AGI (AGBK) Q2 2026 earnings summary

Executive summary

• Achieved a significant operational inflection point in Q2 2026, overcoming regulatory disruptions and driving strong customer and credit origination growth.

• Active client base grew 36.4% YoY to 7.6 million, with over 600,000 new customers in 2Q26, reaching all-time highs.

• Launched Agi+, a subscription platform, with over 250,000 subscribers in 45 days and a 67% cross-sell rate, expected to drive recurring revenues and deepen customer engagement.

• Gained market share in INSS payroll lending, reaching 9.6% (up 60 bps QoQ and 160 bps YoY), surpassing a major competitor.

• Strategic focus on technology, customer engagement, and recurring revenue streams, supported by operational improvements and a new management team.

Financial highlights

• Total revenue reached R$3.2 billion, up 26% YoY and 6% QoQ; net income was R$200.3 million, up 7.4% sequentially.

• Net interest income grew 10.9% YoY to R$1.3 billion; annualized NIM at 11.9%, NIM after provisions at 6.8%, down 0.5 p.p. QoQ.

• Fee revenues rose over 34% QoQ to R$135.6 million; brokerage fees nearly doubled.

• Total deposits increased 18% YoY to R$39.9 billion; total assets up 33% YoY to R$51.1 billion.

• Operating efficiency ratio increased to 48.9%, up 6.9 p.p. QoQ, reflecting upfront costs of growth.

Outlook and guidance

• Management expects sequentially higher income from Q3 and a full recovery by Q4, driven by compounding revenues from recent client and origination growth.

• Agi+ and the investment platform are projected to reach 1 million subscribers by year-end, significantly contributing to fee revenues and profitability.

• Margins expected to recover as higher-yielding vintages season and asset mix normalizes; efficiency to improve as revenue from growth initiatives accrues.