PagSeguro Digital Ltd (PAGS) 2024 Q4 法說會逐字稿

Good evening. My name is Olgere, and I will be your conference operator today. Welcome to PagSeguro Digital's earnings call for the fourth quarter of 2024. The slides presentation for today's webcast is available on PagSeguro Digital's Investor Relations website at investors.pagbank.com. Please refer to the forward-looking statement and reconciliation disclosure in this presentation and in the company's earnings release appendix. (Operator Instructions) Today's conference is being recorded and will be available on the company's IR website after the event has been concluded.

晚安.我叫 Olgere，今天我將擔任您的會議主持人。歡迎參加 PagSeguro Digital 2024 年第四季財報電話會議。今天網路廣播的幻燈片簡報可以在 PagSeguro Digital 的投資者關係網站 investors.pagbank.com 上找到。請參閱本簡報和公司收益報告附錄中的前瞻性聲明和對帳揭露。(操作員指示) 今天的會議正在錄製，並將在活動結束後在公司的 IR 網站上發布。

I would now like to turn the call over to Gustavo Sechin, Head of IR. Please go ahead, sir.

現在我想將電話轉給投資者關係主管 Gustavo Sechin。先生，請繼續。

Hi, everyone. I'm Gustavo Sechin, Head of Investor Relations of PagBank. I would like to welcome and thank you for joining us for our fourth quarter 2024 earnings call. Tonight, I am accompanied by Ricardo Dutra, our Principal Executive Officer; Alexandre Magnani, our CEO; and Artur Schunck, our CFO.

大家好。我是 PagBank 投資者關係主管 Gustavo Sechin。我歡迎並感謝您參加我們的 2024 年第四季財報電話會議。今晚，與我一起出席活動的還有我們的執行長 Ricardo Dutra；我們的執行長 Alexandre Magnani；以及我們的財務長 Artur Schunck。

With that, I would like to turn it over to Dutra, who will begin today's presentation. Please, Dutra.

現在，我想將時間交給杜特拉，他將開始今天的演講。請吧，杜特拉。

Hello, everyone, and thanks for joining our fourth quarter 2024 earnings call. I begin with slide 4, where we present our key operational and financial highlights. PagBank had another year with all-time high performance, combining growth with profitability. We ended the year with 33.2 million clients, growing 2.1 million year-over-year. The financial performance can be summarized as a robust growth in top line, meaning TPV revenues and even more accelerated growth in bottom line, meaning net income and earnings per share.

大家好，感謝您參加我們的 2024 年第四季財報電話會議。我從幻燈片 4 開始，在這裡我們展示我們的主要營運和財務亮點。PagBank 又度過了業績創歷史新高的一年，實現了成長與獲利的雙豐收。截至年底，我們的客戶總數為 3,320 萬，年增 210 萬。財務績效可概括為營業收入（即TPV收入）的強勁成長，以及淨收入和每股盈餘（即淨收入和每股盈餘）的更快成長。

As you can see in the highlighted area on the left side of the slide, our payment TPV reached a record of BRL518 billion, an impressive 32% growth year-over-year, which you will give more color in the next session of our presentation. Our net revenues increased 18% year-over-year, reaching BRL18.8 billion. Net income was an all-time high, BRL2.3 billion, a 28% growth compared to 2023 with a diluted EPS on a GAAP basis, reaching BRL6.62, growing 30% versus previous year, which reinforces our commitment to continuously create shareholder value.

正如您在幻燈片左側突出顯示的區域中所看到的，我們的支付 TPV 達到了創紀錄的 5180 億巴西雷亞爾，同比增長了令人印象深刻的 32%，您將在我們演示的下一個部分中對此進行更詳細的說明。我們的淨收入年增18％，達到188億雷亞爾。淨收入創歷史新高，達到 23 億巴西雷亞爾，較 2023 年增長 28%，以 GAAP 計算的攤薄每股收益達到 6.62 巴西雷亞爾，較上年增長 30%，這增強了我們不斷創造股東價值的承諾。

On the right side of the slide, our credit portfolio and funding are experienced rapid year-over-year growth further solidifying our financial strength and market position. In the solid operation and financial performance delivered boosted our return on average equity to 15.2%, a 198 basis points increase year-over-year despite our conservative capital structure. Our current quarter and year performance underscores our ability to create value and deliver robust results.

在投影片的右側，我們的信貸組合和融資經歷了逐年快速的成長，進一步鞏固了我們的財務實力和市場地位。穩健的營運和財務表現使我們的平均股本回報率提高至 15.2%，儘管我們的資本結構保守，但仍比去年同期增加了 198 個基點。我們本季和今年的業績凸顯了我們創造價值和實現強勁業績的能力。

We stand out as one of the very few companies in our segment that has consistently growing and achieving positive results every single quarter since our IPO. This remarkable track record has been maintained despite the changes in industry dynamics and economic cycles.

我們是業界為數不多的自首次公開募股以來每季都持續成長並取得正面業績的公司之一。儘管行業動態和經濟週期發生變化，但我們仍然保持了這項卓越的業績記錄。

Moving to slide 5. We take a quick look on how we are able to deliver steady long-term growth despite a challenging macro environment. If you take a couple of steps back, you will remember that in the beginning of 2024, market estimates projected a year-end SELIC rate around 9% or below with a somewhat stable FX and inflation within the range determined by Brazilian Central Bank. We ended up having SELIC more than 300 basis points higher than the base case on top of change in other assumptions.

移至投影片 5。我們簡要地了解我們如何在充滿挑戰的宏觀環境下實現穩定的長期成長。如果您回顧一下，您會記得，在 2024 年初，市場預測年底 SELIC 利率將在 9% 左右或以下，外匯和通膨率將相對穩定，在巴西央行確定的範圍內。最終，除了其他假設變化外，我們的 SELIC 值比基準值高出 300 多個基點。

Still, we were able to deliver our strongest results ever due to initiatives we have deployed throughout the year. Main initiatives are focused on: first, increasing revenues as we have successfully explored new growth verticals and advanced on repricing our projects on banking and acquiring segments; second, improve shareholder value. And here, the highlight is the execution of more than 50% of our current buyback program of $200 million launched in August 2024. And third, on the liability side, our focus on adjusting our cost structure aiming [mailed] at financial cost efficiency and operational leverage.

儘管如此，由於我們全年部署的舉措，我們仍然能夠取得有史以來最強勁的業績。主要措施集中在：首先，隨著我們成功探索新的成長垂直領域並推進銀行和收單領域項目的重新定價，收入將有所增加；第二，提高股東價值。這裡的亮點是，我們在 2024 年 8 月啟動的 2 億美元回購計畫將執行 50% 以上。第三，在負債方面，我們重點調整成本結構，以提高財務成本效率和營運槓桿。

2024 is a good and a real example of our ability to adapt and perform. Despite micro uncertainties and external headwinds, we were able to outperform our guidance and balance growth and profitability. For 2025, the playbook remains the same as we intend to further explore those initiatives to navigate these next year challenges.

2024年是一個很好的例子，也是我們適應和執行能力的一個真實的例子。儘管存在微觀不確定性和外部阻力，我們仍然能夠超越預期，實現成長與獲利之間的平衡。對於 2025 年來說，策略保持不變，我們打算進一步探索這些措施來應對明年的挑戰。

Now I'll hand it over to Alex for the quarter highlights on the business units. Thank you.

現在，我將把焦點交給 Alex，介紹各業務部門的季度亮點。謝謝。

Thank you, Ricardo. Hello, everyone. In this section, we'll break down the performance of our business units for the fourth quarter of 2024. But before we start diving deep into the quarterly results, it's important to outline our strategy and how we do what we do.

謝謝你，里卡多。大家好。在本節中，我們將細分 2024 年第四季各業務部門的業績。但在我們開始深入研究季度業績之前，重要的是概述我們的策略以及我們如何開展工作。

On slide 7, you can see that our disciplined strategy execution is key to achieve the results we have been delivering. This strategy is built from our purpose, which is to facilitate the financial lives of businesses and individuals and aligned with our strengths and DNA as reflected in our strategic goals.

在第 7 張投影片上，您可以看到，我們嚴謹的策略執行是我們達成成果的關鍵。這項策略源自於我們的宗旨，即促進企業和個人的財務生活，並與我們的策略目標所反映的優勢和 DNA 保持一致。

On the next slide, we will bring a recap on how we build our company for the long term. We offer a fully integrated ecosystem combining payments and banking with a complete set of products and features that provides unique experience to our customers. We have been able to increase client transactionality and monetization by capturing larger share of wallet and customer principality.

在下一張投影片中，我們將回顧如何長期建立我們的公司。我們提供一個完全整合的生態系統，將支付和銀行業務與一整套產品和功能相結合，為我們的客戶提供獨特的體驗。透過佔據更大的錢包份額和客戶主權，我們已經能夠提高客戶交易量和貨幣化。

Moving on to the next slide. We reached 33.2 million clients in 2024, adding 2.1 million clients in the last 12 months. We ended the quarter serving 17.8 million active clients, led by the strong growth in the banking business, especially among individuals backed by a robust banking platform and product offering.

轉到下一張投影片。到 2024 年，我們的客戶數量將達到 3,320 萬，過去 12 個月內增加了 210 萬客戶。截至本季度，我們服務了 1,780 萬活躍客戶，這主要得益於銀行業務的強勁成長，尤其是依靠強大的銀行平台和產品支援的個人客戶。

We were also successful in retaining our [TV] clients base due to our solid value proposition. As seen in previous quarters, the overall reduction in active merchants comes mainly from the nano merchant reduction. It is crucial to note that SMB active merchant base increased 11% year-over-year.

由於我們堅定的價值主張，我們也成功保留了我們的[電視]客戶群。從前幾季來看，活躍商家的整體減少主要來自於奈米商家的減少。值得注意的是，中小企業活躍商家數量較去年同期成長11%。

Now let's take a closer look at payments on slide 10. Here, we show that our merchant acquiring business keeps growing faster than the industry with solid growth registered in all segments. TPV reached BRL146 billion in Q4 '24, growing 28% year-over-year with TPV per merchant growing 33% on a yearly basis. We experienced substantial growth in all segments, attributable to our relentless focus on growth and profitability.

現在讓我們仔細看看投影片 10 上的付款。在這裡，我們表明我們的商家收單業務繼續以高於行業的更快速度成長，所有細分領域均穩健成長。24 年第四季，TPV 達到 1,460 億巴西雷亞爾，年增 28%，每位商家的 TPV 年成長 33%。由於我們堅持不懈地專注於成長和獲利能力，我們在所有領域都實現了大幅成長。

Due to the current interest rate hiking cycle in Brazil, we have implemented a strategic repricing approach since the early Q4 '24, in addition to our focus on merchants with higher cross-selling potential. We believe that early start on executing repricing was key to partially mitigate the impact from higher interest rate and also contributed to manage the impact on our product mix. PIX has also contributed to increase the penetration and accretive gross profit.

由於巴西目前處於升息週期，除了重點關注具有更高交叉銷售潛力的商家之外，我們還自24年第四季初起實施了策略性重新定價方法。我們認為，儘早執行重新定價是部分緩解更高利率影響的關鍵，也有助於控制對我們的產品組合的影響。PIX 也為提高滲透率和增加毛利做出了貢獻。

Looking further by segments, MSMB TPV grew 21% year-over-year, reaching BRL96 million in the fourth quarter of 2024. This expansion of our core segment is mainly due to the increased productivity in our hubs.

進一步按細分市場來看，MSMB TPV 年成長 21%，2024 年第四季達到 9,600 萬雷亞爾。我們核心部門的擴張主要歸功於我們樞紐生產力的提高。

In the LMEC segment, comprising larger retail merchants, e-commerce and cross-border clients, we recorded a 45% TPV growth compared to Q4 '23, reaching BRL50 billion in volume. This growth was exceptionally strong in cards-not-present transactions, allowing us to expand market presence beyond POS. In addition, PAGS International has been an important growth vertical, focusing on profitable digital goods segments and payout opportunities through the PagBank accounts.

在由大型零售商、電子商務和跨境客戶組成的 LMEC 部門，與 23 年第四季相比，我們的 TPV 成長了 45%，交易量達到 500 億雷亞爾。無卡交易的成長尤其強勁，使我們能夠擴大 POS 以外的市場份額。此外，PAGS International 一直是重要的成長垂直領域，專注於獲利的數位商品領域和透過 PagBank 帳戶提供的支付機會。

Moving on to the banking business on slide 11. Our strategy to deliver a seamless experience by integrated payments, banking and value-added service across multiple interfaces, significantly enhanced our customer engagement. As a result, we reached BRL93 billion in PagBank cashing composed by PIX P2P, wire transfers, boletos and invoice collection into the PagBank accounts.

前往第 11 張投影片上的銀行業務。我們的策略是透過跨多個介面整合支付、銀行和加值服務來提供無縫體驗，大大增強了我們的客戶參與度。最終，我們透過 PIX P2P、電匯、boletos 和發票收集等方式將 PagBank 兌現至 930 億雷亞爾，並將其存入 PagBank 帳戶。

Cash-in per Active Client, an important indicator of our client engagement, grew 35% year-over-year, reaching BRL5,400 per client. The evolution of our engagement metrics is shown on the bottom left graph, which demonstrates the increasing usage of our app, as seen by the success in fostering transactionality through bill payments and PIX and the penetration of our investments and insurance products across our customer base.

每位活躍客戶現金流入是我們客戶參與度的重要指標，年增 35%，達到每位客戶 5,400 巴西雷亞爾。左下方的圖表顯示了我們的參與度指標的演變，表明我們的應用程式的使用率不斷提高，這從透過帳單支付和 PIX 促進交易的成功以及我們的投資和保險產品在客戶群中的滲透率可以看出。

On slide 12, we show our strong deposit performance and cost of funding reduction. Total deposits were up 31%, reaching BRL36.1 billion. This increase occurs despite the ongoing initiatives to reduce cost of funding. In the current interest rate environment, minimizing funding costs becomes a paramount to secure profitability. The APY for total deposits decreased by 400 basis points compared to Q4 '23 as a result of our strategic efforts to lower average cost of funding, such as adjusting the remuneration and duration of our deposits as well as diversifying our funding source.

在投影片 12 上，我們展示了強勁的存款表現和融資成本的降低。總存款成長 31%，達到 361 億巴西雷亞爾。儘管不斷採取措施降低融資成本，但仍出現了這種成長。在目前的利率環境下，最小化融資成本成為確保獲利的首要任務。由於我們為降低平均融資成本而做出的策略性努力，例如調整存款的報酬和期限以及實現資金來源多元化，總存款的 APY 與 23 年第四季相比下降了 400 個基點。

APY for checking accounts reflect those efforts, reaching 47% of the CDI this quarter, which has helped to reduce our total cost of deposits to 90% of the CDI. Our deposits are primarily utilized to fund prepayments to merchants and our loan book.

支票帳戶的 APY 反映了這些努力，本季達到了 CDI 的 47%，這有助於將我們的存款總成本降低到 CDI 的 90%。我們的存款主要用於支付給商家的預付款和我​​們的貸款帳簿。

As of December, our loan to total funding ratio, which measures our total funding against our expanded credit portfolio, stood at 113%. This represents a decrease compared to last year attributed to the significant operational TPV growth in our acquiring business.

截至 12 月，我們的貸款與總融資比率（衡量我們的總融資額與擴大的信貸組合之比）為 113%。與去年相比，這一數字有所下降，原因是我們的收購業務的 TPV 營運收入大幅成長。

On slide 13, we highlight that our credit portfolio has been growing steadily despite the current scenario. This quarter, our total credit portfolio reached BRL3.4 billion, a 36% year-over-year increase led by the origination of secured products, which represents 85% of our book loan. We have been able to expand our portfolio gradually in a sustainable way focusing on low-risk products. These products promote financial inclusion, education and provide important finance lines to our clients.

在投影片 13 中，我們強調，儘管目前情況如此，但我們的信貸組合仍然穩定成長。本季度，我們的總信貸組合達到 34 億雷亞爾，年增 36%，這主要得益於擔保產品的發放，占我們帳面貸款的 85%。我們已經能夠以可持續的方式逐步擴大我們的投資組合，並專注於低風險產品。這些產品促進金融包容性和教育，並為我們的客戶提供重要的融資管道。

When we consider the financial operations related to the prepayment to merchants, facilitated by our instant settlement feature on the acquiring side, our expanded credit portfolio exceeds BRL48 billion, a 46% increase over the past 12 months.

當我們考慮與向商家預付款相關的金融業務時，透過我們在收單方的即時結算功能，我們擴大的信貸組合超過了 480 億巴西雷亞爾，在過去 12 個月中增長了 46%。

Our NPL90, on the bottom right of the slide, demonstrates the improvements on our set quality in the last 12 months, moving from 3.2% to 2.3% in the period, which is significantly below the market average.

幻燈片右下角的 NPL90 顯示了過去 12 個月中我們的資產品質有所改善，從 3.2% 降至 2.3%，遠低於市場平均水平。

Now I turn to over to Artur for the financial highlights of the fourth quarter of 2024. Artur, please?

現在我請阿圖爾介紹 2024 年第四季的財務亮點。請問阿圖爾嗎？

Thanks, Alexandre. Hello, everyone. Thank you so much for taking the time to join us today. From now on, I will present our consolidated financial results for the fourth quarter of 2024.

謝謝，亞歷山大。大家好。非常感謝您今天抽出時間來參加我們的活動。從現在開始，我將展示我們 2024 年第四季的綜合財務表現。

Moving on to slide 15. Q4 '24 total revenue and income achieved BRL5.1 billion, representing a growth of 18% year-over-year, driven by our strong performance in both segments, as shown by Alexandre. Consolidated gross profit margin reached 38% of total revenue influenced by shifts in our client and product mix as well as higher interest rates during the quarter.

轉到第 15 張投影片。Alexandre 表示，24 年第四季總營收和收益達到 51 億巴西雷亞爾，年成長 18%，這得益於我們在兩個部門的強勁表現。受本季客戶和產品結構變化以及利率上升的影響，綜合毛利率達到總收入的38%。

Looking at the graphs on the right side, payments revenue reached BRL4.6 billion, a 14% year-over-year growth on the back of the strong TPV expansion in the period, resulting in an increased market share. Banking revenue set a record of BRL513 million and grew 58% year-over-year, mostly driven by interest income from the expansion of our credit portfolio, float from cash position, combined with service fees linked to our strategy of strengthening clients' engagement with higher profitability. Gross profit from our banking segment reached 69% of revenue, increasing for the fourth consecutive quarter.

從右側的圖表可以看出，由於該期間 TPV 的強勁擴張，支付收入達到了 46 億巴西雷亞爾，同比增長 14%，從而提高了市場份額。銀行收入創下 5.13 億雷亞爾的歷史新高，年增 58%，這主要得益於我們信貸組合擴張帶來的利息收入、現金頭寸浮動收入，以及與我們透過提高盈利能力加強客戶參與度的策略相關的服務費。我們銀行業務的毛利達到營收的69%，連續四個季度成長。

Moving on to the next slide. Here, we can see on a sequential basis, how the evolution of gross profit is driven by an accretive expansion on the Payment segment. The increasing penetration in new growth avenues such as large retail merchants, online and products like PIX affects client and product mix. The change in client and product mix was partially mitigated by the repricing strategy that we started to deploy in the beginning of Q4, which helped ease the impact on the increasing financial costs due to higher interest rates.

轉到下一張投影片。在這裡，我們可以逐一看到，毛利的演變是如何由支付部門的增值擴張所推動的。大型零售商、線上和 PIX 等產品等新成長管道的滲透率不斷提高，影響客戶和產品組合。我們從第四季初開始部署的重新定價策略部分緩解了客戶和產品組合變化的影響，有助於減輕因利率上升而導致的財務成本增加的影響。

On the right side of this slide, I would like to focus mainly on the results we are achieving in our banking business and its increasing contribution to our total gross profit. Banking is becoming more and more important to the company, with an impressive 80% gross profit growth compared to Q4 '23.

在這張投影片的右側，我想主要關注我們在銀行業務中取得的業績及其對我們總毛利日益增長的貢獻。銀行業務對公司來說變得越來越重要，與 23 年第四季相比，毛利成長了 80%。

As a percentage of total gross profit, banking segment grew from 11% in the previous year, to 18% in Q4 '24, alongside increasing margins, now 69% versus 61% a year earlier. These figures are important as they demonstrate our resilience ability to diversify revenue streams and exploration of complementary products and services.

作為總毛利的百分比，銀行業務從去年的 11% 成長到 24 年第四季的 18%，同時利潤率也從去年同期的 61% 增加到 69%。這些數據很重要，因為它們證明了我們多樣化收入來源和探索互補產品和服務的韌性。

In the slide 17, we take a closer look to our cost and expenses. Our financial discipline, which is always an important tool to balance growth and profitability, was paramount to achieve the current results. This quarter, we can see again operating leverage in comparison to previous quarter. On the cost side, transaction costs increased 19% from Q4 '23 as a result of a stronger TPV performance during the period. Financial costs increased by 30%, also linked to the growth in TPV between periods that demanded larger volumes of prepayment.

在幻燈片 17 中，我們仔細研究了我們的成本和費用。我們的財務紀律始終是平衡成長和獲利的重要工具，對於實現當前的業績至關重要。本季度，與上一季相比，我們再次看到了經營槓桿。在成本方面，由於該期間 TPV 表現更強勁，交易成本較 23 年第四季增加了 19%。財務成本增加了 30%，這也與需要大量預付款的期間內 TPV 的成長有關。

On top of that, the cost was impacted by the hike of the Brazilian basic interest rate, partially mitigated by funding initiatives to diversify sources and reduce interest pay. Decrease in total losses was driven by improved fraud prevention process.

此外，成本也受到巴西基本利率上調的影響，但透過多元化資金來源和減少利息支付的舉措，部分緩解了這一影響。總損失的減少是由於詐欺預防流程的改進。

Operating expenses on a quarterly basis reduced to 16.1% of total revenue and income with an increasing operating leverage of 74 basis points. This reflects our disciplined approach to cost management and the resulting efficiencies. On a sequential basis, we had lower investment on marketing and stable personnel expenses. Finally, it is important to emphasize the tax efficiencies initiatives are integral to our business strategy, and we continue to execute our plan for tax optimization.

季度營業費用佔總收入的 16.1%，營業槓桿增加 74 個基點。這體現了我們嚴謹的成本管理方法及其所帶來的效率。與上一季相比，我們的行銷投入減少，人員開支也比較穩定。最後，必須強調的是，稅收效率舉措是我們業務策略不可或缺的一部分，我們將繼續執行我們的稅收優化計劃。

Moving on to slide 18. As demonstrated throughout the presentation, the fourth quarter marked a significant chapter in our growth trajectory, characterized by resilient operational and financial performance. We achieved a net income of BRL631 million on a non-GAAP basis, growing 21% versus Q4 '23 and culminating in a 28% increase for the full year 2024.

轉到第 18 張投影片。正如整個演示所展示的，第四季度標誌著我們成長軌蹟的重要篇章，其特點是強勁的營運和財務業績。以非公認會計準則計算，我們實現了 6.31 億巴西雷亞爾的淨收入，較 23 年第四季成長 21%，2024 年全年成長 28%。

Earnings per share on a diluted GAAP basis reached BRL1.91 this last quarter, marking a 25% year-over-year increase. On an annual basis, earnings per share reached BRL6.62 representing a 30% growth compared to the previous year.

以稀釋 GAAP 計算的每股盈餘上季達到 1.91 巴西雷亞爾，年增 25%。以年度計算，每股收益達 6.62 巴西雷亞爾，比上年增長 30%。

On the right side of the slide, I'm pleased to present the improvement of 200 basis points in our annual return on average equity, which increased to 15.2% from 13.2% as reported in Q4 '23. Despite a conservative capital structure, the company has been successful in delivering consistent results. On an annualized quarterly basis, our AOE reached 16.5%.

在投影片的右側，我很高興地展示我們的年度平均股本回報率提高了 200 個基點，從 23 年第四季報告的 13.2% 上升至 15.2%。儘管資本結構保守，該公司仍成功實現了持續的表現。以年化季度計算，我們的 AOE 達到了 16.5%。

Regarding our share buyback program, we maintained consistent execution throughout Q4 '24. By year-end, we repurchased BRL784 million on common shares. As a result, we have now executed 50% of the current buyback program, which was launched in August. We remain committed to this strategy as a means of creating shareholder value.

關於我們的股票回購計劃，我們在整個24年第四季保持一致的執行。截至年底，我們回購了7.84億雷亞爾普通股。因此，我們目前已執行了 8 月啟動的當前回購計畫的 50%。我們將繼續致力於這項策略，以此來創造股東價值。

Moving on to slide 19. Let's have a quick overview on last year's guidance. Despite macroeconomic conditions and uncertainties, we were able to outperform the top of the range of expected results for 2024 as shown. I would like to highlight our net income expansion of 28% on a non-GAAP basis, reaching an all-time high of BRL2.3 billion.

轉到投影片 19。讓我們快速回顧一下去年的指導。儘管存在宏觀經濟條件和不確定性，我們仍能夠超越 2024 年預期業績範圍的最高值。我想強調的是，以非公認會計準則計算，我們的淨收入增加了 28%，達到了歷史最高的 23 億巴西雷亞爾。

Moving on to the next slide, I bring our guidance for 2025. This year, in addition to gross profit and CapEx references, we are providing earnings per share guidance instead of net income as this metric better captures the company's commitment to creating shareholder value.

下一張投影片是我對 2025 年的指導。今年，除了毛利和資本支出參考外，我們還提供每股盈餘指引而不是淨收入，因為該指標更能反映了公司創造股東價值的承諾。

We expect to grow gross profit between 7% and 11% and deliver earnings per share growth in the range of 11% to 15% as a result of our operational performance and the initiatives being implemented to mitigate macro uncertainties, especially the increase in interest rates. Capital expenditure is expected to be between BRL2.2 billion to BRL2.4 billion.

我們預計，由於我們的營運業績以及為緩解宏觀不確定性（尤其是利率上升）而實施的舉措，毛利將增長 7% 至 11%，每股收益將增長 11% 至 15%。預計資本支出在 22 億雷亞爾至 24 億雷亞爾之間。

Now let me give the word back to Alexandre for the closing remarks.

現在，讓我將結束語交還給亞歷山大。

Thank you, Artur. Before we finish, let's turn to the next slide for our closing remarks. Overall, the results have reflected successful execution of our strategy, which focuses on strengthening our presence in our core segments while diversifying our revenue streams beyond payments. The year of 2024 present challenging macroeconomic conditions that tested our resilience and adaptability. Despite these hurdles, we were successfully navigated the complexities of the market, ensuring sustainable and consistent results.

謝謝你，阿圖爾。在我們結束之前，讓我們翻到下一張投影片來做結束語。總體而言，業績體現了我們策略的成功執行，該策略專注於加強我們在核心領域的影響力，同時實現支付業務以外的收入來源多元化。2024 年的宏觀經濟條件十分嚴峻，考驗了我們的韌性和適應力。儘管有這些障礙，我們仍然成功駕馭了市場的複雜性，確保了可持續且一致的成果。

Our ability to thrive in such an environment underscores the robustness of our strategic approach and our commitment to delivering value to our stakeholders. Once again, we have demonstrated the increased relevance of banking within our overall business. This segment has achieved a remarkable year-over-year revenue growth of 34%, finally, it's increasing relevance. Even more impressive is the nearly 50% growth in gross profit, highlighting the segment's strong performance and profitability.

我們在這樣的環境中蓬勃發展的能力凸顯了我們策略方針的穩健性和為利害關係人創造價值的承諾。我們再一次證明了銀行業務在我們整體業務中的重要性日益增強。該部門的收入同比大幅增長了 34%，其重要性日益增強。更令人印象深刻的是毛利成長近50％，凸顯了該部門強勁的表現和獲利能力。

I should also emphasize our successful strategy in lowering our funding costs during this period to reduce financial costs, a fit made possible by a robust deposit franchise. Finally, as I mentioned earlier, this performance demonstrates our commitment to create shareholder value, one of our top priorities as we delivered a robust and sustainable EPS growth of 30% with a return on average equity close to 15.2%, combined with a conservative but solid capital structure.

我還應該強調我們在此期間降低融資成本的成功策略，以減少財務成本，而這得益於強大的存款特許經營權。最後，正如我之前提到的，這一業績表明了我們致力於創造股東價值，這是我們的首要任務之一，因為我們實現了強勁且可持續的 30% 的每股收益增長，平均股本回報率接近 15.2%，同時還擁有保守但穩固的資本結構。

Now let me give the word back to the operator, and we'll start the Q&A session. Thank you.

現在讓我將麥克風轉回給接線生，然後我們開始問答環節。謝謝。

(Operator Instructions) Arnon Shirazi, Citi.

（操作員指示）Arnon Shirazi，花旗。

My question is related to your credit portfolio. We saw an increase on a yearly basis. But I would like to know if there's more appetite from your side to increase uncollateralized loans from now on. Are you expect to keep the portfolio growing in payroll loans?

我的問題與您的信用組合有關。我們看到了逐年的成長。但我想知道，從現在起，您是否有興趣增加無抵押貸款。您是否預期薪資貸款組合將持續成長？

And also, my second question is related to the transaction activities revenue, which I believe decreased 8% year-over-year, while your TPV increased [28%] for the same period would suggest a lower take rate on overall. This should be seen as impact from [pix] or from the mix change?

另外，我的第二個問題與交易活動收入有關，我認為該收入同比下降了 8％，而同期您的 TPV 增加了 [28％]，這意味著整體的接受率較低。這應該被視為來自 [pix] 的影響還是來自混合變化的影響？

Hernan, thank you for the question. I will start with the credit portfolio question. We -- as you said, we've been growing our portfolio at a very decent pace, 36% year-over-year, with NPLs going down. So it's a very healthy credit portfolio growing and helping us in our bottom line in the banking business unit.

埃爾南，謝謝你的提問。我將從信貸組合問題開始。正如您所說，我們的投資組合一直以非常不錯的速度成長，年增 36%，不良貸款也在下降。所以，這是一個非常健康的信貸組合，它正在不斷成長，並幫助我們實現銀行業務部門的利潤。

So -- but looking forward, our strategy here is to continue growing in secured loans faster than the market. And for the clean products or known secure products, as you ask it, we've been originating some volumes quarter-after-quarter. It is growing quarter after quarter. It's too small. But you understand that's the appropriate pace for the products that we are offering, which are working capital and overdraft for the market conditions that you have at this point.

所以——但展望未來，我們的策略是繼續以比市場更快的速度增加擔保貸款。對於清潔產品或已知安全的產品，正如您所問的，我們已經每季都生產出一些產品。它正在逐季增長。太小了。但您明白，這是我們所提供的產品的適當速度，這些產品是適合您當前市場狀況的營運資金和透支。

So the idea is to keep growing the collateralized products faster than market and keep growing the non-collateralized in the pace that you think is appropriate for the current market scenario.

因此，我們的想法是，讓抵押貸款產品的成長速度保持快於市場成長速度，並讓非抵押產品的成長速度保持到您認為適合當前市場狀況的速度。

Regarding the -- your question about TPV and the revenues. We -- to be honest with you, we don't look at the net take rate or the take rate the way you are asking and we are looking for the gross profit because the company has been changing so much in the past years or in the past quarters. Just to give -- just to remember, everyone, today, the gross profit of the company, 18% of the gross profit is coming from the banking unit. So to look at the net take rate, it's a way that we think it's going to give us the wrong message here or we will not manage the company in an appropriate way. So we look at the company in a more gross profit basis. So that's why we are giving the guidance in gross profit.

關於—您關於 TPV 和收入的問題。說實話，我們不會像你要求的那樣看淨利潤率或利潤率，我們看重的是毛利潤，因為公司在過去幾年或過去幾季發生了很大變化。只是為了——只是為了讓大家記住，今天，公司的毛利，18％的毛利來自銀行部門。因此，從淨接受率的角度來看，我們認為它會給我們錯誤的訊息，或者我們將無法以適當的方式管理公司。因此，我們更從毛利的角度來看待這家公司。這就是我們給出毛利指導的原因。

But regarding the question, we see some change in client mix, and we've seen some PIX gaining a little bit of share. But the idea is to look at the gross profit. Artur, would you like to complement or?

但關於這個問題，我們看到客戶組合發生了一些變化，我們看到一些 PIX 的份額有所增加。但想法是看毛利。阿圖爾，你想補充嗎？

Yes. It's Artur speaking, Hernan. And it's important to mention to you that we have a reclassification from revenues. As we are talking about net revenue here, we had the reclassifications of taxes between transaction activities and financial income. Transaction activities reduced 8% year-over-year, as you mentioned. However, financial income increased 51%. So you should take a look on the total revenue for the company that grew 18% year-over-year.

是的。我是阿圖爾，埃爾南。值得一提的是，我們對收入進行了重新分類。由於我們在這裡談論的是淨收入，我們對交易活動和財務收入之間的稅收進行了重新分類。正如您所說，交易活動比去年同期減少了 8%。但財務收入成長了51%。因此，您應該看看該公司的總收入年增了 18%。

Beatriz Abreu, Goldman Sachs.

高盛的 Beatriz Abreu。

I have two on my side. The first one is on your guidance. So you've guided for very strong EPS growth this year. I was just wondering if part of that is also because of the buyback program? Or should we expect net income to grow at a similar amount? Or how much should we expect net income to grow this year?

我這邊有兩個。第一個需要您的指導。所以您預計今年的每股盈餘將非常強勁成長。我只是想知道這是否也是因為回購計畫？或者我們應該預期淨收入會以類似的幅度成長？或者我們預計今年的淨收入會成長多少？

And my second question is related to TPV growth. What kind of growth are you expecting for this year? And I understand that you are not looking specifically at take rates, maximizing more for gross profit. But should we expect the transaction yield to continue falling because of mix changes? Or how should we think about that?

我的第二個問題與TPV成長有關。您預計今年會有什麼樣的成長？我也知道，您並不是專門關注利率，而是追求毛利的最大化。但我們是否應該預期交易報酬率會因為組合變動而持續下降？或者說我們該如何思考這個問題？

Beatriz, regarding the guidance, we -- when we calculated the EPS for 2025 to give the guidance, we're considering the same amount of shares that we had in December 31, 2024. So we are not considering buybacks here. So regarding the EPS guidance here.

比阿特麗斯，關於指引，當我們計算 2025 年的每股收益以提供指引時，我們考慮的股份數量與 2024 年 12 月 31 日的股份數量相同。因此我們這裡不考慮回購。這裡是關於 EPS 指導。

TPV, as we've been seeing in the past years and in the past quarters, we've been growing faster than the industry. If you consider our TPV only in cards, we are growing more than the industry, sometimes 50% faster than the industry. And if you consider the PIX QR code, we are growing even more. So we don't think that trend will change. We think this trend will continue in 2025.

正如我們在過去幾年和過去幾季所看到的那樣，TPV 的成長速度快於整個產業。如果僅從卡片的角度考慮我們的TPV，我們的成長速度超過了行業平均水平，有時甚至比行業平均快50％。如果您考慮 PIX QR 碼，我們的成長還會更快。因此我們認為這種趨勢不會改變。我們認為這一趨勢將持續到 2025 年。

And regarding the yields, we are not giving the guidance about this but you can imagine that there is some mix change that's true. And yield could be a little bit lower, but that's not something that we are looking for, to be honest. I mean, the idea here is to look at the gross profit basis. That's the -- the company has been changing so much that sometimes you look at the yield for the acquiring, but the client is leaving the money in the franchise deposits with a very lower yield. So it helps in our funding cost. As you could see, we grew 31%, our fund deposit franchise year-over-year and the cost of funding decreasing from 94% CBY to 90%, 400 bps.

至於收益率，我們沒有給出相關指導，但你可以想像確實存在一些混合變化。收益率可能會稍微低一些，但說實話，這不是我們想要的。我的意思是，這裡的想法是看毛利基礎。這就是——公司一直在發生巨大的變化，有時你會關注收購的收益，但客戶卻把錢留在特許存款中，收益非常低。因此它有助於降低我們的融資成本。如您所見，我們的基金存款特許經營權同比增長了 31%，融資成本從 94% CBY 下降到 90%，即 400 個基點。

So that's why we are -- what we're trying to say here is that we look at the clients in a more complete way. There are some benefits that we cannot capture by looking only in the yield. So that's why we are guiding for the gross profit.

所以這就是為什麼我們——我們在這裡試圖說的是，我們以更全面的方式看待客戶。有些好處是我們不能只看收益就能發現的。這就是我們指導毛利的原因。

Got it. No, that's very clear. Just a quick follow-up on TPV growth. Do you have any estimates for industry growth this year?

知道了。不，這很清楚。只是對 TPV 成長進行快速跟進。您對今年的產業成長有什麼估計嗎？

Yes. ABECS, the association for cards in Brazil, they guided they will grow -- the expectation for 2025 is to grow between 9% and 11% in cards.

是的。巴西卡片產業協會 ABECS 預測，卡片產業將繼續成長——預計 2025 年卡片產業將成長 9% 至 11%。

Antonio Ruette, Bank of America.

美國銀行的安東尼奧·魯埃特（Antonio Ruette）。

Congrats on the results. So I have two questions on my side. So first, if you could break down a little bit more on the expansion of TPV? So we have particularly the LMEC segment with very robust growth. So if you could please give some color in terms of e-commerce, cross-border and also large accounts, this would be great?

恭喜你所取得的成果。我有兩個問題。首先，您能否更詳細地介紹一下 TPV 的擴張情況？因此，我們的 LMEC 部門尤其表現出非常強勁的成長勢頭。所以如果您能從電子商務、跨境和大額帳戶方面給出一些具體信息，那就太好了？

And also, I have a second one on repricing. You mentioned during your speech that you started to reprice in the last quarter. And I believe this is a key part of the guidance for 2024 -- so -- 2025, sorry. So if you could please provide some preliminary feedback on how is this going? How successful are you on repricing? And how has churn behaved? This would be great.

另外，我還有第二個關於重新定價的問題。您在演講中提到，您在上個季度開始重新定價。我相信這是 2024 年（所以是 2025 年）指導方針的關鍵部分。那麼，您能否就此事的進展提供一些初步回饋？您的重新定價有多成功？客戶流失狀況如何？這真是太好了。

Thank you for the question, Ruette. I will start with the last one. Regarding the repricing, repricing here is a very dynamic process, and we always try to increase the price in the less sensitive way for our clients. We do consider many variables depending on the sector that our client is working, the type of clients we are talking about, if they are a small clients or a little bit larger, if they have more installments or they don't have. So there are many clusters that we have here, and then we try to make the repricing in a way that is less sensitive for our clients.

謝謝你的提問，Ruette。我先從最後一個開始。關於重新定價，這裡的重新定價是一個非常動態的過程，我們總是嘗試以對客戶不太敏感的方式提高價格。我們確實會考慮很多變量，這取決於我們客戶所在的行業、我們談論的客戶類型、他們是小客戶還是大客戶、他們有更多的分期付款還是沒有。因此，我們這裡有很多集群，然後我們嘗試以對客戶不太敏感的方式進行重新定價。

We've been doing reprice. We did some repricing already in 2025, and we'll keep doing it throughout the year if we think that's necessary. As you follow the economy in Brazil, it is expected for the next meeting of Central Bank that people estimate the interest rate will increase 100 bps. So it might be necessary for us to reprice some of our clients, and we will keep doing it throughout the year.

我們一直在重新定價。我們已經在 2025 年進行了一些重新定價，如果我們認為有必要，我們將全年繼續這樣做。正如你關注巴西的經濟一樣，人們預期央行下次會議將把利率提高 100 個基點。因此，我們可能需要對一些客戶重新定價，而且我們將全年繼續這樣做。

So we've been doing that in 2024. We already did some reprice in 2025. And if necessary, we'll keep repricing. So it's a very dynamic process. We don't reprice all the clients at the same time. We're doing different waves, different clusters and we, if necessary, we'll keep doing this repricing.

因此我們在 2024 年就已經開始這麼做了。我們已經在 2025 年做了一些重新定價。如果有必要，我們將繼續重新定價。所以這是一個非常動態的過程。我們不會同時為所有客戶重新定價。我們正在進行不同的浪潮、不同的集群，如果有必要，我們將繼續進行重新定價。

About the LMEC -- would like to give some color about the LMEC growth?

關於 LMEC—您願意介紹一下 LMEC 的發展嗎？

I will start here and then Alexandre can just complement. Yes, LMEC grew 45% compared to Q4 '23, faster than other segments. We've been seeing in 2025, same train for January, but the other segments are growing I would say the gap between LMEC and other segments are smaller than what we've seen in slide 10. So we do expect LMEC to grow a little bit faster than the other segments. But remember that in LMEC, we do have e-commerce, which is a very profitable payments business when you think because you have online and online, you have more risk and then you can charge more. But going straight to your question, LMEC is growing faster than MSMBs.

我將從這裡開始，然後亞歷山大可以補充。是的，與 23 年第四季相比，LMEC 成長了 45%，成長速度快於其他部門。我們在 2025 年看到了同樣的情況，1 月的列車也是一樣的，但其他細分市場正在成長，我想說 LMEC 與其他細分市場之間的差距小於我們在幻燈片 10 中看到的差距。因此，我們確實預期 LMEC 的成長速度會比其他部門略快一些。但請記住，在 LMEC，我們確實有電子商務，這是一個非常有利可圖的支付業務，因為你有在線和在線，所以你承擔的風險更大，然後你可以收取更高的費用。但直接回答你的問題，LMEC 的成長速度比 MSMB 更快。

Just to complement, it's part of our strategy. And now the investment we have done in the last years to boost our online payments platform in cross-border payments and also online domestic payments.

只是為了補充，這是我們策略的一部分。我們在過去幾年進行的投資是為了推動我們的線上支付平台在跨境支付和國內線上支付方面的發展。

And pretty quick just to complement again. We -- what we're trying to say here, we drive the company to improve our profitability. That's the end goal. TPV per se, of course, it is important, but it's not in our strategic goals. TPV growth is kind of the consequence we are doing. We're going to serve the client. We're going to offer the client our payments with digital banking. We are going to offer at high [you'd CD] and then TPV is going to be a consequence. We are not looking for TPV. We are not looking for market share and acquiring. We are very rational in pricing. We are driving the company to profitability.

並且很快就會再次進行補充。我們—我們在這裡想說的是，我們推動公司提高獲利能力。這就是最終目標。TPV本身當然很重要，但它不在我們的策略目標之內。TPV 成長是我們正在做的事情的結果。我們將竭誠為客戶服務。我們將透過數位銀行為客戶提供支付服務。我們將以高價（您的 CD）報價，然後 TPV 就會成為結果。我們不是在尋找TPV。我們不尋求市場份額和收購。我們的定價非常理性。我們正在推動公司獲利。

Yes. Thank you for that. On the TPV growth that was the question actually. I just wanted some color on how is this segment within LMEC performing? So what has been the driver here? Is it e-commerce? Is it cross border? Is it large accounts? So that's a follow-up on the first -- on the LMEC one.

是的。謝謝你。事實上，這是關於 TPV 成長的問題。我只是想了解一下 LMEC 內部這一部分的表現如何？那麼，導致這現象的因素是什麼呢？是電子商業嗎？是跨境的嗎？是大額帳戶嗎？這是對第一個問題的後續——關於 LMEC 的問題。

And if I may follow up on the other question on repricing as well. Have you seen peers repricing as well? So other independent and also [acquires] controlled by banks. That's pretty much it.

我是否可以跟進有關重新定價的另一個問題。您是否也看過同行的重新定價？其他獨立機構也受到銀行控制。差不多就是這樣了。

Okay. Regarding LMEC, the segment consisted about e-commerce, domestic e-commerce, cross-border, which is also e-commerce. An integrated business partner that we have partners for software automation and so on that integrate their solutions into our smart devices. In terms of growth, the cross-border has been growing faster than the other segments.

好的。至於LMEC，該部分包括電子商務、國內電子商務、跨境電子商務。我們擁有軟體自動化等領域的綜合業務合作夥伴，他們將解決方案整合到我們的智慧設備中。從成長角度來看，跨境業務的成長速度快於其他領域。

And repricing, Antonio, we are seeing some other players doing repricing as well. So as is to say here, the cost of funding or the base interest rate of the economy is the raw material for everyone because at the end of the day, everyone has this cost. And if the cost goes up, so everyone should reprice or should we think they're economic. So we do see some players increasing prices as well.

重新定價，安東尼奧，我們看到其他一些參與者也在重新定價。所以可以說，融資成本或經濟基準利率是每個人的原料，因為歸根究底，每個人都有這筆成本。如果成本上升，那麼每個人都應該重新定價，或者我​​們應該認為它們是經濟的。因此我們確實看到一些參與者也提高了價格。

Ricardo Buchpiguel, BTG Pactual.

Ricardo Buchpiguel，BTG Pactual。

I also have two here on my side. So first of all, we see that you currently have a [biz] ratio of nearly 28%, which is very high. So if you could please talk about a little bit on a capital allocation standpoint, where we should expect this excess capital to be invested over the years? And what's a feasible capitalization ratio we should expect as a target that you have?

我這邊也有兩個。首先，我們看到您目前的業務比率接近 28%，這個比率非常高。那麼，您能否從資本配置的角度談談我們預計這些剩餘資本在未來幾年將投資於何處？我們應該預期您的目標可行資本化率是多少？

And also related to that, when would it be like the right moment for us to see an acceleration on the credit card working capital portfolios, which would improve our ROE and also would use this excess capital?

與此相關的是，什麼時候才是我們看到信用卡營運資金組合加速成長的最佳時機，這將提高我們的 ROE 並利用這些過剩資本？

And my second question now related also to the matter of repricing. I wanted to understand how much of the boost in gross profit would come primarily from the repricing of prepayments and how much would be related to lower cost of funding on deposits, right? So if you could talk about how important for this gross profit guidance that you have considers the lower cost of funding on deposits will also be very, very nice?

我的第二個問題也與重新定價的問題有關。我想了解毛利的成長有多少主要來自於預付款的重新定價，又有多少與存款融資成本的降低有關，對嗎？那麼，如果您可以談談這個毛利指引有多重要，您認為較低的存款融資成本也會非常非常好嗎？

Ricardo, I'll start with the last one. We -- honestly I don't even have here the information about this two different parts of the P&L when you think about the repricing and the reducing cost of funding. But we are not giving this type of disclosure at this time. Of course, the P&L of a company like ours with the size that we have and the scale that we have, it is very dynamic. There are many puts and takes. And yes, of course, we will try to have the lower cost of funding possible that we may have throughout the year.

里卡多，我先說最後一個。我們—老實說，當您考慮重新定價和降低融資成本時，我甚至沒有關於損益表這兩個不同部分的資訊。但我們目前不提供此類披露。當然，像我們這樣規模和範圍的公司，其損益表是非常動態的。有許多得失。是的，當然，我們將盡力降低全年的融資成本。

And we will do the repricing, I mean, the smartest way that we can do in a way that we don't lose clients, and we don't have churn. So it's going to be a mix of this these movements. And of course, the repricing could impact MDRs, could impact prepayment, the cost of funding may be impacted by the lower yields that we may offering our CDs and so on. So I mean it's very dynamic, and I don't even have this type of information to give to you at this point.

我們將以最明智的方式重新定價，這樣我們就不會失去客戶，也不會造成客戶流失。因此這將是這些動作的混合。當然，重新定價可能會影響 MDR，可能會影響預付款，融資成本可能會受到我們提供的 CD 收益率較低的影響，等等。所以我的意思是它非常動態，目前我甚至沒有這種資訊可以提供給你。

And Artur will talk about the capital allocation.

Artur 將談論資本配置。

Ricardo, when we talk about capital allocation, we are always assessing the capital structure that we have, managing to find the best balance for the company, not only in the current moment that we have today, but also in our long term, considering future opportunities, as you also mentioned, credit could be a good opportunity to grow in the future. Every time we're looking ahead in terms of a long, long-term view for the company and generate shareholder value.

里卡多，當我們談論資本配置時，我們總是評估我們現有的資本結構，設法為公司找到最佳平衡，不僅是在當前，而且在長期，考慮未來的機會，正如你所提到的，信貸可能是未來增長的良好機會。每次我們都以長遠的眼光看待公司並創造股東價值。

You also mentioned that we achieved 28% of Basel Index moving from 33%. So I think we did a very good job in 2024, reducing the Basel Index that we have, growing the top line 18%, earnings per share, 30%. And on top of that, in a record of buybacks. At this moment, when we see that the valuation of the company is pretty low, we prefer to use buybacks instead of dividends or the other type of capital allocation. After the allocation in our organic growth related to the CapEx for technology and purchase of POS.

您也提到，我們從巴塞爾指數的 33% 上升到了 28%。因此，我認為我們在 2024 年做得非常好，降低了現有的巴塞爾指數，實現了營收成長 18%，每股盈餘成長 30%。除此之外，還有回購紀錄。此時，當我們看到公司的估值相當低時，我們更願意使用回購而不是股利或其他類型的資本配置。在我們的有機成長中分配與技術和 POS 購買相關的資本支出之後。

We believe that -- our strong balance sheet is essential for navigating in a challenging moment as we are seeing right now in the company when SELIC is going up, inflation is going up. So we have more volatility in the market. And it's important to mention that we don't have excess of cash. We have excess of capital, 28% of Basel Index show it for us. And if I need to buyback more or dividends, et cetera, I need to go to the bank or go to the market, fund the company and then return this capital to shareholders.

我們相信——強勁的資產負債表對於我們度過充滿挑戰的時刻至關重要，正如我們現在看到的那樣，當公司 SELIC 上升時，通貨膨脹也在上升。因此我們的市場波動性較大。值得一提的是，我們沒有多餘的現金。我們的資本過剩，巴塞爾指數的28%就證明了這一點。如果我需要回購更多股票或派發股息等等，我需要去銀行或市場為公司提供資金，然後將這些資金回饋給股東。

In a moment of uncertainties, we prefer to manage our cash flow in a more cautious way as we did in other moments like the pandemic and when the SELIC moved up in other times. And that's the most important to us, manage the cash flow for the company and guarantee that we have a good performance in the long term.

在不確定的時刻，我們傾向於以更謹慎的方式管理現金流，就像我們在疫情期間以及 SELIC 上升時所做的那樣。這對我們來說是最重要的，管理公司的現金流量並保證我們長期保持良好的表現。

That's very clear. And just another question that I have. You mentioned that last year, you invested a lot to improve your growth capabilities, your teams, your products, right? So I wanted to understand what should we expect for OpEx this year after those investments were made?

這非常清楚。我還有一個問題。您提到去年您投入了很多來提升您的成長能力、您的團隊、您的產品，對嗎？所以我想了解在進行這些投資之後，我們對今年的營運支出應該有什麼樣的期待？

Well, very good question. Thanks for the opportunity to explain that it's true. We start to invest in sales force, our platform more marketing investments since Q4 '23, we accelerated that in Q1 and Q2 2024. And on that moment, we said that now we should expect operating leverage. We did that in Q3. We did that in Q4, and we are expecting to continue to having leverage on our OpEx in 2025 because we understood that all the investments that we need to support the growth of the company is done.

嗯，這個問題問得非常好。感謝有機會解釋這是事實。自 2023 年第四季以來，我們開始對銷售團隊、我們的平台進行更多的行銷投資，並在 2024 年第一季和第二季加速了這一進程。在那一刻，我們說現在我們應該預期經營槓桿。我們在第三季就這樣做了。我們在第四季度做到了這一點，我們預計在 2025 年將繼續利用我們的營運支出，因為我們知道支持公司成長所需的所有投資都已完成。

William Barranjard, Itau BBA.

威廉·巴蘭賈德（William Barranjard），伊塔烏（Itau）BBA。

My question is also regarding on cost of funding and how this could impact your guidance. So if you could go through to the levers you're thinking about this year in which you could manage to decrease even further this 90% of CDI. So what is your expectations, your goals for this year? How can this help also improve your gross profit?

我的問題還涉及融資成本以及這將如何影響您的指導。因此，如果您能夠採取今年正在考慮的措施，您就可以進一步降低這 90% 的 CDI。那麼您今年的期望和目標是什麼呢？這還能如何幫助您提高毛利？

William, thank you for the question. We are not giving this disclosure, this information about the cost of funding that we expect to have in 2025. But our guidance in slide 20, you can see that we expect SELIC by year-end as of 15% and that's the scenario we are running our business plan for 2025, and that's what we consider as the SELIC for year-end. And from there, we manage the cost of funding.

威廉，謝謝你的提問。我們不會揭露這些我們預計 2025 年的融資成本資訊。但是，根據我們第 20 頁中的指導，您可以看到，我們預計到年底的 SELIC 將達到 15%，這就是我們執行 2025 年業務計劃的情景，這就是我們所認為的年底的 SELIC。從這裡我們管理融資成本。

Regarding the levers, although I have not disclosed the numbers, I can give you the information about the levers. We can lower the yields that we offer in our CDs, we can take some actions here in such a way that we can decrease the cost of funding as a percentage of CDI. Of course, there is a limit for that. But there are some levers that we can manage here in order to decrease.

關於槓桿，雖然我沒有透露數字，但我可以給你有關槓桿的信息。我們可以降低 CD 提供的收益率，我們可以採取一些措施來降低 CDI 的融資成本百分比。當然，這是有一個限度的。但我們可以採取一些措施來減少這個數字。

So last year, we made some changes in the yields and part of this change helped us to go from 94% CDI to 90% CDI. And at the same time, the deposits franchise grew 31%. So it was very successful movement. Our deposit from CDIs keeps growing very, very strong and the cost of funding going down. So we -- that's part of our job here every day to look for efficiency, to look for better conditions for the company by lower cost, lower cost of funding. But I mean, the information I can give you right now is the -- it is in the guidance that by year-end, we expect SELIC to be 15%.

所以去年，我們對殖利率做了一些調整，部分調整幫助我們將 CDI 從 94% 提高到了 90%。同時，存款業務成長了31%。所以這是一個非常成功的運動。我們從 CDI 獲得的存款持續強勁成長，而融資成本則不斷下降。因此，我們每天的工作內容之一就是尋求效率，透過降低成本、降低融資成本來為公司尋求更好的條件。但我的意思是，我現在可以提供給你的資訊是——在指導中，我們預計到年底 SELIC 將達到 15%。

And on top of that, we diversified a lot of our funding sources in 2024. That today help us in better negotiations with the market, trying to mitigate additional impacts or even control the costs that we have.

除此之外，我們在 2024 年也實現了多項資金來源多元化。今天這有助於我們更好地與市場進行談判，試圖減輕額外的影響，甚至控制我們的成本。

Renato Meloni, Autonomous Research.

雷納托‧梅洛尼 (Renato Meloni)，自主研究。

Congrats on the year. So first, it's on credit, right? So a lot of peers have been talking about the opportunity on private payroll. So given the focus on collateralized loans that you guys have, I wonder if you're seeing this as an opportunity for the year? And what will be the strategy here? And second, it's just a quick follow-up on the repricing strategy. And I wonder if you can share the percentage of your clients that you have already repriced? So if you should still expect some tailwind from that?

恭喜你度過這一年。那麼首先，這是信用的，對嗎？因此，許多同行一直在談論私人薪資單上的機會。所以考慮到你們對抵押貸款的關注，我想知道你們是否將此視為今年的一個機會？那麼這裡的策略是什麼呢？其次，這只是對重新定價策略的快速跟進。我想知道您是否可以分享已重新定價的客戶百分比？那麼您是否仍應期待由此帶來的一些順風呢？

Renato, thank you for the question. Regarding the private payroll, the specifications or the regulation is not public yet. What we're seeing so far about this new private payroll in Brazil, it's all ideas that have been discussing with the development. So once we have more clear how it's going to be, the -- how it's going to work really in this private payroll, we can give more color. But definitely, we think it's going to be an opportunity because is a credit with collateral. We do think that a digital experience may -- we'll make the difference here. We are -- we have a lot of experience in CX and the way that we offer our app in such a way that clients can get a loan or can get a -- some access to the money in a very frictionless process. So we do think it's going to be an opportunity, but we don't have all the details at this point.

雷納托，謝謝你的提問。至於私人薪資單，規範或規定尚未公開。到目前為止，我們看到的有關巴西新的私部門薪資單都是正在討論的發展想法。因此，一旦我們更加清楚它將如何運作，它將如何在私人工資單中發揮作用，我們就可以提供更多的細節。但我們確信這將是一個機會，因為這是一種有抵押的信貸。我們確實認為數位體驗可能會帶來不同。我們在 CX 方面擁有豐富的經驗，我們提供應用程式的方式使得客戶能夠以非常順暢的過程獲得貸款或獲得資金。因此，我們確實認為這將是一個機會，但目前我們還沒有掌握所有的細節。

Of course, the government has been giving some information to the market, but we don't have the final conditions, but we do think it's going to be an opportunity. And repricing -- we're making repricing for the majority of our clients, some of the declines that if they have the price that you have on the website, we are not increasing their prices, but the rest of the clients we've been repricing at some point.

當然，政府一直在向市場釋放一些訊息，但我們還沒有最終的條件，但我們確實認為這將是一個機會。重新定價—我們正在為大多數客戶重新定價，如果他們的價格與網站上的價格相同，我們不會增加他們的價格，但對於其餘的客戶，我們會在某個時候重新定價。

So we don't give the disclosure about the clients. I don't know if someone here can have more information. But I would say that the majority of our clients have been repricing in the last 1 year or 1.5 years.

因此我們不披露有關客戶的資訊。我不知道這裡是否有人可以提供更多資訊。但我想說的是，我們的大多數客戶在過去的一年或一年半都重新定價了。

That's good. Perfect. And just a quick follow-up here on the payroll. You just sound a little bit skeptical that this will be rolled out in the short term. I wonder if I'm hearing that right?

那挺好的。完美的。這裡只是對工資單進行快速跟進。您聽起來有點懷疑這項計劃能否在短期內實施。我不知道我聽得對嗎？

We -- the government has been discussing -- I mean, again, it's not official, but one of the goals was to launch in the first semester of 2025. We saw some information about the May 1, some of the news that we've read this week could be earlier than that. So -- but what I'm trying to say here, we don't have the final regulation, the way it's going to work, the process and so on. But definitely, we see it as an opportunity because it's credit with collateral, where digital experience may have a difference. So it's very similar to what we've been doing in other collateralized products that we have in the portfolio already. So -- but once we have more information, we'll be able to give more color to the market.

我們——政府一直在討論——我的意思是，這還不是官方消息，但目標之一是在 2025 年第一學期啟動。我們看到了一些關於 5 月 1 日的信息，而本週我們看到的一些新聞可能比這個時間更早。所以——但我在這裡想說的是，我們還沒有最終的規定，不知道它將如何運作，流程等等。但我們無疑將其視為一個機會，因為這是有抵押的信貸，而數位體驗可能會有所不同。因此，這與我們已在投資組合中實施的其他抵押產品的做法非常相似。所以——一旦我們獲得更多信息，我們就能為市場提供更多資訊。

Maria Guedes, Safra.

瑪麗亞·格德斯，薩弗拉。

It is a follow-up on capital structure. You have already mentioned that you executed half of the buyback program. And I just wanted to confirm if the intention is to cancel those current treasury shares? And also a follow-up, even though you mentioned the preference for holding capital at the current a certain environment within the company. If you were to conclude the current buyback program, if there is any intention in the company to launch maybe a new buyback program, especially at certain market condition and maybe continue to execute buyback in a timely manner?

這是對資本結構的後續研究。您已經提到，您已經執行了一半的回購計畫。我只是想確認是否有意取消現有的庫存股？還有一個後續問題，儘管您提到了在當前公司內部的某種環境下持有資本的偏好。如果要結束目前的回購計劃，公司是否有意推出新的回購計劃，特別是在特定的市場條件下，並可能繼續及時執行回購？

I would start speaking. Thank you, Maria, for question. Regarding to cancellation of shares, we are discussed internally. At the end of the day, there is no, I would say, economic benefit on doing that because all the earnings per share, dividends or other ways to measure the economically for our shareholders is based on outstanding shares. So the shares in our treasury are not used to do those calculations. But we are talking about it, but there is no definition yet. As soon as we have any information related to that, we communicate properly.

我會開始講話。謝謝瑪麗亞的提問。關於股份註銷的事情，我們內部正在討論。歸根究底，我想說，這樣做並沒有任何經濟利益，因為每股盈餘、股利或其他衡量股東經濟效益的方式都是基於流通股數的。因此，我們庫中的股票不用於進行這些計算。但我們正在討論這個問題，但還沒有定義。一旦我們獲得任何與此相關的訊息，我們就會進行適當的溝通。

And in terms of the second question related to the program, we executed 50% of the program until now. We expect to continue doing that in a more opportunistic way going forward. And definitely, I think the company is prepared to launch a new one when we conclude this program that is current available.

關於第二個問題，與計劃有關，到目前為止，我們已經執行了 50％ 的計劃。我們希望今後繼續以更具機會的方式這樣做。當然，我認為當我們完成目前可用的這個程序時，公司已經準備好推出一個新的程式。

Caio Santillo, UBS.

瑞銀的 Caio Santillo。

This is [Camila Acevedo] from UBS. Talking -- I would like to touch upon the bets business in Brazil. So could you please share how is the environment right now since January with the new regulation in place? And what are the implications that we might see in terms of volumes and MDRs and revenues going forward?

我是瑞銀的 [Camila Acevedo]。談話—我想談談巴西的博彩業。那麼，您能否分享一下自一月新法規實施以來目前的環境如何？那麼，就未來的數量、MDR 和收入而言，我們可能會看到什麼影響？

Camila, thank you for the question. Just before I answer your question about bets, just to make a clarification here. Our share in cards-not-present transactions is much, much lower than our market share. So we see room to grow in cards-not-present transaction, meaning e-commerce and others. Bets is a small part of this card-not-present transaction that they have in our base, and we don't see any material change since the beginning of January because we always working with the companies that were -- although they were not regulated, they were serious company, they were companies that were -- have some reputation and so on.

卡米拉，謝謝你的提問。在我回答您關於賭注的問題之前，我先在此做一點澄清。我們在無卡交易中的份額遠低於我們的市場份額。因此，我們認為無卡交易（即電子商務和其他交易）還有成長空間。投注只是我們基礎中無卡交易的一小部分，自 1 月初以來我們沒有看到任何實質性變化，因為我們一直與那些公司合作——儘管他們沒有受到監管，但他們是嚴肅的公司，他們是有一定聲譽的公司等等。

So the companies that we've been working since 2024, they got the license to keep working in Brazil. So we don't see any material change. And again, this is a part of the card-not-present transaction, that is a small part of our total TPV. So it's not -- it's -- if we had an impact would be very marginal. So the idea here is it's stick with the guidance. And in the guidance, we already have all these variables considered there. But again, it's marginal and it's a very small business.

因此，自 2024 年以來與我們合作的公司都獲得了繼續在巴西工作的許可。因此我們沒有看到任何實質的變化。再說一次，這是無卡交易的一部分，只是我們總 TPV 的一小部分。所以，如果我們產生影響的話，影響也會非常小。因此這裡的想法是堅持指導。在指導中，我們已經考慮到了所有這些變數。但同樣，這只是邊緣業務，而且規模非常小。

And also through the regulation, as we have other strong players that will be regulated in the market, it's also an opportunity for us to keep growing this business segment.

此外，透過監管，由於我們擁有其他將受到市場監管的強大參與者，這也是我們繼續發展這項業務部門的機會。

Thank you very much. That's all the questions we have for today. I will now pass the line back to Alex Magnani, PagSeguro Digital's CEO, for his closing remarks. Go ahead, sir.

非常感謝。這就是我們今天要問的所有問題。現在，我將麥克風交還給 PagSeguro Digital 執行長 Alex Magnani，請他致最後一句話。請說，先生。

Thank you, everyone, for participating in our call. We look forward to see you in the next quarterly call. Thank you.

感謝大家參加我們的電話會議。我們期待在下次季度電話會議上見到您。謝謝。

This does conclude PagSeguro Digital's conference call. We thank you for your participation, and wish you a very good evening.

PagSeguro Digital 的電話會議到此結束。我們感謝您的參與，並祝您度過一個愉快的夜晚。