Banco Pan S A : Quarterly Reporting Document

INTERIM FINANCIAL STATEMENTS

1Q22

Management Report

1Q22

São Paulo, May 3, 2022 - In accordance with legal provisions, Banco PAN S.A. ("PAN", "Bank", "Banco PAN" or "Institution") and its subsidiaries are pleased to present the results for the quarter ended March 31, 2022, accompanied by the Independent Auditor's Report. The Bank's operating and financial information, unless otherwise indicated, is presented based on consolidated figures and in Reais, in accordance with Brazilian Corporate Law and with accounting practices adopted in Brazil.

MESSAGE TO THE STOCKHOLDERS,

2022 began with new challenges for PAN and for Brazil. With the acceleration of inflation, reduction of the income of Brazilian families and increase of uncertainty, PAN, in line with its strategy to stand as the partner bank for Brazilians, continued to work in a simple and efficient way, showing that it has the tools and products that meet the needs of Brazilians.

Still at the end of 2021 we adjusted our credit metrics, controlling the issuance of new cards and marginally reducing vehicle financing, at the same time we accelerated the granting of FGTS (Government Severance Indemnity Fund for Employees).

We managed to grow even in the face of a challenging macroeconomic scenario and we are satisfied with our performance in this first quarter. We had good results in credit origination, with 88% of our portfolio collateralized.

We continued to invest significantly in expanding our ecosystem of products and channels. In 1Q22 we started using Whatsapp to facilitate onboarding and credit contracting. Furthermore, we had the soft launch of Health PAN, a preventive health service that meets the needs of more than 150MM of destitute Brazilians and we will have the official launch in 2Q22.

Finally, we launched the new version of the app, which transforms the client experience in 3 main aspects: (i) Better performance: faster login and better performance of homes, with architecture evolution; (ii) Scalability and intuitive use: with more accessible Homes and main menu with sales strategy and quick access; and (iii) Contextualized Offers: spaces for contextual highlights promoting individualized offers and, consequently, expanding cross sell.

The constant evolution of our channels' UX allowed us to maintain high levels of engagement. Today 53% of our banking clients are active. This is reflected in our cross-sellindex of

2.6 and in our transacted volume, which reached R$19.6 billion in 1Q22. We closed 1Q22 with over 6 million accounts with registered PIX keys, 558 thousand banking clients with contracted insurance and more than 489 thousand clients who performed reloads in the quarter.

In March, we concluded the acquisition of Mosaico creating a complete ecosystem and offering consumer solutions linked to financial solutions for our clients, smoothing the purchasing journey. Our objective is to explore the clients flow, and in this sense we are already gaining efficiency. Since November 2021 over 1.1MM Buscapé cards have been requested.

With the integration of cashback in Mosaico's offers, the GMV trend was reversed, reaching R$ 1,328 MM in 4Q21 and R$775 MM in 1Q22 with growing take rate, from 5.7% in 1Q21 to 7.3% in 1Q22.

All these growth and engagement initiatives, including the acquisition of Mobiauto, are reflected in an ever expanding monetization process, the basis of the sustainable business model that we have built over the last few years, whose main pillar is to offer products that meet the need of Brazilians, expanding our client base every day.

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Today we are one of the largest digital banks in Brazil, we closed the quarter with more than 14.7 million banking clients and 19.4 million total clients, growth of 94% since 1Q21 and we continue to expand significantly, always focusing on our target audience.

Our drive to maintain sustainable growth in line with an efficient engagement strategy allows us to consistently monetize our operation. We posted net profit of R$195 million in 1Q22 with an accounting ROE of 13.3%.

At the end of 1Q22, 6 million of our banking clients had a total of R$14.6 billion in credit with PAN, which represents 40% of the entire credit portfolio. We believe that credit is an important tool for attracting, engaging and monetizing clients. We continue to launch new products and improve the client experience. We originated more than R$ 5.9 billion in new loans in 1Q22, reaching a total loan portfolio of R$ 36.2 billion.

Finally, the entire evolution of our client base, products offered and engagement aims to create a complete platform. We continue to gain scale and strengthen the credit business with proven execution excellence. We evolved our banking platform, integrating e-commerce (Mosaico), Auto (MobiAuto) and Health (Saúde PAN).

ORIGINATION OF CREDIT PORTFOLIO AND RETAIL

With investments in innovation and process simplification, we advanced in the credit origination strategy with efficiency gains.

During 1Q22, PAN originated a monthly average of R$ 1,995 million in new credit operations, compared with R$ 2,300 million in 4Q21 and R$ 1,642 million in 1Q21, a decrease of 13% in the quarter and an increase of 21% in the year.

In 10 months of operation of the FGTS Loan product we originated more than R$ 5.9 billion in new loans for more than 3 million clients. In 1Q22 alone, we originated R$2,122 million.

In 1Q22 we originated R$ 1,599 million in payroll-deductibles (loans and card), compared with R$ 1,958 million in 4Q21 and R$ 2,148 million in 1Q21.

For vehicles, we originated R$ 2,022 million in new financing, including light vehicles and motorcycles, down 14% in comparison to R$ 2,345 million in 4Q21 and 24% in relation to R$ 2,673 million in 1Q21.

The Credit Portfolio closed 1Q22 at R$ 36,243 million, an increase of 4% in relation to R$ 34,896 million at the end of 4Q21 and an increase of 20% compared to R$ 30,160 million at the end of 1Q21.

We also noticed a growing engagement of our Banking Clients in credit products. In March 2022, 6 million clients of the transactional bank already have credit, and represent 40% of PAN's portfolio.

Gradually, we expanded the number of products offered and diversified our credit portfolio, including products with higher margins and potential for engagement. At the same time, we maintained a high level of collateralized portfolio, representing 88% of the total.

Despite the gradual change in the composition of the portfolio, we kept risk levels under control. In 1Q22, the indicator of portfolio credits past due over 90 days was 6.8%, compared to 6.3% in 4Q21, evolving according to the change in the portfolio mix. The indicator of credits past due between 15 and 90 days over the total portfolio in 1Q22 was 8.6%, 0.8 percentage point higher than the 7.8% in 4Q21.

These metrics are particularly sensitive to the change in the product mix, using the same mix as in 4Q19 the 90 days indicator above would go to 6.0% and the 15-90 days indicator would go to 8.0%, both in line with the 4Q19 indicators.

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PAYROLL-DEDUCTIBLES AND FGTS

In July 2021, we began offering on our platform the early withdrawal of FGTS prior to client birthdates. We were pioneers in offering this product directly through the app. In addition to directly reaching our target audience, this modality provides the opportunity for clients with unfavorable credit scores to have access to personal loans, increasing client engagement and loyalty.

In just 10 months of operation, the product proved to be a success, in this period we originated over R$ 5.9 billion in new credits for more than 3 million clients. In 1Q22 alone, we originated R$2,122 million. The early FGTS withdrawal has proved to be a great tool to engage clients. Moreover, it has a lower risk than payroll-deductible loans and robust margins.

In the payroll-deductibles market, our focus is on granting payroll-deductible loans and credit cards to government employees, retirees and pensioners of the National Institute of Social Security (INSS). Our strategy is to keep focused on federal agreements, as these are the largest market originators of INSS beneficiaries and pensioners.

In 1Q22, the deductible margin was reduced to a maximum of 35% of the total client benefit, and originated volumes were impacted. Nevertheless we originated R$ 1,599 million in payroll- deductibles (loans and card), compared to R$ 1,958 million in 4Q21 and R$ 2,148 million in 1Q21. At the end of March 2022, the margin returned to 40%, reestablishing previous levels.

In the payroll-deductible card, we originated R$ 231 million in 1Q22, compared to R$ 255 million that were originated in 4Q21 and R$ 215 million in 1Q21.

The payroll-deductible loan portfolio in 1Q22 totaled R$ 9,261 million, compared to R$ 9,606 million in 4Q21 and R$ 12,705 million in 1Q21, a decrease of 4% in the quarter and 27% in the year. The payroll-deductible credit card portfolio ended the quarter stable at R$ 2,175 million, compared with R$ 2,173 million in the previous quarter and recording a 5% increase in relation to the balance of R$ 2,064 million in 1Q21.

VEHICLE FINANCING

We continue with our focus on financing used light vehicles (mostly between 4 and 8 years of use) and new motorcycles, and Mobiauto allows us to be present from the beginning of the vehicle purchasing journey.

Mobiauto, the largest independent digital vehicle sales platform in Brazil, will work as an important instrument to leverage market share in the financing of light vehicles and motorcycles, improving client experience and increasing the engagement of partner retailers, expanding our ecosystem through technology and contextualization of products and services.

In 1Q22, we originated R$ 2,022 million in new vehicle financing, including light vehicles and motorcycles, down 14% in comparison to R$ 2,345 million in 4Q21 and down 24% in relation to R$ 2,673 million in 1Q21.

The origination of light vehicles was R$ 1,700 million in 1Q22, down 16% compared to R$ 2,032 million originated in 4Q21 and down 29% against R$ 2,390 million originated in 1Q21. In the motorcycles segment, we originated R$ 322 million in 1Q22, compared to R$ 312 million in 4Q21 and R$ 283 million in 1Q21, a decrease of 3% and 14%, respectively.

The vehicle financing portfolio totaled R$ 15,238 million at the end of the year, an increase of 2% in relation to R$ 14,885 million in 4Q21 and of 21% against R$ 12,555 million at the end of 1Q21.

TRANSACTIONAL BANK

Since the beginning of our journey, our deliveries in the app have been focused on offering products to meet the needs of our clients, such as FGTS, credit card, payroll-deductibles, car equity and insurance.

This quarter, PAN launched a faster, more intuitive and scalable app, as well as a new design. This new version is focused on contextual products, increasing individual cross-sell.

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