A. History and Development of the Company Inter’s story – From Intermedium Financeira to Inter&Co We were founded in September 1994 under the name of Intermedium Crédito, Financiamento e Investimento S.A. (“Intermedium Financeira”), and initiated operations in 1995, providing personal loans to individuals and working capital loans to small and medium-sized businesses (“SMBs”). From 1995 to 2007, we operated mainly in the State of Minas Gerais and increased the breadth of products by adding mortgage and home equity loans. In 2008, we were granted by the Central Bank of Brazil a full Commercial Banking license, which enabled us to perform all banking related activities in Brazil. Thus, we began to operate as a full service bank, by offering financing, investments, and real estate credit, under the name Banco Intermedium S.A. (“Banco Intermedium”). In 2012, we launched our insurance brokerage activities, offering a broad suite of insurance products to our clients. In 2013, Inter DTVM was also created, our investment broker regulated by the CVM. From 1994 to 2014, we evolved from a financing company to a licensed-bank, from regional to a national footprint, and from pure credit to credit & services. In 2015 we launched our 100% Digital Checking Account, the most important milestone of our history, changing our mission to become a full service digital bank. We enhanced our Digital Checking Account in 2016 by offering Mastercard’s credit and debit cards and foreign exchange products. In 2017, we changed our brand to “Banco Inter” to reflect the evolution of our business, with a simpler, shorter, and modern name, indicating the path that we wanted to follow in the coming years. In 2018, another important milestone was accomplished: we were the first digital bank to carry out an initial public offering of shares (IPO) in Brazil, on B3 – Bolsa, Brasil, Balcão. Banco Inter was a public company until 2022, when, in June of that year, we completed our corporate reorganization and Banco Inter became an indirect wholly owned subsidiary of our Class A common shares and Inter&Co BDRs are currently listed on Nasdaq and B3, respectively, and Banco Inter shares were delisted from B3. We have implemented another major evolution of our strategy in 2019 when we started to offer a marketplace of non-financial products, going beyond banking services with our new Inter Shop business vertical. For more information on the Inter Shop, see “Item 4. Information on the Company ― B. Business Overview ― Inter Shop.” Between 2019 and 2024, we experienced high growth in number of clients (from 4 million in 2019 to approximately 36.1 million in 2024), and a continuous increase in the range of products offered. Thus, we believe that Inter is much more than just a bank; we are a financial SuperApp, that empowers people to manage their finances and daily activities, through a simple and seamlessly integrated digital experience. For more information or strategy, see “Item 4. Information on the Company ― B. Business Overview ― Overview.” In June 2022, we concluded our corporate reorganization, which consisted in the migration of Banco Inter’s shareholding base on B3 in Brazil, to Inter&Co on Nasdaq in the U.S. Since then, the public held company is Inter&Co, Inc., negotiated under the ticker INTR, and with Level II Brazilian Depositary Receipts (BDR) traded on the B3, under the ticker INBR32. We believe we were the first Brazilian company to complete this redomiciliation, demonstrating our pursuit of innovation. The conclusion of this important step in our journey is part of an expansion plan to access the world’s largest and more mature investors in the world, to keep leveraging our growth and path to profitability. Form 20F 2026 FY2025 49 Table of Contents In January 2022, we concluded the acquisition of Inter&Co Payments (formerly USEND), a U.S.-based financial technology company with operations in the U.S and Brazil. Inter&Co Payments provides foreign exchange and payment services, for both international and domestic use. On January 24, 2023, we acquired YellowFi Mortgage LLC and YellowFi Management LLC, each a Florida limited liability company, for a combination of cash and Class A common shares. YellowFi Mortgage LLC and YellowFi Management LLC changed their names to Inter US Finance LLC (“Inter US Finance”) and Inter US Management LLC (“Inter US Management”) respectively. Antonio Cassio Segura, former CEO of BB Americas, manager and founder of both companies, continued to manage the businesses. Inter US Finance owns, manages and operates a mortgage lending and origination business in the state of Florida, Colorado, and Georgia, and Inter US Management manages and operates the Inter Mortgage Opportunity Fund, a residential mortgage investment fund that holds mortgage promissory notes throughout the United States. We aim to extend the capabilities we have developed in Brazil into new markets, including in the U.S., offering solutions for Brazilians who travel abroad and to US Residents. For more information on the Global business vertical, see “Item 4. Information on the Company― B. Business Overview― Our Verticals.” In May 2023, we launched our seventh vertical, Loyalty. Through the product we called “Inter Loop”, we are using our the banking structure as the backbone to structure a rewards program within the financial SuperApp. For more information on the Global business vertical, see “Item 4. Information on the Company― B. Business Overview― Our Verticals.” In 2024, we sold 36.8 million of our Class A common shares through a follow-on offering, raising approximately US$162 million in gross proceeds. The offering initially closed in January 2024 and the exercise of the over-allotment option closed in February 2024. One of the main objectives of the follow-on offering was to enhance liquidity for our Class A Shares traded on Nasdaq. In July 2024, we acquired the remaining 50% equity interest in Granito Instituição de Pagamento S.A. (now Inter Pag Instituição de Pagamento S.A. or “Inter Pag”), which became our wholly owned subsidiary. The acquisition of Inter Pag, a payment processing technology company, expanded our capabilities by enabling us to offer acquiring services to our existing business clients, as well as working capital financing through the anticipation of credit card receivables. During 2025, we continued our commitment to innovation by introducing several new products and features to our Financial SuperApp. These included "My Piggy Bank by Savings Goals," designed to help clients achieve their financial objectives, and "My Credit Journey," a financial education tool aimed at guiding clients toward improved credit scores and limits. Through these innovations, we remain focused on enhancing the user experience and reinforcing our brand. Notably, we were recognized as the seventh most powerful brand in Brazil in the 2025 Brand Finance ranking, and as the leading banking brand among Generation Z, according to a survey conducted by Forma Turismo in 2025. On January 26, 2026, our Board of Directors approved the initiation of the process to discontinue our Level II Sponsored BDR program and to implement an Unsponsored Level I BDR program. The proposed change is intended to enhance efficiency by reducing redundancies associated with maintaining issuer registration and regulatory obligations in more than one jurisdiction. As of the date of this annual report, the discontinuation process remains under review by CVM. Corporate Information Inter&Co was incorporated on January 26, 2021, as an exempted company with limited liability in the Cayman Islands. Inter&Co’s principal executive office is located at Avenida Barbacena, No. 1,219, 22nd floor, Belo Horizonte, Brazil 30190-131. The email for our Investor Relations Department is <[email protected]>. Inter&Co indirectly owns, through Inter Holding Financeira S.A., respectively, all shares of Banco Inter. Form 20F 2026 FY2025 50 Table of Contents Investors should contact our Investor Relations Department for any inquiries through the address and email indicated above. Our primary website is <https://inter.co/> and our Investor Relations Department’s website is <https://investors.inter.co/>. The information contained in, or accessible through, our website is not incorporated into this annual report. In addition, the SEC maintains a website at http://www.sec.gov, from which you can electronically access this annual report, and other information regarding issuers that file electronically with the SEC. B. Business Overview Overview Our purpose is to create a world where interactions between people generate more value, through a simple and seamlessly integrated financial digital experience. We aim to bring the breadth of possibilities of the offline world to the palm of our client’s hands, with the convenience and scalability of our digital native financial SuperApp. As we began our journey as a digital bank, we were attracted to a market that we believed was ripe for disruption given the lack of focus on what truly mattered: the client. Therefore, we positioned Inter at the intersection of technology and banking, leveraging what we believe is the best of both worlds: the agility and innovation of a fintech with the credibility, funding potential and expertise of a traditional bank. Banking disruptors globally have begun their journeys starting from different edges of the addressable market, with convergence taking place subsequently. We believe this is the case in Latin America, where different players emerged to challenge incumbent financial institutions in a wide range of core competencies, including payments, secured loans, unsecured consumer credit and investments. In the case of Inter, our initial value proposition was our free digital bank account, seeking to democratize access to financial services. Inter has evolved to become a relevant player within the Brazilian banking system, reaching over 43 million total clients as of December 31, 2025, which represents around 29% of the adult population in Brazil. As of December 31, 2025, we had a total of R$54,883.1 million in liabilities with customers, mostly comprised by time and demand deposits, and R$72,919.6 million in Funding from what we believe is a highly diversified portfolio from approximately 25.0 million active clients. During 2025, the average accumulated Interbank deposit rate (the CDI) in Brazil was 14.3%. In comparison, our Cost of Funding in 2025, a Non-GAAP financial measure, was 9.3%, or 65.3% of the average CDI during the same period. We believe this cost advantage is due to our high concentration of deposits as a percentage of our Funding, a Non-GAAP financial measure. As of December 31, 2025, liabilities with customers and interbank deposits represented 75.3% of our Funding, a Non-GAAP financial measure. Form 20F 2026 FY2025 51 Table of Contents We believe that consumers seek a unique and digital experience to manage complex activities in their daily lives, from paying bills in a fully digital format to buying daily essentials through an integrated e-commerce solution. To meet the need of these clients, we built our financial SuperApp, which we believe is one of the most globally comprehensive mobile applications in terms of breadth of services. We allow clients to capitalize on the full extent of our technology to solve many of their daily financial and non-financial needs across one single financial SuperApp, which include the following business verticals: 1.Banking & Spending – a fully digital account that allows clients to pay bills, spend online and offline, and transfer funds, among many other features. 2.Credit – lending solutions that enable clients to fund their life ambitions. 3.Inter Shop – our marketplace solutions for clients to efficiently purchase goods and an ever-growing set of on-demand services to address our clients’ daily activities. 4.Investments – an open marketplace for investment products that empower clients to invest for their future. 5.Insurance Brokerage – insurance brokerage services that enable our clients to protect all the important assets and aspects of their lives. 6.Global – solution for Brazilian clients who are traveling abroad and for Brazilian residing in the US. This category of products brings many of our core financial and commerce ecosystems to a global experience. 7.Loyalty – our reward program, which drives retention and activation in all verticals listed above, offering multiple opportunities for clients to earn and use points inside our SuperApp. Form 20F 2026 FY2025 52 Table of Contents We strive to deliver this ever-growing immersive digital experience to our clients through a winning formula that is based on four key “pillars”: a.Full Bank Depository Capabilities – We have a fully licensed bank in Brazil inside of Inter&Co (Banco Inter S.A.), which enables us to take free demand deposits and operate more efficiently. b.Consistent Culture of Innovation – Across our organization, we have cultivated an “Orange Blood” culture that sparks creativity among all of our employees. c.Technology Platform – We have developed a technology platform that enables us to combine banking and commerce ecosystems in a single financial SuperApp, launch new products faster, constantly enhance existing capabilities, operate more efficiently, and reduce operating costs. d.Proprietary Data & Analytics – We have data capabilities that enable us to learn more about our clients and offer tailored solutions, personalized client service and underwrite more efficiently. Inter’s business and growth are driven by our self-reinforcing flywheel: We believe that our brand drives strong organic client acquisition. In 2025, we continued to attract new clients at an average of 1.1 million new active clients per quarter. These results were driven by marketing efforts focused on attracting clients more likely to become primary users of our platform and activating them immediately after onboarding. We finished 2025 with over 43 million clients, with a 58% activation rate. Form 20F 2026 FY2025 53 Table of Contents With each new client, we collect behavioral and transaction data, which we utilize to enhance activation, up-sell, and cross-sell efforts while informing clients about the breadth of our product offerings, ultimately driving greater engagement. As engagement grows, we generate additional data that allows us to further refine and personalize the client experience, including through the usage of Artificial Intelligence (AI) tools. This enhanced client experience fosters word-of-mouth referrals, increasing product awareness and reinforcing our brand. Our robust technological infrastructure seamlessly powers these millions of transactions, driving deeper engagement across our platform. In 4Q25, we achieved an average of 21.5 million daily logins in our app, an impressive rise from 17.4 million in 4Q24, further demonstrating the growing connection between Inter and our clients. Our Products and Solutions We believe that we offer one of the most complete sets of products and solutions in Brazil. We have developed what we believe to be a complete banking ecosystem, and, when considering to launch a new product, we conduct a thorough analysis to estimate our marginal expected return in relation to our expected research and development investment. We have designed our product strategy with the purpose to deepen client relationships, improve unit economics, and strengthen our market position by creating: •High Value Products – to generate more revenue per active client, •High Volume Products – to generate more engagement per active client, and •High Variety of Products – to capture more wallet share per active client Our platform has already consolidated more than ten products with more than one million active customers such as PIX, Piggy Bank (investments), debit cards, cards insurance, and others. Besides demonstrating our range of revenue diversification, we believe this also demonstrates our capabilities to provide diversified product lines and engage clients effectively across them. We have increasingly evolved in our ability to accelerate the adoption of our products by our clients, as shown in the chart below, we were able to reach 1 million active clients in six quarters for some of our newest products launches: PIX and Inter Loop. We expect that faster and consistent client engagement as well as organic cross-selling will continue to boost our client lifetime value and our results. Form 20F 2026 FY2025 54 Table of Contents Note 1: Products launched before the first quarter of 2019, first quarter included in the chart was the first quarter of 2019 to fit the chart. Note 2: Scale reduced to fit graph, PIX had 18.6 million active clients on December 31, 2025, Inter Loop had 16.4 million active clients on December 31, 2025, Debit Card had 8.9 million active clients on December 31, 2025, Bill Payment (Boleto) had 7.2 million active clients on December 31, 2025, and Deposits had 21.5 million active clients on December 31, 2025 We believe our focus on client engagement has shown some promising results. We have observed that our average revenue per active client, or ARPAC, tends to steadily increase among our client cohorts as the cohorts age. As our clients become more engaged with the financial SuperApp and start engaging with products with higher profit margins such as loans, investments and cards, the value they generate for us increases. We believe that our focus on client engagement and offering innovative products and services contributes to this trend. Complete Banking Banking serves as the foundation for attracting and activating our clients, enabling us to generate attractive, low-cost funding. We support our clients in managing their financial lives by offering a comprehensive digital checking account. Through our Financial SuperApp, clients can access a broad range of financial solutions, from credit and debit cards, to specific products like mortgages, payroll loans and more. Integrated Commerce Through the financial SuperApp, our clients can shop online in a high variety of stores, that are integrated to our app though partnerships with bigger merchants in Brazil. By integrating banking and financial services with our commercial offerings into a single app, we believe we can deliver greater value to our clients while creating a data availability advantage for our platform. This synergy enables us to enhance client engagement and strengthen our capacity to monetize the relationships we build on the banking side of the business. Global Capabilities We are expanding our financial SuperApp into the United States and began to offer a global account to our Brazilian clients traveling to or living in the US. With that, we are extending the value we have created in banking and commerce across borders. According to the US International Trade Administration, almost 1.4 million Brazilian tourists traveled to the US in 2025, and according to the Brazilian Foreign Ministry, in 2024 there were nearly 2 million Brazilians living in the US. We believe these potential clients know us and are a clear fit for the products in our global vertical. Form 20F 2026 FY2025 55 Table of Contents Our Business Verticals This strategy results in seven business verticals, offered in one single financial SuperApp: (i) Banking & Spending; (ii) Credit; (iii) Inter Shop; (iv) Investments; (v) Insurance Brokerage; (vi) Global; and (vii) Loyalty. Below we describe each of them in more detail: Banking & Spending With our banking platform, we can deliver financial solutions through our digital checking account, where we provide access to a wide range of products, including bill payments, transfers, withdrawals, debit cards, instant payments (PIX), among others, for individuals and small businesses. Additionally, with all the transactional data from increased client engagement, we learn more about their financial lives and leverage these insights to improve our products, our underwriting and our cross-selling of other business verticals such as Inter Shop, Investments and Insurance Brokerage. According to data from the Central Bank, there were over 20 billion individual PIX transactions with a total volume of R$8.5 trillion in the fourth quarter of 2025. During this same period, we were involved in nearly 1.7 billion PIX transactions, nearly 8% of market share, with a total volume of R$429.8 billion. In 2025, our Card+PIX TPV was R$1.6 trillion, a 29% increase when compared to 2024. The graph below outlines the evolution of the monthly Card+PIX TPV per active client of each of our client cohorts. Note: Graph considers PIX, credit card and debit card transacted volume per client cohort Form 20F 2026 FY2025 56 Table of Contents Credit We believe the strength of our primary digital banking client relationship generates a strong competitive advantage. It enables us to grow our Gross Loan Portfolio efficiently and optimize our underwriting through the wealth of data that our platform provides coupled with machine learning and AI. Our product lines within this business vertical include real estate, SMB, payroll and personal loans, and credit cards. Loans and advances to customers, net of provisions for expected loss was R$45.3 billion as of December 31, 2025, representing an increase of 35.8% compared to December 31, 2024. Loans to financial institutions was R$4.3 billion as of December 31, 2025, representing a decrease of 22.8% compared to December 31, 2024. Gross Loan Portfolio, a non-GAAP measure calculated as the sum of loans and advances to customers and loans to financial institutions, was R$52.6 billion as of December 31, 2025, representing a 27.6% increase compared to December 31, 2024. We distribute our products digitally, in our financial SuperApp. We aim to help clients to borrow more efficiently and at a lower cost by leveraging their most valuable assets, including their salary, real estate, and retirement funds. Some of our product highlights of 2025 were: (i) Private payroll, a new product in which we currently estimate to have approximately a 2.5% market share of the Brazilian portfolio, based on market data from Banco Central do Brasil, and is a product which we believe has a great capability of cross-selling, high margins and opportunities to expansion; (ii)Home-equity loans for individuals, in which we currently estimate to have approximately a 8.7% market share of the Brazilian portfolio, based on data from the Brazilian Association of Real Estate Loans and Savings Companies (Associação Brasileira das Entidades de Crédito Imobiliário e Poupança - ABECIP) and is a product which we believe has a high profit margin. However, despite our robust growth over the past few years and gain in market share across our products, we believe we have other opportunities for further growth such as payroll, credit card and others. According to Central Bank, the total market in Brazil for loan portfolios is R$7.1 trillion. As of December 31, 2025, we have a market share of 19.5% of individual and bank accounts based on data from the Central Bank. However, we believe that we can still grow our market share in credit products as it is currently below our market share for number of accounts. We believe we manage credit risk prudently, which results in positive trends in asset quality. During 2025, we improved delinquency rates, especially for credit cards, by further enhancing our collection processes and underwriting models. Our NPL > 90 days as percentage total Gross Loan Portfolio was at 4.7% as of December 31, 2025, compared to 4.9% as of December 31, 2024. On non-performing loans from 15 to 90 days (NPL 15 to 90 days) our NPL 15 to 90 days as percentage total Gross Loan Portfolio was 4.0% as of December 31, 2025 and 4.0% as of December 31, 2024. We also believe we kept an adequate amount of provisions to cover our NPL>90 days. As of December 31, 2025, our provisions for expected credit loss represented 141% of our NPL>90 days, what we call coverage ratio. Form 20F 2026 FY2025 57 Table of Contents Our Loans and Advances to Customers divided by our number of active clients as of December 31, 2025 was R$1,119.6. We believe these figures indicate that we still have significant potential to expand our credit portfolio through our existing clients, as they indicate that our clients do not have a substantial amount of debt in comparison with their financial condition. Inter Shop In November 2019, we launched our e-commerce platform, Inter Shop. Our initial vision for the e-commerce offering stemmed from our desire to continue increasing our ability to leverage our primary banking relationship to improve our capacity to garner client attention, frequency, recurrence and bundling. Inter Shop delivered R$5.4 billion in GMV in 2025, compared to R$5.0 billion in 2024. The integrated experience of the Inter Shop in the financial SuperApp allows us to maximize the array of potential offerings to our clients. For example, we can offer our clients a differentiated Buy Now Pay Later payment option in a closed-loop channel, which we believe improves our margins and returns. We can also use the Inter Shop platform to provide clients with incentives to save and help fund our balance sheet via deposits. We generate significant revenue by connecting clients and sellers, providing sellers with the distribution capabilities of our platform. For clients, we offer payment solutions, credit options such as Buy Now, Pay Later, and convenience. We deliver five core value propositions to our Inter Shop clients that underpin our differentiation. Those are: a.A Broad Product Suite: approaching 4.4 million Stock Keeping Unit (SKUs); b.Superior Personalization: As a result of our ability to capture client behavioral data across Inter’s platforms, we provide highly customized special offers and promotions to our clients; c.Safety and Reliability: Our clients feel safe purchasing through the financial SuperApp knowing that we will keep their personal and financial information secure; Form 20F 2026 FY2025 58 Table of Contents d.Attractive Incentives: offering cashback or Loop Points (into our reward vertical “Loyalty”) to clients and attractive product exposition to retailers; e.Payment capabilities: which include credit cards, Buy Now Pay Later, debit cards, PIX or Loop Points, all integrated seamlessly within our financial SuperApp, eliminating the need to switch to other apps. Investments Our investments vertical, is an all-in-one platform which offers a complete range of solutions and products to our clients, inside the financial SuperApp. We offer clients the opportunity to invest in fixed-income products, a stock exchange platform to invest in Brazil and in the U.S., investment funds, cryptocurrencies, savings account, and Tesouro Direto (a Brazilian government program that allows individual investors to purchase Brazilian treasury bonds). We also have an asset management platform, called Inter Asset, which provides mutual funds developed in-house and customized solutions, a capital markets platform for corporate clients, providing debt securities, trading, and custody services. Our digital brokerage offering is democratized: we provide the same trading capabilities and products to everyone. We believe in the importance of empowering our clients with the resources to make the most informed investment decisions. That is why education in the form of research and community engagement content is a core part of our experience, as many of our clients are first-time investors and require additional information and/or suggestions on optimal investment portfolio allocation. For beginners, we provide educational content along with an advisory-robot tool where a virtual investment assistant will ask a few questions, analyze the client’s profile and goals, and propose tailored-made investment options. For more experienced investors, we offer sell-side research reports produced by Inter’s macro, fixed income and equities research teams, and advanced trading tools. As of December 31, 2025, we had 8.8 million active clients on investments, a 25.7% growth since December 31, 2024. Our penetration, defined as active investment clients divided by total clients, is 20.4% - which we believe highlights the growth potential of the segment even within our own current client base. In terms of Assets Under Custody (AUC), as of December 31, 2025, we have reached approximately R$180 billion, corresponding to a 27.2% growth compared to December 31, 2024, with R$20.4 thousand in average AuC per active client as of December 31, 2025. In addition to offering clients a wide range of investment alternatives, in a transparent and low-cost format, this business vertical stimulates cross-selling and helps us to achieve the position of primary bank of choice for our clients, which we believe leads to higher retention and lower churn over time. We believe we have a self-reinforcing ecosystem that provides us with two important competitive advantages: a.We have a distribution channel for corporate issuers from our large investor base; and b.We have the ability to distribute the securities of our corporate issuer clients, which attracts more investors who are looking for diverse investment opportunities. We intend to continue to develop new solutions to support our clients in their investments needs, aiming to continuously increase client wallet share over time. Insurance Brokerage We provide insurance brokerage services that enable our clients to protect important assets and aspects of their lives. We sell 26 different types of insurance solutions via a simple and integrated experience, and as we collect more data from our clients, we are able to learn more about their protection needs and add new products to service them. Form 20F 2026 FY2025 59 Table of Contents We continue enhancing our insurance brokerage platform and transforming the way our clients engage with financial services by removing transaction costs at each transaction journey that our clients take with us, such as embedding the option of adding a gadget insurance in an Inter Shop purchase, or embedding the option of adding a travel insurance in a Travel sale. In 2025, the revenue of this vertical grew 24.6% when compared to 2024. We were also able to increase the number of active clients to approximately 10.1 million on December 31, 2025 from 5.3 million on December 31, 2024. We have important partnerships with Yelum Seguros (former Liberty Seguros) and HDI Seguros (former Sompo Seguros) to distribute their insurance products, some of them with exclusivity agreements for 15 years. We also have a partnership with Wiz – which has a 40% of equity interest in Inter Seguros, to boost our insurance distribution platform. Global The first step of our international expansion process was the acquisition of Inter&Co Payments, Inc., in January 2022. Inter&Co Payments is a licensed Money Service Business offering foreign exchange and international remittance services, as well as other financial products through an e-wallet solution we have named “Global Account”. In 2022, we also incorporated Inter Securities LLC, a fully licensed Broker Dealer, handling brokerage services for Inter customers wishing to invest in the American stock exchanges. Our investment platform is powered by partnerships with clearings that enable investors to access the NYSE and NASDAQ and trade from within our financial SuperApp, and provide our Wealth Management Clients a full array of investment options. In January 2023, we acquired YellowFi Mortgage LLC, now Inter US Finance, a company that owns, manages and operates a mortgage lending and origination business in the states of Colorado, Florida and Georgia, and YellowFi Management LLC, now Inter US Management, a company that manages and operates the Inter Mortgage Opportunity Fund, a residential mortgage notes investment fund that holds residential mortgage loans throughout the United States. In January 2024, we announced our sponsorship of the Orlando City and Orlando Pride soccer teams, through a deal in which we rebranded their stadium Inter&Co Stadium and became the first Latin-America-based brand to own the naming rights to a U.S. sports stadium. This is part of our efforts to create an American identity and connect with the Florida community, where we have based our U.S. operations. In April 2024, we became licensed to operate a Cayman Branch. The Banco Inter Cayman Branch is a strategic project that will allow us to amplify our capability of offering products and solutions in different currencies (other than Brazilian reais) and access new sources of funding. Through our Cayman Branch, we have already started offering time deposits, which are fixed-interest investment products. We have recently initiated the process of structuring our global expansion into the Latin American region. This project began with the establishment of a partnership with a local financial institution and an investment advisor in Argentina. The goal is to provide Argentinian clients with access to international investments through the Inter Securities platform. In January 2026, the Florida Office of Financial Regulation and the Federal Reserve Board, announced their approval of the application by Banco Inter to establish a state licensed branch in Miami, Florida. The authorization will allow Banco Inter to expand its financial services in the US for both individual and business clients, strengthening its global presence. While we remain at the beginning of our journey of expanding across borders, we are excited about the progress we have made so far. We have grown the number of Global Accounts to approximately 5.4 million accounts as of December 31, 2025, an increase of 37.6% compared to the same date of 2024. Form 20F 2026 FY2025 60 Table of Contents Our Global products are structured into two categories: (i) Brazilians; and (ii) US Residents. With product offerings that goes from: Digital USD account, remittances, gift cards of U.S. stores, USD credit cards, investments and mortgages. Other markets are under analysis and we expect to continue our international expansion. See “Item 3. Key Information ―D. Risk Factors—Risks Relating to our Business—We may be unable to identify, complete, integrate or obtain the benefits of past and future acquisitions.” and “Our international expansion efforts may not be successful or may subject us to increased risks” Loyalty Our seventh vertical, Loyalty, launched in 2023, enables clients earn and redeem Loop Points. We use our banking structure as the backbone of the rewards program and connect all verticals to offer multiple options for our clients to earn and use points inside the financial SuperApp. We believe this vertical shows a strong opportunities for cross-selling, increasing engagement and monetization. With Inter Loop, instead of being limited to cashback, our clients earn points and have freedom to choose how to redeem these points. Options to redeem points include, in addition to other options we may launch in the future: 1.Cashback 2.Discounts in Inter shop; 3.Airline miles; 4.Dollars in Global Account; 5.Investments; and 6.Insurance products Form 20F 2026 FY2025 61 Table of Contents As of December 31, 2025, Inter Loop had reached nearly 16.4 million active clients, which on average, spend more than non-Inter-Loop clients. We believe this reinforces the value of our rewards program in generating increased customer loyalty and engagement. Our Main Subsidiaries and Key Investees Banco Inter Banco Inter. is the main subsidiary of Inter&Co, Inc. It is a fully licensed bank in Brazil, which offers a fully digital account that allow clients to pay bills, transfer cash, amongst other financial features. Banco Inter also operates through a branch located in the Cayman Islands. In January 2026, the Florida Office of Financial Regulation, and the Federal Reserve Board, announced their approval of the application by Banco Inter to establish a state‑licensed branch in Miami, Florida. For information about Banco Inter S.A., see “Item 4. Information on the Company - A.History and Development of the Company”. Inter Seguros Inter Seguros brokers various types of insurance through a specialized and structured team , including, but not limited to corporate insurance, digital insurance and bank insurance. We currently hold approximately 60% of the equity interest in Inter Seguros, while the remaining 40% is held by Wiz. Inter Seguros’ main focus is acting as an insurance broker through our digital platform, offering the sale of a full range of products, such as Life insurance, , Credit Card insurance, Travel insurance, PIX insurance, among others. Additionally, Inter Seguros also intermediates the commercialization of services such as Pet Plans, Telemedicine, and Consortium. The products distributed by Inter Seguros are underwritten by our partners: Yelum Seguros, HDI Seguros Bamaq, among others. Inter DTVM Inter DTVM is a securities distributor and funds administrator, licensed by the CVM, which allow us to operate a digital platform in the investment market. Inter DTVM is also authorized by the Central Bank to operate as distributor of securities. The main activities are fiduciary management, asset management, distribution of investment products, controlling, custody, bookkeeping, and public offerings. Inter Asset Inter Asset is an asset management company that operates in investment funds, private wealth management, managing investment funds and private pension plans. Inter Asset’s purpose consists of: (i) the development of activities related to the administration of securities and investment portfolios and the management of third-party resources; and (ii) the management or administration of investment funds in general in the financial and securities markets, in accordance with the applicable regulations. As of December 31, 2025, we held approximately 70% of Inter Asset through Banco Inter (with the remaining 30% held by Inter Asset’s shareholders, including the founders). In January 2026, Banco Inter S.A. acquired an additional stake equivalent to 29% of the total share capital of Inter Asset, for approximately R$ 35.2 million, as previously approved by Brazilian Central Bank. As a result of the acquisition, Banco Inter S.A. came to hold 99.9% of Inter Asset. Form 20F 2026 FY2025 62 Table of Contents Inter Shop Inter Marketplace Intermediação de Negócios e Serviços Ltda or Inter Shop, engages in, conducts various activities, including sales promotion, as an intermediary, of non-financial products and services through partnerships available in our app. The sales experience and connection with our commercial partners occurs through two distinct ways: (i) affiliates and (ii) end-to-end. In the first partnership model, Inter clients use our financial SuperApp to locate the e-commerce page of their desired store and then redirected to the store’s external website (hosted outside our SuperApp). In the second model, the entire client purchase experience is built directly within the SuperApp, ensuring seamless and integrated user experience. Through its subsidiary Inter Conectividade, Inter Shop also offers Inter Cel, a set of mobile plans provided under our operation as a virtual network operator of Vivo (Telefônica Brasil). Additionally, it includes Recarga, a service enabling customers to recharge their mobile plans. Inter Shop further provides a travel and entertainment services platform through its subsidiary Inter Viagens e Entretenimento Ltda (“Inter Viagem”). This subsidiary is also responsible for offering gift cards, allowing users to purchase prepaid cards for use in affiliated physical and online stores, directly through the Inter application. Inter Shop also operates our (i) Branding vertical, coffee shops located throughout Brazil through its subsidiary Inter Café Ltda. (“Inter Café”), (ii) an online retailer that sells Inter branded products (such as gadgets, notebooks and apparel) through its subsidiary Inter Boutiques Ltda. (“Inter Store”) and (iii) a benefits subscription business through its subsidiary Inter Food S.A. (“Inter Food”). Inter Pag Inter Pag operates as a payment institution and credit card acquirer, enhancing our offerings in the segment of third-party acquiring services banks or payment processors. Additionally, we facilitate working capital financing through the anticipation of credit card receivables and develop customized products that improve the experience for corporate account holders, giving them access to a broader range of products and services. On July 24, 2024, Banco Inter became the sole shareholder of Inter Pag. Prior to this transaction, it held 50% of the share capital of Inter Pag. Inter&Co Payments Inter&Co Payments, is a U.S. based financial technology company which provides foreign exchange and payment services, offering, among other products, a digital account solution through a Banking-as-a-Service partnership, for both international money transfers and domestic use. Inter&Co Payments has licenses to act as a money transmitter in 47 states in the United States, and can offer U.S. residents services such as digital wallet, bill payment, among others. Inter US Finance and Inter US Management In January 2023, we acquired Inter US Finance LLC and Inter US Management LLC, each a Florida limited liability company, Inter US Finance owns, manages and operates a mortgage lending and origination business in the states of Colorado, Florida, Texas and Georgia and Inter US Management is registered as an investment adviser with the SEC and provides discretionary investment advisory services in its capacity as investment manager and general partner to investment funds and limited partnerships Inter Securities LLC Inter Securities LLC (“Inter Securities”), a Delaware limited liability company, is registered as a broker-dealer with the SEC. Inter Securities is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). It provides brokerage services to investors as an introducing broker, clearing through DriveWealth LLC and Pershing LLC. Inter Advisors LLC Inter Advisors LLC (“Inter Advisors”), a Delaware limited liability company, is registered as an investment adviser with the SEC. Inter Advisors is authorized to provide discretionary and non-discretionary advisory services. Form 20F 2026 FY2025 63 Table of Contents Our Client Service and Support Online is our main channel of contact with clients. In 2019, we launched our virtual service assistant, Babi, automating a portion of the calls and messages we receive and reducing client waiting time. In 2020, Banco Inter increased the capacity of its virtual service assistant, Babi, which brought greater robustness and agility in service, automating part of the calls received via chat and reducing the waiting time for clients. In 2021, Inter focused on expanding service channels, integrating new BPOS, developing and integrating with the new CRM, and service tools, such as Salesforce, both with the aim of creating more stability, reduce queues and increase performance and quality. In 2022, we continued to focus on simplifying our clients' lives beyond creating new day-to-day transactions at digital journeys, and Babi also became our WhatsApp engine orchestrating a new channel which has been well-succeeding for servicing and sales. Through these initiatives, we processed over 17 million client inquiries that were solved in real time by artificial intelligence during 2025. As more than 99% of our interactions are resolved in the first contact, we believe that currently most of our clients’ basic demands and transactions are already being resolved through our virtual assistant, which reduces our costs. Geographic Presence We are headquartered in Belo Horizonte, in the state of Minas Gerais, Brazil. Our digital strategy completely eliminates the need for physical retail branches and allows us to achieve broad coverage with low operational costs. We have clients in several Brazilian cities and we also operate in the United States. Form 20F 2026 FY2025 64 Table of Contents Inter Clients by Brazilian States Number of Inter clients as a percentage of the population of each state in Brazil as of December 31, 2025 Source: IBGE and internal data. Technology Technology is the backbone of our operations. Our agility and capabilities enable us to perform a full cycle of product development in a short timeframe. With the extensive use of data, our employees can quickly measure the results of our product launches, receive immediate feedback from our client base, and make improvements by focusing our resources to deliver the best solutions to our clients. We combine insights machine, A.I. and a 360º vision of our clients. Our new product launches create opportunities for monetization upside, with very limited initial capital deployment. This process also enables us to easily enter new business verticals, which we carefully select based on the extensive data sets that we have. Our product launching capabilities and speed to market is enabled by an entrepreneurial team and our access to a modern cloud-based tech-stack backed by a modular architecture that enables our approach of continuously expanding our products and services. Our application layer is composed of over 4.76 thousands microservices in a modern, decoupled and cloud-native architecture enabling agility, security, and scalability to foster our business verticals. Form 20F 2026 FY2025 65 Table of Contents In 2021, we launched the proprietary Inter API gateway, which manages and enables all communications across our microservices at a lower cost compared to using a third party solution. As we develop and launch new products, we only need to add new microservices and plug in to the current infrastructure, without rebuilding the existing one. This modularity was a critical part of what allowed Inter to expand its range of products with “plug-and-play” speed and agility. We believe our software architecture is innovative and very well integrated, as it includes solutions such as cloud storage, proprietary API Gateway, artificial intelligence for data analysis, security systems that enable integration with technology tools from vendors and partners, among many others. We also continuously invest in the modernization of software and technology that allow for greater security, reliability and scalability. In 2025, we implemented several AI initiatives across more than 20 departments, integrating machine intelligence into day-to-day operations, from personalized customer interactions and automated back-office workflows to real-time decision support. These capabilities extend into our credit, risk, and fraud workflows, where we use behavioral analysis and machine learning to create individualized client profiles from historical transactions, spending patterns, device signals, and other variables. These models monitor activity in real time against personalized baselines to detect anomalies, reduce false positives, and accelerate legitimate transactions, while specialized tools, such as an AI-driven money-laundering detector and behavioral-biometrics access controls, strengthen our security and compliance posture. We also integrate external solutions like IBM Safer Payments to build predictive threat models and recommend countermeasures across payment channels, and by combining generative AI with advanced automation, we improved the accuracy of reports to the Brazilian Financial Activities Control Council (COAF) by more than 10x and tripled the operations desk’s analytical capacity. Seamlessly integrated into our cloud-native, microservices architecture, these AI capabilities drive better customer experience, operational scalability, and more effective fraud prevention across our digital banking ecosystem. Competition The financial and banking services market in Brazil is highly competitive. There are several full-service banks offering commercial banking, retail banking, investment banking and other services, as well as several commercial banks, and several financial institutions offering brokerage services, leasing, deposits, savings, insurance, foreign exchange. Fintechs are also increasingly prevalent in Brazil. Despite the number of competitors, the financial services market remains heavily concentrated. We believe we have significant market positioning, differentiating ourselves from our competitors in each of our operating segments. The main competitors by business vertical are listed as follows: •Banking & Spending and Credit: In our Banking & Spending vertical, as well as in Credit vertical, we face competition from financial institutions such as Santander, Banco do Brasil and Caixa Econômica Federal, Bradesco and Itaú which are considered traditional banks and the digital banks Nubank, Original, Agibank, Neon and C6. •Inter Shop: In the Inter Shop business vertical, one of the main competitors are Méliuz and Mercado Livre. We believe that we provide a wide range of products and services connected to our e-commerce that will allow us to retain our clients in the long run, such as: gift cards, food delivery, restaurant loyalty programs, cashback on gas refueling, cellphone plans, among others. •Investments: In the investments business vertical, our main competitors are XP, Guide, and Sofis. We believe that we can compete effectively as a result of our investment platform based on products carefully selected and approved by Inter DTVM and offered through our free digital account. Easy access to a diverse range of products, included fixed income, securities and investment funds offered by us and third parties has proven beneficial in increasing our client base in recent years. Form 20F 2026 FY2025 66 Table of Contents •Insurance Brokerage: In our insurance business vertical, we operate in various types of insurance brokerage through a specialized and structured team to serve several business sectors, including, but not limited to corporate insurance, digital insurance and bank insurance. Wiz was considered our primary competitor in Brazil in bank insurance (bancassurance). In 2019, Wiz acquired 40% of Inter Seguros. •Global: We face competition from Revolut, Remessa Online, Wise, Western Union, among others. We believe that our product, while being easy to use, delivers a wide range of benefits to our clients. We offer a full range of services such as international payments and transfers, import payments, export receipts and capital contribution receipts, that support our positioning in this market. •Loyalty: The Loop points program is an internal coalition initiative of Banco Inter that aims to build customer loyalty through personalized rewards. Among direct competitors, Livelo, Esfera, Átomos, and Dotz stand out, with an expressive customer base and a strong redemption ecosystem.As indirect competitors, loyalty programs of airlines such as Azul Fidelidade, Latam Pass, and Smiles, as well as KM de Vantagens. One of the main advantages of the Loop points program is that points never expire and can be redeemed for various rewards, such as cashback, investments, Azul Fidelidade points, and more. Intellectual Property Trademarks in Brazil In Brazil, trademark ownership is established exclusively through a valid registration issued by the Brazilian Industrial Property Office (INPI), the federal authority responsible for trademarks and patents. As of January 2025, the INPI reported that the average examination time for applications without opposition was approximately eighteen (18) months. Once registered, a trademark grants its owner exclusive nationwide rights for a ten years term, renewable for successive periods of the same duration. Prior to registration, however, applicants hold only an expectation of rights limited to the goods or services specified in the application. These rules do not apply to generic expressions which may be registered but do not confer exclusivity - nor to highly renowned trademarks, which are subject to a distinct protection regime. As of December 31, 2025, our Brazilian trademark portfolio comprised 403 trademarks. Of these, 256 were registered with INPI and 147 remained under examination, including 39 applications filed in 2025. In 2025, INPI approved registrations for the trademarks BANCO INTER, INTER YOU, CONTA YOU INTER, INTERPAG, and INTER&CO (new logo), all in Class 36 of the Nice Classification. Additional approvals included BANCO INTER (Classes 37 and 43); INTER (Classes 43 and 45); INTER&CO (new logo) in several classes (Classes 09, 35, 38, 39, 42, 43, 44, 45); and the figurative INTER trademark (seven‑element symbol) in Classes 09, 35, and 36. In December 2021, we filed a lawsuit seeking to overturn INPI’s decision denying registration of the INTER (word and design) trademark for financial services. In March 2022, INPI submitted a statement in the court proceedings concurring with our position and acknowledging that its prior refusal should be annulled and the applications granted. In August 2025, the trial court issued a ruling confirming that INPI’s refusal should be overturned and ordering the registration of the INTER (word and design) trademark in Class 36 (financial services). As of the date hereof, this decision has become final and is no longer subject to appeal. Collectively, these approvals and the favorable court decision enhanced our trademark protection across multiple business segments, and supporting the continued development of the Inter Group’s brand protection strategy in Brazil. Form 20F 2026 FY2025 67 Table of Contents International Protection and Strategy We are also pursuing international recognition of our trademarks in several countries across Latin America, North America and Europe. As of December 31, 2025, Inter had approximately 126 international trademark applications filed worldwide. At that date, 64 had been registered and 62 trademark applications remained pending a decision. In Argentina, our trademark portfolio may encounter challenges in obtaining comprehensive protection due to the substantial presence of local brands asserting potential conflicts. As of year‑end, 5 applications were subject to opposition - primarily from companies in the financial and technology sectors - while 8 applications remained pending publication. As a result, the timing, outcomes, and potential cost implications associated with our trademark filings in Argentina remain uncertain. We also own a variety of domain names through entities responsible for domain name registration worldwide, including “inter.co”. Although we are unable to quantify the potential impact of losing rights to our intellectual property, any such loss could restrict our ability to use such intellectual property and result in financial and/or operational harm, including the potential loss of clients and damage to our brand, image, and reputation. Trademarks in the US In 2025, the US remained a priority jurisdiction for trademark protection and brand development. Our U.S. portfolio is structured to cover a broad range of goods and services, consistent with our strategy to safeguard the INTER portfolio of trademarks across our diversified business model. As of December 31, 2025, our U.S. trademark portfolio comprised 16 trademarks. Of these, 7 were registered with USPTO and 9 remained under examination, including 2 applications filed in 2025. Among the registered trademarks, we have GLOBAL ACCOUNT INTER, INTER CAFÉ and the “seven-element” symbol for classes 9, 35 and 36. A number of pending applications are currently subject to procedural suspensions due to earlier filed third party or Inter related applications, which is common within the USPTO’s examination workflow. Such suspensions do not constitute substantive refusals and generally resolve upon disposition of the cited matters. We continue to monitor all files, respond to USPTO actions, and submit use evidence or request extensions, as appropriate, to preserve our rights and maintain compliance with statutory deadlines. We expect the U.S. portfolio to evolve as suspended cases advance, which may require revisions to goods and services identification, coexistence arrangements, or other strategic scope adjustments, if needed. The U.S. trademark landscape presents complexity for our brand, given the presence of earlier‑filed marks and similar naming conventions within the financial and technology sectors. As a result, U.S. market strategy requires heightened diligence, legal analysis, and precise scoping to ensure long‑term defensibility. Overall, we believe the current portfolio supports our medium‑term commercial objectives in the United States, while acknowledging that outcomes and timelines may be influenced by third‑party rights, proof‑of‑use requirements, and USPTO processing dynamics. To date, we have used our trademarks in the U.S market, particularly Inter&Co and Inter in connection with financial services, without significant third-party challenges, with any related discussions limited to administrative proceedings before the USPTO. Legal and Administrative Proceedings We are subject to civil, labor and tax claims, including legal and administrative proceedings arising in the ordinary course of our business, for which we recorded provisions in the total aggregate amount of R$55.5 million as of December 31, 2025. Form 20F 2026 FY2025 68 Table of Contents In establishing provisions, we consider the opinion of our legal advisors, the nature of the lawsuits, the similarity with previous proceedings, the complexity and the position of the courts, and the assessment of the probability of loss. The provisions are measured at the best estimate of the disbursement required to settle the present obligation at the balance sheet date, considering: (i) the risks and uncertainties involved; (ii) where relevant, the financial effect produced by the discounted present value of future cash flows required to settle the obligation; and (iii) future events that may change the amount required to settle the obligation. To this end, with respect to civil, labor and tax claims proceedings, we take into consideration our legal proceedings precedents as well as the evolution of jurisprudence, with due regard to applicable laws and regulations. The following table shows the aggregate amount of the provision established for probable losses in respect of our labor and civil proceedings. As of December 31, 2025, we did not have provisions in connection with tax proceedings as we were not a party to any such tax proceedings which we estimated that our chance of loss was probable. Provisions as of December 31, 2025 (in millions of R$) Labor proceedings 13.7 Civil proceedings 41.8 Total 55.5 For more information on our provisions for labor and civil proceedings, see note 23 to our Audited Financial Statements. Tax Proceedings Income tax and social contribution on net income – IRPJ and CSLL On August 30, 2013, we received a tax assessment notice from the Brazilian Federal Revenue Service (Receita Federal do Brasil) to collect corporate income taxes (Imposto de Renda Pessoa Jurídica - “IRPJ”) and the social contribution on net profit (Contribuição Social Sobre o Lucro Líquido - CSLL), along with penalties and interest, concerning the calendar years 2008 and 2009. This assessment was based on allegations that Inter had deducted certain expenses considered non-deductible. We have evaluated the likelihood of loss as possible. As of December 31, 2025, this proceeding involved the total amount of R$67 million. COFINS We are discussing our COFINS obligations related to the years from 1999 to 2014, due to the Federal Revenue Service understanding that financial revenues should be included in the calculation basis for this contribution. COFINS is a federal social contribution calculated over revenues. In 2005, we obtained a favorable, final and unappealable decision from the Supreme Federal Court ensuring the right to pay COFINS based only on the revenue from services rendered, rather than total revenue that would include financial revenues. During the period from 1999 to 2006, we made judicial deposits and/or paid the obligation being discussed in the judicial proceeding. In 2006, through a favorable decision from the Supreme Federal Court and express consent of the Brazilian Federal Revenue Service, our judicial deposits were released. Additionally, the authorization to use credits from amounts previously overpaid against current obligations was approved without challenge by the Brazilian Federal Revenue Service on May 11, 2006. Subsequently, the Brazilian Federal Revenue Service challenged our procedures adopted, under the understanding that financial revenues should be included in the COFINS calculation basis. Form 20F 2026 FY2025 69 Table of Contents After the enactment of Law 12,973/14, we modified our procedures to include financial revenues in the COFINS calculation basis and, therefore, all the taxable events involved in our discussions are prior to that law. Currently, the application of material res judicata is being discussed in a separate lawsuit that ensured our right not to collect COFINS on our financial revenues, so the Supreme Federal Court`s ruling on Theme 372 does not directly affect our discussions. We have evaluated the likelihood of loss as possible. As of December 31, 2025, this proceeding involved the total amount of R$ 163.2 million. Labor Proceedings As of December 31, 2025, the aggregate amount sought by plaintiffs in labor proceedings were R$ 177.2 million, including disputes related to third-party service provider claims seeking recognition of employment status, employee overtime and equal pay claims. As of December 31, 2025, we had provisioned an amount of R$ 13.7 million for labor claims classified as probable risk of loss. Civil Proceedings As of December 31, 2025, we are party to approximately 24 thousand civil proceedings brought by clients, in which claimants sought aggregate damages of approximately R$ 3.4 billion, most of which consisting of claims under Brazilian consumer protection laws related to our payroll products, including our Payroll Card, and our real estate credit portfolio, our digital account and multiple card. As of December 31, 2025, we had provisioned an amount of R$ 41.8 million for civil claims, classified as probable risk of loss. As of December 31, 2025, we are also party to 49 individual proceedings relating to our former correspondent broker Filadelphia (further described below). Public Civil Actions We are a defendant in nine other public civil public actions in which claimants asked for aggregate damages of R$ 22.3 million as of December 31, 2025 (taking into consideration the liability of co-defendant financial institutions and without taking into consideration potential settlement agreements that could change our liability). These civil public actions relate to: (1) employing allegedly abusive tactics in connection with the failure to provide information relating to outstanding balances for the early settlement of client indebtedness; (2) alleged unlawful collection of amounts designated as “legal, judicial or extrajudicial fees,” “expenses incurred for administrative collections and summons of the debtor, including collection fees and legal fees” and “legal fees and collection costs”; (3) alleged violation of the rights of retirees and pensioners as a result of onerous indebtedness incurred by them through us; (4) alleged unlawful charging of fees for “third party service fees/reimbursements” in our lending agreements; (5) alleged failure to provide services due to instability and interruption of client access to the app; (6) alleged abusive practice in connection with payroll loan credit cards offered to retirees in the State of Rio Grande do Sul, which allegedly were not aware of the payroll loan characteristic of the card; (7) alleged abusive practice in offering payroll loan credit cards to consumers. We are also party to a public civil action relating to the validity of all payroll loans granted to clients, in transactions intermediated by Filadelphia Empréstimos Consignados Ltda., or Filadephia. Filadelphia was a correspondent broker of payroll loans for us from March 20, 2008 to February 1, 2012, as well as for some other financial institutions.The Brazilian Federal Police determined that Filadelphia had been conducting a Ponzi scheme and suspended the deposits. As a result, the alleged victims sued Filadelphia and, in certain cases, us. We were not involved in and we did not have any knowledge of Filadelphia’s illegal practices and terminated our relationship with Filadelphia the day after the Brazilian federal police initiated their operation. As of December 31, 2025, this proceeding involved an aggregate amount of R$ 10 thousand. Form 20F 2026 FY2025 70 Table of Contents Capital Expenditures Our principal capital expenditures are made in developing our digital platform. For more information, see “Item 5. Operating and Financial Review and Prospects―A. Operating Results―Capital Expenditures.” Regulatory Overview See “Regulatory Matters.” Selected Statistical Information The tables below present select statistical information as required by subpart 1400 of Regulation S-K. In this section, averages are based on month-end averages. Presenting historical averages in this section on a daily or weekly basis would involve unreasonable effort and expense. Historically, we have prepared monthly financial information in accordance with accounting principles generally accepted in Brazil applicable to institutions authorized to operate by the Central Bank to meet the deadlines and requirements of the regulatory body, and the calculations of the averages in the tables below. We did not measure all assets and liabilities on a daily or weekly basis, as this information was not required under Bacen GAAP, a set of standards that guides the preparation and disclosure of financial statements by financial institutions in Brazil, or by applicable local laws or regulations. Distribution of Assets, Liabilities and Equity The return (or yield) was calculated by the amount of interest income or expense in the period divided by the average balance. The following table shows average balances, interest amounts and yields for our interest-earning assets, non-interest-earning assets, interest-bearing liabilities, non-interest-bearing liabilities and equity for the years ended December 31, 2025, 2024 and 2023. Form 20F 2026 FY2025 71 Table of Contents For the Year Ended December 31, 2025 2024 2023 Average Balance Interest Income (Expense) Average yield (assets) / rate paid (liabilities) (%) Average Balance Interest Income (Expense) Average yield (assets) / rate paid (liabilities) (%) Average Balance Interest Income (Expense) Average yield (assets) / rate paid (liabilities) (%) (in millions of R$, except percentages) (in millions of R$, except percentages) (in millions of R$, except percentages) ASSETS Interest-earning assets: Loans and advances to customers, net of provision for expected loss 38,505.3 7,038.1 18.3 % 30,393.6 5,139.2 16.9 % 23,913.0 4,549.8 19.0 % Reverse purchase agreements 1,874.2 379.8 20.3 % 1,460.1 339.0 23.2 % 2,344.0 497.1 21.2 % Securities 25,965.6 3,331.2 12.8 % 19,773.2 1.7 — % 14,099.5 1.3 — % Cash and cash equivalents in foreign currency 1,057.3 30.9 2.9 % 621.2 15.8 2.5 % 422.7 11.2 2.6 % Total interest-earning assets 67,402.4 10,780.0 16.0 % 52,248.1 5,495.7 10.5 % 40,779.2 5,059.4 12.4 % Cash and cash equivalents in domestic currency 261.8 — — % 322.4 — — % 615.7 — — % Amounts due from financial institutions 5,401.3 — — % 4,846.5 — — % 3,609.9 — — % Derivative financial assets 47.3 — — % 5.5 — — % 4.6 — — % Compulsory deposits at Banco Central do Brasil 6,542.2 — % 3,802.2 — — % 2,351.1 — % Deferred tax assets 1,800.2 — — % 1,289.8 — — % 1,023.5 — — % Non-current assets held-for-sale 285.4 — — % 187.9 — — % 173.2 — — % Investments 61.1 — — % 49.8 — — % 75.2 — — % Property and equipment 372.4 — — % 276.5 — — % 176.9 — — % Intangible assets 1,964.4 — — % 1,608.7 — — % 1,289.5 — — % All other Assets 2,827.3 — 2,451.4 — — % 1,881.3 — — % Total Assets 86,965.8 10,780.0 12.4 % 67,088.8 5,495.7 8.2 % 51,980.1 5,059.4 9.7 % LIABILITIES Interest-bearing liabilities: Time deposits 44,532.0 (3,811.5) (8.6) % 33,056.0 (1,994.2) (8.2) % 19,985.9 (1,631.5) (8.2) % Savings deposits 1,678.5 (121.8) (7.3) % 1,694.6 (102.9) (6.9) % 1,336.3 (91.9) (6.9) % Securities issued 11,721.7 (1,933.5) (16.5) % 8,794.8 (1,044.9) (14.2) % 7,141.3 (1,016.6) (14.2) % Securities sold under agreements to repurchase 3,401.2 (36.9) (1.1) % 1,465.4 (98.2) (8.3) % 1,576.5 (131.0) (8.3) % Borrowing and onlending 538.9 — — % 108.1 (7.6) (4.5) % 61.5 (2.8) (4.5) % Total interest-bearing liabilities 61,872.3 (5,903.7) (9.5) % 45,118.9 (3,247.8) (7.2) % 30,101.6 (2,873.8) (9.5) % Non-interest-bearing liabilities: Demand Deposits 1,199.6 — — % 1,414.1 — — % 5,506.8 — — % Creditors’ funds to be released 495.5 — — % 286.3 — — % 285.2 — — % Liabilities with financial institutions 10,547.2 — — % 8,989.2 — — % 7,134.1 — — % Income tax and social contribution 461.9 — — % 357.4 — — % 185.9 — — % Tax liabilities 117.8 — — % 90.7 — — % 60.7 — — % Deferred tax liabilities 97.8 — — % 40.8 — — % — — % Provisions 242.2 — — % 58.1 — — % 59.8 — — % Derivative financial liabilities 49.4 — — % 22.7 — — % 25.2 — — % All other liabilities 2,353.0 — — % 2,003.8 — — % 1,309.9 — — % Share capital 0.01 — — % 0.01 — — % 0.01 — — % Reserves 10,303.0 — — % 9,301.4 — — % 7,936.1 — — % Other comprehensive income reserve (905.7) — — % (737.3) — — % (746.1) — — % (-) Treasury shares (5.2) — — % (8.5) — — % (10.3) — — % Equity + non-interest-bearing liabilities 24,956.5 — — % 21,818.7 — — % 21,768.3 — — % Non-Controlling Interest 137.0 151.2 110.5 Total Equity + Liabilities 86,965.8 (5,903.7) (6.8) % 67,088.8 (3,247.8) (4.8) % 51,980.3 (2,873.8) (5.5) % (*) Total lines reflect the sum of averages presented in this table. Form 20F 2026 FY2025 72 Table of Contents Changes in Interest Income and Interest Expenses; Volume and Rate Analysis The following tables show the variations in our financial income and expenses as a result of the variations in the average volume of interest-earning assets and interest-bearing liabilities and changes in average interest rates occurred in the year indicated. “Net Change” is calculated as the interest income or interest expense in the most recent year less the interest income or interest expense in the previous year. The increase or decrease due to changes in interest rates presented in the “Rate” column was calculated by multiplying the average amount of the interest-generating assets or the interest-bearing liabilities in the previous year by the difference in average interest rates between the two years (i.e. average rate of the most recent year less the average rate of the previous year). The increase or decrease due to changes in volume presented in the “Average Volume” column is the difference between the amount presented in the “Net Change” column and the amount presented in the “Rate” column. For the Year Ended December 31, 2025/2024 2024/2023 Increase (Decrease) Due to Changes in Increase (Decrease) Due to Changes in Volume Rate Net Change Volume Rate Net Change (in millions of R$, except percentages) (in millions of R$, except percentages) ASSETS Interest-earning assets: Loans and advances to customers, net of provision for expected loss (5,555.4) 416.2 (5,139.2) 1,095.8 (506.4) 589.4 Reverse purchase agreements (295.9) (43.1) (339.0) (205.2) 47.1 (158.1) Securities (2,536.8) 2,535.1 (1.7) 0.5 (0.1) 0.4 Cash and cash equivalents in foreign currency (18.2) 2.4 (15.8) 5.0 (0.5) 4.6 Total interest-earning assets (8,356.3) 2,860.6 (5,495.7) 1,206.2 (770.0) 436.3 LIABILITIES Time deposits 2,829.3 (835.1) 1,994.2 (788.5) 425.8 (362.7) Savings deposits 123.0 (20.1) 102.9 (21.8) 10.8 (11.0) Securities issued 1,450.7 (405.8) 1,044.9 (196.5) 168.2 (28.3) Securities sold under agreements to repurchase 15.9 82.3 98.2 7.4 25.4 32.9 Borrowing and on-lending — 7.6 7.6 (3.3) (1.6) (4.8) Total interest-bearing liabilities 4,305.1 (1,057.3) 3,247.8 (1,081.0) 707.0 (374.0) Interest-Earning Assets: Average Interest-Earning Assets and Net Yield The following tables analyze our levels of average interest-earning assets, net interest income and net yield on interest-earning assets, for the periods indicated. As of and for the Year ended December 31, 2025 2024 (in millions of R$, except percentages) Average balance of interest-earning assets 67,402.4 52,248.1 Net interest income and interest 10,780.0 5,495.7 Net yield on interest-earning assets(1) 16.0 % 10.5 % (1) Net interest income stated as a percentage of average interest-earning assets. Form 20F 2026 FY2025 73 Table of Contents Maturity composition of investment in securities not carried at fair value through earnings The following table analyzes our weighted average yield of each category of debt securities not carried at fair value through earnings. To calculate the weighted average yield, we segregate each type of debt security not carried at fair value through earnings by maturity profile, and calculate the average yield weighted by the outstanding balance within the specific categories. We do not have material amounts of non-taxable securities. Maturing As of December 31, 2025 In one year or less After One Year through five years After five years through 10 years After ten years No Specific Maturity Fair value through other comprehensive income - FVOCI Financial Treasury Letters (LFT) 45 % 0 % 27 % 9 % 9 % 0 % Debentures 0 % 0 % 0 % 0 % 0 % 0 % Certificates of real estate receivables 0 % 0 % 0 % 0 % 0 % 0 % Certificates of agricultural receivables 0 % 0 % 0 % 0 % 0 % 0 % Investment fund quotas 0 % 0 % 0 % 0 % 0 % 0 % Financial Letters 0 % 0 % 0 % 0 % 0 % 0 % National Treasury Bonds (NTN) 14 % 0 % 12 % 2 % 0 % 0 % National Financial Treasury Letters (LTN) 17 % 2 % 7 % 7 % 1 % 0 % Securities issued abroad 14 % 14 % 0 % 0 % 0 % 0 % Commercial Promissory Note 2 % 0 % 1 % 1 % 0 % 0 % Weighted average yield 92 % 16 % 47 % 19 % 10 % 0 % Amortized cost Debentures 0 % 0 % 0 % 0 % 0 % 0 % National Treasury Bonds (NTN) 3 % 0 % 3 % 0 % 0 % 0 % National treasury bills (LTN) 2 % 0 % 2 % 0 % 0 % 0 % Securities issued abroad 1 % 0 % 1 % 0 % 0 % 0 % Rural Product Bill 2 % 1 % 1 % 0 % 0 % 0 % Weighted average yield 8 % 8 % 7 % 0 % 0 % 0 % Total weighted average yield 100 % 17 % 54 % 19 % 10 % 0 % Form 20F 2026 FY2025 74 Table of Contents Maturity and Composition of Loan and Other Financing Portfolio The following table analyzes our loans and advances to customers’ portfolio by type and by the time remaining to maturity. Loans are stated gross of the provision for expected losses. Maturing As of December 31, 2025 In one year or less After one year through five years After five years through 15 years After 15 years (R$ million) Credit Card 15,262.2 14,541.0 721.2 — — Business Loans 4,293.6 2,725.9 1,563.7 4.0 — Real Estate Loans 16,194.7 2,191.2 1,639.0 4,751.5 7,613.0 Personal Credit 12,114.0 1,663.6 3,923.6 6,521.8 5.0 Agribusiness loans 386.7 366.1 20.6 — — Total loans and advances to customers 48,251.2 21,487.8 7,868.1 11,277.3 7,618.0 The following table represents our loans: As of December 31, 2025 (R$ million) Credit Card 15,262.2 Fixed Rate 15,262.2 Personal Credit 12,114.0 Fixed Rate 12,114.0 Business Loans 4,293.6 Fixed Rate 2,866.4 Floating Rate 1,427.2 Real Estate Loans 16,194.7 Fixed Rate 1,807.7 Floating Rate 14,387.0 Agribusiness loans 386.7 Fixed Rate 264.9 Floating Rate 121.8 Total loans with fixed rate 32,315.2 Total loans with floating rate 15,936.0 Total loans to customers 48,251.2 Form 20F 2026 FY2025 75 Table of Contents Summary of Loan Loss Experience Allocation of Provision for Impairment Losses The following table presents impairment losses by category of loans and sets forth the percentage distribution of the total provisions as of December 31, 2025, 2024 and 2023. As of December 31, 2025 2024 2023 Amount % of Total loan portfolio % of Total Loss Allowance Amount % of Total loan portfolio % of Total Loss Allowance Amount % of Total loan portfolio % of Total Loss Allowance (in millions of R$, except percentages) (in millions of R$, except percentages) (in millions of R$, except percentages) Credit Card 15,262.2 31.6 % — 11,799.9 33.1 % — 9,461.3 31.8 % — Personal Credit 12,114.0 25.1 % — 8,236.8 23.1 % — 7,138.7 24.0 % — Business loans 4,293.6 8.9 % — 3,968.6 11.1 % — 3,855.7 12.9 % — Real Estate Loans 16,194.7 33.6 % — 11,250.2 31.6 % — 8,583.4 28.8 % — Agribusiness loans 386.7 0.8 % — 340.8 1.0 % — 745.2 2.5 % — Total loan portfolio(1) 48,251.2 100.0 % 35,596.3 100.0 % 29,784.3 100.0 % — Credit Card 1,935.3 4.0 % 64.5 % 1,570.4 4.4 % 66.3 % 1,312.4 4.4 % 69.7 % Personal Credit 820.0 1.7 % 27.3 % 579.1 1.6 % 24.5 % 404.3 1.4 % 21.5 % Business loans 50.6 0.1 % 1.7 % 32.6 0.1 % 1.4 % 19.8 0.1 % 1.1 % Real Estate Loans 189.7 0.4 % 6.3 % 177.8 0.5 % 7.5 % 133.6 0.4 % 7.1 % Agribusiness loans 4.5 — % 0.1 % 7.0 — % 0.3 % 13.7 — % 0.7 % Total loss allowance 3,000.1 6.2 % 100.0 % 2,366.9 6.6 % 100.0 % 1,883.8 6.3 % 100.0 % Total loans and allowances to customers, net of loss allowance 45,251.1 33,229.4 27,900.5 (1) Total loan portfolio means our total loans and advances to customers and does not include amounts due from financial institutions. Our ratio of allowance for credit losses to total loan portfolio was 6.2%, 6.6% and 6.3% on December 31, 2025, 2024 and 2023 respectively. The decrease in 2025 is primarily attributed to the implementation of CMN (National Monetary Council) Resolution 4,966/21,which came into effect on January 1, 2025 and which allowed for more refined methodologies in calculating expected credit losses and improved risk assessment models. The increase in 2024 compared to 2023 was driven by the growth of our credit portfolio and the maturing of older part of our credit portfolio, as well as an increase in delinquencies that we believe resulted from our client's exposure to Brazil's macroeconomic scenario. The significance of the allowances for charge-offs relating to credit cards was 64.5%, 66.3%, 69.7% of our total loss allowance on December 31, 2025, 2024 and 2023, respectively. The decrease in the significance of allowance for charge-offs relating to credit cards in 2025 and in 2024 was due to the increase in the provisions relating to personal credit (and subsequent decrease in the significance of allowances for charge-offs relating to credit cards as a percentage of our total loss allowance). Our allowance for charge-offs relating to personal credit increased in 2025 and in 2024 as a result of our introduction of riskier personal credit products (including overdraft products). Form 20F 2026 FY2025 76 Table of Contents Allocation of Net Charge-Offs The following table presents our net charge-offs by category of loans as of December 31, 2025, 2024 and 2023. As of December 31, 2025 2024 2023 Amount % of Average Loans % of Net Charge-Offs Amount % of Average Loans % of Net Charge-Offs Amount % of Average Loans % of Net Charge-Offs (in millions of R$, except percentages) Credit Card 13,289.5 32.4 % — 10,598.0 32.5 % — 8,055.8 31.5 % — Personal Credit 10,220.7 24.9 % — 7,730.5 23.7 % — 6,449.8 25.2 % — Business loans 3,661.9 8.9 % — 3,767.2 11.6 % — 3,110.9 12.2 % — Real estate loans 13,586.6 33.1 % — 9,839.1 30.2 % — 7,189.3 28.1 % — Agribusiness loans 310.2 0.8 % — 669.8 2.1 % — 741.3 2.9 % — Total average loans outstanding 41,068.9 100.0 % 32,604.5 100.0 % 25,547.1 100.0 % Credit Card 114.2 0.3 % 77.5 % 109.8 0.3 % 81.9 % 74.3 0.3 % 79.5 % Personal Credit 29.4 0.1 % 19.9 % 20.3 0.1 % 15.1 % 16.7 0.1 % 17.9 % Business loans 3.6 — 2.4 % 1.4 — 1.0 % 0.3 — 0.3 % Real estate loans 0.2 — 0.2 % 1.9 — 1.4 % 2.1 — 2.2 % Agribusiness loans — — — 0.6 — 0.4 % 0.1 — 0.1 % Total net charge-offs 147.5 0.4 % 100.0 % 134.0 0.4 % 100.0 % 93.5 0.4 % 100.0 % Our ratio of net charge-offs to average loans remained relatively stable as of December 31, 2025 at 0.4%, compared to 0.4% and 0.4% as of December 31, 2024 and 2023, respectively. Net charge-offs relating to credit cards decreased to 77.5% of our total net charge-offs in the year ended December 31, 2025, compared to 81.9% and 79.5% of our total net charge-offs in the years ended December 31, 2024 and 2023, respectively. The decrease in 2025 is attributed to the increase in net charge-offs from personal credit products, which is explained by new products that began generating charge-offs in 2025, such as overdraft facilities, thereby reducing the relative proportion of net charge-offs relating to credit cards of our total net charge-offs. The increase in 2024 compared to 2023 was primarily due to the increase in the size of our credit card portfolio and in the proportion of our credit card loans compared to other components of our loan portfolio. Credit card loans are relatively riskier than our other loans as credit card loans are uncollateralized. Consequently, an increase in credit card loans results in an increase in the proportion of net charge-offs relating to credit cards. Form 20F 2026 FY2025 77 Table of Contents Deposits Composition of Deposits per type and yield The following table presents, with average balances, the breakdown of deposits by category as of December 31, 2025, 2024 and 2023. For the Year Ended December 31, 2025 2024 2023 Average Balance(1) Average rate paid Average Balance(1) Average rate paid Average Balance(1) Average rate paid (in millions of R$, except percentages) Time deposits: Interest bearing 44,532 8.6 % 33,056 6.0 % 19,986 11.9 % Total 44,532 33,056 19,986 Demand deposits: Non-interest bearing 1,200 1,414 5,507 Total 1,200 1,414 5,507 (1) Average amounts based on the average of the month-end balances within each applicable year, unless otherwise indicated. As of December 31, 2025, 2024 and 2023, all of our deposits were guaranteed by the Credit Guarantee Fund (FGC), up to the amounts covered by the FGC. See “Regulatory Matters—Credit Guarantee Fund.” Maturity of Deposits The following table sets forth information regarding the maturity of our uninsured time deposits as of December 31, 2025. As of December 31, 2025 Maturing Within 3 months 3 to 6 months 6 to 12 months Over 12 months Total (R$ million) Time deposits in excess of insured limit Brazil 50,640.9 16,054.9 2,353.3 5,199.4 27,033.4 50,640.9 Total time deposits in excess of insured limit 50,640.9 16,054.9 2,353.3 5,199.4 27,033.4 50,640.9 Time Deposits in uninsured accounts Brazil 535.0 222.3 312.7 — — 535.0 Total time deposits in uninsured accounts 535.0 222.3 312.7 — — 535.0 Total uninsured Time deposits 51,175.9 16,277.2 2,666.0 5,199.4 27,033.4 51,175.9 Under Brazilian regulation, each individual or legal entity has an overall insured deposit limit, which does not change based on the number of accounts held by such individual or legal entity. In cases in which the same individual or legal entity had deposits with different maturities with us in excess of the insured limit, we allocated the uninsured portion of such deposits proportionally based on the volume of deposits in each maturity range. Form 20F 2026 FY2025 78 Table of Contents Minimum Capital Requirements Our capital indices were above the minimum requirements stipulated by Brazilian regulations as follows: As of December 31, Basel III Requirements(1): 2025 2024 2023 Basel Index(2) 14.4 % 15.2 % 23.0 % Capital Index Level 1(3) 12.6 % 15.2 % 23.0 % (1) According to CMN Resolution No. 4,958, for institutions pertaining to a prudential conglomerate in accordance with the Accounting Plan of the Institutions of National Financial System - Cosif, the Additional Principal Capital must be calculated on a consolidated basis. (2) Minimum Required Reference Equity (or Regulatory Capital) = 8% (from 2019). (3) Minimum Required Tier 1 Capital = 6.0% (since 2015). As of December 31, 2025 2024 2023 (R$ million) Minimum Required Reference Equity (or Regulatory Capital) * RWA Amount(1) 3,568.1 2,772.3 2,139.7 (1) Minimum Required Reference Equity (or Regulatory Capital) = 8% (from 2019). The following table sets forth information regarding our capital adequacy as of December 31, 2025, 2024 and 2023 according to the regulations of the Central Bank and Basel III: As of December 31, 2025 2024 2023 (R$ million) Reference Equity(1) 6,442.7 5,261.3 6,138.2 Tier 1 Capital 5,636.0 5,261.3 6,138.2 Tier 2 Capital 806.7 — — Risk-Weighted Assets (RWA) 44,601.2 34,653.7 26,745.6 Credit Risk (RWACPAD) 37,180.1 27,053.4 22,367.9 Market Risk (RWAMPAD) 1,084.7 1,262.3 342.1 Operational Risk (RWAOPAD) 5,996.4 5,939.1 4,035.6 RWA for Payment Services Risk - RWASP 340.0 399.0 — (1) Reference equity is the amount of available capital taken into consideration for the purpose of determining the operating limits of Brazilian financial institutions, and is composed of two levels. Tier I capital is represented by the composition of equity plus the balance of certain reserves, income and hybrid capital and debt instruments authorized by the Central Bank. Banco Inter has become subject to new regulations established by CMN Resolution 4,966/21 of the National Monetary Council and BCB Resolution 352/23 of the Central Bank of Brazil, which came into effect on January 1, 2025. These resolutions establish new accounting concepts and criteria applicable to financial instruments that must be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil. We did not have a material impact on our Regulatory Capital and Capital Adequacy Ratio as a result of this resolution. The information described above reflects the application of this new resolution. Form 20F 2026 FY2025 79 Table of Contents C. Organizational Structure Below is our current corporate structure: Inter&Co is a non-operating holding company and the main holding company of our group. Inter&Co has subsidiaries and investees incorporated in the United States, Brazil and Portugal. Inter&Co main subsidiaries and investees organized in Brazil consist of Inter Marketplace Intermediação de Negócios e Serviços Ltda., and Inter Holding Financeira S.A. and Inter Marketplace Intermediação de Negócios e Serviços Ltda. Inter Holding Financeira S.A. is a non-operating holding company which owns Banco Inter. Banco Inter directly owns certain of our subsidiaries and investees that operate financial-service businesses in Brazil and Inter&Co Payments, Inc. Inter&Co subsidiaries organized and investees in US consist of Inter US Holding, Inc., Inter Securities LLC, Inter US Finance LLC, Inter US Management LLC, and Inter Advisors LLC. We own 100% of the share capital of each of these companies. Inter&Co subsidiary organized in Portugal consist of INTRGLOBALEU Serviços Administrativos, LDA. For more information on our subsidiaries and investees, see "—B. Business Overview — Key Subsidiaries and Investees" and note 4 to our Audited Financial Statements. D. Property, Plant and Equipment In addition to our corporate headquarters, Inter&Co maintains an office in Miami, Florida. Certain subsidiaries maintain offices that are responsible for supporting our corporate operations, such as: (i) Banco Inter maintains offices located in the cities of Belo Horizonte, Sao Paulo, Balneário Camboriú, Porto Alegre, Belo Horizonte, Brasília, Campinas, Curitiba, Fortaleza, Goiânia, Rio de Janeiro, Salvador, Guarulhos, São Paulo, Campo Grande, São José dos Pinhais, Vitória and Georgetown/Cayman Islands; (ii) Inter Café maintains offices located in the cities of Belo Horizonte, São Paulo and Curitiba. All our offices and corporate headquarters are leased. We do not have any material fixed assets.