Net Income

FY 2024

no prior guidance

“confident in delivering or surpassing the top of the range of expected results” " "

no prior guidance

SELIC Interest Rate Assumption

FY 2024

no prior guidance

10.5% "

no prior guidance

Gross Profit Growth

FY 2025

no prior guidance

7% to 11% "

no prior guidance

EPS Growth

FY 2025

no prior guidance

11% to 15% "

no prior guidance

CapEx

FY 2025

no prior guidance

BRL 2.2 billion to BRL 2.4 billion "

no prior guidance

Consistent strong TPV growth

In Q1, TPV grew 27% YoY with an emphasis on outperforming an 11% industry rate. " " " In Q2 it reached 34% YoY " , and in Q3 it was 37% YoY. " "

In Q4, TPV grew 28% YoY with detailed segmentation (e.g., MSMB at 21% and LMEC at 45%) and a focus on strategic repricing to mitigate higher interest rates. " "

Consistent momentum with minor moderation compared to Q3 while still outperforming industry trends.

Sustained expansion of LMEC segment

Q1 reported 35% YoY growth, Q2 highlighted 50% growth with emphasis on online and cross-border activity " " , and Q3 noted 62% YoY growth driven by new verticals. "

Q4 reported 45% YoY growth, driven by e-commerce, cross-border, and large accounts strategies. " "

Consistently strong with Q4 showing moderate decline from Q3’s peak yet remaining a key revenue diversification driver.

Credit portfolio growth and lending risks

Q1 emphasized a resumption in credit growth with secured products making up over 70% of the portfolio and cautious plans to resume unsecured lending. " " Q2 stressed an 11% growth with secured lending dominating (80% of the book) and early-stage unsecured loans. " " " Q3 highlighted a 30% YoY growth, still focused primarily on secured lending with pilots for unsecured products. " "

Q4 growth continued with secured products now representing 85% of the loan book and measured expansion in unsecured lending, along with improved NPL metrics. " "

Steady expansion with a persistent focus on secured lending while maintaining caution on unsecured products.

Strategic repricing initiatives

Not mentioned in Q1 and Q2; Q3 introduced the topic with a focus on repricing to pass through higher costs while avoiding churn. "

Q4 provided a detailed, dynamic and targeted repricing strategy to balance profitability improvements with customer retention concerns. " " " "

A new and increasingly emphasized topic, reflecting a sharper focus on mitigating interest rate impacts while preserving client relationships.

Capital allocation strategies

Q1 mentioned a focus on organic growth, cautious cash management, and a remaining share buyback balance. " " Q3 discussed multiple buyback programs and a strategic view on capital structure. " " Q2 did not provide specific details.

Q4 outlined the execution of 50% of its current buyback program and a conservative approach to cash deployment amid macroeconomic uncertainties. " " "

Increased clarity and focus, showing evolving strategies to balance shareholder returns with sustaining future organic growth.

Shifting sentiment on margin pressure and transaction yields

Q1 noted stable margins (gross margins around 40.6%) with a focus on gross profit rather than transaction yields. " " Q2 discussed take rate and margin pressures largely driven by shifts in client and product mix. " " Q3 emphasized how changes (e.g., increased PIX and larger merchants) contributed to accretive improvement in gross profit. "

Q4 highlighted the impact of the evolving client/product mix and employed repricing strategies to mitigate margin pressure, while acknowledging potential impacts on transaction yields. " " "

Evolving discussion with an increasingly proactive approach to managing margin pressures through pricing adjustments and adapting to a changing product mix.

Emerging regulatory risks

Q3 briefly mentioned exposure to the gaming industry as immaterial, with gaming-related transactions having a negligible impact on overall performance. " " Q1, Q2, and other periods did not emphasize this risk.

Q4 contained no mention of gaming industry regulatory risks.

The topic has faded from the discussion, suggesting reduced concern or lower prioritization in the current period.

New product innovation in lending

Q1 announced plans to resume working capital loans and offer overdraft accounts gradually. " Q2 discussed the initiation of working capital and overdraft offerings with early positive tests. " " Q3 noted cautious piloting of unsecured lending models. " "

Q4 reported that volumes in working capital loans and overdraft offerings are growing quarter after quarter, albeit on a small scale, maintaining a cautious pace. "

A continuously developing area, with steady but measured progress in expanding non-collateralized lending products.

Evolving focus on operating and marketing expense efficiency

Q1 emphasized disciplined cost control with operating expenses at 16.4% of revenue. " " Q2 showed stabilization in SG&A spending with investments in growth initiatives. " " Q3 discussed continued cost discipline and early signs of operating leverage. "

Q4 achieved further cost efficiency with operating expenses reduced to 16.1% of revenue, demonstrating improved operating leverage as investments stabilize. " "

A consistent focus resulting in gradual efficiency gains and enhanced operating leverage over the periods.

Robust deposit growth strengthening the funding base for future credit expansion

Q1 reported deposits at BRL 30.6 billion (up 64% YoY) with strong growth supported by integrated offerings. " " Q2 highlighted an 87% YoY increase to BRL 34.2 billion, demonstrating a significant improvement in funding. " " " Q3 noted robust deposit increases (59% YoY) and improvements in funding costs. "

Q4 reported deposits of BRL 36.1 billion (up 31% YoY) with lower APY and a favorable loan-to-deposit ratio, despite a slightly lower growth percentage, indicating maturing funding metrics. "

Consistently strong deposit performance that now emphasizes lower funding costs and more efficient capital use, paving the way for future credit expansion.