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    Antonio Gregorin Ruette • Bank of America

    Antonio Gregorin Ruette's questions to PagSeguro Digital Ltd (PAGS) leadership

    Antonio Gregorin Ruette's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Antonio Gregorin Ruette followed up on TPV, asking if repricing efforts negatively impacted the MSMB segment and seeking clarification on what 'mortality' refers to. He also asked for more rationale on choosing to initiate cash dividends rather than allocating more capital to buybacks.

    Answer

    Executive Ricardo da Silva acknowledged that repricing could have some friction with larger MSMBs, but it is not a significant issue. He explained that 'mortality' refers to the natural churn of smaller businesses, which is exacerbated by the high-interest-rate environment. On capital allocation, he reiterated that dividends are a complementary initiative to the ongoing, aggressive buyback program, designed together to enhance shareholder value and improve Return on Equity.

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    Antonio Gregorin Ruette's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Antonio Gregorin Ruette from Bank of America questioned if repricing negatively impacted MSMB TPV, sought more detail on the choice of dividends over buybacks, and asked for clarification on 'merchant mortality' and which large account segments decelerated.

    Answer

    Executive Ricardo da Silva acknowledged repricing can cause some churn in larger MSMBs but stated it's not a major issue. He defined 'mortality' as the natural failure rate of small businesses, which is heightened in the current macro environment. The large retail segment saw the most significant deceleration. He reiterated that dividends are a complementary tool to buybacks, aimed at enhancing ROE and shareholder value.

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    Antonio Gregorin Ruette's questions to XP Inc (XP) leadership

    Antonio Gregorin Ruette's questions to XP Inc (XP) leadership • Q4 2024

    Question

    Antonio Gregorin Ruette asked for an explanation of the diverging trends in headcount, which increased, and the total number of advisers, which decreased. He also questioned how XP addresses the challenge of cross-selling products when IFAs may have existing relationships with other providers.

    Answer

    CEO Thiago Maffra explained the adviser count decreased due to a focus on quality and a regulatory change allowing IFAs to become employees. Meanwhile, headcount grew from hiring 50-80 internal advisers per month. To drive cross-selling, he said XP offers IFAs superior economics, a better integrated technology platform (The Hub), and has exclusivity agreements covering all products with over 90% of its IFA network.

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