AGI

Capital adequacy was 18.7 percent at 2Q26 (19.3 percent at 1Q26), comfortably above the 10.5 percent Brazilian minimum. Asset quality remains reasonable for the segment: NPL>90 hovered around 3.3 to 3.6 percent, with 1Q26 coverage of ~165 percent.

Funding is diversified across deposits and securitizations/assignments; rating momentum (Fitch AA(bra) Stable) should help liability costs. Key risks: concentrated exposure to lower‑income borrowers (albeit payroll‑linked), FX translation for USD investors, and reliance on assigned‑credit structures (with potential repurchase/recourse mechanics).