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    Kaio Penso Da Prato • UBS

    Kaio Penso Da Prato's questions to MercadoLibre Inc (MELI) leadership

    Kaio Penso Da Prato's questions to MercadoLibre Inc (MELI) leadership • Q4 2024

    Question

    Kaio Penso Da Prato asked about expectations for the FinTech business in Argentina, focusing on credit quality, and whether the lack of a banking license there poses a restriction to growth.

    Answer

    Osvaldo Giménez (Executive) highlighted the significant opportunity in Argentina, with the credit portfolio growing nearly 4x YoY amid low credit penetration and falling interest rates. He noted that bad debt ratios are the lowest of any country but that they remain cautious. He clarified that a banking license is not currently a restriction for growth, as they can effectively fund the book by securitizing receivables, though it is a possibility they regularly analyze.

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    Kaio Penso Da Prato's questions to PagSeguro Digital Ltd (PAGS) leadership

    Kaio Penso Da Prato's questions to PagSeguro Digital Ltd (PAGS) leadership • Q3 2024

    Question

    Kaio Penso Da Prato from UBS sought clarification on the expanded credit portfolio's high growth rate and asked about potential changes to capital allocation in 2025, such as dividends or M&A.

    Answer

    Executive Artur Schunck clarified the prepayment figure is an outstanding balance, with its growth rate influenced by lower AR securitization. Executive Ricardo da Silva noted that while capital structure is always under review, a strong balance sheet is vital for navigating volatility and potential M&A, so the 2025 structure is not fixed.

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    Kaio Penso Da Prato's questions to PagSeguro Digital Ltd (PAGS) leadership • Q3 2024

    Question

    Kaio Da Prato from UBS sought clarification on the expanded credit portfolio figure, asking if it was an outstanding balance or a quarterly flow, and questioned potential alternative uses of the company's large net cash balance in 2025.

    Answer

    Executive Artur Schunck clarified the reported figure is the outstanding balance of prepayment receivables and its faster growth relative to TPV was influenced by lower AR securitization. Executive Ricardo da Silva stated that while they constantly assess capital structure, a strong balance sheet is crucial for navigating Brazil's volatility and potential M&A, not ruling out future changes to capital allocation.

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    Kaio Penso Da Prato's questions to StoneCo Ltd (STNE) leadership

    Kaio Penso Da Prato's questions to StoneCo Ltd (STNE) leadership • Q3 2024

    Question

    Kaio Penso Da Prato noted that MSMB card TPV growth was slightly below the industry and asked for the reason behind the implied market share loss. He also followed up on capital allocation, asking if proceeds from a potential software business sale would primarily be distributed to shareholders.

    Answer

    Executive Lia de Matos explained that they view market share over a longer horizon and that short-term results were impacted by marketing seasonality, a focus on profitability, and PIX cannibalization. Executive Mateus Schwening stated it was premature to discuss the use of proceeds, but given their strong capital position, distributing excess cash from a potential sale would be a possible option to evaluate.

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