203.0
 12.2%

 
 Right-of-use assets
  201.0
  198.0
 1.5%
  214.9
 -6.5%

 
 Other Assets
 1,328.5
 1,213.7
 9.5%
 1,669.5
 -20.4%

 
 Total Assets
 51,109.0
 50,193.4
 1.8%
 38,427.9
 33.0%

 
  
  
  
  
  
  

 
 LIABILITIES
 2Q26
 1Q26
 Var.%
 2Q25
 Var.%

 
 Financial Liabilities At Amortized Cost
 31,316.3
 33,240.8
 -5.8%
 28,945.7
 8.2%

 
 Demand customer deposits
  566.2
  456.5
 24.0%
  361.8
 56.5%

 
 Funds from acceptances and issuance of securities
 6,285.0
 6,399.9
 -1.8%
 5,512.3
 14.0%

 
 Time customer deposits
 18,414.8
 21,341.4
 -13.7%
 19,902.3
 -7.5%

 
 Debt issued and other borrowed funds
  756.6
  890.6
 -15.0%
  496.5
 52.4%

 
 Loans and borrowing LP
 1,502.5
  781.7
 92.2%
  649.7
 131.2%

 
 Investment securities
  300.0
  - 
  
 2,023.0
 -85.2%

 
 Debentures (from Repurchase Agreements)
 3,491.2
 3,370.6
 3.6%
  - 
  

 
 Derivatives
  270.3
  112.2
 140.9%
  38.7
 598.4%

 
 Provision For Contingencies
  322.5
  295.6
 9.1%
  361.5
 -10.8%

 
 Other Liabilities
  880.0
  948.6
 -7.2%
  962.0
 -8.5%

 
 Liabilities related to credit assigments
 13,158.1
 10,474.3
 25.6%
 4,599.6
 186.1%

 
 Lease liabilities
  237.9
  233.9
 1.7%
  248.6
 -4.3%

 
 Deferred tax liabilities
  124.8
  233.0
 -46.4%
  332.8
 -62.5%

 
 Total Liabilities
 46,309.8
 45,538.4
 1.7%
 35,488.9
 30.5%

 
  
  
  
  
  
  

 
 EQUITY
 2Q26
 1Q26
 Var.%
 2Q25
 Var.%

 
 Controlling interests
 4,799.2
 4,655.0
 3.1%
 2,941.6
 63.2%

 
 Share capital and premium reserve
 3,911.0
 3,941.9
 -0.8%
 1,693.0
 131.0%

 
 Reserves
  519.2
  547.0
 -5.1%
  869.6
 -40.3%

 
 Retained earnings
  386.8
  186.5
 107.4%
  - 
  

 
 Treasury shares
  (17.0)
  (17.0)
 0.0%
  384.7
 -104.4%

 
 Other Comprehensive income
  (0.8)
  (3.5)
 -75.7%
  (5.8)
 -85.3%

 
 Non - Controlling Interests
  - 
  - 
  
  (2.7)
 -100.0%

 
 Total Equity
 4,799.2
 4,655.0
 3.1%
 2,938.9
 63.3%

 
 Total Liabilities and Equity
 51,109.0
 50,193.4
 1.8%
 38,427.9
 33.0%

 

  
12 

  earnings release         

  

 

Consolidated Financial Statements 2Q26 - Agi Inc –
IFRS

For 4Q25 and earlier quarters, Agi Financial Holding
- IFRS

Income Statement

 
 P&L - Quarterly
 2Q26
 1Q26
 Var.%
 2Q25
 Var.%

 
 Total Revenues
 3,171.0
 2,996.6
 5.8%
 2,510.5
 26.3%

 
 Interest Revenues
 2,830.1
 2,710.1
 4.4%
 2,216.1
 27.7%

 
 Interest on Cash
  513.9
  497.8
 3.2%
  155.0
 231.5%

 
 Interest from Loan Operations
 2,316.2
 2,212.3
 4.7%
 2,061.0
 12.4%

 
 Interest income using the effective interest method
 (1,734.6)
 (1,627.3)
 6.6%
 (1,131.3)
 53.3%

 
 Gains (losses) on financial assets at fair value through profit or loss*
  205.3
  185.7
 10.5%
  87.9
 133.5%

 
 Net interest income
 1,300.9
 1,268.6
 2.5%
 1,172.7
 10.9%

 
 Commissions, banking fees and other revenues from services
  135.6
  100.7
 34.6%
  206.5
 -34.4%

 
 Operating revenues
 1,436.4
 1,369.3
 4.9%
 1,379.2
 4.1%

 
 Allowance for loan losses
  (562.2)
  (499.0)
 12.7%
  (351.5)
 60.0%

 
 Personnel expenses
  (131.5)
  (90.6)
 45.2%
  (143.9)
 -8.6%

 
 Selling, general and administrative expenses
  (470.1)
  (381.8)
 23.1%
  (331.0)
 42.0%

 
 Tax expenses
  (109.9)
  (111.0)
 -1.0%
  (118.4)
 -7.1%

 
 Depreciation and amortization
  (57.8)
  (53.7)
 7.7%
  (48.4)
 19.3%

 
 Operating expenses
 (1,331.6)
 (1,136.1)
 17.2%
  (993.2)
 34.1%

 
 Net Operating Income
  104.8
  233.2
 -55.0%
  386.1
 -72.8%

 
 Other income (expenses), net
  10.1
  (17.1)
 -159.3%
  (18.1)
 -155.8%

 
 Earnings Before Taxes
  115.0
  216.1
 -46.8%
  367.9
 -68.7%

 
 Current income tax and social contribution
  84.5
  (179.7)
 -147.0%
  (58.7)
 -243.8%

 
 Deferred income tax and social contribution
  0.8
  150.1
 -99.4%
  (44.3)
 -101.9%

 
 Net Income
  200.3
  186.5
 7.4%
  264.8
 -24.4%

 
 Effective Tax Rate
 -74.2%
 13.7%
 -87,9 p.p
 28.0%
 -102,2 p.p

 
  
  
  
  
  
  

 
 P&L - First Half
 1H26
 1H25
 Var.%
  
  

 
 Total Revenues
 6,167.6
 4,935.4
 25.0%
  
  

 
 Interest Revenues
 5,540.2
 4,281.2
 29.4%
  
  

 
 Interest on Cash
 1,011.8
  289.0
 250.1%
  
  

 
 Interest from Loan Operations
 4,528.4
 3,992.2
 13.4%
  
  

 
 Interest income using the effective interest method
 (3,361.9)
 (2,081.4)
 61.5%
  
  

 
 Gains (losses) on financial assets at fair value through profit or loss*
  391.1
  131.8
 196.7%
  
  

 
 Net interest income
 2,569.4
 2,331.6
 10.2%
  
  

 
 Commissions, banking fees and other revenues from services
  236.3
  522.4
 -54.8%
  
  

 
 Operating revenues
 2,805.7
 2,854.0
 -1.7%
  
  

 
 Allowance for loan losses
 (1,061.2)
  (712.9)
 48.8%
  
  

 
 Personnel expenses
  (222.1)
  (231.5)
 -4.1%
  
  

 
 Selling, general and administrative expenses
  (852.0)
  (648.8)
 31.3%
  
  

 
 Tax expenses
  (220.9)
  (266.2)
 -17.0%
  
  

 
 Depreciation and amortization
  (111.5)
  (95.4)
 16.9%
  
  

 
 Operating expenses
 (2,467.7)
 (1,954.8)
 26.2%
  
  

 
 Net Operating Income
  338.0
  899.2
 -62.4%
  
  

 
 Other income (expenses), net
  (7.0)
  (19.6)
 -64.6%
  
  

 
 Earnings Before Taxes
  331.0
  879.6
 -62.4%
  
  

 
 Current income tax and social contribution
  (95.2)
  (292.9)
 -67.5%
  
  

 
 Deferred income tax and social contribution
  151.0
  34.6
 336.7%
  
  

 
 Net Income
  386.8
  621.3
 -37.7%
  
  

 
 Effective Tax Rate
 -16.8%
 29.4%
 -46,2 p.p
  
  

 

 

*As a managerial adjustment, the line “Gains (Losses) on financial
assets at fair value through profit or loss” was moved to represent a more accurate view on total “Net Interest Income”
for the periods.

  
13