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    Arnon Shirazi • BTG Pactual

    Arnon Shirazi's questions to XP Inc (XP) leadership

    Arnon Shirazi's questions to XP Inc (XP) leadership • Q2 2025

    Question

    Arnon Shirazi from Citigroup questioned the significant 38% year-over-year increase in non-people-related expenses and asked about the potential impact of a tax increase on offshore funds and the drivers of the current quarter's effective tax rate.

    Answer

    CFO Victor Mansur explained the expense increase was driven by investments in marketing, including major client and partner events, and technology. He noted the next quarter will also be high due to the 'Expert' event. Regarding taxes, he stated the current effective rate of around 15% is due to a favorable product mix with strong secondary market activity and should remain stable if the mix holds. He expressed confidence that any impact from offshore tax changes would be marginal due to tax planning.

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    Arnon Shirazi's questions to PagSeguro Digital Ltd (PAGS) leadership

    Arnon Shirazi's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Arnon Shirazi asked for an explanation of the Total Payment Volume (TPV) growth deceleration to 16% YoY from 28% in the previous quarter. He also questioned why the company is initiating a dividend payout of only 10% of future net income, given its substantial capital position.

    Answer

    Executive Ricardo da Silva explained that the TPV growth reflects a difficult comparison to a strong Q1 2024 and a strategic focus on MSMBs (up 11%) and e-commerce (up over 30%), while repricing efforts in a rising interest rate environment impacted the more sensitive large retail segment. Regarding the dividend, he stated that it is part of a combined capital return strategy that includes aggressive share buybacks, with over BRL 1.1 billion repurchased in the last 12 months, and that the 10% payout is a starting point.

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    Arnon Shirazi's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Arnon Shirazi inquired about the reasons for the TPV growth deceleration from 28% in Q4 2024 to 16% in Q1 2025, and questioned the rationale for a relatively low 10% dividend payout ratio given the company's strong capital position.

    Answer

    Executive Ricardo da Silva explained that the TPV slowdown was due to a difficult year-over-year comparison, a strategic focus on higher-growth MSMB and online segments, and the impact of repricing on price-sensitive large retail clients. Regarding dividends, he clarified that the 10% payout is part of a combined capital return strategy that includes aggressive share buybacks, with over BRL 1.1 billion repurchased in the last year.

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    Arnon Shirazi's questions to Itau Unibanco Holding SA (ITUB) leadership

    Arnon Shirazi's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2024

    Question

    Arnon Shirazi inquired about the credit card portfolio, specifically how the derisking process has affected the interest-bearing portion and whether the bank has an appetite to take on more risk in lower-income segments now.

    Answer

    CEO Milton Maluhy Filho explained that the derisking process shifted the portfolio towards higher-income clients, who have a lower propensity to use interest-bearing revolving credit, with only 14% of the portfolio currently paying interest. He emphasized that the bank's goal is to offer clients better financing alternatives than high-rate revolving credit, and while the portfolio is stabilizing, its risk profile is fundamentally different and of higher quality than in the past.

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