Pics NV (PICS) 2026 Q1 法說會逐字稿

Good evening, everyone, and welcome to the PicPay earnings conference call for the first quarter of 2026. I'm Andrea Cazzotto, PicPay's Strategy, M&A, and Investor Relations Officer. Today, I'm joined by Eduardo Chedid, our CEO; Rodrigo Couto, our CFO; Danilo Caffaro, Vice President of Consumer Banking; and our Investor Relations and Strategy teams.

各位晚安，歡迎參加 PicPay 2026 年第一季財報電話會議。我是 Andrea Cazzotto，PicPay 策略、併購（M&A）與投資人關係主管。今天與我一同出席的有：我們的執行長 Eduardo Chedid；財務長 Rodrigo Couto；消費金融事業副總裁 Danilo Caffaro；以及我們的投資人關係與策略團隊。

We will begin with a short presentation highlighting our quarterly results followed by a live Q&A with our management team. Please note that this presentation may contain forward-looking statements and non-GAAP measures. Please refer to the disclaimer on screen and in our earnings materials available on our Investor Relations website for additional information. This call is being recorded, and a replay will be available on our website shortly after the call.

我們將先以簡短簡報重點說明本季業績，接著由管理團隊進行即時問答。請注意，本簡報可能包含前瞻性陳述與非 GAAP 指標。更多資訊請參閱螢幕上的免責聲明，以及我們投資人關係網站所提供的財報資料中的相關說明。本次電話會議將被錄音，會後不久將於我們網站提供重播。

Before I hand the call over to our CEO, Eduardo Chedid, I would like to briefly highlight the strength of our execution. As you can see on the next slide, we deliver results above the guidance we presented across all key metrics for the first quarter of 2026.

在我把電話交給我們的執行長 Eduardo Chedid 之前，我想先簡要強調我們執行力的強勁表現。如下一張投影片所示，我們在 2026 年第一季所有關鍵指標的表現，均高於先前提供的財測指引。

Our total credit portfolio reached BRL28 billion, 5.8% above our guidance of BRL26.5 billion, driven by a better-than-expected performance on our private payroll loans, which continued to gain traction during the quarter. Our cost of risk came in at 3.7%, fully aligned with guidance, reflecting stability in our asset quality metrics, underpinned by a more resilient and diversified credit portfolio.

我們的總放款組合達到 280 億巴西雷亞爾（BRL），較指引的 265 億 BRL 高出 5.8%，主要受惠於民營企業薪資貸款表現優於預期，且在本季持續加速滲透。我們的風險成本為 3.7%，與指引完全一致，反映資產品質指標保持穩定，並由更具韌性且更多元化的信貸組合所支撐。

On the revenue side, our managerial revenues, which exclude derivative revenues and hedge accounting effects, reached BRL3.2 billion. Net interest income came in at BRL1.7 billion, surpassing 20% net interest margin for the quarter. And gross profit reached BRL1.1 billion, with both delivering slightly above guidance.

在營收方面，我們的管理口徑營收（排除衍生性商品收入與避險會計影響）達到 32 億 BRL。淨利息收入為 17 億 BRL，本季淨利息利差（NIM）超過 20%。毛利達到 11 億 BRL，兩者皆略高於指引。

Looking at our profitability metrics, IFRS earnings before taxes came in at BRL222 million, 3.1% above the guidance, and the IFRS net income reached BRL152 million, 8.4% above the guidance of BRL140 million. On adjusted basis, which excludes stock-based compensation expenses, adjusted EBT reached BRL248 million, 5.7% above the guidance of BRL235 million, and our adjusted net income came in at BRL169 million, 9.3% above the guidance of BRL155 million. These results reinforce our strong execution and our ability to consistently grow with profitability.

從獲利指標來看，IFRS 稅前盈餘為 2.22 億 BRL，較指引高出 3.1%；IFRS 淨利達 1.52 億 BRL，較指引的 1.40 億 BRL 高出 8.4%。以調整後口徑（排除股份基礎給付費用）計算，調整後稅前盈餘達 2.48 億 BRL，較指引的 2.35 億 BRL 高出 5.7%；調整後淨利為 1.69 億 BRL，較指引的 1.55 億 BRL 高出 9.3%。這些結果再次印證我們強勁的執行力，以及持續在獲利基礎上成長的能力。

With that, I will now turn the call over to Eduardo Chedid.

接下來，我將把電話交給 Eduardo Chedid。

Thank you, Andre. Good evening, everyone, and thank you for joining us for our second earnings call. I'm pleased to report that we delivered another strong quarter, beating our guidance across every single metric we track.

謝謝你，Andre。各位晚安，感謝各位參加我們的第二次財報電話會議。我很高興向各位報告，我們本季再度交出亮眼成績，在我們追蹤的每一項指標上都超越了指引。

Let me walk you through the highlights. We delivered solid results in the operational metrics. Total accounts reached BRL68.6 million, up 11% year over year and 2% quarter over quarter, continuing to expand at a steady pace. Quarterly active clients grew to BRL44.3 million. Consolidated TPV came in at BRL156 billion, 31% above the prior year. Sequentially, the 1% decline is consistent with typical Q1 seasonality following a strong fourth quarter.

我來帶各位快速回顧重點。我們在營運指標方面交出穩健成果。總帳戶數達 6,860 萬，年增 11%、季增 2%，持續以穩定步伐擴張。季度活躍客戶成長至 4,430 萬。合併 TPV（總支付交易量）為 1,560 億 BRL，較去年同期成長 31%。就季比而言，1% 的下滑符合第一季在強勁第四季後的典型季節性走勢。

Wallet and banking TPV reached BRL134 billion reais, a 24% year-over-year expansion. The 5% sequential decline reflects the same seasonal dynamic and is fully expected. Total cash in was BRL125.4 billion in the quarter, growing 22% versus a year ago. On a sequential basis, the 10% decline mirrors the typical Q1 pattern relative to Q4's elevated activity.

錢包與銀行業務 TPV 達 1,340 億 BRL，年增 24%。季比下滑 5% 反映相同的季節性因素，完全符合預期。本季總入金（cash in）為 1,254 億 BRL，較去年同期成長 22%。就季比而言，10% 的下滑反映相對於第四季高基期活動量的典型第一季型態。

Consumer deposits grew to BRL30.8 billion, up 46% year over year and 7% higher than last quarter, reinforcing the trust and principality trends we have been building. And active insurance policies reached $10.2 million, 78% ahead of Q1 last year and 13% above Q4 as our insurance vertical continues to scale at a rapid clip.

消費者存款成長至 308 億 BRL，年增 46%、較上季增加 7%，進一步強化我們持續建立的信任與主帳戶（primary）趨勢。而有效保單數達到 1,020 萬張，較去年第一季高出 78%，較第四季高出 13%，顯示我們的保險垂直業務持續快速擴張。

Turning to financials. Net revenues reached BRL3.5 billion, a 70% increase year over year and 17% higher than last quarter. Excluding derivatives and hedge accounting, managerial revenues were BRL3.2 billion, up 60% versus the prior year and 9% sequentially. Average revenue per active client grew to BRL80.7 in the quarter, 55% above where we were a year ago and 14% ahead of Q4. Excluding hedge accounting and derivatives, ARPAC was BRL73.3, up 46% year over year and 6% quarter over quarter.

接著看財務表現。淨營收達 35 億 BRL，年增 70%，並較上季高出 17%。排除衍生性商品與避險會計後，管理口徑營收為 32 億 BRL，較去年同期成長 60%，季增 9%。本季每位活躍客戶平均營收（ARPAC）成長至 80.7 BRL，較一年前高出 55%，並較第四季高出 14%。排除避險會計與衍生性商品後，ARPAC 為 73.3 BRL，年增 46%、季增 6%。

Deeper monetization and a richer product mix are driving this expansion. Gross profit came in at BRL1.1 billion, representing a 44% year-over-year gain and an 8% step up from the prior quarter. On efficiency, cost to serve was BRL20.3 per active client, up 9% from a year ago, but down 1% versus Q4, showing that scale benefits are kicking in. For context revenue per client expanded 55% year over year while cost to serve grew just 9%. That's the leverage embedded in this model.

更深度的變現能力與更豐富的產品組合正推動這一波擴張。毛利為 11 億 BRL，年增 44%，並較上季提升 8%。在效率方面，每位活躍客戶服務成本為 20.3 BRL，較去年增加 9%，但較第四季下降 1%，顯示規模效益正在顯現。作為對照，每位客戶營收年增 55%，而服務成本僅成長 9%。這就是此商業模式內含的營運槓桿。

Adjusted earnings before taxes reached BRL248 million, more than tripling year over year with a 224% increase and advancing 3% sequentially despite the seasonally lower activity typical of first quarters. This demonstrates the consistency of our earnings trajectory. Adjusted net income was BRL169 million, nearly doubling with 92% year-over-year growth. The 10% sequential decline is entirely attributable to normal Q1 seasonality following a strong fourth quarter.

調整後稅前盈餘達 2.48 億 BRL，年增超過三倍、增幅 224%，即使第一季通常因季節性活動較低，仍較上季成長 3%。這展現了我們獲利軌跡的一致性。調整後淨利為 1.69 億 BRL，年增 92%，接近翻倍。季比下滑 10% 完全可歸因於強勁第四季後的正常第一季季節性。

As you can see, our revenue diversification continues to evolve. We now have a significantly more diversified and resilient revenue mix as only 31% is driven by unsecured credit. To put that in perspective, in Q1 2024, secured credit accounted for only 4% of net revenues. Today, secured credit represents 23%, fees and commissions contribute 25%, and float plus hedge accounting accounts for 21%.

如各位所見，我們的營收多元化仍在持續演進。目前我們的營收組合已顯著更為多元且具韌性，因為僅有 31% 由無擔保信貸所驅動。作為對照，在 2024 年第一季，擔保信貸僅占淨營收的 4%。如今，擔保信貸占比為 23%，費用與佣金貢獻 25%，而浮存金加上避險會計占 21%。

The key takeaway, 69% of our revenues are now driven by no or low credit risk streams. That's up from 63% just 12 months ago. So we are growing net revenues 70% year over year while building a fundamentally more resilient business.

關鍵重點是：我們目前有 69% 的營收來自無或低信用風險的來源。相較 12 個月前的 63% 進一步提升。因此，我們在年增 70% 淨營收的同時，也正在打造一個本質上更具韌性的企業。

Looking at the three revenue engines individually, secure credit revenues reached BRL820 million, up 272% compared to a year ago and 41% higher than Q4, fueled by the rapid ramp up of our payroll loan portfolio. Unsecured credit revenues came in at BRL1.1 billion, a 44% year-over-year expansion and 10% above last quarter, growing at a measured pace as we deliberately shift the mix toward collateralized products.

分別來看三個營收引擎，擔保信貸營收達 8.20 億 BRL，較去年同期成長 272%，並較第四季高出 41%，主要受惠於我們薪資貸款組合的快速放量。無擔保信貸營收為 11 億 BRL，年增 44%，並較上季高出 10%；在我們刻意將組合轉向有擔保產品的策略下，該業務以更為審慎的步伐成長。

Non-credit revenues hit BRL1.6 billion, 47% ahead of Q1 last year and 11% higher sequentially. This line includes fees, commissions, float, hedge accounting, insurance, acquiring, and revenues originated by our Audiences and Ecosystem business unit. Essentially, all revenue streams that carry no credit risk. Quarter after quarter, this capital light engine continues to compound.

非信貸收入達到16億巴西雷亞爾，較去年第一季成長47%，且較前一季高出11%。此項目包含手續費、佣金、浮存金、避險會計、保險、收單，以及由我們的 Audiences 與 Ecosystem 事業單位所創造的收入。基本上，涵蓋所有不承擔信貸風險的收入來源。一季接一季，這個輕資本引擎持續複利成長。

On returns, adjusted net income grew 92% year over year to BRL169 million. The 10% sequential decline reflects normal Q1 seasonality. Quarterly, annualized adjusted ROE was 15.5%, compared to 24.4% last quarter. The sequential compression is fully explained by the expanded equity base from our IPO capital raise. As we deploy these proceeds into our high-returning credit portfolio, we expect ROE to trend back above 20% within the next couple of quarters.

在報酬方面，調整後淨利年增92%至1.69億巴西雷亞爾。較前一季下滑10%反映第一季正常的季節性因素。以季度年化計算的調整後 ROE 為15.5%，相較上一季的24.4%。這個環比壓縮完全可由我們 IPO 募資後擴大的股東權益基礎所解釋。隨著我們將這些資金投入高報酬的信貸投資組合，我們預期 ROE 將在接下來幾個季度內回升至20%以上。

Now moving to credit. PicPay card TPV was BRL17.4 billion, 41% higher year over year with a modest 1% sequential decline reflecting typical first quarter seasonality rather than any change in engagement trends. Consumer loans origination reached BRL4.5 billion, more than doubling year over year at 119% growth and edging up 2% from Q4, holding essentially flat against a seasonally strong fourth quarter demonstrates the strength of our origination engine.

接著談信貸。PicPay 卡的 TPV 為174億巴西雷亞爾，年增41%，環比小幅下滑1%，反映典型第一季季節性，而非使用黏著度趨勢的任何變化。消費者貸款放款額達45億巴西雷亞爾，年增119%（超過翻倍），較第四季小幅增加2%；在季節性強勁的第四季之後仍基本持平，顯示我們放款引擎的強勁。

Total credit portfolio reached BRL28 billion, 116% above the prior year and 17% above last quarter. The consumer book represents 93% of the total, with SMBs and others comprising the remaining 7%. Beyond the numbers, we advanced several strategic initiatives in the quarter.

總信貸投資組合達280億巴西雷亞爾，較去年同期成長116%，較上一季成長17%。其中消費者業務占總額的93%，中小企業（SMB）及其他占剩餘7%。除了數字之外，我們在本季也推進了多項策略性計畫。

On PicPay card, we launched skip purchases, a feature that allows cardholders to pause a monthly payment without penalties, improving their cash flow management and deepening engagement with the product. On small and medium businesses, new business accounts openings grew from 60,000 per month in Q4 to 80,000 in Q1, a 33% sequential increase.

在 PicPay 卡方面，我們推出「跳過購買（skip purchases）」功能，讓持卡人可在不受罰則的情況下暫停一筆月付，改善其現金流管理並加深對產品的使用黏著度。在中小企業方面，新開立企業帳戶數從第四季每月6萬戶提升至第一季每月8萬戶，環比成長33%。

We also rolled out supply chain finance, enabling businesses to anticipate receivables and improve their cash cycles. In its first quarter, the product generated BRL693 million in origination. We also announced a strategic partnership with TIM, one of Brazil's largest telecom operators. Structured as a two-way distribution agreement, PicPay will offer TIM's telecom plans within our app, while TIM will offer PicPay accounts and credit products to its large customer base. The partnership is expected to reduce our customer acquisition costs by activating new users through TIM's existing infrastructure while driving higher engagement for both platforms.

我們也推出供應鏈金融，讓企業可提前取得應收款、改善現金週轉。在推出的第一個季度，該產品帶來6.93億巴西雷亞爾的放款額。我們也宣布與 TIM（巴西最大的電信營運商之一）建立策略合作夥伴關係。此合作採雙向分銷協議架構：PicPay 將在 App 內提供 TIM 的電信方案，而 TIM 則向其龐大客戶群提供 PicPay 帳戶與信貸產品。預期此合作將透過 TIM 既有基礎設施啟動新用戶，降低我們的獲客成本，同時提升兩個平台的使用黏著度。

On the cover acquisition, we reached an important milestone. CADE, the Brazilian Antitrust Agency, approved the transaction on May 28 without restrictions. We're now awaiting final clearance from [SUSEP], the insurance regulator, as well as from the central bank to close the deal.

關於收購 Cover，我們達成一項重要里程碑。巴西反壟斷機構 CADE 已於5月28日無附帶條件核准該交易。我們目前正等待保險監理機關 [SUSEP] 以及央行的最終核准，以完成交割。

Finally, on brand. In the quarter, we launched a new brand positioning. PicPay, your next bank. It marks PicPay's evolution from a payment platform to a full-service digital bank, building trust and daily relevance while preserving the simplicity and innovation that set us apart.

最後談品牌。本季我們推出全新的品牌定位。PicPay，你的下一家銀行。這標誌著 PicPay 從支付平台進化為全方位數位銀行：在保有讓我們與眾不同的簡潔與創新之餘，建立信任並提升日常使用相關性。

The campaign has already generated 1.2 billion impressions and over 75 million views, achieving 81% brand favorability, nearly double the 44% average in the financial services category. This is a strategic investment in long-term principality, and the initial data confirms it's working.

該活動已產生12億次曝光與超過7,500萬次觀看，品牌好感度達81%，幾乎是金融服務類別44%平均值的兩倍。這是一項對長期領導地位的策略性投資，而初步數據證實其正在奏效。

Now, I will hand it over to Danilo Caffaro, our Consumer Banking Vice President.

接下來我把時間交給我們的消費金融副總裁 Danilo Caffaro。

Thank you, Eduardo. In this next slide, we can see that we continue to execute on our strategy, gaining market share of major credit products by gaining share of wallet of our clients. As of first quarter '26, we reached 4.93% market share for private payroll loans, coming from 0.2%; 2.76% market share of personal loans, coming from 2%; and 1.53% market share of credit card TPV and 1.08% of credit card portfolio, coming from 1.18% and 0.77%, respectively.

謝謝你，Eduardo。在下一張投影片中，我們可以看到我們持續落實策略，透過提升客戶錢包占比來提高主要信貸產品的市占率。截至2026年第一季，我們的民營薪資扣繳貸款市占率達4.93%（由0.2%提升）；個人貸款市占率達2.76%（由2%提升）；信用卡 TPV 市占率達1.53%，信用卡投資組合市占率達1.08%（分別由1.18%與0.77%提升）。

On the next slide, we have the breakdown of our portfolio growth for the consumer business. We reached BRL26.1 billion in the first quarter of 2026. It represents a BRL3.6 billion growth from fourth quarter '25, already after a one-off public payroll portfolio sale. As you can see, we continue to grow our portfolio 91% of the total growth on lower-risk products and more mature cohorts, meaning clients that already have built credit behavior with us.

在下一張投影片，我們呈現消費者業務投資組合成長的拆解。我們在2026年第一季達到261億巴西雷亞爾。相較2025年第四季增加36億巴西雷亞爾，且此數字已反映一次性的公部門薪資扣繳投資組合出售之後。如各位所見，我們持續將投資組合擴張的91%集中在較低風險產品與更成熟的客群，也就是已在我們這裡建立信貸行為的客戶。

Last but not least, the following slides take a deeper look at our private payroll loans operation. We continue to believe in the massive opportunity of private payroll loans, and we have seen strong evolution since the product launch in April 2025.

最後但同樣重要的是，接下來幾張投影片將更深入檢視我們的民營薪資扣繳貸款業務。我們仍然相信民營薪資扣繳貸款擁有巨大的機會，自2025年4月產品推出以來，我們已看到強勁的進展。

From the very beginning, we have been operating this product very tightly, following our prudent underwriting strategy. Early on, as operational issues affected first payment defaults in the initial cohorts, we decided to slow down origination in the following months.

從一開始，我們就以非常嚴謹的方式營運此產品，遵循我們審慎的授信核貸策略。早期由於營運問題影響初期批次的首期付款違約，我們決定在接下來幾個月放慢放款節奏。

As the product matured and we gained more confidence in its performance, we increased origination quarter over quarter. This shows our ability to respond quickly to changing market conditions. As you can see on this slide, first payment defaults, FPDs, have improved significantly from the first cohorts and are now stable at around 9% across recent cohorts. January FPDs are currently tracking broadly flat quarter over quarter, although we still do not have the quarter fully closed given the product's 30-day grace period plus an additional 30 days for payroll processing.

隨著產品逐步成熟、我們對其表現更有信心，我們逐季提高放款量。這展現了我們能快速回應市場環境變化的能力。如投影片所示，首期付款違約（FPD）相較最初批次已顯著改善，近期批次目前穩定在約9%。1月的 FPD 目前環比大致持平；但由於產品有30天寬限期，且薪資處理另需額外30天，本季尚未完全結算。

Delinquency rates, represented here by the over 30 days metric, have also improved month after month. Important to mention that origination, FPDs, and over 30 for third quarter 2025 cohorts are reflecting a more conservative underwriting strategy.

逾期率（此處以逾期超過30天指標呈現）也逐月改善。需要特別說明的是，2025年第三季批次的放款、FPD 與逾期超過30天指標，反映了更保守的授信核貸策略。

On the following slide, we continue to see very healthy unit economics in private payroll loans, with lifetime NEMOs around 30%, lifetime ROEs consistently above 100%, and FPDs stable at high single-digit levels. While FPDs remain stable and within a controllable range, our strategy is not centered on minimizing this metric at any cost but rather on optimizing risk-adjusted returns.

在下一張投影片，我們持續看到民營薪資扣繳貸款非常健康的單位經濟：存續期 NEMO 約30%，存續期 ROE 持續高於100%，且 FPD 穩定在高個位數水準。雖然 FPD 仍維持穩定且在可控範圍內，我們的策略並非不計代價地將此指標降到最低，而是著重於最佳化風險調整後報酬。

We are comfortable and already expanding into new customer segments with higher cost of risk, provided they are properly priced and structured to deliver returns and loss absorption levels in line with or above what we achieve today. In practice, the riskier the segment, the higher the spread, the shorter the duration, and the tighter the leverage-to-income criteria.

只要能適當定價並妥善設計，使其報酬與損失吸收水準符合或高於我們目前達成的水準，我們對於進入風險成本較高的新客群感到有信心，並已開始擴張。實務上，客群風險越高，利差越高、期限越短，且負債對收入（leverage-to-income）標準越嚴格。

Importantly, our current pricing model does not yet incorporate the potential upside from collateral enhancements, such as FGTS balances and severance package proceeds, which should become effective throughout the year and help reduce cost of risk, particularly in higher-risk segments.

重要的是，我們目前的定價模型尚未納入擔保品增強可能帶來的上行空間，例如 FGTS 餘額與資遣費款項；這些措施預計將在今年陸續生效，並有助於降低風險成本，特別是在較高風險的客群。

Now, I will hand it over to Rodrigo Couto, our CFO. Thank you.

現在，我把時間交給我們的財務長 Rodrigo Couto。謝謝。

Now, I will walk you through our financial performance. On page 22, we see the familiar pattern of revenue growth several times higher than expense growth, leading to an improvement of 3 percentage points in our efficiency ratio relative to the fourth quarter. This means that our operating leverage continued to deliver impact even in a quarter in which revenues are seasonally weaker.

現在，我將帶各位回顧我們的財務表現。在第 22 頁，我們看到熟悉的模式：營收成長數倍於費用成長，使我們的效率比率相較第四季改善了 3 個百分點。這表示，即使在營收季節性較弱的一季，我們的營運槓桿仍持續發揮效果。

AI is already having an impact, as our headcount has been flat since October '25 and the projected 10% increase during 2026 will not materialize. We expect AI to be a major booster of our operational leverage, which should be even more powerful going forward.

AI 已經開始產生影響，因為自 2025 年 10 月以來我們的人力編制持平，而原先預估 2026 年將增加 10% 的人力也不會發生。我們預期 AI 將成為推升營運槓桿的重要助力，未來其效果將更為顯著。

On the right-hand side of the page, we see that our ROE for the first quarter was 15.5%. As our average equity increased by more than 40% from the incorporation of the IPO proceeds. ROE will go back up towards the 20s in the next couple of quarters as we gradually deploy the IPO proceeds.

在頁面右側，我們看到第一季的 ROE 為 15.5%。由於納入 IPO 募集資金，使我們的平均股東權益增加超過 40%。隨著我們逐步部署 IPO 募集資金，ROE 將在接下來幾季回升至 20% 多的水準。

On the next slide, we present the expansion of our financial margins. Our net interest income, margin from credit products, and margin from credit products after losses all grew between 17% and 19% relative to the fourth quarter. While our net interest margin rose back above 20% to 20.7%. The main driver of the margin expansion was a credit portfolio growth of 17%, which we will detail on the next slide. Net interest margin rose to 20.7% due to an increase in the share of credit over total interest earning assets.

在下一張投影片，我們呈現金融利差的擴張。我們的淨利息收入、信貸產品利差，以及扣除損失後的信貸產品利差，相較第四季皆成長 17% 至 19%。同時，我們的淨利差回升至 20% 以上，達到 20.7%。利差擴張的主要驅動因素是信貸投資組合成長 17%，我們將在下一張投影片詳述。淨利差上升至 20.7%，原因在於信貸在整體生息資產中的占比提高。

On the next slide, looking at the credit portfolio, we reached approximately $28 billion in total credit, growing 17% quarter over quarter and sustaining a triple-digit growth rate year over year. The main driver of our credit growth continues to be the private payroll loan product, which has been performing within our expectations, as Danilo explained.

在下一張投影片，觀察信貸投資組合，我們的總信貸規模達到約 280 億美元，季增 17%，並維持年增三位數的成長率。信貸成長的主要動能仍來自私部門薪資貸款產品，正如 Danilo 所說，其表現符合我們的預期。

When we look at the composition of our credit portfolio growth, we see that collateralized products corresponded to 69% of the portfolio expansion, which is similar with the 70% figure observed in the last quarter. As a result, the proportion of the portfolio that is collateralized continued to rapidly increase, reaching 54%.

當我們檢視信貸投資組合成長的構成時，可以看到有擔保產品占投資組合擴張的 69%，與上一季觀察到的 70% 相近。因此，投資組合中有擔保的比重持續快速上升，達到 54%。

On the next page, number 25, we present a classification of our portfolio by stages and the coverage of each stage. The composition of the portfolio by stages did not change significantly and the coverages of Stages 2 and 3 rose, resulting in a 1.9 percentage point increase in the coverage of Stages 2 plus 3 of 63.9%.

在下一頁第 25 頁，我們呈現依分期（stages）分類的投資組合，以及各分期的覆蓋率。投資組合的分期結構並未顯著改變，而第 2 期與第 3 期的覆蓋率上升，使第 2 期加第 3 期的覆蓋率提高 1.9 個百分點至 63.9%。

Moving on to the next slide, we see that Stage 2 formation rose slightly to 5.8%, which is typical of the first quarter due to seasonality. When compared to the first quarter of 2025, stage 2 formation was 1.3 percentage points lower. Stage 3 formation normalized to 3.9% after the spike observed in Q4, which is caused by a change in methodology.

接著看下一張投影片，第 2 期形成率小幅上升至 5.8%，這是第一季因季節性因素而常見的情況。與 2025 年第一季相比，第 2 期形成率低了 1.3 個百分點。第 3 期形成率在第四季因方法論變更而出現尖峰後，已回歸正常至 3.9%。

To finalize the presentation on credit metrics on the next slide, we see that the ongoing loss absorption ratio rose slightly and that the cost of risk remained stable at 3.7%, while total portfolio coverage increased to 13.9%. For Q2, we expect the cost of risk to be between 3.7% and 3.9%.

在下一張投影片作為信貸指標的總結，我們看到持續損失吸收比率略有上升，而風險成本維持穩定在 3.7%，同時整體投資組合覆蓋率提高至 13.9%。對於第二季，我們預期風險成本將介於 3.7% 至 3.9%。

Moving on to funding on slide 28, you see that our funding base grew 8% quarter on quarter, while the cost of funding remained largely flat at around 94% of CDI. We continue to execute our diversified funding strategy, notably with the structuring of our second (inaudible), through which we raised BRL1.25 billion last month. We will continue to mobilize different sources of funding as well as to strengthen our own deposit distribution capabilities to finance the rapid growth of our credit portfolio.

接著看第 28 頁的資金來源，你會看到我們的資金基礎季增 8%，而資金成本大致持平，約為 CDI 的 94%。我們持續執行多元化的資金策略，尤其是完成第二筆（聽不清楚）的架構安排，透過該交易我們在上月募集了 12.5 億巴西雷亞爾。我們將持續動員不同的資金來源，並強化自有存款分銷能力，以支應信貸投資組合的快速成長。

Finally, we present on the next slide our common equity capital. With incorporation of the IPO proceeds, approximately BRL2 billion, our Common Equity Tier 1 ratio reached 16.7%, with approximately BRL500 million, corresponding to 2 percentage points of the ratio held at our holding company in the Netherlands.

最後，在下一張投影片我們呈現普通股權資本。隨著納入約 20 億巴西雷亞爾的 IPO 募集資金，我們的普通股權第一類資本比率（CET1）達到 16.7%；其中約 5 億巴西雷亞爾（相當於比率的 2 個百分點）存放於我們位於荷蘭的控股公司。

With that, I'll turn back the call to Eduardo Chedid for his final remarks.

接下來，我把電話會議交回 Eduardo Chedid，請他做最後的結語。

Well, we're issuing guidance for the second quarter of 2026, excluding any covered contribution. We expect the total credit portfolio to reach approximately BRL31 billion, 11% growth quarter over quarter. Quarterly cost of risk should remain within the 3.7% to 3.9% range, consistent with the levels we've delivered this quarter. Managerial revenues are expected at approximately BRL3.6 billion, a 13% sequential increase. Net interest income should reach approximately BRL1.9 billion, up 12% from Q1.

我們現在發布 2026 年第二季的指引，不包含任何 covered contribution。我們預期總信貸投資組合將達到約 310 億巴西雷亞爾，季增 11%。單季風險成本應維持在 3.7% 至 3.9% 的區間，與本季交付的水準一致。管理口徑營收預期約為 36 億巴西雷亞爾，較前一季增加 13%。淨利息收入預期約為 19 億巴西雷亞爾，較第一季成長 12%。

On profitability, we expect gross profit of approximately BRL1.15 billion, 5% above this quarter. IFRS earnings before taxes are expected at approximately BRL265 million, 19% higher sequentially. On an adjusted basis, we expect earnings before taxes of approximately BRL285 million, a 15% step up from Q1.

在獲利方面，我們預期毛利約為 11.5 億巴西雷亞爾，較本季高 5%。IFRS 稅前盈餘預期約為 2.65 億巴西雷亞爾，較前一季高 19%。以調整後口徑，我們預期稅前盈餘約為 2.85 億巴西雷亞爾，較第一季提升 15%。

IFRS net income is expected at approximately BRL235 million, a 55% sequential increase. Adjusted net income should reach approximately BRL245 million, 45% above this first quarter. As you can see, across the board, sequential acceleration in every profitability metric, reinforcing the trajectory we've outlined today.

IFRS 淨利預期約為 2.35 億巴西雷亞爾，較前一季增加 55%。調整後淨利預期可達約 2.45 億巴西雷亞爾，較本第一季高 45%。如各位所見，各項獲利指標皆呈現逐季加速成長，進一步強化我們今天所勾勒的發展軌跡。

Before we open to Q&A, I would like to reinforce an important point regarding our credit strategy and the recent discussions around asset quality. At PicPay, we do not manage the business with the objective of simply minimizing NPLs at any cost. Our approach has always been centered around risk-adjusted profitability, supported by a very disciplined underwriting framework, and a structurally low cost to serve model.

在進入問答之前，我想再次強調一個關於我們信貸策略以及近期圍繞資產品質討論的重要觀點。在 PicPay，我們並不是以不惜一切代價把不良貸款（NPL）降到最低作為經營目標。我們的方法一向以風險調整後獲利為核心，並以非常嚴謹的授信審核框架，以及結構性低服務成本的營運模式作為支撐。

Our operating model allows us to selectively participate in higher risk segments as long as those products remain within our risk-return matrix, particularly in terms of loss absorption between 40% and 60% and minimum 30% ROE thresholds.

我們的營運模式使我們能夠在產品仍符合風險報酬矩陣的前提下，有選擇地參與較高風險的區隔，特別是在損失吸收介於 40% 至 60%，以及最低 ROE 門檻 30% 的要求上。

In practice, our playbook is very consistent. The riskier the product, the higher the spread, the shorter the duration, and the lower the leverage relative to income. What gives us confidence is that the current stability we're seeing across asset call-out metrics is fully consistent with the portfolio mix strategy we intentionally designed over the past quarters.

在實務上，我們的作戰手冊非常一致。產品風險越高，利差越高、期限越短，且相對於收入的槓桿越低。讓我們有信心的是，我們目前在各項資產指標（call-out metrics）上看到的穩定性，完全符合我們在過去幾季刻意設計的投資組合組成策略。

A more diversified credit portfolio, combining secure products, mature and secure cohorts, and transactional-led underwriting. And this is where the strength of our ecosystem becomes a key differentiator. Because our digital wallet is deeply transactional, we are able to leverage proprietary behavioral data and real-time engagement signals that provide a much more accurate understanding of customer risk than traditional market benchmarks alone.

一個更為多元化的信貸投資組合，結合安全型產品、成熟且安全的客群批次（cohorts），以及以交易驅動的授信審核。而這正是我們生態系的優勢成為關鍵差異化因素之處。因為我們的數位錢包具有高度交易性，我們能夠運用自有的行為數據與即時互動訊號，對客戶風險形成比僅依賴傳統市場基準更精準的理解。

On top of that, we layer in data obtained through open banking, which is non-proprietary but highly complementary. The combination of proprietary transactional intelligence with open banking insights gives us a uniquely powerful underwriting edge.

除此之外，我們還疊加透過開放銀行取得的資料，這些資料並非專有，但具有高度互補性。將專有的交易智慧與開放銀行洞察結合，為我們帶來獨特且強大的授信審核優勢。

Our market bidding performance in private payroll loans as reflected in lower FPD metrics demonstrates our product velocity, our agility in learning and adapting, the strength of our underwriting model, our digital distribution model, and our operational excellence.

我們在私營薪資貸款的市場競標表現（反映在較低的FPD指標上）證明了我們的產品推進速度、學習與調整的敏捷性、授信模型的強度、數位分銷模式，以及卓越的營運能力。

Finally, although some market credit indicators suggest some deterioration, a closer look at PicPay's portfolio, which is more resilient by design, reassures us about our risk-adjusted return policy and our ability to meet projections for the 2026 unchanged.

最後，儘管部分市場信用指標顯示有所惡化，但更深入檢視PicPay的投資組合（其設計上更具韌性）讓我們對風險調整後報酬政策以及維持2026年預測不變的能力更有信心。

Okay, now we're ready to move into the Q&A session. Please, operator, take over.

好的，現在我們準備進入問答環節。請接線員接手。

(Operator Instructions)

（接線員指示）

Gustavo Schroden, Citi.

Gustavo Schroden，花旗。

Hi guys. Hi Chedid, Cazotto, [Couto] and team. Congrats on the numbers in line with slightly above the guidance for the first queue. So decent trends, congrats.

嗨，各位。嗨，Chedid、Cazotto、[Couto]以及團隊。恭喜第一季的數字符合、且略高於指引。趨勢不錯，恭喜。

I have two questions. The first one is we saw good trends in the Stage 2 plus 3 formation, but we saw an increase in NPLs, 90 days NPLs. So if you could clarify this mathematical or this mismatch between numerator and denominator, I think that would be great, right?

我有兩個問題。第一個是，我們看到Stage 2加Stage 3的形成趨勢良好，但同時看到不良貸款（NPL）上升，特別是90天NPL。所以如果你們能釐清一下這個數學上的、或分子與分母之間的不一致，我想會很有幫助，對吧？

Because usually when we see the strong credit growth denominator grows faster than the numerator and offsetting this pressure. So I think that it would be welcome if you give some color or clarify this increase in 90 days NPLs.

因為通常在強勁的信貸成長下，分母成長會快於分子，從而抵消這種壓力。所以如果你們能補充一些說明或釐清90天NPL上升的原因，我想會很受歡迎。

And my second question is regarding the guidance for the second quarter. No, you are guiding for BRL3 billion growth in our BRL3 billion additional loan book, right, quarter on quarter. It is slightly below the growth you present in the first quarter. But we know that the first quarter usually we have this seasonal effect, so lower loan growth. I was expecting an acceleration in a sequential base in this loan growth.

第二個問題是關於第二季的指引。不，你們指引的是貸款餘額增加30億雷亞爾，也就是我們的貸款簿在季對季增加30億雷亞爾，對吧？這略低於你們第一季呈現的成長。但我們知道第一季通常有季節性因素，所以貸款成長較低。我原本預期貸款成長在環比上會加速。

If you could explain as if there are some, let's say, conservative strategy here or what is behind this number. Thank you.

如果你們能解釋一下，是否這裡採取了某種較保守的策略，或這個數字背後的原因是什麼。謝謝。

Thanks, Gustavo. I will pick up the question on NPLs. The ratios are fundamentally different, right? When NPL and NPL coverage, let's talk about NPL first. It's simply pays past due, right? So it's, first of all, it only takes into account one form of deterioration, and it also is highly sensitive to the write-off policy of each bank, therefore the levels are very hard to compare. We've said all along that our NPL ratios would continue to grow as our portfolio matures and would end up somewhere in the low teens. And this is what we expect to see going forward.

謝謝你，Gustavo。我先回答關於NPL的問題。這些比率本質上是不同的，對吧？談到NPL與NPL覆蓋率，我們先談NPL。它基本上就是逾期款項，對吧？所以首先，它只考量一種惡化形式；而且它對各家銀行的核銷政策非常敏感，因此其水準很難比較。我們一直都說，隨著我們的投資組合逐步成熟，我們的NPL比率會持續上升，最終會落在十幾%的低位區間。這也是我們對未來的預期。

The way we look at our credit performance and our coverage is in the proportion of stages, which was fairly stable, and also in the coverage of each stage with which we are comfortable. So while NPLs will continue to rise, they're really not reflecting the dynamics because they're very, again, limited in terms of their risk sensitivity and also highly subject to not only the write-off policies, but also the renegotiation policies of each institution. And therefore, it's very hard to use NPLs as a metric to manage a business and that's why we manage in terms of cost of risk, loss absorption, and proportion information of each of the stages as well as their coverage.

我們看待信用表現與覆蓋的方式，是看各Stage的占比（相當穩定），以及我們對各Stage的覆蓋水準是否令人安心。因此，雖然NPL會持續上升，但它其實無法反映動態，因為它在風險敏感度上非常有限，而且也高度受各機構不僅是核銷政策、也包括重談（展期/重組）政策的影響。因此，很難用NPL作為管理業務的指標，這也是為什麼我們以風險成本、損失吸收能力，以及各Stage的占比資訊與其覆蓋情況來進行管理。

Gustavo, this is Chedid. Now, going back to your second question, I think that we actually remain very positive on credit origination and on credit overall. I'd say that it's much more a conservative guidance than a conservative, let's say, way of doing business.

Gustavo，我是Chedid。回到你的第二個問題，我認為我們對信貸投放以及整體信貸仍然非常正面。我會說，這更像是較保守的指引，而不是較保守的經營方式。

If I could take you through what we believe on the macro credit scenario as well as on PicPay's, let's say, ability to navigate there, I'd say that talking about the macro, yes, the central bank data shows a gradual deterioration on delinquency, but at the same time, household debt service ratios remain stable and the labor market is providing a strong floor.

如果我帶你看一下我們對宏觀信貸情境以及PicPay在其中的應對能力的看法：就宏觀而言，是的，央行數據顯示逾期率逐步惡化，但同時，家庭債務償付比率仍保持穩定，而勞動市場提供了強力支撐。

If we take a look at Brazil is at a record low 5.8% unemployment rate with real aggregate wages growing 6.5% year over year, which in total it means that families in Brazil have BRL22.9 billion of additional real income in circulation and that acts as a buffer.

如果我們看巴西，目前失業率處於歷史低點5.8%，實質總薪資年增6.5%；整體而言，這意味著巴西家庭有229億雷亞爾的額外實質收入在市場中流通，形成緩衝。

Also, if you look at job creation, it remains concentrated in the lower income brackets, this segment which is typically more sensitive to income shocks, right? As long as unemployment holds at the same levels, we don't see a systemic risk of mass delinquency in lower ticket credit.

另外，如果你看就業創造，仍主要集中在較低收入區間；這個族群通常對收入衝擊更敏感，對吧？只要失業率維持在目前水準，我們不認為小額信貸會出現大規模逾期的系統性風險。

In summary, our baseline, any credit quality deterioration is likely to be gradual and not systemic. And this is very consistent with a controlled accommodation cycle without disruption. And looking at PicPay, it's fully consistent with the guidance we have provided.

總結來說，在我們的基準情境下，任何信用品質惡化都更可能是漸進式，而非系統性。這也非常符合一個受控、無中斷的調整（accommodation）週期。而就PicPay而言，這與我們提供的指引完全一致。

Looking at our own positioning within this macro environment, we believe that we are really well positioned for a more challenging backdrop. We have deliberately built a more diversified [rye mill mix], as we explained in the call. 69% of our revenues now come from low or low credit risk streams, which translates into a more resilient business itself where only 31% is exposed to unsecured credit.

從我們在此宏觀環境中的自身定位來看，我們認為我們確實非常適合面對更具挑戰的背景。正如我們在電話會議中所說，我們刻意打造了更分散的[rye mill mix]；目前我們69%的營收來自低或較低信用風險的收入來源，這使得整體業務更具韌性，只有31%曝險於無擔保信貸。

And if you look at our credit underwriting strategy. It delivered a total credit portfolio, which is 54% secure and only 46% unsecured. And Q1 numbers show that 91% actually of new volumes are coming from lower-risk loans and mature credit card cohorts.

再看我們的授信審核策略。它帶來的整體信貸投資組合中，54%為有擔保，只有46%為無擔保。而第一季數據顯示，新投放量中有91%實際上來自較低風險貸款以及已成熟的信用卡分群（cohorts）。

And this is by design. I mean, over the past several quarters we have been intentionally rotating the portfolio towards secure products and unsecure vintages with proven performance. On top of that, which gives us an additional layer of protection, I would say that our playbook allows us to adapt quickly to the changing scenarios. The riskier the product, the higher the spread, the shorter the duration, and the lower the leverage relative to income. And this is a framework which is not reactive. It's embedded in how we originate every day.

這是刻意為之。我的意思是，過去幾個季度我們一直有意將投資組合轉向有擔保產品，以及表現已被驗證的無擔保分期（vintages）。此外，作為額外一層保護，我會說我們的作戰手冊讓我們能快速因應情境變化。產品風險越高，利差越高、期限越短、相對於收入的槓桿越低。而這套框架不是被動反應式的。它已內嵌在我們每天的放款流程之中。

So to summarize, we've built a diversified revenues model, a deliberately resilient portfolio mix, and we've been very, let's say, strict and discipline on the origination. So I believe we are well positioned to navigate this cycle.

因此總結來說，我們建立了多元化的營收模式、刻意打造更具韌性的投資組合結構，並且在投放上非常嚴格且自律。所以我相信我們已做好準備來度過這個週期。

Just one additional comment here, [Gustavo Licentrei] speaking. For the consumer loan book, we're expecting the origination to be pretty much flattish with the fourth quarter. So we're expecting to originate close to BRL3.5 billion. That's our expectation of the consumer banking. We also have some SMB credit portfolio rolling off, so that's probably something that is impacting, let's say, the total credit figure that we share in our guidance.

這裡再補充一句，[Gustavo Licentrei]發言。就消費貸款簿而言，我們預期投放量大致會與第四季持平。因此我們預期投放接近35億雷亞爾。這是我們對消金業務的預期。我們也有部分中小企業（SMB）信貸投資組合到期回收（rolling off），因此這可能會影響我們在指引中分享的整體信貸數字。

All right, guys, clear, very clear. Just if I may, just a follow-up on my first question regarding NPL. So what is the write-off policy? Is it 360 days, 540 days? What is the write-off policy?

好的，各位，清楚，非常清楚。如果可以的話，我想就我第一個關於不良貸款（NPL）問題再追問一下。所以核銷政策是什麼？是 360 天、540 天嗎？核銷政策是什麼？

It's 360 days both cards and loans.

信用卡和貸款都是 360 天。

Mario Pierry, Bank of America.

Mario Pierry，美國銀行。

Hey, guys. Good evening. Thanks for taking my question. Let me ask two questions as well. I want to focus on the private payroll loan. I don't know when you said that the NPL should be in low teens. Did I understand that correctly?

嗨，各位。晚上好。謝謝讓我提問。我也想問兩個問題。我想聚焦在民營薪資扣款貸款（private payroll loan）。我不確定我是否聽對了：你們說 NPL 應該會在十幾%的低位區間。我理解正確嗎？

And the whole portfolio. Yeah, for the whole portfolio.

是整個投資組合。對，針對整個投資組合。

For the whole portfolio.

針對整個投資組合。

But go ahead, Mario. We'll wait until you finish and then we'll answer.

不過你繼續，Mario。我們等你講完再一起回答。

Okay. And you showed right on slide 17 that your market share in private payroll loans has gone from zero to almost 5% in one year. What do you think is making you so successful in this product? What are you doing different from the other players?

好的。你們在第 17 頁投影片顯示，你們在民營薪資扣款貸款的市占率在一年內從零提升到接近 5%。你認為是什麼讓你們在這個產品上如此成功？你們做了哪些不同於其他同業的事情？

Also, you talked about this collateral enhancements, right, especially related to [FGTS]. We've been waiting for that and appears to be delayed. What is delaying that? When do you think those collaterals are going to be effective?

另外，你們提到擔保增強（collateral enhancements），對吧，特別是與[FGTS] 相關的。我們一直在等這個，看起來似乎延後了。是什麼原因造成延後？你們認為這些擔保何時會生效？

And what are you seeing in terms of interest rates that you're charging on this product? Clearly, right, this is not a uniform product. If you are doing a private payroll to someone who works in a small company for a short period of time, you're going to charge a higher rate than for someone who has a longer-term or mature job. But can you tell us the direction of rates that you're charging in this product?

以及你們在這個產品上收取的利率水準目前如何？很明顯，這不是一個標準化產品。如果你做的是民營薪資扣款貸款，借款人是在小公司、任職時間短，你們會收取比任職更久或工作更穩定的人更高的利率。但你能否告訴我們，你們在這個產品上收取利率的走勢方向？

And then like my second question is unrelated to this, is related to cover. Like you said, you got all the approvals expecting now [SUSEP] to approve the transaction. Just remind us again, what is the expectation for net income from cover on a full year basis? Thank you.

然後我的第二個問題與此無關，是關於 cover。如你所說，你們已取得所有核准，現在在等 [SUSEP] 核准交易。再提醒我們一次，cover 全年基礎的淨利預期是多少？謝謝。

Hi, Mario. Going back to the private payroll loans. I think that our performance, as you said, it's been pretty solid and I think at the end of the day, it's the result of several factors. I mean, we were the second company to be accredited in this product and we entered very early.

嗨，Mario。回到民營薪資扣款貸款。我認為如你所說，我們的表現相當穩健，而歸根結底是多項因素共同作用的結果。我們是第二家取得該產品認證的公司，而且很早就進入了。

As we identified operational deficiencies in the system, we adapted quickly and developed some proprietary workarounds on those deficiencies. Our underwriting model has evolved significantly since the beginning. On top of that, I'd say that our digital distribution capabilities also played an important role with around 70% of all origination being done in-app.

當我們辨識到系統中的作業缺陷時，我們很快就做了調整，並針對這些缺陷開發了一些自有的替代方案（workarounds）。我們的承保模型自一開始以來已大幅演進。此外，我會說我們的數位分銷能力也扮演了重要角色，約 70% 的放款起始（origination）是在 App 內完成。

And from the beginning, I think that we maintain focus and conviction in the product's potential, which gave us a meaningful, let's say, and quicker learning curve, which we're taking into advantage. So I think it's a mix of many things that we did and also driven by a lot of focus and the belief that this would unlock a meaningful opportunity for us.

而且從一開始，我們就持續聚焦並堅信這個產品的潛力，這讓我們的學習曲線更有意義、也更快，並且我們正在加以運用。所以我認為這是多項作為的綜合結果，也來自高度的專注，以及相信這能為我們開啟一個重要機會。

When you talked about, we said that [FPDs] in our case, it's around 9%, and this has been steady throughout quite a few, let's say, vintages now. So we are, let's say, we're pretty confident on the product and we're getting more confident as time goes by.

當你提到時，我們說過在我們的情況下，[FPDs] 大約是 9%，而且在相當多個、可以說是不同批次（vintages）中都維持穩定。所以我們可以說對這個產品相當有信心，而且隨著時間推進信心也在增加。

At the same time you asked about, yeah, there is a upside, possible upside when the additional guarantees, the FGTS as well as the service package access are implemented. And you're right, they've been delayed quite a couple of times and we're being conservative. So we are actually, in our view, we expect them to be, let's say, or have some impact on our case in the fourth quarter of the year, provided there are no additional delays. And all in, we remain pretty positive and product is behaving, let's say, as expected.

同時你也問到，是的，當額外的擔保（包括 FGTS 以及服務套件的存取）落地後，確實可能有上行空間。你說得對，它們已經延後了好幾次，我們也採取保守態度。因此以我們的看法，只要沒有進一步延遲，我們預期它們會在今年第四季對我們的案例產生一些影響。整體而言，我們仍然相當正面，產品表現也如預期。

Okay, and Chedid, when you talked about the low teens NPLs, are you talking specifically for private payroll or are you talking about for the entire loan book?

好的，Chedid，當你提到 NPL 在十幾%的低位區間時，你是特別指民營薪資扣款貸款，還是指整體放款帳簿？

The entire loan book, well, that's -- over time when we stabilize the portfolio, right?

整體放款帳簿，也就是說，隨著時間推進當我們把投資組合穩定下來之後，對吧？

So just to be clear, you had an NPL ratio of 8.9% this quarter, 7.2% previous quarter, and you expect this to normalize around low teens?

所以確認一下，你們本季 NPL 比率是 8.9%，上一季是 7.2%，而你們預期會正常化到十幾%的低位區間？

That's correct, Mario.

沒錯，Mario。

Okay. And then on [cover].

好的。那關於[cover]。

The expected net income, that was your question, right?

你問的是預期淨利，對吧？

Correct.

對。

Yeah, I mean, Mario, we could talk about what we expected last year as we still didn't have full clearance and approval. I cannot be, I mean, I don't have access to how they're performing this year. What I can share with you is that with the products that we distribute from them, we're performing pretty well.

是的，我是說，Mario，我們可以談談去年我們的預期，因為當時我們仍未取得完整的放行與核准。我無法——我的意思是，我無法取得他們今年的經營表現數據。我能與你分享的是，就我們分銷他們的產品而言，表現相當不錯。

So we should expect that from their total portfolio, but I'm talking mainly from my own perspective. And so I cannot be precise now, but hopefully in a few weeks, as soon as [SUSEP], the insurance regulator approves, and central bank also will be able to actually give you much more visibility on what we expect for the full year.

因此我們也應該可以期待他們整體投資組合的表現，但我主要是從我自己的角度在談。所以我現在無法給出精確數字，但希望在幾週內，一旦 [SUSEP]（保險監理機關）核准，且央行也核准後，我們就能給你更高的能見度，說明我們對全年預期為何。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗。

Great results here. Really strong first quarter. Congrats from our end at Mizuho. I have one question. I mean, I caught some of the comments you mentioned about AI and how accretive the initiatives are to margin. Can you maybe elaborate a little bit on what you're doing in AI specifically and what the opportunities that you see down the road and congrats again.

這裡的業績很棒。第一季非常強勁。我們瑞穗這邊向你們致賀。我有一個問題。我聽到你提到一些關於 AI 的評論，以及這些計畫如何對利潤率具有增益（accretive）。你能否更詳細說明你們在 AI 方面具體在做什麼、以及你們往後看到的機會？再次恭喜。

Hi, Danilo here. So we've been using AI and LLM models since the beginning of 2023. Our first use case was around customer service. And we continue to adopt AI heavily on our entire value chain actually, from customer service to credit, engineering, marketing, and so on.

嗨，我是 Danilo。我們自 2023 年初就開始使用 AI 和 LLM 模型。我們第一個使用案例是在客服領域。而且我們持續在整個價值鏈大量採用 AI，實際上從客服到授信、工程、行銷等等。

We currently have our own version of OpenClaude running on a multi-LLM stack with most of our employees using on a weekly basis. And of course, it's still early days, but we are already seeing significant performance improvements on AI first teams.

我們目前有自己的 OpenClaude 版本，運行在多 LLM 堆疊（multi-LLM stack）上，多數員工每週都會使用。當然現在仍是早期階段，但我們已經在 AI 優先（AI first）團隊上看到顯著的績效提升。

And as we mentioned in the release, this is one of the factors that enables us to continue growth, to grow the business while keeping the headcount flat since October 2025. And we believe that it will be a major boost of our operating leverage for the upcoming quarters.

正如我們在新聞稿中提到的，這是使我們能夠持續成長的因素之一：自 2025 年 10 月以來在員工人數維持不變的情況下，仍能擴大業務規模。我們相信，這將在未來幾個季度大幅提升我們的營運槓桿。

Ricardo Buchpiguel, BTG Pactual.

Ricardo Buchpiguel，BTG Pactual。

Hi, everyone, and thank you for the opportunity of making questions. Most of my questions were already answered, so I have just one here. If you could provide an update on the new [Disney Hola] program, giving a bit more color on how origination under the program has been evolving, how important do you feel that this program could be to mitigate any potential delinquency risk depending on how the market unfolds?Thank you very much.

各位好，感謝讓我有機會提問。我的大部分問題都已經被回答了，所以我這裡只有一個問題。能否請你們更新一下新的 [Disney Hola] 計畫，並多分享一些該計畫下的放款/承作（origination）進展情況？另外，依你們看，若市場走勢出現變化，這個計畫在降低任何潛在逾期風險方面可能有多重要？非常感謝。

Thanks. Well, we see it positively and we actually entered early on, so we're quick to begin. The program originations are responding well. We already have comforted about 10% of the potential that we believe we can do that and then we have the collateral for 50% of the renegotiated value granted by the federal government fund. So I'd say that in terms of final, let's say, impact, it's definitely an upside. But I wouldn't say that it's relevant for the full year results, although we remain positive on it and we've been originating quite well.

謝謝。我們對此持正面看法，而且我們其實很早就進入了，所以啟動得很快。該計畫的承作反應良好。我們已經大致掌握到我們認為可達成之潛在規模的約 10%，而且對於重新協商後的金額，有 50% 的擔保品是由聯邦政府基金提供。所以我會說，就最終的影響而言，這絕對是上行空間。但我不會說它對全年結果有多大關聯，儘管我們仍然對此保持正面，且承作表現相當不錯。

No, that's very clear. And if I may do a follow-up here, you mentioned that you are seeing that the commitment -- that payment has been more or less stable in recent months, but there is overall a concern that disposable income could be impacted by the accelerating economy, right? So it would be interesting to see how you guys factor this risk in your underwriting. And if you expect that we can have like increasing delinquency, not necessary for PicPay, but the market as a whole towards the second semester of this year or perhaps next year.

不，這很清楚。如果我可以追問一下，你們提到最近幾個月看到承諾——也就是還款——大致保持穩定，但整體上仍擔心可支配所得可能會受到經濟加速的影響，對吧？因此很想了解你們在授信審核（underwriting）中如何納入這項風險。以及你們是否預期今年下半年或明年市場整體（不一定是 PicPay）會出現逾期上升的情況。

I'd say that generally speaking, we are expecting some increase in delinquency for the market overall. As I said before, we don't see anything that is sudden, so it's probably a very gradual thing.

我會說，整體而言，我們確實預期市場的逾期會有一些上升。如我先前所說，我們沒有看到任何突然性的變化，所以更可能是非常漸進的。

If you look at our own portfolio and our, let's say, ability to, let's say, navigate that backdrop, I'm going back to the diversified revenue mix as well as a more secure credit portfolio. And if you look at how we're growing the credit portfolio, we are mainly growing that through low risk loans, mainly collateralized, as well as mature credit card cohorts.

如果看我們自己的投資組合，以及我們在這樣的背景下的應對能力，我會回到多元化的營收組合，以及更安全的信貸投資組合。而且如果你看我們信貸投資組合的成長方式，我們主要是透過低風險貸款來成長，主要是有擔保的貸款，以及較成熟的信用卡客群（cohorts）。

So we don't, I mean, we expect a reasonable stability, both on credit risk as well as on Stage 3 formation. Let's say a wrong 4%.

所以我們預期會有合理的穩定性，無論是在信用風險方面，還是在第 3 階段（Stage 3）形成方面。大概在 4% 左右。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Hi, thanks for taking the questions. Good to hear from you, Eduardo and Andre. I wanted to ask again about the private payroll loans. I wanted to understand the positioning you think this product is taking with the consumer? Is this, do you think, muting growth in credit card in any way? And also, do you think that the private payroll loans are a better path to principality versus, say, the credit card? So trying to understand how this changes the relationship with the consumer in terms of ongoing product usage.

嗨，謝謝讓我提問。很高興再次聽到 Eduardo 和 Andre 的分享。我想再問一次關於民營薪資扣繳貸款（private payroll loans）。我想了解你們認為這個產品在消費者端的定位是什麼？你們覺得它是否在某種程度上抑制了信用卡的成長？另外，你們是否認為民營薪資扣繳貸款相較於信用卡，是更好的「主力產品/主要往來」（principality）路徑？所以想了解這如何改變你們與消費者之間的關係，尤其是在持續使用產品方面。

So I'd say that in the first half of your question, we see lots of people who are, let's say, out of the credit market taking that product, so it's somehow it's additional.

我會說，就你問題的前半段而言，我們看到很多人原本是、可以說、在信貸市場之外的人在使用這個產品，所以某種程度上它是增量的。

If you look at the PicPay case specifically, I'd say that it's taken, let's say, share from personal loans instead of credit cards. And I think that one of the key aspects in our case is the ability to actually distribute that product digitally.

如果特別看 PicPay 的情況，我會說它更多是從個人貸款而不是信用卡那邊取得了份額。而我認為在我們的案例中，一個關鍵面向是我們能夠以數位方式實際分發/推廣這個產品。

If you compare our distribution with what we've been hearing from the average of the market with being able to distribute more in-app than most of the other players. It just shows that, I mean, the engagement with the app is basically an important tool to distribute clients. I'd say that private payroll loans to clients, the trend is to actually increase pickpay usage as well as product adoption. I mean, we've seen that with the current clients. So it's not only a factor of the direct benefits from the product but the overall, let's say, driver of engagement and adoption of other products.

如果你把我們的分發能力，和我們從市場平均所聽到的相比——我們能夠比多數其他業者更在 App 內完成分發。這也顯示出，App 的互動度基本上是觸達客戶、分發產品的重要工具。我會說，對客戶而言，民營薪資扣繳貸款的趨勢是實際上會提升 PicPay 的使用度以及產品採用率。我們在現有客戶身上已經看到這一點。所以它不只是來自產品本身的直接效益，也是一個整體上推動互動與其他產品採用的驅動因素。

Craig, just to complement here, currently around 70% to 75% of all private payroll loan origination is already done through our app. So basically, this is helping to increase the cross-selling of additional products like insurance. And of course, this is going to be extremely helpful in terms of, let's say, creating better engagement and faster principality for our customer base.

Craig，我補充一下，目前大約 70% 到 75% 的民營薪資扣繳貸款承作已經是透過我們的 App 完成。所以基本上，這有助於提升額外產品（例如保險）的交叉銷售。當然，這在建立更好的互動度，以及讓我們的客戶群更快達成「主力往來」（principality）方面，會非常有幫助。

Dan Perlin, RBC.

Dan Perlin，RBC。

Hey, guys. Good evening. Two quick ones here. So the commentary around AI and headcount growth not materializing now because you've got all these efficiency gains. I'm wondering, one, are you planning on leaning in on those cost savings into marketing or kind of higher risk private payroll opportunities that you talked about?

嗨，各位。晚安。我這裡有兩個簡短問題。關於你們提到 AI，以及因為效率提升所以目前人力增長沒有顯現。我想問第一，你們是否計畫把這些成本節省投入到行銷，或是你們提到的較高風險的民營薪資扣繳機會上？

And then secondly, the net interest income growth guidance of 12% versus the 5% gross profit growth. I'm just assuming that that is a function of your kind of mix shift such that your credit loss allowance is just stepping up in that period of time. Thanks.

第二，淨利息收入成長指引是 12%，而毛利成長是 5%。我猜這是因為你們的組合轉移（mix shift），使得在那段期間信用損失準備（credit loss allowance）有所上升。謝謝。

Hi Dan, first part of your question, definitely, I mean, we're leaning in on AI and besides, I mean, Danilo already mentioned that we've been running headcounts flat since October, but if you even got only the, let's say, the avoided hiring that we had on the customer service platform. In the last two years, we avoided hiring an additional 3,000 new customer service reps. So it's not only about having it flat, but also avoiding some meaningful new hires.

嗨 Dan，關於你問題的第一部分，當然，我們確實會加大在 AI 上的投入；此外，Danilo 也已提到我們自 10 月以來人力維持持平，但即便只看我們在客服平台上避免的招募。在過去兩年，我們避免額外招募 3,000 名新的客服人員。所以不只是維持持平，也是在避免一些相當可觀的新聘人數。

On your point of, yeah, part of those efficiency gains will be deployed on growth and part will be converted into better margins. But yes, we definitely plan to invest some of that additional, let's say, productivity.

至於你提到的點，是的，部分效率提升會用於成長，部分會轉化為更好的利潤率。但沒錯，我們確實計畫投資一部分新增的、可以說、生產力。

That's great. And then on the net interest income guidance versus gross profit growth guidance, just is that a function of just a step up in your credit loss allowances that you've got going into the next quarter? Or is there something else that I'm just not?

很好。那關於淨利息收入指引相對於毛利成長指引，這是否只是因為你們在下一季信用損失準備會上升？還是有其他我沒有理解到的因素？

No, that's correct. We do expect our credit loss allowances to be a little higher than our net interest income grows, all within the dynamics of the portfolio and within the, let's say, our risk-return parameters. But yes, we do expect it to be a little higher.

不，你的理解是正確的。我們確實預期信用損失準備的增幅會略高於淨利息收入的成長，這都在投資組合的動態以及我們的風險報酬參數之內。但沒錯，我們確實預期它會略高一些。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐。

Hi, thank you for taking my question. Just a quick one. You mentioned that the NPLs will be in the low teen levels. And given that your book is almost 70% secured and why should we continue to see a pickup in NPLs, why maybe a pickup for a quarter or two because of the private payroll and then an easing as the economy improves and rates decline?

嗨，謝謝讓我提問。我這邊只有一個簡短問題。您提到不良貸款（NPL）將落在十幾%的低位區間。考量到你們的放款組合將近 70% 是有擔保的，為什麼我們仍應該預期 NPL 會上升？是否可能只是因為私營薪資貸款（private payroll）而在一到兩個季度出現上升，然後隨著經濟改善與利率下行而趨緩？

If you can split for us how much of the increase in the NPL ratio and the cost of risk is driven by the strong growth in the private payroll, that will help us understand what is the core dynamic for your remaining part of the portfolio. Thank you so much.

如果您能幫我們拆分一下，NPL 比率上升以及風險成本上升中，有多少是由私營薪資貸款的強勁成長所驅動，這將有助於我們理解你們其餘投資組合的核心動態。非常感謝。

So the increase in the NPL ratio is basically a catch-up of things that are already in our Stage 3, right? So if you look at our Stage 3 as a proportion of the portfolio in the first quarter, it was 12.7, while NPL was 8.9. The 8.9 will end the year in the low teens. The 12.7 will end the year in the mid-teens.

所以 NPL 比率的上升，基本上是把已經在我們第 3 階段（Stage 3）的項目追認（catch-up）進來，對吧？所以如果你看第一季我們的 Stage 3 佔投資組合比重是 12.7，而 NPL 是 8.9。這個 8.9 到年底會落在十幾%的低位區間。而 12.7 到年底會落在十幾%的中位區間。

So if you want to see what's going to happen with NPLs, just look what's happening with the share of Stage 3, which is ultimately a better metric because it captures other forms of increasing risk that are not captured in NPL 90 days.

所以如果你想看 NPL 接下來會怎麼走，只要看 Stage 3 的占比變化即可；這最終是一個更好的指標，因為它能涵蓋其他風險上升的形式，而這些並不會被「逾期 90 天」的 NPL 所捕捉。

The levels we see of NPLs and the share of Stage 3, again, are highly influenced by our write-off policy, which is our 360 days. And there are players in the market that do 270, there are players in the market that do 120, and that results in very different levels of NPLs.

我們看到的 NPL 水準以及 Stage 3 的占比，同樣也高度受到我們核銷（write-off）政策的影響，也就是 360 天。市場上有些同業採 270 天，有些採 120 天，因此會導致非常不同的 NPL 水準。

Ultimately, also, as we find more opportunities to grow in private payrolls, the NPLs for that product will also increase or that the credit losses will increase, but the revenues will increase by at least double and ultimately we're going to make more money at higher returns. So you know just taking let's say a credit loss metric without looking at what's happening in revenues doesn't tell the whole story and the way we manage is by looking both at both things in conjunction.

最終，隨著我們在私營薪資貸款上找到更多成長機會，該產品的 NPL 也會上升，或是信用損失會增加；但收入至少會增加兩倍，最終我們會以更高的報酬率賺到更多錢。所以你知道，只看信用損失指標而不看收入端發生了什麼，並不能說明全貌；我們的管理方式是把兩者結合起來一起看。

And pretty much let's say keeping our let's say guidelines in terms of loss absorption ratios that should be between 40% to 60% and ROEs, minimum ROEs at 30%.

而且基本上，我們會維持例如損失吸收比率（loss absorption ratios）應介於 40% 到 60%，以及 ROE 的指引——最低 ROE 為 30%。

I understand that [9MAL] is a more relevant parameter than just looking at what's happening with the cost of risk. But what is a bit confusing is that given that majority of your book is secured, when I look at other players who have a similar composition, their NPLs are not at similar levels.

我理解 [9MAL] 是比單看風險成本（cost of risk）更相關的參數。但有點令人困惑的是，考量到你們的放款組合大多是有擔保的，當我看其他組成相近的同業時，他們的 NPL 並沒有在相近的水準。

So I just wanted to understand why is your NPL -- and I understand that Stage 3 is higher, so the natural progression will be you expect that the NPL for the book will be in low teens by the end of the year. So we have progression throughout the year.

所以我想了解的是，為什麼你們的 NPL——我也理解 Stage 3 較高，因此自然的演進是你們預期年底整體 NPL 會在十幾%的低位區間。所以我們會看到全年逐步推進。

But I just wanted to understand why these levels of NPLs -- are you seeing a much worse asset quality in the private payroll than what the system is seeing? Or is there any other pockets where you're seeing more pressure for your clients?

但我想了解的是，這些 NPL 水準——你們在私營薪資貸款上看到的資產品質是否比整體系統更差？或者你們是否在其他區塊看到客戶承受更大壓力？

Yeah, comparisons of levels of NPLs are very difficult to make, especially in the Brazilian market where write-off policies are pretty different. So it's hard to compare the levels and what's driving the increase in the NPL ratio is partly a maturation of the private payroll loans, but they're not the big contributors here.

是的，NPL 水準的比較非常難做，尤其在巴西市場，核銷政策差異相當大。所以很難比較水準；而推動 NPL 比率上升的因素之一，部分是私營薪資貸款的成熟（maturation），但它們並不是這裡的主要貢獻者。

The secured portfolio that is responsible for the majority of the NPLs and of the [sheriff] Stage 3. But again, I think going back to the comment that was made in another question that our gross profit grows by less than our net interest income, you'll see already in the second quarter our NPLs close to where they should be and closer to our [Stage 3 proportion] and then they change only slightly throughout the rest of the year.

造成大部分 NPL 以及 [sheriff] Stage 3 的，是有擔保的投資組合。但同樣地，我想回到先前另一個問題中的評論：我們的毛利成長低於淨利息收入的成長；你會在第二季就看到我們的 NPL 已經接近它們應該在的位置，也更接近我們的 [Stage 3 proportion]，之後在今年剩餘期間只會小幅變動。

And Neha, just complementing here, if we look at a product-by-product and cohort-by-cohort analyses, we're not seeing any great deterioration on any of those pockets. It's just a compounded effect of many different things. It's the credit portfolio mix. It's also the fact that, yes, the private payroll loan is a secure product, but it's not a no-risk product, is a low-risk product. So as we keep growing the portfolio, there is going to be some delinquency there as well, but in every sense, a much more secure product than the unsecured ones.

Neha，我再補充一下：如果我們按產品別、以及按放款批次（cohort-by-cohort）來分析，我們並沒有看到任何一個區塊出現明顯惡化。這只是許多不同因素疊加的效果。包括信貸投資組合的結構（mix）。也包括這樣的事實：是的，私營薪資貸款是有擔保的產品，但不是零風險產品，而是低風險產品。因此，隨著我們持續擴大投資組合，那裡也會出現一些逾期；但無論如何，它都比無擔保產品安全得多。

Understood. And in terms of loan mix, probably looking at 75% secured by year end, given the growth that you're having in the private payroll.

了解。那就貸款組合而言，考量到你們私營薪資貸款的成長，到年底有擔保占比大概會到 75%？

No, that shouldn't be the case because we still grow quite well, especially on credit cards, which are not secured. I mean, it's definitely going to increase from 54%. But definitely not going to be around 70%.

不，應該不會，因為我們仍然會有相當不錯的成長，特別是在信用卡上，而信用卡並不是有擔保的。我的意思是，它確實會從 54% 往上升。但肯定不會到大約 70%。

The question-and-answer section is over. We would like to hand the floor back to Mr. Eduardo Chedid for the company's final remarks.

問答環節到此結束。我們想把時間交還給 Eduardo Chedid 先生，請他做公司最後的結語。

Yes, thanks a lot for being here with us again. I think that we've delivered a strong first quarter. As you will see, guidance for the second quarter means that we remain positive and I'd say that the main message here is that we hold the high conviction on delivering full year results. With that said, I'd just like to thank you guys and we'll see you guys in the next earning calls.

是的，非常感謝各位再次與我們同在。我認為我們交出了一個強勁的第一季。如各位將會看到，第二季的指引意味著我們仍維持正向；我想這裡的主要訊息是，我們對於達成全年業績結果仍抱持高度信心。話說到這裡，我想感謝各位，我們下次財報電話會再見。

PicPay's conference now is closed. We thank you for your participation and wish you a nice evening.

PicPay 的電話會議現在結束。感謝各位的參與，並祝各位晚安。