Disclosure Devil - Summary

Consolidated Financial Statements As of and for the period ended September 30, 2025 – Unaudited. 2 Consolidated Financial Statements 2023 3 Management Business Review 10 Consolidated Financial Statements 14 Notes to the Consolidated Financial Statements 3 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Management Business Review Business Context Creditas Financial Results Q3-2025 We continue accelerating sustainable growth, balancing gross profit generation and investments in customer acquisition, automation and our artificial intelligence platform Key Highlights – Q3 2025 Portfolio • Origination continued accelerating with Strong QoQ growth across all our verticals. Total quarterly volumes reached R$984.9mn (+20% YoY and 16.1% QoQ). • Portfolio reached R$6,774mn (+17% YoY and +4.8% QoQ), approaching the end of the year with strong growth pace. Financials • Record quarterly Revenues at R$592.1mn (+14.4% YoY and +1.6% QoQ) as we benefit from increasing volumes and continuous repricing despite lower inflation in the period negatively impacting home equity revenues. • Gross Profit growth to R$219.8mn (-7.4% YoY and 15.6% QoQ) with Gross Profit Margin on revenues at 37.1% recovering from previous quarter’s 32.6%, despite consolidation of increase in SELIC rates in the securitizations’ funding and frontloading of IFRS’s provision associated with the acceleration of our portfolio. Profitability at the cohort level remains well above our 40% target allowing us to continue our growth strategy despite accounting impact of gross profit margin. • Costs below Gross Profit of R$288.0mn (+3.8% QoQ). This increase resulted from the one-off recognition of deferred costs from the early liquidation of certain fund structures, which allows us to optimize future gross profit. Furthermore, Customer Acquisition Costs increased by a modest 6.7% QoQ compared to significantly higher 16.1% increase in origination as we continue gaining efficiency and operational leverage. • Operating loss lowered to R$68.2mn (R$87mn in Q2-25) as we continue investing in profitable growth by building new cohorts of highly profitable portfolios. • We continue targeting neutral cash flow as guardrails for our operation since end of 2023, financing growth without the need for external capital. Operations • In Q3-25, we progressively accelerated volumes in eConsignado (new Private Payroll loans) and continued to see significant results from the scaling of Auto Finance, while maintaining strong performance in our Home Equity performance. We delivered a very solid quarter with continued growth in an environment of high macro volatility and cautiousness in the eConsignado product. • Following the increased visibility into the unit economics of eConsignado and the normalization of operational processes, we have cautiously increased origination. We maintain a rigorous focus on risk management through operational optimization and contract portability while remain conservative on pricing. • We are gaining significant traction in the automation of some of our critical operational processes, reaching our highest productivity metrics. We are ramping up investments in AI in multiple areas—including customer experience, operational processes, and coding—while keeping a disciplined approach to return on investments. We are clearly seeing at this point that building an AI native platform is going to be transformational for Creditas due to the complexity of our product and the deep level of customer interactions in the collateralized lending journey. As a result of our initial efforts, we are seeing productivity per employee consistently raising reaching new records. • This operational focus supports our strategy of scaling growth via cross-sell, which is fundamental to leveraging our operation by reducing CAC and significantly increasing revenue per customer. 4 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Third Quarter Financial & Operating Results In Q3-2025, we maintained our focus on profitable growth, achieving solid results in all our verticals. Origination increased 20% and our Portfolio grew 17% YoY (see Figure 2 and 3). This origination performance is the strongest since 2021, marking a significant milestone: we now achieve this level of growth with a clear focus on profitability and substantially higher operational productivity, contrasting sharply with the volume growth focus of the 2020-2021 period. 5 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements The continued increase in Portfolio supported revenues growth to a new record of R$592.1mn in Q3-25 +14.4% YoY (see Figure 4). Gross Profit reached R$219.8 million, delivering a strong 15.6% QoQ increase. This substantial nominal growth was primarily fueled by the continued expansion of our revenue base coupled with improvements in cost of credit. The Gross Profit Margin stood at 37.1%, increasing from 32.6% in Q2-25. Our gross profit margins remain below our cohort profit margins due to two factors: (i) the consolidation of higher SELIC rates in the securitizations’ funding (an effect expected to normalize as the CDI converges with long-term rates –which are currently below short-term rates –and aligns with the swap rate embedded in the portfolio pricing); and (ii) IFRS accounting that front-loads expected losses recognition. Crucially, Profitability at the cohort level remains well above our 40% target, allowing us to sustain our growth strategy despite the short-term accounting impact on the gross profit margin (See Figure 5). Costs below gross profit (see Figure 6) reached R$288mn in the quarter, a modest 3.8% QoQ increase, primarily due to growth- related CAC expenses and one-off funding vehicles’ costs. The rise in CAC was directly linked to the acceleration of origination, which returned to historical highs. Growth is now achieved more efficiently with CAC increasing by 6.7% QoQ compared to a much larger 16.1% increase in total origination. Increased productivity through automation and AI together with more successful CRM and affiliates marketing is allowing us to increase IRRs. Productivity measured as Revenues per employee are reaching new highs with R$1.2mn revenues per employee (as a reminder, Creditas has almost all its functions internalized, contrary to market practices that tend to outsource certain core functions like technology, collections or sales). These results demonstrate our ability to achieve significant gains in scale and sustainable value generation. It is important to remember that Creditas recognizes all acquisition and technology costs upfront, while loan and insurance margins accrue over time. 6 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Our focus continues to be on reinvesting the profits of our portfolio to drive growth. This strategy is built on strong unit economics and short payback periods. Although the combined effect of higher growth and a rising SELIC rate impacts short- term profitability due to accounting recognition, we are prioritizing net present value built on superior IRRs to generate strong future cash flows. In Q3-25, we recorded an operating loss of R$68.2million (see Figure 8) and a net loss of R$77.1 million (see Figure 9). Importantly, we maintained a neutral cash flow position, which enables us to fund our growth internally without the need for external capital, a key pillar of our long-term strategy. The performance of this quarter highlights our continued momentum and underscores the strength of our discipline in portfolio expansion, cost control and focus on sustainable, long-term value creation. 7 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Business Unit Performance Auto Equity The flagship product kept robust origination in Q3-25, sustaining a strong and consistent performance throughout the year. The solid 18% YoY portfolio growth demonstrates the sustained positive impact of our continued investments in digital onboarding and customer acquisition, fueling momentum for Q4-25 and into 2026. Home Equity Home Equity delivered record origination in the quarter, building on the strong momentum from 2024 and resulting in 36% YoY portfolio growth. This performance was driven by our strategic focus on improving user experience and lowering acquisition costs, while successfully scaling both our direct-to-consumer and affiliate networks. Private Employees Payroll Loans Following increased visibility into the initial unit economics of eConsignado and the normalization of operational processes, we are cautiously increasing origination by progressively expanding our customer coverage (today we are covering less than 6% of the addressable private employee market) while still maintaining a highly selective and cautious approach to risk, prices and volumes. Auto Finance After gaining confidence with the product's unit economics and operational experience, we are reaccelerating growth. Our strategic focus on efficiency has been key, leading to our lowest-ever customer acquisition cost and positioning us for a profitable, balanced expansion. Insurance We are focusing on the redesign of our user experience as we consolidate Creditas as the largest online broker in Brazil. We are exploring multiple avenues to reach the full potential for insurance within our Creditas ecosystem. We continue investing in these fronts and expect insurance to become instrumental in the growth of our platform over the years. Business Outlook Creditas is in a new growth phase, supported by a foundation of high client recurrence that supports our revenue base, strong credit performance, and clear product-market fit across all core offerings. We're prioritizing investments in user experience and automation, with AI now delivering tangible value. This positions us for an annual growth target of 25%+ in the coming years while maintaining portfolio profitability. 8 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Managerial Consolidated Statements of Profit (Loss) and other Comprehensive Income As of and for the period ended September 30, 2025, and 2024 In thousands of Brazilian Reais, unless otherwise stated Three months ending Year to date 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Interest revenues 528,228 455,776 1,531,813 1,326,395 Fees and commission revenues 63,867 61,657 191,384 170,175 Total revenues 592,095 517,433 1,723,197 1,496,570 Interest expenses (206,898) (152,903) (586,208) (452,323) Allowance for expected credit losses (165,393) (127,171) (511,319) (391,326) Total costs of services provided (372,291) (280,074) (1,097,527) (843,649) Adjusted Gross profit 219,804 237,359 625,670 652,921 General and administrative expenses (220,593) (185,314) (639,085) (528,393) Marketing expenses (53,440) (42,811) (154,928) (101,174) Other expenses (13,989) (16,409) (43,118) (42,213) Total operating expenses (288,022) (244,534) (837,131) (671,780) Adjusted Operating (Loss)/Profit (68,218) (7,175) (211,461) (18,859) Long-term incentives (9,869) (14,721) (34,782) (40,166) Financial expenses (34,694) (19,611) (98,656) (72,810) Other non-operating revenues/(expenses) 14,397 (1,991) 31,255 (12,338) Adjusted Net Loss before income taxes (98,384) (43,498) (313,644) (144,173) Current and Deferred income taxes 21,259 13,313 78,066 100,365 Deferred taxes 28,341 19,186 92,774 99,518 Current income taxes (7,082) (5,873) (14,708) 847 Adjusted Net Loss (77,125) (30,185) (235,578) (43,808) One-off income/(expenses) 9,520 30,321 46,235 100,039 Warrant income - 34,817 - 104,449 Other one-off income/(expenses) 9,520 (4,496) 46,235 (4,410) Adjusted (Loss)/Profit for the period (67,605) 136 (189,343) 56,231 Creditas’ consolidated results are managerially monitored using certain adjusted cost allocations, with the aim of better reflecting the business’ underlying operating performance in both Gross Profit and Operating Profit/(Loss). In addition, we include the deferred income tax credit of the period in the Net Profit/(Loss). For the time being, this is disclosed in Note 26(b) of the Financial Statements, but it will start being recognized in the accounting results as soon as the Company presents positive earnings. Among the main differences between reports are: (i) Reclassification of the excess credit allowance recognized during the formation of the fund’s subordinated tranche; (ii) Reclassification of write-offs and losses related to prior years; (iii) Segregation of long-term incentives expenses and deferral of 2022 SOP graded (BRL 50mn) throughout the next 36 months; (iv) Reclassification of non-recurring operating expenses that do not arise from the company’s ordinary course of business; (v) Adjustment Commercial Andbank mentioned in complementary note 15(b); (vi) Inclusion of the deferred tax credit for the period in the Company’s results. Reconciliation of managerial results to the accounting report is presented below. 9 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Income Statement Bridge Result Period ended September 30, 2025 and 2024 Three months ending Nine months ending In thousands of Brazilian Reais, unless otherwise stated 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Adjusted Gross profit 219,804 237,359 625,670 652,921 (i) Over expected credit losses 16,742 (228) 33,650 (379) (ii) Reclassification of credit losses (1,009) 2,126 (22,516) (6,845) Gross profit 235,537 239,257 636,804 645,697 Operating Profit/(Loss) Period ended September 30, 2025 and 2024 Three months ending Nine months ending In thousands of Brazilian Reais, unless otherwise stated 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Adjusted Operating (Loss)/Profit (68,218) (7,175) (211,461) (18,859) (i) Over expected credit losses 16,742 (228) 33,650 (379) (ii) Reclassification of credit losses (1,009) 2,126 (22,516) (6,845) (iii) Long-term incentives expenses (9,869) (14,721) (34,782) (40,166) (iii) Deferral of 2022 SOP graded 4,530 4,530 13,587 13,587 (iv) Other non-operating income/(expenses) 3,653 (2,585) 3,604 (12,781) (v) Adjustment Commercial Agreement Andbank - - 49,164 - Operating loss before financial income/(expenses) and operating (expenses) (54,171) (18,053) (168,754) (65,443) Profit/(Loss) Period ended September 30, 2025 and 2024 Three months ending Nine months ending In thousands of Brazilian Reais, unless otherwise stated 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Adjusted (Loss)/Profit for the period (67,605) 136 (189,343) 56,231 (vi) Deferred tax assets (28,341) (19,186) (92,774) (99,518) Loss for the year (95,946) (19,050) (282,117) (43,287) Balance Sheet Bridge As of September 30, 2025, and December 31, 2024 In thousands of Brazilian Reais, unless otherwise stated 09/30/2025 12/31/2024 Total Equity Managerial 1,207,927 1,344,430 (vi) Deferred tax assets (1,203,317) (1,110,544) Total Equity 4,610 233,886 We are right at the beginning of an amazing journey, Creditas Team. 10 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Consolidated Statements of Profit (Loss) and other Comprehensive Income As of the period ended September 30, 2025, and 2024 In thousands of Brazilian Reais, unless otherwise stated Three months ending Year to date Notes 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Interest revenues 22 528,228 455,777 1,531,813 1,326,395 Fees and commission revenues 22 63,867 61,658 191,384 170,176 Total revenue 592,095 517,435 1,723,197 1,496,571 Interest expenses 15 (206,898) (152,904) (586,208) (452,323) Allowance for expected credit losses 8 (149,660) (125,274) (500,185) (398,551) Total costs of services provided (356,558) (278,178) (1,086,393) (850,874) Gross profit 235,537 239,257 636,804 645,697 General and administrative expenses 23 (222,278) (198,090) (607,511) (567,753) Marketing expenses 23 (53,440) (42,811) (154,928) (101,174) Other expenses 23 (13,990) (16,409) (43,119) (42,213) Total operating expenses (289,708) (257,310) (805,558) (711,140) Operating loss before financial and operating income/(expenses) (54,171) (18,053) (168,754) (65,443) Financial income 24 10,001 5,738 25,280 16,163 Financial expenses 24 (42,246) (28,548) (114,676) (95,734) Foreign exchange gains/(losses) (2,448) 4,734 (9,259) 8,295 Operating income - 22,952 - 92,585 Change credit provision model 24 - (11,864) - (11,864) Warrant income 25 - 34,816 - 104,449 Operating loss before taxes (88,864) (13,177) (267,409) (44,134) Current income taxes 26 (7,082) (5,873) (14,708) 847 Loss for the year (95,946) (19,050) (282,117) (43,287) Other comprehensive income / (loss) that are or may be reclassified subsequently to profit or loss: Foreign operations – Cumulative translation adjustments 13,100 352 28,954 (3,524) Total comprehensive loss for the year (82,846) (18,698) (253,163) (46,811) Loss per share (in Brazilian reais – BRL) 21 (0.0618) (0.0123) (0.1816) (0.0279) 11 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Consolidated Statements of Financial Position As of September 30, 2025, and December 31, 2024 In thousands of Brazilian Reais, unless otherwise stated Notes 09/30/2025 12/31/2024 ASSETS Cash and cash equivalents 5 507,652 582,728 Financial assets at fair value through profit and loss 34,076 105,860 Financial assets 6 28,152 96,410 Derivative financial instruments 7 5,924 9,450 Financial assets at amortized costs 5,881,302 5,299,376 Loan portfolio 8 5,728,025 5,123,524 Accounts receivables 22,531 25,694 Bond Instruments 9 130,746 150,158 Tax Credits 10 92,279 62,374 Other assets 82,267 77,671 Investments 11 14,576 16,171 Property and equipment 12 21,928 10,783 Intangible assets 13 385,219 389,743 TOTAL ASSETS 7,019,299 6,544,706 LIABILITIES Accounts payable 14 72,914 74,085 Tax obligations 42,157 39,949 Labor and social security liabilities 89,372 76,702 Financial liabilities at amortized cost 15 6,620,356 5,959,636 Leases Liabilities 16 16,264 - Convertible Notes 17 83,825 83,388 Other liabilities 89,801 77,060 TOTAL LIABILITIES 7,014,689 6,310,820 Share capital 19 3,026,138 3,023,446 Other Equity 19 1,306,789 1,306,789 Retained losses (4,367,333) (4,106,411) Other comprehensive income 19 39,016 10,062 TOTAL EQUITY 4,610 233,886 TOTAL LIABILITIES AND EQUITY 7,019,299 6,544,706 12 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Consolidated Statements of Changes in Equity As of and for the period ended September 30, 2025, and 2024 In thousands of Brazilian Reais, unless otherwise stated Notes Share capital Other Equity Other comprehensive Income Retained losses Total equity Balances at December 31, 2023 3,038,608 1,286,899 12,190 (3,990,895) 346,802 Stock options exercised 19 2,389 - - - 2,389 Issuance of convertibles notes 19 (18,284) 19,890 - - 1,606 Share based payments granted 20 - - - 26,532 26,532 Loss for the period - - - (43,287) (43,287) Foreign operations – Cumulative translation adjustments 19 - - (3,524) - (3,524) Balances at September 30, 2024 3,022,713 1,306,789 8,666 (4,007,650) 330,518 Balances at December 31, 2024 3,023,446 1,306,789 10,062 (4,106,411) 233,886 Stock options exercised 19 2,692 - - - 2,692 Share-based payments granted 20 - - - 21,195 21,195 Loss for the period - - - (282,117) (282,117) Foreign operations – Cumulative translation adjustments 19 - - 28,954 - 28,954 Balances at September 30, 2025 3,026,138 1,306,789 39,016 (4,367,333) 4,610 13 Consolidated Financial Statements 2025 The accompanying notes are an integral part of these consolidated financial statements Consolidated Statements of Cash Flows As of and for the period ended September 30, 2025, and 2024 In thousands of Brazilian Reais, unless otherwise stated 09/30/2025 09/30/2024 Reconciliation of loss to net cash flows from operating activities: Loss for the period (282,117) (43,287) Adjustments: Allowance for expected credit losses 500,185 398,551 Financial expenses 105,154 52,719 Share based payments granted 21,195 26,532 Current income taxes 10,480 (847) Depreciation and amortization 12,544 25,499 Interest on leases liabilities 1,777 1,533 Unrealized gain on other investments - (540) Adjustment Commercial Andbank (49,164) - Derivative financial instruments (9,376) (104,449) Interest income (16,550) - Other expenses 7,060 - Change credit provision - 11,864 Assets disposals 136 113 Adjusted profit / (loss) for the year 301,324 367,688 Changes in assets and liabilities Accounts receivable and loans to customers (2,228,461) (1,632,228) Tax credits (29,905) (8,842) Other assets (476) (6,032) Accounts payable (1,171) 12,960 Labor and social security liabilities 5,610 (1,328) Tax obligations (8,272) (4,269) Financial liabilities at amortized cost 1,369,623 1,027,148 Other liabilities 12,807 (32,679) Cash flow generated used in operating activities (578,921) (277,582) Interest received 1,093,286 989,588 Interest paid (682,083) (530,907) Net Cash (used in) / from operating activities (167,718) 181,099 Cash flows from investing activities Redemption of financial assets 87,010 15,511 Dividends received 287 315 Acquisition of property, equipment and intangible assets (2,235) (172) Net cash from investing activities 85,062 15,654 Cash flows from financing activities Payments of borrowings and financing (40,204) (213,026) Exercise of stock options 2,692 2,821 Proceeds from convertible notes - 1,606 Net cash used in financing activities (37,512) (208,599) Net decrease in cash and cash equivalents (120,168) (11,846) Cash and cash equivalents at the beginning of the period 582,728 510,752 Effects of foreign exchange rates on cash and cash equivalents 45,092 (3,524) Cash and cash equivalents at the end of the period 507,652 495,382 14 Consolidated Financial Statements 2025 Notes to the Consolidated Financial Statements In thousands of Brazilian Reais, unless otherwise stated 1. Operations Creditas Financial Solutions Ltd. (the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on April 8, 2015 and is headquartered at Campbells Corporate SVC Limited, Floor 4, Willow House, Cricket Square, Grand Cayman – Cayman Islands, operating jointly with its subsidiaries (the “Group”), as a business corporation domiciled in Brazil, Mexico and Spain, which provides intermediation of business and services in general, offering both financial and non-financial products. Currently, the Group offers two types of products: ● Asset-backed Loans aimed at reducing the borrowing cost for the Latin American population, including (i) Auto Equity Loans (consumer loan with a vehicle as a collateral); (ii) Home Equity Loans (first lien consumer loan with a real-estate property as a collateral); (iii) Private Payroll Loans (consumer loans with installments deducted directly from the private employees’ payroll); and (iv) Auto Financing (buy-now-pay-later loans used to finance vehicle acquisition with the vehicle as a collateral). ● Consumer solutions aim to increase customer engagement and protect the customer assets, including (i) insurance through our leading digital broker (Minuto Seguros) offering cars, health, life and real estate among other products, (ii) Benefits cards offered to employees in collaboration with payroll loan partner companies, and (iii) Home Solutions offering financial services for homeowners and real estate agencies. Creditas unique business model combines technology development and digital distribution channels to originate asset-backed loans through its fintech operating companies in Brazil and Mexico. These loans are recorded either within Creditas’ regulated financial institutions or through regulated partner institutions, and subsequently sold, on a true-sale basis, to securitization vehicles without recourse. Following the sale, Creditas retains access to the excess spread of these vehicles by receiving or acquiring an equity tranche in the securitization structures. Since its foundation, the Group Creditas has raised USD 828 million in 6 rounds of investment, with Series F, in January 2022, being the latest one. As of September 30, 2025, the Group operates with 9 investment funds, Fundos de Investimento em Direitos Creditórios (“FIDC”), structured financing vehicles authorized by the Brazilian Securities Commission (“CVM – Comissão de Valores Mobiliários”). a) Fundo de Investimento em Direitos Creditórios Empírica Creditas Auto IX, X, XI, XII and Auto Veículos to finance both auto finance and auto equity loans; b) Fundo de Investimento em Direitos Creditórios Empírica Home Equity, to finance its home equity loans; c) Fundo de Investimento Creditórios Não Padronizados Creditas Tempus II and III, the Group working capital vehicle; d) Fundo de investimento em Direitos Creditórios Creditas Consignado Privado, to finance its private payroll loans; In addition, the Group has issued 41 Mortgage-Backed Securities - Certificado de Recebíveis Imobiliários - (“CRI”). These target both retail and institutional investors. The Group works with the CRIs below: a) Issued on 2018 - Certificado de Recebíveis Imobiliários I and II b) Issued on 2020 - Certificado de Recebíveis Imobiliários III to VI c) Issued on 2021 - Certificado de Recebíveis Imobiliários VII to XI d) Issued on 2022 - Certificado de Recebíveis Imobiliários XII to XXIII e) Issued on 2023 - Certificado de Recebíveis Imobiliários XXIV to XXXI f) Issued on 2024 - Certificado de Recebíveis Imobiliários XXXII to XXXIX g) Issued on 2025 - Certificado de Recebíveis Imobiliários XL to XLI 15 Consolidated Financial Statements 2025 2. Presentation of the financial statements 2.1. Basis for preparation The consolidated financial statements present an overview of the Group's performance and results. Based on a thorough assessment, management has concluded that the Group has sufficient financial resources to maintain its operations in the foreseeable future. Moreover, no material uncertainties have been identified that could cast significant doubts on the Group's ability to continue as a going concern. Accordingly, the financial statements have been prepared on this basis. 2.2. Compliance statement These unaudited interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). However, selected condensed explanatory notes are included to explain events and transactions that are significant to understand the changes in the Group’s financial position and performance since the issuance of its last annual financial statements. 2.3. Accounting judgments, estimates and assumptions As part of the preparation of the Company's consolidated financial statements, management makes judgments and estimates that are continuously reviewed and rely on historical experience and other factors, including reasonable expectations of future events. The financial statements' accuracy could be impacted by the most critical issues, which are outlined in the following notes: ● Provision for expected credit losses is obtained by multiplying the components of probability of default, exposure at default, and loss given default, for each month of the contract's life, except for probability of default which is calculated annually. There are three different applications for loss calculation based on the stage of operation and default condition: expected credit loss 12 months, expected credit loss lifetime, and loss on impaired contracts. ● Fair value of financial instruments is calculated using valuation techniques based on assumptions, which consider information and market conditions. The main assumptions are historical data, information on similar transactions and pricing techniques. ● Deferred tax assets are recognized on tax losses to the extent that it is probable that future taxable income will be available against which the losses may be used. Judgment is required to determine the amount of future deferred tax assets to be recognized, based on the probable flow of future taxable income coupled with tax planning strategies. ● The Group calculates the fair value of financial instruments, including non-actively traded and convertible embedded derivatives, using valuation techniques based on market assumptions and conditions. Management judgment in fair value determination depends on the availability of active market prices or observable parameters. Where these are limited, management estimates fair value. Reduced market liquidity or changes in secondary market activities may diminish the reliability of quoted prices or observable data used for fair value assessment. 2.4. Consolidated financial statements These consolidated financial statements comprise the accounting balances of Creditas Holdings and its subsidiaries, over which the Company holds direct or indirect control. Control is achieved where the Company has (i) power over the investee; (ii) is exposed, or has rights, to variable returns from its involvement with the investee; and (iii) can use its power to affect its profits. The company conducts a periodic reassessment to determine whether it still maintains control over an investee, especially if there are changes in any of the three critical elements of control. The process of consolidating a subsidiary commences when 16 Consolidated Financial Statements 2025 the company gains control over it and concludes when the company no longer retains that control. Any assets, liabilities, income, and expenses associated with a subsidiary acquired or disposed of during a specific period are incorporated into the consolidated statements of profit or loss from the date when the company attains control until the date when control is relinquished. The financial statements of the subsidiary companies were carefully and consistently prepared during the same reporting period as the Company, following uniform accounting policies. Through full consolidation, these statements have been seamlessly incorporated into the comprehensive financial overview of the Company. Consequently, any balances, transactions, as well as unrealized income and expenses among the consolidated entities have been eliminated during the consolidation process. Both the profit or loss figures and each component of other comprehensive income or loss are appropriately attributed to the equity of the Company. The consolidated financial statements of the Group include the following subsidiaries: % of variable interest Entity name Country of incorporation Principal activities 09/30/2025 12/31/2024 Creditas Financial Solutions LLC USA Investment company 100.00% 100.00% LGF Occidente SA de C.V. SOFOM Mexico Intermediation of business and services 99.90% 99.90% Sorabil S. de R.L. de C.V. Mexico Intermediation of business and services 99.90% 99.90% Creditas S.L. Spain Intermediation of business and services 99.90% 99.90% Creditas Soluções Ltda. Brazil Intermediation of business and services 99.90% 99.90% Creditas Administração de Imóveis e Serviços de Reformas Ltda. Brazil Intermediation of business and services 100.00% 100.00% Creditas Sociedade de Crédito Direto S.A. - SCD Brazil Intermediation of business and services 100.00% 100.00% Dakot Participações S.A Brazil Investment company 0.0%(1) 100.00% Creditas Tecnologia Ltda Brazil Intermediation of business and services 0.0%(1) 100.00% Creditas Holding Financeira Ltda. Brazil Investment company 100.00% 100.00% Minuto Corretora de Seguros S.A. Brazil Intermediation of business and services 100.00% 100.00% Kzas Tecnologia e Investimento Ltda Brazil Intermediation of business and services 100.00% 100.00% Kzas Krédito Assessoria Financeira Ltda (2) Brazil Intermediation of business and services 0.0%(1) 100.00% Creditas Global Expansion, S.L. Spain Intermediation of business and services 100.00% 100.00% Creditas Crédito Holding Financeira Ltda. Brazil Intermediation of business and services 100.00% 0.00% (1) Companies merged into Creditas Soluções Ltda. in 2025. (2) In July 2025, the Company completed the merger of Creditas Soluções Ltda. Given the immateriality of this entity relative to the Group’s consolidated assets and liabilities, the transaction does not have a significant impact on the Group’s financial position, results of operations, or cash flows. In addition, the Group has consolidated the following structured entities and investment funds due to the Group owning a substantial interest and having variable returns based on the performance of these vehicles even though the risk retained by Creditas at the formation of the securitization vehicle is limited to the capital invested in the entity: % of variable interest Structured entities / Investment Funds Country of incorporation Principal activities 09/30/2025 12/31/2024 FIDC Empírica Home Equity Brazil Receivables investment fund 100.0%(1) 100.0%(1) FIDC Creditas Consignado Privado Brazil Receivables investment fund 100.0%(1) 100.0%(1) SPIRIT FIM CP IE Brazil Multimarket investment fund 100.0%(1) 100.0%(1) FIDC Creditas Auto I Brazil Receivables investment fund 0.0%(2) 100.0%(1) FIDC Creditas Auto IV Brazil Receivables investment fund 0.0%(2) 100.0%(1) FIDC Creditas Auto V Brazil Receivables investment fund 0.0%(2) 100.0%(1) FIDC Creditas Auto VI Brazil Receivables investment fund 0.0%(2) 100.0%(1) FIDC Creditas Auto VII Brazil Receivables investment fund 0.0%(2) 100.0%(1) FIDC Creditas Auto VIII Brazil Receivables investment fund 0.0%(2) 100.0%(1) FIDC Creditas Auto IX Brazil Receivables investment fund 100.0%(1) 100.0%(1) FIDC Creditas Auto X Brazil Receivables investment fund 100.0%(1) 100.0%(1) FIDC Creditas Auto XI Brazil Receivables investment fund 100.0%(1) 0.0% FIDC Creditas Auto XII Brazil Receivables investment fund 100.0%(1) 0.0% FIDC Creditas Auto Veículos Brazil Receivables investment fund 100.0%(1) 0.0% FIDC Creditas Tempus II Brazil Receivables investment fund 100.0%(1) 100.0%(1) FIDC Creditas Tempus III Brazil Receivables investment fund 100.0%(1) 100.0%(1) FIDC Chronos Brazil Multimarket investment fund 100.0%(1) 100.0%(1) FIC de FIDC Creditas SIG I Brazil Quota investment fund 100.0%(1) 100.0%(1) FIC de FIDC Creditas SIG II Brazil Quota investment fund 100.0%(1) 100.0%(1) FIC de FIDC Creditas SIG III Brazil Quota investment fund 100.0%(1) 100.0%(1) FIC de FIDC Creditas SIG IV Brazil Quota investment fund 100.0%(1) 100.0%(1) FIC de FIDC Creditas SIG V Brazil Quota investment fund 100.0%(1) 100.0%(1) FIC de FIDC Creditas SIG VI Brazil Quota investment fund 100.0%(1) 100.0%(1) FIC de FIDC Creditas SIG VII Brazil Quota investment fund 100.0%(1) 100.0%(1) (1) Variable interest refers to the 100% participation in the junior quotas. (2) Funds repaid and merged in 2025. 17 Consolidated Financial Statements 2025 The consolidated financial statements also include Mortgage-Backed Securities - Certificado de Recebíveis Imobiliários - (“CRI”): % of variable interest Structured entities Country of incorporation Principal activities 09/30/2025 12/31/2024 CRI I to CRI XXXIX Brazil Mortgage-Backed Securities 100.0%(1) 100.0%(1) CRI XL to CRI XLI Brazil Mortgage-Backed Securities 100.0%(1) 0.00% (1) Variable interest refers to the 100% participation in the junior quotas. A structured entity is one that has been designed so that voting or similar rights are not the primary factor in determining control. In such cases, voting rights generally relate only to administrative matters, while the entity’s relevant activities are directed through contractual arrangements. For these entities, control is typically established by the party that holds the majority of the economic rights (residual value) of the entity. In the Company, securitizations to these structured vehicles, such as Fundos de Investimento em Direitos Creditórios (“FIDCs”), are carried through a true sale, and no FIDC has any type of recourse to the Group. As majority holders of the junior quotas, the Group is entitled to the full residual value of the entities and thus the Group retains the variable returns of the securitization vehicles while limiting the risk to the book value that is held by the Group in these entities. The bylaws of the FIDCs grant the Group significant influence, such as the right to determine which assets will be sold to these FIDCs if they meet the eligibility criteria. Finally, senior and mezzanine quota holders receive a fixed remuneration every month and both quotas must be fully redeemed by the securitization vehicle at maturity if there are enough cash flows from the existing portfolio of credit receivables. The Group consolidates all controlled structured entities in the Group’s financial statements. The senior and mezzanine quotas are recognized as a financial liability under “Financial Liabilities at amortized cost” and the remuneration paid to senior and mezzanine quota holders are recognized as a cost of funding under “Interest expenses”. The group has non-controlling interests in three companies that are therefore incorporated in the balance sheet as Investments: Participation in uncontrolled Country of participation Principal activities 09/30/2025 12/31/2024 Clikalia S.A (1) Mexico Intermediation of business and services 44.50% 44.50% OXY Companhia Hipotecária S.A. (note 11) Brazil Intermediation of business and services 12.51% 12.51% Lara Finance Group AB (note 11) Sweden Intermediation of business and services 4.78% 4.78% (1) Clikalia SA is a joint venture between Creditas Financial Solutions LLC. and Clikalia Holdco S.A. 2.5. Functional currency The Group companies adopted the Brazilian Real (BRL) as the functional currency, since most of the Company’s business transactions occur in Brazil. The consolidated financial statements are also presented in Reais. Assets and liabilities denominated in currencies other than the Brazilian Real are translated at rates of exchange prevailing on the date of the consolidated statements, while revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gain or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of non-BRL operations, when the functional currency is other than the BRL, are included, net of hedges and taxes, in the consolidated statements of other comprehensive income. The Group's foreign entities and their respective functional currencies are described below: Entity name Country Functional Currency Creditas Financial Solutions LTD Cayman USD Creditas Financial Solutions LLC USA USD LGF Occidente SA de C.V. SOFOM Mexico MXN Sorabil S. de R.L. de C.V. Mexico MXN Creditas SL Spain EUR Creditas Global Expansion, S.L. Spain EUR Monetary items denominated in foreign currency are translated at the closing exchange rate as of the reporting date. 18 Consolidated Financial Statements 2025 Non-monetary items measured at historical cost denominated in a foreign currency are translated at the exchange rate on the date of initial recognition; non-monetary items in a foreign currency that are measured at fair value are translated using the exchange rates on the date when the fair value was determined. 3. Material accounting policies The Group has adopted significant accounting policies in the preparation of these interim condensed consolidated financial statements, which are consistent with those disclosed in the financial statements and corresponding notes for the period ended December 31, 2024. Therefore, it is recommended that these statements be read in conjunction with the financial statements and corresponding notes. 3.1. New or Revised Accounting Pronouncements Adopted in 2025 There are no accounting pronouncements which have become effective from 1 January 2025 that have a significant impact on the Group’s interim condensed consolidated financial statements. 3.2. Other Standards and Interpretations Not Yet Effective These changes will be effective from future periods with optional use for 2025. Analyses regarding potential disclosure changes will be completed by the effective date of the standard. ● Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments - Effective from January 1, 2026. ● IFRS 18 - Presentation of Financial Statements replaces IAS 1 - Effective from January 1, 2027 4. Operating segments Management considers the entire Group as a single reportable operating segment, monitoring operations, making resources allocation decisions, and evaluating performance. Management analyzes relevant financial data on a Consolidated basis for all subsidiaries. The Group's income, results and assets for this single reportable segment can be determined by reference to the consolidated statements of profit or loss and other comprehensive income or loss, as well as the Consolidated statements of financial position and other explanatory information. 5. Cash and cash equivalents The short-term investments correspond to bank Certificates of Deposit (CDBs) and fixed income securities, with an average yield of the Interbank Deposit Certificate (DI) and daily liquidity. 09/30/2025 12/31/2024 Cash and bank deposits 156,622 100,262 Short term investments 351,030 482,466 Total 507,652 582,728 The balances are distributed among the following functional currencies: 09/30/2025 12/31/2024 BRL 408,719 443,373 USD 84,995 109,179 MXN 13,720 27,049 EUR 218 3,127 Total 507,652 582,728 19 Consolidated Financial Statements 2025 6. Financial assets The amount of financial instruments at fair value through profit and loss are presented below: 09/30/2025 12/31/2024 Federal government bonds (1) 6,713 49,622 Securities 19,570 44,678 Money market accounts 1,869 2,110 Total 28,152 96,410 (1) These are highly liquid investments. The financial assets have maturity up to May 2055. For the period ended September 30, 2025, and December 31, 2024, there were no transfers between levels. 7. Derivative financial instruments In December 2024, Creditas Soluções Ltda. formalized a “Foreign Exchange Option”, designed to mitigate the cash flow exposure of its Holding company, Creditas Financial Solutions Ltd., to foreign exchange fluctuations concerning USD 60,000 in debt instruments (Bonds). The aggregate premium disbursed for the dollar call option amounted to BRL 15,300, with settlement occurring in two tranches: in December 2024 and in January 2025. This Agreement was settled with Andbank (Brasil) S.A. and duly registered with B3 S.A. The table below presents the position in derivative financial instruments as of September 30, 2025, and December 31, 2024: Fair value Notional USD Notional BRL Transaction date Due date 09/30/2025 12/31/2024 35,000 200,977 26/12/2024 15/12/2027 3,456 9,450 25,000 145,753 07/01/2025 15/12/2027 2,468 - Total 5,924 9,450 8. Loan portfolio The following tables summarize outstanding loans to customers. The loans are in its majorities to Brazilian customers and are denominated in BRL and accrue fixed or floating interest rates. I) Loan portfolio 09/30/2025 12/31/2024 Loans to customers 6,460,868 5,690,686 Loans to related parties (a) 7,323 52,659 (-) Allowance for expected credit losses (740,166) (619,821) Total loan portfolio net 5,728,025 5,123,524 II) Loans by stage net of expected credit loss Stage 1 5,137,627 4,522,703 Stage 2 490,899 440,595 Stage 3 99,499 160,226 Total loan portfolio net 5,728,025 5,123,524 III) Net changes in expected credit loss Balances at December 31 (619,821) (698,351) Provisions (585,100) (586,676) Write-off net recovery 379,840 639,568 Reversals 84,915 25,638 Final Balance (740,166) (619,821) The loan portfolio's maturity extends to 2045 for Home Equity, 2032 for Auto, Payroll Employee Benefits and for other segments. A maturity breakdown is provided below: 20 Consolidated Financial Statements 2025 IV) Breakdown by maturity 09/30/2025 12/31/2024 in up to a year 338,184 431,056 one to two years 827,451 1,063,959 two to three years 756,037 1,077,132 three to four years 984,435 728,328 four to five years 947,700 608,223 Over 5 years 2,614,384 1,834,647 Total 6,468,191 5,743,345 V) Reconciliation of the gross portfolio segregated by stages: 09/30/2025 Stage 1 Stage 2 Stage 3 Total Balances at December 31, 2024 4,705,632 522,329 515,384 5,743,345 Transfer to Stage 1 - (97,946) (2,895) (100,841) Transfer to Stage 2 (393,369) - (4,508) (397,877) Transfer to Stage 3 (367,394) (143,850) - (511,244) Transfer from Stage 1 - 393,369 367,394 760,763 Transfer from Stage 2 97,946 - 143,850 241,796 Transfer from Stage 3 2,895 4,508 - 7,403 Write-off net recovery - - (498,090) (498,090) Acquisitions/ (Settlements) 1,303,444 (103,627) 23,119 1,222,936 Balances at September 30, 2025 5,349,154 574,783 544,254 6,468,191 09/30/2024 Stage 1 Stage 2 Stage 3 Total Balances at December 31, 2023 4,139,934 589,815 643,136 5,372,885 Transfer to Stage 1 - (134,366) (11,037) (145,403) Transfer to Stage 2 (291,785) - (7,367) (299,152) Transfer to Stage 3 (266,076) (148,926) - (415,003) Transfer from Stage 1 - 291,785 266,076 557,862 Transfer from Stage 2 134,366 - 148,926 283,292 Transfer from Stage 3 11,037 7,367 - 18,404 Write-off net recovery - - (596,506) (596,506) Acquisitions/ (Settlements) 759,768 (128,650) 100,279 731,397 Balances at September 30, 2024 4,487,243 477,025 543,508 5,507,776 VI) Reconciliation of expected credit loss segregated by stages: 09/30/2025 Stage 1 Stage 2 Stage 3 Total Balances at December 31, 2024 (182,929) (81,734) (355,158) (619,821) Transfer to Stage 1 - 7,478 430 7,908 Transfer to Stage 2 74,846 - 441 75,287 Transfer to Stage 3 309,323 122,814 - 432,137 Transfer from Stage 1 - (74,846) (309,323) (384,169) Transfer from Stage 2 (7,478) - (122,814) (130,292) Transfer from Stage 3 (430) (441) - (871) Write-off net recovery - - 379,840 379,840 Acquisitions/ (Settlements) (404,859) (57,155) (38,171) (500,185) Balances at September 30, 2025 (211,527) (83,884) (444,755) (740,166) 09/30/2024 Stage 1 Stage 2 Stage 3 Total Balances at December 31, 2023 (174,390) (52,776) (471,185) (698,351) Transfer to Stage 1 - 5,693 1,700 7,393 Transfer to Stage 2 53,772 - 1,218 54,989 Transfer to Stage 3 206,447 121,349 - 327,797 Transfer from Stage 1 - (53,772) (206,447) (260,219) Transfer from Stage 2 (5,693) - (121,349) (127,042) Transfer from Stage 3 (1,700) (1,218) - (2,918) Write-off net recovery - - 498,165 498,165 Acquisitions/ (Settlements) (256,470) (87,581) (54,500) (398,551) Balances at September 30, 2024 (178,034) (68,304) (352,399) (598,737) 21 Consolidated Financial Statements 2025 a) Loans to related parties As of September 30, 2025, the Group has a BRL 7,323 loan to Clikalia SA, (BRL 52,659 as of December 31, 2024). The decrease in the loan balance between the periods is primarily attributable to: (i) a BRL 21,317 write-off of interest receivable; (ii) payments received in August and September totaling BRL 16,820; and (iii) a negative foreign exchange variation of BRL 7,199. Clikalia SA is a joint venture between Creditas Financial Solutions LLC. and Clikalia Holdco S.A. The conditions are TIIE+ 7% annual rate. 9. Bond instruments On December 20, 2024, Creditas repurchased a portion of its outstanding bonds originally issued in 2023 (note 15c - Financial liabilities at amortized cost), in the amount of USD 22,500 (BRL 126,021), bearing an annual interest rate of 13%. In accordance with IFRS 9, bond issuance costs of BRL 4,725 were recognized as prepayment expenses. As a result, the carrying amount of the Group's related assets was BRL 130,746 as of September 30, 2025 (BRL 150,158 as of December 31, 2024). 10. Tax credits The balance of recoverable taxes refers to the withholding taxes charged on the services invoices and on the redemptions from financial investments. As of September 30, 2025, the Group has tax credits of BRL 92,279 (BRL 62,374 as of December 31, 2024). 11. Investments Company Participation 09/30/2025 12/31/2024 Lara Finance Group AB 4.78% 9,710 11,305 OXY Companhia Hipotecária S.A. 12.51% 4,866 4,866 Total 14,576 16,171 On July 18, 2023, the Central Bank of Brazil (BACEN) approved the acquisition of a 12.51% equity interest in Oxy Companhia Hipotecária. In April 2025, the Company received BRL 287 in dividends from this investment. On December 27, 2024, the Company invested SEK 20,063 in Lara Finance Group AB, equivalent to USD 1,825, based on the December 31, 2024, exchange rate. For disclosure purposes, the table above presents the investment in Brazilian reais. As of September 30, 2025, when translated at the respective exchange rate, the updated carrying amount of this investment reflected a negative foreign exchange variation of BRL 1,595. 12. Property and equipment Changes in property and equipment for the period ended as of September 30, 2025, and December 31, 2024, are as follows: Furniture Leasehold improvements Rights of use (Note 16) Communication Equipment Computers Equipment Total Balances at December 31, 2024 607 1,144 - 235 8,797 10,783 Additions 132 - 17,066 20 1,823 19,041 Disposals - - - (28) (108) (136) Depreciation (2) (906) (2,863) (20) (3,969) (7,760) Balances at September 30, 2025 737 238 14,203 207 6,543 21,928 Balances at December 31, 2023 586 1,322 22,813 122 22,669 47,512 Additions - - - - 172 172 Disposals - - (887) - - (887) Depreciation (96) (133) (11,299) (43) (8,264) (19,835) Balances at September 30, 2024 490 1,189 10,627 79 14,577 26,962 22 Consolidated Financial Statements 2025 13. Intangible assets and Goodwill Changes in intangible assets for the period ended as of September 30, 2025, and December 31, 2024, are as follows: Goodwill Customer relations Software Brand Total Balances at December 31, 2024 349,886 19,913 15,119 4,825 389,743 Additions - - 260 - 260 Amortization - (1,758) (2,223) (803) (4,784) Balances at September 30, 2025 349,886 18,155 13,156 4,022 385,219 Balances at December 31, 2023 349,886 23,065 19,946 4,952 397,849 Amortization - (1,805) (3,602) (257) (5,664) Balances at September 30, 2024 349,886 21,260 16,344 4,695 392,185 14. Accounts payable The table below presents the payment amounts due to suppliers located in Brazil (Domestic), the United States, Spain, and Mexico (Foreign). 09/30/2025 12/31/2024 Domestic trade accounts payables 70,477 70,616 Foreign suppliers 2,437 3,469 Total 72,914 74,085 15. Financial liabilities at amortized cost Below is the opening balance of financial liabilities, measured at amortized cost, as of September 30, 2025, and December 31, 2024. The interest recognized in these liabilities amounted to BRL 586,208 as of September 30, 2025 (BRL 452,323 as of September 30, 2024). In addition, the expenses incurred in the quarter ended September 30, 2025, totaled BRL 206,898 (BRL 152,954 in the same period of 2024). 09/30/2025 12/31/2024 Financial obligation to FIDC quota-holders (a) 3,824,261 3,338,958 Commercial Andbank Agreement (b) 1,802,345 1,609,613 Borrowings and financing (c) 857,568 901,401 Commercial OXY Agreement 136,182 109,664 Total 6,620,356 5,959,636 a) Financial obligation to FIDC quota-holders The maturity of these financial obligations extends up to 2032 for Auto and Payroll operations, and up to 2045 for Home Securitizations. Index Rate 09/30/2025 12/31/2024 Senior IPCA (1) 5.23% to 10.80% 1,863,512 1,644,111 Senior CDI (2) 2.00% to 5.50% 1,305,786 1,085,677 Mezzanine CDI (2) 3.75% to 9.00% 332,146 305,170 Mezzanine IPCA (1) 7.27% to 14.80% 356,952 304,485 Total 3,858,396 3,339,443 Expected credit loss attributable to senior and mezzanine (3) (34,135) (485) Total 3,824,261 3,338,958 (1) IPCA is the Brazilian Broad Consumer Price Index, which is measured by IBGE in each calendar month. (2) CDI Rate is the Brazilian interbank deposit rate, which is an average of interbank overnight rates in Brazil. (3) Due to the structural characteristics of the FIDCs, the junior quotas held by the Group are only exposed to credit losses up to the amount of the excess spread to which they are entitled. Accordingly, the excess credit risk features in these investments amounted to BRL 34,135 as of September 30, 2025 (BRL 485 as of December 31, 2024). 23 Consolidated Financial Statements 2025 Schedule of movements in financial obligations to FIDC quota-holders, detailing issuances, interest accruals, and settlements of principal and interest for the periods ended September 30, 2025, and December 31, 2024: Description 09/30/2025 12/31/2024 Opening balance 3,339,443 3,081,589 Issuance 1,525,292 1,371,883 Interest 437,669 447,197 Settlement (761,925) (853,525) Interest payments (682,083) (707,701) Closing balance 3,858,396 3,339,443 b) Commercial Andbank Agreement On July 6, 2022, Creditas Soluções Financeiras LTDA. and Banco Andbank Brasil S.A. entered into a commercial partnership agreement, which establishes the terms and conditions of the rights and responsibilities of the parties involved. The agreement comprises three key areas: (i) the retention of the risks and benefits of the Creditas operation assigned to Andbank, (ii) payment of an “incentive fee” by Creditas to Andbank for the partnership’s results, and (iii) reimbursement of Andbank’s costs and expenses to implement or adapt its structure to perform the activities defined in the agreement. As part of this agreement, Creditas committed to repurchase the credit rights in the event of contract termination or default, and to provide continuous collection services, thereby retaining most of the risks and benefits associated with the operation. In accordance with IFRS 9 (Financial Instruments), the Group is required to recognize the financial assets and liabilities of this operation, as well as the associated revenues, expenses, and expected losses, in its financial statements. Additionally, under the terms of the agreement, Creditas must provide support and reimburse Andbank for costs, expenses, and expenditures incurred in connection with the implementation or adaptation of the Credit Portfolio at Andbank. During the second quarter of 2025, a favorable adjustment of BRL 49,164 was recognized in connection with the Commercial Andbank agreement, reflecting the accumulated result of the agreement. As of September 30, 2025, Creditas recognized in its loan portfolio a balance of BRL 1,948,427 (BRL 1,565,104 on December 31, 2024), related to the contracts allocated to Andbank under the terms of the agreement, Creditas retains all associated rights and obligations. Accordingly, total consolidated liabilities amounted to BRL 1,802,345 as September 30, 2025 (BRL 1,609,613 as of December 31, 2024). c) Borrowings and financing As of September 30, 2025, and December 31, 2024, loans and borrowings are comprised of: Carrying Amount (BRL) Original Currency Nominal Interest Rate Year of Maturity Face Value at Original Currency 09/30/2025 12/31/2024 Senior Unsecured Bonds USD 10.50% 2028 60,000 328,424 372,622 Transaction costs (1) USD - 2028 (1,175) (6,702) (7,103) Corporate Debt BRL CDI + 10% 2027 300,005 296,635 259,260 Senior Unsecured Bonds (2) USD 13.00% 2026 40,000 224,037 252,790 Transaction costs (1) USD - 2026 (1,322) (2,484) (4,203) Warehousing Facility MX (3) MXN 17.50% 2027 128,333 17,658 28,035 Total 857,568 901,401 (1) In accordance with IFRS 9, bond issuance costs were recognized as a reduction of the bond liability. (2) In November 2023, the Company issued a USD 40 million bond. Simultaneously, USD 22.5 million was repurchased, resulting in an accounting treatment whereby this amount remains recognized both as a financial asset (note 9) and a financial liability. As this structure was arranged with the issuer, the analysis should be conducted on a consolidated basis, since the interest income on the asset offsets the corresponding interest expense on the liability. Therefore, the net debt exposure is USD 17.5 million, bearing interest at an annual rate of 13%, which reflects the Company’s actual financial obligation. This accounting treatment ensures greater transparency and consistency in the presentation of the Company’s indebtedness. (3) In 2024, the Company renegotiated its loans with BBVA Bank, resulting in an increase of the original balance of MXN 97,222. The renegotiations included two additional disbursements of MXN 19,444 and MXN 11,666. In addition to the increase in the outstanding balance, the loans maturities were extended. For the purposes of clarity and transparency, these renegotiated amounts are presented as 'issuances' in the subsequent financial tables. 24 Consolidated Financial Statements 2025 Summary of the periods’ transactions: Corporate Debt Senior Unsecured Bonds Warehousing Facility MX Total Balances at December 31, 2024 259,260 614,106 28,035 901,401 Interests 37,502 48,760 3,042 89,304 Exchange rate variation (1) - (80,935) (5,396) (86,331) Amortization (2) - (6,748) - (6,748) Payments (127) (31,908) (8,023) (40,058) Balances at September 30, 2025 296,635 543,275 17,658 857,568 Corporate Debt Senior Unsecured Bonds Warehousing Facility MX Total Balances at December 31, 2023 349,228 173,277 28,191 550,696 Issuance - 364,262 9,290 373,552 Interests 67,328 28,317 4,604 100,249 Exchange rate variation (1) - 79,675 (3,499) 76,176 Amortization - (2,956) - (2,956) Payments (157,296) (28,469) (10,551) (196,316) Balances at December 31, 2024 259,260 614,106 28,035 901,401 (1) The amount reflects the variation in the USD or MXN/BRL exchange rate. This variation is recognized exclusively in the equity, specifically under the Cumulative Translation Adjustment (CTA), and does not impact the Profit (Loss) Statement. (2) This amount refers to the amortization of prepaid expenses related to the bond issuance, recognized as a reduction of liabilities, as previously disclosed under "Transaction costs". 16. Leases The Company recognized right-of-use assets and leased liabilities on the commencement date of the contract. Additionally, as detailed in Note 12 – Property and Equipment, lease liabilities also reflect write-offs associated with store handovers. In December 2024, the lease agreement with WeWork was terminated, resulting in the full derecognition of the related lease liability. In January 2025, a new lease agreement was initiated at the WT Morumbi condominium, with an average term of five years. a) Right-of-use Balances at December 31, 2024 - Additions 17,066 Depreciation (2,863) Balances at September 30, 2025 14,203 Balances at December 31, 2023 22,813 Disposals (887) Depreciation (11,299) Balances at September 30, 2024 10,627 b) Liabilities Balances at December 31, 2024 - Addition 17,132 Interests 1,777 Principal payments (2,645) Balances at September 30, 2025 16,264 Balances at December 31, 2023 28,194 Addition 2,555 Disposals (1,438) Interests 1,533 Principal payments (19,364) Balances at September 30, 2024 11,480 25 Consolidated Financial Statements 2025 17. Convertible Notes The outstanding balance of the Company’s convertible notes was composed of the following issuances: Carrying Amount (BRL) Original Currency Nominal Interest Rate Year of Maturity Face Value at Original Currency 09/30/2025 12/31/2024 USD 15.00% 2027 8,000 56,228 58,967 BRL CDI + 4.80% 2025 20,436 27,597 24,421 Total 83,825 83,388 18. Contingencies As part of its ordinary course of business, Creditas may be involved in labor, civil, and tax legal proceedings. Provisions are recognized for contingencies assessed as probable, in accordance with applicable accounting standards, and are recorded under “Other Liabilities” in the Balance Sheet. As of September 30, 2025, the total amount of recognized contingencies was BRL 16,943 (BRL 11,888 as of December 31, 2024), as detailed below: 09/30/2025 09/30/2024 Civil Labor Civil Labor Balances at December 31 2,189 4,985 975 2,368 Additions 1,989 4,113 965 1,969 Monetary update 191 834 23 389 (Reversals) (1,716) (2,034) (846) (857) Balance as at end of period 2,653 7,898 1,117 3,869 Tax provisions correspond to the principal amount of taxes under dispute in administrative or judicial proceedings, recognized as Legal Obligations in accordance with IAS 37: 09/30/2025 09/30/2024 Tax Balances at December 31 4,714 2,779 Additions 1,210 1,158 Monetary update 468 235 Balance as at end of period 6,392 4,172 Contingencies not recognized in the balance sheet Amounts related to administrative or judicial proceedings assessed as having a possible risk of loss are not recognized as provisions. These mainly comprise: 09/30/2025 09/30/2024 Civil Labor Civil Labor Balances at December 31 1,252 27,123 2,230 20,848 Additions 715 10,200 889 17,509 Monetary update 45 2,438 8 1,649 (Reversals) (824) (15,612) (2,159) (7,419) Balance as at end of period 1,188 24,149 968 32,587 The Company is party to a tax proceeding related to the municipal Service Tax (ISS) in São Paulo – SP, covering the period from 2017 to 2020. The risk of loss in this proceeding has been assessed as possible, as described below: 09/30/2025 09/30/2024 Tax Balances at December 31 15,627 14,100 Monetary update 1,387 1,527 Balance as at end of period 17,014 15,627 26 Consolidated Financial Statements 2025 19. Equity a) Issued Capital Classes of shares (i) Ordinary shares Ordinary shares are non-redeemable and carry voting rights, the right to receive dividends, and the right to participate in the Company’s liquidation. In accordance with legal requirements, each ordinary share entitles its holder to one vote in general meeting resolutions and to participate, together with preferred shares, in the distribution of profits. Ordinary shares are not redeemable at the option of either the shareholder or the Company. (ii) Preferred shares Preferred shares were issued in several classes, all of which have priority in receiving dividends and in the distribution of assets in the event of liquidation, in accordance with the order of preference set forth in the Company's Article of Association. In addition, preferred shares carry the following rights: ● Voting rights on specific matters; ● The right to appoint members of the Board of Directors; ● Protective provisions, including anti-dilution rights, drag along rights, and rights of first refusal and co-sale; ● The right to receive non-cumulative dividends, when declared by the Company, equal to 8% of the applicable issue prices. Holders of the preferred are entitled to convert their shares into ordinary shares at a rate calculated by dividing the original issue price for each series by its applicable conversion price (the “Conversion Rate”). Any downward adjustment to the conversion price of a particular series may be waived with the consent or affirmative vote of the holders of at least a majority of the outstanding preferred shares of that series. Preferred shares are not redeemable at the option of either the shareholder or the Company and are automatically converted into ordinary shares at the applicable Conversion Rate upon the occurrence of a qualifying event, such as an initial public offering (IPO) or liquidation event for a specified number of ordinary shares. b) Equity As of September 30, 2025, the Company's share capital was BRL 3,026,138 (BRL 3,023,446 as of December 31, 2024). 09/30/2025 12/31/2024 Share Capital 3,026,138 3,023,446 Other Equity 1,306,789 1,306,789 Capital Stock – Number of Shares Ordinary Shares Preferred Shares Total At December 31, 2023 3,534,380 10,014,548 13,548,928 Preferred Shares - (2,026) (2,026) At December 31, 2024 3,534,380 10,012,522 13,546,902 Preferred Shares - - - At September 30, 2025 3,534,380 10,012,522 13,546,902 27 Consolidated Financial Statements 2025 c) Other comprehensive income Other comprehensive income is related to the “Currency translation adjustment - CTA”. Assets and liabilities denominated in non-BRL, currencies are translated at rates of exchange prevailing on the date of consolidated statements, while revenues and expenses are translated at average rates of exchange for the year. The currency translations adjustments are as below: 09/30/2025 12/31/2024 Other comprehensive Income 39,016 10,062 Rates of Exchange USD 09/30/2025 12/31/2024 Closing rate of 5.3186 6.1923 Average rate 5.6495 5.3920 Rates of Exchange EUR 09/30/2025 12/31/2024 Closing rate of 6.2414 6.4363 Average rate 6.3187 5.8296 Rates of Exchange MXN 09/30/2025 12/31/2024 Closing rate of 0.2900 0.2986 Average rate 0.2902 0.2943 d) Other Equity The Company issued convertible notes as part of its fundraising strategy to finance its operational and expansion activities. These notes were issued in three tranches: Date of issuance Amount in USD Amount in BRL November 2022 77,600 375,685 July 2023 188,216 911,214 Balances at December 31, 2023 265,816 1,286,899 April 2024 3,958 19,890 Balances at December 31, 2024 269,774 1,306,789 These notes are recognized in the Company's equity, in accordance with International Accounting Standards (IAS 32 - Financial Instruments: Presentation). The notes are mandatorily convertible into Preferred Shares upon the occurrence of the final maturity date event. e) Stock options exercised The total amount of exercised Stock Options (SOP) was BRL 2,692 for the period ended on September 30, 2025 (BRL 2,389 for the period ended on September 30, 2024). 20. Share-based payment arrangement As of September 30, 2025, and December 31, 2024, the Group had the following share-based payment arrangements. (a) Equity-settled share-based payment arrangements The Group recognized an amount of BRL 11,165 in the statements of changes in equity as of September 30, 2025 (BRL 8,048 as of September 30, 2024). 28 Consolidated Financial Statements 2025 (b) Reconciliation of outstanding share options 09/30/2025 Share option programs Number of options Average exercise price BRL USD Outstanding at January 1, 2025 379,674 951 179 Forfeited during the year (47,136) 816.56 153.53 Granted during the year 344 585.05 110.00 Exercised during the year (8,933) 359.70 67.63 Outstanding at September 30, 2025 323,949 554.62 104.28 09/30/2024 Share option programs Number of options Average exercise price BRL USD Outstanding at January 1, 2024 406,918 952.96 196.84 Forfeited during the year (87,114) 1,092.62 200.55 Granted during the year 83,975 772.65 141.82 Exercised during the year (29,153) 332.99 61.12 Outstanding at September 30, 2024 374,626 1,002.72 184.05 (c) Restricted share units granted for deals (RSU) The Group recognized an amount of BRL 10,030 related to Restricted Share in the statements of changes in equity as of September 30, 2025 (BRL 18,484 as of September 30, 2024). 21. Loss per share Basic loss per share is calculated by dividing the net loss attributable to the Company’s shareholders by the weighted average number of ordinary shares outstanding, excluding treasury shares, if any. Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to reflect the potential dilution from stock option plans (SOPs) and restricted share units (RSU’s) that may be converted into share capital. The net loss and share data used in the calculation of basic and diluted loss per share are as follows: Three months ending Nine months ending 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Attributable to shareholders of the Company (95,946) (19,050) (282,117) (43,287) Total weighted average of ordinary outstanding shares 1,553,769 1,549,521 1,553,769 1,549,521 Loss per share - basic and diluted (BRL) (0.0618) (0.0123) (0.1816) (0.0279) The Company has stock option plans (SOPs) and restricted share units (RSUs) that may convert into ordinary shares upon exercise, acquisition or conversion. For the periods presented, the weighted average of ordinary shares used to calculate both basic and diluted loss per share was the same, as the SOP and RSU instruments were considered anti-dilutive — meaning their inclusion would reduce the loss per share. Therefore, these instruments were excluded from the diluted loss per share calculation. 22. Revenues The Group disaggregates its revenue in two primary categories: interest and fees. Three months ending Nine months ending 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Interest revenue (1) 528,228 455,777 1,531,813 1,326,395 Fees and Commission revenue (2) 63,867 61,658 191,384 170,176 Total 592,095 517,435 1,723,197 1,496,571 (1) Mainly comprises the interest accrual of loans to customers. (2) Consists mostly of the total revenues from servicing, origination, broker insurance and fees related to other products. 29 Consolidated Financial Statements 2025 The Group's operations are predominantly concentrated in Brazil, which accounts for over 99% of its revenue, derived from a diversified customer base with no significant concentration. 23. Expenses Three months ending Nine months ending 09/30/2025 09/30/2024 09/30/2025 09/30/2024 General and Administrative expenses (222,278) (198,090) (607,511) (567,753) Salaries, charges, and benefits (106,886) (90,994) (324,723) (268,371) Loans structuring costs (42,428) (34,931) (111,471) (91,115) Software and Telecommunication Expenses (23,823) (26,282) (77,404) (68,673) Servicing and FIDC Expenses (1) (34,638) (22,581) (87,037) (65,498) Share based payments (5,340) (10,190) (21,195) (26,532) Third party services (2) (3,588) (5,265) (16,513) (19,830) Amortization and Depreciation (4,377) (8,931) (12,544) (26,386) Facilities (1,198) 1,085 (5,788) (1,347) Reversal Commercial Andbank Agreement (Note 15b) - - 49,164 - Marketing expenses (53,440) (42,811) (154,928) (101,174) Marketing expenses (53,440) (42,811) (154,928) (101,174) Other Expenses (13,990) (16,409) (43,119) (42,213) Others (13,990) (16,409) (43,119) (42,213) Total (289,708) (257,310) (805,558) (711,140) (1) Consists of expenses related to funds operating fees. (2) Third party services are related to accounting, legal and technology advisors. 24. Financial Result Three months ending Nine months ending Financial income 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Income from Financial assets (1) 3,983 - 12,430 - Interest from short-term investments 2,590 5,461 8,730 12,941 Others 3,428 277 4,120 3,222 Total 10,001 5,738 25,280 16,163 Financial expenses 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Borrowings interest expenses (35,157) (21,870) (93,011) (80,781) Derivative financial instruments (2) (2,657) - (9,376) - Convertible notes (3,172) (2,569) (9,101) (7,165) Financial transaction tax (860) (3,613) (1,629) (4,926) Bank fee expense (140) (468) (753) (2,071) Change credit provision model (3) - (11,864) - (11,864) Others (260) (27) (806) (790) Total (42,246) (40,411) (114,676) (107,597) (1) The amount refers to the interest accrued on the repurchased bond described in note 9 - Bond instruments. (2) The amount refers to the mark-to-market value of the Foreign Exchange Option (note 7 - Derivative financial instruments). (3) Amount refers to the change in the credit provision model of Auto Equity. 25. Warrant Income In September 2021, Creditas entered into an agreement with Nu Holdings Ltd. (“Nu”) through which Nu would distribute certain financial products offered by Creditas to its customers. The agreement also provides that Nu would invest up to USD 200,000 (BRL 1,111,780) in Creditas’ securitization vehicles, becoming the holder of the senior quotas of the FIDCs. Nu was granted warrants that provide the right to acquire an equity interest, on a fully diluted basis, under a pre-agreed valuation, proportional to 50% of the amount invested in the securitization vehicles and products distributed. As of December 31, 2024 the notional value was USD 100,000 (BRL 555,890) and the fair value amounted to USD 0 a (BRL 0). The amount recognized in the result related to this operation in 2024 was BRL 104,449. 30 Consolidated Financial Statements 2025 26. Income Taxes a) Reconciliation of income tax expense and social contribution The reconciliation of income tax and social contribution as follows: Three months ending Nine months ending 09/30/2025 09/30/2024 09/30/2025 09/30/2024 Loss before income taxes (88,864) (13,177) (267,409) (44,134) Statutory rate (1) 34% 34% 34% 34% Tax using the Company’s domestic tax rate 30,214 4,481 90,919 15,006 Temporary differences related to allowances for expected credit losses (42,428) (58,327) (129,998) (109,661) Taxes credits recognized / (not recognized) (28,341) (19,186) (92,774) (99,518) Other group companies result with tax implications 30,414 71,940 101,643 117,328 Different tax rates for companies abroad 14,325 (52,293) 60,998 26,504 Others (11,266) 47,513 (45,496) 51,188 Income tax for the year Effective tax rate (7,082) (5,873) (14,708) 847 (1) Statutory tax rates in Brazil: (i) 25% for corporate income tax (IRPJ); and (ii) 9% for social contribution on net income (CSLL) b) Unrecognized deferred taxes assets The Group has accumulated tax losses that resulted in an unrecognized deferred tax asset of BRL 1,203,317 as of September 30, 2025 (BRL 1,110,543 as of December 31, 2024). Although these losses can be carried forward indefinitely to offset future taxable profits of the respective legal entities, the Group has not recognized any deferred tax assets in respect of these losses. This is because such losses cannot be offset across different subsidiaries, and at this time, there is no concrete evidence of their recoverability in the short term. The Group is not subject to a statutory time limit for utilizing deferred tax assets. However, under Brazilian tax legislation, the use of deferred tax assets arising from tax loss and negative social contribution bases is limited to 30% of taxable income per year. Notwithstanding these limitations, the Group consistently monitors the recoverability of deferred tax assets and will recognize them when it becomes more likely than not that sufficient taxable profits will be available to utilize them. 27. Related parties Transactions with related parties are entered into in the normal course of business at prices and terms approved by the Group’s management. As of September 30, 2025, September 30, 2024, and December 31, 2024, the Group had the following transactions with related parties: a) Transactions with related parties Financial Position Loans to customers (1) 09/30/2025 12/31/2024 Clikalia S.A. 7,323 52,659 Other Equity 09/30/2025 12/31/2024 Convertible Notes - Shareholders 1,306,789 1,306,789 Convertible Notes 09/30/2025 12/31/2024 Shareholders (note 17) 56,228 58,967 Profit (Loss) Interest income (2) 09/30/2025 12/31/2024 Clikalia S.A. - 1,190 Allowance for expected credit losses (1) 09/30/2025 09/30/2024 Clikalia S.A. (21,317) - Financial Expenses 09/30/2025 09/30/2024 Convertibles - Shareholders (9,101) (4,804) (1) Loans to customers related to the parent company Clikalia are disclosed in Note 8(a). The applicable interest rate is TIIE + 7% per annum, the contract commenced in September 2021. (2) Interest income arising from banking costs incurred in the origination of contracts. 31 Consolidated Financial Statements 2025 In 2025 and 2024, foreign exchange differences arising from intercompany loans between Group entities with different functional currencies are recognized as 'financial income/(expenses)' in the statement of profit or loss. b) Key management compensation Management comprises the Company’s statutory officers and the Group’s key executives. Compensation includes fixed remuneration, long-term incentives, and benefits as well as the corresponding social security or labor-related charges. Provisions related to these charges are presented below: 09/30/2025 09/30/2024 Salaries, benefits, and charges (8,747) (6,843) Share based payments (3,940) (11,391) Total (12,687) (18,234) 28. Subsequent events On October 28th, 2025, Creditas Ltd issued a USD 44,490 bond subscribed by third-party investors. The bond has a three and half year bullet maturity with semiannual interest payments: Carrying Amount (BRL) Original Currency Nominal Interest Rate Year of Maturity Face Value at Original Currency 11/24/2025 Senior Unsecured Bonds USD 10.50% 2029 44,490 240,015 Transaction costs (1) USD - 2029 (1,052) (5,530) Total 234,485 (1) In accordance with IFRS 9, bond issuance costs were recognized as a reduction of the bond liability. In the same date, Creditas also repurchased, at pair value, two portions of its outstanding bonds (note 15c - Financial liabilities at amortized cost), originally issued as follows: ● In 2023, USD 2,890 (BRL 15,562) bearing an annual interest rate of 13%; and ● In 2024, USD 12,640 (BRL 68,056) bearing an annual interest rate of 10.5%. On November 28th, 2025, Creditas concluded the initial closing of its Series G financing round, raising USD 108,000 at a post- money valuation of USD 3.3 billion, resulting in an increase of the company’s total equity by approximately BRL 580,000. The round was led by the Andbank holding company, a European institution managing over USD 30 billion in assets. As a result, Andbank becomes a new shareholder of Creditas, significantly strengthening the strategic partnership between the two entities. On the same date (November 28, 2025), the Central Bank of Brazil (BACEN) published in the Brazilian Federal Official Gazette (Diário Oficial da União – DOU) the approval of the corporate restructuring of Banco Andbank (Brasil) S.A. (“Andbank Brasil”) and its securities distributor (“Andbank DTVM”), pursuant to which Andbank Brazil effected a partial spin-off to segregate the DTVM from its balance sheet. Taken together with BACEN’s regulatory approval issued on July 23, 2025, authorizing the transfer of control of Andbank Brasil to Creditas, this publication satisfies the remaining conditions required to execute the transaction’s closing documents. The acquisition is scheduled to become effective on November 30, 2025, marking the successful completion of a critical step in Creditas’s strategic expansion. The final BACEN’s approval on the change of control of Andbank Brazil is still subject to the publication in the DOU. Management concluded that these events do not reflect conditions existing at the reporting date and are therefore classified as non-adjusting subsequent events, in accordance with IAS 10 – Events after the Reporting Period. However, due to their significance, they are disclosed in the accompanying notes.