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Inter & Co (INTR) Q1 2025 Earnings Call May 12, 2025 11:00 AM ET Company Participants João Vitor N. Menin T. de Souza - Global CEOAlexandre Riccio de Oliveira - CEOSantiago Stel - Senior VP of Finance and Risks & CFOGustavo Schroden - Equity Research DirectorTito Labarta - Vice PresidentThiago Batista - Executive DirectorYuri Fernandes - Executive DirectorMarcelo Mizrahi - Equity Research Conference Call Participants Pedro Leduc - Equity Research AnalystNeha Agarwala - AnalystAntonio Ruette - AnalystDaniel ...

Financial Data and Key Metrics Changes - The company reported a total gross revenue of BRL 3.2 billion and net revenue of BRL 1.8 billion, reflecting a year-over-year growth of 3831% respectively [28] - The efficiency ratio improved to 48.8%, a 130 basis points improvement compared to the previous quarter [32] - The return on equity (ROE) reached 12.9%, excluding minority interest, marking a significant achievement for the company [32] Business Line Data and Key Metrics Changes - The total loans grew by 33% year-over-year, significantly outpacing the Brazilian market [22] - The Consumer Finance 2.0 portfolio, which includes PIX financing and buy now pay later, grew more than five times year-over-year, reaching BRL 920 million [15] - The insurance segment saw a 51% increase in active contracts, reaching nearly 8 million [17] Market Data and Key Metrics Changes - The company added 1 million new active clients for the fifth consecutive quarter, achieving a 57% activation rate [13] - Transactions made through PIX totaled BRL 315 billion in the first quarter, achieving an 8.2% market share [14] - The marketplace GMV grew by almost 30% year-over-year, reaching BRL 300 million [18] Company Strategy and Development Direction - The company is focused on sustainable products and a diversified revenue stream, positioning itself well in a rapidly changing banking industry [5][7] - The launch of new products like private payroll loans is seen as a significant opportunity for market share growth [15][16] - The company aims to continue expanding its product offerings and enhancing client engagement to solidify its market position [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing market opportunities due to a secular shift towards digital banking services [6] - The company anticipates continued growth in loans, projecting a range of 25% to 30% for the year [56] - Management noted that the current economic environment, including inflation and interest rates, has not negatively impacted their growth strategy [58] Other Important Information - The company achieved nearly 4% market share of treasury direct balance, growing 80 basis points in one year [16] - The cost of risk improved to 4.6%, marking the best performance since 2022 [26] - The company is actively working on improving operational efficiency through technology and AI [76] Q&A Session Summary Question: Comments on the private payroll product and its impact - Management expressed excitement about the private payroll product, indicating it has significant market potential but noted no impact in the first quarter yet [41][44] Question: Expectations for NIM trajectory - Management explained that NIM growth is driven by improved credit mix and rising interest rates on loan portfolios, with expectations for continued expansion [45][48] Question: Loan growth expectations and impact of inflation - Management expects loan growth to accelerate, projecting 25% to 30% growth for the year, with no significant impact from inflation or interest rates [56] Question: Explanation for decrease in net ARPAK - The decrease in net ARPAK was attributed to seasonal factors affecting fees and the deferral of certain fees due to regulatory changes [61][64] Question: Outlook for efficiency ratio and expense growth - Management indicated that efficiency improvements will come from top-line growth outpacing expense growth, aiming for a long-term target of 30% efficiency by 2027 [72] Question: Asset quality and NPL levels - Management noted that the current NPL levels are influenced by product mix and expect further improvements as new products scale [90][91] Question: Increase in stage two formation for credit cards - The increase in stage two was attributed to regulatory requirements rather than a decline in asset quality, with no significant performance issues noted [97][98]

Inter & Co. Inc. (INTR) came out with quarterly earnings of $0.11 per share, missing the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -8.33%. A quarter ago, it was expected that this company would post earnings of $0.10 per share when it actually produced earnings of $0.11, delivering a surprise of 10%.Over the last four quarters, the company ha ...

1Q2025 Earnings Presentation Inter by design May 2025 Earnings Presentation | 1Q25 1 João Vitor Menin | Global CEO Alexandre Riccio | Brazil CEO 1. CEO Overview 2. Business Update 3. Financial Performance Santiago Stel | SVP CFO Earnings Presentation | 1Q25 Earnings Presentation | 1Q25 Agenda 2 Earnings Presentation | 1Q25 Disclaimer This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking st ...

Core Insights - Inter&Co Inc. reported strong financial results for Q1 2025, highlighting a significant increase in net income and improved efficiency metrics [1][6] - The company emphasizes its commitment to innovation and cost control, which has contributed to its growth and profitability [2][3] Financial Performance - Total clients reached 37.7 million, with 21.6 million active clients and an activation rate of 57.2% [6] - Net income was R$287 million, a 57% increase year-over-year [6] - Return on equity improved to 12.9%, up from 9.2% in Q1 2024 [6] - Efficiency ratio reached 48.8%, improving by 1.3 percentage points compared to Q4 2024 [6] - Non-performing loans (NPLs) over 90 days decreased to 4.1%, down 0.8 percentage points from Q1 2024 [6] Strategic Initiatives - The company is focusing on peer-to-peer payments (Pix) in Brazil and has seen significant uptake in its loyalty program, Loop [2] - The introduction of a new Private Payroll offering aligns with Inter's digital, low-cost distribution model, presenting a key growth opportunity [2]

Core Viewpoint - Intrepid Metals Corp. has engaged Independent Trading Group (ITG) for market-making services to enhance liquidity and maintain a reasonable market for its shares, subject to regulatory approval [1][2]. Group 1: Market Making Agreement - ITG will receive a monthly compensation of CAD$7,500, paid in advance, under a one-month renewable agreement [2]. - The agreement can be terminated by either party with a 30-day notice, and there are no performance factors or equity compensation involved [2]. - ITG and Intrepid are unrelated entities, with no current interest in each other's securities [2]. Group 2: Company Overview - Intrepid Metals Corp. focuses on exploring high-grade essential metals such as copper, silver, and zinc in southeastern Arizona, USA [4]. - The company has several drill-ready projects, including the Corral Copper Project and the Tombstone South Project, which have significant historical drill results [4]. - Intrepid is traded on the TSX Venture Exchange under the symbol "INTR" and on the OTCQB under "IMTCF" [4]. Group 3: Independent Trading Group Overview - Independent Trading Group (ITG) is a Toronto-based dealer-member specializing in market making, liquidity provision, and algorithmic trading solutions [3]. - Established in 1992, ITG utilizes proprietary technology to deliver high-quality liquidity and execution services [3].

Company Overview - Inter & Co. Inc. (INTR) is expected to report a year-over-year increase in earnings, with a projected EPS of $0.12, reflecting a change of +33.3% [3] - Revenues are anticipated to reach $327.02 million, which is a 15.6% increase from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4] - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent changes in analyst views [10] Earnings Surprise Prediction - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8] - Inter & Co. Inc. currently holds a Zacks Rank of 2, making it challenging to predict an earnings beat conclusively [11] Historical Performance - In the last reported quarter, Inter & Co. Inc. exceeded the consensus EPS estimate of $0.10 by delivering $0.11, resulting in a surprise of +10% [12] - Over the past four quarters, the company has beaten consensus EPS estimates three times [13] Industry Context - In the Zacks Financial - Miscellaneous Services industry, HA Sustainable Infrastructure Capital (HASI) is expected to post earnings of $0.64 per share, indicating a year-over-year decline of -5.9% [17] - HASI's revenue is projected to be $33 million, down 21.3% from the previous year [17] - The consensus EPS estimate for HASI has been revised 0.8% higher in the last 30 days, but a lower Most Accurate Estimate results in an Earnings ESP of -3.91% [18]

Financial Performance - Gross Loan Portfolio increased to R$ 41,182,813 as of December 31, 2024, up from R$ 31,020,837 in 2023, representing a growth of 32.7%[26] - SG&A expenses rose to R$ 2,915,645 in 2024, compared to R$ 2,412,527 in 2023, marking an increase of 20.9%[27] - Efficiency Ratio improved to 49.2% in 2024 from 54.5% in 2023, indicating better cost management relative to revenues[29] - Return On Average Equity (ROAE) increased to 11.7% in 2024, up from 4.8% in 2023, reflecting enhanced profitability[30] - Cost of Risk decreased to 5.0% in 2024 from 5.5% in 2023, suggesting improved credit quality[32] - Net Fee Revenue reached R$ 2,018,009 in 2024, a significant increase from R$ 1,544,488 in 2023, representing a growth of 30.7%[35] - Total Gross Revenue for 2024 was R$ 6,400,165, up from R$ 4,752,576 in 2023, reflecting a growth of 34.5%[29] - Total Gross Revenue for 2024 reached R$10,342,030, a 28.1% increase from R$8,078,784 in 2023[43] - Interest income increased to R$5,139,213 in 2024, up 12.9% from R$4,549,827 in 2023[43] - Net Interest Margin (NIM) improved to 7.8% in 2024, compared to 7.4% in 2023[49] - Interest Earning Portfolio grew to R$63,422,429 in 2024, a 30.7% increase from R$48,491,399 in 2023[46] - NIM Excluding Credit Card Transactor Portfolio rose to 9.2% in 2024, up from 8.7% in 2023[53] Funding and Costs - Funding increased to R$ 55,065,296 in 2024, compared to R$ 43,513,032 in 2023, representing a growth of 26.5%[39] - Cost of Funding improved to 6.7% in 2024 from 7.6% in 2023, indicating a reduction in average interest expenses[41] Client Engagement and Market Expansion - Active clients metric reflects engagement, with a focus on retaining previously acquired clients[55] - Card + PIX Total Payment Volume (TPV) is monitored to assess the appeal of payment products[56] - The company aims to expand its business into markets outside of Brazil, integrating operations from acquisitions[59] - Future growth opportunities are anticipated despite uncertainties in the global economy[59] - The company emphasizes the importance of client engagement metrics to enhance its financial services[55] Risk Management - The company has established a comprehensive financial risk management framework covering credit, market, liquidity, and operational risks[771] - Credit risk management focuses on identifying, evaluating, controlling, and mitigating risk exposure to safeguard financial solidity and solvency[772] - Liquidity risk management aims to ensure the company can meet expected or unexpected obligations without incurring significant losses[773] - The company employs a structured approach to risk management, including segregation of functions and defined management processes[774] - Market risk is associated with potential losses from fluctuations in stock prices, interest rates, exchange rates, and commodity prices[775] - Operational risk is defined as potential losses from failures in internal processes, people, systems, or external events[776]

Core Insights - Intrepid Metals Corp has identified several new porphyry copper-gold targets at the Corral Copper Property in Cochise County, Arizona, which is geologically similar to the Bisbee Camp known for high-grade copper-gold deposits [1][2][17] - The Corral Copper Project has not undergone a systematic porphyry exploration campaign before, making this initiative significant for potential mineral discoveries [2][4] Company Developments - The 2024 drill program at Corral confirmed the presence of porphyry copper potential, with significant geological features observed in the drill core [2][4] - The Corral Copper Project includes three main prospects: Ringo, Earp, and Holliday, which are characterized by carbonate replacement deposits and potential porphyry mineralization [2][4] - The company has conducted systematic exploration targeting using various modern techniques, including geological mapping and airborne geophysics, to identify porphyry zones [5][7][8] Mineralization and Exploration Potential - The Ringo Zone is highlighted for its near-surface supergene enrichment and various mineralization styles, indicating a promising environment for copper-gold-silver deposits [4][12] - Initial drill results from the Ringo Zone showed high-grade intercepts, including 112.95 meters of 1.50% Copper, 0.53 grams per ton Gold, and 8.22 grams per ton Silver [14][22] - The Corral Copper Property is positioned in a historically rich mining area, with the potential for significant mineralization based on past production in the Bisbee mining camp [17][18] Acquisition and Financial Updates - The company has entered into a Purchase and Sale Agreement for the Emmet Claim, adding 19.13 acres to the Corral Copper Project, with a payment of $10,000 and issuance of 75,000 common shares [15][23] - Intrepid has granted 1,850,000 stock options to its directors, officers, and consultants, with an exercise price of $0.39, expiring on April 14, 2030 [16]