AGI Inc 6-K, filed Aug 5, 2026
AGI Inc (AGBK)
About this 6-K
AGI Inc filed this 6-K on August 5, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-43114
AGI Inc
(Exact name of registrant as specified in its charter)
N/A
(Translation of registrant’s name into English)
Rua Sergio Fernandes Borges Soares, 1000, Prédio E1
Campinas, SP
13054-709 Brazil
+55 19 3031-4000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F |
X |
Form 40-F |
EXHIBIT INDEX
| Exhibit No. | Description |
| 99.1 | Consolidated Financial Statements: As of June 30, 2026 and for the three months period ended June 30, 2026 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AGI Inc | |||||
| By: | /s/ Marcello Winnik Dubeux | ||||
| Name: | Marcello Winnik Dubeux | ||||
| Title: | Chief Financial Officer | ||||
Date: August 4, 2026
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
To the Management and Shareholders of
AGI Inc
Introduction
We have reviewed the accompanying interim condensed consolidated financial statements of AGI Inc (the “Company”) as at June 30, 2026, which comprise the interim consolidated statement of financial position as at June 30, 2026 and the related interim consolidated statements of profit or loss and of comprehensive income for the three and six-month periods then ended, changes in equity and cash flows for the six months period then ended and explanatory notes.
Management is responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board (IASB).
/s/ Ernst & Young Auditores Independentes S/S Ltda.
São Paulo, Brazil
August 05, 2026
 | |
Index to Notes to the Unaudited Interim Condensed Consolidated Financial Statements |
| Unaudited Interim Consolidated Statement of Financial Position | 3 |
| Unaudited Interim Consolidated Statement of Profit or Loss | 4 |
| Unaudited Interim Consolidated Statement of Comprehensive Income | 5 |
| Unaudited Interim Consolidated Statement of Changes in Equity | 6 |
| Unaudited Interim Consolidated Statement of Cash Flows | 7 |
| Notes to the Unaudited Interim Condensed Consolidated Financial Statements | 8 |
| 1. General Information | 8 |
| 1.1 Initial Public Offering (“IPO”) | 9 |
| 1.2 Corporate Reorganization and Capital Restructuring | 9 |
| 2. Basis of preparation | 10 |
| 3. Summary of significant accounting policies | 13 |
| 4. Significant accounting judgements, estimates and assumptions | 13 |
| 5. Cash and Cash Equivalents | 14 |
| 6. Financial Instruments | 14 |
| 6.1 Financial assets measured at fair value through profit or loss (FVTPL) | 14 |
| 6.2 Financial Assets Measured at Amortized Cost | 16 |
| 6.3 Allowance for Expected Credit Losses expense in the income statement | 20 |
| 6.4 Financial Liabilities Measured at Amortized Cost | 22 |
| 6.5 Financial Instruments Measured at fair value through profit or loss - Derivative Financial Instruments – Hedge | 24 |
| 7. Income Taxes, Social Contribution and Other Taxes | 28 |
| 8. Property and Equipment | 29 |
| 9. Intangible Assets | 30 |
| 10. Leases | 30 |
| 11. Other Assets | 31 |
| 12. Provision for contingencies | 32 |
| 13. Other Liabilities | 33 |
| 14. Obligations related to credit assignments | 33 |
| 15. Equity | 34 |
| 16. Net Interest Income | 38 |
| 17. Operating Expenses and other Revenues | 38 |
| 18. Other income (expenses), net | 39 |
| 19. Related parties | 39 |
| 20. Non-cash items | 40 |
| 21. Sensitivity analysis | 40 |
| 22. Capital Management | 43 |
| 23. Risk Management and Financial Instruments | 45 |
| |
Unaudited Interim Consolidated Statement of Financial Position
As of June 30, 2026 and December 31, 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)
| Assets | Note | June 30, 2026 | December 31, 2025 |
| Cash and balances with banks | 5 | 752,128 | 327,293 |
| Financial assets | 47,179,352 | 44,360,860 | |
| At fair value through profit or loss | 6.1 | 1,890,820 | 3,102,639 |
| At amortized cost | 6.2 | 45,288,532 | 41,258,221 |
| Securities | 4,279,830 | 2,474,971 | |
| Debentures | 6,159,546 | 5,681,078 | |
| Compulsory deposits with the Brazilian Central Bank | - | 660,772 | |
| Loans to customers | 37,075,843 | 34,855,041 | |
| (-) Allowance for expected credit loss | 6.3 | (2,226,687) | (2,413,641) |
| Deferred tax assets | 7 | 1,318,487 | 1,447,319 |
| Property and equipment | 8 | 101,903 | 92,413 |
| Intangible assets | 9 | 227,683 | 182,205 |
| Right-of-use assets | 10 | 200,969 | 211,697 |
| Other assets | 11 | 1,328,526 | 1,115,565 |
| Total assets | 51,109,048 | 47,737,352 | |
| Liabilities | |||
| Financial Liabilities | 31,586,524 | 31,894,161 | |
| At fair value through profit or loss | 6.5 | 270,262 | 115,077 |
| At amortized cost | 6.4 | 31,316,262 | 31,779,084 |
| Demand deposits and Time deposits | 18,980,916 | 20,850,682 | |
| Funds from acceptances and issuance of securities | 6,285,038 | 6,170,529 | |
| Loans and borrowing | 1,502,534 | 747,088 | |
| Debt issued and other borrowed funds | 756,614 | 759,339 | |
| Repurchase agreements | 300,009 | - | |
| Debentures (from Repurchase Agreements) | 3,491,151 | 3,251,446 | |
| Provision for contingencies | 12 | 322,471 | 310,343 |
| Other liabilities | 13 | 880,014 | 1,330,741 |
| Obligations related to credit assignments | 14 | 13,158,101 | 10,397,345 |
| Lease liabilities | 10 | 237,923 | 248,280 |
| Deferred tax liabilities | 7 | 124,800 | 382,874 |
| Total liabilities | 46,309,833 | 44,563,744 | |
| Equity | |||
| Share capital | 40 | 2,622,165 | |
| Share Premium reserve | 3,910,989 | - | |
| Treasury shares | (16,965) | (1,297) | |
| Reserves | 519,185 | 544,194 | |
| Retained earnings | 386,811 | 11,825 | |
| Other comprehensive income | (845) | (3,279) | |
| Total equity | 15 | 4,799,215 | 3,173,608 |
| Total liabilities and equity | 51,109,048 | 47,737,352 | |
| 2q26 |  | 3 | |
| |
Unaudited Interim Consolidated Statement of Profit or Loss
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)
| Three-month period ended | Six-month period ended | |||||
| Note | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||
| Interest income using the effective interest method | 16 | 2,830,085 | 2,216,083 | 5,540,204 | 4,281,193 | |
| Interest expense using the effective interest method | 16 | (1,734,565) | (1,131,320) | (3,361,876) | (2,081,406) | |
| Net interest income | 1,095,520 | 1,084,763 | 2,178,328 | 2,199,787 | ||
| Gain on financial assets at fair value through profit or loss | 205,333 | 87,926 | 391,081 | 131,798 | ||
| Commissions, banking fees and other revenues from services | 17.a | 135,552 | 206,520 | 236,267 | 522,415 | |
| Operating income | 1,436,405 | 1,379,209 | 2,805,676 | 2,854,000 | ||
| (-) Expected credit losses | 6.3 | (562,210) | (351,478) | (1,061,191) | (712,932) | |
| Personnel expenses | 17.c | (131,525) | (143,919) | (222,095) | (231,488) | |
| Selling, general and administrative expenses | 17.b | (470,128) | (330,964) | (851,958) | (648,793) | |
| Tax expenses | 17.d | (109,897) | (118,354) | (220,943) | (266,214) | |
| Depreciation and amortization | (57,791) | (48,456) | (111,478) | (95,385) | ||
| Operating expenses | (1,331,551) | (993,171) | (2,467,665) | (1,954,812) | ||
| Net operating income | 104,854 | 386,038 | 338,011 | 899,188 | ||
| Other income (expenses), net | 18 | 10,122 | (19,020) | (6,963) | (20,500) | |
| Income before income tax and social contribution | 114,976 | 367,018 | 331,048 | 878,688 | ||
| Current income tax and social contribution | 7 | 84,466 | (58,742) | (95,217) | (292,851) | |
| Deferred income tax and social contribution | 7 | 834 | (44,340) | 150,980 | 34,568 | |
| Net income for the period | 200,276 | 263,936 | 386,811 | 620,405 | ||
| Attributable to the owners of the parent | 200,276 | 262,747 | 386,811 | 612,730 | ||
| Attributable to non-controlling interests | - | 1,189 | - | 7,675 | ||
| Basic and diluted earnings per share – R$ | ||||||
| Common shares | 15 | 1.40 | 1.94 | 2.79 | 4.72 | |
| 2q26 | | 4 | |
| |
Unaudited Interim Consolidated Statement of Comprehensive Income
For three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)
| Three-month period ended | Six-month period ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Net income for the period | 200,276 | 263,936 | 386,811 | 620,405 |
| Items that may be reclassified to profit or loss | 2,629 | (18,094) | 2,434 | (55,611) |
| Fair value changes in cash flow hedges | 4,781 | (32,900) | 4,426 | (101,111) |
| (-) Tax effect | (2,152) | 14,806 | (1,992) | 45,500 |
| Subtotal | 2,629 | (18,094) | 2,434 | (55,611) |
| Total comprehensive income | 202,905 | 245,842 | 389,245 | 564,794 |
| Comprehensive income attributable to the equity owners of the parent. | 202,905 | 244,653 | 389,245 | 557,119 |
| Comprehensive income attributable to non-controlling interests | - | 1,189 | - | 7,675 |
| 2q26 | | 5 | |
| |
Unaudited Interim Consolidated Statement of Changes in Equity
For the six-month period ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)
| Share capital | Share Premium Reserve | Treasury shares | Reserves | Retained earnings | Other Comprehensive income | Total | Non - Controlling Interests | Total equity | |
| Balances as of December 31, 2024 | 1,673,000 | - | (1,157) | 587,670 | 52,726 | 49,852 | 2,362,091 | 114,623 | 2,476,714 |
| Net income for the period | - | - | - | - | 612,730 | - | 612,730 | 7,675 | 620,405 |
| Cash flow hedge, net | - | - | - | - | - | (55,611) | (55,611) | - | (55,611) |
| Capital increase | 20,000 | - | - | 380,000 | (382,800) | - | 17,200 | (17,200) | - |
| Usufruct dividends | - | - | - | - | (103,811) | - | (103,811) | - | (103,811) |
| Treasury shares | - | - | 1,157 | (344) | - | - | 813 | - | 813 |
| Acquisition of Control | - | - | - | - | 104,475 | - | 104,475 | (104,475) | - |
| Balances as of June 30, 2025 | 1,693,000 | - | - | 967,326 | 283,320 | (5,759) | 2,937,887 | 623 | 2,938,510 |
| Balances as of December 31, 2025 | 2,622,165 | - | (1,297) | 544,194 | 11,825 | (3,279) | 3,173,608 | - | 3,173,608 |
| Capital restructuring | (2,622,130) | 2,829,584 | 1,297 | (25,009) | (11,825) | - | 171,917 | - | 171,917 |
| Issuance of common shares – Series A | 5 | 1,239,643 | - | - | - | - | 1,239,648 | - | 1,239,648 |
| Transactions costs from IPO | - | (165,585) | - | - | - | - | (165,585) | - | (165,585) |
| Partnership program exercised (note 19b) | - | 7,347 | - | - | - | - | 7,347 | - | 7,347 |
| Net income for the period | - | - | - | - | 386,811 | - | 386,811 | - | 386,811 |
| Cash flow hedge, net | - | - | - | - | - | 2,434 | 2,434 | - | 2,434 |
| Repurchase of Treasury shares | - | - | (16,965) | - | - | - | (16,965) | - | (16,965) |
| Balances as of June 30, 2026 | 40 | 3,910,989 | (16,965) | 519,185 | 386,811 | (845) | 4,799,215 | - | 4,799,215 |
| 2q26 | | 6 | |
| |
Unaudited Interim Consolidated Statement of Cash Flows
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of Brazilian reais - R$, unless otherwise stated)
| June 30, 2026 | June 30, 2025 | |
| Net income | 386,811 | 620,405 |
| Expected credit losses | 1,061,191 | 712,932 |
| Depreciation and amortization | 111,478 | 95,385 |
| Provision for contingencies | 126,936 | 144,856 |
| Deferred income tax and social contribution | (150,980) | (34,568) |
| Interest on leases | 16,564 | 15,532 |
| Results on disposal of property and equipment and intangible assets | 12,216 | 300 |
| Interest expense on loans and borrowings | 31,775 | 29,819 |
| Net changes in operating assets and liabilities | ||
| (Increase)/decrease in: | ||
| Financial assets measured at fair value through other comprehensive income | - | (926) |
| Financial assets measured at fair value through profit or loss | 1,541,106 | (1,963,533) |
| Financial assets measured at amortized cost | (5,316,142) | (8,554,996) |
| Other assets | 66,851 | (309,066) |
| Demand deposits | 220,364 | 41,607 |
| Debt issued and other borrowed funds and debentures | 236,980 | (25,774) |
| Increase/(decrease) in: | ||
| Other liabilities | (270,577) | 333,873 |
| Obligations related to credit assignments | 2,760,756 | 2,154,689 |
| Provisions for contingencies | (114,808) | (85,303) |
| Time customer deposits | (2,090,130) | 3,645,595 |
| Repurchase agreements | 300,009 | - |
| Funds from acceptances and issuance of securities | 114,509 | 2,256,332 |
| Derivative instruments | (179,052) | 236,830 |
| Income tax and social contribution paid | (397,596) | (263,436) |
| Net cash flows (used in) operating activities | (1,531,739) | (949,447) |
| Investment activities | ||
| Purchase of property and equipment | (33,706) | (15,235) |
| Purchase of intangible assets | (113,604) | (64,221) |
| Net cash (used in) investing activities | (147,310) | (79,456) |
| Financing Activities | ||
| Issuance of shares under IPO | 1,239,643 | - |
| Transactions costs from IPO | (110,420) | - |
| Repurchase of treasury shares | (11,055) | - |
| Loan proceeds | 1,048,283 | 440,625 |
| Payment of borrowings | (204,826) | (286,852) |
| Interest in borrowings paid | (34,837) | (13,948) |
| Payment of lease liabilities | (47,544) | (41,088) |
| Payment of usufruct dividends | - | (103,881) |
| Net cash flows from provided by financing activities | 1,879,244 | (5,144) |
| Increase/(Decrease) in cash and cash equivalents | 200,195 | (1,034,047) |
| Cash and cash equivalents at the beginning of the period | 853,279 | 1,405,410 |
| Cash and cash equivalents at the end of the period | 1,053,474 | 371,363 |
| Increase / (decrease) in cash and cash equivalents | 200,195 | (1,034,047) |
| 2q26 | | 7 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
| 1. | General Information |
AGI Inc (the “Company” or “Group”, when taken together with its subsidiaries) is a Cayman Islands holding company, incorporated on September 2, 2021. On February 11, 2026, as part of a corporate reorganization carried out in connection with the Company’s international listing process, the shares of Agi Financial Holding S.A. were contributed to AGI Inc, which became the direct controlling shareholder of Agi Financial Holding S.A. AGI Inc has control of 100% of the shares of Agi Financial Holding S.A., which in turn holds 100% of the shares of Banco Agibank S.A.
The Group aims to provide a broad financial services platform, including personal credit, payroll loans, credit card and payroll credit card operations, as well as demand and time deposits, investments, insurance, among others.
The issuance of these financial statements was authorized by the Executive Board on August 5, 2026.
| (a) | Banco Agibank S.A. (“Bank”): |
The Company’s indirectly held subsidiary, Banco Agibank S.A. ("Agibank" or the "Bank") was established following the transfer of control of Banco Gerador S.A. from its former shareholders to its then-parent company, Agipar Holding S.A., under a purchase and sale agreement and other covenants signed on May 2, 2016. The transaction was approved by the Central Bank of Brazil (BACEN), along with the Bank’s business continuity plan, on July 26, 2016.
On August 16, 2016, Banco Gerador S.A. was renamed Banco Agiplan S.A. Subsequently, on January 10, 2018, the name was changed to Banco Agibank S.A., with BACEN’s approval granted on January 24, 2018.
Agibank operates as a commercial bank, offering personal credit, payroll loans, credit cards, and payroll credit cards, as well as raising demand and time deposits. Since April 5, 2021, the Bank’s headquarters have been located at Rua Sérgio Fernandes Borges Soares, No. 1,000, Building 12 E-1, Industrial District, Campinas, São Paulo.
| (b) | Agibank Management Ltd. “Agi Asset”: |
In March 2026, Agibank launched Agibank Asset Management Ltd. (“Agi Asset”), a new business vertical focused on asset management and private credit products. The initiative marks the beginning of the Bank’s expansion into wholesale banking activities, leveraging its credit expertise to structure Fundo de Investimento em Direitos Creditórios (FIDCs) and to facilitate companies’ access to the capital markets.
| (c) | Fundo de investimentos em Direitos Creditórios Agibank II “FIDC II”: |
In April 22, 2026, Class A Quotas of the Fundo de Investimento em Fundos de Investimentos em Direitos Creditórios Agibank II ("FIDC") began to be consolidated. The Group holds 100% of the subordinated quotas of the FIDC, which absorb first losses and are entitled to the residual returns of the fund, thereby exposing the Group to substantially all variable returns generated by the underlying credit portfolio and supporting the conclusion that the Group retains substantially all risks and rewards associated with its operations.
| 2q26 | | 8 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
(d) Agibank Crédito Privado Fundo de Investimento Financeiro Multimercado “Agibank FIFM”:
On March 16, 2026, the Agibank Crédito Privado Fundo de Investimento Financeiro Multimercado “Agibank FIFM” was established as an open-ended multimarket investment fund. The fund has an indefinite term, a single-class structure with subclasses, and is intended for qualified investors. The Group holds 100% of the fund's shares, which exposes it to substantially all variable returns generated by the fund's portfolio, supporting the conclusion that the Group retains substantially all risks and rewards associated with its operations and, accordingly, the Agibank FIFM is consolidated in the Group's financial statements.
(e) Agibank Seleção FIC FIDC – Responsabilidade Limitada “FIC FIDC”:
On June 22, 2026, Agibank Seleção FIC FIDC – Responsabilidade Limitada (“FIC FIDC”) was established as an open-ended fund of investment in credit rights investment funds (FIC FIDC). The fund is consolidated by the Group for financial reporting purposes.
The fund has an indefinite term, a single-class structure, and is intended for qualified investors. Its investment objective is to provide capital appreciation primarily through investments in quotas of credit rights investment funds (FIDCs), in accordance with the investment limits and eligibility criteria established in its regulations.
| 1.1 | Initial Public Offering (“IPO”) |
On February, 2026, AGI Inc completed its Initial Public Offering (IPO). A total of 20,000,000 Class A common shares were offered by the Company.
The initial public offering price was US$12.00 per Class A common share, for gross proceeds of US$240,0 million. The Company received net proceeds of US$ 226,7 million (or R$ 1,239,6 million), after deducting US$ 13,3 million (or R$ 68,7 million) in underwriting discounts and commissions and US$ 11,3 million (or R$ 58,7 million) of other offering expenses.
On the three-month period ended June 30, 2026, the Company deducted US$ 7,4 million (or R$ 38,2 million) of other offering expenses.
The Class A common shares were registered under the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form F-1 (Registration No. 333-292720), which was declared effective by the Securities and Exchange Commission in February, 2026. The common shares have been traded on the New York Stock Exchange (NYSE) since February 11, 2026, under the symbol "AGBK".
In connection with the corporate reorganization completed on February 11, 2026, the financial statements of AGI Inc were prepared using the predecessor basis of accounting.
| 1.2 | Corporate Reorganization and Capital Restructuring |
In connection with the corporate reorganization completed on February 11, 2026, in which AGI Inc became the direct controlling shareholder of Agi Financial Holding S.A., the Group’s equity structure was reorganized to reflect the share capital structure of AGI Inc. As the financial statements are prepared using the predecessor basis of accounting, the historical equity balances of Agi Financial Holding S.A. were reclassified within equity.
| 2q26 | | 9 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
As part of this process, the historical share capital of Agi Financial Holding S.A. was adjusted to reflect the par value structure of AGI Inc’s shares. This resulted in a transfer of share capital of R$ 2,622,165. Historical balances of reserves, retained earnings and other comprehensive income of Agi Financial Holding S.A., including retained earnings of R$ 11,825 as of December 31, 2025, were reclassified within equity as part of the new capital structure.
Additionally, treasury shares previously recognized at the level of Agi Financial Holding S.A. were derecognized and replaced by the treasury shares position of AGI Inc, resulting in a net movement of R$ 1,297 in treasury shares. These adjustments represent equity reclassifications associated with the corporate reorganization and had no impact on the Group’s total shareholders’ equity.
| 2. | Basis of preparation |
The unaudited interim condensed consolidated financial statements were prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"),
The preparation of the financial statements, in accordance with IFRS Accounting Standards, requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues, costs and expenses. Current results could differ from the estimates. The use of judgments or estimates relevant to the financial statements are presented in each note below.
The accounting policies and criteria adopted in the preparation of the consolidated financial statements for the three-month period ended June 30, 2026 and for the six-month period ended June 30, 2026 and 2025 are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025.
New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of new standards effective as of 1 January 2026. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
| · | Clarifications of the requirements for recognition and derecognition of financial assets and financial liabilities. In particular, a financial liability is derecognised on the ‘settlement date’ and an accounting policy choice is introduced (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date |
| 2q26 | | 10 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| · | Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed |
| · | Clarifications on what constitute ‘non-recourse features’ and what are the characteristics of contractually linked instruments The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI). |
The amendments had no impact on the Group’s interim condensed financial statements.
Annual Improvements to IFRS accounting Standards – Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.
The amendments had no impact on the Group’s interim condensed financial statements.
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7
In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature dependent Electricity. The amendments apply only to contracts that reference nature-dependent electricity, and they:
| · | Clarify the application of the ‘own-use’ requirements for in-scope contracts |
| · | Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts |
| · | Add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. |
The amendments had no impact on Group’s interim condensed financial statements.
Corporate reorganization
These condensed and consolidated financial statements have been prepared on a predecessor basis, reflecting the results and financial position of Agi Financial Holding S.A. as if they had always been part of AGI Inc, given that AGI Inc was established solely as a holding company and currently holds 100% of the share capital of Agi Financial Holding S.A. Accordingly, AGI Inc is considered, in substance, a continuation of the existing holding structure for all periods presented.
| 2q26 | | 11 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
These interim condensed consolidated financial statements include the following companies, headquartered in Brazil:
| Subsidiaries | June, 30 2026 | December, 31 2025 |
| Banco Agibank S.A. | 100.00% | 100.00% |
| Agi Financeira S.A. – Sociedade De Crédito, Financiamento E Investimento | 100.00% | 100.00% |
| Agibank Corretora de Seguros Sociedade Simples Ltda. | 100.00% | 100.00% |
| Telecontato Call Center e Telemarketing Ltda. | 100.00% | 100.00% |
| Hypeflame Tecnologia e Big Data Ltda. | 100.00% | 100.00% |
| Soldi Promotora de Vendas Ltda. | 100.00% | 100.00% |
| Promil Promotora de Vendas Ltda. | 100.00% | 100.00% |
| Agiplan Serviços de Cobrança Ltda. | 100.00% | 100.00% |
| Neo Núcleo de Excelência Operacional Ltda. | 100.00% | 100.00% |
| Agi Marketplace Ltda. | 100.00% | 100.00% |
| A House Agência de Publicidade Ltda. | 100.00% | 100.00% |
| Agi Corretora de Seguros Digital Ltda. | 100.00% | 100.00% |
| Agi Financial Holding S.A. | 100.00% | 2.68% |
| Fundo de Investimento em Direitos Creditórios Agibank I (“FIDC”) | 15.45% | 15.45% |
| Agibank Asset Management Ltda. | 100.00% | 100.00% |
| Agibank Crédito Privado Fundo de Investimento Financeiro Multimercado ("Agibank FIFM") | 100.00% | - |
| Fundo de Investimento em Direitos Creditórios Agibank II (“FIDC II”) | 15.22% | - |
| Agibank Seleção FIC FIDC – Responsabilidade Limitada (“FIC FIDC”) | 100.00% | - |
In the interim condensed consolidation process, all balances and transactions among the entities under common control, including intercompany transactions and balances of their respective subsidiaries, have been eliminated to present a single set of financial statements as if they were a single economic entity.
During the current reporting period, the Group began to consolidate of Agibank Crédito Privado Fundo de Investimento Financeiro Multimercado and Agibank Seleção FIC FIDC – Responsabilidade Limitada, an investment fund under its control. Accordingly, the fund’s assets, liabilities, income, expenses, balances, and transactions have been included in the consolidated financial statements, and all intercompany balances and transactions have been eliminated to present the financial position and results of operations as those of a single economic entity.
| (a) | Functional and presentation currency |
The financial statements are presented in thousands of Brazilian reais (R$ - BRL), rounded to the nearest thousand, which is the Group’s functional currency.
| 2q26 | | 12 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| (b) | Segment Reporting |
For management purposes, the Bank’s Management has determined that it has only one operating segment related to the banking business. The Bank provides a standardized set of financial products and services exclusively to individuals, mainly focused on credit, including digital accounts, cards, payroll and personal loans, and insurance offered through partners.
All products present similar economic characteristics, are directed to the same type of customer, use integrated distribution channels, and operate under the same regulatory environment. Consequently, the Bank does not manage its activities by business lines, customer categories, products, regions or any other segmentation for purposes of resource allocation or performance assessment.
Accordingly, operating results are monitored and presented to the Chief Operating Decision Maker on a consolidated basis.
No single customer contributed 10% or more to the Group condensed or consolidated revenue for the period ended June 30, 2026 and 2025.
Most of the Group’s assets are located in Brazil and all of the Group’s revenue is derived from customers located in Brazil.
| 3. | Summary of significant accounting policies |
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended 31 December 2025. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
| 4. | Significant accounting judgements, estimates and assumptions |
The significant accounting judgements and estimates adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025, except for the change in accounting estimate described below.
On March, 2026, the Company revised the delinquency horizon used in its write-off assessment for certain credit portfolios, reducing the threshold from 360 days to 270 days past due. The revision was supported by internal studies demonstrating a better alignment with the observed behavior of the portfolio, the renewal cycles of the underlying transactions, and the Institution's credit risk management practices.
| 2q26 | | 13 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 5. | Cash and Cash Equivalents |
Comprise cash at banks and on hand in national or foreign currency, and investments in interbank deposits, whose maturity of operations on the effective date of investment is equal to or less than 90 days and present an insignificant risk of change in fair value, being used for managing short-term commitments.
| As of | ||
| June 30, 2026 | December 31, 2025 | |
| Cash and balances with banks in local currency | 751,429 | 326,592 |
| Cash and balances with banks in foreign currency | 699 | 701 |
| Total cash and balances with banks | 752,128 | 327,293 |
| Interbank investments (1) | 301,346 | 525,986 |
| Total cash and cash equivalents | 1,053,474 | 853,279 |
| (1) | Highly liquid Investments with a maturity equal to or less than 90 days readily convertible into a known amount of cash and subject to an insignificant risk of changes in fair value (see note 6.2). |
| 6. | Financial Instruments |
| 6.1 | Financial assets measured at fair value through profit or loss (FVTPL) |
Breakdown of Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)
| As of, | ||
| June 30, 2026 | December 31, 2025 | |
| Derivatives | 579,869 | 250,582 |
| Investments fund quotas(1) | 45,189 | 13,987 |
| Investment securities - Letters of Credits (LF) | 50,397 | 210,891 |
| Investment securities - National Treasury Bills (LTN) | 272,550 | 646,754 |
| Investment securities - Financial Treasury Bills (LFT) | 824,167 | 1,722,314 |
|
Investment securities - National Treasury Notes (NTN) |
253 | 139,335 |
| Mexican government securities – CETES | 119,028 | 119,384 |
| (-) Adjustments of hedge items – CETES (Note 6.5.d) | (633) | (608) |
| Total | 1,890,820 | 3,102,639 |
(1) Refers substantially to amounts
invested in the investment fund, remunerated at the DI rate (the Brazilian interbank deposit rate), where the Group holds participation
units. The underlying assets of the fund comprise public and private securities and repo with high liquidity (Level 1).
| 2q26 | | 14 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Fair Value of Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)
| As of June 30, 2026 | ||||
| Fair Value | ||||
| Level 1 | Level 2 | Level 3 | Total | |
| Derivatives | - | 579,869 | - | 579,869 |
| Investments fund quotas | 45,189 | - | - | 45,189 |
| Investment securities - Financial Bills (LF) | 50,397 | - | - | 50,397 |
| Investment securities - National Treasury Bills (LTN) | 272,550 | - | - | 272,550 |
| Investment securities - Financial Treasury Bills (LFT) | 824,167 | - | - | 824,167 |
| Investment securities - National Treasury Notes (NTN) | 253 | - | - | 253 |
| Mexican government securities – CETES, net of adjustments of hedge instruments | 118,395 | - | - | 118,395 |
| Total | 1,310,951 | 579,869 | - | 1,890,820 |
| As of December 31, 2025 | ||||
| Fair Value | ||||
| Level 1 | Level 2 | Level 3 | Total | |
| Derivatives | - | 250,582 | - | 250,582 |
| Investments fund quotas | 13,987 | - | - | 13,987 |
| Investment securities - Financial Bills (LF) | 210,891 | - | - | 210,891 |
| Investment securities - National Treasury Bills (LTN) | 646,754 | - | - | 646,754 |
| Investment securities - Financial Treasury Bills (LFT) | 1,722,314 | - | - | 1,722,314 |
| Investment securities - National Treasury Notes (NTN) | 139,335 | - | - | 139,335 |
| Mexican government securities – CETES, net of adjustments of hedge items | 118,776 | - | - | 118,776 |
| Total | 2,852,057 | 250,582 | - | 3,102,639 |
Maturity of Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)
| As of June 30, 2026 | |||||
| Less than 12 months | 1 - 3 years | 3 - 5 years | Over 5 years | Total | |
| Derivatives | 579,869 | - | - | - | 579,869 |
| Investments fund quotas | 45,189 | - | - | - | 45,189 |
| Investment securities - Financial Bills (LF) | 37,559 | 12,838 | - | - | 50,397 |
| Investment securities - National Treasury Bills (LTN) | - | 3,255 | 269,295 | - | 272,550 |
| Investment securities - Financial Treasury Bills (LFT) | 12,830 | 42,116 | 6,981 | 762,240 | 824,167 |
| Investment securities - National Treasury Notes (NTN) | 253 | - | - | - | 253 |
| Mexican government securities – CETES, net of adjustments of hedge items | 118,395 | - | - | - | 118,395 |
| Total | 794,095 | 58,209 | 276,276 | 762,240 | 1,890,820 |
| As of December 31, 2025 | |||||
| Less than 12 months | 1 - 3 years | 3 - 5 years | Over 5 years | Total | |
| Derivatives | 250,582 | - | - | - | 250,582 |
| Investments fund quotas | 13,987 | - | - | - | 13,987 |
| Investment securities - Financial Bills (LF) | 38,742 | 172,149 | - | - | 210,891 |
| Investment securities - National Treasury Bills (LTN) | - | - | 646,754 | - | 646,754 |
| Investment securities - Financial Treasury Bills (LFT) | - | 186,660 | 1,535,654 | - | 1,722,314 |
| Investment securities - National Treasury Notes (NTN) | - | - | - | 139,335 | 139,335 |
| Mexican government securities – CETES, net of adjustments of hedge items | - | 118,776 | - | - | 118,776 |
| Total | 303,311 | 477,585 | 2,182,408 | 139,335 | 3,102,639 |
| 2q26 | | 15 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 6.2 | Financial Assets Measured at Amortized Cost |
Breakdown of Financial Assets at Amortized Cost
| As of | ||
| June 30, 2026 | December 31, 2025 | |
| Held to collect contractual cash flows | ||
| Personal credit | 5,571,174 | 6,073,632 |
| Payroll loans to customers | 28,451,691 | 25,808,985 |
| Payroll credit cards | 2,448,996 | 2,375,184 |
| Credit card | 11,722 | 13,868 |
| Others | 74,452 | 93,449 |
| (-) Allowance for Expected Credit Losses | (2,226,687) | (2,413,641) |
| Subtotal | 34,331,348 | 31,951,477 |
| Premium paid on the acquisition of credit portfolios | 679,050 | 562,892 |
| (+/-) Adjustment of credit portfolios – hedge object (Note 6.5.d) | (161,242) | (72,969) |
| Subtotal | 34,849,156 | 32,441,400 |
| Investment securities | ||
| Investment securities - National Treasury Notes (NTN) | 7,757 | 2,413 |
| Investment securities - Financial Treasury Bills (LFT) | - | 11,311 |
| Investments - Bearer Note(1) | 424,857 | - |
| Official Credit (ICO) – Spanish Government | 1,381,110 | 1,511,389 |
| (-) Adjustment of hedge items - Official Credit (ICO) – Spanish Government (Note 6.5.d) | (14,645) | (112) |
| Subtotal | 1,799,079 | 1,525,001 |
| Repurchase Agreements | ||
| Investment securities - National Treasury Notes (LTN) – Note 5 | - | 256,000 |
| Investment securities - Financial Treasury Bills (LFT) – Note 5 | 301,346 | 269,986 |
| Subtotal | 301,346 | 525,986 |
| Pledged of collateral | ||
| Government Bonds – KDB – Korea Development Bank | - | 289,509 |
| Investment securities - Financial Treasury Bills (LFT) | 57,891 | 42,818 |
| Investment securities - National Treasury Notes (NTN) | 89,204 | 91,657 |
| Official Credit (ICO) – Spanish Government | 1,232,653 | - |
| Securities Provided as Collateral – Bearer Note | 799,657 | - |
| Subtotal | 2,179,405 | 423,984 |
| Debentures | 6,159,546 | 5,681,078 |
| Subtotal | 6,159,546 | 5,681,078 |
| Compulsory deposits with the Brazilian Central Bank | - | 660,772 |
| Subtotal | - | 660,772 |
| Total | 45,288,532 | 41,258,221 |
| 1) | An international fixed-income instrument issued in bearer form, representing a debt obligation of the issuer, subject to the contractual terms and conditions governing interest remuneration and maturity |
| 2q26 | | 16 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Fair Value of Financial Assets Measured at Amortized Cost
Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments measured at
amortized cost, other than those with carrying amounts that are reasonable approximations of fair values:
| June 30, 2026 | ||||||||
| Carrying Amount | Fair Value | |||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| Investment securities | ||||||||
| Investment securities - National Treasury Notes (NTN) | 7,757 | - | - | 7,757 | 7,696 | - | - | 7,696 |
| Investments - Bearer Note | - | 424,857 | - | 424,857 | - | 424,857 | - | 424,857 |
| Official Credit (ICO) – Spanish Government, net of adjustment of hedge items | 1,366,465 | - | - | 1,366,465 | 1,366,465 | - | - | 1,366,465 |
| Subtotal | 1,374,222 | 424,857 | - | 1,799,079 | 1,374,161 | 424,857 | - | 1,799,018 |
| Repurchase Agreements | ||||||||
| Investment securities - Financial Treasury Bills (LFT) | 301,346 | - | - | 301,346 | 301,346 | - | - | 301,346 |
| Subtotal | 301,346 | - | - | 301,346 | 301,346 | - | - | 301,346 |
| Pledged of collateral | ||||||||
| Investment securities - Financial Treasury Bills (LFT) | 57,891 | - | - | 57,891 | 57,965 | - | - | 57,965 |
| Investment securities - National Treasury Notes (NTN) | 89,204 | - | - | 89,204 | 88,506 | - | - | 88,506 |
| Official Credit (ICO) – Spanish Government | 1,232,653 | - | - | 1,232,653 | 1,232,653 | - | - | 1,232,653 |
| Securities Provided as Collateral – Bearer Note | - | 799,657 | - | 799,657 | - | 799,657 | - | 799,657 |
| Subtotal | 1,379,748 | 799,657 | - | 2,179,405 | 1,379,124 | 799,657 | - | 2,178,781 |
| Debentures | - | - | 6,159,546 | 6,159,546 | - | - | 6,159,546 | 6,159,546 |
| Subtotal | - | - | 6,159,546 | 6,159,546 | - | - | 6,159,546 | 6,159,546 |
| Total | 3,055,316 | 1,224,514 | 6,159,546 | 10,439,376 | 3,054,631 | 1,224,514 | 6,159,546 | 10,438,691 |
| 2q26 | | 17 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| December 31, 2025 | ||||||||
| Carrying Amount | Fair Value | |||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| Investment securities | ||||||||
| Investment securities - National Treasury Notes (NTN) | 2,413 | - | - | 2,413 | 2,344 | - | - | 2,344 |
| Investment securities – Financial Treasury Bills (LFT) | 11,311 | - | - | 11,311 | 11,335 | - | - | 11,335 |
| Official Credit (ICO) – Spanish Government, net of adjustment of hedge items | 1,511,277 | - | - | 1,511,277 | 1,511,277 | - | - | 1,511,277 |
| Subtotal | 1,525,001 | - | - | 1,525,001 | 1,524,956 | - | - | 1,524,956 |
| Repurchase Agreements | ||||||||
| Investment securities - National Treasury Bills (LTN) | 256,000 | - | - | 256,000 | 257,708 | - | - | 257,708 |
| Investment securities - Financial Treasury Bills (LFT) | 269,986 | - | - | 269,986 | 270,989 | - | - | 270,989 |
| Subtotal | 525,986 | - | - | 525,986 | 528,697 | - | - | 528,697 |
| Pledged of collateral | ||||||||
| Government Bonds – KDB – Korea Development Bank | 289,509 | - | - | 289,509 | 289,509 | - | - | 289,509 |
| Investment securities - Financial Treasury Bills (LFT) | 42,818 | - | - | 42,818 | 42,818 | - | - | 42,818 |
| Investment securities - National Treasury Notes (NTN) | 91,657 | - | - | 91,657 | 91,657 | - | - | 91,657 |
| Subtotal | 423,984 | - | - | 423,984 | 423,984 | - | - | 423,984 |
| Debentures | - | - | 5,681,078 | 5,681,078 | - | - | 5,681,078 | 5,681,078 |
| Subtotal | - | - | 5,681,078 | 5,681,078 | - | - | 5,681,078 | 5,681,078 |
| Compulsory deposits with the Brazilian Central Bank | 660,772 | - | - | 660,772 | 660,772 | - | - | 660,772 |
| Subtotal | 660,772 | - | - | 660,772 | 660,772 | - | - | 660,772 |
| Total | 3,135,743 | - | 5,681,078 | 8,816,821 | 3,138,409 | - | 5,681,078 | 8,819,487 |
The debentures classified within Level 3 of the fair value hierarchy were measured using valuation techniques based on unobservable inputs, in accordance with IFRS 13 – Fair Value Measurement.
The Company classified these financial instruments within Level 3 due to the absence of an active market for trading and the lack of sufficient observable inputs to support measurement based exclusively on market data.
Fair value was determined using a discounted cash flow methodology, taking into consideration, among other assumptions:
| · | expected contractual cash flows; |
| · | a discount rate consistent with the issuer's credit risk; |
| · | the remaining term of the instrument; |
| · | specific terms and conditions of the issuance; and |
| · | internal estimates of risk and liquidity. |
The assumptions used involve significant management judgment and, therefore, changes in these estimates may have a material impact on the amounts determined.
As of the reporting date, there were no transfers between levels of the fair value hierarchy.
| 2q26 | | 18 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Maturity of Financial Assets Measured at Amortized Cost
| June 30, 2026 | |||||
| Product | Less than 12 months | 1-3 years | 3-5 years | Over 5 years | Total |
| Personal credit | 2,973,322 | 2,302,336 | 182,256 | 113,260 | 5,571,174 |
| Payroll loans to customers | 4,242,394 | 7,599,109 | 7,457,322 | 9,152,866 | 28,451,691 |
| Payroll credit card | 375,383 | 727,274 | 917,003 | 429,336 | 2,448,996 |
| Credit card | 11,681 | 41 | - | - | 11,722 |
| Investment securities - National Treasury Notes (NTN) | 96,961 | - | - | - | 96,961 |
| Official Credit (ICO) – Spanish Government, net of adjustment of hedge items | 2,599,118 | - | - | - | 2,599,118 |
| Investment securities - Financial Treasury Bills (LFT) | 339,952 | 19,285 | - | - | 359,237 |
| Debentures | - | 2,472,563 | 1,600,502 | 2,086,481 | 6,159,546 |
| Investments – Bearer Note | 424,857 | - | - | - | 424,857 |
| Securities Provided as Collateral – Bearer Note | 799,657 | - | - | - | 799,657 |
| Others | 74,452 | - | - | - | 74,452 |
| Total | 11,937,777 | 13,120,608 | 10,157,083 | 11,781,943 | 46,997,411 |
| December 31, 2025 | |||||
| Product | Less than 12 months | 1-3 years | 3-5 years | Over 5 years | Total |
| Personal credit | 3,200,346 | 2,568,374 | 198,904 | 106,008 | 6,073,632 |
| Payroll loans to customers | 4,117,773 | 6,490,325 | 6,778,144 | 8,422,743 | 25,808,985 |
| Payroll credit card | 322,321 | 614,738 | 909,149 | 528,976 | 2,375,184 |
| Credit card | 13,788 | 37 | 32 | 11 | 13,868 |
| Investment securities - National Treasury Notes (NTN) | 94,070 | - | - | - | 94,070 |
| Investment securities - National Treasury Bills (LTN) | 256,000 | - | - | - | 256,000 |
| Official Credit (ICO) – Spanish Government, net of adjustment of hedge items | 1,511,277 | - | - | - | 1,511,277 |
| Government Bonds – KDB – Korea Development Bank | 289,509 | - | - | - | 289,509 |
| Investment securities - Financial Treasury Bills (LFT) | 324,115 | - | - | - | 324,115 |
| Debentures | 189,752 | - | 3,361,772 | 2,129,554 | 5,681,078 |
| Compulsory deposits with the Brazilian Central Bank | 660,772 | - | - | - | 660,772 |
| Others | 93,442 | 7 | - | - | 93,449 |
| Total | 11,073,165 | 9,673,481 | 11,248,001 | 11,187,292 | 43,181,939 |
Reconciliation of Financial Assets Measured at Amortized Cost
| June 30, 2026 | ||||
| Product | Stage 1 | Stage 2 | Stage 3 | Total |
| Exposure of credit loans to customers with credit granting characteristics | 34,010,356 | 1,172,544 | 1,375,135 | 36,558,035 |
| Other financial assets at amortized cost | 10,439,376 | - | - | 10,439,376 |
| (-) Allowance for expected credit losses | (561,919) | (523,380) | (1,141,388) | (2,226,687) |
| Credit limits granted and not used¹ | (3,028) | (1,123) | (181) | (4,332) |
| Total | 43,884,785 | 648,041 | 233,566 | 44,766,392 |
¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.
| December 31, 2025 | ||||
| Product | Stage 1 | Stage 2 | Stage 3 | Total |
| Exposure of credit loans to customer with credit granting characteristics | 31,663,353 | 1,287,563 | 1,414,204 | 34,365,120 |
| Other financial assets at amortized cost | 8,816,821 | - | - | 8,816,821 |
| (-) Allowance for expected credit losses | (650,597) | (552,889) | (1,210,155) | (2,413,641) |
| Credit limits granted and not used¹ | (3,067) | (1,086) | (96) | (4,249) |
| Total | 39,826,510 | 733,588 | 203,953 | 40,764,051 |
¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.
| 2q26 | | 19 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 6.3 | Allowance for Expected Credit Losses expense in the income statement |
Allowance for expense credit losses on the Group’s loan portfolio are recognized in the income statement under “Expected Credit Losses.”. The following tables present the breakdown of expected losses by stage and product, as well as the changes in the allowance for the period ended June 30, 2026 and 2025.
| (a) | Breakdown of allowance for expected credit losses by classification of financial assets |
| June 30, 2026 | ||||
| Product | Stage 1 | Stage 2 | Stage 3 | Total |
| Personal credit loans to customers | 151,878 | 181,713 | 585,788 | 919,379 |
| Payroll loans to customers | 354,464 | 314,160 | 482,688 | 1,151,312 |
| Payroll credit card loans to customers | 52,545 | 22,823 | 67,046 | 142,414 |
| Credit card loans to customers | 3,032 | 4,684 | 5,866 | 13,582 |
| Subtotal | 561,919 | 523,380 | 1,141,388 | 2,226,687 |
| Credit limits granted and not used 1 | 3,028 | 1,123 | 181 | 4,332 |
| Total | 564,947 | 524,503 | 1,141,569 | 2,231,019 |
¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.
| December 31, 2025 | ||||
| Product | Stage 1 | Stage 2 | Stage 3 | Total |
| Personal credit loans to customers | 191,616 | 290,052 | 522,897 | 1,004,565 |
| Payroll loans to customers | 401,157 | 236,888 | 627,993 | 1,266,038 |
| Payroll credit card loans to customers | 52,687 | 19,914 | 54,186 | 126,787 |
| Credit card loans to customers | 5,137 | 6,035 | 5,079 | 16,251 |
| Subtotal | 650,597 | 552,889 | 1,210,155 | 2,413,641 |
| Credit limits granted and not used 1 | 3,067 | 1,086 | 96 | 4,249 |
| Total | 653,664 | 553,975 | 1,210,251 | 2,417,890 |
¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.
| (b) | Changes in the balances of provisions for expected credit losses of financial assets measured at amortized cost |
| June 30, 2026 | ||||
| Product | Stage 1 | Stage 2 | Stage 3 | Total |
| Balance at December 31, 2025 | 653,664 | 553,975 | 1,210,251 | 2,417,890 |
| Changes in stages: | ||||
| Stage 1 to Stage 2 | (18,919) | 18,919 | - | - |
| Stage 1 to Stage 3 | (23,376) | - | 23,376 | - |
| Stage 2 to Stage 3 | - | (340,424) | 340,424 | - |
| Stage 2 to Stage 1 | 48,730 | (48,730) | - | - |
| Stage 3 to Stage 2 | - | 6,472 | (6,472) | - |
| Stage 3 to Stage 1 | 16,396 | - | (16,396) | - |
| Changes in PDs, LGDs, EADs 1 | (111,548) | 334,291 | 838,448 | 1,061,191 |
| Decrease due to write-offs | - | - | (1,303,951) | (1,303,951) |
| Increase due to recoveries | - | - | 55,889 | 55,889 |
| Net write-off | - | - | (1,248,062) | (1,248,062) |
| Balance of the period | 564,947 | 524,503 | 1,141,569 | 2,231,019 |
1 Changes in PDs, LGDs and EADs are recognized in profit or loss for the period and reconcile with the expected credit losses recognized in the income statement.
| December 31, 2025 | ||||
| Product | Stage 1 | Stage 2 | Stage 3 | Total |
| Balance at December 31, 2024 | 585,815 | 270,553 | 771,758 | 1,628,126 |
| Changes in stages: | ||||
| Stage 1 to Stage 2 | (11,370) | 11,370 | - | - |
| Stage 1 to Stage 3 | (23,429) | - | 23,429 | - |
| Stage 2 to Stage 3 | - | (17,069) | 17,069 | - |
| Stage 2 to Stage 1 | 30,072 | (30,072) | - | - |
| Stage 3 to Stage 2 | - | 2,745 | (2,745) | - |
| Stage 3 to Stage 1 | 9,384 | - | (9,384) | - |
| Changes in PDs, LGDs, EADs 1 | 63,192 | 316,448 | 1,320,852 | 1,700,492 |
| Decrease due to write-offs | - | - | (1,047,255) | (1,047,255) |
| Increase due to recoveries | - | - | 136,527 | 136,527 |
| Net write-off | - | - | (910,728) | (910,728) |
| Balance of the period | 653,664 | 553,975 | 1,210,251 | 2,417,890 |
1 Changes in PDs, LGDs and EADs are recognized in profit or loss for the period and reconcile with the expected credit losses recognized in the income statement.
| 2q26 | | 20 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Acquisition of Loan Portfolio
The Bank has credit assignment agreements with all retention of risks and rewards with a financial institution, in which the Bank acts as the purchaser and the counterparty as the seller.
As of June 30, 2026, the balance of the acquired loan portfolio amounted to R$ 6,075,756 (R$ 5,420,480 as of December 31, 2025), and the premium paid on the acquisition of the loan portfolio, net of amortization for the period, amounted to R$ 679,050 (R$ 562,892 as of December 31, 2025), as disclosed in Note 5.2(a).
Credit Assignments – with substantial retention of risks and benefits.
For the period ended June 30, 2026, the Group entered into credit assignment transactions involving payroll-deducted loan receivables, classified as transactions with substantial retention of risks and rewards, with Vert-9 Companhia Securitizadora de Créditos Financeiros, Vert-5 Companhia Securitizadora de Créditos Financeiros and Opea – Companhia Securitizadora de Créditos Financeiros Agibank (each, an unrelated party), as well as with Fundo de Investimento em Direitos Creditórios Agibank I – Responsabilidade Limitada and Fundo de Investimentos em Direitos Creditórios Agibank II, an entity controlled and consolidated by the Group. Credit assignment transactions are classified as involving substantial retention of risks and benefits when the assigning institution retains a contractual co-obligation or holds subordinated interests in securitization vehicles. The transferred assets primarily comprise payroll-deducted loan receivables originated by the Bank, with fixed contractual cash flows and defined maturities. Under these circumstances, the assigned receivables continue to be recognized as assets by the Group, as the Group retains substantially all of the risks and rewards associated with the transferred assets, including credit risk (borrower default), prepayment risk, and variability of contractual cash flows, either through contractual co-obligation arrangements or through the holding of subordinated interests that absorb first losses.
The funds received in connection with the credit assignment transactions are recognized together with the corresponding financial liabilities, which represent the contractual obligation to repay the funding obtained and are economically linked to the cash flows generated by the transferred receivables. Income and expenses related to the assigned receivables are recognized in profit or loss over the remaining term of the transactions.
The transferred receivables are contractually pledged as collateral for the associated liabilities and are subject to restrictions on use, such that they are not available for unrestricted sale or re-pledging by the Group.
As the Group continues to fully recognize the transferred receivables, the amounts presented below correspond to the carrying amounts of the transferred assets and the associated liabilities recognized in the consolidated statement of financial position as of June 30, 2026.
| As of June 30, 2026 | ||
| Operations | Assets assigned |
Liabilities assumed (note 14) |
| Obligations related to assignment – Vert and Opea | 8,600,487 | 8,629,536 |
| Obligations related to assignment – FIDC | 2,385,538 | 2,014,131 |
| Obligations related to assignment – FIDC II | 2,975,715 | 2,514,434 |
| Total | 13,961,740 | 13,158,101 |
| 2q26 | | 21 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| As of December 31, 2025 | ||
| Operations | Assets assigned |
Liabilities assumed (note 14) |
| Obligations related to assignment – Vert and Opea | 8,365,977 | 8,383,515 |
| Obligations related to assignment – FIDC I | 2,395,947 | 2,013,830 |
| Total | 10,761,924 | 10,397,345 |
The counterparties to the associated liabilities do not have recourse exclusively to the transferred assets. The Group continues to fully recognize all the transferred receivables.
| (c) | Contracts Liabilities as Collateral |
As of June 30, 2026, loans to costumers totaling R$ 3,494,320 (R$3,693,820 as of December 31, 2025) were pledged as collateral under Special Guaranteed Time Deposits (DPGE II) (Note 6.4 – Customer Time Deposits) with the Credit Guarantee Fund (FGC – Fundo Garantidor de Crédito). On the same date, loans to customers amounting to R$ 505,165 were pledged as collateral under the loan agreement with an investment commitment entered into with the International Finance Corporation (IFC), referred to as the Social Financing Loan (Note 6.4 – Loans and borrowing).
| 6.4 | Financial Liabilities Measured at Amortized Cost |
The balances of time deposits are primarily composed of Certificates of Bank Deposit (CDB), Time Deposits with Special Guarantee from the FGC (DPGEII), and Interbank Deposit Certificates (CDI), indexed to both fixed and floating interest rates.
Investment securities comprise funds received from the issuance of mortgage, real estate, and credit backed debt instruments, indexed to fixed and floating interest rates.
Funds from acceptances and issuance of securities comprise Letters of Credit (LF), Subordinated Letters of Credit (LFS) and Public Letters of Credit (LFP) issued by the Group. These are funding instruments and do not represent standby or documentary letters of credit as used in international banking practice. Upon issuance, the Group receives cash from investors and becomes contractually obligated to repay principal and interest at maturity. Accordingly, the Group recognizes a financial liability for the amount of proceeds received, which is subsequently measured at amortized cost using the effective interest method, in accordance with IFRS 9.
No fees or revenue are generated from the issuance of these instruments. The only income or expense associated with these liabilities corresponds to the interest expense recognized through the effective interest rate method.
Fixed interest rates range from 6.71% to 17.57% per year, and floating interest rates range from (i) 97.25% to 125% of the CDI, (ii) IPCA + 0.75% to 9.60% per year, and (iii) CDI + 0.05% to 2.95% per year. The debt instruments eligible for capital refer to the Subordinated Letters of Credit (LFS) with a return of CDI + 2.85% to 4% and fixed rates ranging from 16.43% to 17.57% per year.
| 2q26 | | 22 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Breakdown of Financial Liabilities at Amortized Cost
| As of | ||
| June 30, 2026 | December 31, 2025 | |
| Demand deposits | 566,165 | 345,801 |
| Time deposits | 18,452,690 | 20,506,798 |
| (-) Adjustments of hedge items – Time deposits (Note 6.5.d) | (37,939) | (1,917) |
| Loans and borrowing | 1,508,048 | 667,652 |
| (-) Adjustments of hedge items – Loans and borrowing (Note 6.5.d) | (5,514) | (563) |
| Loan from Related Party – Testa Ventures(2) | - | 79,999 |
| Funds from acceptances and issuance of securities(1) | 6,285,038 | 6,170,529 |
| Debt issued and other borrowed funds | 756,614 | 759,339 |
| Repurchase agreements (3) | 300,009 | - |
| Debentures (from Repurchase Agreements) | 3,491,151 | 3,251,446 |
| Total | 31,316,262 | 31,779,084 |
| (1) | The item "Funds from acceptances and issuance of securities" refers to obligations arising from the issuance of Letters of Credit (Letras Financeiras), which are long-term fixed-income securities widely used for funding by Brazilian financial institutions. |
| (2) | As part of the corporate restructuring implemented in connection with the Company’s initial public offering (IPO), this amount of the related party loan was fully capitalized into the Company’s share capital on the IPO date. |
| (3) | The balance of “Investment securities” relates to sale and repurchase agreements, under which securities sold are contractually repurchased at a future date. |
Maturity of Financial Liabilities at Amortized Cost
| June 30, 2026 | ||||||
| Without contractual maturity | Less than 12 months | 1-3 years | 3-5 years | Over 5 years | Total | |
| Demand deposits | 566,165 | - | - | - | - | 566,165 |
| Time customer deposits, net of adjustments of hedge items | - | 9,082,356 | 8,808,765 | 523,630 | - | 18,414,751 |
| Loans and borrowing, net of adjustments of hedge items | - | 694,725 | 642,575 | 165,234 | - | 1,502,534 |
| Funds from acceptances and issuance of securities | - | 3,971,788 | 2,244,762 | 68,488 | - | 6,285,038 |
| Debt issued and other borrowed funds | - | - | 132,835 | 519,695 | 104,084 | 756,614 |
| Repurchase agreements | - | 300,009 | - | - | - | 300,009 |
| Debentures (from Repurchase Agreements) | - | - | 3,491,151 | - | - | 3,491,151 |
| Total | 566,165 | 14,048,878 | 15,320,088 | 1,277,047 | 104,084 | 31,316,262 |
| December 31, 2025 | ||||||
| Without contractual maturity | Less than 12 months | 1-3 years | 3-5 years | Over 5 years | Total | |
| Demand deposits | 345,801 | - | - | - | - | 345,801 |
| Time customer deposits, net of adjustments of hedge items | - | 8,923,141 | 10,556,122 | 1,025,618 | - | 20,504,881 |
| Loans and borrowing, net of adjustments of hedge items | - | 211,902 | 227,875 | 227,312 | - | 667,089 |
| Loan from Related Party – Testa Ventures | - | 79,999 | - | - | - | 79,999 |
| Funds from acceptances and issuance of securities | - | 1,879,355 | 3,954,991 | 336,183 | - | 6,170,529 |
| Debt issued and other borrowed funds | - | 35,200 | 28,680 | 591,087 | 104,372 | 759,339 |
| Debentures (from Repurchase Agreements) | - | - | 832,392 | 2,419,054 | - | 3,251,446 |
| Total | 345,801 | 11,129,597 | 15,600,060 | 4,599,254 | 104,372 | 31,779,084 |
| 6.5 | Financial Instruments Measured at fair value through profit or loss - Derivative Financial Instruments – Hedge |
Values grouped by asset, maturity ranges, reference value (notional), market value, adjustment and fair value as of June 30, 2026
As of June 30, 2026, the Group had a protection structure classified as a cash flow hedge, whose hedged item corresponded to floating-rate funding indexed to inflation (IPCA), with swap contracts serving as the hedging instruments.
Any gain or loss on the hedging instrument related to the effective portion of the cash flow hedge is recognized in equity, under other comprehensive income, net of tax effects. Accordingly, the mark-to-market adjustments of the hedging instruments, which were previously recognized in financial result prior to their designation as hedging instruments, are accumulated in equity and reclassified to profit or loss in the same period and accounting line item in which the hedged transaction is recognized. The ineffective portion of the hedge is recognized immediately in profit or loss for the period.
| 2q26 | | 23 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Additionally, as part of its risk management strategy, as of June 30, 2026, the Group had five market risk (fair value) hedge structures and Total Return Swap (TRS) derivative contracts, in which the parties exchange the total economic return of an asset or a portfolio of assets for a periodic cash flow.
i) The hedged item arises from portions of fixed-rate payroll-deductible loans, with swap contracts and DI futures contracts used as hedging instruments.
ii) The hedged item arises from U.S. dollar–denominated funding, with a swap contract used as the hedging instrument.
iii) The hedged item arises from fixed-rate and IPCA-indexed floating-rate Bank Deposit Certificates (CDBs) that make up the Company’s liability portfolio, with swap contracts and DI futures contracts used as hedging instruments.
iv) The Bank entered into a hedge accounting transaction with the objective of mitigating foreign exchange variation risks associated with investments in Mexican securities denominated in Mexican pesos (MXN). For this purpose, a Non-Deliverable Forward (NDF) derivative instrument was used, structured to protect against adverse fluctuations in the exchange rate between the Brazilian real (BRL) and the Mexican peso (MXN).
v) Has as its hedged item investments in Spanish government bonds measured at a fixed rate and denominated in reais, with a DI rate versus fixed-rate swap used as the hedging instrument, aiming to mitigate interest rate variation risks associated with the bond.
The financial assets designated as hedged items and the respective derivative financial instruments related to market risk hedges are measured at fair value, and any gains or losses resulting from changes in the fair value of the derivatives are recognized in profit or loss for the period. Any ineffectiveness is recognized in profit or loss as the difference between the changes in fair value.
Hedge effectiveness monitoring, which measures the extent to which the derivative financial instruments offset the effects of market fluctuations on the hedged items, is performed on a monthly basis. The effectiveness determined for each hedge structure falls within the projected range.
Any gain or loss on the hedging instrument related to the effective portion of the cash flow hedge is recognized in equity, under other comprehensive income, net of tax effect. For the six-month period ended June 30, 2026, an amount of R$ 2,434 was recognized in other comprehensive income (R$ 55,611 as of June 30, 2025).
In May 2025, Banco Agibank early-settled cash flow hedge instruments. Consequently, the mark-to-market balance of the hedge instrument recorded in equity is intended to offset the impact on profit or loss, in line with the results of the hedged item. By June 30, 2026, an amount of R$ 953 —net of tax effects—had been recognized in profit or loss. The accumulated gross balance in equity as of June 30, 2026, totals R$ 1,535 (payable) and will be amortized through profit or loss by 2030.
| 2q26 | | 24 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
As of December 31, 2025, the Company maintained cash flow hedge arrangements to mitigate exposure to IPCA inflation. The hedged item consisted of IPCA-linked CDBs with a notional amount of R$488 million and a fair value of R$542 million. The hedge was executed through swap contracts with the same notional amount, which had a negative fair value of R$19 million at year-end. The mark-to-market adjustments of both the hedged item and the hedging instrument indicate that the hedge relationship remained effective in offsetting inflation-related market fluctuations.
The table below presents the breakdown of derivative assets and liabilities.
(a) Derivatives
| June 30, 2026 | |||||
| Fair Value | |||||
| Derivative financial instruments - fair value | Notional Amount of the Hedging Instrument | Carrying Amount of the Hedged Item | Assets | Liabilities | Total |
| Derivatives classified at fair value through profit or loss | |||||
| Swap contracts | 1,701,755 | - | 167,653 | (166,363) | 1,290 |
| Derivatives Held for Hedge Accounting | |||||
| Designated as Fair Value Hedges | |||||
| Interest rate contracts – Futures | 12,772,664 | 12,550,126 | - | - | - |
| Interest rate contracts – Swaps | 16,056,017 | 15,956,182 | 412,216 | (78,796) | 333,420 |
| Non-Deliverable Foreign Exchange Forward Contracts – NDF | 409,278 | 397,238 | - | (4,416) | (4,416) |
| Currency contracts – Swaps | 1,046,308 | 1,046,308 | - | (20,687) | (20,687) |
| Total | 31,986,022 | 29,949,854 | 579,869 | (270,262) | 309,607 |
| December 31, 2025 | |||||
| Fair Value | |||||
| Derivative financial instruments - fair value | Notional Amount of the Hedging Instrument | Carrying Amount of the Hedged Item | Assets | Liabilities | Total |
| Derivatives classified at fair value through profit or loss | |||||
| Swap contracts | 163,933 | - | 450 | - | 450 |
| Derivatives held for hedging purposes | |||||
| Designated as fair value hedges | |||||
| Interest rate contracts – Futures | 5,269,711 | 5,269,774 | - | - | - |
| Interest rate contracts – Swaps | 21,854,982 | 21,822,771 | 250,132 | (100,939) | 149,193 |
| Non-deliverable foreign exchange forward contracts – NDF | 396,086 | 383,496 | - | (5,567) | (5,567) |
| Currency contracts – Swaps | 214,205 | 214,205 | - | (8,571) | (8,571) |
| Total | 27,898,917 | 27,690,246 | 250,582 | (115,077) | 135,505 |
(b) Notional amounts by maturity
| June 30, 2026 | ||||
| Up to 3 months | 3 to 12 months | Over 12 months | Total | |
| Derivatives classified at fair value through profit or loss | ||||
| Swaps contracts | 67,791 | 1,600,211 | 33,753 | 1,701,755 |
| Derivatives Held for Hedge Accounting | ||||
| Designated as Fair Value Hedges | ||||
| Interest rate contracts – Futures | 3,000,652 | 5,108,912 | 4,663,100 | 12,772,664 |
| Interest rate contracts – Swaps | 1,957,761 | 7,186,179 | 6,912,077 | 16,056,017 |
| Non-Deliverable Foreign Exchange Forward Contracts – NDF | 409,278 | 409,278 | ||
| Currency contracts – Swaps | - | 1,046,308 | - | 1,046,308 |
| Total | 5,435,482 | 14,941,610 | 11,608,930 | 31,986,022 |
| 2q26 | | 25 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| December 31, 2025 | ||||
| Up to 3 months | 3 to 12 months | Over 12 months | Total | |
| Derivatives classified at fair value through profit or loss | ||||
| Swaps contracts | - | 180,205 | (16,272) | 163,933 |
| Derivatives held for hedging purposes | ||||
| Designated as fair value hedges | ||||
| Interest rate contracts – Futures | 85,938 | 1,448,780 | 3,734,993 | 5,269,711 |
| Interest rate contracts – Swaps | 82,807 | 6,919,995 | 14,852,180 | 21,854,982 |
| Non-deliverable foreign exchange forward contracts – NDF | 396,086 | - | - | 396,086 |
| Currency contracts – Swaps | - | 214,205 | - | 214,205 |
| Total | 564,831 | 8,763,185 | 18,570,901 | 27,898,917 |
(c) Fair value by maturity
| June 30, 2026 | ||||
| Up to 3 months | 3 to 12 months | Over 12 months | Total | |
| Derivatives classified at fair value through profit or loss | ||||
| Swaps contracts | 930 | - | 360 | 1,290 |
| Derivatives Held for Hedge Accounting | ||||
| Designated as Fair Value Hedges | ||||
| Interest rate contracts – Swaps | 18,428 | 122,717 | 192,275 | 333,420 |
| Non-Deliverable Foreign Exchange Forward Contracts – NDF | (4,416) | - | - | (4,416) |
| Currency contracts – Swaps | - | (20,687) | - | (20,687) |
| Total | 14,942 | 102,030 | 192,635 | 309,607 |
| December 31, 2025 | ||||
| Up to 3 months | 3 to 12 months | Over 12 months | Total | |
| Derivatives classified at fair value through profit or loss | ||||
| Swaps contracts | - | 495 | (45) | 450 |
| Derivatives held for hedge accounting | ||||
| Designated as fair value hedges | ||||
| Interest rate contracts – Swaps | 568 | 46,972 | 101,653 | 149,193 |
| Non-deliverable foreign exchange forward contracts – NDF | (5,567) | - | - | (5,567) |
| Currency contracts – Swaps | - | (8,571) | - | (8,571) |
| Total | (4,999) | 38,896 | 101,608 | 135,505 |
(d) Mark-to-market (MTM) adjustments of hedged items
| June 30, 2026 | |||
| Assets | Liabilities | Total | |
| Hedged items - Fair Value Hedges | |||
| Credit portfolio – Note 6.2 (a) | (161,242) | - | (161,242) |
| Investment securities – Note 6.2 (a) | (14,645) | - | (14,645) |
| Time deposits – Note 6.4 (a) | - | (37,939) | (37,939) |
| Mexican government securities – CETES – Note 6.1 (b) | (633) | - | (633) |
| Loans and borrowing – Note 6.4 (c) | - | (5,514) | (5,514) |
| Total | (176,520) | (43,453) | (219,973) |
| 2q26 | | 26 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| December 31, 2025 | |||
| Assets | Liabilities | Total | |
| Hedged items - Fair Value Hedges | |||
| Credit portfolio – Note 6.2 (a) | (72,969) | - | (72,969) |
| Investment securities – Note 6.2 (a) | (112) | - | (112) |
| Time deposits – Note 6.4 (a) | - | (1,917) | (1,917) |
| Mexican government securities – CETES – Note 6.1 (b) | (608) | - | (608) |
| Loans and borrowing – Note 6.4 (c) | - | (563) | (563) |
| Total | (73,689) | (2,480) | (76,169) |
| (a) | Hedge relationships, formally documented through memoranda, use over the counter (OTC) DI futures contracts to hedge the liability portfolio related to issued instruments and portions of payroll-deductible loans. The strategy selects assets based on maturity or duration to ensure alignment with the notional amount at each tenor point, covering exposures to fixed-rate and CDI-linked indices and Hedge relationships, formally documented through memoranda, use swaps contracted with counterparties to hedge portions of payroll-deductible loans and certificates of deposit (CDBs) issued by the Institution against interest rate fluctuations. The strategy ensures alignment between the derivatives’ notional amounts and the cash flows of the hedged items (through maturity or duration matching), covering exposures linked to CDI, IPCA, and fixed-rate indices. |
| (b) | Derivative financial instrument (NDF) traded on B3, designated as a foreign exchange hedge for an offshore asset denominated in Mexican pesos. |
| (c) | Currency swaps designated as hedging instruments for offshore borrowings denominated in U.S. dollars (USD) and, from June 2026 onwards, Swiss francs (CHF) |
Glossary of terms used in the tables above:
Notional Value (Reference Value): Reference amount. It corresponds to the contractual notional of the hedged items and the hedging instruments and does not represent amounts receivable or payable.
Fair Value: The fair value measurement method used by the Group consists of determining the future value based on the terms of the contracted transactions and then discounting it to present value using market curves published by B3. Fair value corresponds to the carrying amount of the derivative financial instruments and to the adjusted carrying amount of the hedged items for hedge accounting purposes.
| 2q26 | | 27 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 7. | Income Taxes, Social Contribution and Other Taxes |
| (a) | Movements of deferred tax assets |
| Deferred Tax Assets | ||||
| December 31, 2025 | Provisions | Reversals (1) | June 30, 2026 | |
| Provisions | 148,247 | 160,452 | (77,165) | 231,534 |
| Allowance for expected credit losses | 1,100,448 | 194,265 | (283,045) | 1,011,668 |
| Lease liabilities | 131,854 | 788 | (127,149) | 5,493 |
| Other temporary differences | 66,770 | 63 | (66,140) | 693 |
| Tax loss and negative calculation basis | - | 69,099 | - | 69,099 |
| Total | 1,447,319 | 424,667 | (553,499) | 1,318,487 |
(1) The amount of R$ 21,520 refers to the write-off of deferred income tax related to the Partnership Program and R$ 218 refers to deferred income tax related to hedge instruments, with the corresponding entry recognized in shareholders’ equity.
| Deferred Tax Liabilities | ||||
| December 31, 2025 | Provision | Reversal | June 30, 2026 | |
| Allowance for expected credit losses | 98,816 | - | (98,816) | - |
| Lease liabilities | 120,365 | - | (120,365) | - |
| Other temporary differences | 163,693 | 48,365 | (87,258) | 124,800 |
| Total | 382,874 | 48,365 | (306,439) | 124,800 |
| (b) | Income tax and social contribution expense |
| For the Six Months Periods Ended | ||
| June 30, 2026 | June 30, 2025 | |
| Income tax in profit or loss | (95,217) | (292,851) |
| Deferred taxes: | ||
| Temporary differences | 81,881 | 34,568 |
| Tax loss and negative calculation basis | 69,099 | - |
| Total | 55,763 | (258,283) |
| (c) | Estimate of tax credit realization |
| As of | ||
| Expected income tax and social contribution, calculated with statutory rate | June 30, 2026 | December 31, 2025 |
| Year 1 | 435,342 | 640,419 |
| Year 2 | 261,670 | 221,450 |
| Year 3 | 173,443 | 158,845 |
| Year 4 | 137,894 | 131,901 |
| Year 5 | 113,820 | 111,304 |
| Year 6 – 10 | 196,318 | 183,400 |
| Total | 1,318,487 | 1,447,319 |
| (d) | Effective tax rate reconciliation |
| For the Periods Ended | ||
| June 30, 2026 | June 30, 2025 | |
| Income before income tax and social contribution | 331,048 | 878,688 |
| Income tax at 45% rate | 95,318 | (114,456) |
| Income tax at 34% rate | (106,343) | (229,268) |
| Expected income tax and social contribution, at statutory rates | (11,025) | (343,724) |
| Interest on equity (1) | - | 46,715 |
| Non-taxable income and non-deductible expenses | 14,587 | (3,275) |
| Tax incentive - Hunger Prevention Program and donations | 2,116 | 8,923 |
| Others | 50,085 | 33,078 |
| Income tax expense | 55,763 | (258,283) |
| The effective income tax rate | (17%) | 29% |
(1) Interest on equity refers to a profit distribution to shareholders and is deductible by the company for corporate income tax (IRPJ) and social contribution on net profit (CSLL) purposes
| 2q26 | | 28 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 8. | Property and Equipment |
| As of | ||
| June 30, 2026 | December 31, 2025 | |
| Furniture and fixtures | 20,490 | 19,865 |
| Improvements and facilities | 39,529 | 33,114 |
| IT equipment and systems | 20,066 | 20,905 |
| Equipment | 8,429 | 6,545 |
| Other tangible assets | 13,389 | 11,984 |
| Total Carrying amount | 101,903 | 92,413 |
| December 31, 2025 | Additions | Disposals | Transfer | June 30, 2026 | |
| Acquisition cost | |||||
| Furniture and fixtures | 32,030 | 2,299 | (428) | - | 33,901 |
| Improvements and facilities | 43,263 | 11,382 | (386) | - | 54,259 |
| IT equipment and systems | 63,148 | 3,286 | (3,297) | - | 63,137 |
| Equipment | 9,141 | 2,701 | (32) | - | 11,810 |
| Other tangible assets | 19,418 | 14,038 | (13,477) | - | 19,979 |
| Total Cost | 167,000 | 33,706 | (17,620) | - | 183,086 |
| Accumulated depreciation | December 31, 2025 | Depreciation | Disposals | Reclassification | June 30, 2026 |
| Furniture and fixtures | (12,165) | (1,596) | 350 | - | (13,411) |
| Improvements and facilities | (10,149) | (4,761) | 180 | - | (14,730) |
| IT equipment and systems | (42,243) | (4,110) | 3,282 | - | (43,071) |
| Equipment | (2,596) | (804) | 19 | - | (3,381) |
| Other tangible assets | (7,434) | (729) | 1,573 | - | (6,590) |
| Total Depreciation | (74,587) | (12,000) | 5,404 | - | (81,183) |
| Total Carrying amount | 92,413 | 21,706 | (12,216) | - | 101,903 |
There were no indicators of impairment of Property and Equipment for the period ended June 30, 2026, and 2025.
| December 31, 2024 | Additions | Disposals | Transfer | December 31, 2025 | |
| Acquisition cost | |||||
| Furniture and fixtures | 25,668 | 6,673 | (311) | - | 32,030 |
| Improvements and facilities | 21,911 | 22,190 | (838) | - | 43,263 |
| IT equipment and systems | 54,368 | 12,329 | (2,486) | (1,063) | 63,148 |
| Equipment | 2,868 | 6,328 | (55) | - | 9,141 |
| Other tangible assets | 13,906 | 4,989 | (540) | 1,063 | 19,418 |
| Total Cost | 118,721 | 52,509 | (4,230) | - | 167,000 |
| Accumulated depreciation | |||||
| Furniture and fixtures | (9,732) | (2,633) | 200 | - | (12,165) |
| Improvements and facilities | (5,950) | (4,255) | 56 | - | (10,149) |
| IT equipment and systems | (36,664) | (7,864) | 2,285 | - | (42,243) |
| Equipment | (2,307) | (316) | 27 | - | (2,596) |
| Other tangible assets | (6,117) | (1,594) | 277 | - | (7,434) |
| Total Depreciation | (60,770) | (16,662) | 2,845 | - | (74,587) |
| Total Carrying amount | 57,951 | 35,847 | (1,385) | - | 92,413 |
| 2q26 | | 29 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 9. | Intangible Assets |
As of |
June 30, 2026 | December 31, 2025 |
| Goodwill | 147 | 147 |
| Other intangible assets | 227,536 | 182,058 |
| Total | 227,683 | 182,205 |
| December 31, 2025 | Additions | Disposals | June 30, 2026 | |
| Acquisition cost | ||||
| Software | 305,757 | 3,384 | - | 309,141 |
| Goodwill | 147 | - | - | 147 |
| Intangible under development (i) | 29,540 | 55,725 | - | 85,265 |
| License acquisition | 171,087 | 54,495 | - | 225,582 |
| Others | 1,159 | - | - | 1,159 |
| Total Costs | 507,690 | 113,604 | - | 621,294 |
| Accumulated amortization | ||||
| Software | (181,419) | (28,352) | - | (209,771) |
| License acquisition | (144,066) | (39,774) | - | (183,840) |
| Total Amortization | (325,485) | (68,126) | - | (393,611) |
| Total Carrying amount | 182,205 | 45,478 | - | 227,683 |
(i) Substantially refers to expenses related to development of internal technology projects, substantially comprised of usage licenses and third-party services.
There were no indications of impairment of intangible assets for the period. Additionally, intangible assets recorded as “under development” were tested for impairment by comparing it carrying amount with its recoverable amount and no adjustments were identified.
| December 31, 2024 | Additions | Disposals | Transfers | December 31, 2025 | |
| Acquisition cost | |||||
| Software | 293,006 | 5,291 | - | 7,460 | 305,757 |
| Goodwill | 147 | - | - | - | 147 |
| Intangible under development (i) | 9,405 | 27,687 | (92) | (7,460) | 29,540 |
| License acquisition | 95,496 | 76,901 | (1,310) | - | 171,087 |
| Others | 1,219 | - | (60) | - | 1,159 |
| Total Costs | 399,273 | 109,879 | (1,462) | - | 507,690 |
| Accumulated amortization | |||||
| Software | (120,874) | (60,545) | - | - | (181,419) |
| License acquisition | (79,243) | (65,611) | 788 | - | (144,066) |
| Total Amortization | (200,117) | (126,156) | 788 | - | (325,485) |
| Total Carrying amount | 199,156 | (16,277) | (674) | - | 182,205 |
| (i) | Substantially refers to expenses related to development of internal technology projects, substantially comprised of usage licenses and third-party services. |
| 10. | Leases |
| (a) | Amounts recognized in the statement of financial position |
The Group has operating lease contract for the headquarter building located in Campinas, as well as for the hubs and sales offices related to customer services. In addition, the Group has leases for the use of vehicles throughout Brazil.
Right of use asset
| As of, | ||
| June 30, 2026 | December 31, 2025 | |
| Balance at end of previous year | 211,697 | 223,286 |
| Additions and contractual changes | 20,624 | 47,461 |
| Depreciation | (31,352) | (59,050) |
| Balance at end of the period | 200,969 | 211,697 |
| 2q26 | | 30 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Lease liabilities
| As of, | ||
| June 30, 2026 | December 31, 2025 | |
| Balance at end of previous year | 248,280 | 254,602 |
| Additions and contractual changes | 20,624 | 47,461 |
| Payments | (47,545) | (86,097) |
| Interest | 16,564 | 32,314 |
| Balance at end of the period | 237,923 | 248,280 |
| (b) | Expenses recognized in the income statement |
| As of, | ||
| June 30, 2026 | June 30, 2025 | |
| Depreciation (1) | 31,352 | 28,001 |
| Interest expenses (2) | 16,564 | 15,532 |
| Total | 47,916 | 43,533 |
| (1) | This amount is recorded in Depreciation and Amortization combined income statement. |
| (2) | This amount is recorded in Other Expenses, Net combined income statement. |
| (c) | Maturity of lease liabilities |
| June 30, 2026 | |||||
| Less than 12 months | 1 - 3 years | 3 - 5 years | Over 5 years | Total | |
| Lease liabilities | 85,537 | 113,093 | 35,573 | 3,720 | 237,923 |
| December 31, 2025 | |||||
| Less than 12 months | 1 - 3 years | 3 - 5 years | Over 5 years | Total | |
| Lease liabilities | 83,334 | 115,219 | 45,114 | 4,613 | 248,280 |
Payments on short-term leases
Leases under short-term contracts are not recognized as right-of-use assets, with the related expenses being recognized under “General and Administrative Expenses” in the Income Statement. For the period ended June 30, 2026, there were R$5,800 short-term contract expenses, June 30, 2025, there were R$2,580 short-term contract expenses.
| 11. | Other Assets |
| As of, | ||
| June 30, 2026 | December 31, 2025 | |
| Interbank transactions | 140,632 | 123,290 |
| Prepaid expenses | 440,982 | 302,926 |
| Collection receivable | 257,218 | 291,331 |
| Deposits Pledged as Guarantee - Labor | 37,782 | 37,500 |
| Recoverable taxes | 98,405 | 86,891 |
| Deposits Pledged as Guarantee - Tax | 14,688 | 14,184 |
| Deposits Pledged as Guarantee - Civil | 105,369 | 74,960 |
| Partnership Program (2) | - | 96,252 |
| Commissions | 36,040 | 22,388 |
|
Advance to FGC – Fundo Garantidor de Créditos(1)
|
112,750 | - |
| Others | 84,660 | 65,843 |
| Total | 1,328,526 | 1,115,565 |
| Current | 806,242 | 650,743 |
| Non-Current | 522,284 | 464,822 |
| (1) | Amounts advanced by financial institutions that are members of the Brazilian Credit Guarantee Fund (FGC) to temporarily strengthen the fund’s liquidity and support the fulfillment of its statutory obligations, including deposit insurance coverage and assistance or resolution measures involving participating institutions. Such amounts are recognized as assets by the contributing institution, as they represent amounts expected to be reimbursed or offset in accordance with the FGC’s rules over the next 60 months. |
| (2) | The partners’ outstanding debt was converted into a Credit Note (CCB - Note 6.3 – others), which is included in the credit portfolio as of June 30, 2026. Therefore, this debt no longer exists as other assets. |
| 2q26 | | 31 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
12. Provision for contingencies
Management classifies the risk of loss of legal and administrative proceedings in which the Group is a party as a defendant. Provisions are recorded for contingencies classified as a probable risk of loss and Management believes that the recorded amount is sufficient to cover those losses.
| (a) | Probable losses |
| As of, | ||
| June 30, 2026 | December 31, 2025 | |
| Legal and administrative proceedings: | ||
| Civil | 215,712 | 217,015 |
| Labor | 105,002 | 71,755 |
| Tax | 1,757 | 21,573 |
| Total | 322,471 | 310,343 |
Civil lawsuits are controlled individually, and the provision is recorded whenever the loss is evaluated as probable, considering the opinion of legal advisors, the nature of the lawsuits, similarity with previous cases, complexity, and legal precedent, as well as when there is probable expectation of future cash disbursement.
Labor claims are controlled individually, and the provision is recorded whenever the loss is evaluated as probable, considering the claim status and the history of losses. From the date of the hearing until an initial court decision, labor claims are measured by the average of losses occurred within the last 12 months. After the appeal, the losses are measured based on experts’ calculations until the settlement.
There are no significant administrative claims in process for non-compliance with the rules of Brazilian Financial System, tax claims or payment of penalties that may cause significant impacts to the Group’s financial statements.
| (b) | Possible losses |
The Group is a party to certain legal and administrative proceedings, which, in accordance with their nature and the risk of loss evaluation, the Group does not qualify the risk of loss as probable:
| As of, | ||
| June 30, 2026 | December 31, 2025 | |
| Possible losses: | ||
| Civil | 50,000 | 50,000 |
| Labor | 25,385 | 23,455 |
| Tax | 43,733 | 40,176 |
| Total | 119,118 | 113,631 |
| (c) | Judicial deposits |
Judicial deposits are recognized as "Other Assets" in the balance sheet.
| 2q26 | | 32 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| (d) | Changes in provision |
| June 30, 2026 | ||||
| Civil | Labor | Tax | Total | |
| Opening balance | 217,015 | 71,755 | 21,573 | 310,343 |
| Additions/(Reversals) | 104,561 | 22,309 | 66 | 126,936 |
| Reclassification | - | 19,882 | (19,882) | - |
| Consumption | (105,864) | (8,944) | - | (114,808) |
| Closing balance | 215,712 | 105,002 | 1,757 | 322,471 |
| December 31, 2025 | ||||
| Civil | Labor | Tax | Total | |
| Opening balance | 217,845 | 82,511 | 1,567 | 301,923 |
| Additions/(Reversals) in provision | 159,097 | 13,257 | 20,006 | 192,360 |
| Consumption | (159,927) | (24,013) | - | (183,940) |
| Closing balance | 217,015 | 71,755 | 21,573 | 310,343 |
13. Other Liabilities
| As of, | ||
| June 30, 2026 | December 31, 2025 | |
| Accounts payable | 382,010 | 370,628 |
| Tax and social security | 74,408 | 385,631 |
| Personal expenses | 172,429 | 118,739 |
| Other liabilities – personal bonuses | 31,075 | 113,284 |
| Interbank transactions | 81,640 | 78,774 |
| Expected credit losses (1) | 4,332 | 4,249 |
| Partnership program liabilities (2) | - | 169,365 |
| Security | 45,441 | 15,632 |
| Other Liabilities | 88,679 | 74,439 |
| Total | 880,014 | 1,330,741 |
| Current | 875,014 | 1,321,088 |
| Non-Current | 5,000 | 9,653 |
| (1) | Refers to credit limits granted and not used. |
| (2) | Related to partnership shares classified as financial instruments, in accordance with IAS 32 (note 19 b). After the IPO, the program’s repurchase clause was extinguished, resulting in its classification as equity. |
14. Obligations related to credit assignments
The Group recognizes obligations arising from the assignment, with co-obligation, of credit receivables originating from payroll-deductible loan transactions, pursuant to agreements for the promise of transfer and acquisition of credit rights and other covenants entered into with Vert-9 Companhia Securitizadora de Créditos Financeiros, Vert-5 Companhia Securitizadora de Créditos Financeiros, Opea – Companhia Securitizadora de Créditos Financeiros Agibank and Fundo de Investimento em Direitos Creditórios Agibank I – Responsabilidade Limitada “FIDC” and Fundo de Investimento em Direitos Creditórios Agibank II – Responsabilidade Limitada “FIDC II” (Note 6.3(b)).
The associated liabilities represent the Group’s contractual obligation to repay the funding obtained in connection with such credit assignment transactions and are economically linked to the cash flows generated by the transferred receivables. The transferred receivables are contractually pledged as collateral for the associated liabilities and are subject to restrictions; accordingly, they are not available for unrestricted sale or re-pledging by Banco Agibank.
| 2q26 | | 33 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Obligations related to the assignment of credit receivables through the investment funds “FIDC” and “FIDC II” are contractually segregated into senior and subordinated quotas. The subordinated quotas, which absorb first losses and provide exposure to residual returns, are fully held by the Group. In the case of FIDC II, the Group acquired the subordinated quotas with the intention of retaining exposure to the residual risks and rewards associated with the transferred receivables portfolio, including the first-loss position.
Therefore, these quotas are eliminated in the consolidation process (Note 2a). Accordingly, only the senior quotas held by third-party investors, which give rise to a contractual obligation to deliver cash, remain recognized as liabilities in the consolidated financial statements.
| June 30, 2026 | December 31, 2025 | |
| Vert-9 Companhia Securitizadora de Créditos Financeiros | 3,455,201 | 3,364,206 |
| Vert-5 Companhia Securitizadora de Créditos Financeiros | 597,789 | 748,641 |
| Fundo de Investimento em Direitos Creditórios Agibank I – Responsabilidade Limitada “FIDC” | 2,014,131 | 2,013,830 |
| Fundo de Investimento em Direitos Creditórios Agibank II – Responsabilidade Limitada “FIDC II” | 2,514,434 | - |
| Opea SPE 02 Companhia Securitizadora de Créditos Financeiros | 4,576,546 | 4,270,668 |
| Total | 13,158,101 | 10,397,345 |
15. Equity
| (a) | Pre reorganization |
The financial statements were prepared in accordance with the basis of preparation described in Note 2 and the accounting policies described in Note 2. No share capital is presented prior to the corporate reorganization as the financial statements reflect the combination of the Company and Nuova. The net investment and the profit (loss) for the year/period are derived by aggregating the net assets of the Company and its subsidiaries with those of Nuova and its subsidiaries.
In accordance with Article 25 of the by-laws, the distribution of mandatory dividends amounting to 25% (twenty-five percent) of the net profit adjusted as per Articles 201 and 202 of Law No. 6,404/76 is assured, to be paid as stipulated in Article 205, § 3 of the same legal provision, upon the conclusion of the fiscal year.
| (b) | After reorganization |
The financial statements were prepared in accordance with the basis of preparation described in Note 2 and the accounting policies described in Note 2. In 2026, in connection with the Group’s initial public offering (“IPO”) on the New York Stock Exchange, the Group implemented a corporate reorganization whereby a new holding company, AGI Inc, was incorporated and became the ultimate parent entity of the Group.
As part of this reorganization, control of Agi Financial Holding S.A. and its subsidiaries was transferred to AGI Inc through a series of equity transactions that did not result in any change in the underlying ownership interests of the Group’s shareholders. Following the reorganization, AGI Inc became the holding company and the owner of the consolidated financial statements presented herein.
| 2q26 | | 34 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
The corporate reorganization was accounted for as a transaction under common control. Accordingly, the assets, liabilities and equity balances were recognized at their historical carrying amounts, and no goodwill or gain arose from the reorganization.
The share capital is represented by 160,135,072 common shares, each with a par value of US$0.00005. The total amount of share capital, when expressed in Brazilian reais is R$ 40.
| June 30, 2026 | December 31, 2025(1) | |
| Class of shares | Number of shares | Number of shares |
| Common shares A | 58,905,713 | 40,164,732 |
| Common shares B | 101,229,359 | 97,544,226 |
| Total share capital | 160,135,072 | 137,708,958 |
(1) In connection with the Company’s initial public offering (IPO), all previously outstanding common and preferred share classes were converted into the Company’s new Class A and Class B common shares based on the conversion terms approved as part of the IPO transaction. The share capital structure presented in these financial statements reflects this conversion.
Following the corporate reorganization completed in 2026, the Company’s share capital consists solely of Class A Common Shares and Class B Common Shares. Holders of Class A Common Shares and Class B Common Shares rank pari passu with respect to rights to dividends, distributions and returns of capital, and share ratably in the profits and net assets of the Company.
The two classes differ only with respect to voting rights. Each Class A Common Share entitles its holder to one (1) vote on all matters submitted to shareholders, whereas each Class B Common Share entitles its holder to ten (10) votes on such matters. Except for the voting rights described above, Class A Common Shares and Class B Common Shares have the same rights, preferences, privileges and restrictions in all other respects.
At the Extraordinary General Meeting held on February 19, 2025, the issuance of 35,466,285 Class D preferred shares was approved at an issuance price of R$400,000, of which R$20,000 was allocated to share capital and R$380,000 was allocated to the capital reserve. The issuance forms part of the Shareholders’ Agreement entered into between the Company and the investment fund “LCM BIGBANG FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES MULTIESTRATÉGIA RESPONSABILIDADE LIMITADA.” The transaction was carried out through the contribution of the shares of Banco Agibank S.A. that the investment fund had acquired on December 27, 2025. As a result, from that date the Company came to hold 100% of the equity interest in Banco Agibank S.A. The share issuance, together with the increase in ownership interest in Banco Agibank S.A., resulted in a change of R$124,961 between controlling and non-controlling interests.
On October 1, 2025, Banco Agibank acquired the non-controlling interests in the company’s Agibank Corretora de Seguros Ltda., Telecontato
Call Center e Telemarketing Ltda., and Hypeflame Tecnologia e BigData Ltda. Additionally, its wholly-owned subsidiary, Agibank Corretora
de Seguros Ltda., acquired equity interests in the companies Agiplan Serviços de Cobrança Ltda., and Neo Núcleo de
Excelência Operacional Ltda. The Net Impact of the movement was R$7,263.
At the Extraordinary General Meeting held on October 27, 2025, the increase of AGI Financial Holding’s share capital in the amount of R$53,873 was approved, through the partial capitalization of the amounts recorded as interest on equity payable, with the issuance of 15,050 thousand registered shares. Of these, 528 thousand were Class A preferred shares with a nominal value of R$1,892 each, and 14,522 thousand were Class E preferred shares with a nominal value of R$51,981 each.
| 2q26 | | 35 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
At the Extraordinary General Meeting held on December 30, 2025, the increase of the Company’s share capital in the amount of R$877,101 was approved, without the issuance of new shares, through the capitalization of retained earnings for the period, legal reserve, statutory reserve and reserve for mandatory dividends not distributed, based on the interim condensed balance sheet dated November 30, 2025.
In January 2026, the Company completed a capital increase through the issuance of new registered, book-entry shares with no par value, in accordance with the resolutions approved by the shareholders and applicable corporate law.
As a result of the capital increase completed in January 2026, the Company’s share capital amounted to R$2,753,908.7, fully subscribed and paid in, and is divided into 858,519,967 registered, book-entry shares with no par value, comprised of 418,168,922 common shares, 42,114,575 Class A preferred shares, 145,674,473 Class B preferred shares, 142,984,328 Class C preferred shares, 35,466,285 Class D preferred shares, and 74,111,384 Class E preferred shares.
The newly issued shares were fully subscribed by existing shareholders. The remaining shareholders, having been previously consulted, expressly waived their preemptive subscription rights, in accordance with applicable corporate legislation.
| (c) | Usufruct dividends |
On June 28, 2025, a usufruct agreement was executed between the Bank and the Company, pursuant to which dividends and interest on capital declared by the Bank are paid directly to the shareholders of the Company. Although the Company remains the legal owner of the shares of the Bank, the shareholders of the Company are entitled to receive such distributions during the term of the agreement. These amounts distributed by the Bank to the shareholders of the Company were recorded as a reduction in retained earnings.
The agreement was terminated in 2026. As a result, as of that date, dividends and interest on capital declared by the Bank are no longer paid directly to the shareholders of the Company. As the agreement has been extinguished, no such payments will occur in subsequent periods.
Accordingly, no amounts related to usufruct dividends were recognized for the period ended June 30, 2026, and the comparative information for prior periods reflects the effects of the usufruct agreement only to the extent applicable.
| 2q26 | | 36 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| (d) | Earnings per share |
Earnings per share are calculated by dividing profit for the period attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume the conversion of all potentially dilutive instruments. As of the reporting dates presented, the Company did not have potentially dilutive instruments outstanding and, therefore, diluted earnings per share is equal to basic earnings per share.
In connection with the corporate reorganization carried out prior to the Company’s IPO, the shareholders of AGI Financial Holding contributed their shares to AGI Inc, resulting in AGI Inc becoming the holding company of the Group.
Additionally, a change in the nominal structure of the share capital was implemented, resulting in a conversion ratio of 6.1494 shares for 1 share.
For purposes of calculating earnings per share, the number of ordinary shares outstanding for prior periods has been retrospectively adjusted to reflect the share exchange resulting from the corporate reorganization and the change in the share capital structure, as if these transactions had occurred at the beginning of the earliest period presented.
| For the Periods Ended | ||
| Continuing operations: | June 30, 2026 | June 30, 2025 |
| Net income attributable to owners of the parent company | 386,811 | 620,405 |
| Class A | 115,871 | 168,250 |
| Class B | 270,940 | 452,155 |
| Weighted average number of outstanding shares following the corporate reorganization | 386,811 | 620,405 |
| Class A | 41,485,255 | 35,649,315 |
| Class B | 97,004,743 | 95,803,594 |
| Basic and diluted earnings per share – R$ | ||
| Common Share | 2.79 | 4.72 |
The Company currently has Class A and Class B shares outstanding, and all shares have the same rights to participate in the Company’s profits. Accordingly, the Company does not present a separate allocation of net income between different classes of shares.
For the periods presented, profit attributable to equity holders corresponds entirely to holders of ordinary shares.
As there are no classes of shares with different economic rights and no instruments that require a separate participation in earnings, all earnings per share amounts presented are based solely on the weighted average number of ordinary shares outstanding during the period.
| (e) | Treasury shares |
As of June 30, 2026, the Group held 299,242 treasury shares amounting to R$ 16,965, recorded as a deduction from equity. The repurchase were executed as follows:
| Date | Number of shares | Amount |
| February 25, 2026 | 178,543 | 11,037 |
| March 19, 2026 | 120,699 | 5,928 |
| Total | 299,242 | 16,965 |
| 2q26 | | 37 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
16. Net Interest Income
| For the Three Months Periods Ended | For the Six Months Periods Ended | |||
| Interest income using the effective interest method | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 |
| Fixed income securities | 480,492 | 145,708 | 949,713 | 270,103 |
| Loans and advances - Credit institutions | 33,440 | 9,337 | 62,068 | 18,857 |
| Loans and advances – Customers | 2,316,153 | 2,061,038 | 4,528,423 | 3,992,233 |
| Total income | 2,830,085 | 2,216,083 | 5,540,204 | 4,281,193 |
| Interest expense using the effective interest method | ||||
| Customer deposits | (649,583) | (651,793) | (1,350,315) | (1,226,887) |
| Assignment of financial assets | (756,320) | (242,474) | (1,398,880) | (447,292) |
| Contributions to the Credit Guarantee Fund | (6,913) | (6,897) | (14,438) | (13,221) |
| Interest expense on financial bills issued | (254,792) | (207,033) | (515,601) | (348,153) |
| Interbank deposits | (44,900) | (17,424) | (50,867) | (27,150) |
| Interest expense on loans and borrowings | (22,057) | (5,699) | (31,775) | (18,703) |
| Total expense | (1,734,565) | (1,131,320) | (3,361,876) | (2,081,406) |
| Net interest income | 1,095,520 | 1,084,763 | 2,178,328 | 2,199,787 |
17. Operating Expenses and other Revenues
| (a) | Commissions, banking fees and other revenues from services |
| For the Three Months Periods Ended | For the Six Months Periods Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Banking fees | 27,898 | 29,936 | 64,306 | 61,513 |
| Brokerage commissions | 104,025 | 171,630 | 164,653 | 450,613 |
| Other revenue commissions | 3,629 | 4,954 | 7,308 | 10,289 |
| Total | 135,552 | 206,520 | 236,267 | 522,415 |
| (b) | Selling, General and Administrative Expenses |
| For the Three Months Periods Ended | For the Six Months Periods Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Advertising expenses | (15,332) | (9,231) | (30,386) | (12,879) |
| Communication expenses | (5,908) | (7,118) | (12,262) | (13,984) |
| Financial system service expenses | (149,962) | (113,519) | (282,457) | (219,228) |
| Maintenance expenses | (10,879) | (8,976) | (21,838) | (16,796) |
| Promotion expenses | (1,886) | (616) | (3,065) | (4,245) |
| Data processing (rental and maintenance expenses) | (38,184) | (40,938) | (75,917) | (79,040) |
| Technical services expenses | (130,660) | (72,250) | (242,770) | (124,950) |
| Travel expenses | (2,800) | (2,394) | (4,896) | (4,720) |
| Administrative expenses | (3,618) | (2,332) | (7,125) | (5,240) |
| Legal expenses | (85,026) | (67,733) | (126,934) | (145,669) |
| Other general and administrative expenses | (25,873) | (5,857) | (44,308) | (22,042) |
| Total selling, general and administrative expenses | (470,128) | (330,964) | (851,958) | (648,793) |
| (c) | Personnel Expenses |
| For the Three Months Periods Ended | For the Six Months Periods Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Compensation Expenses | (56,456) | (64,578) | (76,838) | (96,175) |
| Benefits | (38,252) | (44,878) | (71,750) | (65,536) |
| Other personal expenses | (1,022) | (756) | (1,982) | (1,626) |
| Social security costs | (35,795) | (33,707) | (71,525) | (68,151) |
| Total Personnel Expenses | (131,525) | (143,919) | (222,095) | (231,488) |
| 2q26 | | 38 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| (d) | Tax Expenses |
| For the Three Months Periods Ended | For the Six Months Periods Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Tax on Services (ISS) | (16,909) | (24,522) | (32,038) | (54,554) |
| Social Integration Program (PIS) | (13,375) | (14,429) | (27,121) | (32,920) |
| Tax for Social Security Financing (Cofins) | (73,900) | (77,402) | (151,387) | (174,835) |
| Other tax expenses | (5,713) | (2,001) | (10,397) | (3,905) |
| Total Tax Expenses | (109,897) | (118,354) | (220,943) | (266,214) |
18. Other income (expenses), net
| For the Three Months Periods Ended | For the Six Months Periods Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Non-operating income | 148 | 355 | 298 | 491 |
| Addition/reversal of other provisions | - | - | 46 | - |
| Interest on lease liabilities | (9,147) | (7,981) | (16,564) | (15,532) |
| Tax Incentive (1) | 7,508 | 13,194 | 14,382 | 27,413 |
| Partnership Program Expense (2) | - | (23,804) | - | (25,310) |
| Other operating expense | 11,613 | (784) | (5,125) | (7,562) |
| Total Other income (expense), net | 10,122 | (19,020) | (6,963) | (20,500) |
(1) The Company receives a municipal tax incentive related to the local services tax (“ISS”), which reduces the effective tax rate on certain service revenues. The incentive is granted for a fixed 10-year period, subject to ongoing compliance with operational requirements, and the amounts may vary depending on service volumes or changes in local rules.
(2) Related to partnership shares classified as financial instruments, in accordance with IAS 32 (note 19 b)
19. Related parties
| (a) | Compensation for key management personnel |
For the three-months and six-months periods ended June 30, 2026 and June 30, 2025, the benefits provided in the form of fixed compensation to the Group’s key management, were as follows:
| For the Three Months Periods Ended | For the Six Months Periods Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Remuneration | 8,285 | 14,269 | 15,435 | 20,992 |
| Social charges | 1,864 | 3,210 | 3,473 | 4,723 |
| Total | 10,149 | 17,479 | 18,908 | 25,715 |
| (b) | Partnership program |
On July 1, 2019, the Partnership Program was approved at the Extraordinary General Meeting, allowing managers and employees to participate in the Group’s increase in net assets by purchasing preferred shares. The purchase and sale value of the shares was initially defined as the Bank’s net assets per share (subsequently changed to the Company’s net assets per share), based on the most recent available audited financial statements, with a payment term of 60 months. A participant leaving the Group’s employment had the right to sell their shares to the Bank, at net assets per share, calculated based on the most recent audited financial statements available immediately before the repurchase request.
| 2q26 | | 39 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
As the shares were redeemable at the option of the holder, the Group did not have the legal right to avoid cash payment and so classified the preferred shares issued under the Partnership program as a liability in accordance with IAS 32 Financial Instruments: Presentation.
In 2022, a new Partnership Program was launched, allowing managers and employees to become shareholders of the Company through a contract related to the purchase of shares. The purchase value of the shares was based on the Group’s last fundraising round with third party investors, per share, adjusted by the TLP interest rate index until payment was settled by the employee. Under the previous structure, the Company retained the right to repurchase these shares, and the repurchase price was determined based on the growth in the Company’s net assets between the grant date and the relevant tranche period.
Following the Company’s IPO and the removal of the contractual repurchase clause, the Partnership Program structure was modified. Under the current structure, employees may obtain financing through a credit instrument (CCB – Cédula de Crédito Bancário) to acquire the shares. As a result of these changes, the shares are no longer classified as a financial liability under IAS 32. The balance previously recognized as a liability related to the Partnership Program was reclassified to equity of AGI Financial Holding. In addition, the amounts previously recognized as receivables from participants were reclassified and are currently presented as part of the Group’s credit portfolio.
As of June 30, 2026, there were no balances recorded as receivables from participants under the previous structure (R$62,484 as of December 31, 2025), as disclosed in the note 11 – “Other Assets”.
As of June 30, 2026, there were also no balances recorded as liabilities related to the Partnership Program (R$169,365 as of December 31, 2025), as disclosed in Note 13 - Other liabilities. Accordingly, no financial income or expense related to the remeasurement of participants’ shares was recognized for the period ended June 30, 2026 (R$25,310 as of June 30, 2025), as disclosed in note 18 - Other income (expenses), net.
On April 29, 2026, AGI Inc issued 205,002 common shares with a total value of R$ 7,347 under the Company’s Partnership Program, recorded in share premium reserve and share capital. The shares were issued to settle services providers related to transactions costs from IPO.
20. Non-cash items
The net cash generated by financing and investing activities includes only those transactions that impacted the Group’s cash. The table below shows investing and financing activities which did not involve the use of cash and/or cash equivalents:
| For the Six Months Periods Ended | ||
| June 30, 2026 | June 30, 2025 | |
| Additions to right-of-use assets | 20,624 | 19,902 |
| Repurchase of Treasury shares | 5,910 | - |
| Total | 26,534 | 19,902 |
| 2q26 | | 40 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 21. | Sensitivity analysis |
The following analysis estimates the potential impact on profit or loss of the Group financial instruments under hypothetical stress scenarios of the main market risk factors affecting each position.
As of June 30, 2026 and December 31, 2025, we identified that the principal market risk is linked to changes in fixed and floating-rate indices applicable to our financial assets and liabilities, which serve as the benchmarks for these positions. For the hypothetical stress scenarios, the reasonably possible risk variation considered an increase in 10% and a decrease in 10% in the benchmark interest rate.
The floating-rate indices are primarily tied to the CDI and SELIC index rate, which reflects the average interbank deposit rate in Brazil, and to the IPCA—Brazil’s broad national consumer price index, which measures overall Brazilian inflation and is published monthly by the Brazilian Institute of Geography and Statistics (IBGE). For floating rate instruments, the table below presents the sensitivity of 12 months of interest income/expense, considering no other changes during this period. For fixed rate instruments, the table presents the sensitivity of fair value in the hypothetical scenario. The Group has not identified any risks related to exchange rates or commodity fluctuations in assets or liabilities.
| For the period ended | ||||
| June 30, December 31, | ||||
| 2026 | 2025 | |||
| Inflation (IPCA) (1) | 4.6 | % | 4.3 | % |
| Interest rate (SELIC) (2) | 14.1 | % | 14.9 | % |
Source: IBGE and Brazilian Central Bank.
(1) The IPCA, compiled by the Brazilian Institute of Geography and Statistics (IBGE), is a comprehensive consumer price index. The inflation figure presented reflects the accumulated variation over the preceding 12-month period.
(2) The SELIC rate, recognized as Brazil’s risk-free benchmark, is established by the Central Bank and serves as the primary instrument for the implementation of national monetary policy.
| 2q26 | | 41 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
Sensitivity analysis of changes in interest rates
| Interest Change Scenario | ||||
| As of June 30, 2026 | Rate Risk | Total Portfolio | 10% | (10%) |
| Financial Assets | ||||
| Financial assets measured at amortized cost | 46,997,411 | (317,663) | 317,663 | |
| Debentures | Fixed Rate | 1,927,993 | (10,361) | 10,361 |
| Debentures | CDI | 4,231,553 | 52,454 | (52,454) |
| Gross Credit Portfolio ¹ | Fixed Rate | 36,558,035 | (375,757) | 375,757 |
| Government Securities – Other Countries (ICO) | Fixed Rate | 2,599,118 | (327) | 327 |
| National Treasury Notes (NTN) | IPCA | 96,961 | 430 | (430) |
| Financial Treasury Bills (LFT) | SELIC | 359,237 | 718 | (718) |
| Securities Provided as Collateral – Bearer Note | CDI | 799,657 | 9,913 | (9,913) |
| Investments – Bearer Note | CDI | 424,857 | 5,267 | (5,267) |
| Financial assets measured at fair value through profit or loss | 1,890,820 | 33,587 | (33,587) | |
| Financial Instruments – Derivatives | CDI | 579,869 | 22,504 | (22,504) |
| Investment securities - Financial Bills (LF) | CDI | 50,397 | 609 | (609) |
| Investment securities - Financial Treasury Bills (LFT) | Selic | 824,167 | 13,916 | (13,916) |
| Government Securities – Other Countries (CETES) | Fixed Rate | 118,395 | (690) | 690 |
| Investment securities - National Treasury Notes (LTN) | Fixed Rate | 272,550 | (2,752) | 2,752 |
| Investment securities - National Treasury Notes (NTN) | IPCA | 253 | - | - |
| Investments fund quotas | - | 45,189 | - | - |
| Financial Liabilities | ||||
| Other Liabilities | 13,158,101 | 193,872 | (193,872) | |
| Obligations related to credit assignments (Vert and FIDC) | Fixed Rate | 13,158,101 | 193,872 | (193,872) |
| Financial liabilities measured at amortized cost | 31,016,253 | (208,423) | 208,423 | |
| Demand customer deposits | - | 566,165 | - | - |
| Funds from acceptances and issuance of securities | CDI | 6,266,395 | (79,457) | 79,457 |
| Time customer deposits | CDI | 8,073,182 | (104,808) | 104,808 |
| Debt issued and other borrowed funds | CDI | 547,054 | (6,781) | 6,781 |
| Time customer deposits | IPCA | 4,545,359 | (20,155) | 20,155 |
| Funds from acceptances and issuance of securities | Fixed Rate | 18,643 | 186 | (186) |
| Time customer deposits | Fixed Rate | 5,796,210 | 62,239 | (62,239) |
| Loans and borrowing | CDI | 1,502,534 | (19,026) | 19,026 |
| Debt issued and other borrowed funds | Fixed Rate | 209,560 | 2,655 | (2,655) |
| Repurchase agreements | CDI | 3,491,151 | (43,276) | 43,276 |
| (1) | Based on the gross credit portfolio balance, excluding allowance for loan losses, purchase premium, and hedging effects. |
| 2q26 | | 42 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| Interest Change Scenario | ||||
| As of December 31, 2025 | Rate Risk | Total portfolio | 10% | (10%) |
| Financial Assets | ||||
| Financial assets measured at amortized cost | 42,521,279 | (352,850) | 352,850 | |
| Debentures | Fixed Rate | 1,739,683 | (10,745) | 10,745 |
| Debentures | CDI | 3,941,507 | 51,111 | (51,111) |
| Gross Credit Portfolio ¹ | Fixed Rate | 34,365,118 | (378,095) | 378,095 |
| Government Securities – Other Countries (ICO) | Fixed Rate | 1,511,277 | (14,989) | 14,989 |
| Government Securities – Other Countries (KDB) | Fixed Rate | 289,509 | (2,103) | 2,103 |
| National Treasury Notes (NTN) | IPCA | 94,070 | 384 | (384) |
| Investment securities - National Treasury Bills (LTN) | Fixed Rate | 256,000 | (2,616) | 2,616 |
| Financial Treasury Bills (LFT) | SELIC | 324,115 | 4,203 | (4,203) |
| Financial assets measured at fair value through profit or loss | 3,102,639 | 39,717 | (39,717) | |
| Financial Instruments – Derivatives | CDI | 250,582 | 23,175 | (23,175) |
| Investment securities - Financial Treasury Bills (LFT) | Selic | 1,722,314 | 22,335 | (22,335) |
| Investment securities - Financial Bills (LF) | CDI | 210,891 | 2,735 | (2,735) |
| Investment securities - National Treasury Bills (LTN) | Fixed Rate | 646,754 | (6,596) | 6,596 |
| Investment securities - National Treasury Notes (NTN) | Fixed Rate | 139,335 | (1,141) | 1,141 |
| Investments fund quotas¹ | - | 132,763 | (791) | 791 |
| Financial Liabilities | ||||
| Other Liabilities | (10,397,345) | 161,526 | (161,526) | |
| Obligations related to credit assignments (Vert and FIDC) | Fixed Rate | (10,397,345) | 161,526 | (161,526) |
| Financial liabilities measured at amortized cost | (31,699,084) | (174,536) | 174,536 | |
| Demand deposits | - | (345,801) | - | - |
| Funds from acceptances and issuance of securities | CDI | (6,152,941) | (79,891) | 79,891 |
| Time customer deposits | CDI | (8,025,775) | (109,627) | 109,627 |
| Debt issued and other borrowed funds | CDI | (530,311) | (6,877) | 6,877 |
| Time customer deposits | IPCA | (4,368,545) | (18,133) | 18,133 |
| Funds from acceptances and issuance of securities | Fixed Rate | (17,588) | 176 | (176) |
| Time customer deposits | Fixed Rate | (8,110,561) | 87,870 | (87,870) |
| Loans and borrowing | CDI | (667,089) | (8,651) | 8,651 |
| Debt issued and other borrowed funds | Fixed Rate | (229,027) | 2,761 | (2,761) |
| Repurchase agreements | CDI | (3,251,446) | (42,164) | 42,164 |
| (1) | Based on the gross credit portfolio balance, excluding allowance for loan losses, purchase premium, and hedging effects. |
| 22. | Capital Management |
The assessment of capital needs is carried out based on Agibank’s strategic planning and is operationalized through the economic and financial budget. This process is based on the following assumptions: projected asset growth, grounded on estimates of credit supply; estimates of delinquency and collections; projection of the liabilities required to sustainably maintain liquidity given the need for asset growth, including the number of employees, the level of technology, as well as revenues and expenses—whether operational or administrative—that will arise from the expected evolution of the operations.
The Broad Basel Ratio at the close of recent periods reflects the adequacy of capital in relation to the aforementioned objectives.
| 2q26 | | 43 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| As of, | ||
| Capital Adequacy | June 30, 2026 | December 31, 2025 |
| Referential Equity (PR) | 3,856,465 | 3,876,865 |
| Referential Equity - Tier I | 3,530,635 | 3,549,410 |
|
Common Equity |
3,302,374 | 3,320,568 |
|
Additional |
228,261 | 228,842 |
| Referential Equity - Tier II | 325,830 | 327,455 |
| Risk-Weighted Assets (RWA) | 27,757,645 | 25,008,421 |
| Credit Risk (RWAcpad) | 23,643,599 | 22,483,368 |
| Market Risk (RWAmpad) | 441,462 | 227,428 |
| Operational Risk (RWAopad) | 3,672,584 | 2,297,625 |
| Banking Risk (RBAN) | 756,668 | 699,475 |
| Full Exposure | 49,988,687 | 48,936,525 |
| Capital Adequacy Ratio (PR/RWA) | 13.89% | 15.50% |
| Capital Adequacy Ratio (PR/RWA+RBAN) | 13.52% | 15.08% |
| Leverage Ratio | 7.06% | 7.25% |
The minimum level required for the Basel Ratio under the current regulation is 10.5%, in accordance with CMN Resolution No. 4,958. As of June 2026, Agi has a capital buffer of 3.02%.
| As of, | ||
| Composition of Referential Equity (PR) | June 30, 2026 | December 31, 2025 |
| Equity | 7,960,430 | 5,277,257 |
| Negative Prudential Adjustments to Tier 1 Capital | (4,815,639) | (2,193,063) |
| Positive Prudential Adjustments to Tier 1 Capital | 157,583 | 236,374 |
| Referential Equity | 3,302,374 | 3,320,568 |
|
Complementary Capital |
228,261 | 228,842 |
| Tier I | 3,530,635 | 3,549,410 |
| Instruments Eligible for Tier II | 325,830 | 327,455 |
| Tier II | 325,830 | 327,455 |
| Referential Equity | 3,856,465 | 3,876,865 |
Agibank’s Tier II Capital is composed of subordinated financial notes (Letras Financeiras Subordinadas), totaling a principal amount of R$ 322,700 and a current outstanding balance of R$ 528,353. There is no forecast for the early redemption of these instruments.
| As of, | ||||||
| Financial Instrument | Principal | Issuance | Maturity | Remuneration | June 30, 2026 | December 31, 2025 |
| Subordinated Letters of Credits | 20,000 | Apr/20 | Apr/26 | 10.5% | - | 35,200 |
| Subordinated Letters of Credits | 15,000 | Nov/21 | Nov/27 | CDI + 4% | 31,243 | 28,680 |
| Subordinated Letters of Credits | 300 | May/22 | Jun/29 | 16.85% | 565 | 523 |
| Subordinated Letters of Credits | 2,900 | May/22 | May/29 | CDI + 4% | 5,627 | 5,166 |
| Subordinated Letters of Credits | 39,300 | May/22 | May/29 | 16.43% a 16.69% | 73,283 | 67,971 |
| Subordinated Letters of Credits | 900 | Jun/22 | Jun/29 | CDI + 4% | 1,728 | 1,587 |
| Subordinated Letters of Credits | 2,100 | Jun/22 | Jun/29 | 17.33% a 17.57% | 3,989 | 3,685 |
| Subordinated Letters of Credits | 10,200 | Jun/22 | Jun/29 | 16.97% a 17.41% | 19,243 | 17,800 |
| Subordinated Letters of Credits | 92,700 | Jul/22 | Jul/29 | CDI + 4% | 176,110 | 161,666 |
| Subordinated Letters of Credits | 58,200 | Jul/22 | Jul/29 | 17.33% a 17.57% | 110,213 | 101,753 |
| Subordinated Letters of Credits | 1,200 | Jul/22 | Jul/29 | 16.97% a 17.41% | 2,267 | 2,095 |
| Subordinated Letters of Credits | 99,900 | Mar/24 | Mar/34 | CDI + 2.85% | 104,085 | 104,372 |
| Total | 342,700 | 528,353 | 530,498 | |||
| 2q26 | | 44 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| 23. | Risk Management and Financial Instruments |
The Group considers risk management to be a fundamental strategic tool, carried out by an independent risk management unit, based on best market practices, with the objective of ensuring that the risks to which the institution is exposed are managed according to the risk appetite, policies, and established procedures. Monitoring is conducted through daily reports delivered to the Executive Officers and key leadership, with performance comments and exposure statements in relation to the limits set institutionally, always prioritizing proactivity in managing these risks.
(a) Credit Risk: Refers to the possibility of losses resulting from the failure of the borrower, issuer, or counterparty to fulfill their respective financial obligations under the agreed terms. The risk management area conducts daily stress tests on the credit portfolio, measuring the impact of increased delinquency on the company’s results and other risk indicators.
(b) Market Risk: The possibility of losses resulting from fluctuations in the market values of positions held by a financial institution, as well as its financial margins, including risks from transactions subject to currency variation, interest rates, indexes, stock prices, and commodity prices. Market risk control is conducted through standardized procedures and in accordance with corporate policies. The allocation of available resources from the Bank and controlled companies are always made with the goal of mitigating exposure to market risk.
(c) Liquidity Risk: The possibility of imbalances between tradable assets and payable liabilities that could affect the institution's ability to meet its payment obligations, considering different currencies and settlement terms for its rights and obligations. Liquidity risk monitoring is performed daily based on established indicators, cash flow, and stress scenarios.
(d) Operational Risk: The possibility of losses resulting from failure, deficiency, or inadequacy of internal processes, people, and systems, or from external events. It includes legal risk associated with inadequacy or deficiencies in contracts signed by the institution, as well as sanctions for non-compliance with legal provisions and compensation for third-party damages arising from the institution's activities. The evaluation of operational risks is conducted to ensure the quality of the control of the environment, adhering to internal guidelines and current regulations. Matters related to operational risk are reported through monthly reports to senior management and specific reports to area managers.
(e) Credit risk management and allowance for expected credit losses
Credit risk management objectives and strategies:
| i. | Credit Risk Exposure |
Agibank’s credit risk exposures primarily originate from secured operations, particularly payroll products, where the primary risk relates to events such as death or suspension of social security benefits. For unsecured products, the risk stems from potential customer default, mitigated through policies that prioritize transactions with clients maintaining an active banking relationship, such as salary deposits with the institution.
| 2q26 | | 45 | |
AGI Inc Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2026 and 2025 (In thousands of Brazilian reais - R$, unless otherwise stated) | |
| ii. | Risk Management Objectives, Policies and Processes |
The objective of credit risk management is to ensure portfolio quality and preserve financial soundness, maintaining delinquency levels within the risk appetite defined by the Executive Board in the Risk Appetite Statement (RAS). Policies and processes include credit analysis based on internal models, risk classification, establishment of limits by client and segment, continuous exposure monitoring, and provisioning practices in compliance with Central Bank regulations and IFRS 9.
| iii. | Measurement and Monitoring |
Measurement methods encompass internal models for calculating Probability of Default (PD), Loss Given Default (LGD), and Exposure at Default (EAD), in addition to stress testing to assess portfolio resilience under adverse scenarios. Model monitoring is performed on an ongoing basis through periodic validation, backtesting, and performance analysis, ensuring that underlying assumptions remain aligned with observed data and that models maintain predictive capability amid changes in portfolio behavior and macroeconomic conditions. Key indicators monitored include the non-performing loan ratio (NPL), coverage ratio, sector concentration, internal ratings, and provisioning levels, which enable assessment of clients’ repayment capacity and adequacy of provisions relative to assumed risk.
| iv. | Changes from Prior Period |
During the current period, there were no material changes in credit risk management policies or processes compared to the prior year, maintaining the strategy of concentration in secured products and mitigation through banking relationship.
| v. | Governance Structure |
Credit risk governance is organized into multiple layers to ensure effective oversight and compliance, including:
| • | Credit Committee – responsible for defining strategies and lending policies. |
| • | Risk Committee – overseeing regulatory indicators and adherence to the risk appetite. |
| • | Credit Risk Management Department – an independent unit ensuring portfolio quality. |
| • | Chief Risk Officer (CRO) – accountable for governance oversight and reporting to the Executive Board. |
These governance structures ensure exposures are monitored, measured, and maintained within established limits, with processes regularly reviewed to ensure regulatory compliance and alignment with best market practices.
| 2q26 | | 46 | |
BOARD OF DIRECTORS
Rosa Rios Board Member
Aod Cunha de Moraes Junior Conselheiro Board Member
Gabriel Felzenszwalb Board Member
Daniel Keprel Goldberg Board Member
Humberto Goes Linaris Board Member |
EXECUTIVE MANAGEMENT
Marciano Testa Founder, Executive Chairman and CEO
Glauber Marques Correa Chief Operating Officer
Rafael de Oliveira Morais Chief Risk and Controllership Officer
Lucas Araújo de Aguiar Chief People and Governance Officer
Marcello Winik Dubeux Chief Financial and Investor Relations Officer
Vinicius Birkeland Aloe Chief Technology Officer
Matheus Girardi Chief Sales Officer
Daniel Antonio Pires Chief Data and Credit Officer
Daniel Monteiro de Farias Chief Products Officer |
| 2q26 | | 47 | |