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    Beatriz Abreu • Goldman Sachs Group, Inc.

    Beatriz Abreu's questions to Banco Santander-Chile (BSAC) leadership

    Beatriz Abreu's questions to Banco Santander-Chile (BSAC) leadership • Q1 2025

    Question

    Beatriz Bomfim de Abreu asked for more detail on asset quality trends, particularly in the mortgage portfolio, and inquired about future technology transformation expenses following the mainframe migration to the cloud.

    Answer

    Cristian Vicuna, Head of Strategy and IR, responded that asset quality is stabilizing, with positive trends in consumer and commercial loans. He noted that while the mortgage portfolio is still deteriorating, the pace is slowing, with a plateau expected in the second half of the year. On expenses, he confirmed that while other platform updates are planned, none are as significant as the Gravity project, and the bank is confident in maintaining its efficiency ratio of around 35%.

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    Beatriz Abreu's questions to PagSeguro Digital Ltd (PAGS) leadership

    Beatriz Abreu's questions to PagSeguro Digital Ltd (PAGS) leadership • Q4 2024

    Question

    Beatriz Abreu of Goldman Sachs inquired about the drivers of the strong 2025 EPS guidance, specifically the impact of buybacks, and asked for expectations on TPV growth and transaction yield trends for the upcoming year.

    Answer

    Executive Ricardo da Silva clarified that the 2025 EPS guidance does not assume any further share buybacks, using the share count as of year-end 2024. He projected that TPV would continue to grow faster than the industry, which is estimated to grow 9-11%. While acknowledging that mix changes could lower transaction yields, he reiterated that the company's primary focus is on gross profit, which captures offsetting benefits like lower funding costs.

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