Earnings Call: Q1 2026

May 15, 2026

Summary

Q1 2026 EBITDA reached BRL 31.8 million and net income BRL 6.9 million, while credit origination and Dotz Pay expanded. Priorities remain profitable growth and disciplined credit risk management amid rising household debt and delinquency.

Good morning, ladies and gentlemen. Welcome to Dotz's video conference to discuss the results for the first quarter of 2026. This video conference is being recorded, and the replay can be accessed in our investor relations website, ri.dotz.com.br. The presentation will be available today for download later today. We would like to inform you that all participants will be only watching this video conference during the presentation. After that, we will start our Q&A session, when further instructions will be provided. Before moving on, we would like to reinforce that forward-looking statements are based on assumptions and beliefs of Dotz's management. These statements involve company's business outlook. These forward-looking statements may involve risks, uncertainties, and forward-looking ideas. They relate to future events and therefore can depend on circumstances that may or may not occur. Events related to macroeconomic segments, the industry, and other factors can lead results to materially differ from those expressed in these forward-looking statements presented here. Today, we count on the presence of Mr. Otávio Araújo, our CEO, and Mr. Gustavo Freitas, our CFO and DRI. Now I would like to hand over the floor to Mr. Otávio Araújo so he can start his presentation. Please, Mr. Otávio, you may go ahead. Thank you very much. Thank you for your presence, for being with us. Thank you, Guga, for being here with me in this chat, in this call. I would like to start by thanking our marketing RI team for the new video and for the new template we will be watching during this presentation. Let me thank Dotz's team for the excellent results we achieved in this quarter. Historic results we will be discussing here with you today. We can move on to slide number 3, please. Well, in this quarter, we really consolidate Dotz's business as a platform of credit for Brazilian middle-class people, and we continue really focused as in the past quarters in three pillars related to the business development. The first of them is the TechFin growth credit business. We have had growth of 9% compared to the last quarter of '25. Besides, we have consolidated PL above BRL 5 million when we consider all the FIDCs that we have, and Gustavo will talk more about that. More important than that is this change with trust in credit performance results. This quarter, we have 55% of credit revenues, financial revenues, and non-commission revenues as we had in the past. So we remained focused and growing steadily with profitability. The second pillar is our competitive edge pillar. Dotz ecosystem, loyalties ecosystem. We are focused on scaling the business with profitability and consolidating our competitive edges. In terms of expansion, we have six partners in the pipeline. We will talk more about these products later. We also have increased our business, the penetration of our payment products, credits, and points exchange in our partners' stores, with an increase of 54% growth in the POS in payment method penetration year-over-year. Finally, we need to do all of that with profitability, with awareness, and optimizing our investments. Gustavo will give you more details about that. Our EBITDA grew over BRL 20 million year-on-year, consolidating BRL 31.8 million in the first quarter of 2026, with net income historic of almost BRL 7 million, a relevant growth year-over-year. Next, please. Now let's talk about our operational performance, starting with our credit origination, which grows steadily 9% regarding previous quarter growth compared with the previous year, 4% growth year-on-year. We need to make our credit business grow. This is our main focus. We need to grow steadily on this vertical. We will continue prioritizing this in the future. In terms of our FIDCs equity, there is a growth. Later, Gustavo will talk more about the FIDCs. We have been growing in over 20% in the first quarter against the first quarter of 2025, consolidated over BRL 411 million in FIDCs. As I mentioned in the beginning of the call, we have more financial revenue than commissioning revenue, which leverages our results and also our monetization. Regarding Dotz Pay, our product related to the loyalty vertical, our value proposition is focused on increasing turnover for retailers, especially supermarkets, and on the consumer side, we want to increase their purchasing power. We have reached in the first quarter of 2026 some pretty relevant figures, over 16,000 contracts in the first quarter. This product gains power and scale. The credit product, which is buy now, pay later, accounts for 67% of what is paid in our integration with our partners. On one hand, it shows the relevance for this to our monetization. Credit is important in payment of what is being paid in our partners, and this was our strategy since day one. On the other hand, we have over 30% of what's being paid. There are points, Dotz's point in our partner programs points, which we allow to be exchanged in given retailers. It allows us, our end consumers, to reap a cashback of over 30% when they buy with our partners. That's a pretty good advantage and part of our value proposition, as I mentioned. Some pretty important figures are a growth in the number of consumers that's very strong when compared to the last three of 2025. When we compare it to the first quarter, we are talking about an 80% growth in consumers. Consumers buy more per basket. There is an increase of over 40% of the medium average ticket. This accounts for the ability of them purchasing more. On the retailer side, the retailers can sell more margin with more margin. The penetration, the payment method penetration had a growth of over 50%, as I said previously. This is a very important KPI for us because it measures the partner's engagement and also the customer's perspective on our product. A KPI which is not here, but which is also very important, is the product recurrence, which is over 60%. Over 60% of our consumers buy in a given month will buy again in future months. Regarding Dotz Pay performance over time, we remain focused in some relevant elements. As I mentioned, the exchange with partnering programs. We launched Livelo by the end of last year. It has been a good development with this pretty important partner to us. The idea is to bring other partners into this payment solution. We also bring a promotional activity with the industry, with a presence in POS, in also our digital channels, the app or other digital channels where consumers can browse digitally. Another focus is growth. We need to scale our network, pretty focused on supermarkets and grocery stores. We have the sixth launch scheduled for the second quarter of 2026. We have these new launches in the pipeline. Next, please. Gustavo will discuss our financial results. Thank you very much, Otavio. Moving on with our presentation, we have seen an evolution of what we have mentioned in the past quarters. We have taken another step within our proposition with an execution discipline that is clear. We can see on the left side of your screen, we see the financial results achieved in the first quarter of 2026. BRL 63 million of gross profit. Expenses, BRL 31 million in a threshold compared to the same quarter of the previous year that is a little higher, I mean. The EBITDA reaching almost BRL 32 million in a net profit of almost BRL 7 million, an increase of almost BRL 8 million year-over-year. These are pretty consistent numbers, pretty consistent figures with the work we have developed in the past few quarters. I will detail these figures later, but let me talk about our FIDC strategy in line with what Mr. Otavio mentioned regarding our TechFin clients. We've had in 2025, in the second quarter of 2025, we created a FIDC 2, and then in the fourth quarter of 2025, we had a FIDC 3. Since the beginning, we had a FIDC 1. Then we had a FIDC 3 in the fourth quarter of 2025. And we will maintain our operations in a structured way by doing that. Let's move on. In this FIDC strategy, you can see to your left this graph, FIDC's origination. In the first quarter of 2025, we basically had FIDC 1, let's say, the original FIDC, when origination was all on it. Now, when we move to the first quarter of 2026, we can clearly see the concentration of our origination volumes in FIDC 3. This shows our adjustment, the adjustment of our FIDC structure so we can consider higher results, better results in our ledgers at Dotz. When you look at the FIDC's equity, also on your left, there is an increase at a slower speed because this equity adjusts naturally. The important point here is that in the first quarter of 2026, in March, we can see that over 95% of our origination is already in FIDC 3. This will be our main FIDC. If you look at the credits revenue breakdown on your right, you can see that in the previous year, in the first quarter of 2025, almost the totality of revenues came from tariffs and fees. Now, in the first quarter of 2026, I tried to capture the result of this portfolio, because having a FIDC 2 and FIDC 3 against subordinated figures, they can capture the result of loans portfolio through subordinated accounts in a direct association, revenue costs and funding. Then I can capture the result of these portfolios in FIDCs. And as we've shown in the previous quarters, there is a consistency in the management of this equity. If we check the next slide, we can see our gross profit. In gross profit, we can clearly see an evolution of this result as time went by. What happens basically in this period is that we move from a threshold that is similar in 2024 and 2025. In 2026, we can see the results of this FIDCs adjustment, this growth in FIDC 3. We will attract more revenue and the respective impact of Dotz will be gained in the next few months. There will be a delay. First, we have revenue which will be adjusted naturally. When the year closes, we will be able to see it consistently. When you see our SG&A, our expenses, if you look quarter-over-quarter, you can see a figure above the previous quarter. But when you take the period in checking the whole year, you can clearly see how we have stabilized the level of our expenses since the year of 2023. Controlling our expenses, this is one of our main pillars. Expenses are within our limits of what we expected so we can manage our resources in revenues at Dotz. In the next slide, consequently, we see the EBITDA result was BRL 31.8 million, with an increase of BRL 21.8 million year-over-year, and also an increase quarter-on-quarter. It's important to stress that every point I mentioned about FIDC are reflected here and you can clearly see the evolution we see are within our parameters of projection in each of these lines. With an increase of this EBITDA in this next slide, this will be reflected in our net profit where we can more clearly see everything that we've done to achieve more efficiency in our results. We can clearly see that in 2023, back then, we had more negative figures. In 2024, they improved a little bit. Then in 2025, it was better. In 2026, in this first quarter, we've had an impact of FIDCs and we achieved BRL 6.9 million in net profit in this first quarter, which is a pretty satisfactory result according to our expectations. I'll hand over to Otavio for his closing remarks. Thank you, Gustavo. I think our take home message is that when we look at the excellence results we achieved this quarter, it means that we have done this based on a focused work and focused execution in the past two years, in the past quarters. We will focus on this in the coming month. In 2026, the whole team at Dotz, we all know that it will take discipline, execution, and results delivery in a consistent fashion with profitability in sight, doing precisely what we have done in the past few quarters to focus, to grow constantly with profitability in our credit business and our loan business in our TechFin vertical, consolidate our loyalty business with the new value proposition, bringing a new distribution channel also for credit and also loyalty products, especially in retail with Dotz Pay, this product I mentioned. Dotz Pay will be more and more relevant along with other products we offer, also contributing to profitability. It's not only a strategic perspective, but we aim at generating results, doing that by choosing well our expenses and investments, optimizing and streamlining our investments so we can deliver results as the ones Gustavo just mentioned. We will now begin our Q&A session for investors and analysts. If you would like to ask a question, please press the Raise Your Hand button. If your question is answered, then you can leave the queue by clicking on Lower Your Hand. You can also ask your question via the chat through the Q&A icon. We will now collect your questions. We do have a question. "How are you seeing the Brazilian credit market currently? Are you feeling any impact on Dotz?" That is an excellent question. Thank you. We have been pretty cautious. We have been moving with concern and expectation. We see the impact, the increase of debt in household debts in Brazilian families, and the Central Bank has just released a report showing that we are in an important point regarding delinquency rates, default rates, and we are being much more careful in this credit business of ours because we work with this since the origination. With everything we have, credits, policies, and strategies, and as Gustavo mentioned, we have changed this to increase results. We will take credit risks in our ledgers. We have been really, really careful about that. We are comfortable in credits because we deal with these middle-class consumers. They do not have so much access to credit, so we decided to provide credit to this layer of the population, middle-class population. It is not that bigger banks do not want to do that, do not want to provide these middle-class households with credit. But we have less competition in the segments with other products that involve context, just like the buy now, pay later in retail, and also other products like Pix, the automatic money transfer, and other products. With this discipline, strong discipline in products and bringing guarantees and context to the credit we provide, that is how we will continue to guarantee we will have pretty solid results in being sure in this credit business, even in this more challenging environment that we face now in the macroeconomic scenario. There is another question saying, "From what you mentioned, there are new partners in the initial videos. How is this payment strategy going in these retail partner stores?" Thank you very much for your question. I talked about that previously, and it also connects with our credit approach and market and how we are dealing with that more strategically at Dotz. One of our strategies to have credit discipline is to bring context to these transactions and use Dotz networks along with the retails and loyalty procedures to deliver points with partners. As I mentioned in my presentation, this value proposition is called Dotz Pay. The focus now, we have six new partners in the pipeline, focusing mainly in supermarkets, and also we are focusing in integrating partners with which we already have experience and efficiency when we launch our products. We already have six new partners for the second quarter, for the next few quarters. The idea is to escalate, to scale, to give scale to this operation in an efficient fashion so we can have more and more partners. We can find new partners in this vertical and also increase our product's penetration. As our Dotz Pay products gains relevance within the partner's GMV or sales, we can scale our distribution within this network. That's our strategy in this context. Let me remind you that please, you can use Raise Your Hand button to ask your question or send your question using the Q&A icon. There's another question. "Good morning," Gabrielle asked. "It was mentioned in the call that there was a mismatch between revenues and PDD. Which is the outlook for PDD going forward as a percentage of revenue?" Thank you, Gabrielle, for your question. Essentially, what we're saying is when you have a portfolio that grows rapidly in the composition, first, you have provisions and revenues. They come in a shorter period. I cannot give you any guidance for future results, but just let me explain the results to you. PDD will rise a little bit more in the next few months, and then it will be balanced. When you look at the yearly result of these lines, it will be stable according to our strategy. Nothing different. But there is this rapid increase of this composition of this new FIDC. That's how it's composed. Our Q&A session is closed. Now let me call Mr. Otávio Araújo for his closing remarks. I would like to thank you all again for your participation, for being with us. I would like to congratulate the whole of our team, the Dotz teams for the results we achieved. Our earnings are historic, are unparalleled. Without the Dotz teams, it wouldn't be impossible to reach that. Let me thank each and every one of you for your commitment, for your engagement, and for how engaged you are with our proposition, our idea to do exactly what we explained here. I would like to thank partners, customers, shareholders, and everyone, our analysts, and we hope to see you all in our next call for this chat. Thank you very much. I wish you have a wonderful day. And thus, we wrap up Dotz video conference. We appreciate everyone's participation, and we hope we have a lovely day.