Inter & Co 2025年淨收入增45%至13.12億雷亞爾，ROE升至13.8%

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Annual Report 2025 

 

Summary 2025 Summary 03 05 07 13 18 2025 Highlights  Message from Global CEO About Inter  Our Ecossystem  Our Strategy 19 20 24 30 31 37 39 41 The vision Financial Strategy The Execution The Core Enablers Tech & AI Credit Engine Risk Management People & Culture 48 52 53 60 62 67 Other Information 68 69 73 About the report  Glossary Disclaimer Market positioning and opportunities Corporate Governance  Corporate Structure Regulatory Environment & Compliance ESG 

 

2025 Highlights  2025 2025 Highlights Transaction volume TOTAL CLIENTS 43.1mm 6mm Global Clients 3mm Business Clients R$1.8 tri Total payment volume (TPV) 4Q25 Run Rate Loan Portfolio +36% R$48.3bn R$35.6bn Net Income R$1,312mm +45% ROE1 11.1% +2.7 p.p. 13.8% R$907mm 2024 2025 2024 2025 2024 2025 Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 03 

 

2025 Highlights  2025 Client trust & Satisfaction1 #7 Most powerful brand in Brazil Brand Finance 2025 #2 Best bank in Brazil Forbes #3 Strongest bank brand Brand Finance 2026 Engagement Logins per day3 21.5mm Rule of 50 in 2025 45% Revenue growth 31.3% + ROE1 13.8% 4.8 Google Play2 85 NPS24.9 App Store2 Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. Note 2: As December/2025. Note 3: The login volume used in this calculation was based on the average of total logins per day of December/25. 04 

 

2025 Message from Global CEO 

 

Message from Global CEO 2025 Driving sustainable growth and building for the future At Inter, our purpose is to create a world where interactions between people generate more value. In 2025, we saw exactly what happens when that value compounds at scale. With every engagement within our Super App, whether it is a client learning about finance, organizing their savings, or accessing credit, these interactions build trust and drive our ecosystem forward.  By relentlessly focusing on this mission, we delivered exceptional results and continued to build Inter for the long term. We closed the year with 43 million clients, and our disciplined execution translated into robust financial performance, highlighted by a fourth-quarter net income of R$374 million and a 15.1% annualized ROE1.  These milestones represent a powerful validation of our 60-30-30 strategic business plan, our ambitious roadmap to reach 60 million clients, a 30% efficiency ratio1, and a 30% ROE that sets the stage for our new north-star, which we call the Rule of 50— a clear benchmark where the sum of our revenue growth rate and return on equity consistently meets or exceeds 50 percent. Achieving this balance of rapid growth and increasing profitability is only possible because of our structural technology advantages: our proprietary 3SA approach, Single, Smart, Super App, and the deep analytical capabilities powered by “Inter Data Vault.”  The 3SA framework ensures that, as we expand, every new product integrates seamlessly into a single ecosystem, lowering our cost to serve while maximizing convenience for the client. In turn, the immense volume of data generated by the 3SA fuels our Data Vault, creating a secure, centralized foundation that scales powerful insights across our entire business. By feeding this unified data into our ongoing advancements in AI, we continuously refine our credit models, anticipate client needs, and transform millions of daily interactions into highly personalized, frictionless experiences. I invite you to explore the rest of this annual report, where we explain our unique business model in detail and demonstrate how we are positioned to continue delivering value for years to come. Thank you for your continued trust and partnership. Note1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. João Vitor Menin Global CEO 05 

 

2025 About Inter 

 

About Inter 2025 Who we are For decades, the traditional financial sector was characterized by complexity, concentration, and high costs. We built Inter to simplify financial life through a single digital ecosystem that combines banking, credit, investments, insurance, shopping, loyalty, and global solutions. The year 2025 marked the 10-year anniversary of our digital bank account launch, the 1st in Brazil. In 2015, we challenged the status quo of legacy institutions by launching this 100% digital and free checking account. Over the past decade, we have continuously evolved our product offering to cover every major step in our customers' financial journeys. As a result, we have grown into one of the largest digital financial platforms in the world, closing 2025 with more than 43 million customers. We are more than a bank. We are an integrated platform that brings together banking, credit, investments, insurance, shopping, loyalty, and global experiences in one place: our 3SA — Single, Smart, Super App. Powered by cutting-edge technology and artificial intelligence, our 3SA can deliver hyper- personalized experiences for each of our customers. 08 

 

About Inter 2025 Each vertical increases product adoption, produces data, deepens principality, and raises ARPAC1. These seven verticals are the engine of our ecosystem. Rather than operating in silos, they are interconnected to drive deeper engagement, lower customer acquisition costs, and maximize client lifetime value. Every time a customer shops, invests, or uses credit within the app, they generate data that allows us to hyper-personalize their experience, anticipate their needs, and cross-sell more efficiently. This seamless integration across multiple daily touchpoints is exactly how we bring our core purpose to life: To create a world where interactions between people generate more value. Investment Insurance Shopping Global Loyalty Credit Banking Note1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 09 

 

About Inter 2025 To create:  because future is not given — it needs to be built, imagined, and innovated A world: because our ambition is global To create a world where interactions between people generate more value. Interactions between people: because we believe that human relationships go beyond transactions — they humanize. More value: because the value we generate goes beyond finances and impacts people's lives in a broader and more lasting way. 10 

 

About Inter 2025 A Decade of Digital Transformation 1994 2014 Foundational years, regional reach Operating under the name "Intermedium Financeira", 
 it began its activities with mortgage lending, insurance, and investment services on a regional scale. 2015 Start of the digital banking disruption Launch of the first 100% digital checking account in Brazil, completely free of fees, marking our entry into retail banking. 2016 Mobile first platform and product diversification Launch of our mobile app, introduction of a multi-function Mastercard (credit + debit), and start of foreign exchange operations. 2017 Rebranding and modernization Intermedium becomes "Banco Inter," reflecting the modernization and evolution of the company. 2018 B3 IPO and cloud-native infrastructure 1+ MM clients First digital bank to conclude an IPO at B3 (Brazilian Stock Exchange) and the first bank in Latin America to operate 100% in the cloud. 2019 Super App expansion across Brazil 4+ MM clients Raised R$1.2 billion in a follow-on offering on the B3 stock exchange and launched Inter Shop, the e-commerce vertical. 11 

 

About Inter 2025 2020 2021 2022 Capital reinforcement 8+ MM clients Raised another R$1.2 billion in a new follow-on offering on the B3 stock exchange and began operations of Inter Asset. Global Ecosystem Foundation 16+ MM clients Raised R$5.5 billion in a third follow-on offering on the B3 stock exchange and began Inter's expansion in the US. Nasdaq listing  24+ MM clients Migration of the B3 shareholder base to Nasdaq and launch of Inter’s Global Account. 2023 Loyalty and Engagement as focus 30+ MM clients Launch of the 7th vertical – Loyalty- with Loop Rewards Program and obtained the brokerage license in the US through Inter&Co Securities. 2024 Financial Super App Consolidation 36+ MM clients Launch of new products and features such as the Forum, acquisition of 100% of Granito (renamed Inter Pag). 2025 Sustainable Balance between Growth and Profitability +43 MM clients Launch of new products and features such as "My Credit" in the App journey, "My Piggy Bank by Goals", Private Payroll Loan, USD Credit Card. 12 

 

2025 Our ecosystem 

 

Our ecosystem 2025 Our ecosystem Inter was built on a foundational conviction: people's financial lives should not be fragmented across different applications, platforms, and institutions. To solve this structural inefficiency, we developed a model that centralizes everything our clients need into a single, seamlessly integrated digital environment. We define this architecture as the 3SA: Single, Smart, Super App. 3SA: Single, Smart, Super App This ecosystem comes to life through a proprietary product architecture built on three defining principles: It is "Single": We operate a unified global design and a single technological stack. By integrating over 180 products, we eliminate operational barriers across services, currencies, and geographies. This ensures a frictionless user journey and a unified login experience, regardless of how the client interacts with our platform. It is "Smart": Our platform operates based on two core artificial intelligence (AI) capabilities. First, our AI-powered hyper-personalization engine ensures that every client experiences a unique, tailor-made version of the app. By continuously analyzing individual financial habits, life stages, and preferences, the platform dynamically adapts its interface to surface the most relevant products, optimizing discovery and maximizing cross-selling efficiency. Second, this intelligence is made directly accessible to our users through Seven, our proprietary multi-agent AI tool. Available directly within the app, Seven operates as an interactive assistant, providing clients with proactive guidance and seamlessly executing tasks to elevate their daily digital experience. It is a "Super App": Our platform extends fundamentally beyond traditional banking by encompassing seven distinct business verticals. This comprehensive suite of services—spanning everyday banking, credit, investments, shopping, insurance, loyalty, and global accounts—equips our clients with the tools to manage their complete financial lives. It is this breadth of interconnected solutions, engineered to support every stage of the customer life cycle, that distinguishes our offering from a conventional financial utility and defines it as a true Super App, creating engagement and cross sell opportunities. 14 

 

Our ecosystem 2025 Our product offering is organized into seven core business verticals Rather than operating in silos, each product complements and enhances others. The strength of this design lies in its product synergy: the more verticals a client engages with, the more value they extract from the platform. This multi-product adoption increases our Average Revenue Per Active Client (ARPAC)1 and dilutes the marginal cost of service, creating a virtuous circle where product engagement directly funds continuous innovation. Banking Deposits PIX Debit & more Credit Mortgages Payroll Loans Credit Cards & more Investments Fixed Income Investment Funds Stock Trading Platform & more Shopping Gift-cards Top-ups e-commerce platform & more Insurance Life insurance Travel insurance Health insurance & more Loyalty Earn and burn loop points  Global Remittances USD credit card Global Investments & more Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 15 

 

Our ecosystem 2025 Cecilia Santos “ Client since: 06/29/2021 I learned Inter's Global Account through a friend's recommendation. At first, I was attracted to the gift cards and cashback opportunities during my trips to the United States. But over time, I realized that Inter offered so much more. The platform’s ease of use, competitive rates, and quality customer support won me over. Today, I use the Global Account for travel, invest in the Time Deposit to plan my upcoming trips, and recommend Inter to all my friends. Additionally, I have a Kids Account for each of my three daughters and also use Inter's Business Account. This reflects how much I trust the bank to manage both my personal and professional finances. I am very proud to be an Inter client. It’s an institution that conveys safety, convenience, and confidence at every stage of my financial life.” Fernando Morais “ Client since: 01/17/2018 I like being a client of Banco Inter because I see the institution as innovative, practical, and aligned with modern client needs. I also appreciate that the bank doesn't aggressively push products that don't align with my reality, making the relationship more transparent, straightforward, and trustworthy.” 16 

 

Our ecosystem 2025 Gabriela Andrade Client since: 02/27/2020 “ I like Inter for the convenience of managing my entire financial life in one place. I use the credit card daily, participate in Loop, and also maintain savings in the Global Account, thinking about a future international trip. The app is easy to use, allowing me to handle everything without bureaucracy and to keep track of my finances with ease. For me, Inter offers convenience, organization, and tangible benefits that truly make a difference in my daily life.” Camila Rodrigues Client since: 06/09/2021 “ I opened my account at 14 years old, and now, at 21, I’m still using it. Inter has helped me develop financial organization and control from an early age while also teaching me to better manage my money. Over time, it became part of my daily routine for its convenience, the ease of resolving everything via the app, and the confidence it consistently gives me.” Debora Teixeira Client since: 05/28/2021 “ I really like Banco Inter because the app is extremely intuitive, user-friendly, and everything is very self-explanatory. I can resolve almost everything quickly and without bureaucracy. Another key point for me is not having to pay credit card fees while gaining access to a wide variety of services all in one place. I’ve had accounts with other banks, but Inter has undoubtedly been the best experience I’ve ever had. Congratulations on the convenience and quality of your digital service!” 17 

 

2025 Our Strategy 

 

Our Strategy 2025 The vision Inter's history is proof that vision is followed by execution.  From a 2,000 square foot office in downtown Belo Horizonte, Brazil, with approximately 50 employees Inter has grown into one of the largest digital financial platforms in the world, the #2 brand  in the banking industry in Brazil according to Forbes1. When Inter designed the first ever financial Super App in the Americas — 100% cloud-based, 100% digital, no branches — it was not following the market. It was creating a new one. To ensure this disruptive model could scale sustainably, we needed a sustainable operational roadmap to translate our technological advantage into consistent, measurable financial results.  Over the past three years, our execution was guided by the 60/30/30 plan—our north-star, aiming to reach 60 million clients, a 30% efficiency ratio2, and a 30% ROE2. This north-star drove significant operational and financial progress: we consistently expanded our client base, from 23 million to over 43 million, improved our efficiency ratio from 70.0% to 45.5%, and increased our Return on Equity (ROE) from negative to over 15%. With this strong momentum in place, our focus now shifts to the next phase of our strategic evolution, building on top of the 60/30/30 plan, which is called the “Rule of 50”. Note 1: According to Forbes, World's Best Banks 2026. Note 2: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. Our North Star: the Rule of 50 Inspired by the Rule of 40 widely used in the technology industry, the Rule of 50 raises the bar by combining revenue growth and profitability as a year-over-year measure of the combination  of  revenue growth and ROE. It is not a destination with a deadline — it is a discipline that guides every strategic decision Inter makes, from now through 2029 and beyond. The vision for our future translates into three concrete execution priorities: Increasing client principality Growing our deposit franchise Expanding credit penetration 19 

 

Our Strategy 2025 Financial Strategy Our financial strategy is governed by a singular north-star: the Rule of 50  Building on the successful foundation of our 60/30/30 plan, we have introduced the Rule of 50 as our new financial North Star. Inspired by the technology industry’s Rule of 40, this metric raises the bar by combining our annual revenue growth rate and Return on Equity (ROE1) into a single benchmark to measure our performance over the next three years. Having already operated at a combined level of 45% and 46% over the past two years, we are now targeting 50% each year through 2029. This is not merely an aspiration, it is financial discipline that dictates our capital allocation, product development, and operational efficiency. Illustrative ROE + Net Revenue Growth (YoY) In % ~50% ~50% ~50% ~50%Buffer Zone 46% 45% 38% GrowthRule of 50 Net Revenue Growth 11% 14% 4% Profitability ROE1 2023 2024 2025 2026E 2027E 2028E 2029E Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. Note 2: Total gross loan portfolio divided by total active clients. 20 

 

Our Strategy 2025 Inter By Design: The Engine Behind the Rule of 50 To achieve the Rule of 50, we rely on the Inter By Design concept, which comprises three mutually reinforcing components that together create a structural competitive advantage. Ultimately, the Inter by Design forms the bedrock of our sustainable profitability, ensuring we consistently execute the Rule of 50 and generate long-term value for our shareholders. by Design Sustainable Revenue Growth X Scalable Distribution Capabilities X Unique Cost Efficiencies = Profitable Growth 21 

 

Our Strategy 2025 Scalable distribution capabilities Our 3SA –Single, Smart, Super App- approach structurally accelerates product adoption over time. For context, while it took 30 quarters for our savings deposits to reach 2 million clients, our loyalty program, Inter Loop, was born with more than 2 million active users on day one. By leveraging data- driven hyper-personalization, we know exactly when and how to offer the right product to the right client, making our distribution engine progressively more powerful and cost- effective as we scale. Active Clients per Product3
 In millions 18.6 PIX 16.4 Inter Loop 7 6 5 Active Clients 4 3 2 1 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 Quarters of relationship Note 1: Products existed before 1Q19; however, the actual number of active clients is shown starting from 1Q20 to fit the graph scale. Note 2: Excludes clients who have only "CDB Meu Porquinho" linked products. Note 3: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. Note 4: Market data from Banco Central do Brasil, excluding transactions outside of SPI. Sustainable revenue growth We deliberately focus our capital allocation on secured and payroll lending products—such as mortgages, home equity, FGTS credit, and payroll loans. These products offer interest rates that are sustainable for our clients and, consequently, highly resilient for our business, allowing us to actively avoid the high-volatility, 100%-plus APR unsecured segment. This is not just a risk management decision; it is a strategic conviction that the best long-term business is built with products we would confidently recommend to our own families. This focus is yielding clear results: in home equity, Inter has already surpassed its own Pix market share of approximately 9%4, while the trajectory across our FGTS and payroll portfolios continues sharply upward. Beyond our lending portfolio, a crucial driver of our sustainable revenue is our robust fee-based income. By offering a comprehensive suite of daily services—spanning card transactions, investments, insurance, and our shopping vertical —we generate highly diversified, recurring revenues. Because fee income is inherently capital-light, it structurally boosts our ROE3 without consuming capital, providing a highly resilient revenue stream that perfectly complements our credit operations and deepens client engagement. Revenue
 In R$ millions 14,999 YoY +45% Total Gross Revenue 10,342 8,079 8,401 6,400 2,127 25% 4,753 1,943 30% 1,456 31% 3,297 69% 4,457 70% 6,274 75% +31% Total Net Revenue 21.5 Deposits Older Products 8.9 Debit Card1 Newer Products +9% Net Fee Revenue 5.6 Fixed Income (CDB1,2) 5.2 Credit Cards1 4.8 Piggy Bank +41% Net Interest Income 3.1 FGTS Loan 2.2 Savings Dep1 2023 2024 2025 22 

 

Our Strategy 2025 Unique cost efficiency This stems from a combination of two compounding advantages. The first is the lowest cost of funding3 in Brazil, historically running at 65% of the CDI rate1. This is sustained by millions of clients who keep their money in their Inter accounts for everyday transactional needs, remaining stable regardless of the macroeconomic interest rate environment. The second advantage is a fully-loaded cost to serve3 that is a fraction of what incumbent banks carry, and highly competitive against other fintechs when the entire operational cost base is accounted for. Driving the Rule of 50 Equation Together, these three components of Inter By Design directly fuel both sides of our Rule of 50 mandate. Sustainable revenue growth and scalable distribution drive our compounding top-line expansion, while our unique cost efficiency and capital-light fee income ensure that this growth translates directly into profitability.  Moving forward, our financial strategy translates the Inter By Design formula into profitability through our three core execution priorities, low cost of funding, increasing principality and expanding credit penetration.  By consistently growing our deposit franchise, we secure a highly resilient, low-cost funding base. This liquidity empowers us to safely expand credit penetration, deliberately deploying capital into secured and payroll lending segments where our cost and data advantages yield a structurally expanding net interest margin. Simultaneously, by deepening the banking relationship with each client to increase principality, we naturally drive higher fee income3 and cross-selling without incremental acquisition costs. Because our technological infrastructure allows us to scale these revenues while keeping core expenses diluted, this cycle creates powerful operating leverage.  Ultimately, the synergy of these three execution pillars forms the bedrock of our sustainable profitability, ensuring we consistently deliver on our Rule of 50 commitment and generate long-term value for our shareholders. Cost of Funding1,3
 In % of CDI2 98% 78% -13p.p. 65% Cost-to-serve per active client1,2,3
 In R$ monthly3 -29p.p. 64 -83% 13 -27% 15 Median of Fintechs Median of
 Incubents 2025 Median of Fintechs Median of
 Incubents 2025 Note 1: Peer data based on publicly available IFRS Financial Statements and operational data as of 4Q25. Cost-to- serve and Cost of Funding calculated for peers using Inter’s methodology. Note 2: Active Clients figures reported by peers may use methodologies different from Inter’s. For peers that do not disclose active clients, we assumed 70% of their total bank accounts as reported by the Central Bank of Brazil (as of December 2025). Note 3: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 23 

 

Our Strategy 2025 The Execution To consistently deliver high growth alongside expanding profitability, our on-the-ground execution is strictly anchored in three interconnected priorities: Increasing client principality Growing our deposit franchise Expanding credit penetration These three pillars operate as a powerful economic flywheel. A robust deposit franchise provides the low-cost, resilient liquidity necessary to aggressively expand credit penetration. In turn, delivering a complete suite of credit and daily banking services naturally deepens client principality. This principality accelerates fee generation and drives our Average Revenue Per Active Client (ARPAC1) upward without requiring incremental acquisition costs.  Increasing Principality Principality means becoming the clients primary financial relationship across deposits, payments, credit, investments, and daily engagement. And conquering the primary relationship with our clients is key. It is the most powerful economic engine in our ecosystem, and our internal metrics clearly validate this. In 2025, while our total account base grew by 20%, our base of principal clients grew by 30%—a definitive indicator that our engagement strategy is successfully outpacing pure acquisition. Our 3SA framework—our Single, Smart, Super App- is the bedrock of our principality strategy. Single – reduces friction means one unified login and a frictionless experience across our products and services;  Smart  - increases relevance is powered by two distinct AI capabilities: data-driven hyper- personalization, which ensures every client experiences a unique interface tailored to their financial habits; and Seven, our interactive AI agent available directly within the app, providing clients with proactive guidance and a superior user experience.  and Super App  - broadens daily use cases represents the aggregation of over 180 products across seven distinct business verticals into one cohesive ecosystem. Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 24 

 

Our Strategy 2025 Growing our deposit franchise At its core, Inter operates as a highly transactional digital bank. Over 22 million clients entrust us with their deposits in 2025, utilizing our platform both for long-term wealth accumulation and for their everyday liquidity needs. This deep transactional relationship forms a resilient and cost-effective funding1 base, which is a fundamental pillar of our balance sheet strategy and a prerequisite for sustainable credit expansion. Highly Diversified Deposits by client type Individual Clients 40%60% SME Clients Cost of Funding1
 In % of CDI 98% 78% -32p.p. 65% -12p.p. Expanding credit penetration Expanding credit penetration is one of the key operational levers in our strategy to achieve the Rule of 50. The highly efficient, low-cost liquidity generated by our deposit franchise provides the advantages needed to scale our loan book competitively.  As of December 2025, our active clients1 had, on average, R$1.9 thousand in loans with us. Currently, out of our 43 million total clients, 8 million are active credit clients. This implies that the vast majority of our base remains underpenetrated in credit, representing a massive embedded growth opportunity. Because these clients already use Inter for their daily transactional needs, our Data Vault has profound visibility into their financial behavior.  This structural advantage enables us to scale our credit portfolio organically. By pre-approving and cross-selling tailored credit solutions to an engaged user base, we drive expansion at near- zero marginal customer acquisition costs (CAC). Crucially, this growth is executed through a controlled, data-driven framework that adheres to our secured and payroll lending principles. Deposits are the fuel for credit expansion and ROE1 trajectory. Median of Fintechs Median of
 Incubents The continuous increase in our ecosystem's engagement has scaled our volume to over 1 billion transactions per month. This high-frequency activity generates a highly stable operational float, allowing us to maintain an exceptionally efficient cost of funding, historically running at approximately 65% of the CDI rate (Brazil's primary interbank benchmark interest rate). Our funding structure is characterized by robust organic growth and low concentration risk. In 2025, our on-balance-sheet deposit base reached R$73 billion, representing an annual growth rate of approximately 30%, supported by a broader financial ecosystem with total Assets Under Management (AUM) approaching R$200 billion. This liquidity pool is highly diversified, with a balanced distribution between retail individuals and business accounts.  2025 Consistent Growth Funding1
 In R$ billions 33 4Q22 31% CAGR3 44 4Q23 55 4Q24 73 4Q25 25 Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. Note 2: Total gross loan portfolio divided by total ac&ve clients. Note 3: Represents the compound annual growth rate. 

 

Our Strategy 2025 To translate this structural advantage into sustainable profitability, our capital allocation is highly deliberate. We focus our credit execution on three main products: Private Payroll Payroll lending is a cornerstone of our strategy and a definitive proof of concept that secured lending can be scaled effectively in retail banking. Rooted in our Inter By Design framework. In particular, the new private payroll loan offers sustainable, lower interest rates compared to traditional unsecured personal loans, driving healthy, long-term client relationships. Importantly, this growth is purely accretive and does not cannibalize our other credit lines. Operating in a rapidly expanding addressable market—which recently surpassed R$100 billion and is projected to exceed R$200 billion—our disciplined underwriting approach has yielded remarkable results. In 2025, this portfolio reached R$1.9 billion, serving approximately 447,000 clients and capturing a 2.5% market share3. With much more room to grow, we are capitalizing on our unique distribution power to capture this market at scale. We achieve this by leveraging highly efficient, frictionless distribution channels, which include our 3SA approach, direct integrations with government databases, and a newly launched WhatsApp underwriting channel. This seamless distribution not only drives volume but also fosters deep recurrence, as clients repeatedly choose Inter for their credit needs without any physical friction. Supported by our structural advantages in cost of funding and cost to serve2, the unit economics of our private payroll clients are exceptionally strong. A private payroll client holds 2x more products with Inter, demonstrating deep cross-selling, and consequently, their ARPAC2 multiplies roughly fourfold. Most importantly, we are originating these loans at a marginal ROE2 exceeding 30%, firmly embedding this high-profitability discipline into our corporate culture and directly fueling the Rule of 50. Private Payroll Real Estate Loans Private Payroll Portfolio
 In R$ billions, active clients in thousands 447 1.9 Active Clients2 Portfolio 282 1.3 Credit Cards 0.2 1Q25 3Q25 4Q25 +30% marginal ROE1, 2 Note 1: Managerial ROE considering new loans underwritten during 1Q26. Including overhead expenses. Note 2: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. Note 3: Market data from Banco Central do Brasil, from December 2025 and December 2024. 26 

 

Our Strategy 2025 Mortgage portfolio2
 In R$ billions, active clients in thousands 23.421.6 17.6 8.7 7.9 Active Clients1 Portfolio Real Estate Loans Real estate encompasses our mortgage and home equity portfolios—collateralized, long-duration assets that secure client principality for decades. With over 20 years of expertise in this segment, we position ourselves at the center of our clients' most significant life events, whether they are purchasing a home, restructuring their finances, or raising capital to build a business. Historically, legacy banks relied heavily on earmarked savings accounts (poupança) to fund real estate loans. As financial education improves in Brazil, those savings balances are consistently declining in favor of better investment alternatives, forcing the industry to transition toward market- based funding1 and pricing. Because Inter’s balance sheet is already natively built on highly efficient, market-based funding, this macroeconomic shift acts as a powerful external tailwind for our growth. It is worth mentioning that this is the largest credit pool in Brazil, representing a nearly R$1.4 trillion market, and we are strategically positioned to capitalize on this massive structural shift. Right to win: Low Cost to Serve1 Low Cost of Funding1 Automated offers and approvals Industry shift to market-based funding 6.1 4Q24 3Q25 4Q25 +25% marginal ROE1 In 2025, our mortgage portfolio grew at four times the market average, while our home equity portfolio—where we already command an approximate 10% market share—grew at twice the market pace. This rapid expansion is driven by internal operational leverage, not by scaling headcount. By extensively deploying AI across our operating areas, we have fundamentally accelerated our underwriting process. The unit economics of these portfolios deeply reinforce our Rule of 50. Real estate clients are highly engaged, exhibiting twice the cross-sell adoption of an average client. Driven by average ticket sizes ranging from R$400,000 to R$600,000, their ARPAC1 is exceptionally high. Most importantly, we have dispelled the industry myth that real estate lending produces low returns, through our proprietary execution model, we are originating these long-term, secured loans at a marginal ROE1 exceeding 25%. Home Equity Portfolio
 In R$ billions, active clients in thousands 6.76.1 4.64.2 Active Clients1 Portfolio 5.3 3.4 4Q24 3Q25 4Q25 Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. Note 2: SBPE and SFI. 27 

 

Our Strategy 2025 Credit cards Credit cards serve as a central driver of client principality, directly supporting our Rule of 50 financial targets. Since the launch of our 60/30/30 business plan, the product has delivered consistent volume expansion, recording a 23% compound annual growth rate (CAGR) in Total Payment Volume (TPV), alongside a 30% expansion in the credit portfolio. This volume growth is not an isolated objective, but a calculated operational lever to deepen client engagement and increase transaction frequency across the Inter ecosystem.  The profitability of the credit card operation is driven by the structural reshaping of our portfolio, an internal initiative focused on optimizing the revenue mix. Over a 24-month period, we shifted the portfolio composition from 80% transactors to 75% transactors, proportionally increasing the interest-earning segment. This strategic reshaping expanded our net interest margins, resulting in a 14 percentage point improvement in the product's Earnings Before Taxes (EBT4). Through this disciplined capital allocation strategy, the credit card vertical successfully transitioned into a highly profitable operation for the company. Our external strategy focuses on providing clients with predictable financial obligations and lower interest rates, aligning with our broader movement toward secured and lower-risk lending products. When predictive models identify clients facing potential financial hardship or moving toward revolving balances, we proactively offer structured installment plans. To support this, we expanded our collection and installment architecture from five to nine distinct product offerings over the last year.  This proactive approach successfully migrates clients from revolving credit, with average rates of 16%, to installment plans at 9%. By converting volatile revolving balances into predictable, fixed installments, the company addresses the fundamental retail need for payment predictability in the Brazilian market. This structural shift improves client financial health while simultaneously reducing credit risk and enhancing the overall profitability of the portfolio. Credit Card Portfolio Breakdown
 In R$ billion 30% YoY 15.3 1.5 10.4% 2.0 13.0% +29% Total 14.0 1.5 10.4% 1.8 12.8% +89% Installments with Interest1 +38% Revolving + Overdue211.8 0.8 6.9% 1.4 12.1% 11.7 76.9% +23% Transactor310.7 76.8%9.6 80.9% 4Q24 3Q25 4Q25 Note 1: Revolving credit installments converted into an installment plan with interest, including restructuring products such as invoice installment plans. Note 2: Balance of customers who did not fully pay their invoice on the due date, including revolving credit and overdue installments. Note 3: Customers who fully pay their invoice balance each cycle, without incurring interest. Note 4: Non-IFRS Financial Measure. This metric represents credit card business earnings before income taxes divided by credit card business total net revenues, as derived from the managerial credit card profit and loss statement (P&L). Revenues include credit card interchange fees, interest income from credit card loans, renegotiated receivables, and other related revenue streams. Expenses encompass costs directly and indirectly attributable to the credit card business, including, but not limited to, cashback expenses, data processing costs, allocated personnel expenses, and overhead allocations. 28 

 

Our Strategy 2025 Credit Cards: Driving Principality and Engagement  Credit Cards NPL > 90 Days per Cohort1,2
 In % 4Q25 4Q21 3 4 5 6 7 8 9 10 Months of relationship 11 12 The expansion of our credit card operations is systematically underpinned by rigorous risk management. Cohort delinquency is managed by design, utilizing predictive AI models to monitor and adjust credit limits dynamically. Our risk framework identifies early delinquency trends in under a month, allowing management to swiftly calibrate exposure. This agility provides the necessary comfort to grow the portfolio, ensuring the company can accurately forecast and absorb anticipated losses while sustaining the product's strategic role in driving principality. Note 1: Cohorts defined as the first date when the client has his limit available. NPL per cohort = NPL > 90 days balance of the cohort divided by total credit card portfolio of the same cohort. Note 2: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 29 

 

Our Strategy 2025 The Core Enablers The Core Enablers The pursuit of the Rule of 50 as our financial North Star—driven by our Inter By Design formula and the targeted expansion of principality, deposits, and credit—demonstrates our ability to scale with superior unit economics. However, sustaining this rare balance of rapid top-line growth and expanding margins requires a deeply ingrained structural foundation. Transforming high- frequency engagement into long-term profitability does not happen by chance, it requires proprietary infrastructure and unwavering discipline. i. Tech & AI ii. Credit Engine iii. Risk Management iv. People & Culture Together, these four enablers form the engine of our ecosystem. They are the structural reasons why Inter is uniquely positioned to scale profitably.  30 

 

Our Strategy 2025 The Core Enablers Tech & AI Tech & AI Behind the frictionless experience of our 3SA framework lies a proprietary technological infrastructure that structurally differentiates Inter from the market Operating with 100% of our infrastructure in the cloud—a transition that established us as the first bank in Latin America to fully adopt this model— we utilize a highly scalable architecture based on platformization.  By systematically standardizing and reusing core technological components across banking, credit, and investments, our single codebase allows us to deploy products efficiently and expand into new geographies. This unified architecture provides the structural leverage required to scale our operations without a proportional increase in capital expenditure. 31 

 

Our Strategy 2025 The Core Enablers Tech & AI Smarter insights Inter Data Vault: the power of our data platform  This technological foundation supports a continuous and compounding data advantage. The Inter Data Vault aggregates intelligence across all seven verticals of our ecosystem, and more than 180 products.  This data generation operates at significant scale. Giving some examples we process 18 million daily Pix transactions¹, generate 6.5 million geolocation triggers2 to offer targeted commercial promotions, and capture deep behavioral insights through our investment Forum.  Securely managed through hundreds of pipelines, this structured data acts as the prerequisite foundation for our predictive underwriting and generative AI capabilities, allowing us to process over 600 million credit predictions3 per month with high precision. Artificial Intelligence at Inter has fully transitioned from an exploratory technology to an enterprise-wide operating system. Over the past 3 years, we expanded our deployment from approximately 80 AI models in production in 2024, to roughly 550 in May 2026. Our pipeline remained robust, with approximately 350 new models under development and over 300 potential use cases mapped for future implementation.4 More data Better AI experiences More engagement Note 1 : Data referring to the amount of Pix transactions successfully processed in Mar/2026. Note 2 : Total number of Geolocation notifications sent in 2025 (considering Brazil and the United States, not representing distinct clients). Note 3 : Number of predictions made to support decision-making, during 2026. Note 4 : These are AI projects in the ideation or planning phase collected through interviews with executives. 32 

 

Our Strategy 2025 The Core Enablers Tech & AI To ensure this technological deployment translates directly into our Rule of 50 objectives, our AI initiatives are systematically mapped across four value-creation quadrants. In Front Office Services: AI accelerates revenue generation by optimizing marketing segmentation, streamlining client onboarding, and enhancing customer service workflows. By leveraging predictive targeting and automated support, we significantly improve funnel conversion rates and lower overall customer acquisition costs. Marketing Onboarding Client Service Super App UX Personalization Value Proposition Product and User Experience: AI deepens client principality through dynamic hyper-personalization, continuously adapting the Super App interface to individual behavioral profiles. This customized experience is further amplified by SEVEN, our proprietary, multi-agent AI tool for clients. By anticipating client needs and executing autonomous financial transactions— ranging from everyday transfers to loan origination —Seven systematically removes friction from complex client journeys, driving higher cross-sell adoption and daily engagement. External Client-Facing + Revenue Front Office Services + Principality Product & User Experience Everyday AI Game Changing AIBack Office Functions: Everyday AI applications unlock substantial operational efficiency by automating administrative tasks across human resources, legal, finance, IT, and many others. This operational leverage is exactly what allows us to scale revenues rapidly while maintaining a stable corporate headcount. Central to this efficiency is our internal, model-agnostic generative AI platform, which provides our employees with direct integration to more than 20 enterprise- grade Large Language Models via AWS, Microsoft, and Google. Having surpassed 1 trillion AI tokens consumed1, Inter operates its AI infrastructure at a global scale, utilizing these capabilities to drive profound, systemic cost efficiencies. Admin Human Resources Legal Finance Technology Development Pricing Underwriting & Risk Operations Core Capabilities:
 Advanced AI maximizes structural profitability by refining dynamic pricing, enhancing credit underwriting precision, and streamlining complex risk operations. By identifying behavioral patterns that traditional models often miss, these intelligent systems allow us to optimize capital deployment, tightly control the cost of risk2, and directly contribute to Net Interest Margin (NIM)2 expansion. + Efficiency Back Office Services Core Capabilities + Profitability Internal Operations 33Note 1 : Represents the total volume of tokens processed by the Inter GenAI tool since its implementation. Note 2: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 

 

Our Strategy 2025 The Core Enablers Tech & AI The primary client-facing application of our AI infrastructure is Seven, Inter's multi-agent AI tool for clients natively integrated into the Super App. Diverging from traditional, rules-based chatbot interfaces, Seven functions as an advanced financial assistant capable of contextual understanding, intent anticipation, and autonomous execution.  The strategic development of Seven is anchored in three core operational pillars designed to systematically reduce friction in daily financial management: empowering clients to explore possibilities, execute transactions seamlessly, and optimize financial decisions. Seven is built upon a highly modular, multi-agent architecture. It utilizes a network of specialized AI agents, each designated to execute specific financial or operational workflows. Supported by behavioral insights from the Inter Data Vault, this tool supports rapid, continuous enhancements. These new agents are explicitly designed to accelerate cross-selling, drive premium product adoption (upselling), and safely expand credit penetration. For clients, these technological capabilities translate into a transformative user experience, and a powerful financial education and control tool.   From a business perspective, Seven provides substantial strategic and financial advantages by functioning as an automated, highly efficient distribution channel. By anticipating client needs and directing them toward appropriate financial solutions, the tool actively increases product conversion rates across our credit and investment verticals without incurring incremental customer acquisition or human servicing costs. This proactive cross-selling capability deepens client principality, drives Average Revenue Per Active Client (ARPAC1) expansion, and systematically lowers our overall cost to serve1. It also reduces the need of human client services, reducing call center, friction, thus increasing client satisfaction and giving them full control of their finances. Note 1: Non-IFRS Financial Measure. For a reconciliation with most comparable IFRS measure, please refer to the glossary of this presentation. 34 

 

Our Strategy 2025 The Core Enablers Tech & AI Chat, ask, explore possibilities: Clients utilize natural language to intuitively navigate the complexities of our 180-product ecosystem, discovering tailored financial solutions without browsing rigid menus. Transact, deliver, get things done: Transitioning from passive conversation to active execution, Seven allows clients to initiate Pix transfers, purchase gift cards, structure credit card installments, and even simulate and underwrite loans directly via a text interface. Optimize, learn, make better decisions: Leveraging the Data Vault, Seven acts as a powerful analytical tool. For instance, a client can instantly query their monthly spending at a specific merchant or category, and Seven will seamlessly aggregate data across all payment methods—consolidating credit card, Pix, and gift card transactions—into a single, organized view. This capability empowers users to track expenses dynamically and make highly informed financial decisions. 35 

 

Our Strategy 2025 The Core Enablers Tech & AI The Tech & AI Flywheel Ultimately, the integration of these technological components creates a powerful, self-reinforcing operational flywheel.  The frictionless environment of the 3SA framework generates an ever-increasing volume of daily client touchpoints. These touchpoints are captured as high-quality data signals within our Data Vault, which in turn feed the intelligence of our AI agents in Seven.  As Seven utilizes this proprietary data to drive more relevant cross-selling and deeper interactions, clients naturally adopt more products, generating even richer data in return. This continuous loop systematically accelerates product penetration, deepens principality, and fortifies the structural operating leverage necessary to deliver our Rule of 50. 3SA Framework Seven Inter Data Vault 36 

 

Our Strategy 2025 The Core Enablers Credit Engine Credit Engine Enhanced Underwriting Engine Successfully executing the expansion of credit penetration—a critical growth lever for achieving our Rule of 50 financial North Star—requires a highly robust and scalable credit infrastructure. Inter’s proprietary credit engine provides this exact foundation.  Operating as a multi-vertical platform that processes over 30 million daily financial transactions¹ and int