PagSeguro Digital Ltd (PAGS) 2025 Q1 法說會逐字稿

Good evening. My name is [Ojo]. I'll be your conference operator today.

晚安.我的名字是[奧喬]。今天我將擔任您的會議主持人。

Welcome to PagSeguro Digital earnings call for the first quarter of 2025.

歡迎參加 PagSeguro Digital 2025 年第一季財報電話會議。

The slide presentation for today's webcast is available on PagSeguro Digital's Investor Relations website, at investors.pagbank.com. Please refer to the forward-looking statements and reconciliation disclosure in this presentation and in the company's earnings release appendix.

今日網路直播的幻燈片簡報可在 PagSeguro Digital 投資者關係網站 investors.pagbank.com 取得。請參閱本簡報中的前瞻性陳述和對帳揭露，以及公司收益報告附錄。

(Operator Instructions) Today's conference is being recorded and will be available on the company's IR website, after the event is concluded.

（操作員指示）今天的會議正在錄製，活動結束後將在該公司的 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。

Hello, everyone. Welcome to the Pagbank's earnings conference call for the quarter ended March 31, '25. I'm Gustavo Sechin, Pagbank's Investor Relations Director.

大家好。歡迎參加 Pagbank 截至 2025 年 3 月 31 日的季度財報電話會議。我是菲律賓投資銀行投資者關係總監 Gustavo Sechin。

Thank you for taking the time to join us today. We will begin by sharing the highlights of the quarter, followed by our live Q&A session.

感謝您今天抽出時間來參加我們的活動。我們將首先分享本季的亮點，然後進行現場問答環節。

Tonight, I am joined by Ricardo Dutra, our Principal Executive Officer; Alexandre Magnani, our CEO; and Artur Schunck, our CFO.

今晚，與我一起出席的還有我們的執行長 Ricardo Dutra、我們的執行長 Alexandre Magnani 和我們的財務長 Artur Schunck。

Now, I would like to turn it over to Dutra. Please, Dutra.

現在，我想把發言權交給杜特拉。請你，杜特拉。

Hello, everyone. Thank you for joining our first-quarter 2025 earnings call.

大家好。感謝您參加我們的 2025 年第一季財報電話會議。

I will begin with slide 4, where we present our key operational and financial highlights. I'm pleased to announce another strong quarter delivering growth with stability, despite this challenging macro-economic environment.

我將從幻燈片 4 開始，介紹我們的主要營運和財務亮點。我很高興地宣布，儘管宏觀經濟環境充滿挑戰，但我們仍保持在舊有強勁成長勢頭，實現了穩定成長。

We ended the quarter with 32 million clients growing, 0.6 million clients year over year. Our financial performance, this quarter, was marked by a robust top-line growth and a resilient bottom line, while earnings per share grew at an accelerated pace.

本季結束時，我們的客戶數量增加了 3,200 萬，比去年同期增加了 60 萬。本季度，我們的財務表現表現為強勁的營收成長和穩健的獲利，同時每股盈餘也呈現加速成長。

Payments TPV reached a record first quarter of BRL129 billion, a 16% growth year over year. Our credit portfolio and funding have experienced rapid year-over-year growth, further solidifying our financial strength and competitive position.

第一季支付 TPV 達到創紀錄的 1,290 億巴西雷亞爾，年增 16%。我們的信貸組合和融資逐年快速成長，進一步鞏固了我們的財務實力和競爭地位。

Going to financial highlights. Our net revenues increased 13% year over year, reaching BRL4.9 billion. Our non-GAAP net income was BRL554 million, a 6% growth year over year. Our diluted EPS, on a GAAP basis, reached BRL1.72, 14% growth year over year, which reinforces our commitment to continuously create shareholder value.

前往財務亮點。我們的淨收入年增 13%，達到 49 億巴西雷亞爾。我們的非公認會計準則淨收入為 5.54 億巴西雷亞爾，年增 6%。根據 GAAP 計算，我們的稀釋每股盈餘達到 1.72 巴西雷亞爾，年成長 14%，這強化了我們持續創造股東價值的承諾。

In this context, following our existing buyback program with BRL1.1 billion repurchased over the past 12 months, we are pleased to announce the launch of two key initiatives to further enhance shareholder value and drive more efficient capital allocation.

在此背景下，繼我們現有的回購計畫（過去 12 個月已回購 11 億巴西雷亞爾）之後，我們很高興地宣布推出兩項重要舉措，以進一步提升股東價值並推動更有效的資本配置。

We are canceling 23.9 million stocks held in treasury and, for the first time, we'll announced the payment of cash dividend of $0.14 of dollar per common share to be paid in June 6. Going forward, at the discretion of PagSeguro Board and company and market conditions, among other factors, we expect to pay dividends corresponding to approximately 10% of net income.

我們將註銷 2,390 萬股庫存股，並首次宣布將於 6 月 6 日派發每股普通股 0.14 美元的現金股利。展望未來，根據 PagSeguro 董事會的判斷以及公司和市場條件等因素，我們預計將支付相當於淨收入約 10% 的股息。

In conclusion, this quarter's performance highlights our ability to consistently create value and deliver solid results. We remain one of the few companies in our segment to have posted positive results, every single quarter, since our APO, a track record we have upheld, despite evolving industry dynamics and economic cycles.

總之，本季的業績凸顯了我們持續創造價值和實現穩健績效的能力。自 APO 以來，我們仍然是所在行業中少數幾個每季都取得積極業績的公司之一，儘管行業動態和經濟週期不斷變化，我們仍然保持著這一記錄。

On slide 6, we illustrate the consistent growth in our earnings per share. Since our IPO in 2018, we have delivered a 15% CAGR for our reporter GAAP-based EPS metric. This trajectory reflects our strong operation execution and our disciplined capital allocation strategy, including increasing buybacks over time, which showcases our confidence in the long-term value of the company.

在投影片 6 中，我們展示了每股收益的持續成長。自 2018 年 IPO 以來，我們基於 GAAP 的 EPS 指標實現了 15% 的複合年增長率。這一軌跡反映了我們強大的營運執行力和嚴謹的資本配置策略，包括隨著時間的推移增加回購，這表明我們對公司長期價值的信心。

Along the way, we have achieved several key milestones that have expanded our addressable market and increased profitability. The acquisition of our banking license enabled us to broaden our product offering and deepen customer engagement through our credit offerings and digital banking platform.

在此過程中，我們實現了幾個關鍵的里程碑，擴大了我們的潛在市場並提高了盈利能力。獲得銀行牌照使我們能夠透過信貸產品和數位銀行平台擴大產品範圍並加深客戶參與度。

More recently, our strategy has focused on winning the MSMBS: attracting and retaining these profitable customers, while continuing to scale our platform.

最近，我們的策略重點是贏得 MSMBS：吸引和留住這些有利可圖的客戶，同時繼續擴大我們的平台。

The results of this shift are already visible in our improving monetization metrics and sustained EPS growth.

這種轉變的結果已體現在我們不斷改善的貨幣化指標和持續的每股盈餘成長中。

Moving to slide 7, we highlighted how we've been building the company with a long-term vision. Our fully integrated ecosystem combining payments, banking, and credit allows us to use one business to effectively leverage the other by offering a comprehensive suite of products and features to our clients.

轉到第 7 張投影片，我們強調了我們如何以長遠眼光建立公司。我們的完全整合的生態系統結合了支付、銀行和信貸，使我們能夠透過向客戶提供全面的產品和功能，利用一項業務有效地利用另一項業務。

This approach has allowed us to deepen engagement, boost monetization, and capture a greater share of wallets by becoming a primary financial partner of our clients.

這種方法使我們能夠成為客戶的主要金融合作夥伴，從​​而加深參與度、提高貨幣化程度並獲得更大的市場份額。

Moving to the next slide. We showed that, on top of our robust performance, there remains significant room for market implementation and future growth.

移至下一張投影片。我們表明，除了強勁的業績外，市場實施和未來成長仍有很大空間。

In some banking businesses, we have less than 1% market share so that we strongly believe we are still scratching the surface, in terms of the full potential our platform can reach. As we scale our banking operations, we'll open up new avenues for sustainable growth, including a deeper focus on cross-selling banking products, strengthening our deposit franchises, and increasingly expand and diversify our credit portfolio.

在一些銀行業務中，我們的市佔率不到 1%，因此我們堅信，就我們的平台所能發揮的全部潛力而言，我們還只是觸及表面。隨著我們銀行業務規模的擴大，我們將開闢可持續成長的新途徑，包括更加重視交叉銷售銀行產品、加強我們的存款特許經營權，並不斷擴大和多樣化我們的信貸組合。

Now, I'll pass to Alex, who'll deep dive into our operational performance for Q1 '25. Thank you.

現在，我將把話題交給 Alex，他將深入探討我們 2025 年第一季的營運表現。謝謝。

Thank you, Ricardo. Hello, everyone.

謝謝你，里卡多。大家好。

In this section, we'll walk through the performance of our business units for the first quarter of 2025.

在本節中，我們將介紹 2025 年第一季各業務部門的業績。

On slide 10, we announced that, from this quarter on, we are adopting a new classification criteria for our client segments.

在第 10 張投影片上，我們宣布，從本季開始，我們將對客戶群採用新的分類標準。

Merchants with a total payment volume up to BRL3 million per month are now classified as MSMBs, compared to the previous threshold of up to BRL1 million per month. Additionally, we now define merchants with TPV above BRL3 million, as well as online merchants, e-commerce, and cross-border, under the Large Retail and Online segment, formerly called LMEC.

每月總支付額高達 300 萬巴西雷亞爾的商家現在被歸類為 MSMB，而先前的門檻是每月高達 100 萬巴西雷亞爾。此外，我們現在將 TPV 超過 300 萬巴西雷亞爾的商家以及線上商家、電子商務和跨境商家定義為大型零售和線上部門（以前稱為 LMEC）。

This change was implemented to more accurately reflect the dynamics of our business, in line with our strategy of winning on the MSMB space.

實施這項變更是為了更準確地反映我們的業務動態，符合我們在 MSMB 領域獲勝的策略。

Moving to slide 11. In first-quarter '25, we reached 32 million clients, adding 600,000 clients in the last 12 months. We ended the quarter with 17.7 million active clients, with our client base expansion driven by a sustainable growth of 5% year over year in the banking-only clients.

移至投影片 11。2025 年第一季度，我們的客戶數量達到 3,200 萬，過去 12 個月內又增加了 60 萬客戶。本季結束時，我們擁有 1,770 萬活躍客戶，我們的客戶群擴張得益於純銀行客戶年增 5% 的持續成長。

As we have seen in previous quarters, we have been focusing on activating higher-value clients, prioritizing monetization and profitability.

正如我們在前幾個季度所看到的，我們一直專注於激活更高價值的客戶，優先考慮貨幣化和獲利能力。

On slide 12, we showed that our merchant-acquiring business keeps growing in all segments.

在第 12 張投影片上，我們展示了我們的商家收單業務在各個領域持續成長。

TPV reached BRL129 billion in Q1 '25, growing 16% year over year, with TPV per merchant growing 20% on a yearly basis. In the fourth quarter of 2024, we initiated a strategic repricing process, in response to the ongoing interest rate hike in Brazil.

2025 年第一季度，TPV 達到 1,290 億巴西雷亞爾，年增 16%，每位商家的 TPV 較去年同期成長 20%。2024 年第四季度，我們啟動了策略性重新定價流程，以應對巴西持續的升息。

Now, six months into this effort, we believe that acting early was crucial in partially offsetting the impact of higher rates, while also helping to manage our product needs, more effectively.

現在，經過六個月的努力，我們認為儘早採取行動對於部分抵銷利率上升的影響至關重要，同時也有助於更有效地管理我們的產品需求。

In accordance with the new segmentation mentioned previously, the MSMB segment -- which now includes merchants with a monthly TPV up to BRL3 million -- grew 11% year over year.

按照前面提到的新細分，MSMB 細分市場（現在包括每月 TPV 高達 300 萬巴西雷亞爾的商家）年增 11%。

For comparison purpose, if we have maintained the previous classification used through 4Q '24, MSMB TPV would have grown 13% over the same period in 2024. This expansion of our core segment is mainly driven by increased productivity in our hubs.

為了進行比較，如果我們維持截至 2024 年第四季所使用的先前分類，那麼 MSMB TPV 將比 2024 年同期成長 13%。我們核心部門的擴張主要得益於我們樞紐生產力的提升。

Meanwhile, the Large Retail and Online segment, which includes merchants with monthly TPV about BRL3 million, as well as e-commerce and cross-border operations, grew 30% year over year.

同時，大型零售和線上部門（包括每月 TPV 約 300 萬巴西雷亞爾的商家以及電子商務和跨境業務）年增 30%。

Excluding the Online business, our Large Retail segment grew approximately 8% year over year. Growth was particularly strong in cards-not-present transactions, enabling us to extend our market reach beyond traditional POS channels.

不包括線上業務，我們的大型零售部門年增約 8%。無卡交易的成長尤其強勁，使我們能夠將市場範圍擴展到傳統 POS 管道之外。

Now, on slide 13. We showed that our strategy to deliver a seamless experience by integrating payments, banking, and value-added service drove cash-in levels to BRL83 billion in the Pagbank accounts.

現在，請看第 13 張投影片。我們表明，透過整合支付、銀行業務和增值服務來提供無縫體驗的策略推動了菲律賓銀行帳戶的現金流入水準達到 830 億巴西雷亞爾。

Cash-in per active client, a key metric of our client engagement, grew 23%, compared to the first quarter of '24, reaching BRL4,800 per client.

每位活躍客戶現金流入（我們客戶參與度的關鍵指標）與 24 年第一季相比成長了 23%，達到每位客戶 4,800 巴西雷亞爾。

The evolution of our engagement matrix is shown on the bottom-left graph, which demonstrates the increasing usage of our app. Furthermore, we observed the significant penetration increase of due payments and peak service, investments, and insurance products across our customer base.

左下角的圖表顯示了我們的參與度矩陣的演變，這表明我們的應用程式的使用率正在不斷提高。此外，我們觀察到到期付款和高峰服務、投資和保險產品在我們的客戶群中的滲透率顯著提高。

On slide 14, we showed our strong deposits performance and cost of funding reduction. Total deposits were up 11%, reaching BRL33.9 billion. This growth is particularly noteworthy, given our ongoing efforts to reduce the cost of funding. It shows that we are successfully managing our customer deposits, while improving the efficiency of our funding base.

在投影片 14 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 11%，達到 339 億巴西雷亞爾。鑑於我們不斷努力降低融資成本，這一增長尤其值得注意。這顯示我們成功地管理了客戶存款，同時提高了資金基礎的效率。

The APYs for total deposits decreased by 700 basis points, reaching 90% of the CDI last year, as a result of our strategic efforts to lower the average cost of funding, such as adjusting remuneration, the duration, as well as diversifying our funding sources.

由於我們採取了降低平均融資成本的策略性措施，例如調整報酬、期限以及實現融資來源多元化，總存款的 APY 下降了 700 個基點，達到去年 CDI 的 90%。

Our deposits are primarily utilized to fund pre-payments to merchants and are low in book. As of December, our loan-to-total funding ratio, which measures our total funding against our expanded credit portfolio, stood at 114%.

我們的存款主要用於支付給商家的預付款，帳面餘額較低。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的比率）為 114%。

On slide 15, we highlighted that we have been able to expand our credit portfolio, gradually, in a sustainable way. This quarter, our total credit portfolio reached BRL3.7 billion, a 34% year-over-year increase, led by the origination of secured products which represents 85% of our book loan.

在第 15 張投影片上，我們強調我們已經能夠以可持續的方式逐步擴大我們的信貸組合。本季度，我們的信貸總額達到 37 億巴西雷亞爾，年增 34%，其中，擔保產品的發放占我們帳面貸款的 85%。

Since second-half '24, we have gradually resumed credit underwriting for unsecured products, mainly focusing on working capital loans for merchants. This has been driven by the continuing improvement in asset quality, risk assessment, and collection processes. Consequently, there has been a 16% increase in working capital loans in the last quarter.

自 2024 年下半年起，我們逐步恢復了無擔保產品的信用承保，主要集中在商家的營運資金貸款。這是由資產品質、風險評估和收集流程的持續改善所推動的。因此，上個季度營運資金貸款增加了 16%。

When we consider the financial operations related to pre-payment to merchants facilitated by our instant settlement feature on the acquiring site, our expanded credit portfolio exceeds BRL46 billion, a 34% increase over the past 12 months.

當我們考慮到透過收單網站上的即時結算功能促進的與商家預付款相關的金融操作時，我們擴大的信貸組合超過了 460 億巴西雷亞爾，在過去 12 個月中增長了 34%。

Our NP90, on the bottom right of the slide, demonstrates the improvements in our asset quality in the last 12 months, moving from 4.5% to 2.3% in the period, which is significantly below the market average.

幻燈片右下角的 NP90 顯示了我們資產品質在過去 12 個月中的改善，從 4.5% 降至 2.3%，遠低於市場平均。

Now, I turn over to Arthur for the financial highlights of the first quarter of 2025. Arthur, please.

現在，我請亞瑟介紹 2025 年第一季的財務亮點。亞瑟，請。

Thanks, Alexandre. Hello, everyone. Thank you for joining us today.

謝謝，亞歷山大。大家好。感謝您今天加入我們。

I am pleased to present our consolidated financial results for the first quarter of 2025.

我很高興地公佈我們 2025 年第一季的綜合財務表現。

Turning to slide 17, we delivered total revenue and income of BRL4.9 billion, representing a 13% year-over-year increase. This growth was driven by sustainable strength across both our Payments and Banking segments, as previously highlighted by Alexandre.

翻到第 17 張投影片，我們的總收入達到 49 億巴西雷亞爾，年增 13%。正如亞歷山大之前所強調的那樣，這一增長是由我們的支付和銀行部門的可持續實力推動的。

Our consolidated gross profit margin reached 39% of total revenue, deflecting the ongoing pricing process that partially offset the impact of higher interest rates throughout the quarter.

我們的綜合毛利率達到了總收入的39％，扭轉了正在進行的定價過程，部分抵消了整個季度利率上升的影響。

Looking at the charts on the right side, payments revenue totaled BRL4.3 billion, supported by TPV expansion and evolution of our clients and product mix.

從右側的圖表可以看出，支付收入總計 43 億巴西雷亞爾，這得益於 TPV 的擴張以及客戶和產品組合的演變。

Banking revenue reached at a record of BRL582 million, growing 60% year over year, driven primarily by higher interest income from our expanding credit portfolio and increased flow from our cash position.

銀行收入達到創紀錄的 5.82 億巴西雷亞爾，年增 60%，主要得益於我們不斷擴大的信貸組合帶來的利息收入增加以及現金流增加。

Additionally, revenue from service fees grew, supporting our strategy to deepen client engagement, improve principality, and drive greater profitability.

此外，服務費收入也有所成長，支持了我們深化客戶參與度、提高委託率和提高獲利能力的策略。

Finally, the gross profit margin of our Banking segment reached 70%, marking its fifth consecutive quarter of growth.

最後，我們銀行業務的毛利率達到了70%，這是連續第五個季度的成長。

Moving on to the next slide. Here represent a comparison of our gross profit from Q4 '24 to Q1 '25. The most significant impact comes from our pricing strategy, which helped offset the negative effects of quarterly seasonality and an average interest rate hike of 31 basis points, compared to the last quarter of 2024.

繼續下一張投影片。這是 2024 年第四季與 2025 年第一季毛利的比較。最顯著的影響來自於我們的定價策略，與 2024 年最後一個季度相比，該策略有助於抵消季度季節性和平均升息 31 個基點帶來的負面影響。

It is important to note that we initiated the pricing at the beginning of Q4 '24.

值得注意的是，我們在 2024 年第四季初啟動了定價。

In the right side of this slide, I want to highlight the strong performance of our Banking business, which has become an increasingly strategic pillar in our overall results.

在這張投影片的右側，我想強調我們銀行業務的強勁表現，該業務已成為我們整體業績中越來越重要的策略支柱。

Banking gross profit grew 85% year over year, with its share of total gross profit rising from 13% to 22% in the last quarter. This growth was accompanied by a margin expansion from 60% to 70% of the same period. These results reinforce our resilience, the diversification of our revenue base, and our ability to scale complementary products and services efficiently.

銀行毛利年增85%，佔總毛利的比重從上季的13%上升至22%。這一成長伴隨著同期利潤率從 60% 擴大至 70% 的現象。這些結果增強了我們的韌性、收入基礎的多樣化以及有效擴展互補產品和服務的能力。

Moving on to the next slide. we take a closer look at our costs and expenses, providing deeper insights into their evolution and impact on our financial performance.

進入下一張投影片。我們仔細研究了我們的成本和費用，深入了解了它們的發展及其對我們財務表現的影響。

Our continued financial discipline, a key lever in balancing growth and profitability, was instrumental in delivering this quarter's results. We achieved an additional 10 basis points of operating leverage, compared to the same period of last year.

我們持續的財務紀律是平衡成長和獲利能力的關鍵槓桿，對本季的表現起到了重要作用。與去年同期相比，我們的營運槓桿額外提高了10個基點。

On the cost side, transaction costs rose 5% from Q1 '24, growing at a slow pace than TPV, due to the shifting products usage by our clients. Financial costs increased 42%, driven by higher interest rates and TPV growth, which required larger pre-payment volumes. These effects were partially offset by funding initiatives aimed at diversifying sources and reducing interest expenses.

在成本方面，由於客戶產品使用情況的變化，交易成本較 24 年第一季上漲了 5%，成長速度低於 TPV。由於利率上升和 TPV 成長，需要更大的預付款額，財務成本增加了 42%。這些影響被旨在實現資金來源多樣化和減少利息支出的融資措施部分抵消。

Meanwhile, total losses declined, reflecting the evolution of our fraud prevention processes.

同時，總損失有所下降，反映了我們詐欺預防流程的進步。

Operating expenses decreased by 3% quarter over quarter, with marketing costs remaining in line with Q4 '24 and reductions in personal and other administrative expenses. This reflects our disciplined approach to cost management and the efficiency achieved.

營運費用較上季下降 3%，行銷成本與 24 年第四季持平，個人和其他管理費用減少。這體現了我們嚴謹的成本管理方法和所取得的效率。

Finally, tax efficiency remains a fundamental pillar of our business strategy. We continue to advance tax optimization initiatives aimed at enhancing profitability and driving long-term value creation for our shareholders.

最後，稅收效率仍然是我們業務策略的基本支柱。我們持續推動稅收優化舉措，旨在提高獲利能力並為股東創造長期價值。

Moving on to slide 20. As demonstrated to all the presentation, this quarter was characterized by resilient operational and financial performance.

翻到第 20 張投影片。正如所有演示所展示的，本季度的特點是營運和財務表現強勁。

We achieved a non-GAAP net income of BRL554 million, reflecting a 6% growth, compared to Q1 2024.

與 2024 年第一季相比，我們的非公認會計準則淨收入為 5.54 億巴西雷亞爾，成長 6%。

Shareholder value creation, measured by diluted GAAP earnings per share, reached $1.72 in the last quarter, reflecting a 14% year-over-year increase.

以稀釋 GAAP 每股盈餘衡量的股東價值創造在上個季度達到 1.72 美元，年增 14%。

On the right side of this slide, I'm pleased to present the improvement of 140 basis points in our annual return on average equity, which increased to 15% from 13.6%, as reported in Q1 2024.

在這張投影片的右側，我很高興地展示我們的年度平均股本回報率提高了 140 個基點，從 2024 年第一季報告的 13.6% 上升到 15%。

Despite maintaining a conservative capital structure, the company continues to deliver consistent returns.

儘管保持保守的資本結構，該公司仍繼續提供穩定的回報。

On the next slide, we will take a deeper look at our capital allocation strategy. On slide 21, I would like to share the initiatives we are executing to create value for shareholders and strengthen our capital structure.

在下一張投影片中，我們將深入探討我們的資本配置策略。在第 21 張投影片上，我想分享我們為股東創造價值和加強資本結構而實施的措施。

We maintained consistent execution of our buyback program throughout 2025, repurchasing over 8 million shares. To date, we have executed more than 75% of the current program, approved in August 2024.

我們在 2025 年全年持續執行回購計劃，回購了超過 800 萬股。到目前為止，我們已經執行了 2024 年 8 月批准的當前計劃的 75% 以上。

In addition to that, I would like to highlight the two main initiatives that we are announcing this quarter, aligned to our commitment with sustainable shareholder value.

除此之外，我想強調我們本季宣布的兩項主要舉措，這符合我們對永續股東價值的承諾。

First, we are immediately canceling approximately 24 million treasury shares, reflecting our confidence in the long term value and performance of our business.

首先，我們立即取消約 2,400 萬股庫存股，這反映了我們對公司長期價值和績效的信心。

Finally, as Dutra mentioned earlier, we have announced the first cash dividend in the company's history, $0.14 per common share to be paid on June 6.

最後，正如杜特拉先前提到的，我們宣布了公司歷史上的首次現金股息，每股普通股 0.14 美元，將於 6 月 6 日支付。

Going forward, we expect, at the discretion of Pag's Board of Directors, to pay dividends, correspondingly, to approximately 10% of net income; subject, among other factors, to market and company performance and financial conditions. This demonstrates the company's ability to balance growth and profitability in our commitment to strengthening the capital structure and creating value for shareholders.

展望未來，我們預計，根據 Pag 董事會的判斷，將支付相當於淨收入 10% 左右的股息；除其他因素外，還取決於市場和公司業績以及財務狀況。這表明公司有能力平衡成長和獲利能力，並致力於加強資本結構和為股東創造價值。

Our Basel index consistently declined from December 2023 to Q1 '25, reflecting an improvement of approximately 5 percentage points in capital structure.

我們的巴塞爾指數從 2023 年 12 月到 2025 年第一季持續下降，反映出資本結構改善了約 5 個百分點。

Moving on to the next slide. Let us take a quick look at this year's guidance.

繼續下一張投影片。讓我們快速瀏覽一下今年的指導。

Q1 results are well aligned to the company's outlook for the year, confirming that we have started on the right path to delivering our expected performance.

第一季的業績與該公司今年的前景非常一致，這證明我們已經開始走上實現預期業績的正確道路。

Diluted earnings per share, based on the same share count as of December 2024 -- excluding the effects of the new shares repurchased in 2025 and the new shares to be distributed under the 2025 long-term incentive -- plan grew 15% year over year, demonstrating the resilience of our performance and the disciplined execution of our strategy.

稀釋每股盈餘是根據截至 2024 年 12 月的相同股份數量（不包括 2025 年回購的新股和 2025 年長期激勵計畫下分配的新股的影響）同比增長 15%，證明了我們業績的韌性和我們策略的嚴格執行。

We expect this metric to continue improving throughout the year, as we balance growth and profitability while exploiting initiatives to strengthen our capital structure.

我們預計這項指標將在全年繼續改善，因為我們在平衡成長和獲利能力的同時，也利用措施來加強我們的資本結構。

Regarding CapEx, current investment levels are aligned with expectations for this point in the year.

關於資本支出，目前的投資水準與今年此時的預期一致。

Now, I will turn it back to Alexandre for the closing remarks.

現在，我請亞歷山大致結束語。

Thank you, Arthur.

謝謝你，亞瑟。

Before we finish, let's turn to the next slide for closing remarks.

在我們結束之前，讓我們翻到下一張投影片進行結束語。

Overall, these quarter's results captured the discipline execution of our strategy, focused on diversifying our revenue sources and preserve profitability in a challenging macro environment.

總體而言，本季的業績體現了我們策略的嚴格執行，專注於實現收入來源多元化，並在充滿挑戰的宏觀環境中保持獲利能力。

I would like to highlight, once again, the increasing contribution from our Banking business, which now represents 22% of our total gross profit; and how the company, through resilient performance, starts the year on track to deliver the expected guidance.

我想再次強調，我們的銀行業務貢獻不斷增加，目前占我們總毛利的 22%；以及公司如何透過強勁的業績，在新的一年裡順利實現預期目標。

In the coming quarters, we'll focus on mitigating macro-economic uncertainty, executing a re-pricing strategy, and maintaining financial discipline.

在接下來的幾個季度中，我們將專注於減輕宏觀經濟的不確定性、執行重新定價策略以及保持財務紀律。

In addition to that, we should keep working on ways to improve our capital structure, executing the initiatives that were recently announced.

除此之外，我們也應該繼續努力改善我們的資本結構，執行最近宣布的措施。

Finally, I should also emphasize that our long-term focus is to become the primary interface for our clients' financial lives, exploring the significant opportunities to drive future growth highlighted in this presentation.

最後，我還要強調的是，我們的長期目標是成為客戶財務生活的主要介面，探索本次演講中強調的推動未來成長的重要機會。

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

現在，讓我把麥克風轉交給接線生。我們將開始問答環節。謝謝。

Thank you for the presentation.

感謝您的演講。

(inaudible)

（聽不清楚）

Arnon Shirazi, Citi.

花旗銀行的 Arnon Shirazi。

Hi, guys. Thank you for the opportunity of making question.

嗨，大家好。感謝您給我提問的機會。

My question is related to TPV. We saw the growth was slightly above 16% year over year this quarter, decelerating for 28% from the 4Q.

我的問題與 TPV 有關。我們看到本季的年增率略高於 16%，但比第四季的 28% 有所下降。

What explains this? Thank you.

這該如何解釋呢？謝謝。

This is Ricardo Dutra speaking. Thank you for the question.

我是里卡多·杜特拉。謝謝你的提問。

I'll take advantage of your question: just to remember that we are not a payment-only company anymore, right? 22% of our gross profit comes from the Banking operations.

我會利用你的問題：只是要記住，我們不再是一家只提供付款的公司了，對嗎？我們的毛利的22%來自銀行業務。

We already have more than BRL3 billion in credit portfolio, (inaudible) NPLs, close to 18 million active clients. Two-thirds of the clients are from the bank. So just remember that.

我們的信貸組合已超過 30 億巴西雷亞爾，（聽不清楚）不良貸款，活躍客戶接近 1,800 萬人。三分之二的客戶來自該銀行。所以只要記住這一點。

The company is much more diversified, as of today, than it used to be in the past. And it is diversifying quarter after quarter.

截至目前，該公司的多元化程度比過去高出許多。並且每個季度都在實現業務多元化。

But going back to your question about TPV: you're right, we grew 16%. It's decelerated a little bit from the Q4.

但回到你關於TPV的問題：你是對的，我們成長了16%。從第四季開始，成長速度略有放緩。

Important to say we had a -- or not (inaudible) -- easy comp but the volumes in Q1 '24 were a little bit higher than what it had in the past. So it's difficult comp, compared to Q1 '24.

重要的是要說我們有一個 - 或不是（聽不清楚） - 輕鬆的比較，但 24 年第一季的交易量比過去略高。因此，與 24 年第一季相比，競爭更加激烈。

And remember I've been saying that our focus is in the winning the MSMBs and online. If you look at slide 12, you're going to see that in Large Retails, we grew 8%; in e-commerce and cross-border, we grew more than 30%; and MSMB, we grew 11%. So it is aligned with the strategy that I've been saying to the market in the last, I would say, two years. Our plan is to win on MSMBs and win e-commerce.

請記住，我一直在說，我們的重點是贏得 MSMB 和線上市場。如果你看第 12 張投影片，你會看到，在大型零售領域，我們的成長了 8%；在電子商務和跨境領域，我們的成長超過了 30%；而在 MSMB 領域，我們的成長了 11%。因此，這與我過去兩年來一直向市場宣揚的策略是一致的。我們的計劃是贏得MSMB並贏得電子商務。

And part of the explanation is because we had this re-pricing. As interest rates in Brazil goes up, to mitigate this increasing in financial expenses is to make a re-pricing. And Large Retail are more sensitive to this type of movement, which is fine, because our focus is in the MSMB. So we're always trying to balance growth and profitability.

部分原因是我們進行了重新定價。隨著巴西利率上升，緩解財務費用增加的方法是重新定價。大型零售商對這種類型的運動更為敏感，這很好，因為我們的重點是 MSMB。因此，我們始終致力於平衡成長和獲利。

We delivered a very decent growth in Q1, very decent profitability. But in Large Retail, we had this deceleration, which is fine, because these clients -- they have lower margins, usually.

我們在第一季實現了非常可觀的成長，獲利能力也非常可觀。但在大型零售業，我們出現了這種減速，這很好，因為這些客戶的利潤率通常較低。

But part of the explanation is because it's natural that we've made the re-price. And then, we had a decrease in growth in the larger clients.

但部分原因是我們重新定價是很自然的。然後，我們的大客戶成長就下降了。

But remember: we had, if you look at the financial expenses, a 42% year-over-year growth. So we had to make this re-price to keep the profitability of the company.

但請記住：如果你看一下財務支出，你會發現我們的支出比去年同期增加了 42%。因此我們必須重新定價以保持公司的獲利能力。

Some of the clients are more sensitive and they would have, I would say, moved part of the volumes to some another company. But that's the explanation.

有些客戶比較敏感，我想說，他們會將部分交易量轉移到其他公司。但這就是解釋。

Okay. Got it. Super clear. And, if I may, I have another question here. It's regarding the announcement of 10% dividend distribution on future net income for the following years.

好的。知道了。超級清晰。如果可以的話，我這裡還有一個問題。這是關於宣布未來幾年淨收入的 10% 股息分配。

Why only 10% and not more? Since the company has a lot of capital non the balance sheet.

為什麼只有 10% 而不是更多？由於該公司擁有大量資產負債表外的資本。

On the dividends that we are announcing, it's an initiative that are combined with the share buybacks. So we'll keep working in both initiatives.

關於我們宣布的股息，這是一項與股票回購相結合的措施。因此，我們將繼續致力於這兩項計劃。

As you could see: with being much more aggressive in buybacks in the past quarters, we bought more than BRL1.1 billion in shares in the last 12 months.

如您所見：由於過去幾季我們回購力道更大，我們在過去 12 個月內購買了超過 11 億巴西雷亞爾的股票。

So the idea is to combine dividends with buybacks. We keep doing the share buybacks and we plan to keep doing so.

因此，我們的想法是將股息與回購結合。我們一直在進行股票回購，並且我們計劃繼續這樣做。

And the 10% is just to have a sense of what we have in mind, at this point. It doesn't mean that it could not change. But remember: this is a combined initiative with buybacks.

而這 10% 只是為了讓我們來了解此時此刻我們心裡想的是什麼。這並不意味著它不能改變。但請記住：這是一項與回購相結合的措施。

Got it. Super clear.

知道了。超級清晰。

Beatriz Abreu, Goldman Sachs.

高盛的 Beatriz Abreu。

Hi, everyone. Good evening. Thanks for the call and taking my question.

大家好。晚安.感謝您的來電並回答我的問題。

My question is on deposits, right? We saw some contraction there in the quarter. Is the decrease -- the decrease on checking accounts, somewhat understandable, given the higher cost of opportunity due to the higher rate environment, right?

我的問題是關於存款的，對嗎？我們發現本季出現了一些收縮。考慮到高利率環境導致的機會成本較高，支票帳戶的減少是否可以理解，對嗎？

But CDs also fell in the quarter. Just wanted to understand a bit what drove the decrease there in deposits and if the 90% of CDI is a floor of what you can pay on deposits, without seeing any significant outflows.

但本季 CD 銷量也有所下降。只是想稍微了解一下是什麼導致了存款的減少，以及 90% 的 CDI 是否是您可以支付存款的底線，而不會出現任何明顯的流出。

Thank you.

謝謝。

It's Arthur speaking. Thank you for your question.

我是亞瑟。感謝您的提問。

When we take a look on the deposits, actually, we are managing all the funding lines. Sometimes, we have more deposits; sometimes, we have other deposits growing or, even, interbank deposits.

當我們查看存款時，實際上我們正在管理所有的資金線。有時，我們的存款有所增加；有時，我們的其他存款有所增長，甚至還有銀行間存款。

When we compare quarter over quarter, part of the explanation is related to seasonality. When we put more focus on analyzing deeply checking accounts and CD, sometimes we have amount moving from checking account to CDs.

當我們將季度與季度進行比較時，部分解釋與季節性有關。當我們更專注於深入分析支票帳戶和 CD 時，有時我們會將金額從支票帳戶轉移到 CD。

In terms of CDs, we are putting together in-house distribution, third-party distribution. And the most important point, to me, is put attention on the average total cost -- that it's stable, in terms of comparison to other and past quarters.

在 CD 方面，我們正在整合內部發行和第三方發行。對我來說，最重要的一點是關注平均總成本——與其他季度和過去幾個季度相比，它是穩定的。

Actually, we are doing a great job on working to reduce the cost of funding for the company.

事實上，我們在降低公司融資成本方面做得很好。

And the second point is the 85% of the distribution of CDs in-house versus 74% of the distribution Q1 '24. So we are doing a great job on reducing costs. And, also, we are distributing more deposits to our clients that will engage them more and allow us to cross-sell more products for them.

第二點是，85% 的 CD 在內部分發，而 24 年第一季的分發率為 74%。因此我們在降低成本方面做得很好。此外，我們還向客戶分配了更多的存款，以吸引更多客戶，並允許我們為他們交叉銷售更多產品。

Great. And do you think you can lower, even more, the [API] paid on total deposits? Or is 90% (inaudible) floor that you're seeing?

偉大的。您認為您可以進一步降低總存款支付的 [API] 嗎？還是您看到的是 90%（聽不清楚）的底線？

Well, we are working to do that. There are initiatives that we are thinking about to reduce the cost. But, also, we need to balance the total amount that we have versus the cost that we are -- or the percentage that we are paying for our clients.

嗯，我們正在努力做到這一點。我們正在考慮採取一些措施來降低成本。但是，我們還需要平衡我們的總金額和我們的成本——或者我們為客戶支付的百分比。

We can reduce. But losing amount is not good for the company because we need to move to expensive or other lines that are more expensive than deposits.

我們可以減少。但損失金額對公司來說並不好，因為我們需要轉向昂貴或比存款更昂貴的其他業務。

So we are working hard to focus and distribute those products to our clients to engage them in the ecosystem. And, also, working to reduce the cost for the company too.

因此，我們正在努力集中精力將這些產品分發給我們的客戶，以讓他們參與生態系統。並且，也努力降低公司的成本。

Super clear. Thank you so much.

超級清晰。太感謝了。

William Barranjard, Itaú BBA.

William Barranjard，義大利 BBA。

Thank you. Good night, everyone.

謝謝。大家晚安。

My question goes on the gross margin, right. Looking at the slide 18 you provided, it seems like re-pricing is more than offsetting funding cost growth, right?

我的問題是關於毛利率的，對嗎？從您提供的第 18 張投影片來看，重新定價似乎不僅可以抵消融資成本的成長，對嗎？

My question goes -- if it is fair to believe that from now on, as the average interest rate will grow lower then it grew sequentially in the first quarter -- is it fair to believe that from now on, gross margins should improve sequentially? Or there could be any effects on lower repricing efforts from now on; or, even, TPV mix changes that could impact eventual margin gains in the second quarter, onwards?

我的問題是——如果可以合理地相信從現在開始，由於平均利率將低於第一季的環比增長——那麼是否可以合理地相信從現在開始，毛利率應該會比去年同期增加？或者從現在起，這可能會對降低重新定價力度產生任何影響；甚至，TPV 組合變化可能會影響第二季及以後的最終利潤率成長？

It's Arthur speaking, again. Thank you for your question.

又是亞瑟在說話。感謝您的提問。

When we have this comparison, this bridge on slide 18, as you mentioned, we are including the re-pricing and mix of products together, in the same bucket.

當我們進行這種比較時，正如您所提到的，第 18 張幻燈片上的這座橋將重新定價和產品組合放在同一個桶子裡。

The majority of the positive result comes from the re-pricing that we had. But not 100%. I could say that we didn't compensate 100% of the increase from the (inaudible) rate.

大部分正面成果來自於我們的重新定價。但不是100%。我可以說，我們並沒有從（聽不清楚）費率中補償 100% 的增幅。

And, on top of that, during the first quarter, we have two increases from the Central Bank on the basic interest rate for the country. And the full impact on the cost will be in the second quarter and, also, in the third quarter because we had an increase, last week.

除此之外，第一季度，央行也兩度調高了國家基本利率。成本的全面影響將在第二季和第三季顯現，因為上週成本增加。

So what we can say is we are working hard to re-price our clients to reduce the cost of funding for the company.

因此我們可以說，我們正在努力重新為客戶定價，以降低公司的融資成本。

On top of that, taking care of the costs, transactional costs, total losses, and even compensated through expenses to continue to grow in our results, going forward. So I see that we can have more impact on gross profit in Q2 and Q3.

除此之外，還要承擔成本、交易成本、總損失，甚至透過費用來補償，以確保我們未來的業績持續成長。因此我認為我們可以對第二季和第三季的毛利產生更大的影響。

But, in the end of the day, we have the guidance that shows a growth from 7% to 11% versus last year. And we are confident that this guidance will be achieved until the end of the year.

但最終，我們得到的預測是，與去年相比，成長率將從 7% 上升至 11%。我們有信心在今年年底前實現這一目標。

Thank you, Arthur. But just checking: how would you compare the magnitude of re-pricing effect in your gross margins, maybe, in the second quarter? How would you compare the expectations with what happened in the first quarter?

謝謝你，亞瑟。但只是檢查一下：您如何比較第二季重新定價對毛利率的影響程度？您如何將預期與第一季的情況進行比較？

Well, we used it to say that we are re-pricing. In each round, we are re-pricing 60% to 70% of the clients. That will be a little bit less, in terms of amount.

嗯，我們用它來表示我們正在重新定價。在每一輪中，我們都會對 60% 到 70% 的客戶重新定價。從數量上來說，會少一點。

So we are not sharing, exactly, the amount that we are doing. And as we communicated before, our strategy of re-pricing is aligned it to the Central Bank increase. So after the increase from the Central Bank, we have some days to take all the re-pricing 100% implemented.

因此，我們並沒有分享我們正在做的事情的具體數量。正如我們之前所傳達的，我們的重新定價策略與央行的升息保持一致。因此，在央行提高利率後，我們還有幾天的時間來實現所有重新定價的 100%。

So it's difficult to set, exactly, the magnitude of the impact, going forward. But we are doing all the efforts that we can do to re-price our clients without to lose volumes, without to lose clients, and also keeping the margins up, as much as possible.

因此，很難準確判斷未來影響的程度。但我們正在盡一切努力在不損失銷售、不失去客戶的情況下重新為客戶定價，同時盡可能保持利潤率。

Okay. Very clear. Thank you.

好的。非常清楚。謝謝。

Antonio Ruette, Bank of America.

美國銀行的安東尼奧·魯埃特 (Antonio Ruette)。

Hey. Good evening, team. Thank you for your time. I have two questions. I would like to continue on Arnon's questions.

嘿。大家晚上好。感謝您抽出時間。我有兩個問題。我想繼續回答 Arnon 的問題。

First, on TPG, as for the deceleration, I'd like to check if you also had some impacts of the re-pricing strategy on MSMBs, as I understood that you had some large accounts. And, also, that you have a tough comps here, as first Q of '24 was stronger than usual.

首先，關於 TPG，就減速而言，我想檢查一下重新定價策略是否也對 MSMB 產生了一些影響，因為據我了解，您有一些大額帳戶。而且，你在這裡也面臨著艱難的競爭，因為 24 年的第一季比平常更強勁。

But we do see volumes coming down from -- growth coming down from 20% to 11% during the year.

但我們確實看到交易量正在下降——年內成長率從 20% 下降到 11%。

So I would just like to deep dive here. If you could share if you have an impact from churn related to pricing or any other effects that you could share. That's on volumes.

所以我只想在這裡深入探討一下。如果您可以分享與定價相關的客戶流失是否對您有影響，或者您可以分享任何其他影響。這是關於卷的。

On your capital distribution, I was just curious if you could share a little bit more on why cash dividends and not more buybacks. I understand that you mentioned that this will be a strategy combining both. But why? If you could share a little bit more, it would be great.

關於您的資本分配，我只是好奇您是否可以進一步解釋為什麼是現金分紅而不是更多的回購。我知道您提到這將是一個兩者相結合的戰略。但為什麼？如果您能分享更多一點，那就太好了。

Thank you for your time.

感謝您抽出時間。

Hi, Antonio. Regarding the first one, the re-pricing and how it could have affected the MSMBs. When you look at the MSMB's segment, it goes from BRL1 million to BRL3 million per month.

你好，安東尼奧。關於第一個問題，重新定價以及它可能對 MSMB 產生的影響。當您查看 MSMB 部分時，其每月收入從 100 萬巴西雷亞爾增加到 300 萬巴西雷亞爾。

So there could be some impact in these clients,. as we said before, in Large Retail, they are more sensitive and the impact on churns are more immediate. In the MSMBs, it could take a while. We keep following that to control the churn rates.

因此這些客戶可能會受到一些影響。正如我們之前所說，在大型零售業中，他們更加敏感，對客戶流失的影響也更為直接。在 MSMB 中，這可能需要一段時間。我們會繼續遵循這項原則來控制客戶流失率。

The larger the merchant, the higher the probability that he could have some churn. When I say churn, it doesn't mean that he's going to stop working with us but he could move some of the volumes to another company. So we keep monitoring that.

商家規模越大，發生客戶流失的可能性就越大。當我說客戶流失時，並不代表他會停止與我們合作，而是他可能會將部分業務轉移到另一家公司。因此我們會持續監控。

I would say nothing -- it's, I'd say, popping up in our screens here saying that we have a crisis or that the churn is spiking up. But, yeah, there could be some churn in the (inaudible) of clients. And remember that also, in, the 11%, there could be some mortality of the clients throughout this year.

我什麼也不會說——我想說的是，它出現在我們的螢幕上，表明我們遇到了危機，或者客戶流失率正在飆升。但是，是的，客戶可能會流失一些（聽不清楚）。還要記住的是，在這 11% 中，今年可能會有一些客戶死亡。

When you look at the MSMBs that goes from BRL1 million to BRL3 million, you have, I would say, different profiles of clients. But, yes, it's natural that when you increase prices, you have some fiction with the clients.

當您查看從 100 萬巴西雷亞爾到 300 萬巴西雷亞爾的 MSMB 時，我想說，您擁有不同的客戶概況。但是，是的，當你提高價格時，與客戶產生一些矛盾是很自然的。

And the whole market is increasing prices. Some companies have different strategies. They make one increase based on the future curve.

整個市場都在漲價。有些公司有不同的策略。他們根據未來的曲線做出一次增加。

As Arthur mentioned before, we wait to see what's going to be the interest rate and then, we decide to re-price. We do not re-price all the clients, at the same time. We have different clusters for different (inaudible), different geographies in Brazil.

正如亞瑟之前提到的，我們等待觀察利率，然後決定重新​​定價。我們不會同時為所有客戶重新定價。我們針對巴西不同（聽不清楚）地區設立了不同的集群。

To answer your questions: there could be some impact in the MSMBs in re-price, yes, but it's not something that is -- it's popping up in our screens here saying that we have a problem. But, yes, there could be.

回答您的問題：重新定價可能會對 MSMB 產生一些影響，是的，但這並不是什麼問題——它只是出現在我們的螢幕上，表明我們遇到了問題。但是，是的，有可能。

Regarding dividends, yeah, we could keep going with the share buybacks and only buy back shares. But we decided to combine. Part of the discussions that we had in the past quarters, dividends appeared as an option. And then, we decided to make this BRL250 million (inaudible) this BRL250 million.

關於股息，是的，我們可以繼續進行股票回購，並且只回購股票。但我們決定合併。在我們過去幾個季度進行的部分討論中，股息似乎是一種選擇。然後，我們決定將這 2.5 億雷亞爾（聽不清楚）定為 2.5 億雷亞爾。

And, again, it's going to be combined. Both initiatives are going to be combined to deliver or to increase the shareholder value of the company or, to some extent, we're going to increase our return on equity because they will go down.

並且，再次強調，它將被合併。這兩項措施將結合起來，以實現或增加公司的股東價值，或在某種程度上，我們將提高我們的股本回報率，因為它們會下降。

So it's the following initiatives we've been doing in the past year to increase our return on action to the increase of the shareholder value.

因此，我們在過去一年中一直在採取以下舉措，以提高我們的行動回報率，從而增加股東價值。

Okay. Thank you. If I may follow up on the first one: you mentioned that on MSMBs, you could have some impact related to mortality. What do you mean by that? Is the usual mortality out the long tail, pressured by the high rate environment or something, rather than the usual impact?

好的。謝謝。如果我可以跟進第一個問題：您提到，對於 MSMB，您可能會產生一些與死亡率相關的影響。你這是什麼意思？通常的死亡率是否超出了長尾範圍，受到高利率環境或其他因素的壓力，而不是通常的影響？

And, also, on the large accounts. You mentioned that you had some deceleration related to re-pricing. Among the segments within those clients, could you share which segments it was -- like, large (inaudible) online and what was the part here?

並且，也涉及大額帳戶。您提到，重新定價方面出現了一些減速。在這些客戶的各個部分中，您能否分享一下哪些部分是 - 例如，大型（聽不清楚）線上部分以及這裡的部分是什麼？

That's it for me. Thank you very much.

對我來說就是這樣。非常感謝。

Okay, Antonio. Just to reinforce: we keep looking at many metrics here. But we think the gross profit reflects the best metric for the company because it includes many variables.

好的，安東尼奧。只是為了強調：我們一直在關注這裡的許多指標。但我們認為毛利最能反映公司的情況，因為它包含許多變數。

It includes the TPV times (inaudible) rate; it goes revenues minus interchange costs, minus card scheme fees, minus losses, minus financial expenses -- that, you know, is very important for our business here.

它包括 TPV 乘以（聽不清楚）率；它是收入減去交換成本、減去卡片計劃費用、減去損失、減去財務費用——這對我們的業務非常重要。

But going back to a request in TPV: Large Retail grew 8% year over a year so that's something that we keep working with these clients. But it's not the main focus. The main focus is winning on MSMBs. So it grew 8%.

但回到 TPV 的一個請求：大型零售年增 8%，因此我們將繼續與這些客戶合作。但這不是主要焦點。主要重點是贏得 MSMB。所以它成長了8%。

The e-commerce and cross-border grew more than 30%. And the MSMBs grew 11%.

電商、跨境成長超過30%。中小企業板成長了 11%。

When you look at the MSMBs, part of the mortality -- it is related to usually smaller merchants.

當你查看 MSMB 時，部分死亡率通常與較小的商家有關。

Many merchants that we have -- some of them -- you've been seeing the unemployment in Brazil, some of the merchants they could have employed, they have lower volumes. But I would say to you that the mortality is related to the mortality of the companies in Brazil, overall.

我們擁有的許多商家——其中一些——你已經看到巴西的失業情況，他們本來可以僱用的一些商家，他們的交易量卻減少了。但我想告訴你的是，整體而言，死亡率與巴西公司的死亡率有關。

And with these interest rates, it tends to have more difficulties for some type of businesses. But It's a mix of everything. There's no silver bullets here. It's a mix of many variables.

在這樣的利率下，某些類型的企業往往會面臨更多困難。但它是各種事物的混合體。這裡沒有什麼靈丹妙藥。它是多種變數的混合。

It's the mortality. It's a little bit of re-pricing and so on. So I don't have the specific number to give you here. But, usually, Large Retails are more sensitive to increases so that's why it grew 8% year over year versus the 16% of the company, on average.

這就是死亡率。這有點像重新定價等等。所以我沒有具體的數字可以在這裡提供給你。但是，通常情況下，大型零售商對成長更為敏感，這就是為什麼它的同比增長率為 8%，而公司的平均增長率為 16%。

That's perfect. Thank you.

那很完美。謝謝。

James Friedman, Susquehanna.

詹姆斯‧弗里德曼，薩斯奎哈納。

Hi. Thank you for taking my question. Jimmy Freeman.

你好。感謝您回答我的問題。吉米·弗里曼。

My questions are also about this -- well, slide 18 and 19, these are good slides. I'll just ask my two, up-front.

我的問題也與此有關——嗯，幻燈片 18 和 19，這些都是很好的幻燈片。我先問問我的兩個朋友。

Are there, in terms of the transaction costs -- this is slide 19. The transaction costs actually declined as a percentage. They grew 5% less than the total volume.

就交易成本而言——這是第 19 張投影片。交易成本實際上百分比下降了。它們的生長量比總產量少了5%。

You said in your prepared remarks that was partly due to mix. I was wondering if you could elaborate on that. That's my first one.

您在準備好的發言中說過，這部分是由於混合造成的。我想知道您是否可以詳細說明一下。這是我的第一個。

And then, in terms of -- I know you get a lot on this, on the re-pricing on slide 18. How durable do you think the re-pricing is? What are you expecting from, if anything, the competition on the re-pricing front? And what's embedded in your outlook on re-pricing for the remainder of the year?

然後，就這一點而言——我知道您已經對第 18 張投影片上的重新定價有了更多的了解。您認為重新定價的持久性如何？您對重新定價方面的競爭有何期待？您對今年剩餘時間的重新定價有何展望？

Thank you so much.

太感謝了。

Hi, Jimmy. I will start with the last one. And then, Arthur can answer the first one.

你好，吉米。我先從最後一個開始。然後，亞瑟就可以回答第一個問題了。

Interest rate of the economy in Brazil used to be 10% in [Q1 '24]. And, today, it's close to 15%. 14.75%, to be more specific here.

巴西經濟利率曾為 10%[24 年第一季]。如今，這一比例已接近 15%，更具體地說是 14.75%。

So it's an increase that nobody -- I'd say, at the beginning of Q1 '24, nobody expected that. The expectation was that the rates should go down by the end of '24.

所以我想說，在 2024 年第一季初，沒有人預料到會有這樣的成長。人們預計利率將在 2024 年底下降。

As you could see, we have this growth in interest rate. Not only in Brazil but in many countries of the world. So that's the raw material for part of our company and for competitors, as well.

正如你所看到的，我們的利率正在成長。不僅在巴西，而且在世界許多國家。這是我們公司和競爭對手的部分原料。

The increase for the companies that are looking for profitability -- and we understand that everyone in our sector today is focused on profitability, not in market share or other metric -- it's a matter of time. So everyone will increase the prices because that's the raw material for everyone.

對於那些尋求獲利能力的公司來說，利潤的成長只是時間問題——我們知道，今天我們這個行業的每個人都專注於獲利能力，而不是市場佔有率或其他指標。因此每個人都會提高價格，因為這是每個人的原料。

We will keep work with our clients and make this re-price increase in a very smart way, with the lowest impact in churn and lowest impact in the growth of the company; try to balance these two variables, increase prices, and keep growing.

我們將繼續與客戶合作，以非常明智的方式提高價格，將客戶流失的影響和公司成長的影響降至最低；嘗試平衡這兩個變量，提高價格，並保持成長。

And I would say, looking forward, I would stick with the guidance. We are reaching the guidance in this first -quarter '25. We expect to reach the guidance for the whole year -- the gross profit, earnings per share, and capital expenditure.

我想說，展望未來，我會堅持這項指導。我們將在 2025 年第一季達到預期目標。我們預計全年將達到預期目標—毛利、每股盈餘和資本支出。

So that's the, I would say, best answer I could give to you, at this point.

所以我想說，這就是目前我能給你的最好的答案。

Regarding the first one, I'll leave Arthur to answer.

關於第一個問題，我將讓亞瑟來回答。

I don't know if it was clear, Jamie, but if you need more explanation, I can help you.

我不知道是否清楚了，傑米，但如果你需要更多解釋，我可以幫助你。

No. That was great. I was just -- the second question was about the mix in transaction costs. What is it? Is that like -- what are you referring to there? Is that the picks mix or is that the debit/credit or -- if you could elaborate -- that was 1.3%, only grew 5%, slide 19.

不。那很棒。我只是——第二個問題是關於交易成本的混合。它是什麼？那就像——你指的是什麼？這是精選組合還是藉記/貸記，或者 - 如果您可以詳細說明 - 那是 1.3%，僅增長了 5%，幻燈片 19。

Oh. Slide 19.

哦。幻燈片 19。

Well, the transaction cost that we have here is related to all the costs that we have for the transactions in terms of Banking and Payment -- includes schemes fees, interchange fees from cards, and other small items that also we include here that is related to Banking and Payments.

嗯，我們這裡的交易成本與銀行和支付方面的所有交易成本有關 - 包括計劃費、卡交換費以及我們在這裡包括的與銀行和支付相關的其他小項目。

But the majority of this transaction cost is related to interchange scheme fees.

但大部分交易成本與交換計畫費用有關。

Perfect. Thank you so much. I'll drop back in the queue.

完美的。太感謝了。我會回到隊列中。

Renato Meloni, Autonomous Research.

雷納托·梅洛尼，自主研究。

Hi, everyone. Thanks for taking the questions.

大家好。感謝您回答這些問題。

I just wanted to go back to your deposit and credit growth and how you've been balancing the two. If you're looking at the loans-to-funding ratio that you put on your slides -- that has been growing about 110% to 115%.

我只是想回顧一下您的存款和信貸成長以及您如何平衡兩者。如果您查看投影片上的貸款與融資比率，您會發現該比率已增加約 110% 至 115%。

So I wonder if you have a target there? You want to stay here?

所以我想知道你在那裡是否有目標？你想留在這裡嗎？

And then, like, going forward, right, do you see the deposit base, at the current cost, as a limitation for credit growth?

那麼，展望未來，您是否認為以當前成本計算的存款基礎會限制信貸成長？

And then, if you have to face a decision between growing credit more and sustaining lower cost of funding, which one would you do?

那麼，如果您必須做出選擇，是增加信貸還是維持較低的融資成本，您會選擇哪一個？

Thank you.

謝謝。

Hi, Renato. Well, the first one, we don't have a target for this loan-to-funding chart that we see in slide 14, just giving this information to the market. But there is no specific target.

你好，雷納托。嗯，第一個，對於幻燈片 14 中顯示的貸款融資圖表，我們沒有設定目標，只是向市場提供這些資訊。但沒有具體目標。

And I would say to you that we could have more deposits if we wanted to. As you could see in the same slide, in the bottom left, we moves it from 74% from third part -- (inaudible) platforms to our own platform. So today's 85%, in Q1 '25, which is great news because we are just having the clients using our platform.

我想告訴你們，如果我們願意的話，我們可以有更多的存款。正如您在同一張投影片的左下角所看到的，我們將其從 74% 的第三方（聽不清楚）平台轉移到我們自己的平台。所以今天的 25 年第一季的比例是 85%，這是個好消息，因為我們的客戶正在使用我們的平台。

We could have more (inaudible) platform if we wanted to.

如果我們願意的話，我們可以擁有更多（聽不清楚）平台。

And I would say to you that our credit portfolio today of BRL3.7 billion, if we decide to grow this credit portfolio, funding will not be a problem. And with this spreads in Brazil, the cost of funding that we might need to have an additional funding that we might need to access to have growth in credit portfolio will not be a limitation, will not be a constraint because.

我想告訴你們，我們目前的信貸組合為 37 億巴西雷亞爾，如果我們決定擴大這項信貸組合，融資將不是問題。隨著巴西利差的擴大，我們可能需要的額外融資成本將不再是一個限制，也不會成為一個限制因素，因為這樣可以實現信貸組合的成長。

Maybe, a few bps higher, if we decide to grow aggressively. And the spreads of the loans support that, with no constraints. So there will be no decision between one or the other, as you asked it.

如果我們決定積極發展，也許會高出幾個基點。貸款利差支持這一點，沒有任何限制。因此，正如您所問的，我們不會在這兩者之間做出決定。

So if we decide to keep growing the credit portfolio fund, there will not be a constraint, I would say to you.

因此，我想告訴你們，如果我們決定繼續擴大信用組合基金，就不會有任何限制。

And then, the marginal cost is similar just -- regardless of how much you're accelerating.

然後，無論你的加速度有多大，邊際成本都是相似的。

Yeah. Exactly. Because when you think that we have BRL40 billion in total funding, our credit portfolio is BRL2.7 billion.

是的。確切地。因為當你想到我們的總資金為 400 億雷亞爾時，我們的信貸組合就有 27 億雷亞爾。

So even if we grow, let's say 30% in one quarter -- we'll say to grow BRL1 billion. With BRL1 billion growth compared to BRL40 billion that they already have, it would be a small amount compared to the volume that we already have. So it's not a constraint.

因此，即使我們成長，比如說一個季度成長 30%，我們也會說成長 10 億巴西雷亞爾。相較於他們現有的 400 億雷亞爾，新增 10 億雷亞爾，與我們現有的數量相比，只是小數目。所以這不是一個限制。

Renato, on top of that, we -- and that's the reason we are providing total funding, in that slide; not only the deposits that we have because we have been working, in the last two years, to diversify funding source lines, players, products. So we have a lot of space to grow credit portfolio as we want, with a similar cost that we are presenting in the slide 14.

雷納托，除此之外，這就是我們提供全部資金的原因，在這張投影片中，不僅僅是我們擁有的存款，因為在過去的兩年裡，我們一直在努力實現資金來源、參與者和產品的多樣化。因此，我們有很大空間來根據需要增加信貸組合，成本與我們在投影片 14 中展示的類似。

Perfect.

完美的。

Thank you.

謝謝。

Maria Guedes, Safra.

瑪麗亞·格德斯，薩夫拉。

Hi, guys. Good evening. Thank you for taking the question. Most of them have been answered. But, maybe, two quick ones.

嗨，大家好。晚安.感謝您回答這個問題。大多數問題都已得到解答。但也許，有兩個很快的。

First, a follow up on the credit portfolio. Just wanted to get a quick update on you guide's appetites towards credit lines. We saw a slight uptick in the working capital loans. I know it's not representative. But just wanted to get a quicker view on you guide, if anything, in terms of appetite has changed.

首先，跟進信貸組合。只是想快速了解導遊對信用額度的興趣。我們發現營運資金貸款略有上升。我知道這不具代表性。但只是想快速了解您的指南，看看胃口是否有改變。

And, also, you provided the Basel ratio. Just wondering if your guides are targeting an optimal level, in terms of Basel ratio, as well.

而且，您還提供了巴塞爾比率。我只是想知道您的指南是否也針對巴塞爾比率達到了最佳水平。

Thank you.

謝謝。

Maria, thank you for the question.

瑪麗亞，謝謝你的提問。

Well, the credit portfolio, you're right. We've been growing faster in the working capital in the last quarter. We're planning to keep doing so. We see this, I would say, opportunity to increase this exposure to our best merchants, in terms of credit profile.

嗯，信貸組合，你說得對。上個季度我們的營運資金成長較快。我們計劃繼續這樣做。我想說，我們看到了這一點，從信用狀況來看，我們有機會增加對我們最好的商家的曝光率。

There's no change in the guidance or what they had in mind. This is part of the plan. We expect to grow working capital faster than other lines for this year. We'll keep growing the other lines. But working capital will grow faster.

指導方針或他們的想法沒有改變。這是計劃的一部分。我們預計今年營運資本的成長速度將快於其他業務。我們將繼續發展其他產品線。但營運資本將會成長得更快。

And the second question is about --

第二個問題是關於--

Basel index. I can help on that one.

巴塞爾指數。我可以幫忙。

We don't have, exactly, a target of this Basel index. But it's important to mention that since December 2023, we reduced it from 33% to 27%. And all the efforts that we have here is to optimize, in a solid way, our capital structure.

我們並沒有確切的巴塞爾指數目標。但值得一提的是，自 2023 年 12 月起，我們將其從 33% 降至 27%。我們所做的一切努力都是為了切實優化我們的資本結構。

So we are taking decisions to dividends, decisions to buyback, and also investing in the company through our CapEx. But we don't have exactly, a target to pursue.

因此，我們正在做出股利、回購決策，並透過資本支出對公司進行投資。但我們並沒有確切的追求目標。

And we know that we can do more and more, as time pass by but in a solid way for the company.

我們知道，隨著時間的推移，我們可以為公司做更多、更紮實的事情。

Thank you.

謝謝。

Eric Ito, Bradesco BBI.

埃里克·伊藤（Eric Ito），Bradesco BBI。

Hi, guys. good evening. Thanks for the call and for taking my question. I have just a quick follow-up on your Banking.

大家好，晚上好。感謝您的來電並回答我的問題。我只是想快速跟進一下您的銀行業務。

I think, throughout the presentation, you, guys, were pretty clear on saying how important the Banking business is. And it's already representing 22% of the total gross profit, compared to 13% in the first quarter.

我認為，在整個演示過程中，你們都非常清楚地說明了銀行業務的重要性。它已經占到總毛利的 22%，而第一季這一比例為 13%。

So I just want to understand if you, guys, have any target here or any idea of how much you think it could represent, maybe, by the end of this year on your total growth profit expectation for the year; and, maybe, 2026, how much do you think this line can grow.

所以我只是想知道，你們在這裡是否有任何目標，或者你們認為到今年年底它可能對你們全年的總成長利潤預期有多少影響；也許到 2026 年，你們認為這條生產線可以成長多少。

And then, a second follow-up here is, still, on credit. But, maybe, if you, guys, could give more color on your expectations for growth for the unsecured credit line, the working capital: How do you see this growth, under this scenario? Just some numbers on the previous question from Maria.

然後，這裡的第二次跟進仍然是信用的。但是，也許，你們可以更詳細說明一下對無擔保信貸額度、營運資本成長的預期：在這種情況下，你們如何看待這種成長？這只是瑪麗亞先前提出的問題的一些數字。

Thank you.

謝謝。

Hi, Eric. Thank you for the question.

你好，埃里克。謝謝你的提問。

We are not giving disclosure about how important could be the gross profit of the Banking in the following quarters. I would say to you that we -- you know that once you create this credit portfolio, you start to generate operational leverage because the system is the same.

我們不會揭露銀行在接下來的幾季的毛利有多重要。我想告訴你，你知道，一旦你創建了這個信貸組合，你就開始產生營運槓桿，因為系統是相同的。

It doesn't matter if you have BRL10 million in credit portfolio or BRL10 billion. Usually, the technological system, the back office is the same. So we do expect to have operational leverage.

無論您的信貸組合是 1000 萬巴西雷亞爾還是 100 億巴西雷亞爾，都沒關係。通常，技術系統、後台都是一樣的。因此我們確實期望擁有營運槓桿。

We've been growing the credit portfolio in a very sustainable way, I would say. NPLs are under control. And the credit portfolio keeps growing.

我想說，我們一直在以非常永續的方式擴大信貸組合。不良貸款處於可控範圍內。信貸組合持續成長。

We've been growing working capital faster than other lines. And we think that's going to be what's going to happen the following quarter, as well. But we are not giving the specific number, here.

我們的營運資本成長速度比其他業務更快。我們認為下一季也會出現這種情況。但我們在這裡不給出具體的數字。

I just would say to you that we expect that credit portfolio keeps growing and then, we have operational leverage because of the items that I just mentioned to you.

我只是想告訴你，我們預計信貸組合將繼續成長，而且由於我剛才提到的項目，我們將擁有營運槓桿。

In terms of -- just to complement, here, in terms of the unsecured growth in credit portfolio and the products that we are developing: we resume our overdraft account, last year; now, it's a positive margin, it's performing well. We are working to scale that part of our business.

就——僅作為補充，就信貸組合的無擔保增長和我們正在開發的產品而言：我們去年恢復了透支帳戶；現在，利潤率為正，表現良好。我們正在努力擴大這部分業務。

Regarding to working capital, we resumed the operation this year. And, now, we are working to measure, track the results, and working hard to also scale that business.

關於營運資金，我們今年已經恢復營運。現在，我們正在努力衡量、追蹤結果，並努力擴大業務規模。

We invested a lot in the past years, in terms of developing a better process; hiring a (inaudible) team; investing to develop credit models, collection process, behavior models. So we have been investing a lot to develop this piece of our business because we know that it's very important to the future.

過去幾年，我們在開發更好的流程、聘請（聽不清楚）團隊、投資開發信用模型、收款流程、行為模型等方面投入了大量資金。因此，我們一直在投入大量資金來發展這部分業務，因為我們知道這對未來非常重要。

That is the beautiful piece of our business. We have the Payments very well developed. And, now, we also have, in the other side, the Banking to navigate in macro scenarios, that are not doing great, in a positive way for our company.

這是我們業務的美好部分。我們的支付系統非常完善。現在，另一方面，我們也需要在宏觀形勢下應對銀行業務，儘管這些業務表現並不好，但對我們公司來說卻是有利的。

And just to complement, Arthur -- I'll take advantage for question.

為了補充一下，亞瑟——我會利用這個機會提問。

In slide 8, we gave some numbers about our penetration. And you could see that we are -- to be honest, here -- scratching the surface, in terms of Banking businesses and credit portfolio that it could reach in our platform.

在投影片 8 中，我們給出了一些有關滲透率的數字。而且您可以看到，就我們平台能夠觸及的銀行業務和信貸組合而言，我們 — — 說實話 — — 還只是觸及皮毛。

So we're not giving the guidance. But we do expect to grow in this Banking businesses faster. As you could see, our gross profit grew 86% year over year.

所以我們不提供指導。但我們確實希望銀行業務能夠更快成長。如您所見，我們的毛利年增了86％。

So it's -- I'd say, good possibilities here and good opportunities in the Banking.

所以我想說，這裡有很好的可能性，銀行業也有很好的機會。

Very helpful. Thank you, guys.

非常有幫助。謝謝你們。

Thank you very much.

非常感謝。

Thank you. That's all the questions that we have for today.

謝謝。這就是我們今天要問的所有問題。

I will pass the line back to PagSeguro Digital's team for their concluding remarks. Please go ahead.

我將把麥克風轉回 PagSeguro Digital 團隊，請他們作最後發言。請繼續。

Hi, everyone. Thank you very much for investing the time to listen to us. And thank you very much for the questions.

大家好。非常感謝您抽出時間來聽我們的發言。非常感謝您的提問。

Thank you.

謝謝。

This does conclude PagSeguro Digital's conference call.

PagSeguro Digital 的電話會議到此結束。

We thank you for participation and wish you a very good evening.

我們感謝您的參與並祝您度過一個愉快的夜晚。