StoneCo Ltd.

Good evening, everyone. Thank you for standing by. Welcome to StoneCo's fourth quarter and fiscal year 2025 earnings conference call. By now, everyone should have access to our earnings release. The company also posted a presentation to go along with its call. All material can be found online at investors.stone.co. Before we begin the call, I advise you to review the disclaimer included in the press release and presentation, which outlines important information about forward-looking statements and non-IFRS financial measures. In addition, many of the risks regarding the business are disclosed in the company's Form 20-F, filed with the Securities and Exchange Commission, which is available at www.sec.gov. In hindsight, I would like to highlight that the company is restricting the number of questions to one per analyst. Joining the call today is StoneCo's former CEO, Pedro Zinner, the incoming CEO, Mateus Scherer, the CFO and IRO, Diego Salgado, and the head of IR, Roberta Noronha. I would now like to turn the conference over to Pedro Zinner.

Thank you, operator, and good evening, everyone. This call marks the conclusion of my journey as CEO of Stone, and the beginning of a new chapter as I transitioned leadership to Matheus. During my tenure, we chose to fight complexity directly, simplifying the business, sharpening our focus on payments, banking and credit, and building a more resilient and scalable platform for long-term growth. In 2025, that meant selling our software assets, Lynx, to TOTUS for more than 3 billion reais. not because it was a bad business but because it set outside the intersection where our competitive advantages live it also meant expanding our credit book prudently launching products like tapstone and payments links with the zero settlement unifying our technology stack and deploying ai where it reduces cost and improves quality adjusted eps grew 34 percent year over year Return on equity expanded 26% in the fourth quarter of 25, and we closed the year with a robust net cash position. I'm deeply proud of the team and what we have built together. I would also like to sincerely thank our investors for their continued trust, partnership, and support throughout this journey. From a new future role as non-executive chairman of the board, I remain fully committed to supporting Storm's continued evolution and long-term vision. Thinking like an owner, protecting what we have built and contributing to what comes next. I have complete confidence in Matteo's leadership. He has been one of the architects of Storm's transformation, helping restore discipline, simplify the business and focus the organization on what truly matters. He brings clarity of direction, analytical rigor, and the right sense of urgency to accelerate execution and continue elevating what matters most, delivering value to our clients and building intrinsic value per share. With that, I'll hand it over to Matheus, your new CEO, who will walk you through our fourth quarter and full year 2025 results.

Thank you Pedro and good evening everyone. Before getting into the results, I want to thank Pedro for his leadership and commitment to Stone over the past years. It has been a privilege to work alongside him and I'm honored to step into this role as we continue building Stone as the financial partner for entrepreneurs across Brazil. Now, turning to slide 3, we highlight our full year performance relative to the guidance we provided at the beginning of the year. Despite a challenging macroeconomic environment, we delivered solid results while remaining fully committed to our capital allocation framework and to returning excess capital to shareholders. Our adjusted gross profit reached 6.319 billion, an increase of 13.5% year over year. Importantly, when factoring in the 1.8 billion reais in share repurchases executed in the second half of the year, which had an estimated 60 million reais impact on gross profit, our adjusted gross profit would have reached 6.379 billion, slightly above our guidance of 6.375 billion adjusted basic tps came in at 9.71 reais per share representing a 34 year-over-year growth and exceeding the 9.60 reais per share guidance reflecting discipline operational execution and a consistent focus on capital efficiency On capital allocation, one year ago we identified a position of R$ 3 billion in excess capital. Through to our commitment, we distributed the full R$ 3 billion over the course of the year, representing a 15% yield. We remain disciplined in our capital allocation strategy and will continue returning capital to shareholders whenever we do not identify immediate value accretive opportunities. Moving to slide 4, we will now examine our consolidated profitability and return on equity. Our fourth quarter adjusted net income increased 10% year over year, driven by 12% growth in continuing operations. These results demonstrate the resilience of our model in a macro environment that continues to weigh more meaningfully on smaller versions, alongside a competitive and dynamic market. Adjusted basic EPS was R$ 2.87, up 27% year-over-year, benefiting from both the income growth and the impact of share repurchases. On returns, our consolidated ROE continued to expand, increasing by 6 percentage points year-over-year to 26%, reflecting ongoing improvements in profitability and capital efficiency. Moving to slide 5, we highlight the top-line performance of our continuing operations. Total revenue and income increased 13% year-over-year to 3.7 billion reais, reflecting mid-single-digit TPV growth combined with discipline pricing. Credit continues to scale and is becoming a more meaningful contributor to revenue. further strengthening our position as the financial partner of choice for MS&B clients. In the fourth quarter, adjusted gross profit from continuing operations grew 9% year-over-year to R$1.7 billion. Revenue growth was the primary driver, partially offset by higher credit provisions as we continued to scale our loan portfolio. We see this as a natural step in expanding our credit business and further diversifying our revenue streams to build a more resilient earnings profile. We will discuss portfolio performance and credit dynamics in more detail later in the presentation. Turning to slide 6, we present our key operating metrics, starting with MS&B payments. Our client base increased 15% year-over-year, reaching 4.7 million clients at year-end. Out of those, 41% are classified as heavy users, up from 38% in the previous quarter. This trend reinforces our strategy of deepening client engagement beyond payments, as we seek to build a more comprehensive and long-lasting financial relationship with our clients. MSMD TPV growth decelerated to 5.3% year-over-year, driven by three factors. First, the macro environment continues to weigh on smaller clients. Second, digital native merchants are performing better than brick-and-mortar businesses, a segment where we have greater exposure. And third, our operational performance in the fourth quarter fell short of our internal expectations. with slightly higher churn and softer gross client additions than planned. We're not standing still. We are implementing a series of commercial initiatives and gross additions have already shown a clear improvement. Our focus is now shifting toward churn management by deepening client relationships and ramping up bundled offerings to increase share of wallet and improve retention over time. Turning to slide 7, we highlight the performance of our banking operations. Our banking active client base increased 21% year-over-year, reaching 3.7 million clients, reflecting continued progress in bundling payments and banking into a more integrated value proposition. Client deposits grew 27% year-over-year and 23% quarter-over-quarter. totaling R$11.1 billion at year-end. Notably, deposits expanded significantly faster than MSNBTPV, with penetration over MSNBTPV increasing from 6.8% in the fourth quarter of 2024 and 7.1% last quarter to 8.2% in the fourth quarter of 2025. This outperformance reinforces that we are on the right track with our banking strategy. deepening engagement and capturing a larger share of our clients' financial flows within our ecosystem. Of the 11.1 billion in deposits, 86% were time deposits in the quarter, compared to 84% in the previous quarter. This shift reflects higher adoption of our investment products and increases in the portion of deposits eligible for our cash-trip strategy, contributing to lower funding costs and supporting profitability. Turning to slide 8, we review the evolution of our credit operations. Our portfolio reached R$2.8 billion in the quarter, growing 23% sequentially. Of this total, R$2.5 billion relates to merchant solutions, primarily our MS&B working capital offering, which also expanded 23% quarter over quarter. The remaining 300 million reais corresponds to our credit card portfolio, which grew 30% sequentially from a smaller base. Credit continues to be irrelevant in our results. In the fourth quarter of 25, credit revenues reached 238 million reais, up 33% sequentially, while provisions totaled 110 million reais, increasing 27%. As provisions are recognized upfront and revenues are accrued over time, continued portfolio growth should translate into a stronger earnings contribution going forward. Since relaunching our credit operations, we have prioritized disciplined scaling and tight portfolio oversight. Within MS&B Working Capital, we operate two distinct models, a fully digital approach for smaller merchants, resulting in granular and diversified exposures, and a more analytical, desk-based approach for large SMBs, with higher average ticket sizes and a more concentrated position. In terms of asset quality, we remain aligned with our risk appetite. NPL 15 to 90 days increased to 4.43%. primarily reflecting payment delays from a limited number of higher ticket clients within the specialized desk. NPLs above 90 days stood at 5.21% compared to 5.03% in the prior quarter, consistent with normal portfolio seasoning. Our coverage ratio remained stable at 264% and cost of risk was approximately 17% in the quarter. We have also continued refining our pricing framework, balancing client sensitivity with risk-adjusted returns. This has allowed us to improve spreads while maintaining disciplined and sustainable growth. As a result, our average monthly credit yield, calculated as credit revenue over the average portfolio, reached 3.1%, compared to 2.9% in the third quarter of 2025. despite mixed effects from the specialized desk and long interest-bearing credit card balances. To wrap up, and before I hand over to Diego, I want to thank the team for their resilience and dedication in delivering a solid performance despite a challenging year. I'm truly honored to lead the company into its next chapter, continuing to execute our strategy with energy and passion as we strive to be the leading financial services provider for entrepreneurs in Brazil. With that, I'll hand it over to Diego, our new CFO, who will take you through our financial performance in more detail, along with updates on capital allocation and guidance. Diego?