PagSeguro Digital Ltd (PAGS) 2025 Q3 法說會逐字稿

Good evening. My name is [Oger], and I'll be your confidence operator of today. Welcome to PagSeguro Digital's earnings call for the third quarter of 2025. This live presentation for today's webcast is available on PagSeguro Digital's investor relations website at investors.pagbank.com.

晚安.我叫[Oger]，我將擔任您今天的信任操作員。歡迎參加 PagSeguro Digital 2025 年第三季財報電話會議。今天網路直播的現場演示可在 PagSeguro Digital 的投資者關係網站 investors.pagbank.com 上觀看。

Please refer to the forward-looking statements and reconciliation disclosure in this presentation and in the company's earnings release appendix. (Operator Instructions)

請參閱本簡報中的前瞻性陳述和調整揭露以及公司盈利報告附錄。（操作說明）

Today's conference is being recorded and will be available at the company's IR website after the event is concluded. Now, I'll turn the call over to Gustavo Sechin, IR Director. Please go ahead, sir.

今天的會議將進行錄製，會議結束後將在公司投資者關係網站上提供觀看。現在，我將把電話交給投資者關係總監古斯塔沃·謝欽。請繼續，先生。

Hello everyone and welcome to the [PagBank] earnings conference call for the third quarter of 2025. I am Gustavo Sechin, PagBank's Investor Relations Director. Thank you for taking the time to join us today. Tonight I am joined by Ricardo Dutra, our Principal Executive Officer; Alexandre Magnani, our CEO; Carlos Mauad, our COO; and Artur Schunck, our CFO.

大家好，歡迎參加[PagBank] 2025年第三季財報電話會議。我是PagBank的投資者關係總監Gustavo Sechin。感謝您今天抽出時間參加我們的活動。今晚與我一同出席的有：我們的執行長里卡多·杜特拉；我們的執行長亞歷山大·馬尼亞尼；我們的營運長卡洛斯·毛阿德；以及我們的財務長阿圖爾·舒恩克。

We will begin by sharing the highlights for the quarter followed by our live Q&A session. Now I would like to turn it over to Dutra. Please, Dutra.

我們將首先分享本季的亮點，然後進行現場問答環節。現在我想把它交給杜特拉。拜託了，杜特拉。

Hello everyone, and thank you for joining our third quarter 2025 earnings call. I will begin with the slide 4, which summarizes our key operational and financial highlights. This quarter, we continue to execute our strategy with discipline, navigating a more challenging macroeconomic environment while maintaining our focus on long-term value creation.

大家好，感謝各位參加我們2025年第三季財報電話會議。我將從第 4 張投影片開始，其中總結了我們的主要營運和財務亮點。本季度，我們將繼續嚴格執行我們的策略，在更具挑戰性的宏觀經濟環境下，保持對長期價值創造的關注。

We ended the quarter with 33.7 million clients, growing 1.6 million clients year over year. In Q3 '25, we continue to demonstrate resilience and protect profitability, navigating a challenging macroeconomic environment while facing tougher year over year comparisons from Q3 2024.

本季末，我們的客戶數量達到 3,370 萬，比去年同期成長了 160 萬。2025 年第三季度，我們繼續展現韌性並保持盈利能力，在充滿挑戰的宏觀經濟環境下穩步前行，同時還要應對 2024 年第三季度以來更加嚴峻的同比比較形勢。

On our acquiring business, total payment volume remains stable sequentially and reached BRL130 billion. This performance reflects our ability to sustain momentum even amid broader market pressures. Our credit portfolio and funding base continue to expand at a double-digit pace compared to the same period last year with [NPLs] that are 50% of the industry.

在我們的收單業務方面，總支付額較上季保持穩定，達到 1,300 億雷亞爾。這一業績反映了我們即使在整體市場壓力下也能保持成長勢頭的能力。與去年同期相比，我們的信貸組合和資金基礎繼續以兩位數的速度擴張，不良貸款率佔行業平均水平的 50%。

During the quarter, we once more accelerated our unsecured lending portfolio with a particular focus on working capital loans. Meanwhile, we advanced our funding efficiency initiatives, further reducing deposits API. These efforts reinforce the strength of our ecosystem and our commitment to democratize access to financial services in a responsible and sustainable way.

本季度，我們再次加快了無擔保貸款組合的擴張，尤其專注於營運資金貸款。同時，我們推進了資金效率提升計劃，進一步降低了存款API。這些努力增強了我們生態系統的實力，也鞏固了我們以負責任和永續的方式實現金融服務民主化的承諾。

Moving on to financial highlights, our total net revenue excluding interchange and card scheme fees, increased 14% year over year, reaching BRL3.4 billion. Our non-GAAP net income was BRL571 million, flat year over year, while a diluted EPS on a GAAP basis reached BRL1.88, 14% higher year over year, supported by consistent cost discipline and capital efficiency.

接下來是財務亮點，不包括交換費和卡片組織費在內的總淨收入年增 14%，達到 34 億雷亞爾。我們的非GAAP淨收入為5.71億雷亞爾，與上年持平；而按GAAP計算的稀釋後每股收益達到1.88雷亞爾，同比增長14%，這得益於持續的成本控制和資本效率。

On capital efficiency, we have returned $2 billion to shareholders through dividends and share repurchase. We repurchased 3.3 million shares year-to-date and distributed more than BRL600 million in dividends following our May 2025 announcement, reinforcing our balanced approach to capital allocation.

在資本效率方面，我們透過股利和股票回購向股東返還了 20 億美元。今年迄今為止，我們已回購了 330 萬股股票，並在 2025 年 5 月宣布之後派發了超過 6 億雷亞爾的股息，從而鞏固了我們均衡的資本配置方法。

In conclusion, our performance this quarter reflects the strength, profitability, and resilience of our business model. We have delivered positive earnings every single quarter since IPO, a track record we are committed to uphold through discipline, execution, operational efficiency, and a clear strategic focus.

總之，本季我們的業績反映了我們商業模式的實力、獲利能力和韌性。自 IPO 以來，我們每季都實現了正收益，我們致力於透過紀律、執行力、營運效率和清晰的策略重點來保持這一良好記錄。

Moving on to slide 5. Despite a more cautious economic backdrop, our track record continued to reflect the resilience and consistency of our business model and generate long-term value. Once again, we showcased the evolution of our GAAP diluted EPS since going public in 2018. Over the past years, EPS has grown approximately 2.3 times, translating into a compound annual growth rate of 15%, even in a scenario where we navigate global disruptions and ongoing macroeconomic volatility.

接下來是第5張投影片。儘管經濟環境趨於謹慎，但我們的業績記錄繼續反映了我們商業模式的韌性和穩定性，並創造了長期價值。我們再次展示了自 2018 年上市以來，我們 GAAP 稀釋後每股盈餘的變化。過去幾年，EPS 成長了約 2.3 倍，複合年增長率達到 15%，即使在我們應對全球動盪和持續的宏觀經濟波動的情況下也是如此。

Throughout this journey, we have reached key strategic milestones that expanded our addressable market and reinforced profitability. These efforts have laid a solid foundation for sustained EPS growth driven by operational leverage and disciplinary execution.

在此過程中，我們實現了關鍵的策略里程碑，擴大了我們的目標市場，並增強了獲利能力。這些努力為持續的每股盈餘成長奠定了堅實的基礎，而這種成長是由營運槓桿和嚴格的執行力所驅動的。

Our performance reflects a clear focus on building strong earnings visibility with a high share of recurring revenues, which enhances predictability and supports long-term value creation. It helps teams form a thoughtful capital allocation strategy, balances share repurchase, and dividend distributions, with a total yield of approximately 15.5%. Combined with our robust capital position, we remain well equipped to pursue value and creative opportunities with flexibility and confidence.

我們的業績體現了我們專注於建立強大的獲利可見性，並專注於經常性收入佔比，這增強了可預測性，並支持長期價值創造。它幫助團隊制定周全的資本配置策略，平衡股票回購和股息分配，總收益率約為 15.5%。憑藉我們雄厚的資本實力，我們完全有能力靈活自信地追求價值和創新機會。

As we move to slide 7, we highlight how our long-term vision continues to shape the way we build and evolve the company or a fully integrated ecosystem which integrates payments and banking, creates powerful synergies that allow each side of the business to leverage the other.

翻到第 7 張投影片，我們將重點介紹我們的長期願景如何繼續塑造我們建構和發展公司的方式，或者說，如何建立一個完全整合的生態系統，將支付和銀行業務整合起來，創造強大的協同效應，使業務的每一方都能利用另一方的優勢。

By delivering a diverse and complementary range of products, we have deepened client engagement, enhancing monetization, and expanded our share of wallet. This approach positions us not just as a service provider, but also as the primary financial partner for our clients, supporting their needs across every stage of their journey.

透過提供多樣化和互補的產品，我們加深了客戶參與度，提高了獲利能力，並擴大了我們的市場份額。這種方法使我們不僅成為服務提供者，而且成為客戶的主要財務合作夥伴，在他們旅程的每個階段都為他們提供支援。

Move to the next slide. As we have emphasized in the recent quarters, there is still meaningful room to grow across our platform. In several areas of our banking business, our market share remains below 1%, which reinforces our conviction that we are only scratching the surface of what we are capable of building.

進入下一張投影片。正如我們最近幾季所強調的，我們的平台仍有很大的成長空間。在我們銀行業務的幾個領域，我們的市佔率仍然低於 1%，這更加堅定了我們的信念，即我們目前所取得的成就僅僅是我們能力的冰山一角。

As we continue to scale our banking operations, we are opening a new path for growth, whether to deeper cross-sale, a stronger and more efficient deposit base, or a broader and more diversified credit portfolio, all handed with discipline.

隨著我們不斷擴大銀行業務規模，我們正在開闢一條新的成長道路，無論是更深入的交叉銷售、更強大更有效率的存款基礎，還是更廣泛、更多元化的信貸組合，所有這些都將以嚴謹的態度來處理。

With that, I'll hand it over to Alex who'll walk through the operational highlights for the quarter. Thank you.

接下來，我將把發言權交給 Alex，他將介紹本季的營運亮點。謝謝。

Thank you, Ricardo. Hello everyone. In this section, we walk through the performance of our business units for the third quarter of 2025. On slide 10, we highlight the continued evolution of our client base in 3Q25. We ended the quarter with 33.7 million clients, adding 1.6 million over the past 12 months. Our active client base reached 17.8 million, supported by a 2% year over year increase in banking-only clients.

謝謝你，里卡多。大家好。在本節中，我們將介紹我們各業務部門在 2025 年第三季的業績。在第 10 張投影片中，我們重點介紹了 2025 年第三季客戶群的持續發展。本季末，我們的客戶數量達到 3,370 萬，在過去 12 個月中新增了 160 萬客戶。我們的活躍客戶群達到 1,780 萬，其中僅使用銀行服務的客戶數量較去年同期成長 2%。

On slide 11, we showcased the evolution of our cashing, which continues to be one of the most meaningful indicators of transactionality on our platform. In the third quarter of 2025, [cashing totaled] BRL95 billion, representing a 14% increase compared to the same period last year.

在第 11 張投影片中，我們展示了我們的現金流演變，現金流仍然是我們平台上交易性最有意義的指標之一。2025 年第三季度，[提領現金總額] 為 950 億雷亞爾，比去年同期成長 14%。

On a per client basis, the figure advanced to [BRL5.500], making a 12% annual increase. These results reflect the strength of our ecosystem and the growing intensity of client engagement across our base. In addition, we are eyewitnessing broader uptake of bill payments, fixed transactions, investment, and insurance solutions, signaling stronger relationships and monetization as customers increasingly entrust with us a wider share of their financial needs.

以每位客戶計算，數字上升至 [BRL5.500]，年增長率為 12%。這些結果反映了我們生態系統的強大實力以及我們客戶群日益增強的參與。此外，我們親眼目睹了帳單支付、固定交易、投資和保險解決方案的更廣泛應用，這表明隨著客戶越來越多地將他們更廣泛的金融需求委託給我們，我們與客戶的關係和盈利能力正在增強。

On slide 12, we present the continuous strength of our deposit base coupled with meaningful progress in reducing our funding cost. During the quarter, total deposits increased to BRL39.4 billion, representing an increase of 15% year over year. This expansion is particularly significant given our strategy to lower funding costs.

在第 12 張投影片中，我們展示了存款基礎的持續強勁，以及在降低融資成本方面取得的顯著進展。本季存款總額增至 394 億雷亞爾，年增 15%。鑑於我們降低融資成本的策略，此次擴張意義尤其重大。

This quarter we have reached a sixth quarter of consecutive reduction of our cost of funding as a percentage of the CDI, demonstrating our ability to attract and retain client deposits while simultaneously enhancing the efficiency and resiliency of our liability structure.

本季度，我們的融資成本佔客戶存款總額的百分比連續第六個季度下降，這表明我們有能力吸引和留住客戶存款，同時提高負債結構的效率和彈性。

One will include other funding sources, total funding reached BRL43.7 billion in the quarter, an increase of 14% year over year. This performance underscores not only the growth in deposits, but also our ongoing commitment to diversifying the funding mix, supporting a more balanced and resilient capital structure.

其中一項將包括其他資金來源，該季度總資金達到 437 億雷亞爾，年增 14%。這項績效不僅凸顯了存款的成長，也凸顯了我們持續致力於實現融資組合多元化，從而支持更平衡、更穩健的資本結構。

It's also important to emphasize that deposits remain a cornerstone of our funding strategy, primarily allocated to finance merchant repayment and our loan portfolio. As of September, our loan to funding rating, which compares our expanded portfolio to total funding, stood at 113%, reflecting prudent balance sheet management and disciplined capital allocation.

另外需要強調的是，存款仍然是我們融資策略的基石，主要用於支付商家還款和我們的貸款組合。截至 9 月，我們的貸款融資比率（將我們擴大的投資組合與總融資金額進行比較）為 113%，反映了審慎的資產負債表管理和嚴謹的資本配置。

On slide 13, let me turn to our credit performance. We see credit as a strategic lever to drive our greater transaction activity across both our banking and payment segments. In doing so, we unlock cross-sale opportunities and capture the full potential of our ecosystem. In the third quarter, our total credit portfolio reached BRL4.2 billion riisisis, a 30% year over year increase.

在第 13 張投影片上，讓我來談談我們的信用表現。我們認為信貸是推動我們在銀行和支付領域交易活動成長的策略槓桿。透過這種方式，我們可以釋放交叉銷售機會，並充分發揮我們生態系統的潛力。第三季度，我們的信貸組合總額達到 42 億雷亞爾，年增 30%。

Since the second half of 2024, we have been gradually accelerating credit underwriting for unsecured products, particularly focused on working capital [loss]. This has been supported by continuous enhancement in our risk assessment and collection processes leveraged by artificial intelligence.

自2024年下半年以來，我們已逐步加快無擔保產品的信貸審批，尤其著重於營運資金貸款。[損失]。這得益於我們不斷改進風險評估和收集流程，並利用人工智慧技術。

This quarter we originated more than 2.5 times the volume of working capital loans compared to the second quarter of 2025. If we include financial operations linked to merchant repayments facilitated by our instant settlement future on the acquiring side, our expanded credit portfolio now exceeds BRL49 billion, up 12% in the last 12 months.

本季我們所發放的營運資金貸款金額是 2025 年第二季的 2.5 倍以上。如果將與商家透過我們的即時結算期貨在收單端促成的還款相關的金融業務也計算在內，我們擴大的信貸組合目前已超過 490 億雷亞爾，比過去 12 個月增長了 12%。

Now turning to asset quality, as shown at the bottom right of the slide, our [NPL 90] ratio remains below the market average, underscoring the strength of our risk management practice.

現在來看看資產質量，如幻燈片右下角所示，我們的 [NPL 90] 比率仍然低於市場平均水平，這凸顯了我們風險管理實踐的實力。

With that, I will now hand it over to Artur, who will walk through the financial highlights of the 3rd quarter of 2025.

接下來，我將把發言權交給阿圖爾，他將介紹 2025 年第三季的財務亮點。

Thanks, Alexandre. Hello, everyone, and thank you for joining us today. I'm following the presentation with our consolidated financial results for the third quarter of 2025.

謝謝你，亞歷山大。大家好，感謝各位今天收看我們的節目。接下來，我將介紹我們2025年第三季的綜合財務表現。

Turning to slide 15, total revenue and income, net of interchange and card scheme fees totaled BRL3.4 billion in Q325, a 14% increase year over year. This performance reflects the repricing strategy we began rolling out for acquiring products in the fourth quarter of 2024. These initiatives have been crucial to offsetting higher financial costs and to securing a more sustainable revenue base in a more challenging growth environment.

翻到第 15 張投影片，扣除交換費和卡片組織費後，2025 年第三季的總營收和利潤總計 34 億雷亞爾，年增 14%。這項業績反映了我們從 2024 年第四季開始逐步推行的收購產品重新定價策略。這些舉措對於抵消不斷上漲的財務成本以及在更具挑戰性的成長環境中確保更永續的收入基礎至關重要。

Our revenue growth once again outpaced TPV, showing that our pricing strategy is working to boost profitability. As we wrap up the year, we are staying alert to economic conditions that could bring challenges.

我們的營收成長再次超過了TPV，這表明我們的定價策略正在有效提高獲利能力。值此年末之際，我們將密切關注可能帶來挑戰的經濟狀況。

Still, the progress we have made puts us in a strong position to maintain solid growth and profits into 2026 as we stay focused on executing our disciplined strategy. Looking at the charts on the right side, payments revenue, net of interchange fees totaled BRL2.7 billion, supported by the successful execution of our re-pricing strategy.

儘管如此，我們的進展使我們處於有利地位，只要我們繼續專注於執行我們嚴謹的策略，就能在 2026 年保持穩健的成長和獲利。從右邊的圖表可以看出，扣除交換費後的支付收入總計達 27 億雷亞爾，這得益於我們重新定價策略的成功實施。

Banking revenue reached BRL744 millions in the quarter, a strong growth of 50% year over year. This performance was driven by the expansion of our credit portfolio, stronger engagement, and higher monetization. It was also benefited by the growth in deposit volumes and increased in fee generation, particularly from card usage and account-related services.

本季銀行業營收達 7.44 億雷亞爾，年增 50%。這一業績的取得得益於我們信貸組合的擴張、客戶參與度的提高以及貨幣化程度的提高。存款額的成長和手續費收入的增加也使其受益，特別是來自銀行卡使用和帳戶相關服務的費用。

Moving on to the next slide, here we present a comparison of our gross profit over the last 12 months. Our strong banking performance combined with the pricing strategy we implemented, helped partially offset the negative impact of higher interest rates, which rose by more than 400 basis points during the period.

接下來是下一張投影片，這裡我們展示了過去 12 個月的毛利對比。我們強勁的銀行業務表現，加上我們實施的定價策略，在一定程度上抵消了利率上升帶來的負面影響，在此期間利率上升了 400 多個基點。

Gross profit totaled BRL1.9 billion and increased 2% year over year. Buyback and dividend distribution negatively impacted by BRL64 million. Excluding this effect, gross profit would have increased 5% year over year.

毛利總額為19億雷亞爾，年增2%。回購和股利分配受到6400萬雷亞爾的負面影響。剔除此因素的影響，毛利將年增 5%。

On the right side of this slide, I'd like to highlight the robust performance of our banking business, which has become an increasingly important pillar of our overall results. Banking gross profit grew 59% year over year, and now represents more than 28% of our total gross profit.

在這張投影片的右側，我想重點介紹我們銀行業務的強勁表現，它已成為我們整體業績中越來越重要的支柱。銀行業務毛利年增 59%，目前占我們總毛利的 28% 以上。

In addition, our banking gross profit margin reached 72% in the quarter, up from 68% in the same period last year. These results highlight the strength of our platform, the diversification of our revenue streams, and our ability to efficiently scale complementary products and services.

此外，本季我行業務毛利率達 72%，高於去年同期的 68%。這些結果突顯了我們平台的優勢、收入來源的多元化以及我們高效擴展互補產品和服務的能力。

On slide 17, we dive into our cost and expenses structure this quarter. Our disciplinary approach to managing expenses continues to be a cornerstone of our strategy. It played an important role in helping us navigate the pressures of rising financial costs, allowing us to balance sustainable growth and profitability.

在第 17 張投影片中，我們將深入探討本季的成本和費用結構。我們嚴格控制開支的做法仍然是我們策略的基石。它在幫助我們應對不斷上漲的財務成本壓力方面發揮了重要作用，使我們能夠在永續成長和獲利能力之間取得平衡。

On the cost side, financial costs increased 45%, primarily due to higher interest rates and the impact of recent capital structure adjustments. As noted earlier, these effects were partially offset by our funding strategy, which focused on diversifying sources and reducing interest expenses.

成本方面，財務成本增加了 45%，主要是由於利率上升和近期資本結構調整的影響。如前所述，這些影響部分被我們的融資策略所抵消，該策略專注於實現資金來源多元化和降低利息支出。

Concurrently, total losses fell 26%, reflecting improvements in our QIC and onboarding processes, resulting in fewer chargebacks, partially mitigated by the natural increase of [ECLs] given the acceleration of our credit operation.

同時，總損失下降了 26%，這反映出我們在 QIC 和客戶准入流程方面的改進，導致拒付減少，但由於我們的信貸業務加速發展，[ECL] 自然增加，部分抵消了這一影響。

Operating expenses decreased 3% year over year, reflecting our continued focus on efficiency cost management. This reduction was driven mainly by lower personal expenses along with more disciplined market investments. As a percentage of total revenue and income, we achieved 400 basis points of operating leverage compared to the same period of last year.

營運費用年減 3%，反映了我們對效率成本管理的持續關注。這一減少主要是由於個人開支減少以及市場投資更加謹慎。與去年同期相比，我們實現了佔總營收和利潤 400 個基點的營運槓桿。

Moving on to slide 18, we achieved a non-GAAP net income of BRL571 million, reflecting a 1% sequential growth and stable year over year. Shareholder value creation measured by diluted GAAP earnings per share reached [BRL1.88] in the last quarter, reflecting an increase of 14% year over year.

接下來是第 18 張投影片，我們實現了 5.71 億巴西雷亞爾的非 GAAP 淨收入，季增 1%，比去年同期保持穩定。上一季度，以稀釋後的GAAP每股收益衡量的股東價值創造達到[1.88巴西雷亞爾]，較去年同期成長14%。

On the right side of this slide, I'm pleased to present the improvement of 30 basis points in our annual return on average equity, which increased to 15.1% from 14.8% as reported in Q3 2024. Even with a conservative capital structure, we have consistently delivered solid returns to our shareholders.

在這張投影片的右側，我很高興地向大家介紹，我們的年度平均權益回報率提高了 30 個基點，從 2024 年第三季報告的 14.8% 提高到 15.1%。即使資本結構較保守，我們也一直為股東帶來穩健的回報。

Now moving on to slide 19, let's turn to the initiatives we have been executing to drive shareholders' value and reinforce our capital structure. Throughout 2025, we maintained consistent momentum in our buyback program, repurchasing over 18.5 million shares.

現在來看看第 19 張投影片，讓我們來看看我們為提升股東價值和加強資本結構所採取的各項措施。2025 年全年，我們保持了股票回購計畫的持續勢頭，回購了超過 1,850 萬股股票。

In the third quarter, we advanced into our third repurchase program, which authorizes the company to buy back up to an additional $200 million in outstanding shares, demonstrating our commitment to returning capital to shareholders and enhancing long-term value.

第三季度，我們啟動了第三輪股票回購計劃，該計劃授權公司回購至多 2 億美元的流通股，這體現了我們致力於向股東返還資本並提升長期價值的承諾。

In addition to the $670 million in cash dividends already paid in 2025, we announced in September a $1.4 billion dividend distribution for 2026 to be paid in four installments, further reinforcing our commitment to enhance shareholder value.

除了 2025 年已支付的 6.7 億美元現金股息外，我們還在 9 月宣布了 2026 年 14 億美元的股息分配計劃，該計劃將分四期支付，進一步鞏固了我們提升股東價值的承諾。

Our [Basel index] consistently declined from Q3 '24 to Q3 '25, reflecting an improvement of approximately 2% points in capital allocation.

我們的[巴塞爾指數]從2024年第三季到2025年第三季持續下降，反映出資本配置改善了約2個百分點。

Moving on to the next slide. While our performance has remained consistently throughout the year, we recognize that the outlook for the rest of 2025 is more challenging, driven by slowing economy activity and sustained high interest rates.

接下來是下一張投影片。儘管我們全年的業績保持穩定，但我們意識到，受經濟活動放緩和利率持續高企的影響，2025 年剩餘時間的前景更具挑戰性。

Accordingly, we are revising our guidance to align with the current market conditions while staying focused on sustainable growth, capital efficiency, and long-term value creation. We are adjusting our gross profit growth guidance from a range of 7% to 11% to a revised range of 5% to 7%, reflecting the impact of elevated financial costs in a high interest rate environment.

因此，我們正在修訂我們的業績指引，以適應當前的市場狀況，同時繼續專注於永續成長、資本效率和長期價值創造。由於高利率環境下財務成本上升的影響，我們將毛利成長預期從 7% 至 11% 調整為 5% 至 7%。

For reference, our gross profit for the first nine months of 2025 grew 6.3% year over year. Our nine months diluted EPS calculated using the same share count as of December 2024 and excluding the impact of share repurchases and long-term incentive plan grants in 2025 grew 15.7% year over year, reflecting the resilience of our business model and the discipline and execution of our strategy. For this metric, we are narrowing our fully guidance from 11% to 15% growth year over year to 13% to 15% growth year over year.

作為參考，我們 2025 年前九個月的毛利年增 6.3%。根據截至 2024 年 12 月的相同股份數量計算，並排除 2025 年股票回購和長期激勵計劃授予的影響，我們前九個月的稀釋每股收益同比增長 15.7%，這反映了我們商業模式的韌性以及我們策略的紀律性和執行力。對於這項指標，我們將全年成長預期從 11% 至 15% 調整為 13% 至 15%。

Finally, CapEx levels remain aligned with expectations for this stage of the year.

最後，資本支出水準與今年同期預期相符。

With that, I will invite Alexandre for the closing remarks.

接下來，我將邀請亞歷山大致閉幕詞。

Thank you, Artur. Before we conclude, let's move to the next slide for a few final thoughts. Throughout 2025, we've continued to deliver consistent results even as the macroeconomic environment remains one of the key challenges. In this context, our margin discipline and operating leverage have been critical in sustaining profitability and protecting returns.

謝謝你，阿圖爾。在結束之前，讓我們翻到下一張投影片，做一些最後的總結。2025年全年，儘管宏觀經濟環境仍然是主要挑戰之一，但我們仍持續取得穩定的表現。在此背景下，我們的利潤率控制和經營槓桿對於維持獲利能力和保障回報至關重要。

A key highlight this quarter was the expansion of our banking business, which now accounts for over 27% of total gross profit, growing 56% year over year. This performance was driven by consistent credit acceleration and strong client engagement, reinforcing the strategic relevance of this segment within our ecosystem.

本季的一大亮點是銀行業務的擴張，目前該業務佔總毛利的 27% 以上，較去年同期成長 56%。這一業績得益於信貸加速成長和客戶積極參與，鞏固了該業務板塊在我們生態系統中的策略重要性。

Looking ahead, our focus remains on mitigating financial cost pressures while preparing the company to capture growth opportunities in 2026 and beyond. We remain committed to our long-term ambition to become the primary financial interface for individuals, macro, small, and medium sized businesses supported by strong growth potential and a proven track record of creating shareholder value.

展望未來，我們的重點仍然是減輕財務成本壓力，同時為公司抓住 2026 年及以後的成長機會做好準備。我們始終致力於實現長期目標，成為個人、大型企業、小型企業和中型企業的主要金融接口，並擁有強大的成長潛力和創造股東價值的良好記錄。

To that end, as a reminder, our 2029 strategic targets include: BRL25 billion in credit portfolio supported by a balanced mix of secured and secured products with emphasis on working capital loaning and AI powered solutions like private payroll and [fix] finance; above 10% gross profit CAGR driven by stronger banking contribution, cross-sale opportunities, and efficiency gains; and above 16% EPS CAGR as we continue converting growth and operational improvements into consistent shareholder returns.

為此，再次提醒大家，我們 2029 年的戰略目標包括：信貸組合規模達到 250 億雷亞爾，以擔保和抵押產品均衡組合為支撐，重點發展營運資金貸款和人工智能解決方案，例如私人工資和固定融資；毛利潤複合年增長率超過 10%，主要得益於銀行業務貢獻增強、每股銷售機會增加以及對股東淨投資

These targets reflect our confidence in the scalability of a platform and the strength of our execution. Thank you once again for joining us today. I will now hand it over to Ricardo Dutra for a special announcement.

這些目標體現了我們對平台可擴展性的信心以及我們執行力的實力。再次感謝您今天蒞臨。現在我將把麥克風交給里卡多·杜特拉，他將宣布一項特別消息。

Before I moved to Q&A. I'd like to share some leadership updates. Effective January 1, 2026, as part of our planning succession process it started last year, Carlos Mauad, our current Chief Operation Officer, will become our new Chief Executive Officer.

在我轉到問答環節之前。我想和大家分享一些領導階層的最新情況。作為我們去年啟動的繼任計畫的一部分，自 2026 年 1 月 1 日起，我們現任營運長 Carlos Mauad 將成為我們新的執行長。

And Gustavo Sechin, our Investor Relations Officer, will become our new Chief Financial Officer. Alexendre Magnani, our current CEO; and Artur Shunck, our current CFO, will keep supporting Carlos and Gustavo in their transition to the new roles.

我們的投資者關係主管古斯塔沃·塞欽將擔任財務長。現任執行長 Alexendre Magnani 和現任財務長 Artur Shunck 將繼續支持 Carlos 和 Gustavo 過渡到新的職位。

The company expresses gratitude to Alex and Artur for their extraordinary contribution as executive officers. The company will send notice of a general meeting of shareholders in order to vote to approve the appointment of both Alex and Artur to the company's Board of Directors.

公司對 Alex 和 Artur 作為高階主管所做出的卓越貢獻表示感謝。公司將發出股東大會通知，以便投票批准任命 Alex 和 Artur 為公司董事會成員。

Looking ahead I'm confident that Carlos, who joined Pag Bank one year ago, will build on this solid foundation and lead the company into its next chapter of growth. He brings more than two decades of extensive experience in the banking sector and credit market in Brazil, which will be fundamental as we continue to expand our digital bank and financial ecosystem, aligned with our long-term strategy.

展望未來，我相信一年前加入 Pag Bank 的 Carlos 將在現有堅實的基礎上，帶領公司邁向下一個發展階段。他在巴西銀行業和信貸市場擁有超過二十年的豐富經驗，這將對我們繼續擴展數位銀行和金融生態系統至關重要，這與我們的長期策略一致。

Gustavo, who also joined Pag Bank last year and has more than 25 years of experience in the financial sector, brings an extensive background to continue strengthening our financial organization and execution. Finally, I'd like to thank all our teams, the people who work hard every day to make Pag Bank what it is today.

Gustavo 去年也加入了 Pag Bank，他在金融領域擁有超過 25 年的經驗，他的豐富背景將有助於我們繼續加強財務組織和執行力。最後，我要感謝我們所有的團隊，感謝他們每天辛勤工作，才使 Pag Bank 成為今天的規模。

With a strong team, a culture of excellence, and a clear strategic vision, we are well positioned to capture the opportunities ahead and achieve our full potential in the coming years.

憑藉強大的團隊、追求卓越的文化和清晰的策略願景，我們已做好充分準備，抓住未來的機遇，並在未來幾年充分發揮我們的潛力。

Thank you for the presentation. We will now begin the Q&A session for investors and analysts. (Operator Instructions)

感謝您的演講。現在我們將開始投資人和分析師的問答環節。（操作說明）

Daniel Vaz, Safra.

丹尼爾·瓦茲，薩夫拉。

Hi everyone, first of all, congrats on the appointments of Carlos Mauad and Gustavo Sechin to CEO and CFO and also recognize the work so far of Magnani and Artur during this transition.

大家好，首先祝賀 Carlos Mauad 和 Gustavo Sechin 分別被任命為首席執行官和首席財務官，同時也要認可 Magnani 和 Artur 在此過渡期間迄今為止所做的工作。

So in the in the middle of the quarter you announced a strategic update, right, so you put together a bunch of KPIs and guidances for 2029, and you've mentioned on your credit portfolio that 2026 could be more of a transition year before a stronger credit origination cycle, right, so especially in working capital.

所以，在本季中期，您宣布了一項策略更新，對吧？您制定了一系列 2029 年的關鍵績效指標和指導方針，並且您提到，在您的信貸組合中，2026 年可能更像是一個過渡年，之後會迎來更強勁的信貸發放週期，對吧？尤其是在營運資金方面。

But looking at your numbers in the third quarter, unsecured lending is already showing meaningful sequential acceleration in the concessions, right, in the origination, so probably the portfolio could close like this year at BRL1 billion. So it feels like there's room to grow well above like 2 times next year, particularly considering your expansion right now. So the question is, like given this momentum, how should we think about the -- what is your target for 2026? Is it still a transition year or does the run rate suggest like a steeper curve in your in your appetite for working capital loans, thank you.

但從第三季的數據來看，無擔保貸款在優惠方面已經顯示出顯著的連續加速成長，對吧，在貸款發放方面也是如此，所以今年的貸款組合可能達到 10 億雷亞爾。所以感覺明年還有很大的成長空間，可能超過兩倍，特別是考慮到你們目前的擴張動能。所以問題是，鑑於這種勢頭，我們該如何看待──你們2026年的目標是什麼？今年仍然是過渡年嗎？還是說目前的成長率顯示您對營運資金貸款的需求曲線更加陡峭？謝謝。

Hello Vaz, this is Carlos Mauad. Thank you for your question. Just to give you an overview on how we are thinking about our credit products here, we could say that we have three different work streams on where we are working in a different set of products.

你好瓦茲，我是卡洛斯·莫阿德。謝謝你的提問。為了讓您大致了解我們是如何考慮信貸產品的，我們可以說我們有三個不同的工作流程，分別針對不同的產品系列開展工作。

We have the secured products that we already have processing systems in place. We have channels implemented. We have credit policies already developed and tested, and this we have the mission here to keep accelerating, but it is the same thing that we are doing today and we have been done in the past few years.

我們擁有安全可靠的產品，並且已經建立了完善的處理系統。我們已經搭建好了渠道。我們已經制定並測試了信貸政策，我們的使命是繼續加速推進這項政策，但這與我們今天正在做的事情以及過去幾年一直在做的事情是一樣的。

Then we have this second work stream that I'm calling here a [scale-up work stream] where we're talking about products that we already have the platforms in place, but we're still finding the right credit balance to finding different levels of credit production.

然後我們還有第二個工作流程，我稱之為[規模化工作流程]，我們討論的是我們已經擁有平台的產品，但我們仍在尋找合適的信貸平衡，以找到不同水平的信貸生產。

Those products are working capital that you saw the production increasing on the third quarter of this year. The overdraft with it is a quite important product to us, especially due to the reason which it is a very high yield product and credit cards that's still a challenge to us here.

這些產品屬於營運資金，正如您在今年第三季看到的那樣，它們的產量增加。透支功能對我們來說非常重要，尤其因為它的收益非常高，而信用卡對我們來說仍然是一個挑戰。

So again, we already see the working capital producing something around BRL70 million in terms of credit production on a monthly basis. And we already have credit clusters testing in test that can push this production up to BRL100 million.

所以，我們已經看到營運資金每月能產生約 7,000 萬雷亞爾的信貸額。我們已經在測試中測試了信用集群，可以將產量提升至 1 億雷亞爾。

So this is what we have in a very short timeframe so you can see a little bit where we are in terms of credit production on working capital. And that is a third work stream which is going to show up on 2026, which it is the two main products that are being developed as we speak here, which is the [pak financing] and the [payroll personal loans] that's going to have a perfect fit for us here due to the change that we saw on the [FGTS] changes or or regulatory milestones that we saw a few weeks ago.

所以，這就是我們在很短的時間內所取得的成果，您可以從中大致了解我們在營運資金信貸生產方面的狀況。這是 2026 年推出的第三個工作流程，它包含了我們正在開發的兩大主要產品，即 [pak 融資] 和 [薪資個人貸款]。由於我們在幾週前看到的 [FGTS] 變化或監管里程碑，這兩款產品將非常適合我們。

So that's a little bit how we are. We, yes, we are accelerating, but as you know, taking credit risk, it is a matter of testing different levels, different credit clusters, different ways to collect to test actual collections, products here so we can push up, observing the right performance in terms of net credit margin.

我們大概就是這樣。是的，我們正在加速發展，但正如您所知，承擔信貸風險需要測試不同的級別、不同的信貸集群、不同的收款方式，以測試實際的收款情況和產品，以便我們能夠不斷推進，並觀察淨信貸利潤率方面的正確表現。

Hopefully I answer your question.

希望我的回答能幫助你。

Yeah, that's super clear. If I may follow-up on your scale of portfolio that you mentioned about the working capital loans. Is it too soon for you to share a bit of the KPIs here on the new origination you could put up of BRL70 million per month? Is it like exciting you for going above this number or 70% could be like a -- sorry, could BRL70 million be like a good estimate for us to --

是的，這一點非常清楚。我可以就您提到的營運資金貸款的投資組合規模再問一下嗎？現在分享您每月新增 7,000 萬雷亞爾貸款的關鍵績效指標 (KPI) 是否為時過早？超過這個數字會讓你興奮嗎？或者說，70% 可能就像——抱歉，7,000 萬巴西雷亞爾對我們來說是一個合理的估計嗎？--

No, we, we're going to push this production. We are just on the very beginning of this journey here. We are being very careful to test all kinds of clusters and customer profiles embedded in our database. So probably you're going to see higher numbers of quarters as we evolve on the credit strategy.

不，我們，我們會推進這個專案的製作。我們才剛踏上這段旅程。我們正在非常謹慎地測試資料庫中嵌入的各種群集和客戶畫像。所以隨著信貸策略的不斷完善，你可能會看到季度數增加。

Ricardo Buchpiguel, UBS.

瑞銀集團的Ricardo Buchpiguel。

Hi everyone, and thank you for the opportunity of making questions. In the quarter, we saw that acquiring TPV was kind of flat quarter over quarter and fell around like 5% year over year. Could you comment on the challenges faced in growing volumes during the quarter and what initiatives are being taken to enable an eventual re-acceleration in volume growth and also eventually if it's all right that we can already see some signs of re acceleration. [Thank you] for adjusting for the seasonal effects. Thank you.

大家好，感謝大家給我提問的機會。本季度，我們發現 TPV 收購量較上季基本持平，年減約 5%。您能否就本季銷售成長面臨的挑戰以及為最終加速銷售成長所採取的舉措發表一下看法？另外，目前我們已經看到一些銷售成長加速的跡象，這是否正常？ [謝謝] 感謝您對季節性因素進行調整。謝謝。

Hi Ricardo, thank you for the question. Yes, you're right, the TPV was flat sequentially. We do understand TPV is one of the metrics that we should follow here. As [it] has been said in the past quarters, TPV per se is not the main important metric for us, but of course it's part of the volumes that we need to manage here.

你好，里卡多，謝謝你的提問。是的，你說得對，TPV 逐週持平。我們明白TPV是我們應該關注的指標之一。正如過去幾季所說，TPV 本身並不是我們最重要的指標，但當然，它是我們需要管理的銷售的一部分。

We -- there -- I'm going to talk to you about the past to Q3 and then looking forward. But looking at the past Q3, we have -- first, it is important to remember we have a very hard come from Q3 '24 where you grew 36% versus the previous year.

接下來，我將和大家談談第三季的情況，然後展望未來。但回顧上個季度，首先，重要的是要記住，我們面臨著一個非常艱難的局面，那就是從 2024 年第三季度開始，當時你們比上一年增長了 36%。

That was the largest TPV percentage growth in a quarter, I guess in the past couple of years. So Q3 '24 was a very strong quarter, so we have this [hard com]. We also understand the macro and the lower economic activity could have impacted our emotions as well, especially those with a lower income profile.

我想，這是近兩年來單季TPV成長幅度最大的一次。所以2024年第三季度是一個非常強勁的季度，因此我們有以下情況：[硬核通信]。我們也理解宏觀經濟情勢和較低的經濟活動可能會影響我們的情緒，尤其是那些收入較低的人。

And looking forward, when we look at what happened in the last month or the beginning of this year, we had some strategies to go to market that we evaluated and we adjusted a few months ago. And I would say to you that the -- looking at a year over year basis, August was the bottom in terms of growth or decreased in August, September was better than August, October is better than September, so it seems that it reached the bottom in August with the changes that we did a few months ago when you have these cohorts piling up. We expect to see a looking forward a better TPV results looking forward. So that's the overall picture here.

展望未來，回顧上個月或今年年初發生的事情，我們有一些市場推廣策略，我們在幾個月前對這些策略進行了評估和調整。我想說的是，從同比來看，8 月份的增長或下降幅度最低，9 月份比 8 月份好，10 月份比 9 月份好，所以看起來，隨著​​幾個月前我們所做的改變，當這些群體不斷累積時，8 月份已經觸底了。我們期待未來能看到更好的TPV表現。這就是整體情況。

And remember that we always look on the client as a whole, focus on the increasing the gross profit and EPS. So if you have a TPV that is accretive, we'll go for it. So that's pretty much what the scenario about TPV.

請記住，我們始終將客戶視為一個整體，專注於提高毛利和每股盈餘。所以，如果你有一個增值型的TPV，我們就採納它。所以，關於TPV的情況大致就是這樣。

That's very clear. And just a quick follow-up if you could also comment about the competitive environment in the [current segment] if you notice any changes during Q3 and the start of Q4 will also be very helpful. Thank you.

這一點很清楚。另外，如果您能就[當前細分市場]的競爭環境發表一下看法，尤其是在第三季和第四季初觀察到的任何變化，那將非常有幫助。謝謝。

Ricardo, we don't see changes in the competition in terms of irrationality. We see all players being rational. YOu know, when you have an interest rate in the country that is 15% per year, everyone is very concerned about profitability, about the cost of funding, so we don't see companies trying to get market share at any price.

里卡多，我們沒有看到競爭中出現非理性行為的改變。我們認為所有玩家都很理性。你知道，當一個國家的年利率高達 15% 時，每個人都非常關心獲利能力和融資成本，所以我們看不到公司不惜一切代價去獲取市場份額。

Everyone is trying to be rational and preserve profitability. So by having this 15%, of course we have everyone being more focused on the bottom line and less in the market share. So going back to your answer to our question here, no big changes in competition in Q3, not even in Q4.

每個人都試圖保持理性，維持獲利能力。所以，有了這 15% 的限制，當然會讓每個人都更專注於利潤，而減少對市佔率的關注。所以回到你對我們問題的回答，第三季競爭格局沒有太大變化，甚至第四季也沒有。

Perfect, thank you.

太好了，謝謝。

[Beatrice Wier from UPS].

[UPS 的 Beatrice Wier]

Hey, sorry, it's [Skayo Prato] here, so-- from UBS. So I have two questions, please. First, a follow-up on working capital allowance. Just wondering if you can share a little bit more about the profile of this client that you are accelerating today. What is the size, average size of this client, if you can share the some numbers on the economics as well, interest rates and level of upfront provisions that should be required just to understand when these products should start to contribute positively to your gross profit. So this is the first.

嘿，抱歉，我是 [Skayo Prato]，來自瑞銀集團。所以，我有兩個問題。首先，跟進一下營運資金補助的問題。我想請您詳細介紹一下您今天正在重點推進的這位客戶的情況。該客戶的規模是多少？平均規模是多少？能否也分享一些經濟方面的數字，例如利率和預付準備金水平，以便了解這些產品何時才能開始對您的毛利做出積極貢獻？這是第一個。

And the second, if you can talk a little bit more about the improvements that you are doing on your [chargeback] process. I think we had another solid quarter on that line. Just wondering if you're talking about sustainable levels of chargeback access percentage of TPV now or if we can see even further improvement going forward. Thank you.

第二個問題，能否再詳細談談您在退款流程上所做的改進？我認為我們在這個方面又度過了一個穩健的季度。我想知道您指的是目前TPV中拒付率的可持續水平，還是我們未來還能看到進一步的改善。謝謝。

Well, thank you very much for your question. Just to give you a 10,000 feet high number here on the working capital, we are talking about some average tickets between BRL20,000 and BRL30,000. The average interest, not the average, the range of our interest rate here, it is between [4] and [7] depending on the risk level of of this customer, and that is not a specific size of customer that we are targeting. What we are trying here, it is to optimize and to have a deep credit offer to most of our customers here trying to optimize the net credit margin of this specific product.

非常感謝您的提問。為了讓大家對營運資金有大致的了解，我們這裡說的是平均每張機票價格在 20,000 至 30,000 巴西雷亞爾之間。平均利率，不是平均值，而是我們這裡的利率範圍，在 [4] 到 [7] 之間，取決於該客戶的風險水平，而這並不是我們針對的特定規模的客戶。我們現在努力的目標是優化並為我們的大多數客戶提供深度信貸，以優化該特定產品的淨信貸利潤率。

So again, as long as we are testing a lot of different clusters here with different offers, trying to optimize conversion, optimize net credit margin, as I mentioned here. So every month here we pretty much put a few tests to make sure that we can create this environment where we can penetrate most of our customers here that are eligible to a credit offer.

所以，正如我在這裡提到的，只要我們在這裡測試很多不同的集群和不同的優惠，努力優化轉換率，優化淨信用利潤率。因此，我們每個月都會進行一些測試，以確保我們能夠創造一個環境，​​讓我們能夠接觸到大多數符合信用優惠資格的客戶。

The second question, talking a little bit about risk management under the chargeback perspective. I could -- I can tell you that we have, let's say a business as usual level on chargebacks here that is no concern in front of us. We are being evolved in our, let's say, real time credit, not credit, I'm sorry, risk engine here to make sure that we can filter the bad transactions.

第二個問題，從退款的角度談談風險管理。我可以告訴你，就退款情況而言，我們目前一切照常，這不成問題。我們正在改進我們的即時信用（抱歉，不是信用）風險引擎，以確保我們能夠過濾掉不良交易。

And as Artur mentioned here on the first part of the presentation, we have a different level in terms of quality on our onboarding process that also helps out. Filter the bad customers and the bad transactions out of our ecosystem.

正如 Artur 在演講的第一部分所提到的，我們的入職流程在品質方面也達到了不同的水平，這也有所幫助。將不良客戶和不良交易從我們的生態系統中過濾掉。

So looking forward, I could say that this relative level of chargeback that you see on the third quarter, we will see this number across on the next few quarters.

展望未來，我可以說，第三季出現的這種相對較高的拒付率，將在接下來的幾季中保持不變。

Tiago Binsfield, Goldman Sachs.

蒂亞戈·賓斯菲爾德，高盛集團。

Hi, good evening, everyone. Thank you for taking our questions. Two questions from our side as well. First one on efficiency. If you can discuss your main initiatives to manage operating expenses in 2026, if there are any big projects in marketing personnel that could allow further gains, in margins.

大家晚上好。感謝您回答我們的問題。我們這邊也有兩個問題。首先是關於效率的。如果您能討論一下您在 2026 年管理營運費用的主要舉措，以及行銷人員方面是否有任何大型專案可以帶來利潤率的進一步提升，那就太好了。

And second question, more on the macro side of the business. If you have any views on the impact from the income tax exemption for individuals that earn up to BRL5,000 in Brazil. Your assessment of potential impacts to volumes and to credit. I think you have been alluding to a more challenging macro, but would like to hear if that could perhaps be a positive catalyst in the short-term. Thank you.

第二個問題，更多是關於業務的宏觀方面。如果您對巴西對月收入不超過 5000 雷亞爾的個人免徵所得稅的影響有任何看法。您對交易量和信貸可能受到的影響的評估。我認為您一直在暗示宏觀經濟形勢更具挑戰性，但我想知道這是否可能在短期內成為一個積極的催化劑。謝謝。

Well, I'm going to jump up here to try to at least answer part of your questions. On the OpEx side here, we are being very diligent. As long as we have a macro that's a little tougher than everybody expected, we've been quite, as I mentioned here, diligent on to manage OpEx.

好吧，我這就上來，希望能至少回答你們的部分問題。在營運支出方面，我們非常認真負責。只要我們面臨的宏觀經濟狀況比大家預期的要嚴峻一些，正如我在這裡提到的，我們就會非常認真地管理營運支出。

Of course, that hits some -- the discipline to prioritize better everything that we're doing here to keep the platform evolving that goes through marketing expenses also and through some evolution on our -- especially on our customer service OpEx here where we are probably have the most successful AI implementation in the company at this point, which it is delivering a better service as a whole with a lower OpEx deploy.

當然，這會帶來一些影響——我們需要更加自律地優先考慮我們在這裡所做的一切，以保持平台的不斷發展，這也會涉及到營銷費用，以及我們自身的一些發展——尤其是在我們的客戶服務運營支出方面，我們目前可能擁有公司中最成功的 AI 實施，它以更低的運營支出提供了更好的整體服務。

So again, we are being very diligent on everything that we are doing here and probably OpEx is going to keep offering us some room to reinvest on our customers. So that's the first part of of the question here.

所以，我們再次強調，我們在這裡所做的每一件事都非常認真負責，營運支出可能會繼續為我們提供一些空間，讓我們能夠重新投資於我們的客戶。這是問題的第一部分。

Regarding the second part about the taxes for people that have a salary that is lower than BRL5,000 per month, as we've been saying, the media, that's going to help to for the low income people or for the people that receive these BRL5,000 or less. We have more availability of cash to expand, so to spend, so of course that could be beneficial for us. We don't know how big it's going to be, but definitely it could be slightly positive because there's going to be more liquidity for the low income people of the country.

關於第二部分，即月薪低於 5000 雷亞爾的人的稅收問題，正如我們一直所說，媒體將會幫助低收入人群或月收入低於 5000 雷亞爾的人。我們有更多可用於擴張的現金，所以可以花掉，這當然對我們有利。我們不知道規模會有多大，但肯定會有輕微的正面影響，因為這將為該國的低收入者帶來更多流動性。

Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯，摩根大通。

No, thank you all. Good evening. So wish you the best luck for the previous or the current administration and the new management.

不，謝謝大家。晚安.祝前任或現任管理層以及新管理層一切順利。

I have a question regarding expenses here, notably personal expenses. This was a line that was down, this [park], and it seems to be related to care-based compensation. And I know usually there is volatility regarding your care prices and all that, but the drop was pretty important here, right?

我有一個關於費用，特別是個人費用的問題。這條線路斷了，這個（公園）線路斷了，這似乎與護理補償有關。我知道通常情況下，醫療價格等方面都會有波動，但這次的下降幅度相當大，對吧？

It seems to be a BRL30 million, BRL40 million per quarter line and I think it was like BRL34 million this quarter. So if you can provide a little bit of explanation, what drove a lower share-based [campaign safe] and what is driving this better personal expenses line here for you. That's my first one.

似乎每季都是 3000 萬至 4000 萬雷亞爾，而我認為這一季度應該是 3400 萬雷亞爾。所以，如果您能稍微解釋一下，是什麼原因導致您降低了基於份額的[活動安全]，又是什麼原因導致您在這裡提高了個人支出。這是我的第一個。

And a second one, just on the EPL, pretty stable, like 10 bit increase. I think it's totally fair. But your portfolio is growing a lot on secured mix, right? So just trying to understand what could we expect for the NPLs on this, on this growth outlook you have.

第二個例子，就 EPL 而言，相當穩定，增加了約 10 位。我覺得完全公平。但是在您的投資組合中，安全資產組合的成長非常顯著，對嗎？所以，我只是想了解在你們的成長前景下，不良貸款方面我們可以預期什麼。

Like should we continue to see an EPL going marginally up every quarter, not really, like any color on what should we expect on asset quality, given your mix. I think it would be appreciated.

例如，我們是否應該繼續看到英超每季小幅上漲？其實不然，就像鑑於你的投資組合，我們應該對資產品質抱持什麼樣的預期。我想這會受到讚賞的。

Thank you very much.

非常感謝。

Thank you, Yuri, for the questions. I will answer the first one related to the personal expenses. Part of the gains that we see in Q3 is related to a linear structure that we are working, as Mauad mentioned, we are so diligent to control expenses here, and personal expenses are so important to us and part of the diligence that we -- diligent process that we have.

謝謝尤里提出的問題。我將回答第一個與個人開支相關的問題。第三季所獲得的部分收益與我們正在實施的線性結構有關，正如 Mauad 所提到的，我們非常努力地控制這裡的支出，個人支出對我們來說非常重要，也是我們嚴謹流程的一部分。

The layoffs that we applied in January and May also contributed to this performance right now. In terms of long-term incentive plan, it is related to the volatility of the share price, US dollars, and those things impacted the number.

我們在1月和5月實施的裁員也對目前的績效有所貢獻。就長期激勵計畫而言，它與股價波動、美元匯率波動有關，這些因素都會影響最終結果。

Going forward, I am expecting increase a little bit, not too much, so the level will be roughly speaking in the same of Q3.

展望未來，我預計會有小幅成長，但不會太多，所以大致水平會與第三季持平。

And jumping to the second part of your question, we're going to keep NPLs lower than the average of the market here, but of course due to the high concentration in terms of [mix] that we have on secured loans today, we're going to see NPLs going up quarter over quarter. It's likely respecting the new [mix] that we're deploying here on our credit strategy.

至於你問題的第二部分，我們會努力將不良貸款率保持在低於市場平均水平的水平，但當然，由於目前擔保貸款的集中度較高，不良貸款率將會逐季上升。這很可能是為了尊重我們正在信貸策略中採用的新[組合]。

Arnon Shirazi, Citi.

阿農·希拉齊，花旗銀行。

Hi all, thanks for the opportunity of making passion. I want to dive in in the politics. I see it grew 15% year over year, which is something in line with last 12 months selling rate, though I want to understand better the underlying trends, if there's inflows, what you have been seeing. Thank you.

大家好，感謝大家給我這個創造熱情的機會。我想深入了解政治。我看到它同比增長了 15%，這與過去 12 個月的銷售速度基本一致，但我想要更好地了解潛在的趨勢，例如是否有資金流入，以及你們觀察到的情況。謝謝。

Sorry, can you repeat the metric? We didn't get it here. The 15%. What is the metric? Deposits.

抱歉，您能再說一次指標是什麼嗎？我們這裡沒買到。15%。衡量標準是什麼？存款。

Yeah, we see a 15% increase in deposits year over year, which is in line with the selling rate, right? The average for the past 12 months, maybe around 12%, 14%. So once you understand better the inflows and outflows during this period and expectation from our world seems to be growing mostly on fly. Thank you.

是的，我們看到存款年增了 15%，這與銷售成長率一致，對吧？過去 12 個月的平均值可能在 12% 到 14% 左右。所以，一旦你更了解了這段時期的流入和流出，你會發現我們對世界的期望似乎大多是在隨機應變的情況下成長的。謝謝。

Yes, we grew this from BRL34 billion to BRL39.4 billion compared year by year. I don't think there is a relationship with [Celik]. Of course we try to make the ecosystem stronger and stronger, so if you look at some of the slides, you see the [caching of peaks] that grew 14%, reaching more than BRL95 billion.

是的，與前一年相比，我們的數字從 340 億雷亞爾增長到了 394 億雷亞爾。我不認為這兩者之間有任何關係。[Celik]。當然，我們努力讓生態系統越來越強大，所以如果你看看一些幻燈片，你會發現[峰值快取]增長了14%，達到了超過950億雷亞爾。

So what we try to do here is to make the ecosystem more engaged for the clients so that we have this more, I would say complete relationship with them, not only the acquiring but also in terms of deposits, in terms of use of cards and so on. But it's a very decent growth when you think that it's 34% to 39%, 15% growth in terms of the deposit.

因此，我們在這裡努力的目標是讓客戶更積極地參與生態系統中來，從而與他們建立更完整的關係，不僅包括收單業務，還包括存款、信用卡使用等方面。但考慮到存款成長率為 15%，而利率成長率為 34% 至 39%，這是一個非常可觀的成長。

So -- and with our cost of funding going down. Because that is important to highlight that even they're growing 15% in terms of deposit with the cost of funding as a percentage of CDI going down.

所以——而且我們的資金成本也在下降。因為需要強調的是，即使存款額增加了 15%，但融資成本佔 CDI 的百分比卻在下降。

Thank you.

謝謝。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Pedro Leduc, Itaú BBA.

Pedro Leduc，伊塔烏工商管理學士。

Thanks. Good evening everybody. Question please on the gross profit evolution. We talked about volumes here briefly about slightly recovering at the margin. We know year over year, when I look at your gross profit margins, they're hurt by the higher [selic] rates, but at least, on 4Q onwards they should be more stable with 3Q.

謝謝。各位晚上好。請問毛利變動情況如何？我們之前簡要討論過成交量，認為成交量略有回升。我們知道，從你們的毛利率來看，每年都會受到較高[selic]利率的影響，但至少從第四季開始，毛利率應該會比第三季更加穩定。

So if I could maybe get a sense on how the TPV volume mix is recovering, what's driving it, also for us to have a sense here, and also if you could share views on how gross profit margins are going to evolve over the next couple of quarters. Thank you.

所以，如果能了解一下TPV銷售量構成是如何恢復的，是什麼因素在推動它恢復，以及這對我們來說也是一個參考，那就太好了。另外，如果您能分享一下您對未來幾季毛利率將如何變化的看法，那就更好了。謝謝。

Leduc, thank you for your question here. Our recovery here in terms of TPV and how this is affecting the cost of funds of the company comes with the same mix that we see today. As you saw throughout the year, our TPV is more sensitive to the cost of funds or to the [selic] rate due to the kind of customer that we have here in the dynamics of the business as long as we pay most of our TPV upfront, and that makes the company more capital intensive.

勒杜克，感謝你在這裡提出問題。就總支付價值 (TPV) 而言，我們的復甦以及這對公司資金成本的影響，與我們今天看到的情況相同。正如您在過去一年中所看到的，由於我們這裡的客戶類型以及業務動態，我們的總付款額 (TPV) 對資金成本或 [selic] 利率更為敏感，只要我們預先支付大部分 TPV，這就使得公司成為資本密集型企業。

And of course when we see the other side of the macro cycle, we also then trend to capture a better spread when we see the basic interest rates going down. So again, the TPV, the new TPV that we are bringing to push growth and the company is coming pretty much with the same mix. So we do not expect to have a different ratio between TPV and the spread that we see on our customers.

當然，當宏觀週期進入另一個階段時，我們也傾向於在基本利率下降時尋求獲得更好的利差。所以，TPV，我們推出的全新TPV旨在推動成長，而公司也基本上沿用了相同的組合。因此，我們預期TPV與我們在客戶身上看到的價差之間的比例不會有所不同。

And just to compliment here, Leduc, Pedro, we of course we follow TPV, but most importantly, we follow revenues. So if we look at revenues year over year, we're going 14%. So it's a very decent growth year over year because you know that there are low quality TPV out there that we are not interested on.

順便提一句，Leduc，Pedro，我們當然會關注TPV，但最重要的是，我們會專注於收入。所以如果我們看一下年比收入，我們成長了 14%。所以這是一個非常不錯的同比增長，因為你知道市面上有很多低品質的TPV，我們對此不感興趣。

So the idea of course is to grow in a sustainable way, but I would say that one of the metrics that show the we are doing successful work here is the growth of revenues [stream], 14%, and also the growth of EPS that is related to the expenses control they've been doing throughout this year. Thank you.

當然，我們的目標是以可持續的方式發展，但我認為，衡量我們在這裡取得成功的一個指標是收入增長（14%），以及與他們今年一直在進行的費用控制相關的每股收益增長。謝謝。

See you next call. I'd like to take advantage here to say thank you to Alexandre Maygnani and Artur for the excellent and extraordinary job as active officers in this company. They're going to join us as Board Directors to keep supporting the company and wish you luck and to count on all the support for Carlos Mauad and Gustavo Sechin in their new roles. Thank you very much.

下次通話見。我謹藉此機會感謝 Alexandre Maygnani 和 Artur 作為公司現役軍官所做的出色而非凡的工作。他們將加入我們，擔任董事會成員，並繼續支持公司發展。祝你們好運，也請大家全力支持 Carlos Mauad 和 Gustavo Sechin 在新的職位上發揮重要作用。非常感謝。

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

至此，PagSeguro Digital 的電話會議結束。感謝您的參與，祝您晚安。