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    William Barranjard • Itaú BBA

    William Barranjard's questions to Patria Investments Ltd (PAX) leadership

    William Barranjard's questions to Patria Investments Ltd (PAX) leadership • Q2 2025

    Question

    William Barranjard from Itau BBA questioned the impact of recent U.S. tariff news on international investor sentiment towards Brazil and asked what conditions would be necessary for a dividend increase, given the outlook for stable net debt.

    Answer

    CEO Alexandre Saigh stated that while the tariffs create uncertainty, their direct economic impact on Brazil's GDP is expected to be marginal (0.2-0.4% reduction). He observed that the geopolitical uncertainty is paradoxically driving more interest from Asian, Middle Eastern, and European investors into Latin America as they seek to diversify. Regarding capital returns, Saigh confirmed the plan is to maintain a stable net debt level and keep the share count within the guided range. He stated that the dividend will remain at $0.15 per share for the rest of the year, and any potential increase would be reviewed at year-end, contingent on continued fundraising momentum and receding macro uncertainty.

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    William Barranjard's questions to PagSeguro Digital Ltd (PAGS) leadership

    William Barranjard's questions to PagSeguro Digital Ltd (PAGS) leadership • Q4 2024

    Question

    William Barranjard from Itaú BBA inquired about the specific levers PagBank can use to further decrease its cost of funding below 90% of CDI and how this could impact the 2025 gross profit guidance.

    Answer

    Executive Ricardo da Silva explained that while the company does not provide a specific target for funding costs, its guidance assumes a 15% year-end SELIC rate. He identified levers such as adjusting yields on CDs, a strategy that previously helped reduce costs from 94% to 90% of CDI while deposits grew 31%. CFO Artur Schunck added that diversifying funding sources in 2024 has also improved their ability to manage costs.

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