StoneCo Ltd (STNE) 2025 Q2 法說會逐字稿

Good evening, everyone. Thank you for standing by. Welcome to StoneCo's second-quarter 2025 earnings conference call. By now, everyone should have access to our earnings release. The company also posted a presentation to go along with its call. All material can be found online at investors.stone.co.

大家晚上好。感謝您的支持。歡迎參加 StoneCo 2025 年第二季財報電話會議。現在，每個人都應該可以看到我們的收益報告了。該公司也發布了一份配合此次電話會議的簡報。所有資料均可在 investors.stone.co 線上找到。

Before we begin the call, I advise you to review the disclaimer included in the press release and presentation, which outlines important information about forward-looking statements and non-IFRS financial measures.

在我們開始通話之前，我建議您查看新聞稿和簡報中包含的免責聲明，其中概述了有關前瞻性陳述和非國際財務報告準則財務指標的重要資訊。

In addition, many of the risks regarding the business are disclosed in the company's Form 20-F filed with the Securities and Exchange Commission, which is available at www.sec.gov. In hindsight, I would like to highlight that the company is restricting the number of questions to two per analyst.

此外，本公司向美國證券交易委員會提交的20-F表格中揭露了與業務相關的許多風險，該表格可在www.sec.gov上查閱。事後看來，我想強調的是，公司將每位分析師的提問數量限制在兩個。

Joining the call today is Stone's CEO, Pedro Zinner; the CFO and IRO, Mateus Scherer; the Strategy and Marketing Officer, Lia Matos; and the Head of IR, Roberta Noronha.

今天參加電話會議的有 Stone 執行長 Pedro Zinner、財務長兼投資者關係長 Mateus Scherer、策略和行銷長 Lia Matos 以及投資者關係主管 Roberta Noronha。

I would now like to turn the conference over to your host, Pedro Zinner. Please proceed.

現在我想將會議交給主持人佩德羅·津納 (Pedro Zinner)。請繼續。

Thank you, operator, and good evening, everyone. To begin, before diving into our second quarter performance, I want to briefly discuss our recently announced software divestitures and how this strategic move aligns with our future direction.

謝謝接線員，大家晚上好。首先，在深入探討我們第二季的業績之前，我想簡要討論一下我們最近宣布的軟體資產剝離，以及這項策略舉措如何與我們未來的方向保持一致。

As many of you may recall from our Investor Day in 2023, we outlined our total addressable market across payments, banking, credit and software, roughly BRL100 billion revenue opportunity. Our core focus remains on serving Brazil's more than 14 million micro, small and medium-sized business by providing solutions that meet their evolving needs and support their daily operations. We are now pursuing this mission with a much more focused approach and greater discipline in capital allocation.

你們中的許多人可能還記得，在 2023 年的投資者日上，我們概述了我們在支付、銀行、信貸和軟體領域的總目標市場，大約有 1000 億巴西雷亞爾的收入機會。我們的核心重點仍然是為巴西 1400 多萬家微型、小型和中型企業提供滿足其不斷變化的需求並支援其日常營運的解決方案。我們現在正以更專注的方式和更嚴謹的資本配置來履行這項使命。

By sharpening our focus on financial services, we continue to target over 90% of that substantial TAM. It's important to note that our current share in this combined market is still very small, which indicates significant room for growth ahead. While software will remain part of our broader ecosystem, we now view it as a more of a value-added layer, one with low capital requirements rather than a core offering.

透過加強對金融服務的關注，我們將繼續瞄準超過 90% 的 TAM。值得注意的是，我們目前在這個綜合市場中的份額仍然很小，這表明未來還有很大的成長空間。雖然軟體仍將是我們更廣泛的生態系統的一部分，但我們現在將其視為一個增值層，一個資本要求較低的層，而不是核心產品。

This strategic shift allow us to concentrate our efforts and resources on the areas of greatest long-term value and impact for our MSMB clients and ultimately, for our shareholders. We believe this sharper focus position us well to capture future growth opportunities in our core markets.

這一策略轉變使我們能夠集中精力和資源，為我們的 MSMB 客戶以及最終為我們的股東創造最大的長期價值和影響。我們相信，這種更清晰的關注使我們能夠更好地抓住核心市場的未來成長機會。

Now moving to Slide 4. Let me provide more detail on the divestments. The first and most significant transaction is the sale of Linx to TOTVS. As you know, we agreed to sell this group of software businesses for an enterprise value of BRL3.05 billion.

現在轉到投影片 4。讓我提供更多有關撤資的細節。第一個也是最重要的交易是將 Linx 出售給 TOTVS。如您所知，我們同意以 30.5 億巴西雷亞爾的企業價值出售這組軟體業務。

In addition, we will receive the net cash position of these assets currently estimated at BRL360 million plus any cash generated between signing and closing of the deal. Notably, the BRL3.8 billion in goodwill from our original Linx acquisition in 2021 will remain with us, and we expect to amortize that goodwill over the next 8 years, providing additional value beyond the sale price.

此外，我們將獲得這些資產的淨現金狀況，目前估計為 3.6 億巴西雷亞爾，加上簽署和完成交易之間產生的任何現金。值得注意的是，我們在 2021 年收購 Linx 時產生的 38 億巴西雷亞爾商譽將保留在我們這裡，我們預計在未來 8 年內攤銷該商譽，從而提供超出銷售價格的額外價值。

Payment for the Linx assets will be made in cash at closing, which is pending regulatory approvals, including from CADE, the Brazilian antitrust authority. There are no earnouts associated with this deal. In a separate transaction, we have also sold SimplesVet, a veterinary ERP software company to PetLove for an enterprise value of BRL140 million-plus the net cash position of BRL15 million, totaling BRL155 million. This deal was approved by CADE and closed in July with a payment in cash, a portion already paid and the remainder to be paid over three installments. There are no earnouts on this deal either.

Linx 資產的付款將在交易完成時以現金支付，但尚需獲得包括巴西反壟斷機構 CADE 在內的監管部門的批准。此交易不涉及盈利。在另一筆交易中，我們還將獸醫 ERP 軟體公司 SimplesVet 以企業價值 1.4 億巴西雷亞爾加上 1500 萬巴西雷亞爾的淨現金頭寸，總計 1.55 億巴西雷亞爾出售給了 PetLove。該交易已獲得 CADE 批准，並於 7 月以現金支付完成，部分款項已支付，剩餘款項將分三期支付。這筆交易也沒有任何盈利。

Regarding our remaining software assets, our approach is straightforward. We are evaluating our assets individually. The goal is to determine whether each one should be fully integrated into our core fintech ecosystem to enhance existing solutions and product differentiation or whether it's better to let it operate independently while we assess its long-term strategic fit.

對於我們剩餘的軟體資產，我們的方法很簡單。我們正在單獨評估我們的資產。目標是確定是否應該將每一個都完全融入我們的核心金融科技生態系統，以增強現有的解決方案和產品差異化，或者在我們評估其長期戰略契合度時是否最好讓其獨立運作。

We will allocate the proceeds from these divestitures in line with our capital allocation framework we have outlined. Essentially, if we do not identify immediate value-accretive growth opportunities, we intend to return this excess capital to our shareholders. We truly believe these transactions represent a significant strategic step and will be accretive to our company.

我們將根據我們概述的資本配置框架來分配這些資產剝離的收益。本質上，如果我們沒有發現立即增值的成長機會，我們打算將這些過剩資本回饋給股東。我們堅信這些交易代表著重要的策略步驟並將為我們公司帶來增值。

Consider that the total value unlocked from these sales, combining the transaction proceeds and the goodwill retention benefit is over BRL4 billion, roughly 25% of our current market capitalization. Yet for the first half of 2025, these software assets accounted for only about 8% of our revenues and 5% of our consolidated bottom line. By divesting them, we have unlocked substantial capital and most importantly, refocus our energy on our highest growth, most profitable segments. We are confident that this sharper focus will allow us to drive greater shareholder value in the years to come.

考慮到這些銷售所釋放的總價值（包括交易收益和商譽保留收益）超過 40 億巴西雷亞爾，約占我們目前市值的 25%。然而到 2025 年上半年，這些軟體資產僅占我們收入的 8% 左右和合併利潤的 5% 左右。透過剝離這些業務，我們釋放了大量資本，最重要的是，我們將精力重新集中在成長最高、利潤最高的領域。我們相信，這種更清晰的關注將使我們能夠在未來幾年創造更大的股東價值。

Before I hand over to Lia to discuss the quarterly results, let me first walk you through some important updates to our reporting and 2025 guidance in Slide 6. Following the sale of our software assets, we are now reporting discontinued operations as a single line item above consolidated net income. As a result, we are shifting our forward-looking metrics to better reflect the core of our ongoing business.

在交給 Lia 討論季度業績之前，我首先要向您介紹幻燈片 6 中有關我們的報告和 2025 年指導的一些重要更新。在出售我們的軟體資產後，我們現在將停止營運作為合併淨收入之上的單獨項目進行報告。因此，我們正在改變我們的前瞻性指標，以更好地反映我們正在進行的業務的核心。

Starting with gross profit. Our guidance now reflects only continuing operations. We have also updated our assumptions to incorporate year-to-date performance and the impact of share repurchases executed since our original guidance in February. Our updated gross profit guidance now implies over 14.5% year-over-year growth, surpassing BRL6.3 billion.

從毛利開始。我們的指導現在僅反映持續經營。我們也更新了我們的假設，以納入年初至今的表現以及自二月份我們最初制定指導以來執行的股票回購的影響。我們更新後的毛利預期現在意味著年增超過 14.5%，超過 63 億巴西雷亞爾。

Turning to EPS. We continue to guide on a consolidated basis, including discontinued operations. Here, the update is more substantial. We have increased our expected EPS growth from 18% to 32% year-over-year, a 14 percentage-point upgrade. This reflects both the impact of share buybacks and stronger-than-anticipated net income performance so far this year.

轉向 EPS。我們將繼續以合併為基礎提供指導，包括已停止的業務。這裡的更新更加實質。我們已將預期每股盈餘年增率從 18% 提高至 32%，提高了 14 個百分點。這反映了股票回購的影響以及今年迄今強於預期的淨收入表現。

To put it simply, even after incorporating a lower share count, we are still revising our implied adjusted net income guidance upward from BRL2.4 billion to BRL2.6 billion based on the prospects we've seen for the business.

簡而言之，即使在納入較低的股份數量後，我們仍根據對業務前景的預期，將隱含調整淨收入指引從 24 億雷亞爾上調至 26 億雷亞爾。

These updates also reflect our strong confidence in the company and in our team's ability to execute. In that context, we remain fully committed to returning the BRL3 billion in excess capital generated in 2024 back to shareholders. I'm pleased to report that by the end of June, we had already returned 41% of that amount through share buybacks, about BRL2.6 billion over the last 12 months.

這些更新也反映了我們對公司和團隊執行能力的強烈信心。在此背景下，我們仍然全力致力於將 2024 年產生的 30 億巴西雷亞爾超額資本回饋給股東。我很高興地報告，截至 6 月底，我們已經透過股票回購返還了其中的 41%，在過去 12 個月內返還了約 26 億巴西雷亞爾。

With that, I'll now turn the call over to Lia for a deeper dive into our quarterly numbers. Lia, please go ahead.

說完這些，我現在將電話轉給 Lia，讓她更深入地了解我們的季度數據。莉亞，請繼續。

Thank you, Pedro, and good evening, everyone. Diving into our second quarter '25 results, we're very pleased to see that despite the challenging macroeconomic scenario with higher interest rates and signs of economic deceleration, we have successfully executed on our strategy, evolving the multiple ways in which we help our clients while delivering solid results.

謝謝你，佩德羅，大家晚上好。深入研究我們 2025 年第二季的業績，我們非常高興地看到，儘管宏觀經濟形勢嚴峻，利率上升且出現經濟減速跡象，但我們仍成功執行了我們的策略，不斷改進幫助客戶的多種方式，同時取得了穩健的業績。

Moving to Slide 7. Let's take a look at our bottom line results and ROEs, which are reported on a consolidated basis, including both continuing and discontinued operations. Our adjusted net income accelerated to a 27% year-over-year increase, reaching BRL631 million.

移至幻燈片 7。讓我們來看看我們的底線結果和 ROE，它們是以合併方式報告的，包括持續經營和已終止經營。我們的調整後淨收入年增 27%，達到 6.31 億巴西雷亞爾。

The majority of this growth came from our financial services operation, which saw an impressive 21% growth over the same period. The strong performance is a direct result of some key factors, notably our successful pricing adjustments in a higher interest rate environment, the growing use of deposits as a low-cost funding source for operation and the lower effective tax rate.

這一成長主要來自於我們的金融服務業務，該業務在同一時期實現了令人印象深刻的 21% 的成長。強勁的業績直接歸功於一些關鍵因素，特別是我們在較高利率環境下成功調整價格、越來越多地使用存款作為低成本的營運資金來源以及較低的有效稅率。

Our adjusted basic EPS reached BRL2.33 per share, representing a 45% year-over-year increase. Beyond the solid net income performance, the increase was further strengthened by our share repurchase program in which we bought back almost 42 million shares over the last 12 months.

我們的調整後基本每股盈餘達到每股 2.33 巴西雷亞爾，年增 45%。除了穩健的淨收入表現外，我們的股票回購計畫進一步增強了成長，我們在過去 12 個月內回購了近 4,200 萬股股票。

Finally, ROEs continued to expand. Our Financial Services segment ROE achieved 30% and our consolidated ROE reached 22%. Both of these figures grew by 3 percentage-points sequentially and showed even more significant growth on a year-over-year basis.

最後，淨資產收益率持續擴大。金融服務部門的ROE達到30%，合併ROE達22%。這兩個數字都比上一季成長了3個百分點，年增率更為顯著。

Now let's dive deeper into our top line performance, focusing on our continued operations. Revenues from continuing operations grew 20% year-over-year to BRL3.5 billion, given continued solid execution in our core business. This increase was primarily driven by our repricing initiatives, even while negatively impacted by a reduction in floating revenues resulting from the use of client deposits as a source of funding.

現在讓我們更深入地了解我們的營收表現，並專注於我們的持續營運。由於核心業務持續穩健執行，持續經營收入年增 20%，達到 35 億巴西雷亞爾。這一增長主要得益於我們的重新定價舉措，儘管由於使用客戶存款作為資金來源而導致浮動收入減少，這受到了負面影響。

To clarify, as we transform these deposits into time deposits to fund our operations, we stopped recognizing floating revenue. As we explained previously, this shift is more than compensated by the significant reduction in our financial expenses, given the much lower cost of funding related to deposits compared to other funding alternatives.

需要澄清的是，當我們將這些存款轉換為定期存款以資助我們的營運時，我們停止確認浮動收入。正如我們之前所解釋的那樣，由於與其他融資方式相比，與存款相關的融資成本要低得多，因此這種轉變因財務費用的大幅減少而得到補償。

Adjusted gross profit from continuing operations reached BRL1.6 billion this quarter, a year-over-year growth of 14%, broadly in line with guidance implied growth. It's useful to compare our gross profit growth with TPV growth because this highlights the multiple ways in which we monetize our relationship with clients in an efficient way. In the second quarter, gross profit grew ahead of TPV by 2 percentage-points, mainly driven by our continued pricing discipline, more client engagement and a more efficient funding strategy.

本季調整後持續經營毛利潤達 16 億巴西雷亞爾，年增 14%，基本符合預期成長預期。將我們的毛利成長與 TPV 成長進行比較很有用，因為這突顯了我們以有效方式將與客戶的關係貨幣化的多種方式。第二季度，毛利成長超過TPV 2個百分點，主要得益於我們持續的定價紀律、更多的客戶參與和更有效的融資策略。

In Slide 9, we will discuss our payments operation for MSMBs. Our payments active client base grew 17% year-over-year to reach 4.5 million clients. Out of those, 38% are considered as heavy users, meaning they utilize more than three of our different solutions. Our MSMB TPV grew 12% year-over-year in the quarter to BRL122 billion. This growth results from two key trends: first, a 59% growth in MSMB PIX QR Code volumes, which continues to gain share over traditional debit card transactions; and second, a 6.4% year-over- year growth in card TPV.

在投影片 9 中，我們將討論針對 MSMB 的付款操作。我們的支付活躍客戶群年增 17%，達到 450 萬客戶。其中，38％被視為重度用戶，這意味著他們使用我們三種以上的不同解決方案。本季度，我們的 MSMB TPV 年增 12%，達到 1,220 億巴西雷亞爾。這一增長源於兩個關鍵趨勢：首先，MSMB PIX QR Code 交易量增長了 59%，其份額繼續超過傳統借記卡交易；其次，卡 TPV 年增長 6.4%。

Two main factors drove the TPV growth deceleration this quarter. First, this was an expected reflection of our repricing initiatives. Second, we saw a reduction in our clients' same-store sales, which were impacted by a tougher macroeconomic environment in a quarter with more holidays. As we look ahead, we will continue to keep a close eye on the macroeconomic environment. We anticipate that the second half of the year will continue to face a tougher environment, but MSMB TPV growth should stabilize at low double-digits in the period.

本季TPV成長放緩主要有兩個因素。首先，這是我們重新定價措施的預期反映。其次，我們發現客戶的同店銷售額有所下降，這是受到本季假期較多、宏觀經濟環境更為嚴峻的影響。展望未來，我們將繼續密切關注宏觀經濟環境。我們預計下半年將繼續面臨更嚴峻的環境，但在此期間，MSMB TPV 成長率應穩定在較低的兩位數。

In Slide 10, let's move to our banking performance. We're very pleased with the continued growth in our client base and their increased engagement with our banking solutions, which is ultimately reflected by a larger balance of deposits. Our active banking client base grew 23% year-over-year, reaching 3.3 million clients.

在投影片 10 中，讓我們來看看我們的銀行表現。我們非常高興看到客戶群的持續成長以及他們對我們的銀行解決方案的參與度不斷提高，這最終反映在存款餘額的增加上。我們的活躍銀行客戶群年增 23%，達到 330 萬客戶。

Client deposits also grew significantly, up 36% year-over-year or 7% quarter-over-quarter. We're very encouraged by this growth, and it's almost 3 times higher than our MSMB TPV growth on a sequential basis, meaning that our clients are shifting from using mainly our payment solution to relying on Stone as their end-to-end provider of financial services and workflow tools.

客戶存款也大幅成長，年增 36%，季增 7%。我們對這一成長感到非常鼓舞，它幾乎是我們 MSMB TPV 連續成長的 3 倍，這意味著我們的客戶正在從主要使用我們的支付解決方案轉向依靠 Stone 作為其端到端金融服務和工作流程工具提供者。

Regarding deposits, as we mentioned last quarter, we have been strategically shifting our deposit mix towards a higher concentration of time deposits. This includes both the investment solutions we offer our clients, which have been performing well as well as our cash sweep strategy, a valuable funding source for our own operations. The most significant shift happened late in the first quarter, which means we saw a more complete impact to our P&L in the second quarter. Currently, 83% of our total deposits are already considered as time deposits.

關於存款，正如我們上個季度所提到的，我們一直在策略性地調整我們的存款組合，以提高定期存款的集中度。這包括我們為客戶提供的一直表現良好的投資解決方案，以及我們的現金清掃策略，這是我們自身營運的寶貴資金來源。最顯著的變化發生在第一季末，這意味著我們在第二季度看到了對損益表更全面的影響。目前，我們的總存款中有 83% 已被視為定期存款。

Now let's turn to Slide 11, where we'll give some color on our credit product evolution. The main highlight here is that we continue to grow consistently while keeping our credit quality indicators healthy. Our credit portfolio grew 25% sequentially to BRL1.8 billion. Of this total, BRL1.6 billion refers to our merchant solutions comprised mainly of working capital to MSMBs, where disbursements increased significantly by 41% on a quarter-over-quarter basis. The remaining BRL192 million refers to our credit card portfolio, which grew 19% sequentially.

現在讓我們翻到投影片 11，在這裡我們將介紹我們的信貸產品演變。這裡的主要亮點是我們在保持信用品質指標健康的同時繼續穩定成長。我們的信貸組合季增 25%，達到 18 億巴西雷亞爾。其中，16億巴西雷亞爾來自我們的商家解決方案，主要包括提供給MSMB的營運資金，其支出較上季大幅增加了41%。剩餘的 1.92 億巴西雷亞爾來自我們的信用卡組合，季增 19%。

We monitor credit quality very closely and continue to see steady, healthy NPL levels. Our 15- to 90-day NPL has been relatively stable, decreasing 10 basis points sequentially, while our over 90-day NPL increased by 10 basis points. This is a smaller increase than in the past, reflecting our accelerated disbursements this quarter.

我們密切監測信貸質量，並繼續看到不良貸款水平穩定、健康。我們的 15 至 90 天不良貸款相對穩定，較上季下降 10 個基點，而我們的 90 天以上不良貸款則增加了 10 個基點。與過去相比，這一增幅較小，反映了我們本季加速的支出。

Despite the healthy NPL levels, we saw a significant increase in our provisions for expected losses this quarter from BRL34 million in the first quarter to BRL82 million in the second quarter. This increase was driven by three main factors. First, by the continued expansion of our credit portfolio, supported by a very strong sequential increase in working capital disbursements. Second, an increased mix towards limit-based offerings such as overdraft and credit cards. Most importantly, despite our stable asset quality as evidenced by our consistent NPL performance, we made a deliberate decision to increase coverage levels in light of a weaker macro- outlook.

儘管不良貸款水準良好，但本季我們的預期損失準備金大幅增加，從第一季的 3,400 萬巴西雷亞爾增加到第二季的 8,200 萬巴西雷亞爾。這一增長主要由三個因素推動。首先，透過持續擴大我們的信貸組合，並得益於營運資本支出的連續強勁成長。其次，增加透支和信用卡等基於限額的服務組合。最重要的是，儘管我們的資產品質穩定，不良貸款表現穩定，但鑑於宏觀前景疲軟，我們還是決定提高覆蓋率。

As a result, our coverage ratio increased from 256% in the first quarter to 280% in the second quarter. This higher level of provisions also pushed our cost of risk metric, which is based on the provision for the current quarter to a level of 20%, up from 10% in the first quarter. However, if we were to exclude our decision to take a more conservative approach given the weaker macro environment, our cost of risk would have been 13.5% in the period.

因此，我們的覆蓋率從第一季的256%上升至第二季的280%。更高的撥備水準也使我們的風險成本指標（基於本季的撥備）從第一季的 10% 上升至 20%。然而，如果我們不考慮在宏觀環境較弱的情況下採取更保守的做法，那麼我們在此期間的風險成本將達到 13.5%。

All in all, I'm very pleased with our quarterly performance, even amid a more challenging macro environment. It highlights the strength of our execution and our continued commitment to our priorities and the guidance we've laid out to the market.

總而言之，即使在更具挑戰性的宏觀環境下，我對我們的季度業績感到非常滿意。它凸顯了我們的執行力以及我們對優先事項和向市場制定的指導的持續承諾。

We continue to work hard to evolve our business towards fulfilling our mission to become the preferred partner when our clients think of financial services and tools that help them better manage their business and grow. While doing this, we maintain a steadfast commitment to generating value to our shareholders.

我們將繼續努力發展我們的業務，以實現我們的使命，成為客戶在考慮幫助他們更好地管理業務和發展的金融服務和工具時的首選合作夥伴。在這樣做的同時，我們堅定不移地致力於為股東創造價值。

Now I want to pass it over to Mateus to discuss our more detailed financial performance. Mateus?

現在我想交給馬特烏斯來討論我們更詳細的財務表現。馬特烏斯？

Thank you, Lia, and good evening, everyone. Before we dive into the numbers, I'd like to highlight a few important changes we've made to our financial reporting. As Pedro mentioned, our P&L now focuses exclusively on continuing operations, with discontinued operations presented separately as a single line item above consolidated net income. To maintain comparability, we've adjusted past figures to align with this new approach.

謝謝你，莉亞，大家晚上好。在深入研究數字之前，我想強調我們對財務報告所做的一些重要改變。正如佩德羅所提到的，我們的損益表現在完全集中於持續經營業務，而終止經營業務則作為合併淨收入之上的單獨項目單獨列示。為了保持可比性，我們調整了過去的數據以適應這種新方法。

On the balance sheet, discontinued operations are now represented by single line items within current assets and current liabilities, while prior periods remain as originally reported. Our cash flow statement remains on a consolidated basis, meaning our adjusted net cash metric still reflects cash generated by both continuing and discontinued operations. As a quick note, all updated figures for '24 and '25, reflecting these changes are available in the spreadsheet posted on our website.

在資產負債表上，已終止經營現在以流動資產和流動負債中的單行項目表示，而前期仍保持最初報告的狀態。我們的現金流量表仍以合併為基礎，這意味著我們的調整後淨現金指標仍反映持續經營和終止營運產生的現金。簡要說明一下，反映這些變更的 24 年和 25 年的所有更新資料均可在我們網站上發布的電子表格中找到。

Now let's discuss our adjusted consolidated P&L for continuing operations. Cost of services increased 22% year-over-year or 40 basis points as a percentage of revenues due to higher provisions for expected credit losses, as Lia highlighted earlier. This was partially offset by lower payments and banking provisions as a percentage of revenue and operating leverage in key areas of our operation, especially in technology and customer support.

現在讓我們討論一下調整後的持續經營合併損益表。正如 Lia 先前所強調的，由於預期信貸損失準備金增加，服務成本年增 22%，佔收入的百分比增加了 40 個基點。這被我們營運的關鍵領域（尤其是技術和客戶支援領域）的支付和銀行撥備佔收入的百分比降低以及營運槓桿所部分抵消。

Administrative expenses increased 12% year-over-year, resulting in a reduction of 50 basis points as a percentage of revenues, driven by continued operating leverage across our support functions. Selling expenses increased 17% year-over-year, but decreased 40 basis points relative to revenues, reflecting stronger operating leverage in marketing spend.

管理費用年增 12%，導致佔收入的百分比減少 50 個基點，這主要是由於我們支援職能部門的持續營運槓桿作用所致。銷售費用較去年同期成長 17%，但相對於收入下降了 40 個基點，反映出行銷支出的營運槓桿作用更強。

Financial expenses increased 29% year-over-year, representing a 210 basis points increase as a percentage of revenues. This was largely due to a higher average CDI rate compared to the lower rates seen in the second quarter of last year. Importantly, this impact was partially mitigated by increased use of client deposits as a lower cost funding source.

財務費用年增29%，佔收入的百分比增加了210個基點。這主要是因為與去年第二季的較低 CDI 率相比，本季的平均 CDI 率較高。重要的是，透過增加使用客戶存款作為低成本資金來源，部分緩解了這種影響。

Other expenses increased 12% year-over-year, but declined 20 basis points relative to revenues, benefiting from a one-time disposal of PP&E, partially offset by higher share-based compensation, mostly driven by higher share price in the period. Our effective tax rate was 15% in the quarter, down from 22.5% in 2Q '24. The year-over-year decrease was driven primarily by higher benefits from Lei do Bem.

其他支出較去年同期成長 12%，但相對於營收下降了 20 個基點，這得益於一次性處置 PP&E，但部分被更高的股權激勵所抵消，這主要是由於本期間股價上漲所致。本季我們的有效稅率為 15%，低於 24 年第二季的 22.5%。年比下降主要是因為 Lei do Bem 的收益增加。

Moving to Slide 13. Our adjusted net cash position ended the quarter at BRL3.7 billion, a sequential decrease of just BRL118 million despite executing share repurchases totaling almost BRL400 million during the quarter. Excluding these buybacks and the present value adjustments to accounts receivable from card issuers, which flows through other comprehensive income, adjusted net cash would have increased by nearly BRL400 million.

移至幻燈片 13。本季末，我們調整後的淨現金狀況為 37 億巴西雷亞爾，儘管本季執行了總額近 4 億巴西雷亞爾的股票回購，但環比僅減少 1.18 億巴西雷亞爾。不包括這些回購和對發卡機構應收帳款的現值調整（流入其他綜合收入），調整後的淨現金將增加近 4 億巴西雷亞爾。

Before we move on to questions, I'd like to thank you all for your time and continued support. We keep fully committed to our strategy, and our focus remains on disciplined execution and creating sustainable long-term value for both our clients and shareholders.

在我們開始提問之前，我想感謝大家的時間和持續的支持。我們始終致力於我們的策略，我們的重點仍然是嚴格執行並為我們的客戶和股東創造可持續的長期價值。

With that said, we are now ready to open the call up to questions.

話雖如此，我們現在準備開始回答問題。

We are now going to start the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Tito La Barta, Goldman Sachs.

高盛的 Tito La Barta。

Hi, good evening, everyone, thank you for the call and taking my questions. Congratulations on the strong results. I have two questions, if I can. Just first, how do you think -- I know Pedro, you mentioned you will revise the 2027 guidance after Linx is done. But just thinking operationally in payments, given the slower growth environment that we're seeing for TPV.

大家晚上好，感謝你們的來電並回答我的問題。恭喜您取得如此優異的成績。如果可以的話，我有兩個問題。首先，您認為如何——我知道佩德羅，您提到在 Linx 完成後您將修改 2027 年指導方針。但僅從支付營運角度考慮，考慮到 TPV 所面臨的成長環境放緩。

How comfortable do you feel about being able to deliver that 2027 guidance? And maybe more specifically, how are you thinking about TPV growth both in cards and PIX? And if that's lower than expected, can you still deliver on the guidance?

您對實現 2027 年目標有多放心？更具體地說，您如何看待 TPV 在卡片和 PIX 方面的成長？如果低於預期，您還能實現預期嗎？

And then my second question, just on the Linx sale. Can you give an update just on -- what should we expect for timing? And is the plan to return all of the BRL3 billion in capital to investors? Or do you have any color on what the plan is for the cash that you'll get from the sale of Linx? Thank you.

我的第二個問題是關於 Linx 銷售的。您能否提供最新消息－我們該期待怎樣的時間安排？並且計劃將全部 30 億巴西雷亞爾資本返還給投資者嗎？還是您透露過出售 Linx 所獲現金的用途計劃？謝謝。

Tito, Lia here. Thank you for the question. I'm going to take the question regarding guidance for 2027 and then pass it over to Mateus to take the second question. So I think regarding 2027 guidance and your specific question on TPV, we're monitoring this TPV dynamics closely given what we're seeing in the macro environment this year and also sort of the short-term impact in TPV that we had from repricings in the first quarter. When we laid out our 14% TPV CAGR throughout 2027, the assumption really was a combination of a modest market share gain and an industry growth in the low teens.

蒂托，我是莉亞。謝謝你的提問。我將回答有關 2027 年指導的問題，然後將其交給馬特烏斯回答第二個問題。因此，我認為關於 2027 年的指導和您關於 TPV 的具體問題，我們正在密切關注 TPV 的動態，因為我們今年在宏觀環境中看到的情況以及第一季重新定價對 TPV 的短期影響。當我們制定 2027 年全年 14% 的 TPV CAGR 時，我們實際上的假設是市場份額適度增長和行業增長率處於十幾歲的結合。

So while we remain really confident in our ability to continue to win clients and gain share within the segment in the long run, overall market growth has been softer than expected, and that does introduce some risk to our 2027 TPV outlook. But that said, regarding us looking at only from the perspective of TPV, it's important to emphasize really that TPV growth and share gains is not a sole focus.

因此，儘管我們仍然對自己長期繼續贏得客戶並在該領域獲得份額的能力充滿信心，但整體市場成長低於預期，這確實給我們 2027 年 TPV 前景帶來了一些風險。但話雖如此，對於我們僅從 TPV 的角度來看，必須強調的是，TPV 的成長和份額成長並不是唯一的關注點。

Rather, it really should be a consequence of our ability to evolve our business and the value proposition that we bring to clients in the long run. And TPV is one dimension of a bigger plan in which we're performing really well. So we continue to advance in extending our offers beyond payments to become a complete financial provider for our clients, which is highlighted by the evolution that we see this quarter in credit, in banking and ultimately in profitability.

相反，它實際上應該是我們發展業務的能力以及我們長期為客戶帶來的價值主張的結果。TPV 是我們更大計劃的一個方面，我們在該計劃中表現得非常出色。因此，我們繼續推進將我們的服務範圍擴展到支付領域之外，成為客戶的完整金融服務提供商，本季度我們在信貸、銀行業務以及最終盈利能力方面所看到的演變就凸顯了這一點。

So on the profitability side, when we think about the combination of multiple monetization drivers, our cost discipline and capital allocation, including share buybacks, we're driving stronger-than-expected results, and we're really confident in delivering those long-term targets. So I think the message on TPV is we need to monitor. But from the overall plan, we're really confident with the long-term guidance.

因此，在獲利能力方面，當我們考慮多種貨幣化驅動因素、成本控制和資本配置（包括股票回購）的組合時，我們正在推動強於預期的業績，並且我們對實現這些長期目標充滿信心。所以我認為 TPV 傳達的訊息是我們需要監控。但從整體計畫來看，我們對長期指導非常有信心。

Yes. And regarding the second question around excess capital position and use of proceeds from the deal, I think maybe it's worthwhile to give a broader overview on the topic. So as you may remember, we ended last year with a little over BRL3 billion in excess capital. In the first half of this year, we executed about BRL1.2 billion in buybacks.

是的。關於第二個問題，即超額資本狀況和交易收益的使用，我認為也許值得對這個主題進行更廣泛的概述。您可能還記得，去年年底我們的過剩資本略高於 30 億巴西雷亞爾。今年上半年，我們執行了約12億巴西雷亞爾的回購。

And when we compute the excess capital position of the 2Q '25, we actually ended the quarter with BRL2.4 billion in excess capital, excluding the assets available for sale. So we generated a little over BRL600 million in excess capital in the first half of this year.

當我們計算 2025 年第二季的超額資本狀況時，我們實際上在本季末擁有 24 億巴西雷亞爾的超額資本（不包括可供出售的資產）。因此，我們在今年上半年產生了略高於 6 億巴西雷亞爾的超額資本。

Again, if we were to include the net asset value from discontinued operations this quarter, we would be sitting at close to BRL6 billion in excess capital as of today. Of course, when we look ahead, there is still a long road until the deal actually closing. And throughout this period, we're going to be both generating additional excess capital, but also executing on the buybacks that we have approved.

同樣，如果我們將本季已終止經營業務的淨資產價值計入，截至今天，我們的過剩資本將接近 60 億巴西雷亞爾。當然，展望未來，距離該交易真正達成還有很長的路要走。在此期間，我們不僅會創造額外的過剩資本，還會執行我們已經批准的回購計畫。

So in terms of actual use of proceeds and clarity on timing, we're basically going to provide that upon the closing of the transaction. But like Pedro mentioned in the presentation, in the absence of new opportunities available, the commitment and the idea is to return the capital back to shareholders.

因此，就收益的實際用途和時間安排的明確性而言，我們基本上會在交易結束時提供。但正如佩德羅在演講中提到的那樣，由於缺乏新的機會，我們的承諾和想法是將資本回饋給股東。

Okay, no, that's great. Thanks, Matteo. And Lia, just to clarify your comments, so there could be some downside risk on the TPV. But on the other metrics, which perhaps are more important, you still feel comfortable on that outlook, even if TPV growth is lower. Correct?

好的，不，那太好了。謝謝，馬特奧。Lia，我只是想澄清一下你的評論，TPV 可能會有一些下行風險。但從其他可能更重要的指標來看，即使 TPV 成長率較低，您仍然對這種前景感到滿意。正確的？

Correct. That's correct, Tito.

正確的。沒錯，蒂托。

Okay, great. Thanks, a lot Lia. Thanks, Mateus.

好的，太好了。非常感謝，莉亞。謝謝，馬特烏斯。

Gustavo Schroden, Citi.

花旗銀行的古斯塔沃‧施羅登 (Gustavo Schroden)。

Hi. Good evening, everybody. Thanks for the call and taking my question. Congrats on the conclusion of the deal. Indeed, we could see that the continued operations generate more value than before. So my question is, I'm trying to understand how sustainable is this financial income growth because we've seen that so far, the strategy to diversify and to focus in on banking business, it is paying off and it is offsetting these weaker transaction activities. So my question is, is it sustainable to -- I mean, to continue to see this financial income offsetting and sustaining this higher level of gross profit generation?

你好。大家晚上好。感謝您的來電並回答我的問題。祝賀交易完成。事實上，我們可以看到持續的營運比以前創造了更多的價值。所以我的問題是，我想了解這種金融收入成長的可持續性，因為到目前為止，我們已經看到，多元化策略和專注於銀行業務的策略正在取得成效，並且正在抵消這些較弱的交易活動。所以我的問題是，這是否可持續——我的意思是，繼續看到這種財務收入抵消並維持這種較高水平的毛利產生？

And my second question is you showed that the ROE would be around 30% considering the continued operations. So do you think that this is the level that we should see the company delivering of ROE. So do you think that the 30% is a good number for us? I know that it's not an official guidance, but just an indication of what would be the sustainable ROE in the coming years? Thank you.

我的第二個問題是，您指出，考慮到持續經營，ROE 將在 30% 左右。那麼，您是否認為這是我們應該看到公司實現 ROE 的水平？那麼您認為 30% 對我們來說是個好的數字嗎？我知道這不是官方指導，而只是對未來幾年可持續 ROE 的一個指示？謝謝。

Thanks for the questions, Gustavo. So maybe I'll start and then Lia or Pedro may add. So the first question regarding financial income, I think towards the end of your question, you actually got the answer, which is we're looking more and more towards gross profit generation rather than the individual line items on a stand-alone basis. And when we look at the gross profit growth with our updated guidance, we're basically guiding for a growth of 14.5% for the year.

感謝您的提問，古斯塔沃。所以也許我會開始，然後 Lia 或 Pedro 可能會添加。因此，關於財務收入的第一個問題，我想在你問題的結尾，你實際上已經得到了答案，那就是我們越來越關注毛利的產生，而不是單獨的單一項目。當我們根據更新後的指引來看待毛利成長時，我們基本上預計今年的成長率為 14.5%。

I think, Lia, mentioned in the presentation that when we look at TPV MSMB, we're actually seeing growth at about low double- digits. So this gap between the low double-digits of TPV growth and the 14.5% growth for gross profit is the result of the continued engagement with the other products that we have and also the price discipline that we've been showing throughout the year. So I think what the message here is that we're comfortable with that level of growth. Of course, when you look at the individual lines, it's going to become harder and harder to forecast because we have a lot of mix movements with the usage of deposits and so on and so forth.

我認為，Lia 在演示中提到，當我們查看 TPV MSMB 時，我們實際上看到的成長率約為兩位數。因此，TPV 的低兩位數成長與 14.5% 的毛利成長之間的差距是我們持續參與其他產品以及我們全年表現出的價格紀律的結果。所以我認為這裡傳達的訊息是我們對這種成長水平感到滿意。當然，當你查看各個線路時，它會變得越來越難以預測，因為我們在存款使用等方面有很多混合動作。

And in your second point about the ROE, indeed, when you look at the financial services platform, we are already delivering the 30% ROEs. The only caveat here is that this 30% ROE is including the excess capital position that we still have. So in a way, we have kind of a drag in these numbers. So what I would say looking ahead is that probably the 30% number is on the lower bound.

關於 ROE 的第二點，確實，當您查看金融服務平台時，我們已經實現了 30% 的 ROE。這裡唯一需要注意的是，30% 的 ROE 包括了我們仍然擁有的過剩資本部位。因此從某種程度上來說，這些數字給我們帶來了一些拖累。因此，展望未來，我想說 30% 這個數字可能處於下限。

Perfect, Mateus, very clear. Thank you.

非常好，馬特烏斯，非常清楚。謝謝。

Thank you.

謝謝。

Mario Pierry, Bank of America.

美國銀行的馬裡奧·皮埃里 (Mario Pierry)。

Hi, guys, congrats on the results. Thanks for taking my question. Let me ask you 2 questions as well then. When do you expect this Linx transaction to be closed? And why are you already showing the figures without Linx? Like I understand that you want to make it clear, but this might be a transaction that only closes next year. So just wanted to understand what are you thinking about timing and why to do it now?

大家好，祝賀你們所取得的成果。感謝您回答我的問題。那我也問你兩個問題。您預計此 Linx 交易何時完成？為什麼您已經在沒有 Linx 的情況下顯示這些數字了？就像我理解你想說清楚一樣，但這可能是一筆明年才能完成的交易。所以只是想了解一下您對時間安排的看法以及為什麼現在要這樣做？

And the second question is related to the price hikes, right? You did your price hikes at the beginning of the year. Are you still raising prices? Or are you done? Is the full benefit of the price hikes already reflected on take rates? And do you think that these price hikes led to a slowdown in volumes? Because, again, right, you show card volumes growing only 6% year-on-year. This is just slightly above inflation. So I'm thinking maybe you were too aggressive in your price hikes and you lost some market share. How do you think about that? Thank you.

第二個問題與價格上漲有關，對嗎？你們在年初就提高了價格。你們還漲價嗎？還是你已經完成了？價格上漲帶來的好處是否已經全部反映在收費率上？您是否認為這些價格上漲導致了銷售下降？因為，再說一次，對的，你顯示卡片數量年比僅增加 6%。這僅略高於通貨膨脹率。所以我想也許你們的漲價幅度太過激進，導致失去了一些市佔率。您對此有何看法？謝謝。

Mario, thanks for the questions. So I'll take the first one and then pass it over to Lia to talk about pricing versus TPV as well. In regards first to the timing of the transaction, we are very confident in the outcome of the process. But as you know, the timing of the approval is hard to predict because in the end of the day, it's largely outside of our control.

馬裡奧，謝謝你的提問。因此，我將選擇第一個問題，然後將其交給 Lia 來討論定價與 TPV 的關係。首先關於交易的時間，我們對交易的結果非常有信心。但正如你所知，批准的時間很難預測，因為最終這在很大程度上是我們無法控制的。

What we know is that according to the legislation, we have a maximum period of 330 days for antitrust approval. And we believe that given the high complementarity of the operations between Linx and TOTVS, this approval could be concluded faster. But again, giving a specific timeline is not something that we can do at this stage.

我們知道的是，根據立法，我們的反壟斷審批最長期限為 330 天。我們相信，鑑於Linx和TOTVS之間的業務高度互補，此項批准可以更快完成。但目前我們無法給出具體的時間表。

But then connecting to the second piece of the question, which is why we are reporting continued versus discontinued operation, we have no choice of doing otherwise. So according to IFRS, whenever we make the decision to sell the assets and there is a reasonable expectation to be done in at least 12 months, we need to reclassify those assets as held for sale. So we're basically following the rule here. Lia?

但是，連接到問題的第二部分，這就是我們報告持續營運而不是停止營運的原因，我們別無選擇。因此，根據國際財務報告準則，每當我們決定出售資產並且有合理的預期至少在 12 個月內完成時，我們都需要將這些資產重新歸類為持有待售。所以我們基本上遵循這裡的規則。莉亞？

Yes. So Mario, regarding your question around prices and if there are additional price hikes. So let me talk about pricing and TPV dynamics in general. Regarding pricing, the biggest repricing waves were, in fact, in the first quarter. I would say that in terms of the interest rate hikes that we saw, all the repricing has been done to adjust for that.

是的。那麼馬裡奧，關於你關於價格的問題以及是否會有進一步的價格上漲。那麼讓我來總體談談定價和 TPV 動態。就定價而言，最大的重新定價浪潮實際上發生在第一季。我想說，就我們所看到的升息而言，所有的重新定價都是為了適應這一點而進行的。

Beyond those repricings that were done in the first quarter, what will happen is normal course of business, right? We always have a dynamic repricing strategy. So when we price a client according to a specific TPV or a specific offering commitment, there may be repricings in the future depending on that -- how that client behaves, but that's incremental, and that's always been part of the day-to- day of the business.

除了第一季進行的重新定價之外，還會發生正常的業務過程，對嗎？我們始終有一個動態的重新定價策略。因此，當我們根據特定的 TPV 或特定的發行承諾為客戶定價時，未來可能會根據該客戶的行為進行重新定價，但這是漸進的，並且始終是日常業務的一部分。

But maybe taking a broader look at TPV dynamics. The repricings sort of had a one-time kind of short-term impact on TPV growth. We talked about this in the first quarter. So as much as we understand these repricing waves as having been very successful, even seeing like churn levels below our expectations, some level of churn is always expected, right, given the dimension of these repricing waves that happened in the first quarter.

但也許需要更廣泛地觀察 TPV 動態。重新定價對 TPV 成長產生了一次性的短期影響。我們在第一季討論過這個問題。因此，儘管我們了解到這些重新定價浪潮非常成功，即使客戶流失率低於我們的預期，但考慮到第一季發生的這些重新定價浪潮的規模，一定程度的客戶流失總是在預料之中的。

And really, those repricing waves were, just to be clear, extremely related to the interest rate increase. So we don't think that, that was excessive. It was actually what we had to do in terms of a discipline -- in terms of financial discipline. But overall TPV dynamics, I think, was also very impacted by the macro. And when we look at granular data from TPV at the client level and when we look at same-store sales across different segments, what we see is that market growth this year has been very uneven.

事實上，需要明確的是，這些重新定價浪潮與利率上調極為相關。所以我們不認為這太過分了。這實際上是我們在紀律方面——財務紀律方面——必須要做的事情。但我認為，TPV 的整體動態也受到宏觀因素的極大影響。當我們查看冠捷科技的客戶層面的詳細數據以及不同細分市場的同店銷售額時，我們發現今年的市場成長非常不均衡。

So when we look at different client tiers, right? Larger clients have generally performed better, while SMBs and especially micro merchants have faced more challenges when we look at a same-store sales TPV growth, which is expected given the higher interest rates. Typically, they will affect smaller clients and less structured businesses first.

那麼當我們查看不同的客戶層級時，對嗎？從同店銷售額 TPV 成長來看，大客戶通常表現較好，而中小企業，尤其是微型商家則面臨更多挑戰，考慮到較高的利率，這是可以預料的。通常，它們首先會影響較小的客戶和結構較不完善的企業。

So the TPV dynamics relates to both the macro and the one-time short-term impact from the repricings. And as far as interest rates remain at the levels that they are, we don't expect further big repricing waves this year.

因此，TPV 動態既與宏觀影響有關，也與重新定價的一次性短期影響有關。只要利率維持在現有水平，我們預計今年不會出現進一步的大規模重新定價浪潮。

That's clear. And let me -- just one thing. In your remarks, you mentioned that you expect MSMB volumes or TPV to stabilize at low double-digits for the remainder of the year. Can you discuss what was the evolution of TPV growth throughout the quarter? Because my understanding, right, talking to other players and to the banks in Brazil, everybody is expecting a weaker economy in second half of the year. What are you seeing that makes you confident that you can maintain this low double-digit growth?

這很清楚。讓我——只說一件事。在您的演講中，您提到，您預計今年剩餘時間內 MSMB 交易量或 TPV 將穩定在兩位數以下。您能討論一下整個季度 TPV 的成長情況嗎？因為我的理解是，與其他參與者和巴西的銀行交談後，每個人都預計今年下半年經濟將會疲軟。您看到了什麼，讓您有信心維持這種低兩位數的成長？

Yes, that's a good point, Mario. I think there's some room when we talk about double-digit growth because growth in this Q was actually 12%, right? So you have some room for a couple of percentage-points there. But answering your question, we did indeed see the growth slowing down throughout the quarter. But when we look at more recent data, it's consistent with this double-digit growth. So that's why we are confident on these dynamics. The other thing that I would point out is that 4Q and 3Q last year, we have somewhat easier comps as well. So that helps with the dynamics.

是的，馬裡奧，你的觀點很好。我認為當我們談論兩位數成長時還有一定的空間，因為本季的成長實際上是 12%，對嗎？因此，您還有幾個百分點的提升空間。但回答你的問題，我們確實看到整個季度的成長正在放緩。但當我們查看最近的數據時，它與兩位數的成長是一致的。這就是我們對這些動態充滿信心的原因。我想指出的另一件事是，去年第四季和第三季我們的業績也比較容易。這有助於動態。

Perfect, yes. Thank you very much.

是的，完美。非常感謝。

Daniel Vaz, Safra.

丹尼爾·瓦茲，薩夫拉。

Hi everyone, good evening and congrats on the results. Also I want to touch base on the TPV growth that has been slowing down, and we already discussed that in the call. But on the positive side, your gross profit remains resilient and supported by high customer engagement or penetration of the other financial services, right? So you revised your net income upwards by approximately BRL200 million.

大家好，晚上好，祝賀取得的成果。另外，我想談談 TPV 成長放緩的問題，我們在電話會議中已經討論過這個問題。但從積極的一面來看，您的毛利仍然保持彈性，並受到高客戶參與度或其他金融服務滲透率的支持，對嗎？因此，您將淨收入上調了約 2 億巴西雷亞爾。

So I wanted to touch base and understand to what extent this is driven only by stronger-than-expected top line. And in my numbers here, I can see a good cash generation. So the other financial income is growing well as well. So you're doing buybacks while generating cash. So is it only top line driven? Or is there any other meaningful contribution for operating expenses or cost to serve or any tax rate thing that we should know about? Thank you.

因此，我想了解這在多大程度上只是由強於預期的營收所推動的。從我的數據來看，我看到了良好的現金產生效果。因此其他財務收入也在良好成長。因此，您在產生現金的同時也在進行回購。那麼它是否僅靠營收驅動？或者對於營運費用或服務成本或任何稅率還有其他有意義的貢獻是我們應該知道的嗎？謝謝。

Thanks for the question, Daniel. So when we compare the implied growth for adjusted net income versus the growth for gross profit, you can see that adjusted net income implied in the guidance is growing at 18% and gross profit is actually growing 14.5%. So the reason behind those 2 lines is basically 2 main dynamics. The first one is indeed related to effective tax rate. So in the beginning of the year, we guided around 20% as a benchmark for the year. But given the strong performance in the first half and our updated expectations, we now believe that we can land below that mark with second half tracking closer to the 2Q levels. So that's one point.

謝謝你的提問，丹尼爾。因此，當我們將調整後淨收入的隱含成長與毛利潤的成長進行比較時，您會發現，指引中隱含的調整後淨收入成長了 18%，而毛利實際上成長了 14.5%。所以這兩條線背後的原因基本上是兩個主要動力。第一個確實與有效稅率有關。因此，在年初，我們設定了 20% 左右作為全年的基準。但鑑於上半年的強勁表現和我們最新的預期，我們現在相信，我們可以低於該水平，下半年的水平將更接近第二季的水平。這是其中一點。

And the second point, in the beginning of the year, we also anticipated selling expenses to grow faster than gross profit. But what we're actually seeing now is a healthier trend on that front. So those 2 lines are the main reason why adjusted net income growth outpaces the growth in gross profit. Other than that, I think you touched upon the 2 main drivers on the gross profit side is around pricing plus engagement with new products and as well the buyback execution for sure.

第二點，年初我們也預期銷售費用的成長速度將快於毛利的成長速度。但我們現在實際上看到的是這方面的更健康趨勢。因此，這兩條線是調整後淨收入成長超過毛利潤成長的主要原因。除此之外，我認為您提到的毛利方面的兩個主要驅動因素是定價、新產品的參與度以及回購的執行。

Thank you, Mateus. If I could just follow-up on your selling expenses commentary. What do you attribute that to? Is it you're seeing less of competition there or you're having to do less of a marketing expenses? Is there any, for example, Big Brother thing that you used to do a lot very harsh in the first half of the year. Can you elaborate more on the selling part?

謝謝你，馬特烏斯。如果我可以跟進您的銷售費用評論。您認為這是什麼原因造成的？是不是覺得那裡的競爭減少了，或是行銷費用減少了？比如說，上半年你常做哪些非常嚴厲的「老大哥」的事情？能詳細說明一下銷售部分嗎？

Yes. So Daniel, just quickly on selling expenses, operational leverage. This quarter, it had to do with operational leverage and marketing expenses. And we do expect less of an impact, right, in those marketing expenses as we have concluded Big Brother Brasil, and we still have to plan ahead how that's going to go, but we do expect this leverage to continue.

是的。丹尼爾，我們來簡單談談銷售費用和營運槓桿。本季度，這與營運槓桿和行銷費用有關。我們確實預計這些行銷費用的影響會較小，因為我們已經結束了「巴西老大哥」的宣傳，我們仍然需要提前規劃如何進行，但我們確實預計這種槓桿作用將會持續下去。

I think in general, because selling expenses is something that has received a lot of attention over the past quarters, and we feel it's somewhat misunderstood, maybe it's worth highlighting a couple overlooked aspects on selling expense dynamics. First, I think it's important to highlight that our investments in sales, particularly in expanding our sales force is really focused on acquiring new clients and generating incremental TPV, right? That sounds kind of obvious, but it's important to remember that each new cohort brings in new TPV that compounds over time.

我認為總的來說，因為銷售費用在過去幾個季度受到了廣泛關注，而且我們覺得它在某種程度上被誤解了，也許值得強調一下銷售費用動態中幾個被忽視的方面。首先，我認為有必要強調的是，我們在銷售方面的投資，特別是在擴大銷售團隊方面的投資，實際上是為了獲得新客戶和產生增量 TPV，對嗎？這聽起來很明顯，但重要的是要記住，每個新群體都會帶來新的 TPV，隨著時間的推移，TPV 會增加。

Naturally, as the installed base grows, the rate of TPV growth slows, but the absolute value generated, so the absolute incremental TPV continues to increase as our sales force matures and scales. That's a mathematical reality. In other words, lower TPV growth does not mean that sales investment isn't working. We're actually building a larger base that monetizes over time, and which incrementally dilutes those selling expenses.

當然，隨著安裝基數的成長，TPV 的成長率會放緩，但產生的絕對價值，即絕對增量 TPV 會隨著我們銷售團隊的成熟和規模的擴大而持續增加。這是一個數學現實。換句話說，TPV 成長率較低並不代表銷售投資沒有效果。我們實際上正在建立一個更大的基礎，隨著時間的推移將其貨幣化，並逐步稀釋銷售費用。

Second, let's remember that we don't invest in selling solely to grow TPV. We invest in selling to grow revenues and ultimately profitability. So to the point that on your initial question and what Mateus just mentioned, TPV starts a monetization cycle, which extends beyond payments to banking and credit. These dynamics is also why selling expenses as a percentage of revenue is expected to trend downwards in the long term, and we're starting to see this effect this quarter.

其次，我們要記住，我們投資銷售並不是為了發展TPV。我們投資銷售以增加收入並最終提高盈利能力。所以關於你最初的問題以及馬特烏斯剛才提到的，TPV 啟動了一個貨幣化週期，其範圍不僅限於支付，還延伸到銀行和信貸。這些動態也是為什麼銷售費用佔收入的百分比預計長期呈下降趨勢的原因，我們在本季開始看到這種影響。

So it's important to highlight that we remain disciplined in growing our sales force, and we do believe there is room for efficiency gains in a few dimensions, such as marketing, as I just mentioned, and eventually efficiency gains in some specific channels. But the message that we want to stick with is that we're not optimizing for TPV growth alone. We're optimizing for profitable growth and long-term value creation.

因此，需要強調的是，我們在擴大銷售團隊方面仍然保持紀律，並且我們確實相信在某些方面還有提高效率的空間，例如我剛才提到的營銷，以及最終在某些特定渠道提高效率。但我們想要堅持的訊息是，我們不僅僅是針對 TPV 成長進行最佳化。我們正在優化獲利成長和長期價值創造。

Thanks again for the good answers.

再次感謝您的精彩回答。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Hi. Congratulations on the results. Just quickly on the lending side of the business. We saw good growth this quarter. What should we expect for the remainder of the year given that you're a bit more cautious on the macro side? Should we expect strong growth? Which lines would you be focusing more on? And then if you could also talk about the cost of risk, you increased it to around 20% level this quarter. Should we expect that going forward as the run rate for the credit business? Thank you so much.

你好。恭喜你取得這樣的成績。只是快速了解貸款業務。本季我們看到了良好的成長。鑑於您對宏觀方面持更加謹慎的態度，我們對今年剩餘時間的走勢應該有何期待？我們應該期待強勁成長嗎？您會更加關注哪些線路？然後，如果您還可以談談風險成本，那麼本季風險成本已增加到 20％ 左右。我們是否應該預期信貸業務的運作率會持續上升？太感謝了。

Neha, thanks for the questions. So I'll probably start with cost of risk, and then we can talk about growth as well. So in regards to cost of risk, I think we've mentioned this in the presentation as well. There are basically three drivers when we look at the quarter. The first two drivers will continue, which are the growth of the disbursements and also more and more the growth of other products, especially the credit cards.

Neha，謝謝你的提問。所以我可能會從風險成本開始，然後我們也可以談論成長。因此，關於風險成本，我想我們在演示中也提到了這一點。從本季來看，主要有三個驅動因素。前兩個驅動因素將會持續，即支出的成長以及其他產品（尤其是信用卡）的成長。

But if we only account for these elements, the cost of risk would actually be around 13.5%. The remainder has to do with a cautious approach towards the macro environment. And of course, that tends to be one-time. So when we look ahead, I think we should look closer to the 13.5% or maybe mid-teens, but we're not expecting the 20% levels.

但如果我們只考慮這些因素，風險成本實際上會在 13.5% 左右。其餘部分則與對宏觀環境的謹慎態度有關。當然，這往往是一次性的。因此，當我們展望未來時，我認為我們應該更接近 13.5% 或十幾歲的水平，但我們並不期望達到 20% 的水平。

And then the second question around the growth of the portfolio. I think this is a message that we like to always emphasize. The growth of the credit book is not linear at all in our trajectory because we continuously do a lot of tests, test and learning with our approach. And whenever we feel confident about those tests, then we tend to scale disbursements in a nonlinear fashion. So indeed, when we look at the 2Q, the disbursements grew about 41% in the working capital loans.

第二個問題是關於投資組合的成長。我認為這是我們一直強調的訊息。在我們的發展軌跡中，信用帳簿的成長根本不是線性的，因為我們不斷地用我們的方法進行大量的測試、檢驗和學習。每當我們對這些測試有信心時，我們就會傾向於以非線性的方式擴大支出。因此，當我們看第二季時，營運資金貸款的支出確實增加了約 41%。

But if we were to look at the 1Q '25, the disbursements were actually flattish versus the fourth quarter of '24. So I wouldn't read too much in the growth of disbursements that we had in the second quarter. This is not a view of the macro environment or nothing of the sort. What we think about growth is that the penetration of working capital loans in the base is still low. So there is a lot of space to grow, but we're basically following the trajectory that we originally planned, nothing new on that regard.

但如果我們看一下 25 年第一季度，支出實際上與 24 年第四季持平。因此，我不會過度解讀第二季支出的成長。這不是對宏觀環境的看法，或諸如此類的看法。我們認為，對於成長而言，營運資金貸款的滲透率仍然較低。因此，還有很大的發展空間，但我們基本上是在按照最初規劃的軌跡前進，在這方面沒有什麼新意。

Thank you so much, Mateus. Can you also talk a bit about the features, how things are going? What is the response you're getting from the merchants? How has the payback been on the loans that you've given out so far? Any color on how the progress has been so far would be very helpful.

非常感謝，馬特烏斯。能否也談談這些功能以及進展如何？您從商家那裡得到了什麼回饋？到目前為止，你們發放的貸款的回報如何？任何有關迄今為止進展的詳細資訊都將非常有幫助。

Yes, Lia here. So on your question regarding the overall credit strategy evolution, I think we continue to focus like we said last quarter on maybe I would separate in 2 big dimensions. So when we talk about working capital solutions, which is the majority of the portfolio, as much as we continue to invest in digital distribution, we're sort of learning and scaling our ability to scale on the larger clients through specialist distribution. I think that's a focus for us.

是的，我是 Lia。因此，關於您提出的有關整體信貸策略演變的問題，我認為我們將繼續關注，就像我們上個季度所說的那樣，也許我會將其分為兩個大維度。因此，當我們談論營運資金解決方案（佔投資組合的大部分）時，我們會繼續投資於數位分銷，同時我們正在學習和擴展透過專業分銷擴大我們擴大更大客戶的能力。我認為這是我們關注的重點。

On the shorter duration types of products, it's relatively less mature, right? We're still learning and growing more cautiously, I would say. I think one thing that the team is very focused on is on the credit building itself. So how do we enable clients that don't necessarily have an initial offering to build sort of this credit limit over time.

對於期限較短的產品類型來說，相對來說還不夠成熟，對嗎？我想說，我們仍在更謹慎地學習和成長。我認為團隊非常關注的一件事就是信用建立本身。那麼，我們如何讓那些不一定有首次發行的客戶隨著時間的推移建立這種信用額度呢？

And hopefully, longer-term, what we expect this to enable us to achieve is some sort of credit offer to the majority of the clients in the base, naturally within our risk appetite, but this credit building process will enable us to expand the ways in which we scale. So I think the message is really consistent, nothing very different. And yes, we're happy with the evolution.

並且希望，從長遠來看，我們期望這使我們能夠向大多數基礎客戶提供某種形式的信貸，這自然在我們的風險承受能力範圍內，但這種信貸建設過程將使我們能夠擴大規模的方式。所以我認為訊息是一致的，沒有什麼不同。是的，我們對這一演變感到滿意。

Thank you so much, Lia for that.

非常感謝你，Lia。

Thank you, Niha.

謝謝你，尼哈。

Marcello Mizrahi, Bradesco BBI.

馬塞洛·米茲拉希 (Marcello Mizrahi)，布拉德斯科 BBI。

Hello everyone. Thank you for the opportunity. Congratulations for the results. Regarding about the credit again, so I understand so the strategy and the message, but really the amount of money that was disbursed in this quarter was the highest since you guys started this strategy. So just want to understand

大家好。感謝您提供的機會。恭喜取得這樣的成果。再次談到信貸問題，我理解這一策略和訊息，但實際上本季支付的金額是你們開始實施這一策略以來最高的。所以只是想了解

more. So even this view that to be more conservative in terms of provision and cost of risk, why the volumes were so higher than the last quarters. So that's any different product or any different type of clients that you guys are starting to develop and to give credit. So just please give me some idea here to understand the strategy looking forward.

更多的。因此，即使這種觀點認為在撥備和風險成本方面更加保守，但為什麼交易量仍比上一季高得多。所以這就是你們開始開發並給予信任的任何不同的產品或任何不同類型的客戶。因此，請給我一些想法，以便我了解未來的策略。

Mateus here. So again, there wasn't any specific event driving the BRL620 million in disbursements this quarter. So no new features or no new products. I think the message here is maybe to look at a longer window. So the credit operation continues to grow, but it's not linear at all. If we were to look at the past quarters, not only the 1Q, but also last year, there are quarters in which disbursement tends to become flat because we're either testing new offerings or the results from a given hypothesis are not yet validated, but then that tends to follow a bigger growth in the subsequent quarters. I think that's pretty much what happened.

我是馬特烏斯。因此，本季並沒有任何特定事件推動 6.2 億巴西雷亞爾的支出。因此沒有新功能或沒有新產品。我認為這裡的資訊也許是要看更長的時間窗。因此，信貸業務持續成長，但根本不是線性的。如果我們回顧過去的幾個季度，不僅是第一季度，還有去年，就會發現有些季度的支出趨於平穩，因為我們正在測試新產品，或者某個假設的結果尚未得到驗證，但隨後的幾個季度往往會出現更大的增長。我認為事情基本上就是這樣的。

And probably the best way to look at it is actually the disbursements from the 1Q '25 were lower. I don't think the 2Q were bigger. That's probably the best way to think about it. And then the question on how that connects with the view of increasing provision amidst the weaker or the more uncertain macro environment. I think here, it's more of a cautious decision.

最好的看待方式可能是，2025 年第一季的支出實際上較低。我認為第二季的增幅並不大。這或許是思考這個問題的最佳方式。然後問題是，這與在較弱或更不確定的宏觀環境下增加撥備的觀點有何關聯。我認為這是一個更謹慎的決定。

So when we look at the actual portfolio performance, we're not seeing material changes. You can see that the delinquency levels remain stable, NPL 15 to 90 days actually decreasing a little bit, NPL over 90 days flattish. But we did observe some softening in our client same-store sales, which we mentioned affected the TPV growth. So in light of that signal, we decided to strengthen the provisioning to ensure that we are appropriately covered even if the broader environment remains under pressure.

因此，當我們觀察實際投資組合表現時，我們並沒有看到實質的變化。您可以看到，拖欠水準保持穩定，15 至 90 天的不良貸款實際上有所減少，90 天以上的不良貸款則持平。但我們確實觀察到客戶同店銷售額有所下降，我們提到這影響了 TPV 的成長。因此，鑑於此訊號，我們決定加強撥備，以確保即使更廣泛的環境仍然面臨壓力，我們也能得到適當的保障。

And the second thing that I think is also worth highlighting here, what we've been doing since the beginning of the year is also to increase the prices of the new cohorts that we are disbursing. So if you were to look at the average rate for the portfolio towards the end of last year, it was closer to 3% per month. Now it's trending actually closer to 4% per month. So even despite the higher cost of risk, when we look at the actual profitability of the new cohorts, they're still tracking really well, and that's what gives us comfort to continue to scale and continue to improve the product as well. So those are the main thinking about here.

我認為第二件值得強調的事情是，自今年年初以來，我們一直在做的事情就是提高我們正在發放的新貸款的價格。因此，如果你查看去年年底投資組合的平均利率，它接近每月 3%。現在它的趨勢實際上接近每月 4%。因此，儘管風險成本較高，但當我們查看新群體的實際獲利能力時，他們仍然表現良好，這讓我們有信心繼續擴大規模並繼續改進產品。這些就是這裡的主要思考。

Looking forward, there is any guidance to give us to think about cost of risk. So it's more the level is 20% in the next quarters or lower than that?

展望未來，有沒有什麼指導意見可以讓我們思考風險成本。那麼，下一季的水準會是 20% 還是更低呢？

No, I think the 20%, we think is a one-off. So probably the best way to think about cost of risk moving forward is on the mid-teens, so closer to the 13.5% to 15% range, which again embeds the growth of the portfolio, but we shouldn't continue to add layers of protection for the macro environment as we move ahead.

不，我認為 20% 是一次性的。因此，考慮未來風險成本的最佳方式可能是處於十幾歲的中間階段，即接近 13.5% 到 15% 的範圍，這再次嵌入了投資組合的增長，但我們不應該繼續為宏觀環境增加層層保護。

Okay. Thank you, guys.

好的。謝謝你們。

Renato Meloni, Autonomous Research.

雷納托·梅洛尼，自主研究。

Hi everyone, congrats on the results. So I wanted to explore a bit competitive environment in the second half of the year. I mean you already mentioned that you don't expect to increase prices. But I'm wondering, even if you continue to optimize your cost of funding, if you could offer more competitive prices as the economy slows down. And then if you can expand this even a bit further to 2026 when there are some rate cuts expected, what do you think is going to be your strategy there when rates start to come down? Thanks.

大家好，祝賀你們所取得的成果。所以我想在下半年探索一下競爭環境。我的意思是您已經提到您不希望提高價格。但我想知道，即使你繼續優化融資成本，隨著經濟放緩，你是否能提供更具競爭力的價格。然後，如果您可以將此延長到 2026 年，屆時預計將會有一些降息，您認為當利率開始下降時您的策略會是什麼？謝謝。

So I think -- Renato, Lia here. So on your question -- so I think regarding the first part of your question -- sorry, the first part of your question was about, can you repeat Renato?

所以我認為－－雷納托，我是莉亞。關於你的問題——我認為關於你問題的第一部分——抱歉，你問題的第一部分是關於，你能重複一下雷納托嗎？

Yes, the competitive environment in the second half --

是的，下半年的競爭環境--

Competitive, yes. So I think we don't expect any news on the competitive environment. We see a very rational competitive environment. And to be really honest, we price very much based on the bundling and the offerings that we offer our clients and based on our return hurdles. That's been our philosophy since we implemented these repricing strategy way back in 2022. So we don't expect to change that, and we don't see any changes in the competitive dynamics at all.

是的，有競爭力。所以我認為我們不會期待任何有關競爭環境的消息。我們看到了一個非常理性的競爭環境。老實說，我們的定價很大程度上取決於我們為客戶提供的捆綁服務和產品以及我們的回報門檻。自 2022 年我們實施這些重新定價策略以來，這一直是我們的理念。所以我們不希望改變這一點，而且我們根本沒有看到競爭動態有任何變化。

I think long-term, if interest rates go down, that mindset won't change. Of course, what will happen is there will be a bigger gap potentially between repricings between -- sorry, pricings being applied to new sales versus the spreads of clients within the base. So there may be kind of competitive adjustments that will happen once that dynamic takes place.

我認為從長遠來看，如果利率下降，這種心態不會改變。當然，可能發生的情況是，重新定價之間可能會出現更大的差距——抱歉，適用於新銷售的定價與基礎客戶的價差之間可能會出現更大的差距。因此，一旦這種動態出現，就可能會發生某種競爭調整。

But that competitive adjustment will be a slower one, right, because the base is the base, nobody is expected to change the repricings of the base downwards. So I think that there will be a readjustment, a reequilibrium that may be reached, but that's going to be kind of a multi-year process in our view. So that's how we see the overall dynamics.

但競爭性調整將會比較慢，因為基礎就是基礎，沒有人會向下改變基礎的重新定價。所以我認為將會有一個重新調整，可能會達到一個重新平衡，但在我們看來這將是一個多年的過程。這就是我們看到的整體動態。

Perfect. That's clear. So for the second half year, pretty much stable prices and gaining some share.

完美的。這很清楚。因此，下半年價格基本穩定，市佔率有所成長。

Yes. So nothing different than what we already said in terms of TPV dynamics and repricing strategy.

是的。因此，就 TPV 動態和重新定價策略而言，這與我們已經說過的沒有什麼不同。

Perfect. Thank you and congrats again on the results.

完美的。再次感謝您並祝賀您所取得的成果。

Thank you, Renato.

謝謝你，雷納托。

Eduardo Rosman, BTG.

愛德華多·羅斯曼，BTG。

Hi, good evening, everyone. I have two questions here regarding competition as well. The first one is about PIX. I think Itau recently, they launched an initiative focused on small businesses, where I think among other things, they announced three PIX transactions, right, for our clients using the POS of hedge right? So how do you see that? And if you see other players doing the same?

大家好，晚上好。我也有兩個關於競爭的問題。第一個是關於PIX的。我認為 Itau 最近推出了一項針對小型企業的計劃，其中，他們宣布了三項 PIX 交易，對吧，針對我們的客戶使用 POS 進行對沖，對吧？那您怎麼看呢？如果您發現其他玩家也這麼做呢？

And the second one would be about the deposits, right? You've been growing pretty well here, and I think this is relevant for your profitability. How do you see competition evolving for deposits? Do you see any pressure for higher remuneration? Thanks a lot.

第二個是關於存款的，對嗎？你們在這裡發展得很好，我認為這對你們的獲利能力很重要。您如何看待存款競爭的演變？您是否感受到提高薪資的壓力？多謝。

Hi, Rosman. Lia, here. So regarding your first question around competitive dynamics and some players implementing no charges on PIX, I think those offers, they really come and go. In our view, PIX is one monetization driver among many depending on what sort of is the overall offer to a specific profile of clients, we do sometimes offer PIX for free, depending on what the overall economics of that client is.

你好，羅斯曼。莉亞，在這裡。因此，關於您關於競爭動態和一些玩家對 PIX 實施免費服務的第一個問題，我認為這些優惠確實來來去去。我們認為，PIX 是眾多貨幣化驅動因素之一，取決於向特定客戶群提供什麼樣的整體服務，我們有時會免費提供 PIX，具體取決於該客戶的整體經濟狀況。

I think the message is that as we evolve our banking road map and our overall Stone road map really, right, the more features that we have to bundle, the more we can play with those levers. So I think this is really a dynamic process. And the better -- the more features we have in terms of to respond to this dynamic process, the better. So I think the message that we want to bring across when we talk about the overall road map is really it's about two things, right?

我認為，隨著我們銀行路線圖和整體 Stone 路線圖的不斷發展，我們捆綁的功能越多，我們就越能利用這些槓桿。所以我認為這確實是一個動態的過程。而且，我們應對這動態過程的功能越多越好。所以我認為，當我們談論總體路線圖時，我們想要傳達的訊息實際上涉及兩件事，對嗎？

Evolving and launching the new features that really addresses our clients' needs and the more features we have, the more bundles we can create. This is sort of a virtuous cycle that at the end of the day reflects in our ability to win clients and bring TPV within the ecosystem. But then more importantly, to really engage, right, make sure that our clients engage with our ecosystem overall. And ultimately, that will reflect in deposits growth.

不斷改進和推出真正滿足客戶需求的新功能，我們擁有的功能越多，我們可以創建的捆綁包就越多。這是一種良性循環，最終體現在我們贏得客戶並將 TPV 納入生態系統的能力。但更重要的是，真正參與進來，確保我們的客戶全面參與我們的生態系統。最終，這將反映在存款成長上。

So I think deposits growth comes from multiple drivers. Every new feature that we launch is another reason for the client to operate within our ecosystem, and there is a pretty extensive road map ahead in terms of how we address more needs of those clients to operate more within the Stone ecosystem.

所以我認為存款成長來自多種驅動因素。我們推出的每一個新功能都是客戶在我們的生態系統內運營的另一個原因，並且，在如何滿足這些客戶在 Stone 生態系統內運營的更多需求方面，我們有一個相當廣泛的路線圖。

Oh, great. Thanks a lot, Lia.

噢，太好了。非常感謝，莉亞。

Thank you, Rosman for the question.

謝謝羅斯曼提出的問題。

Thank you. The Q&A session is now over. I would like to hand the floor back to StoneCo-team for their concluding remarks.

謝謝。問答環節現已結束。我想將發言權交還給 StoneCo 團隊，請他們作總結發言。

Oh, thank you all for participating in the call and see you in the next quarter. Thank you.

哦，謝謝大家參加電話會議，下個季度再見。謝謝。

StoneCo conference call is now closed. We thank you for your participation and wish you a nice day.

StoneCo 電話會議現已結束。我們感謝您的參與並祝您有個愉快的一天。