AGI公布中期業績 上市集資2.4億美元後首份財報

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

 

 

  

  
  

 

 

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION

 

To the Management and Shareholders of

AGI Inc

Introduction

We
have reviewed the accompanying interim
condensed consolidated financial statements of AGI Inc (the “Company”) as at June 30,
2026, which comprise the interim consolidated
statement of financial position as at June 30, 2026 and the related interim consolidated statements of profit or loss and of comprehensive
income for the three and six-month periods then ended, changes in equity and cash
flows for the six months period then ended and explanatory notes.

Management is
responsible for the preparation and presentation of this interim
financial information in accordance with IAS
34 Interim Financial Reporting, issued
by the International Accounting Standards Board (IASB). Our
responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our
review in accordance with International Standard
on Review Engagements 2410 - Review
of Interim Financial Information Performed by the Independent Auditor of the Entity. 

A review of
interim financial information consists
of making inquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable
us to obtain assurance
that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.

Conclusion 

Based on our review, nothing has come to our attention
that causes us to believe that the accompanying interim
condensed consolidated financial statements are not prepared,
in all material respects, in accordance with
IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board (IASB).

 

 

 

/s/ Ernst & Young Auditores Independentes S/S Ltda.

 

São Paulo, Brazil

August 05, 2026

 

  

  
  

 

 Index to Notes to the Unaudited Interim Condensed
Consolidated Financial Statements 

  

 

 

 
 Unaudited Interim Consolidated Statement of Financial Position
 3

 
 Unaudited Interim Consolidated Statement of Profit or Loss
 4

 
 Unaudited Interim Consolidated Statement of Comprehensive Income
 5

 
 Unaudited Interim Consolidated Statement of Changes in Equity
 6

 
 Unaudited Interim Consolidated Statement of Cash Flows
 7

 
 Notes to the Unaudited Interim Condensed Consolidated Financial Statements
 8

 
 1.   General Information
 8

 
 1.1   Initial Public Offering (“IPO”)
 9

 
 1.2   Corporate Reorganization and Capital Restructuring
 9

 
 2.   Basis of preparation
 10

 
 3.   Summary of significant accounting policies
 13

 
 4.   Significant accounting judgements, estimates and assumptions
 13

 
 5.   Cash and Cash Equivalents
 14

 
 6.   Financial Instruments
 14

 
 6.1   Financial assets measured at fair value through profit or loss (FVTPL)
 14

 
 6.2   Financial Assets Measured at Amortized Cost
 16

 
 6.3   Allowance for Expected Credit Losses expense in the income statement
 20

 
 6.4   Financial Liabilities Measured at Amortized Cost
 22

 
 6.5   Financial Instruments Measured at fair value through profit or loss - Derivative Financial Instruments – Hedge
 24

 
 7.   Income Taxes, Social Contribution and Other Taxes
 28

 
 8.   Property and Equipment
 29

 
 9.   Intangible Assets
 30

 
 10.   Leases
 30

 
 11.   Other Assets
 31

 
 12. Provision for contingencies
 32

 
 13. Other Liabilities
 33

 
 14. Obligations related to credit assignments
 33

 
 15. Equity
 34

 
 16. Net Interest Income
 38

 
 17. Operating Expenses and other Revenues
 38

 
 18. Other income (expenses), net
 39

 
 19. Related parties
 39

 
 20. Non-cash items
 40

 
 21.   Sensitivity analysis
 40

 
 22.   Capital Management
 43

 
 23.   Risk Management and Financial Instruments
 45

 

  

  
  

 

Unaudited Interim Consolidated Statement of Financial
Position

As of June 30, 2026 and December 31, 2025

(In thousands of Brazilian reais - R$, unless
otherwise stated)

 

 

 

 
 Assets
 Note
 June 30, 2026
 December 31, 2025

 
 Cash and balances with banks
 5
 752,128
 327,293

 
 Financial assets
  
 47,179,352
 44,360,860

 
    At fair value through profit or loss
 6.1
 1,890,820
 3,102,639

 
    At amortized cost
 6.2 
 45,288,532
 41,258,221

 
 Securities
  
 4,279,830
 2,474,971

 
 Debentures
  
 6,159,546
 5,681,078

 
 Compulsory deposits with the Brazilian Central Bank
 -
 660,772

 
 Loans to customers
  
 37,075,843
 34,855,041

 
 (-) Allowance for expected credit loss
 6.3
 (2,226,687)
 (2,413,641)

 
 Deferred tax assets
 7
 1,318,487
 1,447,319

 
 Property and equipment 
 8
 101,903
 92,413

 
 Intangible assets
 9
 227,683
 182,205

 
 Right-of-use assets
 10
 200,969
 211,697

 
 Other assets
 11
 1,328,526
 1,115,565

 
  
  
  
  

 
 Total assets
  
 51,109,048
 47,737,352

 
  
  
  
  

 
  
  
  
  

 
 Liabilities
  
  
  

 
 Financial Liabilities
  
 31,586,524
 31,894,161

 
    At fair value through profit or loss
 6.5
 270,262
 115,077

 
    At amortized cost
 6.4 
 31,316,262
 31,779,084

 
 Demand deposits and Time deposits 
  
 18,980,916
 20,850,682

 
 Funds from acceptances and issuance of securities
 6,285,038
 6,170,529

 
 Loans and borrowing
  
 1,502,534
 747,088

 
 Debt issued and other borrowed funds
  
 756,614
 759,339 

 
 Repurchase agreements
  
 300,009
 -

 
 Debentures (from Repurchase Agreements)
  
 3,491,151
 3,251,446

 
 Provision for contingencies 
 12
 322,471
 310,343

 
 Other liabilities
 13
 880,014
 1,330,741

 
 Obligations related to credit assignments
 14
 13,158,101
 10,397,345

 
 Lease liabilities
 10
 237,923
 248,280

 
 Deferred tax liabilities
 7
 124,800
 382,874

 
  
  
  
  

 
 Total liabilities
  
 46,309,833
 44,563,744

 
  
  
  
  

 
 Equity
  
  
  

 
 Share capital
  
 40
 2,622,165

 
 Share Premium reserve
  
 3,910,989
 -

 
 Treasury shares
  
 (16,965)
 (1,297)

 
 Reserves
  
 519,185
 544,194

 
 Retained earnings
  
 386,811
 11,825

 
 Other comprehensive income
  
 (845)
 (3,279)

 
  
  
  
  

 
 Total equity
 15
 4,799,215
 3,173,608

 
  
  
  
  

 
 Total liabilities and equity
  
 51,109,048
 47,737,352  

 

    
2q263

  
  

 

Unaudited Interim Consolidated Statement of Profit
or Loss

For the three and six-month periods ended June 30, 2026
and 2025

(In thousands of Brazilian reais - R$, unless
otherwise stated)

 

 

 
  
  
 Three-month period ended
  
 Six-month period ended

 
  
 Note
 June 30, 2026
 June 30, 2025
  
 June 30, 2026
 June 30, 2025

 
 Interest income using the effective interest method
 16
 2,830,085
 2,216,083
  
 5,540,204
 4,281,193

 
 Interest expense using the effective interest method
 16
 (1,734,565)
 (1,131,320)
  
 (3,361,876)
 (2,081,406)

 
 Net interest income
  
 1,095,520
 1,084,763
  
 2,178,328
 2,199,787

 
 Gain on financial assets at fair value through profit or loss
  
 205,333
 87,926
  
 391,081
 131,798

 
 Commissions, banking fees and other revenues from services
 17.a
 135,552
 206,520
  
 236,267
 522,415

 
 Operating income
  
 1,436,405
 1,379,209
  
 2,805,676
 2,854,000

 
  
  
  
  
  
  
  

 
 (-) Expected credit losses
 6.3
 (562,210)
 (351,478)
  
 (1,061,191)
 (712,932)

 
 Personnel expenses
 17.c
 (131,525)
 (143,919)
  
 (222,095)
 (231,488)

 
 Selling, general and administrative expenses
 17.b
 (470,128)
 (330,964)
  
 (851,958)
 (648,793)

 
 Tax expenses
 17.d
 (109,897)
 (118,354)
  
 (220,943)
 (266,214)

 
 Depreciation and amortization
  
 (57,791)
 (48,456)
  
 (111,478)
 (95,385)

 
 Operating expenses
  
 (1,331,551)
 (993,171)
  
 (2,467,665)
 (1,954,812)

 
  
  
  
  
  
  
  

 
 Net operating income
  
 104,854
 386,038
  
 338,011
 899,188

 
  
  
  
  
  
  
  

 
 Other income (expenses), net
 18
 10,122
 (19,020)
  
 (6,963)
 (20,500)

 
 Income before income tax and social contribution
  
 114,976
 367,018
  
 331,048
 878,688

 
 Current income tax and social contribution
 7
 84,466
 (58,742)
  
 (95,217)
 (292,851)

 
 Deferred income tax and social contribution
 7
 834
 (44,340)
  
 150,980
 34,568

 
 Net income for the period 
  
 200,276
 263,936
  
 386,811
 620,405

 
 Attributable to the owners of the parent     
  
 200,276
 262,747
  
 386,811
 612,730

 
 Attributable to non-controlling interests
  
 -
 1,189
  
 -
 7,675

 
  
  
  
  
  
  
  

 
 Basic and diluted earnings per share – R$
  
  
  
  
  
  

 
 Common shares 
 15
 1.40
 1.94
  
 2.79
 4.72

 
 

 

    
2q264

  
  

 

Unaudited Interim Consolidated Statement of Comprehensive
Income

For three and six-month periods ended June 30, 2026
and 2025

(In thousands of Brazilian reais - R$, unless
otherwise stated)

 

 

 
  
 Three-month period ended
 Six-month period ended 

 
  
 June 30, 2026
 June 30, 2025
 June 30, 2026
 June 30, 2025

 
 Net income for the period
 200,276
 263,936
 386,811
 620,405

 
 Items that may be reclassified to profit or loss
 2,629
 (18,094)
 2,434
 (55,611)

 
 Fair value changes in cash flow hedges
 4,781
 (32,900)
 4,426
 (101,111)

 
 (-) Tax effect
 (2,152)
 14,806
 (1,992)
 45,500

 
 Subtotal
 2,629
 (18,094)
 2,434
 (55,611)

 
 Total comprehensive income
 202,905
 245,842
 389,245
 564,794

 
 Comprehensive income attributable to the equity owners of the parent.
 202,905
 244,653
 389,245
 557,119

 
 Comprehensive income attributable to non-controlling interests
 -
 1,189
 -
 7,675

 
 

 

 

    
2q265

  
  

 

Unaudited Interim Consolidated Statement of Changes
in Equity

For the six-month period ended June 30, 2026 and
2025

(In thousands of Brazilian reais - R$, unless
otherwise stated)

 

 

 
  
 Share capital
 Share Premium Reserve
 Treasury shares
 Reserves
 Retained earnings
 Other Comprehensive income
 Total
 Non - Controlling Interests
 Total equity

 
 Balances as of December 31, 2024
 1,673,000
 -
 (1,157)
 587,670
 52,726
 49,852
 2,362,091
 114,623
 2,476,714

 
 Net income for the period
 - 
 -
 - 
 - 
 612,730
 - 
 612,730
 7,675
 620,405

 
 Cash flow hedge, net
 - 
 -
 - 
 - 
 - 
 (55,611)
 (55,611)
 -
 (55,611)

 
 Capital increase
 20,000
 -
 - 
 380,000
 (382,800)
 - 
 17,200
 (17,200)
 -

 
 Usufruct dividends
 - 
 -
 - 
 - 
 (103,811)
 - 
 (103,811)
 - 
 (103,811)

 
 Treasury shares
 - 
 -
 1,157
 (344)
 - 
 - 
 813
 - 
 813

 
 Acquisition of Control
 - 
 -
 - 
 - 
 104,475
 - 
 104,475
 (104,475)
 -

 
 Balances as of June 30, 2025
 1,693,000
 -
 -
 967,326
 283,320
 (5,759)
 2,937,887
 623
 2,938,510

 
  
  
  
  
  
  
  
  
  
  

 
 Balances as of December 31, 2025
 2,622,165
 -
 (1,297)
 544,194
 11,825
 (3,279)
 3,173,608
 -  
 3,173,608

 
 Capital restructuring
 (2,622,130)
 2,829,584
 1,297
 (25,009)
 (11,825)
 -
 171,917
 -
 171,917

 
 Issuance of common shares – Series A
 5
 1,239,643
 -
 -
 -
 -
 1,239,648
 -
 1,239,648

 
 Transactions costs from IPO
 -
 (165,585)
 -
 -
 -
 -
 (165,585)
 -
 (165,585)

 
 Partnership program exercised (note 19b)
 -
 7,347
 -
 -
 -
 -
 7,347
 -
 7,347

 
 Net income for the period
 -
 -
 -
 -
 386,811
 -
 386,811
 -
 386,811

 
 Cash flow hedge, net
 -
 -
 -
 -
 -
 2,434
 2,434
 -
 2,434

 
 Repurchase of Treasury shares
 -
 -
 (16,965)
 -
 -
 -
 (16,965)
 -
 (16,965)

 
 Balances as of June 30, 2026
 40
 3,910,989
 (16,965)
 519,185
 386,811
 (845)
 4,799,215
 -
 4,799,215

 
 

 

 

 

    
2q266

  
  

 

Unaudited Interim Consolidated Statement of Cash
Flows

For the three and six-month periods ended June 30,
2026 and 2025

(In thousands of Brazilian reais - R$, unless
otherwise stated)

 

 

 
  
 June 30, 2026
  June 30, 2025

 
 Net income 
 386,811
 620,405

 
 Expected credit losses
 1,061,191
 712,932

 
 Depreciation and amortization
 111,478
 95,385

 
 Provision for contingencies
 126,936
 144,856

 
 Deferred income tax and social contribution
 (150,980)
 (34,568)

 
 Interest on leases
 16,564
 15,532

 
 Results on disposal of property and equipment and intangible assets
 12,216
 300

 
 Interest expense on loans and borrowings
 31,775
 29,819

 
  
  
  

 
 Net changes in operating assets and liabilities
  
  

 
 (Increase)/decrease in:
  
  

 
 Financial assets measured at fair value through other comprehensive income
 -
 (926)

 
 Financial assets measured at fair value through profit or loss
 1,541,106
 (1,963,533)

 
 Financial assets measured at amortized cost
 (5,316,142)
 (8,554,996)

 
 Other assets
 66,851 
 (309,066)

 
 Demand deposits
 220,364
 41,607

 
 Debt issued and other borrowed funds and debentures
 236,980
 (25,774)

 
  
  
  

 
 Increase/(decrease) in:
  
  

 
 Other liabilities
 (270,577)
 333,873

 
 Obligations related to credit assignments
 2,760,756
 2,154,689

 
 Provisions for contingencies
 (114,808)
 (85,303)

 
 Time customer deposits
 (2,090,130)
 3,645,595

 
 Repurchase agreements
 300,009
 -

 
 Funds from acceptances and issuance of securities
 114,509
 2,256,332

 
 Derivative instruments
 (179,052)
 236,830

 
 Income tax and social contribution paid
 (397,596)
 (263,436)

 
  
  
  

 
 Net cash flows (used in) operating activities
 (1,531,739)
 (949,447)

 
  
  
  

 
 Investment activities
  
  

 
 Purchase of property and equipment
 (33,706)
 (15,235)

 
 Purchase of intangible assets
 (113,604)
 (64,221)

 
 Net cash (used in) investing activities
 (147,310)
 (79,456)

 
  
  
  

 
 Financing Activities
  
  

 
 Issuance of shares under IPO
 1,239,643
 -

 
 Transactions costs from IPO
 (110,420)
 -

 
 Repurchase of treasury shares
 (11,055)
 -

 
 Loan proceeds
 1,048,283
 440,625

 
 Payment of borrowings
 (204,826)
 (286,852)

 
 Interest in borrowings paid
 (34,837)
 (13,948)

 
 Payment of lease liabilities
 (47,544)
 (41,088)

 
 Payment of usufruct dividends
 -
 (103,881)

 
  
  
  

 
 Net cash flows from provided by financing activities
 1,879,244
 (5,144)

 
  
  
  

 
 Increase/(Decrease) in cash and cash equivalents
 200,195
 (1,034,047)

 
  
  
  

 
 Cash and cash equivalents at the beginning of the period
 853,279
 1,405,410

 
 Cash and cash equivalents at the end of the period
 1,053,474
 371,363

 
 Increase / (decrease) in cash and cash equivalents
 200,195
 (1,034,047)

 
 

    
2q267

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

Notes to the Unaudited Interim Condensed Consolidated Financial
Statements

 

1.General Information

AGI Inc (the “Company” or “Group”,
when taken together with its subsidiaries) is a Cayman Islands holding company, incorporated on September 2, 2021. On February 11, 2026,
as part of a corporate reorganization carried out in connection with the Company’s international listing process, the shares of
Agi Financial Holding S.A. were contributed to AGI Inc, which became the direct controlling shareholder of Agi Financial Holding S.A.
AGI Inc has control of 100% of the shares of Agi Financial Holding S.A., which in turn holds 100% of the shares of Banco Agibank S.A.

The Group aims to provide a broad financial
services platform, including personal credit, payroll loans, credit card and payroll credit card operations, as well as demand and time
deposits, investments, insurance, among others.

The issuance of
these financial statements was authorized by the Executive Board on August 5, 2026.

(a)Banco Agibank S.A. (“Bank”):

The Company’s indirectly held subsidiary,
Banco Agibank S.A. ("Agibank" or the "Bank") was established following the transfer of control of Banco Gerador S.A.
from its former shareholders to its then-parent company, Agipar Holding S.A., under a purchase and sale agreement and other covenants
signed on May 2, 2016. The transaction was approved by the Central Bank of Brazil (BACEN), along with the Bank’s business continuity
plan, on July 26, 2016.

On August 16, 2016, Banco Gerador S.A. was
renamed Banco Agiplan S.A. Subsequently, on January 10, 2018, the name was changed to Banco Agibank S.A., with BACEN’s approval
granted on January 24, 2018.

Agibank operates as a commercial bank, offering
personal credit, payroll loans, credit cards, and payroll credit cards, as well as raising demand and time deposits. Since April 5, 2021,
the Bank’s headquarters have been located at Rua Sérgio Fernandes Borges Soares, No. 1,000, Building 12 E-1, Industrial District,
Campinas, São Paulo.

(b)Agibank Management Ltd. “Agi
Asset”:

In March 2026, Agibank
launched Agibank Asset Management Ltd. (“Agi Asset”), a new business vertical focused on asset management and private credit
products. The initiative marks the beginning of the Bank’s expansion into wholesale banking activities, leveraging its credit expertise
to structure Fundo de Investimento em Direitos Creditórios (FIDCs) and to facilitate companies’ access to the capital markets. 

(c)Fundo de investimentos em Direitos
Creditórios Agibank II “FIDC II”:

In April 22, 2026,
Class A Quotas of the Fundo de Investimento em Fundos de Investimentos em Direitos Creditórios Agibank II ("FIDC") began
to be consolidated. The Group holds 100% of the subordinated quotas of the FIDC, which absorb first losses and are entitled to the residual
returns of the fund, thereby exposing the Group to substantially all variable returns generated by the underlying credit portfolio and
supporting the conclusion that the Group retains substantially all risks and rewards associated with its operations.

 

 

    
2q268

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

(d) Agibank Crédito
Privado Fundo de Investimento Financeiro Multimercado “Agibank FIFM”:

On March 16, 2026,
the Agibank Crédito Privado Fundo de Investimento Financeiro Multimercado “Agibank FIFM” was established as an open-ended
multimarket investment fund. The fund has an indefinite term, a single-class structure with subclasses, and is intended for qualified
investors. The Group holds 100% of the fund's shares, which exposes it to substantially all variable returns generated by the fund's portfolio,
supporting the conclusion that the Group retains substantially all risks and rewards associated with its operations and, accordingly,
the Agibank FIFM is consolidated in the Group's financial statements.

 

(e) Agibank Seleção
FIC FIDC – Responsabilidade Limitada “FIC FIDC”:

On June 22, 2026,
Agibank Seleção FIC FIDC – Responsabilidade Limitada (“FIC FIDC”) was established as an open-ended fund
of investment in credit rights investment funds (FIC FIDC). The fund is consolidated by the Group for financial reporting purposes.

The fund has an
indefinite term, a single-class structure, and is intended for qualified investors. Its investment objective is to provide capital appreciation
primarily through investments in quotas of credit rights investment funds (FIDCs), in accordance with the investment limits and eligibility
criteria established in its regulations.

 

1.1Initial Public Offering (“IPO”)

On February, 2026,
AGI Inc completed its Initial Public Offering (IPO). A total of 20,000,000 Class A common shares were offered by the Company.

The initial public
offering price was US$12.00 per Class A common share, for gross proceeds of US$240,0 million. The Company received net proceeds of US$
226,7 million (or R$ 1,239,6 million), after deducting US$ 13,3 million (or R$ 68,7 million) in underwriting discounts and commissions
and US$ 11,3 million (or R$ 58,7 million) of other offering expenses.

On the three-month
period ended June 30, 2026, the Company deducted US$ 7,4 million (or R$ 38,2 million) of other offering expenses.

The Class A common
shares were registered under the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form F-1
(Registration No. 333-292720), which was declared effective by the Securities and Exchange Commission in February, 2026. The common shares
have been traded on the New York Stock Exchange (NYSE) since February 11, 2026, under the symbol "AGBK".

In connection with
the corporate reorganization completed on February 11, 2026, the financial statements of AGI Inc were prepared using the predecessor basis
of accounting.

 

1.2Corporate Reorganization and Capital Restructuring

In connection with
the corporate reorganization completed on February 11, 2026, in which AGI Inc became the direct controlling shareholder of Agi Financial
Holding S.A., the Group’s equity structure was reorganized to reflect the share capital structure of AGI Inc. As the financial
statements are prepared using the predecessor basis of accounting, the historical equity balances of Agi Financial Holding S.A. were
reclassified within equity.

    
2q269

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

As part of this
process, the historical share capital of Agi Financial Holding S.A. was adjusted to reflect the par value structure of AGI Inc’s
shares. This resulted in a transfer of share capital of R$ 2,622,165. Historical balances of reserves, retained earnings and other comprehensive
income of Agi Financial Holding S.A., including retained earnings of R$ 11,825 as of December 31, 2025, were reclassified within equity
as part of the new capital structure.

Additionally, treasury
shares previously recognized at the level of Agi Financial Holding S.A. were derecognized and replaced by the treasury shares position
of AGI Inc, resulting in a net movement of R$ 1,297 in treasury shares. These adjustments represent equity reclassifications associated
with the corporate reorganization and had no impact on the Group’s total shareholders’ equity.

 

2.Basis of preparation

 

The unaudited interim condensed consolidated
financial statements were prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards
Board ("IASB"),

The preparation of the financial statements,
in accordance with IFRS Accounting Standards, requires management to make judgments, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, revenues, costs and expenses. Current results could differ from
the estimates. The use of judgments or estimates relevant to the financial statements are presented in each note below.

The accounting policies and criteria adopted
in the preparation of the consolidated financial statements for the three-month period ended June 30, 2026 and for the six-month period
ended June 30, 2026 and 2025 are consistent with those applied in the preparation of the Group’s annual consolidated financial statements
for the year ended December 31, 2025.

 

New standards, interpretations and amendments
adopted by the Group 

 

The accounting policies adopted in the preparation
of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s
annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of new standards effective as of
1 January 2026. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

 

Classification and Measurement of Financial
Instruments – Amendments to IFRS 9 and IFRS 7 

 

In May 2024, the IASB issued Amendments to IFRS
9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:

·Clarifications of the requirements
for recognition and derecognition of financial assets and financial liabilities. In particular, a financial liability is derecognised
on the ‘settlement date’ and an accounting policy choice is introduced (if specific conditions are met) to derecognise financial
liabilities settled using an electronic payment system before the settlement date 

    
2q2610

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

·Additional guidance on how the
contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed

·Clarifications on what constitute
‘non-recourse features’ and what are the characteristics of contractually linked instruments The introduction of disclosures
for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value
through other comprehensive income (OCI).

The amendments had no impact on the Group’s
interim condensed financial statements.

 

Annual Improvements to IFRS accounting Standards
– Volume 11

In July 2024, the IASB issued nine narrow scope
amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections
or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments:
Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements
and IAS 7 Statements of Cash Flows.

The amendments had no impact on the Group’s
interim condensed financial statements.

 

Contracts Referencing Nature-dependent Electricity
– Amendments to IFRS 9 and IFRS 7 

In December 2024, the IASB issued Amendments to
IFRS 9 and IFRS 7 - Contracts Referencing Nature dependent Electricity. The amendments apply only to contracts that reference nature-dependent
electricity, and they:

·Clarify the application of the
‘own-use’ requirements for in-scope contracts 

·Amend the designation requirements
for a hedged item in a cash flow hedging relationship for in-scope contracts 

·Add new disclosure requirements
to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows.

The amendments had no impact on Group’s interim
condensed financial statements.

 

Corporate reorganization

These condensed and consolidated financial statements
have been prepared on a predecessor basis, reflecting the results and financial position of Agi Financial Holding S.A. as if they had
always been part of AGI Inc, given that AGI Inc was established solely as a holding company and currently holds 100% of the share capital
of Agi Financial Holding S.A. Accordingly, AGI Inc is considered, in substance, a continuation of the existing holding structure for all
periods presented.

    
2q2611

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

 

These interim condensed consolidated financial
statements include the following companies, headquartered in Brazil:

 

 
 Subsidiaries
 June, 30 2026
 December, 31 2025

 
 Banco Agibank S.A. 
 100.00%
 100.00%

 
 Agi Financeira S.A. – Sociedade De Crédito, Financiamento E Investimento
 100.00%
 100.00%

 
 Agibank Corretora de Seguros Sociedade Simples Ltda.
 100.00%
 100.00%

 
 Telecontato Call Center e Telemarketing Ltda.
 100.00%
 100.00%

 
 Hypeflame Tecnologia e Big Data Ltda.
 100.00%
 100.00%

 
 Soldi Promotora de Vendas Ltda.
 100.00%
 100.00%

 
 Promil Promotora de Vendas Ltda.
 100.00%
 100.00%

 
 Agiplan Serviços de Cobrança Ltda.
 100.00%
 100.00%

 
 Neo Núcleo de Excelência Operacional Ltda.
 100.00%
 100.00%

 
 Agi Marketplace Ltda.
 100.00%
 100.00%

 
 A House Agência de Publicidade Ltda.
 100.00%
 100.00%

 
 Agi Corretora de Seguros Digital Ltda.
 100.00%
 100.00%

 
 Agi Financial Holding S.A.
 100.00%
 2.68%

 
 Fundo de Investimento em Direitos Creditórios Agibank I (“FIDC”)
 15.45%
 15.45%

 
 Agibank Asset Management Ltda. 
 100.00%
 100.00%

 
 Agibank
 Crédito Privado Fundo de Investimento Financeiro Multimercado ("Agibank FIFM")
 100.00%
 -

 
 Fundo de Investimento em Direitos Creditórios Agibank II (“FIDC II”)
 15.22%
 -

 
 Agibank Seleção FIC FIDC – Responsabilidade Limitada (“FIC FIDC”)
 100.00%
 -

 
 

In the interim condensed consolidation process,
all balances and transactions among the entities under common control, including intercompany transactions and balances of their respective
subsidiaries, have been eliminated to present a single set of financial statements as if they were a single economic entity.

 

During the current reporting period, the Group
began to consolidate of Agibank Crédito Privado Fundo de Investimento Financeiro Multimercado and Agibank Seleção
FIC FIDC – Responsabilidade Limitada, an investment fund under its control. Accordingly, the fund’s assets, liabilities, income,
expenses, balances, and transactions have been included in the consolidated financial statements, and all intercompany balances and transactions
have been eliminated to present the financial position and results of operations as those of a single economic entity.

 

(a)Functional and presentation
currency

 

The financial statements are presented in thousands
of Brazilian reais (R$ - BRL), rounded to the nearest thousand, which is the Group’s functional currency.

    
2q2612

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

 

(b)Segment Reporting

 

For management purposes, the Bank’s Management
has determined that it has only one operating segment related to the banking business. The Bank provides a standardized set of financial
products and services exclusively to individuals, mainly focused on credit, including digital accounts, cards, payroll and personal loans,
and insurance offered through partners.

 

All products present similar economic characteristics,
are directed to the same type of customer, use integrated distribution channels, and operate under the same regulatory environment. Consequently,
the Bank does not manage its activities by business lines, customer categories, products, regions or any other segmentation for purposes
of resource allocation or performance assessment.

 

Accordingly, operating results are monitored and
presented to the Chief Operating Decision Maker on a consolidated basis.

 

No single customer contributed 10% or more to the
Group condensed or consolidated revenue for the period ended June 30, 2026 and 2025.

 

Most of the Group’s assets are located in
Brazil and all of the Group’s revenue is derived from customers located in Brazil.

 

3.Summary of significant accounting policies

 

The accounting policies adopted in the preparation
of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s
annual consolidated financial statements for the year ended 31 December 2025. The Company has not early adopted any standard, interpretation
or amendment that has been issued but is not yet effective.

 

4.Significant accounting judgements, estimates and assumptions

 

The significant accounting judgements and estimates
adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation
of the Group’s annual consolidated financial statements for the year ended December 31, 2025, except for the change in accounting
estimate described below.

 

On March, 2026, the Company revised the delinquency
horizon used in its write-off assessment for certain credit portfolios, reducing the threshold from 360 days to 270 days past due. The
revision was supported by internal studies demonstrating a better alignment with the observed behavior of the portfolio, the renewal cycles
of the underlying transactions, and the Institution's credit risk management practices.

    
2q2613

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

 

5.Cash and Cash Equivalents

 

Comprise cash at banks and on hand in national
or foreign currency, and investments in interbank deposits, whose maturity of operations on the effective date of investment is equal
to or less than 90 days and present an insignificant risk of change in fair value, being used for managing short-term commitments.

 
  
 As of

 
  
  June 30, 2026
 December 31, 2025

 
 Cash and balances with banks in local currency
 751,429
 326,592

 
 Cash and balances with banks in foreign currency 
 699
 701

 
 Total cash and balances with banks
 752,128
 327,293

 
  
  
  

 
 Interbank investments (1)
 301,346
 525,986

 
 Total cash and cash equivalents 
 1,053,474
 853,279

 

(1)Highly liquid Investments with a maturity equal to or less
than 90 days readily convertible into a known amount of cash and subject to an insignificant risk of changes in fair value (see note 6.2).

 

6.Financial Instruments

 

6.1Financial assets measured at fair value through profit
or loss (FVTPL)

 

 

Breakdown of Financial Assets Measured at Fair Value Through Profit or
Loss (FVTPL)

 

 
  
 As of,

 
  
  June 30, 2026
 December 31, 2025

 
 Derivatives
 579,869
                      250,582 

 
 Investments fund quotas(1)
 45,189
                           13,987

 
 Investment securities - Letters of Credits (LF)
  50,397 
                        210,891

 
 Investment securities - National Treasury Bills (LTN)
  272,550 
                        646,754

 
 Investment securities - Financial Treasury Bills (LFT)
 824,167 
                    1,722,314

 
 
 Investment securities - National Treasury Notes (NTN)

  253 
 139,335

 
 Mexican government securities – CETES
  119,028
 119,384

 
 (-) Adjustments of hedge items – CETES (Note 6.5.d)
 (633)
 (608)

 
 Total
 1,890,820
 3,102,639

 
(1) Refers substantially to amounts
invested in the investment fund, remunerated at the DI rate (the Brazilian interbank deposit rate), where the Group holds participation
units. The underlying assets of the fund comprise public and private securities and repo with high liquidity (Level 1).

    
2q2614

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

Fair Value of Financial Assets Measured at Fair Value Through
Profit or Loss (FVTPL)

 

 
  
 As of June 30, 2026

 
  
 Fair Value

 
  
 Level 1
 Level 2
 Level 3
 Total

 
 Derivatives
 -
 579,869
 -
 579,869

 
 Investments fund quotas
 45,189
 -
 -
 45,189

 
 Investment securities - Financial Bills (LF)
 50,397
 -
 -
 50,397

 
 Investment securities - National Treasury Bills (LTN)
 272,550
 -
 -
 272,550

 
 Investment securities - Financial Treasury Bills (LFT)
 824,167
 -
 -
 824,167

 
 Investment securities - National Treasury Notes (NTN)
 253
 -
 -
 253

 
 Mexican government securities – CETES, net of adjustments of hedge instruments
 118,395
 -
 -
 118,395

 
 Total
 1,310,951
 579,869
 -
 1,890,820

 
 

 
  
 As of December 31, 2025

 
  
 Fair Value

 
  
 Level 1
 Level 2
 Level 3
 Total

 
 Derivatives
 -
 250,582
 -
 250,582

 
 Investments fund quotas
 13,987
 -
 -
 13,987

 
 Investment securities - Financial Bills (LF)
 210,891
 -
 -
 210,891

 
 Investment securities - National Treasury Bills (LTN)
 
  646,754 
 
       -
         -
  646,754 

 
 Investment securities - Financial Treasury Bills (LFT)
   1,722,314 
 
          -
       -
     1,722,314 

 
 Investment securities - National Treasury Notes (NTN)
 139,335
  -
 
  -
 139,335

 
 Mexican government securities – CETES, net of adjustments of hedge items
 118,776
    -
    -
 118,776

 
 Total
 2,852,057
 250,582   
                          -
 3,102,639

 
 

Maturity of Financial Assets Measured at Fair Value Through
Profit or Loss (FVTPL)

 

 
  
 As of June 30, 2026

 
  
 Less than 12 months
 1 - 3 years
 3 - 5 years
 Over 5 years
 Total

 
 Derivatives
 579,869
 -
 -
 -
 579,869

 
 Investments fund quotas
 45,189
 -
 -
 -
 45,189

 
 Investment securities - Financial Bills (LF)
 37,559
 12,838
 -
 -
 50,397

 
 Investment securities - National Treasury Bills (LTN)
 -
 3,255
 269,295
 -
 272,550

 
 Investment securities - Financial Treasury Bills (LFT)
  12,830
  42,116 
  6,981 
  762,240 
  824,167 

 
 Investment securities - National Treasury Notes (NTN)
 253
 -
 -
 -
 253

 
 Mexican government securities – CETES, net of adjustments of hedge items
 118,395
 -
 -
 -
 118,395

 
 Total
 794,095
 58,209 
 276,276 
 762,240 
             1,890,820 

 
 

 

 
  
 As of December 31, 2025

 
  
 Less than 12 months
 1 - 3 years
 3 - 5 years
 Over 5 years
 Total

 
 Derivatives
 250,582
 -
 -
 -
 250,582

 
 Investments fund quotas
 13,987
 -
 -
 -
 13,987

 
 Investment securities - Financial Bills (LF)
 38,742
 172,149
 -
 -
 210,891

 
 Investment securities - National Treasury Bills (LTN)
 -
 -
 646,754
 -
 646,754

 
 Investment securities - Financial Treasury Bills (LFT)
                                 -
 186,660
 1,535,654
 -
 1,722,314

 
 Investment securities - National Treasury Notes (NTN)
                                 -
  - 
 -
 139,335
 139,335

 
 Mexican government securities – CETES, net of adjustments of hedge items
 -
 118,776
 -
 -
 118,776

 
 Total
 303,311
 477,585
 2,182,408
 139,335
 3,102,639

 
 

    
2q2615

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

 

 

6.2Financial Assets Measured at Amortized Cost

 

 

Breakdown of Financial Assets at Amortized Cost

 

 
  
 As of

 
  
 June 30, 2026
 December 31, 2025

 
  Held to collect contractual cash flows 
  
  

 
  Personal credit
 5,571,174
 6,073,632

 
  Payroll loans to customers
 28,451,691
 25,808,985

 
  Payroll credit cards
 2,448,996
 2,375,184

 
  Credit card
 11,722
 13,868

 
  Others 
 74,452
 93,449

 
  (-) Allowance for Expected Credit Losses
 (2,226,687)
 (2,413,641)

 
  Subtotal 
            34,331,348 
 31,951,477

 
  Premium paid on the acquisition of credit portfolios 
 679,050
 562,892

 
  (+/-) Adjustment of credit portfolios – hedge object (Note 6.5.d)
 (161,242)
 (72,969)

 
  Subtotal 
            34,849,156 
 32,441,400

 
  
  
  

 
 Investment securities
  
  

 
 Investment securities - National Treasury Notes (NTN) 
                      7,757 
 2,413

 
 Investment securities - Financial Treasury Bills (LFT)
                             -   
 11,311

 
 Investments - Bearer Note(1)
                  424,857 
 -

 
 Official Credit (ICO) – Spanish Government
               1,381,110 
 1,511,389

 
 (-) Adjustment of hedge items - Official Credit (ICO) – Spanish Government (Note 6.5.d)
 (14,645)
 (112)

 
  Subtotal 
 1,799,079
 1,525,001

 
  
  
  

 
 Repurchase Agreements 
  
  

 
 Investment securities - National Treasury Notes (LTN) – Note 5
 -
 256,000

 
 Investment securities - Financial Treasury Bills (LFT) – Note 5
 301,346 
 269,986

 
  Subtotal 
 301,346 
 525,986

 
  
  
  

 
 Pledged of collateral
  
  

 
 Government Bonds – KDB – Korea Development Bank
                             -   
 289,509

 
 Investment securities - Financial Treasury Bills (LFT)
                    57,891 
 42,818

 
 Investment securities - National Treasury Notes (NTN)
                    89,204 
 91,657

 
 Official Credit (ICO) – Spanish Government
                   1,232,653  
 -

 
 Securities Provided as Collateral – Bearer Note
                  799,657 
 -

 
  Subtotal 
 2,179,405 
 423,984

 
  
  
  

 
  Debentures 
              6,159,546 
 5,681,078

 
  Subtotal 
              6,159,546 
 5,681,078

 
  
  
  

 
 Compulsory deposits with the Brazilian Central Bank
 -
 660,772

 
 Subtotal
 -
 660,772

 
  Total 
             45,288,532 
 41,258,221

 
  
  
  

 
 

1)An international fixed-income
instrument issued in bearer form, representing a debt obligation of the issuer, subject to the contractual terms and conditions governing
interest remuneration and maturity

    
2q2616

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

Fair Value of Financial Assets Measured at Amortized Cost
Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments measured at
amortized cost, other than those with carrying amounts that are reasonable approximations of fair values:

 

 
  
 June 30, 2026

 
  
 Carrying Amount
 Fair Value

 
  
 Level 1
 Level 2
 Level 3
 Total
 Level 1
 Level 2
 Level 3
 Total

 
  
  
  
  
  
  
  
  
  

 
 Investment securities
  
  
  
  
  
  
  
  

 
  Investment securities - National Treasury Notes (NTN) 
 7,757 
 -   
 -   
 7,757 
 7,696 
 -   
 -   
 7,696 

 
 Investments - Bearer Note
 -   
 424,857 
 -
 424,857 
 -   
 424,857 
 -
 424,857 

 
 Official Credit (ICO) – Spanish Government, net of adjustment of hedge items
 1,366,465 
 -   
 -   
 1,366,465
 1,366,465
 -   
 -   
 1,366,465

 
 Subtotal
 1,374,222 
 424,857 
 -   
 1,799,079 
 1,374,161 
 424,857 
 -   
 1,799,018 

 
  
  
  
  
  
  
  
  
  

 
 Repurchase Agreements
  
  
  
  
  
  
  
  

 
 Investment securities - Financial Treasury Bills (LFT)
 301,346  
 -   
 -   
 301,346  
 301,346  
 -   
 -   
 301,346  

 
 Subtotal
 301,346  
 -
 -
 301,346  
 301,346  
 -
 -
 301,346  

 
  
  
  
  
  
  
  
  
  

 
 Pledged of collateral 
  
  
  
  
  
  
  
  

 
 Investment securities - Financial Treasury Bills (LFT)
 57,891 
 -   
 -   
 57,891 
 57,965 
 -   
 -   
 57,965 

 
 Investment securities - National Treasury Notes (NTN)
 89,204 
 -   
 -   
 89,204 
 88,506 
 -   
 -   
 88,506 

 
 Official Credit (ICO) – Spanish Government
 1,232,653 
 -   
 -   
 1,232,653
 1,232,653
 -   
 -   
 1,232,653

 
 Securities Provided as Collateral – Bearer Note
 -
 799,657   
 -   
 799,657 
 -
 799,657    
 -   
 799,657 

 
 Subtotal
 1,379,748 
 799,657    
 -   
 2,179,405 
 1,379,124
 799,657    
 -   
  2,178,781

 
  
  
  
  
  
  
  
  
  

 
 Debentures
 -   
 -   
 6,159,546 
 6,159,546 
 -   
 -   
 6,159,546 
 6,159,546 

 
 Subtotal
 -   
 -   
 6,159,546 
 6,159,546 
 -   
 -   
 6,159,546 
 6,159,546 

 
  
  
  
  
  
  
  
  
  

 
 Total
  3,055,316 
  1,224,514 
  6,159,546 
 10,439,376 
 3,054,631 
  1,224,514 
  6,159,546 
 10,438,691 

 
 

 

 

 

    
2q2617

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

 

 

 

 
  
 December 31, 2025
 

 
  
 Carrying Amount
 Fair Value

 
  
 Level 1
 Level 2
 Level 3
 Total
 Level 1
 Level 2
 Level 3
 Total

 
  
  
  
  
  
  
  
  
  

 
 Investment securities
  
  
  
  
  
  
  
  

 
  Investment securities - National Treasury Notes (NTN) 
 2,413
 -
 -
 2,413
 2,344
 -
 -
 2,344

 
 Investment securities – Financial Treasury Bills (LFT)
 11,311
 -
 -
 11,311
 11,335
 -
 -
 11,335

 
 Official Credit (ICO) – Spanish Government, net of adjustment of hedge items
 1,511,277
 -
 -
 1,511,277
 1,511,277
 -
 -
 1,511,277

 
 Subtotal
 1,525,001
 -
 -
 1,525,001
 1,524,956
 -
 -
 1,524,956

 
  
  
  
  
  
  
  
  
  

 
 Repurchase Agreements
  
  
  
  
  
  
  
  

 
 Investment securities - National Treasury Bills (LTN)
 256,000
 -
 -
 256,000
 257,708
 -
 -
 257,708

 
 Investment securities - Financial Treasury Bills (LFT)
 269,986
 -
 -
 269,986
 270,989
 -
 -
 270,989

 
 Subtotal
 525,986
 -
 -
 525,986
 528,697
 -
 -
 528,697

 
  
  
  
  
  
  
  
  
  

 
 Pledged of collateral 
  
  
  
  
  
  
  
  

 
 Government Bonds – KDB – Korea Development Bank
 289,509
 -
 -
 289,509
 289,509
 -
 -
 289,509

 
 Investment securities - Financial Treasury Bills (LFT)
 42,818
 -
 -
 42,818
 42,818
 -
 -
 42,818

 
 Investment securities - National Treasury Notes (NTN)
 91,657
 -
 -
 91,657
 91,657
 -
 -
 91,657

 
 Subtotal
 423,984
 -
 -
 423,984
 423,984
 -
 -
 423,984

 
  
  
  
  
  
  
  
  
  

 
 Debentures
 -
 -
 5,681,078
 5,681,078
 -
 -
 5,681,078
 5,681,078

 
 Subtotal
 -
 -
 5,681,078
 5,681,078
 -
 -
 5,681,078
 5,681,078

 
  
  
  
  
  
  
  
  
  

 
 Compulsory deposits with the Brazilian Central Bank
 660,772
 -
 -
 660,772
 660,772
 -
 -
 660,772

 
 Subtotal
 660,772
 -
 -
 660,772
 660,772
 -
 -
 660,772

 
 Total
 3,135,743
 -
 5,681,078
 8,816,821
 3,138,409
 -
 5,681,078
 8,819,487

 
  
  
  
  
  
  
  
  
  
 

 
 

The debentures classified within Level 3 of the fair value hierarchy
were measured using valuation techniques based on unobservable inputs, in accordance with IFRS 13 – Fair Value Measurement.

The Company classified these financial instruments within Level
3 due to the absence of an active market for trading and the lack of sufficient observable inputs to support measurement based exclusively
on market data.

Fair value was determined using a discounted cash flow methodology,
taking into consideration, among other assumptions:

·expected contractual cash flows;

·a discount rate consistent with the issuer's credit risk;

·the remaining term of the instrument;

·specific terms and conditions of the issuance; and

·internal estimates of risk and liquidity.

 

The assumptions used involve significant management judgment and, therefore,
changes in these estimates may have a material impact on the amounts determined.

As of the reporting date, there were no transfers between levels of the fair
value hierarchy.

 

 

    
2q2618

 AGI Inc 
Notes to the Unaudited Interim Condensed Consolidated Financial Statements 
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)

  

 

Maturity of Financial Assets Measured
at Amortized Cost

 

 

 
  
  June 30, 2026

 
   Product 
  Less than 12 months 
  1-3 years 
  3-5 years 
   Over 5 years  
  Total 

 
  Personal credit  
 2,973,322
 2,302,336
 182,256
 113,260
 5,571,174

 
  Payroll loans to customers
 4,242,394
 7,599,109
 7,457,322
 9,152,866
 28,451,691

 
  Payroll credit card 
 375,383
 727,274
 917,003
 429,336
 2,448,996

 
  Credit card  
 11,681
 41
 -
 -
 11,722

 
  Investment securities - National Treasury Notes (NTN) 
 96,961
 -
 -
 -
 96,961

 
 Official Credit (ICO) – Spanish Government, net of adjustment of hedge items
 2,599,118
 -
 -
 -
 2,599,118

 
  Investment securities - Financial Treasury Bills (LFT) 
 339,952
 19,285
 -
 -
 359,237

 
 Debentures
 -
 2,472,563
 1,600,502
 2,086,481
 6,159,546

 
 Investments – Bearer Note
 424,857
 -
 -
 -
 424,857

 
 Securities Provided as Collateral – Bearer Note
 799,657
 -
 -
 -
 799,657

 
  Others 
 74,452
 -
 -
 -
 74,452

 
  Total 
 11,937,777
 13,120,608
 10,157,083
 11,781,943
 46,997,411

 
 

 

 
  
  December 31, 2025 

 
   Product 
  Less than 12 months 
  1-3 years 
  3-5 years 
   Over 5 years  
  Total 

 
  Personal credit  
 3,200,346
 2,568,374
 198,904
 106,008
 6,073,632

 
  Payroll loans to customers
 4,117,773
 6,490,325
 6,778,144
 8,422,743
 25,808,985

 
  Payroll credit card 
 322,321
 614,738
 909,149
 528,976
 2,375,184

 
  Credit card  
 13,788
 37
 32
 11
 13,868

 
  Investment securities - National Treasury Notes (NTN) 
 94,070
 -
 -
 -
 94,070

 
 Investment securities - National Treasury Bills (LTN)
 256,000
 -
 -
 -
 256,000

 
 Official Credit (ICO) – Spanish Government, net of adjustment of hedge items
 1,511,277
 -
 -
 -
 1,511,277

 
 Government Bonds – KDB – Korea Development Bank
 289,509
 -
 -
 -
 289,509

 
  Investment securities - Financial Treasury Bills (LFT) 
 324,115
 -
 -
 -
 324,115

 
 Debentures
 189,752
 -
 3,361,772
 2,129,554
 5,681,078

 
 Compulsory deposits with the Brazilian Central Bank
 660,772
 -
 -
 -
 660,772

 
  Others 
 93,442
 7
 -
 -
 93,449

 
  Total 
 11,073,165 
 9,673,481 
 11,248,001 
 11,187,292 
 43,181,939 

 
 

 

 

Reconciliation of Financial Assets Measured at Amortized Cost

 

 
  
  June 30, 2026

 
 Product
 Stage 1
 Stage 2
 Stage 3
  Total 

 
 Exposure of credit loans to customers with credit granting characteristics
 34,010,356
 1,172,544
 1,375,135
 36,558,035

 
 Other financial assets at amortized cost
 10,439,376
 -
 -
 10,439,376

 
 (-) Allowance for expected credit losses
 (561,919)
 (523,380)
 (1,141,388)
 (2,226,687)

 
 Credit limits granted and not used¹
 (3,028)
 (1,123)
 (181)
 (4,332)

 
 Total
 43,884,785
 648,041
 233,566
 44,766,392

 
¹ Refers to credit limits granted and not used under 'Other
liabilities - expected credit losses, note 13.

 
  
  December 31, 2025

 
 Product
 Stage 1
 Stage 2
 Stage 3
  Total 

 
 Exposure of credit loans to customer with credit granting characteristics
 31,663,353
 1,287,563
 1,414,204
 34,365,120

 
 Other