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    Beatriz Bomfim de Abreu • Goldman Sachs Group, Inc.

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

    Beatriz Bomfim de Abreu's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Beatriz Bomfim de Abreu from Goldman Sachs asked about the drivers behind the quarterly contraction in total deposits, including CDs, and questioned if the current 90% of CDI remuneration represents a floor to prevent further outflows.

    Answer

    Executive Artur Schunck attributed the deposit movement to seasonality and active funding management. He emphasized the successful shift to in-house CD distribution (now 85% of total) to lower costs. While the company aims to reduce the APY further, he noted it must be balanced against the need to maintain sufficient deposit levels to avoid resorting to more expensive funding alternatives.

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    Beatriz Bomfim de Abreu's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Beatriz Bomfim de Abreu inquired about the quarterly contraction in total deposits, noting that both checking accounts and CDs declined. She asked for the drivers behind this decrease and whether the current 90% of CDI remuneration represents a floor to prevent significant outflows.

    Answer

    Executive Artur Schunck attributed the deposit movement to seasonality and the active management of all funding lines. He highlighted the company's success in reducing the average cost of funding and shifting distribution in-house (85% vs. 74% YoY). While the company is working to lower the 90% of CDI cost further, he noted they must balance this goal against the risk of losing deposit volume to more expensive funding lines.

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    Beatriz Bomfim de Abreu's questions to Banco de Chile (BCH) leadership

    Beatriz Bomfim de Abreu's questions to Banco de Chile (BCH) leadership • Q1 2025

    Question

    Beatriz Bomfim de Abreu from Goldman Sachs asked for the rationale behind raising the net interest margin (NIM) guidance to around 4.7%, despite expecting lower policy rates. She also sought details on the bank's current loan growth expectations by segment.

    Answer

    Executive Pablo Ricci attributed the stronger NIM guidance to a robust first quarter, an expected improvement in the loan mix towards higher-spread retail products, and the continued benefit of lower funding costs. Executive Rodrigo Aravena noted that while macro uncertainty persists, the bank's baseline scenario supports this view. Regarding loan growth, Pablo Ricci stated expectations are for growth slightly above the industry's 4%, driven primarily by consumer and mortgage loans, with commercial loan growth likely to be slower than previously anticipated.

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    Beatriz Bomfim de Abreu's questions to Patria Investments Ltd (PAX) leadership

    Beatriz Bomfim de Abreu's questions to Patria Investments Ltd (PAX) leadership • Q4 2024

    Question

    Beatriz Bomfim de Abreu asked for clarification on the timing of Performance-Related Earnings (PRE) from the Aguas Pacifico sale, inquired about other potential exits from Infrastructure Fund III, and questioned the trend of redemptions in public equities and credit strategies.

    Answer

    CEO Alex Saigh clarified that the PRE from the Aguas Pacifico sale was fully accounted for in Q4 2024, as the deal was signed in that quarter, even though it closed in Q1 2025. He confirmed that other assets in Infrastructure Fund III are being considered for monetization. Regarding redemptions, Saigh explained that a significant Q4 credit redemption was a mechanical process for a specific SMA and the funds were recommitted in early 2025, stating that overall redemption trends are insignificant.

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    Beatriz Bomfim de Abreu's questions to Patria Investments Ltd (PAX) leadership • Q3 2024

    Question

    Beatriz Bomfim de Abreu inquired about the Fee Related Earnings (FRE) margin expectations for 2025, including the potential for expansion from synergies and the likely trajectory in Q1. She also asked for clarification on the expected Q4 tax rate and the path to a 10% rate in 2025.

    Answer

    CEO Alex Saigh explained that Q3 margins were temporarily lower due to absorbing recent acquisitions but expects them to return to the 'upper 50s' for the full year 2025, starting in the 'mid-50s' in Q1. CFO Ana Russo added that the full-year 2024 tax rate is expected to be 6-8%, with quarterly fluctuations based on jurisdictional income mix, and confirmed the rate will trend towards 10% in 2025.

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    Beatriz Bomfim de Abreu's questions to Dlocal Ltd (DLO) leadership

    Beatriz Bomfim de Abreu's questions to Dlocal Ltd (DLO) leadership • Q3 2024

    Question

    Beatriz Bomfim de Abreu inquired about the specifics of the gross profit loss in Brazil from a top merchant and whether other merchants might follow. She also asked about the 16% sequential drop in G&A expenses and if that level is sustainable given planned investments.

    Answer

    Executive Pedro Arnt explained the Brazil issue was a unique regulatory situation where a merchant obtained a payment license, forcing a direct connection to acquirers, and should not be extrapolated. He noted the new orchestration product is already helping to recoup volumes with that merchant. Executive Mark Ortiz added that the G&A decrease resulted from disciplined cost controls after a weak Q1, but he expects costs to rise slightly as investments in product and IT continue.

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    Beatriz Bomfim de Abreu's questions to Vinci Partners Investments Ltd (VINP) leadership

    Beatriz Bomfim de Abreu's questions to Vinci Partners Investments Ltd (VINP) leadership • Q3 2024

    Question

    Beatriz Bomfim de Abreu requested the specific amount of retroactive fees recognized in the quarter and inquired about the expected timeline for future retroactive fees from other flagship funds currently fundraising. She also followed up on the Lacan acquisition, asking about the fundraising timeline for its fourth vintage and the AUM of its previous vintages.

    Answer

    Private Equity Chairman and Head of IR Bruno Zaremba reported BRL 3.0 million in retroactive fees for the quarter, with more expected from VCP IV and VICC closings through early 2025. He also noted SPS IV's first close is expected in Q4. CEO Alessandro Horta detailed that Lacan's first three funds total BRL 1.5 billion in AUM. Bruno Zaremba added that the fourth vintage, currently fundraising, targets BRL 800 million and will leverage Vinci's distribution platform.

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

    Beatriz Bomfim de Abreu's questions to Banco Santander-Chile (BSAC) leadership • Q2 2024

    Question

    Beatriz Bomfim de Abreu asked if the Bansa deconsolidation explained the significant drop in the corporate CIB loan book and questioned the bank's confidence in maintaining its 1.3% cost of risk guidance given the quarterly increase in NPLs.

    Answer

    CFO Emiliano Muratore clarified that the Bansa deconsolidation affected the middle-market segment, not CIB, and the CIB decline was due to the non-renewal of a few large loans. He reaffirmed the 1.3% cost of risk guidance for the year, stating the current level is sustainable and will absorb the upcoming one-off provision. Cristian Vicuna, Chief of Strategic Planning and Investor Relations, added that mild improvements in the job market provide further confidence in this outlook.

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