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6-K 1 a086_pagxseguroxdfx1q25x6k.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File Number: 001-38353
PagSeguro Digital Ltd.
(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)

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.
Unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for three-month periods ended March 31, 2025 and 2024
Contents
Unaudited condensed consolidated interim financial statements
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim balance sheet
(All amounts in thousands of reais)
Note March 31, 2025 December 31, 2024
Assets
Current assets
Cash and cash equivalents 5 954,123  927,668 
Financial investments 6 658,365  487,924 
Compulsory reserve 7 4,027,526  4,761,404 
Accounts receivable 8 54,014,589  57,628,538 
Receivables from related parties 10 10,865  9,082 
Derivative financial instruments 28 809  58,470 
Inventories 869  1,642 
Recoverable taxes 9 545,476  551,722 
Other receivables 214,093  194,465 
Total current assets 60,426,715  64,620,915 
Non-current assets
Accounts receivable 8 2,277,361  2,174,735 
Receivables from related parties 10 20,942  22,767 
Recoverable taxes 9 497,631  318,197 
Judicial deposits 81,035  79,591 
Deferred income tax and social contribution 21 85,104  95,872 
Other receivables 92,506  89,902 
Property and equipment 11 2,659,204  2,572,336 
Intangible assets 12 2,997,349  2,926,302 
Total non-current assets 8,711,132  8,279,702 
Total assets 69,137,847  72,900,617 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statement
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim balance sheet
(All amounts in thousands of reais)
Note March 31, 2025 December 31, 2024
Liabilities and equity
Current liabilities
Payables to third parties 13 10,248,555 11,557,648
Checking accounts 15 10,314,392 12,030,573
Obligations to FIDC quota holders 14 139,001 134,375
Banking issuances 16 12,955,850 12,677,098
Borrowings 20 4,370,495 4,521,503
Derivative financial instruments 28 109,791 69,969
Trade payables 559,658 663,229
Payables to related parties 10 81,095 116,383
Salaries and social security charges 17 261,929 402,643
Taxes and contributions 18 289,424 280,762
Provision for contingencies 19 72,803 43,820
Deferred revenue 118,892 128,849
Other liabilities 125,131 117,630
Total current liabilities 39,647,016 42,744,482
Non-current liabilities
Payables to third parties 13 86,024 84,570
Obligations to FIDC quota holders 14 1,049,410 1,017,009
Banking issuances 16 10,611,975 11,412,136
Payables to related parties 10 978,430 1,014,863
Deferred income tax and social contribution 21 1,673,660 1,790,362
Provision for contingencies 19 58,728 71,140
Deferred revenue 14,332 16,579
Other liabilities 75,424 81,104
Total non-current liabilities 14,547,983 15,487,763
Total liabilities 54,194,999 58,232,245
Equity
Share capital 22 26 26
Treasury shares 22 (1,436,144) (1,367,677)
Capital reserve 22 6,003,291 6,133,863
Retained earnings 22 10,532,536 10,007,444
Equity valuation adjustments 22 (22,372) (22,372)
Other comprehensive income 22 (134,489) (82,912)
Total equity 14,942,848 14,668,372
Total liabilities and equity 69,137,847 72,900,617
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statement
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim statements of income
For the three-month periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
  Three-month periods ended March 31,
Note 2025 2024
Revenue from transaction activities and other services 24 2,013,922  2,369,350 
Financial income 24 2,697,294  1,831,996 
Other financial income 24 138,940  105,079 
Total revenue and income   4,850,156  4,306,425 
 
Cost of sales and services 25 (2,360,174) (2,170,702)
Selling expenses 25 (423,105) (437,427)
Administrative expenses 25 (242,948) (230,616)
Financial costs 25 (1,177,823) (827,133)
Other income (expenses), net 25 (66,198) (68,179)
Profit before income taxes   579,908  572,368 
 
Current income tax and social contribution 21 (134,832) (23,325)
Deferred income tax and social contribution 21 80,016  (66,496)
Income tax and social contribution   (54,816) (89,821)
 
Net income for the period   525,092  482,547 
 
Basic earnings per common share - R$ 23 1.7297  1.5225 
Diluted earnings per common share - R$ 23 1.7184  1.5024 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statement
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim statements of comprehensive income
(All amounts in thousands of reais)
Three-month periods ended March 31,
Note 2025 2024
Net income for the period 525,092  482,547 
Other comprehensive income that may be reclassified to the
statement of income in subsequent periods:
Currency translation adjustment 22 (605) (6)
Gain (loss) on financial assets designated at fair value through OCI 22 (72,828) 10 
Loss on derivative financial instruments through OCI 22 (4,401) (980)
Income tax and social contribution 22 26,258  330 
Other comprehensive income for the period 473,516  481,902 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statement
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim statement of changes in equity
As of December 31, 2024 and for the three-months periods ended March 31, 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) (474) 13,240,684 
                 
Net income for the period 22 —  —  —  —  482,547  —  —  482,547 
Currency translation adjustment 22 —  —  —  —  —  —  (6) (6)
Gain on financial assets through OCI 22 —  —  —  —  —  — 
Loss on derivative financial instruments through OCI 22 —  —  —  —  —  —  (647) (647)
Share based long term incentive plan (LTIP) 22 —  —  —  46,768  —  —  —  46,768 
(LTIP) of treasury shares 22 —  177,099  —  (177,099) —  —  —  — 
On March 31, 2024   26  (583,218) 5,828,754  173,660  8,373,623  (22,372) (1,120) 13,769,353 
Net income for the period 22 —  —  —  —  1,633,821  —  —  1,633,821 
Currency translation adjustment 22 —  —  —  —  —  —  773  773 
Loss on financial assets through OCI 22 —  —  —  —  —  —  (85,479) (85,479)
Gain on derivative financial instruments through OCI 22 —  —  —  —  —  —  2,912  2,912 
Bookkeeping costs (FIDM) 22 —  —  (475) —  —  —  —  (475)
Share based long term incentive plan (LTIP) 22 —  —  —  131,925  —  —  —  131,925 
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  305,585  10,007,444  (22,372) (82,913) 14,668,372 
Net income for the period 22 —  —  —  —  525,092  —  —  525,092 
Currency translation adjustment
22 —  —  —  —  —  —  (605) (605)
Loss on financial assets through OCI 22 —  —  —  —  —  —  (48,066) (48,066)
Loss on derivative financial instruments through OCI 22 —  —  —  —  —  —  (2,905) (2,905)
Bookkeeping costs (FIDM) 22 —  —  (559) —  —  —  —  (559)
Share based long term incentive plan (LTIP) 22 —  —  —  29,789  —  —  —  29,789 
Acquisition of treasury shares 22 —  (228,270) —  —  —  —  —  (228,270)
(LTIP) of treasury shares 22 —  159,803  —  (159,803) —  —  —  — 
—  —  —  —  —  —  — 
On March 31, 2025 26  (1,436,144) 5,827,720  175,572  10,532,536  (22,372) (134,489) 14,942,848 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statement
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim statement of cash flows
For the three-month periods ended March 31, 2025 and 2024
(All amounts in thousands of reais)
Three-month periods ended March 31,
Note 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income taxes 579,907  572,369 
Expenses (revenues) not affecting cash:


Depreciation and amortization
25
439,008  371,514 
Total losses
25
83,451  102,737 
Accrual of provision for contingencies

21,962  14,234 
Share based long term incentive plan (LTIP)
22
29,789  46,767 
Loss on disposal of property, equipment, intangible and investment assets

39,205  45,625 
Derivative financial instruments, net

35,492  (6,011)
Interest accrued

342,873  297,636 
Other (income) cost, net

(1,255) (330)
Changes in operating assets and liabilities


Accounts receivable
 
2,168,968  (2,447,742)
Compulsory reserves
 
862,400  93,558 
Inventories

—  6,304 
Recoverable taxes
 
(84,956) 2,972 
Other receivables

(18,979) (3,736)
Deferred revenue

(12,204) 4,465 
Other liabilities

(1,860) 8,520 
Payables to third parties

(1,308,952) (87,899)
Checking accounts

(1,923,411) (699,946)
Trade payables

(102,962) 12,735 
Receivables from (payables to) related parties

(103,574) (90,639)
Banking issuances

(204,987) 3,750,676 
Salaries and social charges

(140,714) (112,908)
Taxes and contributions
 
(105,734) 22,952 
Provision for contingencies
 
(8,183) (7,988)
585,284  1,895,866 
Income tax and social contribution paid

(69,153) (14,816)
Interest income received (paid)

700,107  547,562 
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,216,238  2,428,612 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment
11
(342,171) (294,819)
Purchases and development of intangible assets
12
(306,421) (263,512)
Redemption (Acquisition) of financial investments
 
(153,006) (1,085,096)
NET CASH USED IN INVESTING ACTIVITIES (801,598) (1,643,427)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings
20
3,748,000  898,160 
Payment of borrowings
20
(3,902,982) (195,609)
Acquisition of treasury shares
22
(228,270) — 
Payment of leases
11
(4,933) (4,409)
Derivative financial instruments, net

—  (16,028)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (388,185) 682,114 
INCREASE IN CASH AND CASH EQUIVALENTS 26,455  1,467,299 
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
954,123  4,366,359 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statement
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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 99.99% 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.
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”).
These unaudited condensed consolidated interim financial statements include PagSeguro Brazil, PagSeg, Pag Participações, BS Holding, PSHC and corresponding subsidiaries.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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 March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024 (“Interim Financial Statements”) were authorized for issuance by the PagSeguro Digital’s Board of Directors on May 9, 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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
3.Consolidation of subsidiaries
As of March 31, 2025
Company Assets Liabilities Equity Net income (loss) for the period Ownership - % Level
Pagseguro Brazil 68,076,234  58,059,329  10,016,905  183,735   99.99 Direct
BS Holding 944,535  68  944,467  9,722   100.00 Direct
Pagseg Participações 2,466,306  870  2,465,436  71,769   99.99 Direct
Pagseguro Holding 10,268  2,902  7,366  341   99.99 Direct
Pag Participações 447,217  3,633  443,584  8,707   99.99 Indirect
Paginvest Corretora 18,135  2,249  15,886  (957)  99.99 Indirect
Net+Phone 667,775  89,798  577,977  40,427   99.99 Indirect
PagSeguro Tecnologia 897,342  156,787  740,555  9,863   99.99 Indirect
BCPS 2,316  334  1,982  (697)  100.00 Indirect
BSEC 1,293,434  1,190,476  102,958  16,877   99.99 Indirect
Biva Serviços 480,571  8,530  472,041  9,127   99.99 Indirect
FIDC 5,925,369  1,673,982  4,251,387  1,539,155   100.00 Indirect
FIDM 46,230  3,678  42,552  1,298   100.00 Indirect
TILIX 55,405  914  54,491  1,289   99.99 Indirect
BancoSeguro 41,651,803  40,745,948  905,855  10,531   100.00 Indirect
CDS 231,025  1,752  229,273  4,342   99.99 Indirect
MOIP 740,038  38,552  701,486  12,375   100.00 Indirect
Concil 354,244  3,527  350,717  7,548   100.00 Indirect
Netpos 8,405  2,940  5,465  561   100.00 Indirect
Pagseguro Chile 11,138  6,188  4,950  102   100.00 Indirect
Pagseguro Colombia 5,772  6,194  (422) (609)  100.00 Indirect
PSGP México 2,389  4,541  (2,152) (66)  100.00 Indirect
Pagseguro Peru 9,650  6,767  2,883  906   100.00 Indirect
As of December 31, 2024 (except for net income, that is presented to three-month period ended March 31, 2024)
Company Assets Liabilities Equity Net income (loss) for the period Ownership - % Level
Pagseguro Brazil 70,372,095  60,488,640  9,883,455  314,293  99.99 Direct
BS Holding 934,868  186  934,682  (4,792) 100.00 Direct
Pagseg Participações 2,394,423  870  2,393,553  57,036  99.99 Direct
Pagseguro Holding 10,060  2,226  7,834  (1,583) 99.99 Direct
Pag Participações 457,670  22,793  434,877  6,274  99.99 Indirect
Paginvest Corretora 17,625  782  16,843  260  99.99 Indirect
Net+Phone 653,617  116,066  537,551  28,421  99.99 Indirect
PagSeguro Tecnologia 2,179,351  1,448,659  730,692  15,004  99.99 Indirect
BCPS 2,992  427  2,565  1,100  99.99 Indirect
BSEC 1,260,807  1,174,727  86,080  8,489  99.99 Indirect
Biva Serviços 472,218  9,305  462,913  2,614  99.99 Indirect
FIDC 6,589,019  1,630,197  4,958,822  807,897  100.00 Indirect
FIDM 19,088  834  18,254  —  99.99 Indirect
TILIX 54,734  1,532  53,202  1,072  100.00 Indirect
BancoSeguro 43,106,305  42,211,043  895,262  (5,107) 99.99 Indirect
Yamí 142,865  247  142,618  1,703  99.99 Indirect
CDS 230,198  5,267  224,931  3,627  99.99 Indirect
ZYGO 228,606  267  228,339  3,621  100.00 Indirect
MOIP 725,791  36,681  689,110  10,774  100.00 Indirect
Concil 346,202  3,033  343,169  7,278  100.00 Indirect
Netpos 7,443  2,539  4,904  (164) 100.00 Indirect
Pagseguro Chile 20,023  15,299  4,724  (692) 100.00 Indirect
Pagseguro Colombia 11,433  11,245  188  (54) 100.00 Indirect
PSGP México 2,320  4,183  (1,863) (745) 100.00 Indirect
Pagseguro Peru 11,915  9,210  2,705  (92) 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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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 0.7% for the three-months periods ended March 31, 2025 (0.6% for the three-months periods ended March 31, 2024).
5. Cash and cash equivalents
March 31, 2025   December 31, 2024
Short-term bank deposits 528,234  510,975 
Short-term investment 425,889  416,693 
954,123  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 deposits with banks with highly liquid investments with original maturities of three-months or less, with an average return of 100% of the CDI (14.15% per year as of March 31, 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$658,365 as of March 31, 2025 (R$487,294 as of December 31, 2024) with an average return of 100% of the CDI (14.15% per year as of March 31, 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 three-months periods ended in March 31, 2025 and 2024 as disclosed on note 22.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
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$4,027,526 as of March 31, 2025 (R$4,761,404 in December 31, 2024) with an average return of 100% of the CDI (14.15% per year as of March 31, 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 three-months periods ended in March 31, 2025 and 2024 as disclosed on note 22.
8.Accounts receivable
The composition of the accounts receivables are as follows:
March 31, 2025 December 31, 2024
Card issuers and acquirers – amortized cost (i) 50,030,868  54,699,240 
Card issuers and acquirers – FVOCI (i) 2,776,475  1,819,020 
Other accounts receivable (ii) 117,320  132,220 
Total card issuers, acquirers and others 52,924,663  56,650,480 
Payroll loans, net (iii) 2,673,224  2,480,074 
Credit card receivables, net (iii) 653,585  660,113 
Other loans, net (iii) 40,478  12,606 
Total credit receivables 3,367,287  3,152,793 
Total accounts receivable 56,291,950  59,803,273 
Current 54,014,589  57,628,538 
Non–current 2,277,361  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$2,776,475 (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 three-months ended March 31, 2025, totaled R$47,920 (R$0 in the three-months ended March 31, 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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
8.Accounts receivable (continued)
The maturity analysis of accounts receivables are as follows:
March 31, 2025   December 31, 2024
Past due 277,077  272,294 
Due within 30 days 19,186,529  21,753,323 
Due within 31 to 120 days 21,231,906  22,136,842 
Due within 121 to 180 days 6,568,785  6,617,991 
Due within 181 to 365 days 7,034,045  7,132,708 
Due after 365 days 2,277,361  2,174,735 
Expected credit losses (283,753) (284,620)
56,291,950  59,803,273 
The maturity analysis of credit receivables as of March 31, 2025 and December 31, 2024 are as follows:
March 31, 2025
Payroll loans Credit card receivables Other loans Total
Past due 27,816  132,582 116,679  277,077
Due within 30 days 77,997  285,336  4,039  367,372
Due within 31 to 120 days 247,319  174,090  15,993  437,402
Due within 121 to 180 days 155,690  112,017  7,867  275,574
Due within 181 to 360 days
405,192
60,409
 12,802  478,402
Due after 360 days 1,802,686 4,500
 8,026
1,815,212
2,716,700
 768,934
165,406
3,651,040
Expected credit losses (43,476) (115,348)  (124,929)  (283,753)
Receivables net of ECL 2,673,224
 653,586
 40,478 3,367,287
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) (130,663) (284,620)
Receivables net of ECL 2,480,074  660,113  12,607 3,152,794
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
8.Accounts receivable (continued)
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:
March 31, 2025
Credit amount Exposure off balance
credit limits not used
Expected credit losses
Payroll loans
Stage 1 2,676,103  —  (9,144)
Stage 2 6,669  —  (649)
Stage 3 33,928  —  (33,683)
Credit card receivables
Stage 1 624,365  1,287,951  (16,459)
Stage 2 50,273  18,649  (12,512)
Stage 3 94,295  1,567  (86,378)
Other loans
Stage 1 45,211  —  (6,117)
Stage 2 73  —  (33)
Stage 3 120,123  —  (118,778)
Total 3,651,040  1,308,167  (283,753)
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)
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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 March 31, 2025
 Payroll loans 2,480,231  (9,516) (67) 439  298  —  204,718  2,676,103 
 Credit card receivables 638,249  (75,114) —  29,767  92  —  31,371  624,365 
 Other loans 17,415  (51) —  —  —  —  27,847  45,211 
3,135,896  (84,681) (67) 30,206  390    263,936  3,345,679 
 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 March 31, 2025
 Payroll loans 9,044  9,516  (11,429) (439) —  (30) 6,669 
 Credit card receivables 40,297  75,114  (17,480) (29,767) —  —  (17,891) 50,273 
 Other loans 22  51  —  —  —  —  —  73 
49,364  84,681  (28,909) (30,206)   (17,921) 57,015 
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 March 31, 2025
 Payroll loans 26,873  67  11,429  (298) (7) (4,005) (131) 33,928 
 Credit card receivables 99,450  —  17,480  (92) —  (12,516) (10,027) 94,295 
 Other loans 125,833  —  —  —  —  (5,409) (301) 120,123 
252,155  67  28,909  (390) (7) (21,930) (10,459) 248,346 
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 March 31, 2025
 Payroll loans (8,564) 823  (34) (298) —  (1,074) (9,144)
 Credit card receivables (17,595) 3,950  —  (2,557) (68) —  (189) (16,459)
 Other loans (5,235) —  —  —  —  (888) (6,117)
  (31,394) 4,777  (2,591) (366) —  (2,151) (31,720)
 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 March 31, 2025
 Payroll loans (887) (823) 1,122  34  (7) —  (88) (649)
 Credit card receivables (9,127) (3,950) 10,132  2,557  —  —  (12,123) (12,511)
 Other loans (18) (4) —  —  —  —  (12) (34)
  (10,032) (4,777) 11,254  2,591  (7) —  (12,223) (13,194)
 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 March 31, 2025
 Payroll loans (26,623) (3) (1,122) 298  4,005  (10,245) (33,683)
 Credit card receivables (91,161) —  (10,132) 68  —  12,516  2,331  (86,378)
 Other loans (125,411) —  —  —  —  5,409  1,223  (118,779)
(243,195) (3) (11,254) 366  21,930  (6,691) (238,840)
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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
(36,075) (117,883) (130,662) (284,620)
Additions (17,675) (18,139) (1,864) (37,678)
Reversals 6,269  8,158  2,188  16,615 
Write-Off (i) 4,005  12,516  5,409  21,930 
 March 31, 2025 (43,476) (115,348) (124,929) (283,753)
(i)Based on the PagSeguro credit risk classification model, which assesses the risk of insolvency and default of counterparties related to credit receivables, for the three-months period ended March 31, 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$12,516 (R$138,505 in December 31, 2024), other loans were written-off in the amount R$5,409 (R$244,432 in December 31, 2024) and payroll loans were written-off in the amount R$4,005 (R$28,165 in December 31, 2024) against the related provision for ECL recognized in previous periods.
9. Recoverable taxes
March 31, 2025   December 31, 2024
Income tax and social contribution (i) 962,383  788,901 
Social integration program (ii) 74,497  74,452 
Other 6,227  6,566 
1,043,107  869,919 
Current 545,476  551,722 
Non-current 497,631  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.
10.Related-party balances and transactions
i)Balances and transactions with related parties
March 31, 2025 December 31, 2024
Receivables Payables Receivables Payables
Banking issuances (a)

Universo Online S.A.
—  233,404  —  168,117 
UOL Cursos Tec. Ed. Ltda.
—  232,223  —  206,811 
Ingresso.com Ltda
—  69,704  —  69,419 
Everymind Cons.Sist. LTDA
—  1,605  —  1,557 
OFL Participações S.A.
—  446,978  —  615,057 
—  983,914  —  1,060,961 
Other transactions and services

Universo Online S.A. - sales of services (b)
—  25,793  —  18,693 
Compasso. UOL Tecnologia - sales of services (b)
—  3,307  —  2,648 
Compasso.UOL Informática Ltda..- sales of services (b)
—  14,788  —  17,982 
Invillia Desenvolvimento de produtos Digitais Ltda - sales of services (b)
—  12,907  —  13,909 
EDGE.UOL Tecnologia Ltda. - sales of services (b)
—  19  —  18 
Everymind Cons.Sist. LTDA
—  542  —  998 
Universo Online S.A. - shared service costs (c)
—  11,366  —  9,853 
Digital Services UOL S.A. - borrowing (d)
31,807  —  31,849  — 
Others
—  6,889  —  6,184 
31,807  75,611  31,849  70,285 
Current 10,865  81,095  9,082  116,383 
Non-current 20,942  978,430  22,767  1,014,863 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
10. Related-party balances and transactions (continued)
(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:
March 31, 2025 December 31, 2024
Due within 181 to 360 days 5,484  46,098 
Due to more than 360 days 978,430  1,014,863 
983,914  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.
(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.
ii)Revenue and expense from transactions with related parties
 Three-month ended March 31,
2025 2024
Revenue Expense Revenue Expense
Banking issuances (a)

Universo Online S.A.
—  6,076  —  4,340 
UOL Cursos Tec. Ed. Ltda.
—  6,563  —  2,748 
Web Jump Desing em Informática Ltda
—  —  —  193 
Ingresso.com Ltda
—  2,105  —  792 
OFL Participações S.A.
—  17,136  —  — 
Everymind - Deposits
—  16  —  — 
Invillia Desenvolvimento de produtos Digitais Ltda
—  —  —  1,043 
—  31,896  —  9,116 
Other transactions and services

Universo Online S.A. - sales of services (b)
983  39,091  783  21,957 
Compasso Tecnologia Ltda. - sales of services (b)
—  1,560  —  1,109 
Compasso UOL S.A.- sales of services (b)
—  44,118  —  38,123 
Invillia Desenvolvimento de produtos Digitais Ltda - sales of services (b)
—  57  —  475 
EDGE.UOL Tecnologia Ltda. - sales of services (b)
—  28  —  556 
Universo Online S.A. - shared service costs (c)
—  30,741  —  29,959 
Digital Services UOL S.A. - borrowing (d)
1,005  —  1,026  — 
Others
274  1,576  244  1,897 
2,262  117,171  2,053  94,076 
(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.
(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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
10. Related-party balances and transactions (continued)
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-months periods ended March 31, 2025 amounted to R$11,818 (R$14,016 for the three-months periods ended March 31, 2024).
11.Property and equipment
a)Property and equipment are composed as follows:
March 31, 2025
Cost Accumulated depreciation Net
Data processing equipment 262,294  (116,253) 146,041 
Machinery and equipment (i) 4,524,717  (2,124,473) 2,400,244 
Buildings leasing (ii) 169,805  (84,324) 85,481 
Other 62,251  (34,813) 27,438 
Total 5,019,067  (2,359,863) 2,659,204 
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 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
11. Property and equipment (continued)
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 March 31, 2025
Cost (278) 229,019 6,802 37 235,580
Purchases
57 341,570 6,802 544 348,973
Disposals/Provisions (iii)
(335) (112,551) (507) (113,393)
Depreciation (6,153) (133,695) (4,909) (3,955) (148,712)
Depreciation
(6,470) (208,522) (4,909) (4,165) (224,066)
Disposals
317 74,827 210 75,354
Net book value 146,041 2,400,244 85,481 27,438 2,659,204
On March 31, 2025
Cost 262,294 4,524,717 169,805 62,251 5,019,067
Accumulated depreciation (116,253) (2,124,473) (84,324) (34,813) (2,359,863)
Net book value 146,041 2,400,244 85,481 27,438 2,659,204
(i)Net book value of POS devices is R$2,350,500 (R$2,254,758 as of December 31, 2024), which are depreciated over 5 years. The depreciation of POS in the three-months period ended March 31, 2025, amounted to R$206,560 (R$180,101 in the three-months period ended March 31, 2024). On March 31, 2025, PagSeguro have contractual obligations to acquire POS devices in the amount of R$326,987 (R$417,064 as of December 31, 2024).
(ii)As of March 31, 2025, PagSeguro had a lease liability presented in other current liabilities in the amount of R$18,900 (R$15,506 as of December 31, 2024) and as non-current liability in the amount of R$70,740 (R$71,955 as of December 31, 2024). For the three-months ended March 31, 2025, the Group incurred in financial costs related to these leases of R$4,933 (R$4,409 in the three-months period ended March 31, 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 three-months ended March 31, 2025, the provisions for the net book vale amounted R$37,748 (of which R$110,670 are cost and R$72,922 are accumulated depreciation), in comparison to R$56,163 (of which R$121,601 are cost and R$65,438 are accumulated depreciation) for the three-months ended March 31, 2024.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
12.Intangible assets
a)Intangible assets are composed as follows:
March 31, 2025
Cost Accumulated amortization Net
Expenditures related to software and technology (i) 5,341,480  (2,737,121) 2,604,359 
Software licenses 375,079  (222,894) 152,185 
Goodwill 227,066  —  227,066 
Other (ii) 70,556  (56,817) 13,739 
6,014,181  (3,016,832) 2,997,349 
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 227,066  —  227,066 
Other (ii) 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.
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 March 31, 2025
Cost 299,285  5,759  —  (13) 305,031 
Additions (i)
299,823  6,598  —  —  306,421 
Disposals
(538) (839) —  (13) (1,390)
Amortization (216,947) (13,766) —  (3,271) (233,984)
Amortization
(217,093) (14,600) —  (3,279) (234,972)
Disposals
146  834  —  988 
Net book value 2,604,359  152,185  227,066  13,739  2,997,349 
On March 31, 2025
Cost 5,341,480  375,079  227,066  70,556  6,014,181 
Accumulated amortization (2,737,121) (222,894) —  (56,817) (3,016,832)
Net book value 2,604,359  152,185  227,066  13,739  2,997,349 
(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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
12. Intangible assets (continued)
The goodwill is allocated to the Cash Generating Units (CGUs) in each of the acquired companies that generated the goodwill and is demonstrated below:
March 31, 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 March 31, 2025 the Group evaluated and no new indicatives are came, therefore, no provision for impairment of was accounted for.
13. Payables to third parties
Payables to merchants, in the amount of R$10,334,579 (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$1,188,411 in March 31, 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-months ended March 31, 2025 the remuneration refer the FIDC quotas holders amounted to R$37,027 (R$3,666 in the three-months ended March 31, 2024).
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
15.Checking accounts
Checking Accounts are being disclosed separately, consisting of the following balances described below:
  March 31, 2025  December 31, 2024
Banking accounts (i) 9,619,216  10,972,294 
Merchant’s payment account (ii) 695,176  1,058,279 
10,314,392  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 three-months period ended March 31, 2025, the average interest cost associated with Checking Accounts amounted to 49% of CDI (58% of CDI on December 31, 2024).
16.Banking issuances
March 31, 2025 December 31, 2024
Certificate of deposits (i) 16,285,431  17,038,525 
Interbank deposits (ii) 7,282,394  7,050,709 
23,567,825  24,089,234 
Current 12,955,850 12,677,098
Non-current 10,611,975 11,412,136
(i)During the three-months period ended March 31, 2025, the average interest cost amounted to 106% 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 three-months period ended March 31, 2025, the average interest cost associated amounted to 108% of CDI (110% of CDI on December 31, 2024).
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:
March 31, 2025 December 31, 2024
Due within 30 days 4,270,136 4,289,493
Due within 31 to 120 days 2,952,961 5,258,608
Due within 121 to 180 days 1,290,490 763,642
Due within 181 to 360 days 4,442,263 2,365,355
Due within 361 days or more days 10,611,975 11,412,136
23,567,825 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 12,900,157 
Withdraws (13,551,349)
Financial instruments (18,982)
Interest 148,765 
March 31, 2025 23,567,825 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
17. Salaries and social security charges
March 31, 2025 December 31, 2024
Payroll accruals and profit sharing
185,733  279,092 
Social charges
41,615  56,641 
Payroll taxes (LTIP) (i)
19,549  50,810 
Other
15,032  16,100 
261,929  402,643 
(i)Refers to social charges and income tax over LTIP and LTIP goals balances.
18. Taxes and contributions
March 31, 2025   December 31, 2024
Taxes
Services tax (i)
 201,050 201,590
Social integration program (ii)
 62,808 61,090
Social contribution on revenues (ii)
 403,694 417,265
Income tax and social contribution (iii)
 20,547 3,774
Other
 25,653 22,357
 713,752 706,076
March 31, 2025 December 31, 2024
Judicial deposits (iv)
Services tax (i)
(182,886)  (188,449)
Social integration program (ii)
(33,750)  (33,110)
Social contribution on revenues (ii)
(207,692)  (203,755)
(424,328)  (425,314)
 289,424 280,762
(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.
March 31, 2025 December 31, 2024
Civil 83,299  73,114 
Labor 48,233  41,846 
131,532  114,960 
Current 72,803  43,820 
Non-Current 58,728  71,140 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
19. Provision for contingencies (continued)
Below it is demonstrated the movements of the provision for contingencies in the three-months period ended March 31, 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 26,995 
Settlement (8,183)
Reversal (5,033)
Interest 2,793 
On March 31, 2025 131,532 
The PagSeguro Group is party to tax and civil lawsuits involving risks classified as possible losses, for which no provision was recognized as of March 31, 2025, totaling R$1,094,581 (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$321,676 (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$240,035 (R$234,120 on December 31, 2024).
20. Borrowings
The composition of the borrowings are as follows:
Origination date Due date Interest rate March 31, 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 
March, 2025 April, 2025 107.5% of the CDI 2,003,957  — 
March, 2025 July, 2025 104.5% of the CDI 801,758  — 
December, 2024 (i) December, 2025 105.0% of the CDI 626,770  643,949 
January, 2025 (i) January, 2026 107.0% of the CDI 938,010  — 
      4,370,495  4,521,503 
(i)These borrowings were contracted in foreign currencies as mentioned in the note 28.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
20. Borrowings (continued)
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 March 31, 2025, the Group recorded the net effects of the swap derivatives as a liability in the amount of R$66,848, basically represented by the different foreign exchange rates and interest rate volatility at the time of entering into the borrowings agreements on March 31, 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 Financial instruments Interest December 31, 2024
189,427  8,883,160  (4,785,598) 59,574  174,940  4,521,503 
December 31, 2024 Addition Payment Financial instruments Interest March 31, 2025
4,521,503  3,748,000  (3,902,982) (61,547) 65,521  4,370,495 
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) (4,869) 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 (1,879) (620) (26,432) (85,063) 19,401  80,016 
Included in OCI (iv) —  —  —  24,784  —  24,784 
Other —  —  —  —  1,134  1,134 
On March 31, 2025 40,157  (7,364) (889,843) 418,964  (1,150,470) (1,588,556)
Deferred tax asset 85,104 
Deferred tax liability 1,673,660 
(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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
21. Income tax and social contribution (continued)
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-months ended March 31, 2025 and 2024.
  Three-month ended March 31, 2025
  2025 2024
Profit for the period before taxes 579,908  572,368 
Statutory rate 34  % 34  %
Expected income tax and social contribution (197,169) (194,605)
Income tax and social contribution effect on:
Permanent additions (exclusions)
Gifts
(375) (712)
R&D and technological innovation benefit - Law 11,196/05 (i)
79,442  53,081 
Taxation of income abroad (ii) 52,794  39,818 
Recorded (unrecorded) deferred taxes 287  1,345 
Other additions (exclusions) 10,205  11,252 
Income tax and social contribution expense (54,816) (89,821)
Effective rate % 16  %
Income tax and social contribution - current (134,832) (23,325)
Income tax and social contribution - deferred 80,016  (66,496)
(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.
22. Equity
a)Share capital
On March 31, 2025, share capital is represented by 329,608,424 common shares, per value of US$0.000025. Share capital is composed of the following shares for the period ended March 31, 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 2,404,364 
Long-term incentive plan 3,067,643 
Repurchase of common shares (5,472,007)
March 31, 2025 shares outstanding 329,608,424 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
22. Equity (continued)
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 three-months periods ended March 31, 2025, and 2024, the Group recognized the capital reserve movement related to the costs for the establishment of the FIDM and FIDC in the amount of R$559 (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 three-months period ended March 31, 2025, the Group recognized in equity, costs related to the LTIP and LTIP Goals in the total amount of R$29,789 (R$46,768 in the three-months period ended March 31, 2024). On March 31, 2025, the amount of R$19,549 (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 three-months ended March 31, 2025, total shares delivered were 3,067,643 (3,200,293 for the three-months ended March 31, 2024) representing 0.93% of total shares (0.97% for the three-months ended March 31, 2024). Additionally total shares granted were 3,014,205 representing 0.91% of total shares.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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 and Pagseguro Mexico which amounted to a loss of R$605 in the three-months period ended March 31, 2025 (loss of R$6 in the three-months period ended March 31, 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 three-months period ended March 31, 2025 totaled R$146 (gain of R$7 in the three-months period ended March 31, 2024) and the unrealized loss in the accounts receivable mark-to-market, net of taxes, in the three-months period ended in March 31, 2025 totaled R$47,920 (R$0 in the three-months period ended March 31, 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 three-months period ended March 31, 2025, totaled a loss of R$2,905 (loss of R$647 in the three-months period ended March 31, 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 March 31, 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$250 million in Class A common shares. The new repurchase program went into effect immediately and does not have a fixed expiration date. The Company’s management is responsible for defining the timing and the number of shares to be acquired, within authorized limits. Treasury shares are composed of the following shares for the three-months periods ended March 31, 2025:
Shares Amount Average price (US$)
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 5,472,007  228,270  7.06 
Long-term incentive plan (3,067,643) (159,803) 9.58 
March 31, 2025 treasury shares 28,187,875  1,436,144  9.09 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
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-months periods ended March 31, 2025 and 2024:
Three-month ended March 31,
2025 2024
Profit attributable to stockholders of the Company
525,092  482,547 
Weighted average number of outstanding common shares (thousands) 303,580,939  316,939,083 
Basic earnings per share - R$ 1.7297  1.5225 
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 March 31,
2025 2024
Profit used to determine diluted earnings per share  525,092  482,547
Weighted average number of outstanding common shares (thousands) 303,580,939 316,939,083
Weighted average number of shares that would have been issued at average market price 1,993,665 4,246,583
Weighted average number of common shares for diluted earnings per share (thousands) 305,574,604 321,185,666
1.7184 1.5024
The weighted average number of outstanding common shares decreased due to the repurchase of common shares (treasury shares).
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
24. Total revenue and income
Three-month ended March 31,
2025 2024
Gross amount from transaction activities and other services (i) 2,308,733  2,684,351 
Gross financial amount (ii) 2,750,635  1,882,382 
Gross other financial amount (iii) 213,262  149,211 
Total gross amount 5,272,630  4,715,944 
Deductions from gross amount from transactions activities and other services (iv) (294,811) (315,001)
Deductions from gross financial amount (v) (53,341) (50,386)
Deductions from gross other financial amount (vi) (74,322) (44,132)
Total deductions from gross amount (422,474) (409,519)
Total revenue and income 4,850,156  4,306,425 
(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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
25. Expenses by nature
Three-month ended March 31,
2025 2024
Transactions costs (i)
(1,715,424) (1,626,540)
Marketing and advertising
(210,274) (209,303)
Personnel expenses (ii)
(347,846) (334,681)
Financial costs (iii)
(1,177,779) (827,133)
Total losses (iv)
(83,451) (102,737)
Depreciation and amortization (vi)
(439,008) (371,514)
Other (v)
(296,466) (262,149)
(4,270,248) (3,734,057)

Classified as:
Cost of services
(2,360,174) (2,170,702)
Selling expenses
(423,105) (437,427)
Administrative expenses
(242,948) (230,616)
Financial costs
(1,177,823) (827,133)
Other income (expenses), net
(66,198) (68,179)
 (4,270,248)  (3,734,057)
(i)The increase is mainly represented by: (i) costs related to interchange fees of card issuers in the amount of R$1,445,738 in the three-months periods ended March 31, 2025 (R$1,334,229 in the three-months periods ended March 31, 2024), (ii) card scheme fees in the amount of R$250,289 in the three-months periods ended March 31, 2025 (R$257,019 in the three-months periods ended March 31, 2024).
(ii)Personnel expenses includes compensation expenses in the amount of R$22,667 related to the LTIP and LTIP goals for the three-months periods ended March 31, 2025 (R$41,441 for the three-months periods ended March 31, 2024). Personnel expenses, include capitalization of LTIP and LTIP goals in the amount of R$28,408 in the three-months periods ended March 31, 2025 (R$30,551 in the three-months periods ended March 31, 2024).
(iii)Relates to: (i) the early collection of receivables, which amounted to R$158,169 in the three-months periods ended March 31, 2025 (R$162,041 in the three -months periods ended March 31, 2024), (ii) interest of deposits and banking accounts which amounted to R$847,208 in the three-months period ended March 31, 2025 (R$628,604 in the three -months periods ended March 31, 2024), (iii) interest of borrowings which amounted to R$65,520 in the three-months period ended March 31, 2025 (R$3,726 in the three-months period ended March 31, 2024).
(iv)Total losses refer to amounts recognized during the three-months periods ended March 31, 2025 related to: (i) card processing operations (acquiring and issuing) and losses on digital accounts in the amount of R$62,388 in the three-months periods ended in March 31, 2025 (compared to R$72,116 in the three-months periods ended March 31, 2024) and (ii) Provision for delinquency rate of credit portfolio in the amount of R$21,063 in the three-months periods ended in March 31, 2025 (R$30,621 in the three-months periods ended March 31, 2024).
(v)For the three-months periods ended on March 31, 2025, the amount is impacted by R$37,709 (R$56,163 for the three-months period ended March 31, 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$204,969 in the three-months period ended March 31, 2025 (R$154,319 in the three-months period ended March 31, 2024).
(vi)Depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:
Three-month ended March 31,
2025 2024
Depreciation
Cost of sales and services (i) (215,551) (189,398)
Selling expenses (1,665) (37)
Administrative expenses (6,850) (6,799)
(224,066) (196,234)
Amortization
Cost of sales and services (228,411) (184,438)
Administrative expenses (ii) (6,561) (7,123)
(234,972) (191,561)
PIS and COFINS credits (iii) 20,030  16,281 
Depreciation and amortization expense, net (439,008) (371,514)
(i)The depreciation of POS in the three-months periods ended March 31, 2025 amounted to R$206,560 (R$180,101 in the three-months periods ended March 31, 2024).
(ii)Included in this amount are LTIP and LTIP Goals in the amount of R$15,590 in the three-months ended March 31, 2025 (R$13,168 for the three-months ended March 31, 2024). Additionally, has assets amortizations of acquired companies in the amount of R$5,408 in the three-months periods ended March 31, 2025 (R$5,408 in the three-months periods ended March 31, 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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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.


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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
26. Financial instruments by category (continued)
The PagSeguro Group classifies its financial instruments into the following categories:
March 31, 2025 December 31, 2024
Financial assets
Amortized cost:
Cash and cash equivalents
954,123 927,668 
Financial investments
366,728 362,979 
Accounts receivables
53,515,474 57,984,253 
Compulsory reserve
3,889,734 4,627,645 
Other receivables
306,599 284,367 
Judicial deposits
81,035 79,591 
Receivables from related parties
31,807 31,849 
Fair value through other comprehensive income
Accounts receivables
2,776,475 1,819,020 
Financial investments
291,637 124,945 
Compulsory reserve
137,792 133,759 
Derivative financial instruments
58,470 
Fair value through profit or loss
Derivative financial instruments
809 — 
62,352,213 66,434,545 
Financial liabilities March 31, 2025 December 31, 2024
Amortized cost:
Payables to third parties
10,334,579 11,642,218 
Obligations to FIDC quota holders
1,188,411 1,151,384 
Checking accounts
10,314,392 12,030,573 
Trade payables
559,658 663,229 
Payables to related parties
1,059,525 1,131,246 
Banking Issuances
23,567,825 24,089,234 
Borrowings
4,370,495 4,521,503 
Deferred revenue
133,224 145,428 
Other liabilities
200,555 198,734 
Fair value through profit or loss
Derivative financial instruments
42,943 67,181 
Fair value through other comprehensive income
Derivative financial instruments
66,848 2,788 
51,838,455 55,643,518 
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.
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Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
27. Financial risk management (continued)
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 March 31, 2025. For this analysis, the Pagseguro Group adopted a scenario maintaining the actual interest rates of 14.15% for the CDI and two simulations with a 100 bps increase and a probable scenario for 2025 interest rates of 14.90% of the CDI. 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 Scenario with maintaining of CDI (14.15%) Simulated scenario with increase to 15.15% Probable scenario with increase to 14.90%
Short-term investment 100% of CDI 425,889  60,263  64,522  63,457 
Financial investments 100% of CDI 658,365  93,159  99,742  98,096 
Compulsory reserve 100% of CDI 4,027,526  569,895  610,170  600,101 
Certificate of deposit 109% of CDI 16,285,431  (2,511,783) (2,689,295) (2,644,917)
Certificate of deposit - related party 105% of CDI 983,914  (146,185) (156,516) (153,933)
Interbank deposits 110% of CDI 7,282,394  (1,133,505) (1,213,611) (1,193,584)
Banking accounts 49% of CDI 10,314,392  (715,148) (765,689) (753,054)
Borrowings 106% of CDI 4,370,495  (655,531) (701,858) (690,276)
Obligations to FIDC quota holders 108% of CDI 1,188,411  (181,613) (194,448) (191,239)
Total (4,620,448) (4,946,983) (4,865,349)
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 March 31, 2025, and December 31, 2024, the exposure to equity price from such investments was not material.
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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
27. Financial risk management (continued)
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 monthsly 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 March 31, 2025, PagSeguro Group held cash and cash equivalents of R$954,123 (R$927,668 on December 31, 2024).
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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 March 31, 2025
Payables to third parties
5,483,111 3,022,118 841,513 901,813 86,024
Checking accounts
10,436,876
Obligations to FIDC quota holders
149,714 1,211,167
Trade payables
537,558 22,018 26 56
Payables to related parties
75,610 6,098 1,124,473
Borrowings
2,029,297 832,173 1,742,859
Banking issuances
4,323,880 3,064,458 1,371,701 4,945,456 12,214,721

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.
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Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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:
March 31, 2025
Risk factor Liabilities (i) Financial instruments (ii) Fair value MTM
Swap of currency EUR (628,021) (29,878) (29,716) (162)
Swap of currency EUR (939,442) (35,251) (35,061) (190)
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.
March 31, 2025
Asset (Liability) Financial instruments (i) Fair value MTM
Payroll loans portfolio 505,454  (1,163) (725) (438)
Fixed rated CDB (8,703,687) (41,771 (33,807) (7,934)
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.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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-months period ended March 31, 2025 and the year ended December 31, 2024, these tests were effective.
29. Non-cash transactions
Three-month ended March 31,
2025 2024
Non-cash operation activities
MTM of financial assets (72,894)
Non-cash investing activities
Property and equipment acquired through lease 6,802  1,749 
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.
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Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 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 March 31, 2025:
March 31, 2025
  Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3)
Financial assets
Cash and cash equivalents
28,903  925,220  — 
Financial investments
291,637  366,728  — 
Compulsory reserve
4,027,526  —  — 
Accounts receivable
—  56,291,950  — 
Derivative financial instruments
—  809  — 
Other receivables
—  306,599  — 
Judicial deposits
—  81,035  — 
Receivables from related parties
—  31,807  — 
Financial liabilities
Payables to third parties
—  10,334,579  — 
Checking accounts
—  10,314,392  — 
Obligations to FIDC quota holders
—  1,188,411  — 
Trade payables
—  559,658  — 
Payables to related parties
—  1,059,525  — 
Banking issuances
—  23,567,825  — 
Borrowings
—  4,370,495  — 
Derivative financial instruments
—  109,791  — 
Deferred revenue
—  133,224  — 
Other liabilities
—  200,555  — 
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  — 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of March 31, 2025 and for the three-months periods ended March 31, 2025 and 2024
(All amounts in thousands of reais unless otherwise stated)
31. Subsequent events
In April 2025, the PagSeguro Group paid R$2,023 million related a short-term borrowings contracted in March 2025.
In April 2025, the PagSeguro Group constituted a new company as a subsidiary of PSHC called PSGP México Aggregator S. de R.L. de C.V (“PBMX”).
In April 2025, the PagSeguro Group repurchased 2,742,840 shares in the total amount of R$126,009 and the average price of US$7.80.
On May 13, 2025, the Company’s Board of Directors approved the payment of a cash dividend of US$0.14 per common share of the Company. The dividend will be paid on June 6, 2025, to shareholders of record as of May 23, 2025. In addition, the Board of Directors approved the immediate cancelation of 23,930,715 common shares held in treasury. As a result of the cancellation PagSeguro’s share capital will be comprised of 185,218,201 Class A common shares (including 7,000,000 shares held in treasury) and 120,459,508 Class B common shares.
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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: May 13, 2025
PagSeguro Digital Ltd.
By: /s/ Artur Schunck
Name: Artur Schunck
Title:
Chief Financial Officer,
Chief Accounting Officer and
Investor Relations Officer