VEF: Creditas financial results 3Q25

Key highlights direct from Creditas’ 3Q25 release:

Portfolio

• Loan origination continued accelerating with strong QoQ growth across all our verticals. Total quarterly volumes reached R$984.9mn (+20% YoY and 16.1% QoQ).
• Portfolio reached R$6,774mn (+17% YoY and +4.8% QoQ), approaching the end of the year with strong growth pace.

Financials

• Record quarterly Revenues at R$592.1mn (+14.4% YoY and +1.6% QoQ) as we benefit from increasing volumes and continuous repricing despite lower inflation in the period negatively impacting home equity revenues.
• Gross Profit growth to R$219.8mn (-7.4% YoY and 15.6% QoQ) with Gross Profit Margin on revenues at 37.1% recovering from previous quarter’s 32.6%, despite consolidation of increase in SELIC rates in the securitizations’ funding and frontloading of IFRS’s provision associated with the acceleration of our portfolio. Profitability at the cohort level remains well above our 40% target allowing us to continue our growth strategy despite accounting impact of gross profit margin.
• Costs below Gross Profit of R$288.0mn (+3.8% QoQ). This increase resulted from the one-off recognition of deferred costs from the early liquidation of certain fund structures, which allows us to optimize future gross profit. Furthermore, Customer Acquisition Costs increased by a modest 6.7% QoQ compared to significantly higher 16.1% increase in origination as we continue gaining efficiency and operational leverage.
• Operating loss lowered to R$68.2mn (R$87mn in Q2-25) as we continue investing in profitable growth by building new cohorts of highly profitable portfolios.
• We continue targeting neutral cash flow as guardrails for our operation since end of 2023, financing growth without the need for external capital.

Operations

• In Q3-25, we progressively accelerated volumes in eConsignado (new Private Payroll loans) and continued to see significant results from the scaling of Auto Finance, while maintaining strong performance in our Home Equity segment.
• Following the increased visibility into the unit economics of eConsignado and the normalization of operational processes, we have cautiously increased origination. We maintain a rigorous focus on risk management through operational optimization and contract portability while remain conservative on pricing.
• We are gaining significant traction in the automation of some of our critical operational processes, reaching our highest productivity metrics. We are ramping up investments in AI in multiple areas—including customer experience, operational processes, and coding—while keeping a disciplined approach to return on investments. We are clearly seeing at this point that building an AI native platform is going to be transformational for Creditas due to the complexity of our product and the deep level of customer interactions in the collateralized lending journey. As a result of our initial efforts, we are seeing productivity per employee consistently raising reaching new records.
• This operational focus supports our strategy of scaling growth via cross-sell, which is fundamental to leveraging our operation by reducing CAC and significantly increasing revenue per customer.

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

The full release is available on Creditas’ investor relations webpage and can be accessed at the following link: https://ir.creditas.com/ir/financial-reports