You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our Audited Financial Statements and the related notes included elsewhere in this report, as well as the information presented under “Presentation of Financial and Other Information” and “Summary Financial and Other Information.” The following discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Cautionary Statement Regarding Forward-Looking Statements,” “Risk Factors” and elsewhere in this report. Form 20F 2026 FY2025 80 Table of Contents A. Operating Results Factors Affecting our Results of Operations Overview We offer products and services through a financial SuperApp for our clients to manage their finances and daily activities, through a simple and seamlessly integrated digital experience. Our strategy has always been to provide clients with a differentiated value proposition, via a highly scalable technology stack, in which we would be able to add additional functionalities over time. Our financial SuperApp combines different revenue streams in seven business verticals: (i) Banking & Spending, (ii) Credit, (iii) Inter Shop, (iv) Investments, (v) Insurance Brokerage, (vi) Global, and (vii) Loyalty. Our growth and profitability rely on our ability to not only expand each of our products individually, but also generate and leverage the synergies between the ecosystems to create more value to our clients and, consequently, increase client retention and cross-sell. For more information about our key business metrics, see “Item 4. Information on the Company ― B. Business Overview.” and on the “Presentation of Financial and Other Information ― Certain Performance Metrics”. The Brazilian Macroeconomic Environment As a company that operates mainly in Brazil, our results of operations, cash flow and financial condition are affected by general economic conditions in Brazil, particularly by Brazil’s economic growth. The following table sets forth selected economic indicators for the periods indicated: As of and for the Year ended December 31, 2025 2024 2023 GDP growth (reduction) 2.5 % 3.4 % 3.3 % Inflation (IGP-M)(1) (1.1) % 6.5 % (3.2) % Inflation (IPCA)(2) 4.6 % 4.8 % 4.6 % Interbank rate – CDI(3) 14.3 % 12.2 % 11.7 % Exchange rate at the end of the period per US$1.00 R$ 5.50 R$ 6.18 R$ 4.86 Average exchange rate per US$1.00 R$ 5.59 R$ 5.39 R$ 4.99 Sources: IBGE, Central Bank, CETIP and FGV. (1) The IGP-M is the general market price index calculated by FGV (accumulated during each period). (2) The IPCA is a consumer price index calculated by the IBGE (accumulated during each period). (3) The CDI rate or DI rate refers to the average overnight interbank loan rates in Brazil, annualized as of the last day of the corresponding period (using year to date accumulated rate). The performance of the Brazilian GDP and labor market in Brazil have a direct impact on the purchasing power of the Brazilian population, which in turn influence the demand for our products and services. In 2025, the Brazilian economy continued to expand, with a GDP growth estimated at around 2.3%, marking the fifth consecutive year of growth. The expansion was mainly driven by the agriculture sector which grew by 11.7%, but with solid growth from household consumption (1.3%) as well as investment (2.9%), reflecting the continuous fiscal stimulus and a partial easing in monetary conditions in first half of the year. As a result, the unemployment rate declined to 5.1% at the end of 2025, while average real household income increased, reflecting sustained job creation and real wage gains throughout the year. Inflation, interest rates and availability of credit A significant portion of our income, expenses, assets and liabilities are directly impacted by interest rates, and our results of operations and financial condition are significantly affected by inflation, interest rate fluctuations and government monetary policies. •Inflation rates in Brazil measured by IPCA were 4.6%, 4.8% and 4.6% for the years ended December 31, 2025, 2024 and 2023, respectively. •The Brazilian Interbank rate - CDI was 14.3%, 12.2% and 11.7% as of December 31, 2025, 2024 and 2023, respectively. Form 20F 2026 FY2025 81 Table of Contents Our business is affected by inflation. Higher levels of inflation may tend to adversely impact our loan portfolio and restrict the availability of credit and the consumer demand for credit. Inflation also adversely affects our personnel expenses and other administrative expenses that are directly or indirectly tied to inflation indexes. In contrast, lower levels of inflation may adversely impact our financial results, since we have a sizable position in inflation backed securities. This impact is worsened in an environment where the Central Bank delays the monetary policy loosening, which would compress our real rates spreads, since the short-term real rate would be higher than the implied by the yield curve. We are also impacted by changes in prevailing interest rates. Increases in interest rates tend to adversely affect us by making our credit and investment products more expensive for consumers, thereby reducing consumer demand for such products. Interest rate increases also tend to increase our funding costs. The profitability of credit transactions depends on our capacity to obtain funding at competitive rates. An increase in market interest rates in Brazil could increase our cost of funding, particularly the cost of term deposits, thus reducing the spread earned on our credit portfolio. In addition, rising interest rates increase the risk of default by our clients due to potentially higher unemployment rates and due to the increased costs of our floating-rate loans. On the other hand, a decrease in interest rates may affect the gross return of our floating-rate loan portfolio. In addition, increases in interest rates, inflation indexes and other index coupons may adversely affect the result of investments that are not indexed to these indices. This type of exposure may adversely affect the performance of our loan portfolios that are not indexed to such indices, thus decreasing the spread that we earn relative to our fixed lending portfolio. As a result of the above, we consider exposure to interest rates and inflation rates as a significant risk. We are subject to risk of losses or gains from fluctuations in interest rates earned or charged on our lending and borrowing portfolios. In order to try to mitigate this risk, we analyze our exposure based on the limits established and identified through the use of specific financial models, as well as through capital control requirements. We use market risk management, in part, to support our business areas by establishing processes and implementing tools that are necessary to assess and control the related risks, thus enabling us to measure and monitor the risk tolerance levels established by our senior management. For more information about our risk management practices, see note 6 to our Audited Financial Statements. Number of Clients and our Ability to Cross-Sell Our growth and profitability rely on our ability to not only expand each of our product ecosystems individually, but also generate and leverage the synergies in the financial SuperApp to create more value for our clients and, consequently, increase client retention and cross-sell. We have built our financial SuperApp with the goal of providing our clients easy access to all of our financial and non-financial products and services and most of them are offered only to account holders (our shopping platform is available to non-account holders). One example of our synergistic strategy is how we incentivize our clients to build their investment portfolios within our ecosystem, and to use our banking solutions as the main bank. The growth of our account holder base directly expands the number of people we can reach with our financial and non-financial products through our app. Currently, we can see high levels of activation in all our core business verticals. We reached a total of approximately 25 million active clients as of December 31, 2025. Reserve and Lending Requirements The requirements set by the Central Bank for compulsory deposit and credit has a significant impact on the results of financial institutions in Brazil. Increases or decreases in such requirements may have an impact on our operational results by limiting or expanding the amounts available for commercial credit transactions. We believe that, considering the current regulation, we have enough assets to operate without significant constraints from reserve and lending requirements. As of December 31, 2025, 2024 and 2023, compulsory deposits represented, 7.98%, 6.91% and 4.41% of our total assets, respectively. As of December 31, 2025, our capital adequacy ratio was 14.4%, significantly above the minimum requirements of 10.5%. We have historically been able to maintain our capital adequacy ratio above the minimum threshold by acquiring funds through equity offerings. Form 20F 2026 FY2025 82 Table of Contents Our Operating Segments We report in the following business segments: •Banking & Spending. This segment comprises a wide range of banking products and services, such as checking accounts, cards, deposits, loans and advances and other services, which are available to the clients primarily by means of Inter’s mobile application. Part of this segment also comprises debt collection service. This segment offers foreign exchange and financial services, as well as a Global Account digital solution for money remittances between countries, among others. •Investments. This segment is responsible for operations related to the acquisition, sale and custody of securities, the structuring and distribution of securities in the capital market and operations related to the management of fund portfolios and other assets (purchase, sale, risk management). Revenues consist primarily of administration fees and commissions charged to investors for the rendering of such services. •Insurance Brokerage. This segment offers insurance products underwritten by insurance companies with which Inter has an agreement (‘partner insurance companies’), including warranties, life, property and automobile insurance and pension products, as well as consortium products provided by a third party with whom Inter has a commercial agreement. The income from brokerage commissions is recognized in the statement of income when services are provided, that is, upon sale to the client, when the performance obligation is fulfilled. This income is presented net of deductions. •Inter Shop. This segment includes sales of goods and/or services with partner companies through our digital platform. The commission income comprises basically commissions received for sales and/or for the rendering of these services. Revenue by Segment The table below shows the revenues of our reportable segments for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, 2025 2024 2023 Revenue (in millions of R$, except percentages) Banking & Spending 7,334.6 87.3 % 5,646.7 88.2 % 4,339.0 91.3 % Investments 258.5 3.1 % 255.7 4.0 % 157.3 3.3 % Insurance Brokerage 234.7 2.8 % 188.4 2.9 % 173.2 3.6 % Inter Shop 407.5 4.9 % 322.1 5.0 % 254.6 5.4 % Total reportable segments 8,235.3 98.0 % 6,412.9 100.2 % 4,924.1 103.6 % Others 634.8 7.6 % 355.0 5.5 % 8.5 0.2 % Eliminations(1) (469.1) (5.6) % (367.7) (5.7) % (180.0) (3.8) % Total 8,400.9 100 % 6,400.2 100 % 4,752.6 100 % (1) Eliminations reflect the amounts intragroup. For more information, see note 5 to the Audited Financial Statements. Form 20F 2026 FY2025 83 Table of Contents Statement of Income The table below sets forth our consolidated statements of income for the years ended December 31, 2025 and 2024. Year Ended December 31, 2025 Compared with Year Ended December 31, 2024 For the Year Ended December 31, 2025 2024 Variation (R$ million) Interest income 8,638.5 5,139.2 68.1 % Interest expense (5,977.1) (3,311.6) 80.5 % Income from securities, derivatives and foreign exchange 3,612.5 2,629.2 37.4 % Net interest income and income from securities, derivatives and foreign exchange 6,273.8 4,456.7 40.8 % Net revenues from services and commissions 2,008.1 1,753.3 14.5 % Expenses from services and commissions (182.2) (143.4) 27.1 % Other revenues 301.2 333.6 (9.7) % Revenues 8,400.9 6,400.2 31.3 % Impairment losses on financial assets (2,416.4) (1,799.5) 34.3 % Administrative expenses (2,200.6) (1,769.1) 24.4 % Personnel expenses (1,090.3) (937.8) 16.3 % Tax expenses (728.7) (477.0) 52.8 % Depreciation and amortization (340.7) (208.8) 63.2 % Share of the profit or loss of associates and joint ventures accounted for using the equity method — (2.5) (100.0) % Profit before income tax 1,624.2 1,205.5 34.7 % Income tax (226.9) (232.7) (2.5) % Profit for the year 1,397.3 972.8 43.6 % Net interest income and income from securities, derivatives and foreign exchange Net interest income and income from securities, derivatives and foreign exchange increased 40.8% to R$6,273.8 million in 2025 from R$4,456.7 million in 2024, primarily as a result of the following factors: •Interest income: Interest income increased 68.1% to R$8,638.5 million in 2025, from R$5,139.2 million in 2024, mainly due to the growth in our personal credit and real estate loans portfolios, which increased by 47.1% and 44.0% respectively, comparing the portfolios as of December 31, 2025 and 2024. •Interest expense: Interest expense increased 80.5% to R$5,977.1 million in 2025 from R$3,311.6 million in 2024, primarily due to the increase in the balance of time deposits, which in turn was driven by growth of our number of clients and the increase in the interest rate during the year. Time deposits increased to R$51,293 million as of December 31, 2025 from R$39,229 million as of December 31, 2024. •Income from securities, derivatives and foreign exchange: Income from securities and derivatives increased 37.4% to R$3,612.5 million in 2025 from R$2,629.2 million in 2024, this increase is due to the growth in our portfolio of securities, mainly Brazilian government securities which generated significant yields in 2025, given the maintenance of high interest rates in the country. Form 20F 2026 FY2025 84 Table of Contents Net revenues from services and commissions Net revenues from services and commissions increased 14.5% to R$2,008.1 million in 2025 compared to R$1,753.3 million in 2024, mainly due to the increase in card interchange fees (amounts we receive in connection with the use of credit and debit cards we issued). This increase in card interchange fees was driven by the 21.4% growth in the number of active clients as of December 31, 2025 compared to December 31, 2024. Expenses from services and commissions Expenses on services and commissions increased 27.1% to R$182.2 million in 2025 from R$143.4 million in 2024, mainly due to the increase in provision for canceled sales of Inter Digital Corretora e Consultoria de Seguros S.A., driven by a change in the consortium cancellation recognition rule. Other revenues Other revenues decreased 9.7% to R$301.2 million in 2025 from R$333.6 million in 2024. The chart below sets forth our other revenues by category for the years ended December 31, 2025 and 2024: For the year ended December 31, 2025 2024 (R$ million) Revenue from card network 156.7 81.7 Performance fees 41.6 73.6 Revenue from sale of goods 26.3 24.2 Capital Gains/(Losses) (23.5) 55.5 Others 100.2 98.4 Total 301.2 333.6 The decrease in other revenues was primarily driven by: (i) the R$32.1 million decrease in performance fees, which consists substantially of the result of our commercial agreements with B3, Liberty and Sompo, which offer performance bonuses as certain established goals are met; and (ii) the R$79.1 million decrease in capital gains/(losses) due to capital gain we had in 2024 from the acquisition of Inter Pag, in addition to the write-off performed due to the sale of IM Design in 2025, an entity we acquired in 2021. This decrease was partially offset by an increase of R$75.0 million in card network revenue which reflects Inter Pag having been consolidated into our results for the full year of 2025 (we acquired 100% of Inter Pag in July 2024). Impairment losses on financial assets Impairment losses on financial assets increased 34.3% to R$2,416.4 million in 2025, from R$1,799.5 million in 2024, primarily as a result of: (i) the growth of our loan portfolio by 35.6%, when comparing our portfolio as of December 31, 2025 and December 31, 2024, including a 29.3% growth of our credit card portfolio, which is unsecured and, as a result, has a higher expected credit loss and (ii) the overall increase in defaults across our credit portfolio which we believe is related to an increase in defaults observed generally in the Brazilian financial market in response to higher interest rates prevailing in the Brazilian market (including the SELIC rate), which resulted from the challenging domestic and global macroeconomic environments. Form 20F 2026 FY2025 85 Table of Contents Administrative expenses Administrative expenses increased 24.4% to R$2,200.6 million in 2025 from R$1,769.1 million in 2024. The chart below sets forth our administrative expenses by category for the years ended December 31, 2025 and 2024: For the year ended December 31, 2025 2024 (R$ million) Data processing and information technology (1,033.6) (797.6) Third party services and financial system services (492.7) (424.8) Advertising and marketing (285.0) (235.0) Provisions for contingencies (56.0) (49.1) Rent, condominium fee and property maintenance (53.2) (69.3) Insurance expenses (17.6) (13.1) Others (262.4) (180.1) Total (2,200.6) (1,769.1) The increase in our administrative expenses was primarily due to: •The increase of R$236.0 million in data processing and information technology relates to increase in number of clients that demand a high volume of data processing. •The increase of R$67.9 million in third-party services and financial system services to our expenses relates to withdrawals from electronic service networks, interbank payment transactions, and file transmission fees to our regulatory bodies. This increase occurred due to a higher volume of operations in 2025. •The R$50.0 million increase in advertising and marketing resulted from higher investment in online advertising throughout 2025. Personnel expenses Personnel expenses increased 16.3% to R$1.1 billion in 2025 from R$0.9 billion in 2024, mainly due to the increase in bonus and profit-sharing payments to executives and to employees as a result of higher profits. Tax Expenses Tax expenses increased 52.8% to R$728.7 million in 2025 from R$477.0 million in 2024, mainly due to the increase in our revenues resulting in higher ICMS, PIS and COFINS expenses in 2025. Profit before income tax As a result of the foregoing, profit before tax increased 34.7% to a profit R$1.6 billion in 2025, from R$1.2 billion in 2024. Income tax Income tax decreased 2.5% to R$226.9 million in 2025 from R$232.7 million in 2024. The decrease in income tax expense occurred as a result of two main factors: (i) Inter Marketplace began distributing interest on equity (JCP) in 2025, which is tax-deductible and reduces the taxable income base; and (ii) expanded benefits from "Lei do Bem" (Innovation Law) in 2025, which provides tax incentives for companies investing in research and development activities. Form 20F 2026 FY2025 86 Table of Contents Profit for the year As a result of the foregoing, profit for the year increased by 43.6% to R$1.4 billion in 2025 from R$1.0 billion in 2024. Year Ended December 31, 2024 Compared with Year Ended December 31, 2023 For a discussion of our results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023, please see “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Income Statement—Year Ended December 31, 2024 Compared with the Year Ended December 31, 2023” on pages 80-82 of our annual report on Form 20-F for the year ended December 31, 2024. Capital Expenditure We have made significant investments in technology and innovation to enable us to launch new products and to keep them improving through time. These investments seek to ensure the availability, stability and security of all transactions, in addition to offering better customer experience, greater agility in the development of new products, all while generating efficiency gains. We intend to pursue the following investments over the coming years: •Business Clients: We are committed to strengthening our business client platforms and expanding our product offering, with special focus on InterPag evolution and merchant services. Our strategy includes modernizing our corporate banking interfaces and developing tailored financial products for different business segments. •Platformization: We are committed to advancing our technological infrastructure through strategic platform development and optimization. This platform-centric approach aims to drive operational efficiency, accelerate digital transformation, and create sustainable competitive advantages while delivering superior value. •Revenue Growth & ARPAC: We are committed to maximizing customer lifetime value through strategic initiatives focused on product penetration and engagement. We will focus on optimizing customer journeys, introducing premium service tiers, and leveraging data analytics to identify monetization opportunities, aiming to significantly increase our ARPAC while maintaining customer satisfaction. •Customer Centricity: We continuously seek ways to improve our channels to better serve clients. In 2026, we intend to continue improving our contact with our clients and our financial SuperApp UX. •Launch of new products and services: We continuously develop and launch new products and services from all business verticals in our platform, increasing the value proposition to our clients. •Internationalization: We intend to expand the offer of our products and services, leveraging our newly approved US Branch operations, through our Global Account, outside of Brazil, more specifically in the United States and Argentina. In addition to the projects mentioned above, we have planned investments in data security, collection process, operational risk platform and internal controls, process automation, system integrations, and system improvements. Investments in the development of our new products and services is an integral part of the daily routine of all of our business departments working together with our product, business development, data governance and technology teams. We invested an aggregate R$ 362 million throughout 2025 in the above-mentioned initiatives. Form 20F 2026 FY2025 87 Table of Contents B. Liquidity and Capital Resources Our asset and liability management strategy is set by the asset and liability committee, which operates under guidelines and procedures established by policies. The asset and liability committee establishes, among other policies, our funding strategy, and the target positioning with respect to structural balance sheet risk. Financial institutions operating in Brazil are subject to periodic measuring of their capital and capital standards based on their risk-weighted asset ratio. The parameters of this methodology are similar to international parameters used to measure minimum capital requirements under the Basel Accords. CMN mandated the calculation by financial institutions of Reference Equity on a consolidated basis and established a minimum Reference Equity required for risk-weighted assets, or RWA. 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, which came into effect on January 1, 2025. These resolutions establish new accounting criteria applicable to financial instruments that must be observed by financial institutions and other institutions authorized to operate by the Central Bank. The adoption of the new resolution did not have a material impact on our Regulatory capital and capital adequacy ratio. Our reference equity and capital adequacy information described below already reflect the application of the new regulation. As of December 31, 2025, Banco Inter’s capital adequacy ratio was 14.4%, a decrease of 0.8 percentage points compared to December 31, 2024. This variation was mainly due to the growth of our loan portfolio. As of December 31, 2024, Banco Inter’s capital adequacy ratio was 15.2%, a decrease of 7.8 percentage points compared to December 31, 2023. This variation was mainly due to the growth of our loan portfolio and acquisition of Inter Pag. For more information on reserve and lending requirements, see “―Overview―Reserve and Lending Requirements,” above, and “Regulatory Matters―Capital Adequacy Guidelines.” The table below sets forth Banco Inter’s Reference Equity and Banco Inter’s Capital Adequacy Ratio (as defined below) as of December 31, 2025, 2024 and 2023: December 31, Variation 2025 2024 2023 2025 x 2024 2024 x 2023 Reference Equity(1) (R$ million) 6,442.7 5,262.0 6,138.2 22.4 % -14.1 % Capital Adequacy Ratio(2)(3) 14.4 % 15.2 % 23.0 % (0.8) % -7.8p.p (1) Reference Equity (or regulatory capital) is the amount of capital available taken into consideration for purposes of determining the operating limits of Brazilian financial and other institutions duly authorized to operate by the Central Bank and is comprised by the sum of two tiers: Tier I and Tier II. Tier I is comprised of equity plus the balance of certain reserves, income and hybrid capital and debt instruments authorized by the Central Bank. Tier II, in turn, is comprised of revaluation reserves, reserves for contingencies, earnings reserves related to undistributed mandatory dividends, preferred shares with cumulative dividends, certain subordinated debt and hybrid instruments and unrealized earnings related to adjustments to the market value of available-for-sale securities. (2) Risk-Weighted Assets represents Banco Inter’s assets weighted according to risk pursuant to the methodology defined under the Central Bank regulations, in line with the Basel III framework. (3) Capital Adequacy Ratio is calculated as Reference Equity divided by Risk-Weighted Assets. Sources of Funds As of December 31, 2025, we had R$3.8 billion in cash and cash equivalents. We believe that our current available cash and cash equivalents and the expected cash flows from our operating activities will be sufficient to meet our working capital requirements, capital expenditures and our business plan in the ordinary course of business for at least the next 12 months. We obtain funding for working capital and the acquisition of assets through our own resources and funding obtained from third parties, which we record as liabilities with financial institutions, liabilities with clients and securities issued, as described below: •Liabilities with Financial Institutions and Liabilities with Clients: we finance a portion of our operations through the following types of deposits: Demand deposits: Clients deliver to us funds that will be available for transfer and withdrawal upon request. Form 20F 2026 FY2025 88 Table of Contents Time deposits: Clients deliver to us funds that will be available for withdrawal, together with the payment of interest, once a specific period of time elapses (as agreed between the parties). Interbank deposits: Time deposits used by financial institutions and other institutions authorized by the Central Bank to transfer excess funds among each other in order to raise or invest such funds. Savings deposits: Saving deposits are a special category of demand deposits subject to a special regulatory regime. Pursuant to the applicable regulation, earnings on saving deposits are determined based on variation of the SELIC rate. Bank Certificates of Deposit: A bank certificate of deposit is a promise to pay the deposit amount plus an agreed-upon inflation adjustment and interest. •Securities Issued: LCIs (Letra de Crédito Imobiliário): Fixed-income securities backed by real estate loans and collateralized by a conditional sale or property mortgage. Real estate bills of credit confer upon their holder a credit right against the issuer at par value, plus interest and, if applicable, any agreed-upon inflation adjustment. An LCI may benefit from an additional guarantee of a financial institution and can be collateralized by one or more real estate credits. LCAs (Letra de Crédito do Agronegócio): Registered bills of credit that are freely traded and represent a promise of payment in cash and that are exclusively issued by public or private financial institutions and secured by agribusiness credit rights. Financial Bills: Registered credit instruments, transferable and freely traded, exclusively issued by financial institutions and other institutions authorized to operate by the Central Bank. •LIGs (Letras Imobiliárias Garantidas): a fixed income security issued by banks and similar financial institutions, as well as credit, financing and investment associations, mortgage companies and savings and loan associations. LIGs are secured by real estate assets. •Borrowings and Onlendings: Refer to the onlending of real estate financing from Caixa Econômica Federal and Tesouro Funcafé as described in note 21 to our Audited Financial Statements. We believe we have access to several local and external sources of financing from different types of investors (individuals, companies, pension funds, investment funds and banks, among others). Our decision to obtain a particular source of funding is dependent on relevant client demands and the characteristics of the funding (interest rate, terms and applicable indices, for example). Historically, we have diversified our sources of financing, in order to better manage our liquidity and maintain a suitable cash balance that has enabled us to efficiently withstand liquidity pressures. We have maintained liquidity ratios above the minimum threshold and seek through our funding policy to extend maturity terms in order to maintain our current cost levels. We periodically assess our liquidity and minimum capital requirements consistent with our policy of raising funds and managing treasury not only to meet regulatory requirements, but also to ensure efficient management of our resources. We believe that when necessary we will have the ability to obtain resources from various local and external sources and different categories of investors (including individuals, companies, pension funds, investment funds and banks, among others). The decision to use one or another source of financing takes into account client demand and the characteristics of the operation (rates, maturities and indices, among others). Accordingly, we believe that we will be able to meet our working capital needs as they arise. Liquidity Our asset and liability management policy is focused on ensuring that our cash position complies with Central Bank rules. In particular, the policy is intended to ensure sufficient liquidity to cover any short-term obligation such as deposit withdrawals, granted credit lines and other funding or liabilities at maturity. Our risk department is responsible for monitoring the liquidity levels and cash position. The treasury department is in charge for diversifying the funding basis, as well as managing the cash and cash equivalent positions. Form 20F 2026 FY2025 89 Table of Contents As of December 31, 2025, our current financial assets were R$38.4 billion of which more than R$32.8 billion is considered as Ativos Líquidos de Alta Qualidade (or High Quality Liquid Assets, a category of assets defined pursuant to Central Bank regulation that are expected to remain liquid in markets during periods of stress and to remain easily and immediately convertible into cash with low or without losses). In terms of funding concentration, our top 10 clients represent less than 2.1% of our total credit portfolio as of December 31, 2025, indicating a diversified funding basis. Indebtedness As of the date of this annual report, we are not a borrower under any individually material loan or financing agreements. We have previously held time deposits with special collateral provided by the FGC. As of December 31, 2025, 2024 and 2023, we held no such time deposits. We do not hold time deposits, as we have opted to obtain funds mainly through demand deposits from our broad and less expensive client base. Limitations on Incurring Indebtedness As we are not a borrower under any material loan and financing agreements, we are not subject to material limitations on the incurrence of additional indebtedness, dividend distributions, sales of assets, issuances of new securities or changes of control that may be imposed as a result of such agreements. Financial institutions are, however, subject to operational limitations established by the CMN and Central Bank. These limits include: •maintaining a reference equity compatible with the risks inherent to our activities; •a limitation on total funds invested in fixed assets equivalent to a maximum of 50% of our reference equity (see “Liquidity and Capital Resources”); •a limitation on exposure per client equivalent to a maximum of 25% of our reference equity; and •minimum paid-in capital limits and equity for operation. Limitations on Uses of Funding Our use of funding to originate further loans and invest in other financial assets is contingent on maintaining a capital adequacy ratio, above the regulatory minimum threshold of 10.5% (our Capital Adequacy Ratio was 14.4% as of December 31, 2025). Pursuant to the Basel III guidelines, the capital adequacy ratio is calculated by dividing our Reference Equity (the sum of Tier I and Tier II capital) by Risk-Weighted Assets. Tier I consists of Primary Capital less prudential adjustments (deductions that may compromise the financial institution’s ability to withstand losses of Principal Capital) and Supplementary Capital (hybrid debt and equity instruments that meet promulgated requirements under the applicable CMN regulation. However, in order to improve the quality of the capital of financial institutions, Basel III restricts, for the purposes of the breakdown of Primary Capital, the inclusion of financial instruments that do not demonstrate an effective capacity for the absorption of losses and requires a reduction of assets that, in certain circumstances, could affect the amount of the financial institution’s capital as a result of the low liquidity of its instruments, dependence on future earnings or difficulty in measuring amounts. Tier II, in turn, is comprised of revaluation reserves, reserves for contingencies, earnings reserves related to undistributed mandatory dividends, preferred shares with cumulative dividends, certain subordinated debt and hybrid instruments and unrealized earnings related to adjustments to the market value of available-for-sale securities. Risk-Weighted Assets represents Banco Inter’s assets weighted according to risk pursuant to the methodology defined under the Central Bank regulations, in line with the Basel III framework. We are also subject to certain restrictions on risk concentration. We are subject to a limit for our use of financing obtained through loans in connection with any individual or group of individuals acting individually or upon mutual interest equivalent to 25% of our reference equity. We are further subject to certain regulatory requirements related to compulsory deposits and reserves. For more information on such restrictions, see “Regulatory Matters—Regulations affecting liquidity in the Brazilian financial market.” Form 20F 2026 FY2025 90 Table of Contents We periodically issue DPGEs (time deposits with special collateral) under two modalities: DPGE I (issued without collateral secured by the Credit Guarantee Fund) and DPGE II (issued with collateral secured by the Credit Guarantee Fund). Issuances of DPGEs are subject to regulatory limitations. As of the date of this annual report, we did not hold time deposits with special collateral provided by the Brazilian Credit Guarantee Fund (FGC). C. Research and Development, Patents and Licenses, etc. We have not implemented a dedicated research and development structure. Our research and development model is based on continuous innovation in connection with which we (1) constantly conduct market surveys and activities and (2) continuously launch new products and services that we test and optimize in order to provide a platform that is sophisticated, agile and of high added value. To support all such innovations that have been promoted by us since our foundation, we have a strong Product Development team that focus on multiple initiatives in IT infrastructure, platforms, new financial products, among others. Some selected innovation initiatives are listed below: •Development, Security and Operations (DevSecOps): integration and automation processes of essential steps for the systems which support the quality and stability of our financial SuperApp, from conception to release, aiming at security, reliability, usability and better client experience. •Analytics COE: supported by our security and transparency guidelines, a data intelligence and analytics center was created. Through the use of advanced analysis techniques and pragmatic performance of data scientists, Analytics COE acts as a factory of business-oriented ideas, seeking to maximize the shared value between Inter and its clients. •Processes and Services Automation: in order to process banking services transactions with efficiency, quality and security, guaranteeing the technological capacity necessary for an ever-increasing volume of clients and operations, we focused on the processing networks automation. For more information on our use of intellectual property, see “Item 4. Information on the Company ― B. Business Overview ― Intellectual Property.” For more information on our expected investments in such development, see “Item 5. Operating and Financial Review and Prospects―A. Operating Results―Capital Expenditures.” D. Trend Information See “Item 5. Operating and Financial Review and Prospects―A. Operating Results―Factors Affecting Results of Operations.” E. Critical Accounting Estimates Our Audited Financial Statements are prepared in conformity with IFRS Accounting Standards. In preparing our Audited Financial Statements, we make assumptions, judgments and estimates that can have a significant impact on amounts reported in our Audited Financial Statements. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly reevaluate our assumptions, judgments, and estimates. For more information, see notes 2 and 4 to our Audited Financial Statements.