[6-K] PagSeguro Digital Ltd. Current Report (Foreign Issuer)
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
PagSeguro Group reported stronger operating results for the period with higher revenue, profit and a material improvement in operating cash flow. Total revenue and income reached R$5,058,170 in the quarter (R$4,556,707 a year earlier) and R$9,908,326 for the six months (R$8,863,132), while quarterly net income rose to R$536,759 from R$503,645 and six‑month net income to R$1,061,851 from R$986,192. Basic EPS improved to R$1.8031 for the quarter and R$3.5320 for six months, reflecting earnings growth. Operating cash flow turned positive to R$3,451,822 versus a cash use of R$(2,126,607) previously, while investing cash used R$(1,101,796). On the balance sheet, total assets were R$71,193,206 with liabilities of R$56,609,506 and equity of R$14,583,700. Funding and liquidity items include banking issuances of R$26,645,868, compulsory reserves of R$4,426,026 and expected credit losses of R$(294,345). Capex and technology investment remained significant.
Il Gruppo PagSeguro ha registrato risultati operativi più solidi nel periodo, con ricavi e utili in aumento e un deciso miglioramento della generazione di cassa operativa. I ricavi e i proventi totali hanno raggiunto R$5,058,170 nel trimestre (R$4,556,707 un anno prima) e R$9,908,326 nei sei mesi (R$8,863,132); l'utile netto trimestrale è salito a R$536,759 da R$503,645 e l'utile netto semestrale a R$1,061,851 da R$986,192. L'EPS base è migliorato a R$1.8031 nel trimestre e a R$3.5320 nei sei mesi, riflettendo la crescita degli utili. Il flusso di cassa operativo è diventato positivo, pari a R$3,451,822 rispetto a un utilizzo di cassa di R$(2,126,607) precedentemente, mentre gli investimenti hanno assorbito R$(1,101,796). Nel bilancio le attività totali ammontano a R$71,193,206, le passività a R$56,609,506 e il patrimonio netto a R$14,583,700. Tra le voci di finanziamento e liquidità figurano emissioni bancarie per R$26,645,868, riserve obbligatorie per R$4,426,026 e perdite attese su crediti per R$(294,345). Rimangono significativi gli investimenti in capitale e tecnologia.
PagSeguro Group reportó un desempeño operativo más sólido en el período, con mayores ingresos, utilidades y una mejora significativa en el flujo de caja operativo. Los ingresos totales alcanzaron R$5,058,170 en el trimestre (R$4,556,707 un año antes) y R$9,908,326 en seis meses (R$8,863,132); la utilidad neta trimestral aumentó a R$536,759 desde R$503,645 y la utilidad neta semestral a R$1,061,851 desde R$986,192. El EPS básico mejoró a R$1.8031 en el trimestre y a R$3.5320 en seis meses, reflejando el crecimiento de las ganancias. El flujo de caja operativo pasó a positivo, R$3,451,822 frente a un uso de caja de R$(2,126,607) anteriormente, mientras que el flujo de caja de inversión fue de R$(1,101,796). En el balance, los activos totales fueron R$71,193,206, con pasivos por R$56,609,506 y patrimonio de R$14,583,700. Entre los rubros de financiación y liquidez figuran emisiones bancarias por R$26,645,868, reservas obligatorias por R$4,426,026 y pérdidas crediticias esperadas de R$(294,345). La inversión en capex y tecnología se mantuvo significativa.
PagSeguro 그룹은 이번 기간 동안 매출과 이익이 확대되고 영업현금흐름이 크게 개선되며 견조한 영업 실적을 기록했습니다. 분기 총수익은 R$5,058,170(전년 동기 R$4,556,707), 반기 총수익은 R$9,908,326(전년 동기 R$8,863,132)에 달했으며, 분기 순이익은 R$503,645에서 R$536,759로, 반기 순이익은 R$986,192에서 R$1,061,851로 증가했습니다. 기본 주당순이익(EPS)은 분기 R$1.8031, 반기 R$3.5320으로 개선되어 수익 성장을 반영합니다. 영업현금흐름은 R$3,451,822로 플러스 전환(이전에는 R$(2,126,607) 현금유출), 투자활동으로 인한 현금유출은 R$(1,101,796)을 기록했습니다. 대차대조표상 총자산은 R$71,193,206, 부채는 R$56,609,506, 자기자본은 R$14,583,700입니다. 자금조달 및 유동성 항목으로는 은행 발행금 R$26,645,868, 의무준비금 R$4,426,026, 예상신용손실 R$(294,345)이 포함되어 있으며, 설비투자와 기술투자는 여전히 상당합니다.
Le groupe PagSeguro a affiché des résultats opérationnels plus solides sur la période, avec des revenus et un bénéfice en hausse et une amélioration notable des flux de trésorerie d'exploitation. Le chiffre d'affaires et les produits totaux ont atteint R$5,058,170 sur le trimestre (R$4,556,707 un an plus tôt) et R$9,908,326 sur six mois (R$8,863,132) ; le bénéfice net trimestriel est passé à R$536,759 contre R$503,645 et le bénéfice net semestriel à R$1,061,851 contre R$986,192. Le BPA de base s'est amélioré à R$1.8031 pour le trimestre et à R$3.5320 pour six mois, reflétant la croissance des résultats. Les flux de trésorerie d'exploitation sont devenus positifs à R$3,451,822 contre une sortie de trésorerie de R$(2,126,607) auparavant, tandis que les flux liés aux investissements se sont élevés à R$(1,101,796). Au bilan, l'actif total s'élève à R$71,193,206, les passifs à R$56,609,506 et les capitaux propres à R$14,583,700. Parmi les postes de financement et de liquidité figurent des émissions bancaires de R$26,645,868, des réserves obligatoires de R$4,426,026 et des pertes de crédit attendues de R$(294,345). Les dépenses d'investissement et les investissements technologiques restent importants.
Die PagSeguro Group verzeichnete im Berichtszeitraum stärkere operative Ergebnisse mit höheren Umsätzen, Gewinnen und einer deutlichen Verbesserung des operativen Cashflows. Die Gesamtumsätze und Erträge beliefen sich im Quartal auf R$5,058,170 (R$4,556,707 im Vorjahr) und für sechs Monate auf R$9,908,326 (R$8,863,132); der Quartalsnettogewinn stieg auf R$536,759 gegenüber R$503,645, der Halbjahresnettogewinn auf R$1,061,851 gegenüber R$986,192. Das unverwässerte Ergebnis je Aktie verbesserte sich auf R$1.8031 im Quartal und auf R$3.5320 für sechs Monate, was das Gewinnwachstum widerspiegelt. Der operative Cashflow drehte auf R$3,451,822 ins Positive (zuvor ein Mittelabfluss von R$(2,126,607)), während der Cashflow aus Investitionstätigkeit R$(1,101,796) betrug. In der Bilanz beliefen sich die Gesamtvermögen auf R$71,193,206, die Verbindlichkeiten auf R$56,609,506 und das Eigenkapital auf R$14,583,700. Zu den Finanzierungs- und Liquiditätsposten gehören Bankemissionen in Höhe von R$26,645,868, verpflichtende Rücklagen von R$4,426,026 und erwartete Kreditverluste von R$(294,345). Investitionen in Sachanlagen und Technologie blieben bedeutend.
Positive
- Revenue growth: Total revenue and income increased to R$5,058,170 in the quarter from R$4,556,707 year‑ago.
- Net income improvement: Quarterly net income rose to R$536,759 from R$503,645, and six‑month net income to R$1,061,851 from R$986,192.
- Operating cash flow turnaround: Net cash provided by operating activities was R$3,451,822 versus an outflow of R$(2,126,607) previously.
- EPS increase: Basic earnings per share increased to R$1.8031 for the quarter and R$3.5320 for the six months.
Negative
- Higher funding via banking issuances: Banking issuances rose to R$26,645,868 from R$24,089,234, increasing interest‑rate sensitivity.
- Net cash used in financing activities: Financing cash flow was a R$(2,149,485) use, driven by borrowings repayments and treasury share purchases.
- Modest rise in credit provisions: Expected credit losses increased to R$(294,345) from R$(284,620), and write‑offs continued during the period.
- Slight decline in equity: Total equity decreased to R$14,583,700 from R$14,668,372.
Insights
TL;DR: Revenue, net income and operating cash flow all improved; EPS rose, indicating stronger operating performance.
PagSeguro delivered higher top-line and bottom-line metrics: quarterly total revenue and income increased to R$5.06 billion from R$4.56 billion and quarterly net income rose to R$536.8 million. The swing to positive operating cash flow of R$3.45 billion from a prior-year outflow is particularly material and supports ongoing investment in POS and software (capex R$572 million; intangibles R$605 million). EPS improvement to R$1.8031 (basic) shows the earnings translated to shareholders. The balance sheet remains large with assets of R$71.19 billion, but funding mix shifted toward higher banking issuances R$26.65 billion, which bears monitoring for interest cost trends.
TL;DR: Liquidity and funding profile shifted, with higher banking issuances and continued credit exposure requiring oversight.
The company increased banking issuances to R$26.65 billion, with average costs noted around the CDI range, which raises funding cost sensitivity. Expected credit losses on receivables rose modestly to R$(294.3) million and the credit portfolio write-offs and stage movements indicate active credit management. Net cash used in financing activities turned negative R$(2,149,485) driven by borrowings repayments and treasury share acquisitions, altering cash flow dynamics despite strong operating cash inflow. Overall, the changes are not immediately adverse but increase funding and credit monitoring needs.
Il Gruppo PagSeguro ha registrato risultati operativi più solidi nel periodo, con ricavi e utili in aumento e un deciso miglioramento della generazione di cassa operativa. I ricavi e i proventi totali hanno raggiunto R$5,058,170 nel trimestre (R$4,556,707 un anno prima) e R$9,908,326 nei sei mesi (R$8,863,132); l'utile netto trimestrale è salito a R$536,759 da R$503,645 e l'utile netto semestrale a R$1,061,851 da R$986,192. L'EPS base è migliorato a R$1.8031 nel trimestre e a R$3.5320 nei sei mesi, riflettendo la crescita degli utili. Il flusso di cassa operativo è diventato positivo, pari a R$3,451,822 rispetto a un utilizzo di cassa di R$(2,126,607) precedentemente, mentre gli investimenti hanno assorbito R$(1,101,796). Nel bilancio le attività totali ammontano a R$71,193,206, le passività a R$56,609,506 e il patrimonio netto a R$14,583,700. Tra le voci di finanziamento e liquidità figurano emissioni bancarie per R$26,645,868, riserve obbligatorie per R$4,426,026 e perdite attese su crediti per R$(294,345). Rimangono significativi gli investimenti in capitale e tecnologia.
PagSeguro Group reportó un desempeño operativo más sólido en el período, con mayores ingresos, utilidades y una mejora significativa en el flujo de caja operativo. Los ingresos totales alcanzaron R$5,058,170 en el trimestre (R$4,556,707 un año antes) y R$9,908,326 en seis meses (R$8,863,132); la utilidad neta trimestral aumentó a R$536,759 desde R$503,645 y la utilidad neta semestral a R$1,061,851 desde R$986,192. El EPS básico mejoró a R$1.8031 en el trimestre y a R$3.5320 en seis meses, reflejando el crecimiento de las ganancias. El flujo de caja operativo pasó a positivo, R$3,451,822 frente a un uso de caja de R$(2,126,607) anteriormente, mientras que el flujo de caja de inversión fue de R$(1,101,796). En el balance, los activos totales fueron R$71,193,206, con pasivos por R$56,609,506 y patrimonio de R$14,583,700. Entre los rubros de financiación y liquidez figuran emisiones bancarias por R$26,645,868, reservas obligatorias por R$4,426,026 y pérdidas crediticias esperadas de R$(294,345). La inversión en capex y tecnología se mantuvo significativa.
PagSeguro 그룹은 이번 기간 동안 매출과 이익이 확대되고 영업현금흐름이 크게 개선되며 견조한 영업 실적을 기록했습니다. 분기 총수익은 R$5,058,170(전년 동기 R$4,556,707), 반기 총수익은 R$9,908,326(전년 동기 R$8,863,132)에 달했으며, 분기 순이익은 R$503,645에서 R$536,759로, 반기 순이익은 R$986,192에서 R$1,061,851로 증가했습니다. 기본 주당순이익(EPS)은 분기 R$1.8031, 반기 R$3.5320으로 개선되어 수익 성장을 반영합니다. 영업현금흐름은 R$3,451,822로 플러스 전환(이전에는 R$(2,126,607) 현금유출), 투자활동으로 인한 현금유출은 R$(1,101,796)을 기록했습니다. 대차대조표상 총자산은 R$71,193,206, 부채는 R$56,609,506, 자기자본은 R$14,583,700입니다. 자금조달 및 유동성 항목으로는 은행 발행금 R$26,645,868, 의무준비금 R$4,426,026, 예상신용손실 R$(294,345)이 포함되어 있으며, 설비투자와 기술투자는 여전히 상당합니다.
Le groupe PagSeguro a affiché des résultats opérationnels plus solides sur la période, avec des revenus et un bénéfice en hausse et une amélioration notable des flux de trésorerie d'exploitation. Le chiffre d'affaires et les produits totaux ont atteint R$5,058,170 sur le trimestre (R$4,556,707 un an plus tôt) et R$9,908,326 sur six mois (R$8,863,132) ; le bénéfice net trimestriel est passé à R$536,759 contre R$503,645 et le bénéfice net semestriel à R$1,061,851 contre R$986,192. Le BPA de base s'est amélioré à R$1.8031 pour le trimestre et à R$3.5320 pour six mois, reflétant la croissance des résultats. Les flux de trésorerie d'exploitation sont devenus positifs à R$3,451,822 contre une sortie de trésorerie de R$(2,126,607) auparavant, tandis que les flux liés aux investissements se sont élevés à R$(1,101,796). Au bilan, l'actif total s'élève à R$71,193,206, les passifs à R$56,609,506 et les capitaux propres à R$14,583,700. Parmi les postes de financement et de liquidité figurent des émissions bancaires de R$26,645,868, des réserves obligatoires de R$4,426,026 et des pertes de crédit attendues de R$(294,345). Les dépenses d'investissement et les investissements technologiques restent importants.
Die PagSeguro Group verzeichnete im Berichtszeitraum stärkere operative Ergebnisse mit höheren Umsätzen, Gewinnen und einer deutlichen Verbesserung des operativen Cashflows. Die Gesamtumsätze und Erträge beliefen sich im Quartal auf R$5,058,170 (R$4,556,707 im Vorjahr) und für sechs Monate auf R$9,908,326 (R$8,863,132); der Quartalsnettogewinn stieg auf R$536,759 gegenüber R$503,645, der Halbjahresnettogewinn auf R$1,061,851 gegenüber R$986,192. Das unverwässerte Ergebnis je Aktie verbesserte sich auf R$1.8031 im Quartal und auf R$3.5320 für sechs Monate, was das Gewinnwachstum widerspiegelt. Der operative Cashflow drehte auf R$3,451,822 ins Positive (zuvor ein Mittelabfluss von R$(2,126,607)), während der Cashflow aus Investitionstätigkeit R$(1,101,796) betrug. In der Bilanz beliefen sich die Gesamtvermögen auf R$71,193,206, die Verbindlichkeiten auf R$56,609,506 und das Eigenkapital auf R$14,583,700. Zu den Finanzierungs- und Liquiditätsposten gehören Bankemissionen in Höhe von R$26,645,868, verpflichtende Rücklagen von R$4,426,026 und erwartete Kreditverluste von R$(294,345). Investitionen in Sachanlagen und Technologie blieben bedeutend.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025
Commission File Number: 001-38353
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PagSeguro Digital Ltd.
(Name of Registrant)
(Name of Registrant)
Conyers Trust Company (Cayman) Limited,
Cricket Square, Hutchins Drive, P.O. Box 2681,
Grand Cayman, KY1-1111, Cayman Islands
(Address of Principal Executive Office)
Cricket Square, Hutchins Drive, P.O. Box 2681,
Grand Cayman, KY1-1111, Cayman Islands
(Address of Principal Executive Office)
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
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PagSeguro Digital Ltd.
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Unaudited condensed consolidated interim financial statements
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As of June 30, 2025 and for three and six-month periods ended June 30, 2025 and 2024
Contents
Unaudited condensed consolidated interim financial statements
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Unaudited condensed consolidated interim balance sheet
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3
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Unaudited condensed consolidated interim statements of income
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5
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Unaudited condensed consolidated interim statements of comprehensive income
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6
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Unaudited condensed consolidated interim statement of changes in equity
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7
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Unaudited condensed consolidated interim statement of cash flows
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8
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Notes to the unaudited consolidated interim financial statements
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9
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2 investors.pagseguro.com
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PagSeguro Digital Ltd.
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Unaudited condensed consolidated interim balance sheet
(All amounts in thousands of reais) |
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Note
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June 30, 2025
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December 31, 2024
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Assets
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|||||
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Current assets
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|||||
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Cash and cash equivalents
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5
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1,128,207
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927,668
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Financial investments
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6
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448,012
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487,924
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Compulsory reserve
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7
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4,426,026
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4,761,404
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Accounts receivable
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8
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55,643,579
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57,628,538
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Receivables from related parties
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10
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10,597
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9,082
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Derivative financial instruments
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28
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-
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58,470
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Inventories
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957
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1,642
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Recoverable taxes
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9
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364,887
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551,722
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Other receivables
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192,425
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194,465
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Total current assets
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62,214,690
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64,620,915
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Non-current assets
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|||||
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Accounts receivable
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8
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2,350,590
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2,174,735
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Receivables from related parties
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10
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19,271
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22,767
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Recoverable taxes
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9
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679,364
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318,197
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Judicial deposits
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90,205
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79,591
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Deferred income tax and social contribution
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21
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80,358
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95,872
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Other receivables
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89,704
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89,902
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Property and equipment
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11
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2,617,150
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2,572,336
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Intangible assets
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12
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3,051,874
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2,926,302
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Total non-current assets
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8,978,516
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8,279,702
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Total assets
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71,193,206
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72,900,617
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The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statement.
3 investors.pagseguro.com
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PagSeguro Digital Ltd.
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Unaudited condensed consolidated interim balance sheet
(All amounts in thousands of reais) |
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Note
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June 30, 2025
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December 31, 2024
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Liabilities and equity
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|||||
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Current liabilities
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|||||
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Payables to third parties
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13
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10,132,757
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11,557,648
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Checking accounts
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15
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10,529,876
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12,030,573
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Obligations to FIDC quota holders
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14
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144,262
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134,375
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Banking issuances
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16
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17,682,235
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12,677,098
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Borrowings
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20
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3,448,522
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4,521,503
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Derivative financial instruments
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28
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61,232
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69,969
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Trade payables
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536,171
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663,229
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Dividends payables
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22
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191,133
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-
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Payables to related parties
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10
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93,780
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116,383
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Salaries and social security charges
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17
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337,306
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402,643
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Taxes and contributions
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18
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252,261
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280,762
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Provision for contingencies
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19
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80,329
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43,820
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Deferred revenue
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112,817
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128,849
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Other liabilities
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113,914
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117,630
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Total current liabilities
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43,716,595
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42,744,482
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Non-current liabilities
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Payables to third parties
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13
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82,690
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84,570
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Obligations to FIDC quota holders
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14
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1,086,268
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1,017,009
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Banking issuances
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16
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8,963,633
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11,412,136
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Payables to related parties
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10
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1,002,351
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1,014,863
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Deferred income tax and social contribution
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21
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1,607,426
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1,790,362
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Provision for contingencies
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19
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70,222
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71,140
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Deferred revenue
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10,113
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16,579
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Other liabilities
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70,208
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81,104
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Total non-current liabilities
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12,892,911
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15,487,763
|
|||
|
Total liabilities
|
56,609,506
|
58,232,245
|
|||
|
Equity
|
|||||
|
Share capital
|
22
|
26
|
26
|
||
|
Treasury shares
|
22
|
(695,361)
|
(1,367,677)
|
||
|
Capital reserve
|
22
|
4,821,975
|
6,133,863
|
||
|
Retained earnings
|
22
|
10,642,125
|
10,007,444
|
||
|
Equity valuation adjustments
|
22
|
(22,372)
|
(22,372)
|
||
|
Other comprehensive income
|
22
|
(162,693)
|
(82,912)
|
||
|
Total equity
|
14,583,700
|
14,668,372
|
|||
|
Total liabilities and equity
|
71,193,206
|
72,900,617
|
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
4 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Unaudited condensed consolidated interim statements of income
For the three and six-month periods ended June 30, 2025 and 2024 (All amounts in thousands of reais unless otherwise stated) |
|
|
|
Three-month period ended June 30,
|
Six-month period ended June 30,
|
|||||
|
Note
|
2025
|
2024
|
2025
|
2024
|
|||
|
|
|||||||
|
Revenue from transaction activities and other services
|
24
|
1,988,658
|
2,311,965
|
4,002,580
|
4,681,315
|
||
|
Financial income
|
24
|
2,902,268
|
2,113,085
|
5,599,562
|
3,945,081
|
||
|
Other financial income
|
24
|
167,244
|
131,657
|
306,184
|
236,736
|
||
|
Total revenue and income
|
|
5,058,170
|
4,556,707
|
9,908,326
|
8,863,132
|
||
|
|
|
|
|
|
|
||
|
Cost of services
|
25
|
(2,410,767)
|
(2,332,155)
|
(4,770,941)
|
(4,502,857)
|
||
|
Selling expenses
|
25
|
(452,379)
|
(467,319)
|
(875,484)
|
(904,746)
|
||
|
Administrative expenses
|
25
|
(226,650)
|
(216,236)
|
(469,598)
|
(446,852)
|
||
|
Financial costs
|
25
|
(1,279,523)
|
(863,421)
|
(2,457,346)
|
(1,690,554)
|
||
|
Other income (expenses), net
|
25
|
(72,605)
|
(99,851)
|
(138,803)
|
(168,030)
|
||
|
Profit before income taxes
|
|
616,246
|
577,726
|
1,196,154
|
1,150,094
|
||
|
|
|
|
|
|
|
||
|
Current income tax and social contribution
|
21
|
(125,266)
|
(131,304)
|
(260,098)
|
(154,629)
|
||
|
Deferred income tax and social contribution
|
21
|
45,779
|
57,223
|
125,795
|
(9,273)
|
||
|
Income tax and social contribution
|
|
(79,487)
|
(74,081)
|
(134,303)
|
(163,902)
|
||
|
|
|
|
|
|
|
||
|
Net income for the period
|
|
536,759
|
503,645
|
1,061,851
|
986,192
|
||
|
|
|||||||
|
Basic earnings per common share - R$
|
23
|
1.8031
|
1.5785
|
3.5320
|
3.1012
|
||
|
Diluted earnings per common share - R$
|
23
|
1.7851
|
1.5629
|
3.5032
|
3.0653
|
||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
5 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Unaudited condensed consolidated interim statements of comprehensive income
For the three and six-month periods ended June 30, 2025 and 2024 (All amounts in thousands of reais unless otherwise stated) |
|
|
Three-month period ended June 30,
|
Six-month period ended June 30,
|
|||||
|
2025
|
2024
|
2025
|
2024
|
|||
|
Net income for the period
|
536,759
|
503,645
|
1,061,851
|
986,192
|
||
|
Other comprehensive income that may be reclassified to the statement of income in subsequent periods
|
||||||
|
Currency translation adjustment
|
22
|
1,564
|
650
|
959
|
644
|
|
|
Loss (Gain) on financial assets designated at fair value through OCI
|
22
|
(42,306)
|
691
|
(115,133)
|
701
|
|
|
Derivative Financial Instruments through OCI
|
22
|
(2,798)
|
(527)
|
(7,200)
|
(1,507)
|
|
|
Income tax and social contribution
|
15,335
|
(56)
|
41,593
|
274
|
||
|
Other comprehensive income for the period
|
508,554
|
504,403
|
982,070
|
986,304
|
||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
6 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Unaudited condensed consolidated interim statement of changes in equity
As of December 31, 2024 and for the three and six-month periods ended June 30, 2025 and 2024 (All amounts in thousands of reais) |
|
|
Capital reserve
|
Profit reserve
| |||||||||||||||||
|
Note
|
Share capital
|
Treasury shares
|
Capital reserve
|
Share-based
long-term incentive plan (LTIP) |
Retained earnings
|
Equity valuation adjustments
|
Other comprehensive income
|
Total equity
|
||||||||||
|
On December 31, 2023
|
26 | (760,317) | 5,828,754 | 303,991 | 7,891,076 | (22,372) | (473) | 13,240,685 | ||||||||||
|
Net income for the period
|
22 | - | - | - | - | 986,192 | - | - | 986,192 | |||||||||
|
Currency translation adjustment
|
22 | - | - | - | - | - | - | 644 | 644 | |||||||||
|
Gain on derivative Financial Instruments through OCI
|
22 | - | - | - | - | - | - | 463 | 463 | |||||||||
|
Derivative Financial Instruments through OCI
|
22 | - | - | - | - | - | - | (995) | (995) | |||||||||
|
Share based long term incentive plan (LTIP)
|
22 | - | - | - | 90,905 | - | - | - | 90,905 | |||||||||
|
(LTIP) of treasury shares
|
22 | - | 177,099 | - | (177,099) | - | - | - | - | |||||||||
|
On June 30, 2024
|
26 | (583,218) | 5,828,754 | 217,797 | 8,877,268 | (22,372) | (361) | 14,317,895 | ||||||||||
|
Net income for the period
|
22 | - | - | - | - | 1,130,176 | - | - | 1,130,176 | |||||||||
|
Currency translation adjustment
|
22 | - | - | - | - | - | - | 122 | 122 | |||||||||
|
Gain on financial assets through OCI
|
22 | - | - | - | - | - | - | (85,935) | (85,935) | |||||||||
|
Loss on derivative Financial Instruments through OCI
|
22 | - | - | - | - | - | - | 3,261 | 3,261 | |||||||||
|
Capital Reserve
|
22 | - | - | (475) | - | - | - | - | (475) | |||||||||
|
Share based long term incentive plan (LTIP)
|
22 | - | - | - | 87,787 | - | - | - | 87,787 | |||||||||
|
Acquisition of treasury shares
|
22 | - | (784,459) | - | - | - | - | - | (784,459) | |||||||||
|
(LTIP) of treasury shares
|
22 | - | - | - | - | - | - | - | - | |||||||||
|
On December 31, 2024
|
26 | (1,367,677) | 5,828,279 | 305,584 | 10,007,444 | (22,372) | (82,912) | 14,668,372 | ||||||||||
|
Net income for the period
|
22 | - | - | - | - | 1,061,851 | - | - | 1,061,851 | |||||||||
|
Currency translation adjustment
|
22 | - | - | - | - | - | - | 959 | 959 | |||||||||
|
Loss on financial assets through OCI
|
22 | - | - | - | - | - | - | (75,988) | (75,988) | |||||||||
|
Loss on derivative Financial Instruments through OCI
|
22 | - | - | - | - | - | - | (4,752) | (4,752) | |||||||||
|
Capital Reserve
|
22 | - | - | (1,136) | - | - | - | - | (1,136) | |||||||||
|
Dividends paid
|
22 | - | - | - | - | (236,037) | - | - | (236,037) | |||||||||
|
Dividends payables
|
22 | - | - | - | - | (191,133) | - | - | (191,133) | |||||||||
|
Share based long term incentive plan (LTIP)
|
22 | - | - | - | 57,731 | - | - | - | 57,731 | |||||||||
|
Acquisition of treasury shares
|
22 | - | (696,167) | - | - | - | - | - | (696,167) | |||||||||
|
Share cancellation
|
22 | - | 1,208,680 | (1,208,680) | - | - | - | - | - | |||||||||
|
(LTIP) of treasury shares
|
22 | - | 159,803 | - | (159,803) | - | - | - | - | |||||||||
|
On June 30, 2025
|
26 | (695,361) | 4,618,463 | 203,512 | 10,642,125 | (22,372) | (162,693) | 14,583,700 | ||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
7 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Unaudited condensed consolidated interim statement of cash flows
For the six-month periods ended June 30, 2025 and 2024 (All amounts in thousands of reais) |
|
|
Six-month periods ended June 30,
|
|||
|
Note
|
2025
|
2024
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|||
|
Profit before income taxes
|
1,196,154
|
1,150,094
|
|
|
Expenses (revenues) not affecting cash:
|
|||
|
Depreciation and amortization
|
25
|
890,854
|
762,686
|
|
Total Losses
|
25
|
181,000
|
215,758
|
|
Accrual of provision for contingencies
|
50,553
|
31,893
|
|
|
Share based long term incentive plan (LTIP)
|
22
|
57,731
|
90,905
|
|
Loss on disposal of property, equipment, intangible and investment assets
|
83,672
|
97,216
|
|
|
Derivative Financial Instruments, net
|
(8,601)
|
(15,423)
|
|
|
Interest accrued
|
880,613
|
675,257
|
|
|
Other (income) cost, net
|
(1,306)
|
1,959
|
|
|
Changes in operating assets and liabilities
|
|||
|
Accounts receivable
|
(949.043)
|
(13,115,645)
|
|
|
Compulsory reserves
|
598.777
|
(943,679)
|
|
|
Inventories
|
-
|
3,590
|
|
|
Recoverable taxes
|
(69,451)
|
(47,864)
|
|
|
Other receivables
|
(2,283)
|
(70,193)
|
|
|
Deferred revenue
|
(22,498)
|
9,280
|
|
|
Other liabilities
|
(15,264)
|
(908)
|
|
|
Payables to third parties
|
(1,397,355)
|
855,634
|
|
|
Checking accounts
|
(1,944,279)
|
(235,584)
|
|
|
Trade payables
|
(125,753)
|
125,227
|
|
|
Receivables from (payables to) related parties
|
(98,153)
|
276,762
|
|
|
Banking Issuances
|
2,917,097
|
7,442,065
|
|
|
Salaries and social charges
|
(65,337)
|
(33,323)
|
|
|
Taxes and contributions
|
(201,125)
|
(18,597)
|
|
|
Provision for contingencies
|
(21,348)
|
(20,344)
|
|
|
1,934,656
|
(2,763,236)
|
||
|
Income tax and social contribution paid
|
(111,845)
|
(38,744)
|
|
|
Interest income received (paid)
|
1,629,011
|
675,373
|
|
|
NET CASH PROVIDED BY (USEN IN) OPERATING ACTIVITIES
|
3,451,822
|
(2,126,607)
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|||
|
Purchases of property and equipment
|
11
|
(572,179)
|
(639,767)
|
|
Purchases and development of intangible assets
|
12
|
(605,457)
|
(555,305)
|
|
Redemption (Acquisition) of financial investments
|
75,840
|
(379,311)
|
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
(1,101,796)
|
(1,574,383)
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|||
|
Borrowings
|
20
|
4,748,000
|
2,398,160
|
|
Payment of borrowings and interest
|
20
|
(5,955,370)
|
(196,722)
|
|
Acquisition of treasury shares
|
22
|
(696,167)
|
-
|
|
Payment of leases
|
11
|
(9,911)
|
(9,263)
|
|
Derivative Financial Instruments, net
|
-
|
(16,028)
|
|
|
Distribution of dividends
|
22
|
(236,037)
|
-
|
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(2,149,485)
|
2,176,148
|
|
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
200,539
|
(1,524,842)
|
|
|
Cash and cash equivalents at the beginning of the period
|
5
|
927,668
|
2,899,060
|
|
Cash and cash equivalents at the end of the period
|
5
|
1,128,207
|
1,374,218
|
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
8 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
1. General information
PagSeguro Digital Ltd., (“PagSeguro Digital” or the “Company”), is a holding company with its principal executive office located in Cayman Islands, subsidiary of Universo Online S.A. (“UOL”), referred to, together with its subsidiaries, as the “PagSeguro Group” or the “Group”, and was incorporated on July 19, 2017. A total of 99.9% of the shares of PagSeguro Internet Instituição de Pagamento S.A. (“PagSeguro Brazil”) were contributed to PagSeguro Digital on January 4, 2018 and PagSeguro Digital maintains control of PagSeguro Brazil.
PagSeguro Brazil is a privately held corporation established on December 20, 2006, and engages in providing financial technology solutions and services and corresponding related activities, focused principally on micro-merchants and small and medium-sized businesses (“SMBs”).
In June 2024, PagSeguro Digital acquired 5% of Fundo de Investimento em Direitos Creditórios – PagSeguro (“FIDC”) shares from its subsidiary PagSeguro Brazil, which together with the 15% of FIDC shares previously acquired resulted in PagSeguro Digital owning 20% of the share capital of the fund.
On June 28, 2024, PagSeguro Group constituted an investment fund as a subsidiary of PagSeguro Brazil called Fundo de Investimento em Direitos Creditórios – Pagbank Multiadquirencia (“FIDM”). The objective of this fund is to anticipate third-party assignments in accordance with market operations.
In January and February, 2025, the subsidiaries Yamí and Zygo was incorporated by Pag Participações.
In April, 2025, PagSeguro Group constituted a new company as a subsidiary of PSHC called PSGP México Aggregator S. de R.L. de C.V (“PBMX México”) and is still pre-operational.
The subsidiaries of PagSeguro Digital are PagSeguro Brazil, PagSeg Participações Ltda. (“PagSeg”), BS Holding Financeira Ltda. (“BS Holding”), Pag Participações Ltda (“Pag Participações”) and PagSeguro Holding Ltd. (“PSHC”). The PagSeguro Group subsidiaries are as follows:
- PagSeguro Brazil subsidiaries are PagSeguro Biva Securitizadora de Créditos Financeiras S.A. (“Biva Sec”), FIDC, Wirecard Brazil Instituição de Pagamento S.A. (“MOIP), Concil Inteligência em Conciliação S.A. (“Concil”), NETPOS Serviços de Informática LTDA (“NetPos”) and FIDM.
- PagSeg subsidiaries are Net+Phone Telecomunicações Ltda. (“Net+Phone”), PagSeguro Tecnologia Ltda. (“PagSeguro Tecnologia”), BCPS Online Services Lda. (“BCPS”), CDS Serviços Financeiros Ltda, (“CDS”), PagSeguro Biva Serviços Financeiros Ltda. (“Biva Serviços”) and PagBank Participações Ltda. (“Pag Participações”).
- Pag Participações subsidiary is Tilix Digital Ltda. (“TILIX”).
- BS Holding subsidiaries are BancoSeguro S.A. (“BancoSeguro”) and PagInvest CTVM Ltda. (“PagInvest”).
- PSHC subsidiaries are PagSeguro Chile SPA (“PagSeguro Chile), PagSeguro Colombia S.A.S (“PagSeguro Colombia), PSGP México S.A de C.V. (“PSGP Mexico”) and PagSeguro Peru S.A.C. (“PagSeguro Peru”) and PBMX México.
These unaudited condensed consolidated interim financial statements include PagSeguro Brazil, PagSeg, Pag Participações, BS Holding, PSHC and corresponding subsidiaries.
9 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
2. Presentation and preparation of the unaudited condensed consolidated interim financial statements and material accounting policies
2.1. Basis of preparation of the condensed consolidated interim financial information
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB®”) and the International Financial Reporting Standards (“IFRS®”), disclose all (and only) the applicable significant information related to the financial statements, which is consistent with the information utilized by management in the performance of its duties. The consolidated interim financial statements are presented in thousands of Brazilian reais, unless otherwise indicated, which is the functional currency of PagSeguro Group.
These unaudited condensed consolidated interim financial statements as of June 30, 2025 and for the three and six-months periods ended June 30, 2025 and 2024 (“Interim Financial Statements”) were authorized for issuance by the PagSeguro Digital’s Board of Directors on August 12, 2025.
An entity shall include in its interim financial report an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the entity since the end of the last annual reporting period. Information disclosed in relation to those events and transactions shall update the relevant information presented in the most recent annual financial report.
These Interim Financial Statements do not include all the notes of the type normally included in an annual consolidated financial statement. Accordingly, this report is to be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 (the “Annual Financial Statements”).
The accounting policies and critical accounting estimates and judgments adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of new and amended IFRS Accounting Standards as set out below.
2.2. New accounting standards adopted in 2025
The Pagseguro Group has applied the following amendments for the first time from January 1, 2025:
- Amendment to IAS 21 “Lack of Exchangeability”: issued in August 2023, with the objective of clarifying entities to determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it is not. The amendments to IAS 21 are effective as of January 1, 2025. The implementation did not have impacts in the financial results.
10 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
3. Consolidation of subsidiaries
|
As of June 30, 2025
|
||||||
|
Company
|
Assets
|
Liabilities
|
Equity
|
Net income (loss) for the period
|
Ownership - %
|
Level
|
|
Pagseguro Brazil
|
70,521,281
|
60,584,449
|
9,936,832
|
401,368
|
99.99
|
Direct
|
|
BS Holding
|
977,729
|
143
|
977,586
|
42,820
|
100.00
|
Direct
|
|
Pagseg Participações
|
2,536,035
|
870
|
2,535,165
|
140,047
|
99.99
|
Direct
|
|
Pagseguro Holding
|
20,639
|
15,247
|
5,392
|
(1,778)
|
99.99
|
Direct
|
|
Pag Participações
|
459,259
|
6,482
|
452,777
|
17,899
|
99.99
|
Indirect
|
|
Paginvest Corretora
|
15,592
|
770
|
14,822
|
(2,021)
|
99.99
|
Indirect
|
|
Net+Phone
|
713,487
|
105,335
|
608,152
|
70,602
|
99.99
|
Indirect
|
|
PagSeguro Tecnologia
|
867,209
|
114,239
|
752,970
|
22,278
|
99.99
|
Indirect
|
|
BCPS
|
4,856
|
355
|
4,501
|
371
|
100.00
|
Indirect
|
|
BSEC
|
1,348,214
|
1,227,397
|
120,817
|
35,152
|
99.99
|
Indirect
|
|
Biva Serviços
|
496,487
|
13,949
|
482,538
|
19,624
|
99.99
|
Indirect
|
|
FIDC
|
5,741,393
|
1,693,538
|
4,047,855
|
2,795,456
|
100.00
|
Indirect
|
|
FIDM
|
68,851
|
10,634
|
58,217
|
3,963
|
100.00
|
Indirect
|
|
TILIX
|
398,985
|
979
|
398,006
|
4,804
|
99.99
|
Indirect
|
|
BancoSeguro
|
44,617,874
|
43,678,435
|
939,439
|
44,526
|
100.00
|
Indirect
|
|
CDS
|
237,714
|
3,507
|
234,207
|
9,275
|
99.99
|
Indirect
|
|
MOIP
|
756,100
|
39,322
|
716,778
|
27,668
|
100.00
|
Indirect
|
|
Concil
|
361,794
|
3,371
|
358,423
|
15,280
|
100.00
|
Indirect
|
|
Netpos
|
9,694
|
3,462
|
6,232
|
1,356
|
100.00
|
Indirect
|
|
Pagseguro Chile
|
14,285
|
9,630
|
4,655
|
(196)
|
100.00
|
Indirect
|
|
Pagseguro Colombia
|
7,191
|
7,898
|
(707)
|
(886)
|
100.00
|
Indirect
|
|
PSGP México
|
9,100
|
12,715
|
(3,615)
|
(1,645)
|
100.00
|
Indirect
|
|
Pagseguro Peru
|
11,325
|
8,322
|
3,003
|
1,025
|
100.00
|
Indirect
|
|
As of December 31, 2024 (except for net income, that is presented to six-month period ended June 30, 2024)
|
|||||||
|
Company
|
Assets
|
Liabilities
|
Equity
|
Net income (loss) for the period
|
Ownership - %
|
Level
|
|
|
Pagseguro Brazil
|
70,372,095
|
60,488,640
|
9,883,455
|
560,371
|
99.99
|
Direct
|
|
|
BS Holding
|
934,868
|
186
|
934,682
|
60,096
|
100.00
|
Direct
|
|
|
Pagseg Participações
|
2,394,423
|
870
|
2,393,553
|
141,718
|
99.99
|
Direct
|
|
|
Pagseguro Holding
|
10,060
|
2,226
|
7,834
|
(3,114)
|
99.99
|
Direct
|
|
|
Pag Participações
|
457,670
|
22,793
|
434,877
|
12,893
|
99.99
|
Indirect
|
|
|
Paginvest Corretora
|
17,625
|
782
|
16,843
|
393
|
99.99
|
Indirect
|
|
|
Net+Phone
|
653,617
|
116,066
|
537,551
|
65,112
|
99.99
|
Indirect
|
|
|
PagSeguro Tecnologia
|
2,179,351
|
1,448,659
|
730,692
|
49,703
|
99.99
|
Indirect
|
|
|
BCPS
|
2,992
|
427
|
2,565
|
1,415
|
99.99
|
Indirect
|
|
|
BSEC
|
1,260,807
|
1,174,727
|
86,080
|
15,504
|
99.99
|
Indirect
|
|
|
Biva Serviços
|
472,218
|
9,305
|
462,913
|
5,461
|
99.99
|
Indirect
|
|
|
FIDC
|
6,589,019
|
1,630,197
|
4,958,822
|
1,649,502
|
100.00
|
Indirect
|
|
|
FIDM
|
19,088
|
834
|
18,254
|
24
|
99.99
|
Indirect
|
|
|
TILIX
|
54,734
|
1,532
|
53,202
|
2,263
|
100.00
|
Indirect
|
|
|
BancoSeguro
|
43,106,305
|
42,211,043
|
895,262
|
59,491
|
99.99
|
Indirect
|
|
|
Yamí
|
142,865
|
247
|
142,618
|
3,821
|
99.99
|
Indirect
|
|
|
CDS
|
230,198
|
5,267
|
224,931
|
7,144
|
99.99
|
Indirect
|
|
|
ZYGO
|
228,606
|
267
|
228,339
|
7,121
|
100,00
|
Indirect
|
|
|
MOIP
|
725,791
|
36,681
|
689,110
|
41,931
|
100,00
|
Indirect
|
|
|
Concil
|
346,202
|
3,033
|
343,169
|
15,743
|
100,00
|
Indirect
|
|
|
Netpos
|
7,443
|
2,539
|
4,904
|
(376)
|
100,00
|
Indirect
|
|
|
Pagseguro Chile
|
20,023
|
15,299
|
4,724
|
(1,136)
|
100,00
|
Indirect
|
|
|
Pagseguro Colombia
|
11,433
|
11,245
|
188
|
(200)
|
100,00
|
Indirect
|
|
|
PSGP México
|
2,320
|
4,183
|
(1,863)
|
(1,548)
|
100,00
|
Indirect
|
|
|
Pagseguro Peru
|
11,915
|
9,210
|
2,705
|
(229)
|
100,00
|
Indirect
|
|
The operational context of the subsidiaries is to be read in conjunction with the annual financial statements for the year ended December 31, 2024.
11 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
4. Segment reporting
Operating segments are determined based on the information reported and reviewed by the chief operating decision maker (“CODM”). The Board of Directors has been identified as the CODM and is responsible for allocating resources and assessing the performance of the business and to make PagSeguro Group’s strategic decisions.
Considering that all decisions are based on consolidated reports, and that all decisions related to strategic and financial planning, purchases, investments, and the allocation of funds are made on a consolidated basis, the PagSeguro Group and its subsidiaries operate in a single segment, as financial service agents.
Main companies of PagSeguro Group are domiciled in Brazil and have revenue arising from local customers and customers located abroad. The main revenue is related to sales from the domestic market. The revenue from international market represents 0.6% and 0.7% for the three and six-months periods ended June 30, 2025 (1.3% and 1.0% for the three and six-months periods ended June 30, 2024, respectively).
5. Cash and cash equivalents
|
|
June 30, 2025
|
|
December 31, 2024
|
|
Short-term bank deposits
|
386,887
|
|
510,975
|
|
Short-term investment
|
741,320
|
|
416,693
|
|
|
1,128,207
|
|
927,668
|
Cash and Cash Equivalents are held for the purpose of meeting short-term cash needs and include cash on hand, deposits with banks and other short-term highly liquid investments with original maturities of three-months or less and with immaterial risk of change in value.
Short-term bank deposits are mainly represented by amounts to cover instant payments (PIX), cash on ATMs and client payments.
Short-term investments are mainly represented by voluntary deposits in Brazilian Central Bank (“BACEN”) not related to any compulsory reserve with highly liquid investments with original maturities of three-months or less, with an average return of 100% of the CDI (14.9% per year as of June 30, 2025 and 12.15% per year as of December 31, 2024).
6. Financial investments
Consists mainly of investments in Brazilian Treasury Bonds (“LFTs”) and financial letters in the amount of R$448,012 as of June 30, 2025 (R$487,294 as of December 31, 2024) with an average return of 100% of the CDI (14.90% per year as of June 30, 2025 and 12.15% per year as of December 31, 2024), with original maturities greater than three-months, but not related to any compulsory reserve. The LFTs were classified as fair value through other comprehensive income and financial letters as amortized cost. Unrealized accumulated OCI effects on LFTs for the six-months periods ended in June 30, 2025 and 2024 as disclosed on note 22.
7. Compulsory reserve
Consists in investments to comply with requirements for authorized payments institutions and to support the operations for financial institutions as set forth by the Brazilian Central Bank in the amount of R$4,426,026 as of June 30, 2025 (R$4,761,404 in December 31, 2024) with an average return of 100% of the CDI (14.90% per year as of June 30, 2025 and 12.15% per year as of December 31, 2024). The LFTs were classified as fair value through other comprehensive income and compulsory reserve as amortized cost. Unrealized accumulated OCI effects on LFTs for the six-months periods ended in June 30, 2025 and 2024 as disclosed on note 22.
12 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
8. Accounts receivable
The composition of the accounts receivables are as follows:
|
June 30, 2025
|
|
December 31, 2024
|
|
|
Card Issuers and acquirers – Amortized cost (i)
|
50,979,643
|
54,699,240
|
|
|
Card Issuers and acquirers - FVOCI (i)
|
3,377,440
|
|
1,819,020
|
|
Other accounts receivable (ii)
|
58,356
|
|
132,220
|
|
Total card issuers, acquirers and others
|
54,415,439
|
|
56,650,480
|
|
|
|
|
|
|
Payroll loans, net (iii)
|
2,825,273
|
|
2,480,074
|
|
Credit card receivables, net (iii)
|
673,444
|
|
660,113
|
|
Other loans, net (iii)
|
80,013
|
|
12,606
|
|
Total credit receivables
|
3,578,730
|
|
3,152,793
|
|
|
|
|
|
|
Total accounts receivable
|
57,994,169
|
|
59,803,273
|
|
Current
|
55,643,579
|
57,628,538
|
|
|
Non – Current
|
2,350,590
|
2,174,735
|
|
|
|
|
|
|
(i) Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the
intermediation agreements between PagSeguro Brazil and Visa, Mastercard, Hipercard, Amex or Elo. However, PagSeguro Brazil’s contractual accounts receivable is with
the financial institutions, which are the legal obligors on the accounts receivable payment. Additionally, amounts due within 27 days of the original transaction, including
those that fall due with the first installment of installment receivables, are guaranteed by Visa, Mastercard, Hipercard, Amex or Elo, as applicable, if the legal obligors do not
make the payment. Acquirers refers to card processing transactions to be received from the acquirers, which are a third parties acting as financial intermediaries between
the issuing bank and PagSeguro Brazil. The Group has identified certain receivables from Card Issuers and Acquirers which are managed separately. The Group assessed
that the appropriate business model of some Card Issuers and Acquirers originated after September of 2024 which is held by the Group as part of liquidity management is
held to collect and sell and measured at FVOCI. Therefore, part of receivables, in the amount of R$3,377,440 (R$1,819,020 in December 31, 2024), changed from
amortized cost to fair value through other comprehensive income. Unrealized loss in the accounts receivable mark-to-market, net of taxes, in the six-months ended June
30, 2025, totaled R$75,863 (R$0 in the six-months ended June 30, 2024).
(ii) Refers to other dispersed receivables from legal obligors.
(iii) Payroll Loans, Credit Cards receivables and Other Loans are presented net of the ECL (“expected credit losses”) and are measured according to the IFRS 9, using: Exposure at Default (EAD) related to the exposed credit risk at default; Probability of Default (PD) related to the probability of the counterparty not meeting its contractual payment obligations; and Loss Given Default (LGD) related to the percentage of the exposure that is not expected to be recovered in the event of default. In addition to the methodology for calculating the allowance for impairment (EAD x PD x LGD). The Group takes into consideration the forward-looking information and assumptions such as the historical loss experienced at individual transactions level, credit quality and guarantees, economic factors and estimated future cash flows, which could impact the calculation model for provisioning expected credit losses.
The maturity analysis of accounts receivables are as follows:
|
June 30, 2025
|
|
December 31, 2024
|
||
|
Past due
|
304,101
|
272,294
|
||
|
Due within 30 days
|
21,034,031
|
21,753,323
|
||
|
Due within 31 to 120 days
|
21,250,354
|
22,136,842
|
||
|
Due within 121 to 180 days
|
6,485,953
|
6,617,991
|
||
|
Due within 181 to 365 days
|
6,863,485
|
7,132,708
|
||
|
Due after 365 days
|
2,350,590
|
2,174,735
|
||
|
Expected credit losses
|
(294,345)
|
(284,620)
|
||
|
57,994,169
|
59,803,273
|
|||
|
|
|
|
|
|
The maturity analysis of credit receivables as of June 30, 2025 and December 31, 2024 are as follows:
|
June 30, 2025
|
||||
|
Payroll loans
|
Credit card receivables
|
Other loans
|
TOTAL
|
|
|
Past due
|
39,490
|
150,322
|
114,289
|
304,101
|
|
Due within 30 days
|
84,044
|
286,001
|
7,935
|
377,980
|
|
Due within 31 to 120 days
|
262,304
|
178,860
|
31,017
|
472,181
|
|
Due within 121 to 180 days
|
160,216
|
112,912
|
14,968
|
288,096
|
|
Due within 181 to 360 days
|
422,551
|
62,179
|
24,242
|
508,972
|
|
Due after 360 days
|
1,908,481
|
4,637
|
8,627
|
1,921,745
|
|
2,877,086
|
794,911
|
201,078
|
3,873,075
|
|
|
Expected credit losses
|
(51,813)
|
(121,467)
|
(121,065)
|
(294,345)
|
|
Receivables net of ECL
|
2,825,273
|
673,444
|
80,013
|
3,578,730
|
13 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
8. Accounts receivable – (continued)
|
|
December 31, 2024
|
|||
|
|
Payroll loans
|
Credit card receivables
|
Other loans
|
Total
|
|
Past due
|
21,530
|
126,769
|
123,995
|
272,294
|
|
Due within 30 days
|
71,676
|
300,225
|
1,025
|
372,926
|
|
Due within 31 to 120 days
|
226,039
|
178,304
|
3,221
|
407,564
|
|
Due within 121 to 180 days
|
140,796
|
108,802
|
1,219
|
250,817
|
|
Due within 181 to 360 days
|
377,272
|
60,163
|
4,808
|
442,243
|
|
Due after 360 days
|
1,678,835
|
3,733
|
9,002
|
1,691,570
|
|
|
2,516,148
|
777,996
|
143,270
|
3,437,414
|
|
Expected credit losses
|
(36,074)
|
(117,883)
|
(130,664)
|
(284,620)
|
|
Receivables net of ECL
|
2,480,074
|
660,113
|
12,606
|
3,152,793
|
For the credit receivables, the weighting of objective factors plus the analysis of the coverage percentage of accessory guarantees leads to the customer rating that allows the grouping of customers with similar credit risks and classification into one of the following stages as suggested by IFRS9:
|
June 30, 2025
|
|||
|
Credit amount
|
Exposure off balance
credit limits not used |
Expected credit losses
|
|
|
Payroll Loans
|
|||
|
Stage 1
|
2,831,970
|
-
|
(13,147)
|
|
Stage 2
|
6,926
|
-
|
(662)
|
|
Stage 3
|
38,190
|
-
|
(38,005)
|
|
Credit Card Receivables
|
|
|
|
|
Stage 1
|
631,330
|
1,315,055
|
(17,259)
|
|
Stage 2
|
65,964
|
21,250
|
(15,287)
|
|
Stage 3
|
97,617
|
1,983
|
(88,920)
|
|
Other Loans
|
|
|
|
|
Stage 1
|
81,368
|
-
|
(3,764)
|
|
Stage 2
|
832
|
-
|
(350)
|
|
Stage 3
|
118,878
|
-
|
(116,951)
|
|
Total
|
3,873,075
|
1,338,288
|
(294,345)
|
|
December 31, 2024
|
|||
|
Credit amount
|
Exposure off balance
credit limits not used |
Expected credit losses
|
|
|
Payroll Loans
|
|||
|
Stage 1
|
2,480,231
|
-
|
(8,564)
|
|
Stage 2
|
9,044
|
-
|
(887)
|
|
Stage 3
|
26,873
|
-
|
(26,623)
|
|
Credit Card Receivables
|
|
|
|
|
Stage 1
|
638,249
|
1,222,409
|
(17,595)
|
|
Stage 2
|
40,297
|
25,017
|
(9,127)
|
|
Stage 3
|
99,450
|
1,021
|
(91,161)
|
|
Other Loans
|
|
|
|
|
Stage 1
|
17,415
|
-
|
(5,235)
|
|
Stage 2
|
22
|
-
|
(17)
|
|
Stage 3
|
125,833
|
-
|
(125,411)
|
|
Total
|
3,437,414
|
1,248,447
|
(284,620)
|
14 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
8. Accounts receivable – (continued)
The reconciliation of credit portfolio operations segregated by stages:
|
Stage 1
|
December 31, 2024 | Transfer to Stage 2 | Transfer to Stage 3 |
Cure from Stage 2 |
Cure From Stage 3 | Write-off | Additions/ Reversals | June 30, 2025 |
|
Payroll Loans
|
2,480,231 | (21,277) | (251) | 1,807 | 612 | - | 370,848 | 2,831,970 |
|
Credit card receivables
|
638,250 | (164,166) | (1) | 61,376 | 138 | - | 95,733 | 631,330 |
|
Other Loans
|
17,415 | (1,015) | (6) | 11 | 6 | - | 64,957 | 81,368 |
|
Total
|
3,135,896 | (186,458) | (258) | 63,194 | 756 | 531,538 | 3,544,668 | |
|
Stage 2
|
December 31, 2024 | Transfer from Stage 1 | Transfer to Stage 3 |
Cure to Stage 1 |
Cure from Stage 3 |
Write-off | Additions/ Reversals | June 30, 2025 |
|
Payroll Loans
|
9,044 | 21,277 | (21,468) | (1,807) | 85 | - | (205) | 6,926 |
|
Credit card receivables
|
40,298 | 164,166 | (42,160) | (61,376) | - | - | (34,964) | 65,964 |
|
Other Loans
|
22 | 1,015 | (204) | (11) | - | - | 10 | 832 |
|
Total
|
49,364 | 186,458 | (63,832) | (63,194) | 85 | (35,159) | 73,722 | |
|
Stage 3
|
December 31, 2024 | Transfer from Stage 1 | Transfer from Stage 2 |
Cure to Stage 1 |
Cure to Stage 2 |
Write-off | Additions/ Reversals | June 30, 2025 |
|
Payroll Loans
|
26,873 | 251 | 21,468 | (612) | (85) | (9,211) | (494) | 38,190 |
|
Credit card receivables
|
99,449 | 1 | 42,160 | (138) | - | (22,891) | (20,964) | 97,617 |
|
Other Loans
|
125,833 | 6 | 204 | (6) | - | (6,993) | (166) | 118,878 |
|
Total
|
252,155 | 258 | 63,832 | (756) | (85) | (39,095) | (21,624) | 254,685 |
The reconciliation of expected credit losses of credit portfolio receivables segregated by stages:
|
Stage 1
|
December 31, 2024 | Transfer to Stage 2 | Transfer to Stage 3 |
Cure from Stage 2 |
Cure From Stage 3 | Write-off |
Additions/ Reversals |
June 30, 2025 |
|
Payroll Loans
|
(8,564) | 1,934 | 22 | (171) | (609) | - | (5,759) | (13,147) |
|
Credit card receivables
|
(17,595) | 8,393 | - | (5,977) | (103) | - | (1,977) | (17,259) |
|
Other Loans
|
(5,234) | 4 | - | - | - | - | 1,466 | (3,764) |
|
Total
|
(31,393) | 10,331 | 22 | (6,148) | (712) | - | (6,270) | (34,170) |
|
Stage 2
|
December 31, 2024 | Transfer from Stage 1 | Transfer to Stage 3 |
Cure to Stage 1 |
Cure from Stage 3 | Write-off | Additions/ Reversals | June 30, 2025 |
|
Payroll Loans
|
(887) | (1,934) | 2,116 | 171 | (69) | - | (59) | (662) |
|
Credit card receivables
|
(9,127) | (8,393) | 23,421 | 5,977 | - | - | (27,165) | (15,287) |
|
Other Loans
|
(17) | (4) | - | - | - | - | (329) | (350) |
|
Total
|
(10,031) | (10,331) | 25,537 | 6,148 | (69) | - | (27,553) | (16,299) |
|
Stage 3
|
December 31, 2024 | Transfer from Stage 1 | Transfer from Stage 2 |
Cure to Stage 1 |
Cure to Stage 2 |
Write-off | Additions/ Reversals | June 30, 2025 |
|
Payroll Loans
|
(26,623) | (22) | (2,116) | 609 | 69 | 9,211 | (19,133) | (38,005) |
|
Credit card receivables
|
(91,161) | - | (23,421) | 103 | - | 22,891 | 2,668 | (88,920) |
|
Other Loans
|
(125,411) | - | - | - | - | 6,993 | 1,467 | (116,951) |
|
Total
|
(243,195) | (22) | (25,537) | 712 | 69 | 39,095 | (15,000) | (243,876) |
15 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
8. Accounts receivable – (continued)
The movement in the allowance for expected credit losses of credit receivables is as follows:
|
Expected Credit Losses
|
Payroll Loans
|
Credit Card Receivables
|
Other Loans
|
Total
|
|
December 31, 2023
|
(38,259)
|
(185,404)
|
(361,780)
|
(585,443)
|
|
Additions
|
(31,221)
|
(163,887)
|
(39,147)
|
(234,255)
|
|
Reversals
|
5,240
|
92,903
|
25,831
|
123,974
|
|
Write-Off (i)
|
28,166
|
138,505
|
244,431
|
411,102
|
|
December 31, 2024
|
(36,074)
|
(117,883)
|
(130,664)
|
(284,621)
|
|
Additions
|
(38,068)
|
(41,050)
|
(5,102)
|
(84,220)
|
|
Reversals
|
13,118
|
14,575
|
7,708
|
35,401
|
|
Write-Off (i)
|
9,211
|
22,891
|
6,993
|
39,095
|
|
June 30, 2025
|
(51,813)
|
(121,467)
|
(121,065)
|
(294,345)
|
- Based on the PagSeguro credit risk classification model, which assesses the risk of insolvency and default of counterparties related to credit receivables, for the six-months period ended June 30, 2025, the PagSeguro Group carried out a partial write-off of credit receivables, for cases in which the Group does not expect to receive these amounts. The credit card receivables were written-off in the amount of R$22,891 (R$138,505 in December 31, 2024), other loans were written-off in the amount R$6,994 (R$244,432 in December 31, 2024) and payroll loans were written-off in the amount R$9,211 (R$28,166 in December 31, 2024) against the related provision for ECL recognized in previous periods.
9. Recoverable taxes
|
June 30, 2025
|
|
December 31, 2024
|
||
|
Income tax and social contribution (i)
|
977,638
|
|
788,901
|
|
|
Social integration program (ii)
|
60,501
|
|
74,452
|
|
|
Other
|
6,112
|
|
6,566
|
|
|
|
|
1,044,251
|
|
869,919
|
|
|
|
|
|
|
|
Current
|
|
364,887
|
|
551,722
|
|
Non-current
|
|
679,364
|
|
318,197
|
i. Refers mainly to withholding taxes from income tax and social contribution.
ii. Refers to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) recoverable on transaction activities and other services.
16 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
10. Related-party balances and transactions
i) Balances and transactions with related parties
|
June 30, 2025
|
December 31, 2024
|
||||
|
Receivables
|
Payables
|
Receivables
|
Payables
|
||
|
Banking issuances (a)
|
|||||
|
Universo Online S.A.
|
-
|
235,059
|
-
|
168,117
|
|
|
UOL Cursos Tec. Ed. Ltda.
|
-
|
259,508
|
-
|
206,811
|
|
|
Ingresso.com Ltda
|
-
|
75,023
|
-
|
69,419
|
|
|
Everymind Cons.Sist. LTDA
|
-
|
-
|
-
|
1,557
|
|
|
OFL Participações S.A.
|
-
|
453,030
|
-
|
615,057
|
|
|
-
|
1,022,620
|
-
|
1,060,961
|
||
|
Other transactions and services
|
|||||
|
Universo Online S.A. - sales of services (b)
|
-
|
25,456
|
-
|
18,693
|
|
|
Compass. UOL Tecnologia - sales of services (b)
|
-
|
14,205
|
-
|
2,648
|
|
|
Compass.UOL Informática Ltda..- sales of services (b)
|
-
|
13,210
|
-
|
17,982
|
|
|
Invillia Desenvolvimento de produtos Digitais Ltda - sales of services(b)
|
-
|
-
|
-
|
13,909
|
|
|
EDGE.UOL Tecnologia Ltda. - sales of services (b)
|
-
|
131
|
-
|
18
|
|
|
Everymind Cons.Sist. LTDA
|
-
|
-
|
|
-
|
998
|
|
Universo Online S.A. - shared service costs (c)
|
-
|
14,682
|
-
|
9,853
|
|
|
Digital Services UOL S.A. - borrowing (d)
|
29,869
|
-
|
31,849
|
-
|
|
|
Others
|
-
|
5,827
|
-
|
6,184
|
|
|
29,869
|
73,511
|
31,849
|
70,285
|
||
|
|
|
|
|
|
|
|
Current
|
10,597
|
93,780
|
9,082
|
116,383
|
|
|
Non - current
|
19,271
|
1,002,351
|
22,767
|
1,014,863
|
|
(a) Certificate of Deposits (CD) acquired by related parties from BancoSeguro with interest rate between 103% to 106% (104% to 106% on December 31, 2024) per year of CDI. The maturity analysis is as follows:
| June 30, 2025 | December 31, 2024 | ||||
|
Due within 31 to 120 days
|
1,991 | - | |||
|
Due within 181 to 360 days
|
18,211 | 46,098 | |||
|
Due to more than 360 days
|
1,002,418 | 1,014,863 | |||
| 1,022,620 | 1,060,961 |
(b) Sales of services refer mainly to the purchase of advertising services from UOL, colocation, development of software and cloud services acquired from other entities within the Uol Group. Invillia and Everymind was incorporated by Compass UOL Tecnologia in April and June, 2025, respectively.
(c) Shared services costs mainly related to payroll costs that are incurred by the parent Group UOL and are charged to PagSeguro Group.
(d) This receivable refers to borrowing made from Biva Sec with interest rate of 100% of CDI plus 2.5% per year.
17 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
10. Related-party balances and transactions (continued)
ii) Revenue and expense from transactions with related parties
|
Three-month ended June 30,
|
Six-month ended June 30,
|
||||||||
|
2025
|
2024
|
2025
|
2024
|
||||||
|
Revenue
|
Expense
|
Revenue
|
Expense
|
Revenue
|
Expense
|
Revenue
|
Expense
|
||
|
Banking Issuances (a)
|
|||||||||
|
Universo Online S.A.
|
-
|
7,020
|
-
|
4,094
|
-
|
13,096
|
-
|
8,434
|
|
|
UOL Cursos Tec. Ed. Ltda.
|
-
|
7,961
|
-
|
2,823
|
-
|
14,524
|
-
|
5,570
|
|
|
Web Jump Desing em Informática Ltda
|
-
|
-
|
-
|
326
|
-
|
-
|
-
|
519
|
|
|
Ingresso.com Ltda
|
-
|
2,576
|
-
|
798
|
-
|
4,681
|
-
|
1,591
|
|
|
OFL Participações S.A.
|
-
|
15,566
|
-
|
110
|
-
|
32,702
|
-
|
110
|
|
|
Everymind Cons.Sist. LTDA
|
-
|
-
|
-
|
-
|
-
|
16
|
-
|
-
|
|
|
Invillia Desenvolvimento de produtos Digitais Ltda
|
-
|
-
|
-
|
1,002
|
-
|
-
|
-
|
2,045
|
|
|
-
|
33,123
|
-
|
9,153
|
-
|
65,019
|
-
|
18,269
|
||
|
Other transactions and services
|
|||||||||
|
Universo Online S.A. - sales of services (b)
|
912
|
38,058
|
819
|
19,494
|
1,895
|
77,115
|
1,603
|
41,453
|
|
|
Compass Tecnologia Ltda. - sales of services (b)
|
-
|
3,091
|
-
|
1,394
|
-
|
4,651
|
-
|
2,504
|
|
|
Compass UOL S.A.- sales of services (b)
|
-
|
41,558
|
-
|
42,274
|
-
|
85,676
|
-
|
80,398
|
|
|
Invillia Desenvolvimento de produtos Digitais Ltda - sales of services (b)
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
460
|
|
|
EDGE.UOL Tecnologia Ltda. - sales of services (b)
|
-
|
3,264
|
-
|
73
|
-
|
3,292
|
-
|
629
|
|
|
OFL Empreend Imobiliários Ltda
|
-
|
822
|
-
|
-
|
-
|
1,644
|
-
|
-
|
|
|
UOL - shared service costs (c)
|
-
|
24,210
|
-
|
25,732
|
-
|
54,951
|
-
|
55,691
|
|
|
Digital Services UOL S.A. - borrowing (d)
|
1,012
|
-
|
1,026
|
-
|
1,012
|
-
|
1,026
|
-
|
|
|
Others
|
204
|
1,924
|
244
|
2,450
|
204
|
2,769
|
244
|
4,345
|
|
|
2,128
|
112,927
|
2,089
|
91,418
|
3,111
|
230,098
|
2,873
|
185,480
|
||
(a)
Expenses are related to Certificate
of Deposits (CD) from BancoSeguro.
(b) Sales of services are related to
advertising services from UOL, revenue is related to intermediation fee and
expenses related to colocation and cloud services, acquired from other entities
within the Uol Group. Invillia and Everymind was incorporated by Compass UOL
Tecnologia in April and June, 2025, respectively.
(c) Shared services costs mainly related
to payroll costs sharing that are incurred by the parent Group UOL and are
charged to PagSeguro Group. Such costs are included in administrative expenses.
(d)
Revenue refers to borrowing made
from Biva Sec with interest rate of 100% of CDI plus 2.5% per year.
iii) Key management compensation
Key management compensation includes short and long-term benefits of PagSeguro Brazil’s executive officers. The short and long-term compensation related to the executive officers for the three and six-months periods ended June 30, 2025 amounted to R$11,155 and R$22,973 (R$10,145 and R$24,161 for the three and six-months periods ended June 30, 2024).
18 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
11. Property and equipment
a) Property and equipment are composed as follows:
|
June 30, 2025
|
|||||
|
Cost
|
Accumulated depreciation
|
Net
|
|||
|
Data processing equipment
|
262,781
|
|
(122,717)
|
140,064
|
|
|
Machinery and equipment (i)
|
4,594,222
|
|
(2,223,724)
|
2,370,498
|
|
|
Buildings leasing (ii)
|
170,456
|
|
(89,314)
|
81,142
|
|
|
Other
|
63,148
|
|
(37,702)
|
25,446
|
|
|
Total
|
5,090,607
|
|
(2,473,457)
|
2,617,150
|
|
|
|
|
|
|
|
|
|
December 31, 2024
|
|||||
|
Cost
|
Accumulated depreciation
|
Net
|
|||
|
Data processing equipment
|
262,572
|
|
(110,100)
|
152,472
|
|
|
Machinery and equipment (i)
|
4,295,698
|
|
(1,990,778)
|
2,304,920
|
|
|
Buildings leasing (ii)
|
163,003
|
|
(79,415)
|
83,588
|
|
|
Other
|
62,214
|
|
(30,858)
|
31,356
|
|
|
Total
|
4,783,487
|
(2,211,151)
|
2,572,336
|
||
b) The changes in cost and accumulated depreciation were as follows:
|
Data processing equipment
|
Machinery and equipment (i)
|
Buildings Leasing (ii)
|
Other
|
Total
|
|
|
On December 31, 2023
|
|
|
|
|
|
|
Cost
|
244,452
|
3,658,969
|
154,343
|
47,540
|
4,105,304
|
|
Accumulated depreciation
|
(90,976)
|
(1,482,900)
|
(60,812)
|
(19,605)
|
(1,654,293)
|
|
Net book value
|
153,476
|
2,176,069
|
93,531
|
27,935
|
2,451,011
|
|
On December 31, 2024
|
|||||
|
Opening balance
|
|||||
|
Cost
|
18,120
|
636,729
|
8,660
|
14,674
|
678,183
|
|
Purchases
|
21,774
|
1,087,743
|
8,660
|
22,361
|
1,140,538
|
|
Disposals/Provisions (iii)
|
(3,654)
|
(451,014)
|
-
|
(7,687)
|
(462,355)
|
|
Depreciation
|
(19,124)
|
(507,878)
|
(18,603)
|
(11,253)
|
(556,858)
|
|
Depreciation
|
(22,651)
|
(780,291)
|
(18,603)
|
(16,829)
|
(838,374)
|
|
Disposals
|
3,527
|
272,413
|
-
|
5,576
|
281,516
|
|
Net book value
|
152,472
|
2,304,920
|
83,588
|
31,356
|
2,572,336
|
|
On December 31, 2024
|
|||||
|
Cost
|
262,572
|
4,295,698
|
163,003
|
62,214
|
4,783,487
|
|
Accumulated depreciation
|
(110,100)
|
(1,990,778)
|
(79,415)
|
(30,858)
|
(2,211,151)
|
|
Net book value
|
152,472
|
2,304,920
|
83,588
|
31,356
|
2,572,336
|
|
On June 30, 2025
|
|||||
|
Cost
|
209
|
298,524
|
7,453
|
934
|
307,120
|
|
Purchases
|
553
|
567,956
|
7,453
|
3,670
|
579,632
|
|
Disposals/Provisions (iii)
|
(344)
|
(269,432)
|
-
|
(2,736)
|
(272,512)
|
|
Depreciation
|
(12,617)
|
(232,946)
|
(9,899)
|
(6,844)
|
(262,306)
|
|
Depreciation
|
(12,934)
|
(421,290)
|
(9,899)
|
(8,202)
|
(452,325)
|
|
Disposals
|
317
|
188,344
|
-
|
1,358
|
190,019
|
|
Net book value
|
140,064
|
2,370,498
|
81,142
|
25,446
|
2,617,150
|
|
On June 30, 2025
|
|||||
|
Cost
|
262,781
|
4,594,222
|
170,456
|
63,148
|
5,090,607
|
|
Accumulated depreciation
|
(122,717)
|
(2,223,724)
|
(89,314)
|
(37,702)
|
(2,473,457)
|
|
Net book value
|
140,064
|
2,370,498
|
81,142
|
25,446
|
2,617,150
|
(i) Net book value of POS devices is R$2,320,148 (R$2,254,758 as of December 31, 2024), which are depreciated over 5 years. The depreciation of POS in the six-months period ended June 30, 2025, amounted to R$417,326 (R$369,167 in the six-months period ended June 30, 2024). On June 30, 2025, PagSeguro have contractual obligations to acquire POS devices in the amount of R$524,796 (R$417,064 as of December 31, 2024).
(ii) As of June 30, 2025, PagSeguro had a lease liability presented in other current liabilities in the amount of R$19,137 (R$15,506 as of December 31, 2024) and as non-current liability in the amount of R$66,004 (R$71,955 as of December 31, 2024). For the six-months ended June 30, 2025, the Group incurred in financial costs related to these leases of R$9,913 (R$9,263 in the six-months period ended June 30, 2024).
(iii) The Group monitors closely merchants activity and POS life-time value. If the Group detects inactivity for a certain period, the Group provisions write-off of POS devices associated. During the six-months ended June 30, 2025, the provisions for the net book value amounted R$73,792 (of which R$251,315 are cost and R$177,523 are accumulated depreciation), in comparison to R$95,865 (of which R$210,815 are cost and R$114,950 are accumulated depreciation) for the six-months ended June 30, 2024.
19 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
12. Intangible assets
a) Intangible assets are composed as follows:
|
June 30, 2025
|
|||||
|
Cost
|
Accumulated amortization
|
Net
|
|||
|
Expenditures related to software and technology (i)
|
5,629,324
|
(2,963,754)
|
2,665,570
|
||
|
Software licenses
|
386,164
|
(237,385)
|
148,779
|
||
|
Goodwill (ii)
|
227,066
|
-
|
227,066
|
||
|
Other
|
70,556
|
(60,099)
|
10,459
|
||
|
6,313,110
|
|
(3,261,236)
|
|
3,051,874
|
|
|
|
|
|
|
|
|
|
December 31, 2024
|
|||||
|
Cost
|
Accumulated amortization
|
Net
|
|||
|
Expenditures related to software and technology (i)
|
5,042,195
|
(2,520,174)
|
2,522,021
|
||
|
Software licenses
|
369,320
|
(209,128)
|
160,192
|
||
|
Goodwill (ii)
|
227,066
|
-
|
227,066
|
||
|
Other
|
70,569
|
(53,546)
|
17,023
|
||
|
5,709,150
|
|
(2,782,848)
|
|
2,926,302
|
|
(i)
The PagSeguro Group capitalizes
expenses incurred with the development of platforms, which are amortized over
their useful lives of approximately five years.
(ii) The amount refers the recognition of a capital gain with customer
portfolio with a fair value, non-compete agreement and softwares relationed to business
combinations made by the PagSeguro Group.
20 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024 (All amounts in thousands of reais unless otherwise stated) |
|
12. Intangible assets (continued)
The changes in cost and accumulated amortization were as follows:
|
Expenditures with software and technology
|
Software licenses
|
Goodwill
|
Other
|
Total
|
|||||
|
On December 31, 2023
|
|||||||||
|
Cost
|
3,887,300
|
335,561
|
227,066
|
70,569
|
4,520,496
|
||||
|
Accumulated amortization
|
(1,756,871)
|
(152,123)
|
-
|
(40,433)
|
(1,949,427)
|
||||
|
Net book value
|
2,130,429
|
|
183,438
|
|
227,066
|
|
30,136
|
|
2,571,069
|
|
On December 31, 2024
|
|||||||||
|
Cost
|
1,154,895
|
33,759
|
-
|
-
|
1,188,654
|
||||
|
Additions (i)
|
1,154,895
|
33,867
|
-
|
-
|
1,188,762
|
||||
|
Disposals
|
-
|
(108)
|
-
|
-
|
(108)
|
||||
|
Amortization
|
(763,303)
|
(57,005)
|
-
|
(13,113)
|
(833,421)
|
||||
|
Amortization
|
(763,303)
|
(57,113)
|
-
|
(13,113)
|
(833,529)
|
||||
|
Disposals
|
-
|
108
|
-
|
-
|
108
|
||||
|
Net book value
|
2,522,021
|
|
160,192
|
|
227,066
|
|
17,023
|
|
2,926,302
|
|
On December 31, 2024
|
|||||||||
|
Cost
|
5,042,195
|
369,320
|
227,066
|
70,569
|
5,709,150
|
||||
|
Accumulated amortization
|
(2,520,174)
|
(209,128)
|
-
|
(53,546)
|
(2,782,848)
|
||||
|
Net book value
|
2,522,021
|
|
160,192
|
|
227,066
|
|
17,023
|
|
2,926,302
|
|
On June 30, 2025
|
|||||||||
|
Cost
|
587,129
|
16,844
|
-
|
(13)
|
603,960
|
||||
|
Additions (i)
|
587,774
|
17,683
|
-
|
-
|
605,457
|
||||
|
Disposals
|
(645)
|
(839)
|
-
|
(13)
|
(1,497)
|
||||
|
Amortization
|
(443,580)
|
(28,257)
|
-
|
(6,553)
|
(478,388)
|
||||
|
Amortization
|
(443,739)
|
(29,096)
|
-
|
(6,557)
|
(479,392)
|
||||
|
Disposals
|
159
|
839
|
-
|
4
|
1,002
|
||||
|
Net book value
|
2,665,570
|
|
148,779
|
|
227,066
|
|
10,457
|
|
3,051,874
|
|
On June 30, 2025
|
|||||||||
|
Cost
|
5,629,324
|
386,164
|
227,066
|
70,556
|
6,313,110
|
||||
|
Accumulated amortization
|
(2,963,754)
|
(237,385)
|
-
|
(60,099)
|
(3,261,236)
|
||||
|
Net book value
|
2,665,570
|
|
148,779
|
|
227,066
|
|
10,459
|
|
3,051,874
|
(i) Refers to several and diverse expenditures with software and technology, mainly related to customer experience functionalities, such as digital payment and digital banking account.
The goodwill is allocated to the Cash Generating Units (CGUs) in each of the acquired companies that generated the goodwill and is demonstrated below:
|
|
June 30, 2025
|
|
December 31, 2024
|
|
MOIP
|
148,218
|
|
148,218
|
|
Concil
|
20,731
|
|
20,731
|
|
Netpos
|
17,158
|
|
17,158
|
|
Biva Serviços
|
14,627
|
|
14,627
|
|
Banco Seguro
|
12,612
|
|
12,612
|
|
PagSeguro Tecnologia
|
6,570
|
|
6,570
|
|
Zygo
|
5,768
|
|
5,768
|
|
Yami
|
1,382
|
|
1,382
|
|
Total
|
227,066
|
|
227,066
|
The recoverable amount of a CGU is determined based on value-in-use calculations, Group tested the recoverability of these assets for the year ended December 31, 2024 and concluded that the book balances of goodwill recorded are recoverable, for June 30, 2025 the Group evaluated and no new indicatives are came, therefore, no provision for impairment of was accounted for.
21 investors.pagseguro.com
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024 (All amounts in thousands of reais unless otherwise stated) |
|
13. Payables to third parties
Payables to merchants, in the amount of R$10,215,447 (R$11,642,218 as of December 31, 2024) correspond mainly to amounts to be paid to merchants related to transactions carried out by their card holders, net of the intermediation fees and discounts applied.
14. Obligations to FIDC quota holders
In October 2022, 100,000 new senior quotas of the FIDC were issued with a nominal value of R$1,000 each, totaling R$100 million with third party investors.
In November 2024, 1,000,000 new senior quotas of the FIDC were issued with a nominal value of R$1,000 each, totaling R$1 billion with an interest rate of 100% of the CDI plus a fixed rate of 1%. In the same operation, the Group entered swaps to change the interest rate accrual to 108% of the CDI. This operation has a specific objective of protect the risk from interest rate volatility for the investors remuneration changing fixed rates for CDI rates.
Obligations to FIDC quotas holders are being disclosed separately in the amount of R$1,230,530 in June 30, 2025 (R$1,151,384 in December 31, 2024) with an average cost of 108% of CDI (108% of CDI on December 31, 2024). During the three and six-months ended June 30, 2025 the remuneration refer the FIDC quotas holders amounted to R$42,120 and R$79,146 (R$3,681 and R$7,347 in the three and six-months ended June 30, 2024).
15. Checking accounts
|
June 30, 2025
|
December 31, 2024
|
||
|
Banking accounts (i)
|
9,694,402
|
10,972,294
|
|
|
Merchant’s payment account (ii)
|
835,474
|
1,058,279
|
|
|
10,529,876
|
12,030,573
|
(i) Refers to the balance of the clients maintained in their banking accounts that are invested in Certificate of Deposits with interest of up to 100% of CDI but are only paid on the 30th days anniversary.
(ii) Refers to merchant’s payment account that PagSeguro acquire treasury bonds to comply with certain requirements as mentioned in note 7.
During the six-months period ended June 30, 2025, the average interest cost associated with Checking Accounts amounted to 49% of CDI (58% of CDI on December 31, 2024).
22 investors.pagseguro.com
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024 (All amounts in thousands of reais unless otherwise stated) |
|
16. Banking issuances
| June 30, 2025 | December 31, 2024 | ||
|
Certificate of deposits (i)
|
17,188,975 | 17,038,525 | |
|
Interbank deposits (ii)
|
9,456,893 | 7,050,709 | |
| 26,645,868 | 24,089,234 | ||
|
Current
|
17,682,235 | 12,677,098 | |
|
Non - Current
|
8,963,633 | 11,412,136 |
(i) During the six-months period ended June 30, 2025, the average interest cost amounted to 105% of CDI (109% of CDI in December 31, 2024). Some deposits have interest rates correlated to the IPCA (Brazilian inflation rates) and fixed rates. For these certificates of deposit, the Group contracts derivative financial instruments (Swaps) with the specific objective of protecting deposits from fluctuations arising from inflation, changing IPCA and fixed rates for CDI rates. More details of financial instruments in note 28.
(ii) During the six-months period ended June 30, 2025, the average interest cost associated amounted to 108% of CDI (110% of CDI on December 31, 2024), On June 30, 2025, the PagSeguro Group issued R$1,000,000 in Public Financial Letter. The maturity date will be July 10, 2027. The notional amount and accrued interest will be paid at maturity. The operation was closed with an interest rate of CDI + 0.45% per year. In July the Company contracted a derivative financial instrument (“Swap”) to convert from CDI + 0.45% to 103.59% of CDI per year.
The maturity analysis of banking issuances based on the due date of the agreements (disregarding that some can be withdrawn at any time) is as follows:
|
|
|
June 30, 2025
|
|
December 31, 2024
|
|
Due within 30 days
|
|
4,091,873
|
|
4,289,493
|
|
Due within 31 to 120 days
|
|
4,390,759
|
|
5,258,608
|
|
Due within 121 to 180 days
|
|
1,432,094
|
|
763,642
|
|
Due within 181 to 360 days
|
|
7,767,509
|
|
2,365,355
|
|
Due within 361 days or more days
|
|
8,963,633
|
|
11,412,136
|
|
|
|
26,645,868
|
|
24,089,234
|
The changes in the amount were as follows:
|
On December 31, 2023
|
16,188,440
|
|
Additions
|
42,437,883
|
|
Withdraws
|
(35,607,575)
|
|
Interest
|
1,070,486
|
|
On December 31, 2024
|
24,089,234
|
|
Additions
|
26,283,806
|
|
Withdraws
|
(24,482,953)
|
|
Financial instruments
|
(10,830)
|
|
Interest
|
766,610
|
|
June 30, 2025
|
26,645,868
|
17. Salaries and social security charges
|
June 30, 2025
|
December 31, 2024
|
||
|
Payroll accruals and profit sharing
|
243,605
|
279,092
|
|
|
Social charges
|
43,162
|
|
56,641
|
|
Payroll taxes (LTIP) (i)
|
35,517
|
50,810
|
|
|
Other
|
15,022
|
16,100
|
|
|
337,306
|
402,643
|
(i) Refers to social charges and income tax over LTIP and LTIP goals balances.
23 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
18. Taxes and contributions
|
June 30, 2025
|
|
December 31, 2024
|
|
|
Taxes
|
|||
|
Services tax (i)
|
199,143
|
201,590
|
|
|
Social integration program (ii)
|
60,959
|
61,090
|
|
|
Social contribution on revenues (ii)
|
385,789
|
417,265
|
|
|
Income tax and social contribution (iii)
|
13,518
|
3,774
|
|
|
Other
|
25,582
|
22,357
|
|
|
684,991
|
706,076
|
||
|
|
|
|
|
|
June 30, 2025
|
December 31, 2024
|
||
|
Judicial deposits (iv)
|
|||
|
Services tax (i)
|
(186,353)
|
(188,449)
|
|
|
Social integration program (ii)
|
(34,440)
|
(33,110)
|
|
|
Social contribution on revenues (ii)
|
(211,937)
|
(203,755)
|
|
|
(432,730)
|
(425,314)
|
||
|
|
|
|
|
|
252,261
|
280,762
|
(i) Refers to tax on revenues.
(ii) Refers mainly to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) charged on financial income.
(iii) Refers to the income tax and social contribution payable.
(iv) The PagSeguro Group obtained until January 2021 court decisions to deposit the amount related to the payments in escrow for matters discussed in items “i” and “ii” and above.
19. Provision for contingencies
PagSeguro Group is party to labor and civil litigation in progress and are discussing such matters at the administrative and judicial levels, for which in some cases the PagSeguro Group has made corresponding judicial deposits. The likelihood of a negative outcome is assessed periodically and adjusted by management, when appropriate. Such an assessment considers the opinion of its external legal advisors.
|
June 30, 2025
|
December 31, 2024
|
||
|
Civil
|
89,601
|
73,114
|
|
|
Labor
|
60,950
|
|
41,846
|
|
150,551
|
114,960
|
||
|
|
|
|
|
|
Current
|
80,329
|
43,820
|
|
|
Non-Current
|
70,222
|
71,140
|
Below it is demonstrated the movements of the provision for contingencies in the six-months period ended June 30, 2025:
|
On December 31, 2023
|
97,219
|
|
Accrual
|
106,559
|
|
Settlement
|
(35,291)
|
|
Reversal
|
(60,860)
|
|
Interest
|
7,323
|
|
On December 31, 2024
|
114,960
|
|
Accrual
|
60,286
|
|
Settlement
|
21,348)
|
|
Reversal
|
(9,733)
|
|
Interest
|
6,386
|
|
On June 30, 2025
|
150,551
|
24 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
19. Provision for contingencies (continued)
The PagSeguro Group is party to tax and civil lawsuits involving risks classified as possible losses, for which no provision was recognized as of June 30, 2025, totaling R$1,122,856 (R$996,526 on December 31, 2024). The main tax lawsuits are disclosed below:
On October 15, 2021, Pagseguro Internet was assessed by the Brazilian Internal Revenue Service (“IRS”) for not collecting tax on financial operation (“IOF”) on intercompany loans, IOF is applicable over credit transactions of any nature, including intercompany loans. The amount of this assessment was R$328,443 (R$315,403 on December 31, 2024).
The Group has presented its defense, clarifying that the transactions carried out among PagSeguro and its subsidiaries are not credit transactions. The Pagseguro Group has a centralized cash pool and, according to the law, this kind of intercompany transaction is not taxable by IOF.
Additionally, the Group has one contingency related to labor taxes in the amount of R$244,720 (R$234,120 on December 31, 2024).
20. Borrowings
The composition of the borrowings are as follows:
|
Origination date
|
Due date
|
Interest rate
|
June 30, 2025
|
December 31, 2024
|
|
December, 2024
|
January, 2025
|
106.6% of the CDI
|
-
|
2,513,021
|
|
March, 2024
|
March, 2025
|
109.9% of the CDI
|
-
|
762,078
|
|
December, 2024
|
February, 2025
|
105.5% of the CDI
|
-
|
350,168
|
|
March, 2024 (i)
|
March, 2025
|
110.2% of the CDI
|
-
|
252,287
|
|
June, 2025
|
July, 2025
|
107.5% of the CDI
|
1,003,054
|
-
|
|
March, 2025
|
October, 2025
|
104.0% of the CDI
|
820,483
|
-
|
|
December, 2024 (i)
|
December, 2025
|
105.0% of the CDI
|
643,191
|
643,949
|
|
January, 2025 (i)
|
January, 2026
|
107.0% of the CDI
|
981,794
|
-
|
|
|
|
|
3,448,522
|
4,521,503
|
(i) These borrowings were contracted in foreign currencies as mentioned in the note 28.
The borrowings balance refers to funds for working capital related to the merchant’s prepayment operation and credit underwriting. These borrowings have attractive interest rates and has a substantially very short maturity date, therefore, the decision to raise funds through borrowings is based on market opportunities and financial efficiency regardless of the instrument used.
On June 30, 2025, the Group recorded the net effects of the swap derivatives as a liability in the amount of R$22,285, basically represented by the different foreign exchange rates and interest rate volatility at the time of entering into the borrowings agreements on June 30, 2025. More details of financial instruments are presented in note 28.
The table below demonstrates the changes in the borrowings:
|
December 31, 2023
|
Addition | Payment of principal | Financial instruments | Interest | Mark-to-market | December 31, 2024 |
|
189,427
|
8,883,160 | (4,785,598) | 59,574 | 174,940 | - | 4,521,503 |
|
December 31, 2024
|
Addition | Payment of principal | Financial instruments | Interest | Mark-to-market | June 30, 2025 |
|
4,521,503
|
4,748,000 | (5,955,370) | - | 133,711 | 678 | 3,448,522 |
25 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
21. Income tax and social contribution
a) Reconciliation of the deferred income tax and social contribution
|
Tax losses
|
Tax credit
|
Technological innovation (i)
|
Other temporary differences assets (ii)
|
Other temporary differences liability (iii)
|
Total
|
|
|
Deferred tax
|
||||||
|
On December 31, 2023
|
54,236
|
(4,496)
|
(729,868)
|
484,744
|
(1,537,847)
|
(1,733,231)
|
|
Included in the statement of income
|
(33,664)
|
(2,248)
|
(131,503)
|
(48,690)
|
192,147
|
(23,958)
|
|
Included in OCI (iv)
|
-
|
-
|
-
|
44,442
|
-
|
44,442
|
|
Other
|
21,464
|
-
|
(2,040)
|
(1,253)
|
86
|
18,257
|
|
On December 31, 2024
|
42,036
|
(6,744)
|
(863,411)
|
479,243
|
(1,345,614)
|
(1,694,490)
|
|
Included in the statement of income
|
(9,210)
|
(1,311)
|
(45,867)
|
10,656
|
171,526
|
125,794
|
|
Included in OCI (iv)
|
-
|
-
|
-
|
39,178
|
-
|
39,178
|
|
Other
|
-
|
-
|
-
|
2,450
|
-
|
2,450
|
|
On June 30, 2025
|
32,826
|
(8,055)
|
(909,278)
|
531,527
|
(1,174,088)
|
(1,527,068)
|
|
Deferred tax asset
|
80,358
|
|||||
|
Deferred tax liability
|
1,607,426
|
(i) Refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the tax charges on the capitalized amount intangible assets.
(ii) The main other assets temporary difference refers to expected credit losses (Note 9) and taxes and contributions (Note 18).
(iii) The main other liability temporary difference refers to gain on the ownership of FIDC quotas, that will be realized only in the redemption of such quotas.
(iv) The amount refers mainly to the tax on accounts receivable mark-to-market, more details in note 8.
Deferred tax assets are recognized for tax loss carry-forward to the extent that the realization of the related tax benefit through future taxable profits is probable. Tax losses do not have expiration date.
b) Reconciliation of the income tax and social contribution expense
PagSeguro Group computed income tax and social contribution under the taxable income method. The following is a reconciliation of the difference between the actual income tax and social contribution expense and the expense computed by applying the Brazilian federal statutory rate for the three and six-months ended June 30, 2025 and 2024.
|
|
Three-month ended June 30,
|
|
Six-month ended June 30,
|
||||||||
|
|
2025
|
2024
|
|
2025
|
2024
|
||||||
|
|
|
|
|
|
|
||||||
|
Profit for the period before taxes
|
616,246
|
577,726
|
|
1,196,154
|
1,150,094
|
||||||
|
Statutory rate
|
34%
|
34%
|
|
34%
|
34%
|
||||||
|
Expected income tax and social contribution
|
(209,524)
|
(196,427)
|
|
(406,692)
|
(391,032)
|
||||||
|
Income tax and social contribution effect on:
|
|
||||||||||
|
Permanent additions (exclusions)
|
|
||||||||||
|
Gifts
|
(720)
|
(961)
|
|
(1,096)
|
(1,673)
|
||||||
|
R&D and technological innovation benefit - Law 11,196/05 (i)
|
76,856
|
56,471
|
|
156,298
|
109,551
|
||||||
|
Taxation of income abroad (ii)
|
49,067
|
36,836
|
|
101,861
|
76,654
|
||||||
|
Recorded (unrecorded) deferred taxes
|
(195)
|
20,272
|
|
92
|
21,617
|
||||||
|
Other additions (exclusions)
|
5,028
|
9,728
|
|
15,234
|
20,982
|
||||||
|
Income tax and social contribution expense
|
(79,488)
|
(74,081)
|
|
(134,303)
|
(163,902)
|
||||||
|
Effective rate
|
13%
|
13%
|
|
11%
|
14%
|
||||||
|
Income tax and social contribution - current
|
(125,266)
|
(131,304)
|
|
(260,098)
|
(154,629)
|
||||||
|
Income tax and social contribution - deferred
|
45,779
|
57,223
|
|
125,795
|
(9,273)
|
||||||
(i) Refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the income tax charges, based on the amount invested by the PagSeguro Group on specific intangible assets, see note 12.
(ii) Some entities and investment funds adopt different taxation regimes according to the applicable rules in their jurisdictions, which differs from the Brazilian tax rate of 34% applied for the purpose of this note.
26 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
22. Equity
a) Share capital
On June 30, 2025, share capital is represented by 305,677,709 common shares, per value of US$0.000025. Share capital is composed of the following shares for the period ended June 30, 2025:
|
December 31, 2023 shares outstanding
|
329,608,424
|
|
|
Treasury shares
|
12,044,093
|
|
|
Long-Term Incentive Plan
|
3,200,293
|
|
|
Repurchase of common shares
|
(15,244,386)
|
|
|
December 31, 2024 shares outstanding
|
329,608,424
|
|
|
Treasury shares
|
11,953,369
|
|
|
Long-term incentive plan
|
3,067,643
|
|
|
Repurchase of common shares
|
(15,021,012)
|
|
|
Cancellation of shares
|
|
(23,930,715)
|
|
June 30, 2025 shares outstanding
|
305,677,709
|
b) Capital reserve
The capital reserve can only be used to increase capital, offset losses, redeem, reimburse or purchase shares or pay cumulative dividends on preferred shares. For the six-months periods ended June 30, 2025, and 2024, the Group recognized the capital reserve movement related to the costs of the FIDM and FIDC in the amount of R$1,136 (R$475 in December 31, 2024) and all the LTIP/ LTIP goals shares were delivered with treasury shares.
c) Share based long-term incentive plan (LTIP and LTIP goals)
Under the terms of the LTIP, upon completion of the IPO, the vested portion of each beneficiary’s LTIP rights was converted into Class A common shares of PagSeguro Digital at the IPO price (US$21.50) which is the assessed fair value at the grant date. As a result, the beneficiaries of the LTIP received a total of 1,823,727 new Class A common shares upon completion of the IPO.
LTIP-Goals was established by PagSeguro Brazil on December 18, 2018, as approved by the Company’s board of directors, modified and ratified on August 7, 2019, February 21, 2020, January 19, 2021, August 16, 2021, and December 22, 2021. Beneficiaries under the LTIP-Goals are selected by the LTIP-Goals Committee, which consists of the Company’s Chairman of the board of directors and two officers of UOL.
The unvested portions of each beneficiary’s LTIP and LTIP goals rights will be settled on each future annual vesting date in cash, Class A common shares or a combination of the two.
This arrangement is classified as equity settled. For the six-months period ended June 30, 2025, the Group recognized in equity, costs related to the LTIP and LTIP Goals in the total amount of R$57,731 (R$90,905 in the six-months period ended June 30, 2024). On June 30, 2025, the amount of R$35,517 (R$50,810 on December 31, 2024) was accounted for LTIP and LTIP Goals social charges, including withholding income tax (Note 17).
The maximum number of common shares that can be delivered to beneficiaries under the LTIP and LTIP Goals may not exceed 3% and 1% per year, respectively, of the PagSeguro Group’s issued share capital at any time. For the six-months ended June 30, 2025, total shares delivered were 3,067,643 (3,200,293 for the six-months ended June 30, 2024) representing 0.93% of total shares (1% for the six-months ended June 30, 2024). Additionally total shares granted were 2,918,715 representing 0.95% of total shares.
27 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
22. Equity (continued)
d) OCI and equity valuation adjustments
The Group recognizes in this account the accumulated effect of the foreign exchange variation resulting from the conversion of the financial statements of the foreign subsidiaries BCPS, Pagseguro Colombia, Pagseguro Chile, Pagseguro Peru, Pagseguro Mexico and PBMX México which amounted to a gain of R$959 in the six-months period ended June 30, 2025 (gain of R$644 in the six-months period ended June 30, 2024). This accumulated effect will be reverted to the result of the year as gain or loss only in case of disposal or write-off of the investment.
The financial investments and compulsory reserve mentioned in note 7 and 8, respectively, was classified at fair value through other comprehensive income. Unrealized accumulated loss on LFTs for the six-months period ended June 30, 2025 totaled R$125 (gain of R$463 in the six-months period ended June 30, 2024) and the unrealized loss in the accounts receivable mark-to-market, net of taxes, in the six-months period ended in June 30, 2025 totaled R$75,863 (R$0 in the six-months period ended June 30, 2024).
The derivative financial instruments mentioned in note 20 were classified at fair value through other comprehensive income. Unrealized fair value adjustment loss on SWAPs, net of taxes, in the six-months period ended June 30, 2025, totaled a loss of R$4,752 (loss of R$995 in the six-months period ended June 30, 2024).
As part of transactions completed in prior years, the PagSeguro Group also recognized in this account the difference between the book value and the amounts paid in the acquisitions of additional interests from the non-controlling shareholders of the subsidiary represented by the accumulated amount of R$22,372 (R$22,372 as of June 30, 2024).
e) Treasury shares
On August 2024, The Board of directors has authorized a share repurchase program, under which PagSeguro Digital Ltd. may repurchase up to US$200 million in outstanding Class A common shares. The former program (announced in 2018) was concluded after the repurchase of a total amount of US$250 million in Class A common shares.
On May 29, 2025, The Board of directors has authorized its third share repurchase program, under which PagSeguro Digital Ltd. may repurchase up to US$ 200 million in outstanding Class A common shares. The former program (announced in August 2024) was concluded after the repurchase of a total amount of US$200 million in Class A common shares. The new repurchase program will go into effect immediately and does not have a fixed expiration date.
The Company’s management is responsible for defining the timing and the number of shares to be acquired, within authorized limits.
On May 13, 2025, the Company’s Board of Directors approved the cancellation of 23,930,715 common shares held in treasury, in the total amount of R$1,208,680. As a result of cancellation PagSeguro’s share capital will be comprised of 305,677,709.
28 investors.pagseguro.com
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PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
22. Equity (continued)
Treasury shares are composed of the following shares for the six-months periods ended June 30, 2025:
|
Shares
|
Amount
|
Average Price (US$)
|
||||
|
December 31, 2023 treasury shares
|
13,739,418
|
760,318
|
10.51
|
|||
|
|
|
|
|
|
|
|
|
Repurchase of common shares
|
15,244,386
|
784,459
|
8.93
|
|||
|
Long-term incentive plan
|
(3,200,293)
|
(177,099)
|
10.51
|
|||
|
December 31, 2024 treasury shares
|
25,783,511
|
1,367,677
|
9.58
|
|||
|
|
|
|
|
|
|
|
|
Repurchase of common shares
|
15,021,012
|
696,167
|
8.02
|
|||
|
Long-term incentive plan
|
(3,067,643)
|
(159,803)
|
9.58
|
|||
|
Share cancellation
|
|
(23,930,715)
|
|
1,208,680
|
|
8.98
|
|
June 30, 2025 treasury shares
|
13,806,165
|
695,361
|
8.92
|
f) Dividends
On May 13, 2025 the Company’s Board of Directors approved the first payment of dividend of US$0.14 per common share of the Company. The dividends were paid on June 6, 2025, totaling R$236,037, being R$94,920 to UOL and R$141,117 to third-party shareholders.
On June 13, 2025 the Company’s Board of Directors approved the second payment of dividend of US$0.12 per common share of the Company. The dividends provisioned will be paid on August 15, 2025, to shareholders of record as of July 16, 2025 totaling R$191,133, being R$79,523 to UOL and R$111,609 to third-party shareholders. The provision is an estimate as it may be subject to small fluctuations caused by the exchange rate at the payment date.
23. Earnings per share
a) Basic
Basic earnings per share is calculated by dividing net income attributable to equity holders of PagSeguro Digital by the weighted average number of common shares issued and outstanding for the three and six-months periods ended June 30, 2025 and 2024:
|
Three-month ended June 30,
|
Six-month ended June 30,
|
||||
|
2025
|
2024
|
2025
|
2024
|
||
|
Profit attributable to stockholders of the Company
|
536,759
|
503,645
|
1,061,851
|
986,192
|
|
|
Weighted average number of outstanding common shares (thousands)
|
297,690,083
|
319,069,299
|
300,635,511
|
318,004,257
|
|
|
Basic earnings per share - R$
|
1.8031
|
1.5785
|
3.5320
|
3.1012
|
|
b) Diluted
Diluted earnings per share is calculated by dividing net income attributable to equity holders of PagSeguro Digital by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all dilutive potential common shares into common shares. The shares in the LTIP and LTIP Goals are the only shares with potential dilutive effect. In this case, a calculation is done to determine the number of shares that could have been acquired at fair value.
|
Three-month ended June 30,
|
Six-month ended June 30,
|
||||
|
2025
|
2024
|
2025
|
2024
|
||
|
Profit used to determine diluted earnings per share
|
536,759
|
503,645
|
1,061,851
|
986,192
|
|
|
Weighted average number of outstanding common shares (thousands)
|
297,690,083
|
319,069,299
|
300,635,511
|
318,004,257
|
|
|
Weighted average number of shares that would have been issued at average market price
|
3,000,944
|
3,190,901
|
2,470,586
|
3,718,777
|
|
|
Weighted average number of common shares for diluted earnings per share (thousands)
|
300,691,027
|
322,260,200
|
303,106,097
|
321,723,033
|
|
|
1.7851
|
1.5629
|
3.5032
|
3.0653
|
||
The weighted average number of outstanding common shares decreased due to the repurchase of common shares (treasury shares).
29 investors.pagseguro.com
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PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
24. Total revenue and income
| Three-month ended June 30, | Six-month ended June 30, | ||||
| 2025 | 2024 | 2025 | 2024 | ||
|
Gross amount from transaction activities and other services (i)
|
2,286,271 | 2,617,775 | 4,595,050 | 5,302,126 | |
|
Gross financial amount (ii)
|
2,980,499 | 2,175,871 | 5,731,134 | 4,058,253 | |
|
Gross other financial amount (iii)
|
237,420 | 178,604 | 450,635 | 327,815 | |
|
Total gross amount
|
5,504,190 | 4,972,250 | 10,776,819 | 9,688,194 | |
|
Deductions from gross amount from transactions activities and other services (iv)
|
(297,613) | (305,810) | (592,470) | (620,811) | |
|
Deductions from gross financial amount (v)
|
(78,231) | (62,786) | (131,572) | (113,172) | |
|
Deductions from gross other financial amount (vi)
|
(70,176) | (46,947) | (144,451) | (91,079) | |
|
Total deductions from gross amount
|
(446,020) | (415,543) | (868,493) | (825,062) | |
|
Total revenue and income
|
5,058,170 | 4,556,707 | 9,908,326 | 8,863,132 | |
(i) Includes mainly intermediation fee, membership fee and credit operations revenues.
(ii) Includes income from early payment of notes payable to third parties.
(iii) Includes (a) interest of financial investments and (b) gain on exchange variation.
(iv) Deductions consist of transactions taxes.
(v) Deductions consist of taxes on financial income.
(vi) Deductions consist of taxes on other financial income.
25. Expenses by nature
| Three-month ended June 30, | Six-month ended June 30, | ||||
| 2025 | 2024 | 2025 | 2024 | ||
|
Transactions costs (i)
|
(1,735,870) | (1,760,914) | (3,451,294) | (3,387,456) | |
|
Marketing and advertising
|
(225,510) | (220,276) | (435,784) | (429,579) | |
|
Personnel expenses (ii)
|
(347,373) | (351,179) | (695,219) | (685,860) | |
|
Financial costs (iii)
|
(1,279,567) | (863,421) | (2,457,346) | (1,690,554) | |
|
Total Losses (iv)
|
(97,549) | (113,020) | (181,000) | (215,758) | |
|
Depreciation and amortization (vi)
|
(451,846) | (391,172) | (890,854) | (762,686) | |
|
Other (v)
|
(304,209) | (278,999) | (600,675) | (541,145) | |
| (4,441,924) | (3,978,981) | (8,712,172) | (7,713,038) | ||
|
Classified as:
|
|||||
|
Cost of services
|
(2,410,767) | (2,332,155) | (4,770,941) | (4,502,856) | |
|
Selling expenses
|
(452,379) | (467,319) | (875,484) | (904,746) | |
|
Administrative expenses
|
(226,650) | (216,236) | (469,598) | (446,852) | |
|
Financial costs
|
(1,279,523) | (863,421) | (2,457,346) | (1,690,554) | |
|
Other income (expenses), net
|
(72,605) | (99,850) | (138,803) | (168,030) | |
| (4,441,924) | (3,978,981) | (8,712,172) | (7,713,038) | ||
(i)
Transactions costs is mainly composed
by: (i) costs related to interchange fees of card issuers in the amount of R$1,436,805
and R$2,882,543 in the three and six-months periods ended June 30, 2025 (R$1,453,990
and R$2,788,220 in the three and six-months periods ended June 30, 2024) and
(ii) card scheme fees in the amount of R$282.199 and R$532,487 in the three and
six-months periods ended June 30, 2025 (R$274,296 and R$531,314 in the three
and six-months periods ended June 30, 2024).
(ii)
Personnel expenses includes
compensation expenses in the amount of R$20,608 and R$43,275 related to the
LTIP and LTIP goals for the three and six-months periods ended June 30, 2025
(R$38,273 and R$79,714 for the three and six-months periods ended June 30, 2024).
Personnel expenses, include capitalization of LTIP and LTIP goals
in the amount of R$22,647 and R$51,054 in the three and six-months periods
ended June 30, 2025 (R$29,903 and R$60,414 in the three and six-months periods
ended June 30, 2024).
(iii) Relates to: (i) the early collection of receivables, which
amounted to R$148,534 and R$306,703 in the three and six-months periods ended June
30, 2025 (R$92,647
and R$254,688 in the three and six-months periods ended June 30, 2024), (ii)
interest of deposits and banking accounts which amounted to R$938,192 and R$1,785,400
in the three and six-months period ended June 30, 2025 (R$723,147 and R$1,351,571 in the
three and six-months periods ended June 30, 2024) and (iii) interest of
borrowings which amounted to R$87,141 and R$152,662 in the three and six-months
period ended June 30, 2025 (R$40,887 and R$50,682 in the three and six-months
period ended June 30, 2024).
(iv) Total losses refer to amounts recognized during the three
and six-months periods ended June 30, 2025 related to: (i) card processing
operations (acquiring and issuing) and losses on digital accounts in the amount
of R$69,789 and R$132,177 in the three and six-months periods ended in June 30,
2025 (compared to R$58,323 and R$130,440 in the three and six-months periods
ended June 30, 2024) and (ii) Provision for delinquency rate of credit
portfolio in the amount of R$27,760 and R$48,823 in the three and six-months
periods ended in June 30, 2025 (R$37,243 and R$67,864 in the three and six-months
periods ended June 30, 2024).
(v)
For the three and six-months periods
ended on June 30, 2025, the amount is impacted by R$36,043 and R$73,791 (R$39,702
and R$95,865 for the three and six-months period ended June 30, 2024) related
to provision of POS devices, as described in note 11. The increase is mainly impacted
by higher consumption of software, cloud and consulting services which amounted
to R$213,634 and R$418,603 in the three and six-months period ended June 30,
2025 (R$145,360 and R$299,679 in the three and six-months period ended June 30,
2024).
30 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
25. Expenses by nature (continued)
(vi) Depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:
| Three-month ended June 30, | Six-month ended June 30, | |||||
| 2025 | 2024 | 2025 | 2024 | |||
|
Depreciation
|
||||||
|
Cost of services (i)
|
(219,294) | (198,565) | (434,844) | (387,964) | ||
|
Selling expenses
|
(1,951) | (257) | (3,616) | (294) | ||
|
Administrative expenses
|
(7,014) | (6,322) | (13,865) | (13,120) | ||
| (228,259) | (205,144) | (452,325) | (401,378) | |||
|
Amortization
|
||||||
|
Cost of services
|
(237,960) | (196,471) | (466,370) | (380,909) | ||
|
Administrative expenses (ii)
|
(6,460) | (6,842) | (13,022) | (13,965) | ||
| (244,420) | (203,313) | (479,392) | (394,874) | |||
|
PIS and COFINS credits (iii)
|
20,833 | 17,285 | 40,863 | 33,566 | ||
|
Depreciation and amortization expense, net
|
(451,846) | (391,172) | (890,854) | (762,686) | ||
(i) The depreciation of POS in the three and six-months periods ended June 30, 2025 amounted to R$210,767 and R$417,327 (R$189,066 and R$369,167 in the three and six-months periods ended June 30, 2024).
(ii) Included in this amount are LTIP and LTIP goals in the amount of R$16,853 and R$32,443 in the three and six-months ended June 30, 2025 (R$14,404 and R$27,752 for the three and six-months ended June 30, 2024). Additionally, has assets amortizations of acquired companies in the amount of R$5,408 and R$10,816 in the three and six-months periods ended June 30, 2025 (R$5,408 and R$10,816 in the three and six-months periods ended June 30, 2024).
(iii) PagSeguro Brazil has a tax benefit on PIS and COFINS that allows it to reduce the depreciation and amortization over some operational expenses when incurred. This tax benefit is recognized directly as a reduction of depreciation and amortization expenses.
31 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
26. Financial instruments by category
The PagSeguro Group estimates the fair value of its financial instruments using available market information and appropriate valuation methodologies for each situation.
The interpretation of market data, as regards the choice of methodologies, requires considerable judgment and the establishment of estimates to reach an amount considered appropriate for each situation. Therefore, the estimates presented may not necessarily indicate the amounts that could be obtained in the current market. The use of different hypotheses to calculate market value or fair value may have a material impact on the amounts obtained. The assets and liabilities presented in this note were selected based on their relevance.
The PagSeguro Group believes that the financial instruments recognized in these consolidated interim financial statements at their carrying amount are substantially similar to their fair value. However, since they do not have an active market (except for the LFT included in financial investments, which is actively traded in the market), variations could occur in the event the PagSeguro Group were to decide to settle or realize them in advance.
The PagSeguro Group classifies its financial instruments into the following categories:
|
June 30, 2025
|
December 31, 2024
|
|
|
Financial assets
|
||
|
Amortized cost:
|
||
|
Cash and cash equivalents
|
1,128,207
|
927,668
|
|
Financial investments
|
379,463
|
362,979
|
|
Accounts receivables
|
54,616,729
|
57,984,253
|
|
Compulsory reserve
|
4,305,219
|
4,627,645
|
|
Other receivables
|
282,129
|
284,367
|
|
Judicial deposits
|
90,205
|
79,591
|
|
Receivables from related parties
|
29,869
|
31,849
|
|
Fair value through other comprehensive income
|
||
|
Accounts receivables
|
3,377,440
|
1,819,020
|
|
Financial investments
|
68,549
|
124,945
|
|
Compulsory reserve
|
120,807
|
133,759
|
|
Derivative financial instruments
|
-
|
58,470
|
|
64,398,617
|
66,434,546
|
|
|
|
|
|
|
Financial liabilities
|
June 30, 2025
|
December 31, 2024
|
|
Amortized cost:
|
||
|
Payables to third parties
|
10,215,447
|
11,642,218
|
|
Obligations to FIDC quota holders
|
10,529,876
|
1,151,384
|
|
Checking Accounts
|
1,230,530
|
12,030,573
|
|
Trade payables
|
536,171
|
663,229
|
|
Dividends payables
|
191,133
|
-
|
|
Payables to related parties
|
1,096,131
|
1,131,246
|
|
Banking Issuances
|
26,645,868
|
24,089,234
|
|
Borrowings
|
3,448,522
|
4,521,503
|
|
Deferred revenue
|
122,930
|
145,428
|
|
Other liabilities
|
184,122
|
198,734
|
|
Fair value through profit or loss
|
||
|
Derivative financial instruments
|
38,947
|
67,181
|
|
Fair value through other comprehensive income
|
||
|
Derivative financial instruments
|
22,285
|
2,788
|
|
54,261,962
|
55,643,518
|
32 investors.pagseguro.com
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PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
27. Financial risk management
The PagSeguro Group’s activities expose it to a variety of financial risks: market risk, fraud risk (total losses), credit risk and liquidity risk. The PagSeguro Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the PagSeguro Group’s financial performance.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. In the Pagseguro Group, market risk comprises interest rate risk and foreign currency risk and other price risk, such as equity price risk.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Pagseguro Group’s exposure to the risk of changes in market interest rates arises primarily from financial investments and deposits both subject to variable interest rates, principally the CDI rate. The Pagseguro Group conducted a sensitivity analysis for the following twelve months of the interest rate risks to which the financial instruments are exposed as of June 30, 2025. For this analysis, the Pagseguro Group adopted a probable scenario maintaining the actual interest rates of 14.90% for the CDI and two simulations with a 100 bps to increase and decrease with a interest rates of 14.90% and 13.90% of the CDI, respectively. As a result, financial income (with respect to financial investments) and financial expense (with respect to certificate of deposit, corporate securities, banking accounts and interbank deposits) would be impacted as follows:
|
Transaction
|
Interest rate risk
|
Book Value
|
Probable scenario with maintaining of CDI (14.90%)
|
Simulated scenario with increase to 15.90%
|
Simulated scenario with decrease to 13.90%
|
|
Short-term investment
|
100% of CDI
|
741,320
|
110,457
|
117,870
|
103,043
|
|
Financial investments
|
100% of CDI
|
448,012
|
66,754
|
71,234
|
62,274
|
|
Compulsory reserve
|
100% of CDI
|
4,426,026
|
659,478
|
703,738
|
615,218
|
|
Certificate of Deposit
|
105% of CDI
|
17,188,975
|
(2,689,215)
|
(2,869,699)
|
(2,508,731)
|
|
Certificate of Deposit - related party
|
105% of CDI
|
1,022,553
|
(159,978)
|
(170,715)
|
(149,242)
|
|
Interbank deposits
|
108% of CDI
|
9,456,893
|
(1,521,803)
|
(1,623,938)
|
(1,419,669)
|
|
Banking Accounts
|
49% of CDI
|
10,529,876
|
(768,786)
|
(820,383)
|
(717,190)
|
|
Borrowings
|
106% of CDI
|
3,448,522
|
(544,660)
|
(581,214)
|
(508,105)
|
|
Obligations to FIDC quota holders
|
108% of CDI
|
1,230,530
|
(198,017)
|
(211,307)
|
(184,727)
|
|
Total
|
(5,045,770)
|
(5,384,414)
|
(4,707,129)
|
Foreign exchange risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Pagseguro Group’s exposure to the risk when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency. The Company’s risk is mainly related to POS purchases. Pagseguro Tecnologia, BCPS, PSGP Mexico, Pagseguro Colombia, Pagseguro Chile and Pagseguro Peru that have revenues in other currencies and cash and cash equivalents maintained in other countries foreign currency exposure generated in companies like PagSeguro Colombia, PagSeguro Chile, are being hedged through a non-derivative forward.
Equity price risk
The Pagseguro Group’s non-listed equity investments are susceptible to market price risk arising from uncertainties about future values of the investment. As of June 30, 2025, and December 31, 2024, the exposure to equity price from such investments was not material.
33 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
27. Financial risk management (continued)
Fraud risk (chargeback)
The PagSeguro Group’s sales transactions are susceptible to potentially fraudulent or improper sales and it uses the following two processes to control the fraud risk:
(i) The first process consists of monitoring, on a real time basis, the transactions carried out with credit and debit cards and payment slips, through an anti-fraud system. This process approves or rejects suspicious transactions at the time of the authorization, based on statistical models that are revised on a periodic basis.
(ii) The second process detects chargebacks and disputes not identified by the first process. This is a supplemental process and increases the PagSeguro Group’s ability to avoid new frauds. PagSeguro’s expenses with chargebacks are disclosed in note 25.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Pagseguro Group is exposed to credit risk from its operating activities (primarily accounts receivable) and from its financing activities, including deposits with banks and financial institutions, and other financial instruments such as loans and credit card receivables with the Company’s customers.
Credit risk is managed on a group basis and for its accounts receivable is limited to the possibility of default by: (a) the card issuers, which have the obligation of transferring to the credit and debit card labels the fees charged for the transactions carried out by their card holders, (b) the acquirers, which are used by the PagSeguro Group to approve transactions with the issuers and (c) analyses for the customers background to provide access to credit portfolio.
In order to mitigate this risk, PagSeguro Brazil has established a Credit Committee, whose responsibility is to assess the level of risk of each of the card issuers served by PagSeguro Group, classifying them into three groups:
(i) Card issuers with a low level of risk, with credit ratings assigned by FITCH, S&P and Moody’s, which do not require additional monitoring; and
(ii) Card issuers with a medium level of risk, which are also monitored in accordance with the financial metrics and ratios; and
(iii) Card issuers with a high level of risk, which are assessed by the committee at monthly meetings.
PagSeguro Group has a rating process for loans and credit, based on statistical application models (in the early stages of customer relationships) and behavior scoring (used for customers who already have a relationship history). A process for designing, calibrating, and implementing policies and guidelines for granting credit and calibrating collection rules.
A process for monitoring the portfolio’s risk profile, with a prospective view, which generates early warning feedbacks to the credit granting policies and risk classification models in a timely manner.
Liquidity risk
The PagSeguro Group manages liquidity risk by maintaining reserves, bank and credit lines in order to obtain borrowings, when deemed appropriate. The PagSeguro Group continuously monitors actual and projected cash flows and matches the maturity profile of its financial assets and liabilities in order to ensure that the PagSeguro Group has enough funds to honor its obligations to third parties and meet its operational needs.
The PagSeguro Group invests surplus cash in interest bearings financial investments, choosing instruments with appropriate maturity or enough liquidity to provide adequate margin as determined by the forecasts. On June 30, 2025, PagSeguro Group held cash and cash equivalents of R$1,128,207 (R$927,668 on December 31, 2024).
34 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
27. Financial risk management (continued)
The table below shows the PagSeguro Group’s non-derivative financial liabilities divided into the relevant maturity group based on the remaining period from the balance sheet date and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
|
Due within 30 days
|
Due within 31 to 120 days
|
Due within 121 to 180 days
|
Due within 181 to 360 days
|
Due to 361 days or more days
|
|||||
|
On June 30, 2025
|
|||||||||
|
Payables to third parties
|
5,315,423 | 3,050,548 | 866,532 | 900,253 | 82,690 | ||||
|
Checking accounts
|
10,661,499 | - | - | - | - | ||||
|
Obligations to FIDC quota holders
|
- | 150,114 | - | - | 1,262,524 | ||||
|
Trade payables
|
526,975 | 9,195 | - | - | - | ||||
|
Payables to related parties
|
- | 73,511 | - | 20,357 | 1,159,906 | ||||
|
Borrowings
|
1,016,353 | 853,115 | - | 1,818,871 | - | ||||
|
Banking issuances
|
4,145,374 | 4,562,987 | 1,525,717 | 8,681,551 | 10,370,027 | ||||
|
On December 31, 2024
|
|||||||||
|
Payables to third parties
|
7,408,721 | 2,902,945 | 607,624 | 638,359 | 84,570 | ||||
|
Checking accounts
|
12,153,386 | - | - | - | - | ||||
|
Obligations to FIDC quota holders
|
- | - | - | 147,729 | 1,151,767 | ||||
|
Trade payables
|
590,500 | 72,092 | 347 | 291 | - | ||||
|
Trade payables to related parties
|
- | 70,285 | - | 50,460 | 1,142,913 | ||||
|
Borrowings
|
2,540,481 | 1,409,264 | - | 707,278 | - | ||||
|
Banking issuances
|
4,337,470 | 5,435,056 | 806,348 | 2,603,457 | 12,943,828 |
Social, environmental and climate risks
Social, environmental and climate risks are the possibility of losses due to exposure to events of social, environmental and/or climate origin related to the activities carried out by the PagSeguro Group. Management evaluated the social, environmental and climate factors in which its businesses are inserted and considers them to have a low impact on the creation of shared value in the short, medium, and long term.
In the specific case of climate risks, they are divided into two categories: (i) physical risks, stemming from changes in weather patterns, such as increased rainfall, droughts, and extreme climate events, and (ii) transition risks, related to impacts associated with adaptation to a low-carbon economy, including new regulations, technological changes, and shifts in consumer preferences. For the purposes of climate risk analysis, the Group uses the Task Force on Climate-related Financial Disclosures (TCFD) methodology and the methodologies within the Central Bank’s regulatory framework.
Despite this, to mitigate social, environmental and climate risks, actions are carried out to analyze processes, risks and controls, follow up on new rules related to the topic and record occurrences in internal systems. In addition to identification, the stages of prioritization, risk response, mitigation, monitoring and reporting of assessed risks complement the management of this risk at the PagSeguro Group.
35 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
28. Derivative Financial Instruments designated to Hedge Accounting
The Pagseguro Group trades derivative financial instruments (SWAPs) to manage its overall exposures (foreign currency, inflation index and interest rate).
i) Cash flow hedge
In December 2024 and January 2025, the PagSeguro Group entered in an EU€100 million and EU€150 million borrowings agreements, respectively, with a maturity of one-year from the execution date and the payments will be made with a single instalment as the due date. In both operations, the Company contracted into a swaps, with the specific objective to protect said borrowings from fluctuations arising from exchange variation, changing the risk to CDI. All the amounts are covered with the derivatives and the same due date is applied.
Below is the composition of the derivative financial instrument’s portfolio by type of instrument, asset value, liability value and fair value, financial instrument and MTM registered in OCI:
| June 30, 2025 | ||||
|
Risk factor
|
Liabilities (i) | Financial Instruments (ii) | Fair Value | MTM |
|
Swap of currency EUR
|
(643,348) | 3,938 | 5,413 | (1,475) |
|
Swap of currency EUR
|
(985,031) | (26,222) | (24,184) | (2,038) |
| December 31, 2024 | ||||
|
Risk factor
|
Liabilities (i) | Financial Instruments (ii) | Fair Value | MTM |
|
Swap of currency EUR
|
(644,960) | 2,437 | 7,024 | (4,587) |
|
Swap of currency USD
|
(253,098) | 55,467 | 47,760 | 7,707 |
(i) The amounts include taxes that was presented in taxes and contributions.
(ii) In the balance sheet the amounts presented in derivative financial instruments include others financial instruments not-designated to hedge accounting.
ii) Fair value hedge
The PagSeguro Group issued certificate of deposits with interest rates correlated to the IPCA (Brazilian inflation rates) and interest fixed rates. For these certificates of deposits, the Group entered into swaps with the specific objective of protecting said deposits from fluctuations arising from inflation and high interest rates, changing them for CDI rates. All the amounts, which include principal and interest, are covered and the same due dates are applied. Below is the composition of the derivative financial instrument portfolio by type of instrument, liability value and fair value, financial instrument and MTM registered in profit and loss.
|
|
June 30, 2025
|
|||
|
Asset (Liability)
|
Financial Instruments (i)
|
Fair Value
|
MTM
|
|
|
Payroll loans portfolio
|
434,568
|
(1,370)
|
(2,812)
|
1,442
|
|
Fixed rated CDB
|
(8,379,687)
|
(35,376)
|
(48,817)
|
13,441
|
|
Fixed rated Loan
|
(1,002,377)
|
(64)
|
682
|
(746)
|
|
|
|
|
|
|
|
|
December 31, 2024
|
|||
|
Asset (Liability)
|
Financial Instruments (i)
|
Fair Value
|
MTM
|
|
|
Payroll loans portfolio
|
697,913
|
2,025
|
(694)
|
2,719
|
|
Fixed rated CDB
|
(9,887,820)
|
(57,453)
|
(29,178)
|
(28,275)
|
(i) In the balance sheet the amounts presented in derivative financial instruments include others financial instruments not-designated to hedge accounting.
36 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
28. Derivative Financial Instruments designated to Hedge Accounting (continued)
The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding processes, as well as avoiding concentration of these risks, Additionally, as the main financial assets and financial liabilities of the Group are measured by CDI, the PagSeguro Group’s strategy is to change any other risk factors to CDI. The PagSeguro Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. The Group performs the hedging account effectiveness as each reporting date test and for the three and six-months period ended June 30, 2025 and the year ended December 31, 2024, these tests were effective.
29. Non-cash Transactions
|
Six-month period ended June 30,
|
||
|
2025
|
2024
|
|
|
Non-cash operation activities
|
||
|
Distribution of LTIP with treasury shares
|
159,803
|
177,099
|
|
Share cancellation
|
1,208,680
|
-
|
|
MTM of financial assets
|
(115,231)
|
463
|
|
|
|
|
|
Non-cash investing activities
|
||
|
Property and equipment acquired through lease
|
7,453
|
1,784
|
30. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy is used to measure fair value, as shown below:
- Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.
- Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
- Level 3 - Inputs for the assets and liabilities that are not based on observable market data (that is, unobservable inputs).
The PagSeguro Group believes that the financial instruments recognized in these consolidated interim financial statements at their carrying amount are substantially similar to its fair value. Regarding financial assets, they are comprised by accounts receivable from credit/debit card issuers and acquirers originated from transactions through PagSeguro Group payment platform comprised of transactions approved by large financial institutions in the normal course of business. The financial investments are represented by government bonds with quoted prices in an active market and recognized in the balance sheet based on its fair value.
Financial liabilities are mostly represented by deposits and short-term payables to merchants which are paid in accordance with the contract set out with the merchant and other short-term payables to service providers in the normal course of business and, as such, also approximate from their fair values. There were no transfers between Levels 1, 2 and 3 in 2025.
37 investors.pagseguro.com
|
PagSeguro Digital Ltd.
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2025 and for the three and six-month periods ended June 30, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
|
|
30. Fair value measurement (continued)
The following table provides the fair value measurement hierarchy of PagSeguro Group’s financial assets and financial liabilities as of June 30, 2025:
| June 30, 2025 | |||
|
Quoted prices in active markets (Level 1) |
Significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
|
|
Financial assets
|
|||
|
Cash and cash equivalents
|
29,102 | 1,099,106 | - |
|
Financial investments
|
68,549 | 379,463 | - |
|
Compulsory reserve
|
4,426,026 | - | - |
|
Accounts receivable
|
- | 57,994,169 | - |
|
Derivative financial instruments
|
- | - | - |
|
Other receivables
|
- | 282,129 | - |
|
Judicial deposits
|
- | 90,205 | - |
|
Receivables from related parties
|
- | 29,869 | - |
|
Financial liabilities
|
|||
|
Payables to third parties
|
- | 10,215,447 | - |
|
Checking accounts
|
- | 10,529,876 | - |
|
Obligations to FIDC quota holders
|
- | 1,230,530 | - |
|
Trade payables
|
- | 536,171 | - |
|
Payables to related parties
|
- | 1,096,131 | - |
|
Dividends payables
|
- | 191,133 | - |
|
Banking issuances
|
- | 26,645,868 | - |
|
Borrowings
|
- | 3,448,522 | - |
|
Derivative financial instruments
|
- | 61,232 | - |
|
Deferred revenue
|
- | 122,930 | - |
|
Other liabilities
|
- | 184,122 | - |
|
December 31, 2024
|
|||
|
|
Quoted prices in active markets
(Level 1) |
Significant observable inputs
(Level 2) |
Significant unobservable inputs
(Level 3) |
|
Financial assets
|
|||
|
Cash and cash equivalents
|
27,730
|
899,938
|
-
|
|
Financial investments
|
124,945
|
362,979
|
-
|
|
Compulsory reserve
|
4,761,404
|
-
|
-
|
|
Accounts receivable
|
-
|
59,803,273
|
-
|
|
Derivative financial instruments
|
-
|
58,470
|
-
|
|
Other receivables
|
-
|
284,367
|
-
|
|
Judicial deposits
|
-
|
79,591
|
-
|
|
Receivables from related parties
|
-
|
31,849
|
-
|
|
Financial liabilities
|
|||
|
Payables to third parties
|
-
|
11,642,218
|
-
|
|
Checking accounts
|
-
|
12,030,573
|
-
|
|
Obligations to FIDC quota holders
|
-
|
1,151,384
|
-
|
|
Trade payables
|
-
|
663,229
|
-
|
|
Payables to related parties
|
-
|
1,131,246
|
-
|
|
Deposits
|
-
|
24,089,234
|
-
|
|
Derivative financial instruments
|
-
|
4,521,503
|
-
|
|
Borrowings
|
-
|
69,969
|
-
|
|
Deferred revenue
|
-
|
145,428
|
-
|
|
Other liabilities
|
-
|
198,734
|
-
|
31. Subsequent Events
In July 2025, the PagSeguro Group paid R$1,013,056 related to a borrowing contracted in June 2025.
38 investors.pagseguro.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 13, 2025
|
|
PagSeguro Digital Ltd.
|
|
|
|
|
|
|
|
By:
|
/s/ Artur Schunck
|
|
|
Name:
|
Artur Schunck
|
|
|
Title:
|
Chief Financial Officer,
Chief Accounting Officer and
Investor Relations Officer
|
FAQ
What were PagSeguro's (PAGS) quarterly and six‑month net incomes?
Quarterly net income was R$536,759 and six‑month net income was R$1,061,851, both higher than the comparable prior periods.
How did PagSeguro's operating cash flow perform in the period?
Net cash provided by operating activities was R$3,451,822 versus a use of R$(2,126,607) in the prior year period.
What is PagSeguro's funding position and level of banking issuances?
Banking issuances totaled R$26,645,868 (current R$17,682,235; non‑current R$8,963,633), up from R$24,089,234 at year‑end.
How much did PagSeguro invest in property, equipment and technology?
Purchases of property and equipment were R$572,179 and purchases/development of intangible assets were R$605,457 for the six‑month period.
What are the key credit metrics for PagSeguro's receivables?
Total accounts receivable were R$57,994,169 with expected credit losses of R$(294,345); receivables net of ECL for credit portfolio totaled R$3,578,730.
Pagseguro Digita