Inter & Co, Inc. Annual Report - How They Did This Year

I’ve put together this guide to help you understand how Inter & Co, Inc. performed this year. Think of this as a plain-English breakdown of their latest report—no confusing Wall Street jargon, just the facts you need to decide if this company belongs in your portfolio.

1. What does this company do?

Inter & Co is a digital-first financial platform. They use a "Super App" to combine banking, investing, credit, insurance, and shopping into one ecosystem. They want to handle every part of your financial life.

They operate through four main areas:

• Banking: Digital checking, payments, and credit cards.
• Credit: Personal loans and financing solutions.
• Investments: A platform for trading stocks, bonds, and funds.
• Marketplace: A shopping hub inside the app that earns the company fees.

They are a major player in Brazil and are currently expanding into the U.S. and other global markets. By keeping users in one app for daily tasks, they aim to earn more from each customer while spending less to find new ones.

2. Financial performance and health

Inter & Co is growing quickly. Here is how they performed over the last three years:

• Growing the Loan Book: The company is lending much more money. Their total loans reached R$ 52.6 billion in 2025, up from R$ 41.2 billion in 2024 and R$ 31.0 billion in 2023. This shows they are successfully scaling their core banking business.
• Managing Costs: As the company grows, so do their expenses. Costs to run the business—including staff, technology, and administration—rose to R$ 3.63 billion in 2025, up from R$ 2.92 billion in 2024 and R$ 2.59 billion in 2023.
• Safety Net: They are setting aside more money to cover potential loan defaults. This rose to R$ 3.0 billion in 2025, up from R$ 2.27 billion in 2024 and R$ 1.58 billion in 2023. This helps the bank stay stable if borrowers cannot pay back their loans.

3. Major wins and changes

The company is currently in a "scale" phase. They are focused on growing their user base and adding more ways to make money within the app. They are also working to improve their efficiency, which measures how much it costs them to generate each dollar of revenue. By using their own technology, they aim to lower the cost of adding new customers and turn their high-volume model into steady profit.

4. Key risks

• Economic Sensitivity: Because they operate mostly in Brazil, their success depends on the Brazilian economy. High inflation or unemployment can hurt their ability to collect on loans.
• Complexity: Running a "Super App" is difficult. If the app becomes hard to use or technical issues arise, users may leave for simpler competitors.
• Currency Fluctuations: They report in Brazilian Reais but are listed on the U.S. stock exchange. Changes in exchange rates can make their financial results look volatile to U.S. investors.
• Credit Risk: As they lend more, they face the risk that borrowers will default. If more people stop paying their loans than expected, the company’s financial health could suffer.

5. The bottom line

Inter & Co is an ambitious, fast-growing platform. They are successfully expanding their loan business to drive revenue. However, they are also spending more to support this growth. As an investor, watch to see if their revenue from interest and fees continues to grow faster than their operating costs and loan losses.

Investor Tip: Keep an eye on their quarterly updates to see if the gap between their revenue growth and their operating expenses begins to widen, as this will be the clearest indicator that their "Super App" model is becoming more profitable over time.