6-K 1 MainDocument.htm 6-K

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 March 2026

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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PAGS Reports Fourth Quarter 2025 Results

Focus on Shareholder Value with non-GAAP ROAE of 18.4%
driven by Banking and Operating leverage

São Paulo, March 04, 2026 – PagSeguro Digital Ltd. (“PagBank”, “we”, “Company”) has announced today its fourth quarter results for the period ended December 31, 2025. The consolidated financial statements are presented in Reais (R$) and prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

A message from our CEO

This quarter marks an important moment for us, as we present our results under our new leadership structure and conclude a year with significant adjustments. It also represents a milestone in our company’s history, as PagBank celebrates its 20th anniversary – two decades dedicated to democratizing financial services, empowering entrepreneurs and expanding access to digital banking across Brazil. Throughout the period, we remained disciplined in executing our strategy, expanding our business even as the macroeconomic environment continued to pose challenges. High interest rates and softer economic activity persisted, but our focus on financial discipline and operational efficiency enabled us to protect profitability and strengthen the foundations for the next phase of growth.

Our banking operations delivered another quarter of solid performance. Customer engagement remained strong, and cash‑in volumes continued to support healthy activity across our platform. We broadened our deposit base, improved funding efficiency, and advanced our credit strategy with prudence. Working capital solutions for small and medium businesses continued to gain traction, and we prepared to introduce new credit channels gradually and responsibly, including private‑payroll loans, PIX‑based financing, overdraft, and enhancements in credit‑card lending. As our portfolio evolves, we are moving toward a more balanced mix between secured and unsecured products, always prioritizing risk discipline and asset quality.

In payments, the weaker macro environment in 2025 continued to affect smaller merchants, particularly those in lower‑income segments. Even so, we saw a clear normalization toward the end of the year, with sequential improvements as economic conditions began to stabilize. Pricing remained rational across the market, and our decisions continued to prioritize long‑term value creation over short‑term volume. Instant payments continued to reinforce engagement within our ecosystem, complementing our acquiring operations and supporting healthier transactional behavior across segments.

We also advanced our efficiency agenda. Over the year, we tightened risk management, refined our pricing strategy, optimized our commercial structure, and continued to invest in technology to streamline operations. Our use of AI gained relevance across sales intelligence, customer experience, and risk processes, helping us improve accuracy, speed, and productivity. These initiatives support the quality of growth and position greater operational leverage as volumes reaccelerate.

We made meaningful progress in our capital agenda as well. Reducing excess capital remains a central pillar of our long‑term strategy, and we continued to balance investment with consistent shareholder returns through dividends, buybacks, and disciplined credit expansion. Our capital ratios remain solid and appropriate for our client mix and the inherent volatility of the Brazilian macro environment. As we move toward our target BIS ratio range of 18% - 22%, we will continue to prioritize efficient capital deployment, supporting the acceleration of our credit portfolio, deepening customer engagement, and maintaining flexibility to navigate cycles. Our approach is designed to strengthen ROE over time, aided by the growth of higher‑value banking revenues, increasing deposit penetration, and gains in cross‑sell.

Looking ahead into 2026, our focus shifts to disciplined execution of the next stage of our strategy. We will continue advancing our credit journey with an emphasis on quality, broadening eligibility and strengthening conversion while maintaining a balanced and resilient portfolio. In the acquiring business, we will reinforce customer acquisition efforts and support merchants with a more targeted and value‑driven approach. At the same time, we will deepen efficiency initiatives through technology, data, and continued investment in our teams. We thank our teams for their dedication, our clients for their trust, and our shareholders for their continued support as we advance into the year ahead.

Carlos Mauad – CEO

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Q4 2025 Highlights

Financial Highlights

R$ million	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,546	3,155	12.4%	3,411	4.0%	13,414	11,612	15.5%
Gross Profit	2,058	1,943	5.9%	1,927	6.8%	7,804	7,409	5.3%
% Margin (ex-ITC)	58.0%	61.6%	(3.5) p.p.	56.5%	1.5 p.p.	58.2%	63.8%	(5.6) p.p.
Earnings before Tax (non-GAAP)	768	686	12.1%	662	16.0%	2,713	2,609	4.0%
% Margin (non-GAAP; ex-ITC)	21.7%	21.7%	(0.1) p.p.	19.4%	2.2 p.p.	20.2%	22.5%	(2.2) p.p.
Net Income (GAAP)	502	599	-16.2%	554	-9.5%	2,118	2,116	0.1%
% Margin (GAAP; ex-ITC)	14.2%	19.0%	(4.8) p.p.	16.3%	(2.1) p.p.	15.8%	18.2%	(2.4) p.p.
Net Income (non-GAAP)	678	631	7.4%	571	18.6%	2,368	2,268	4.4%
% Margin (non-GAAP; ex-ITC)	19.1%	20.0%	(0.9) p.p.	16.8%	2.4 p.p.	17.7%	19.5%	(1.9) p.p.
Return on Average Equity (ROAE)	13.6%	16.5%	(2.9) p.p.	15.1%	(0.2) p.p.	14.5%	15.2%	(0.7) p.p.
Return on Average Equity (ROAE) (non-GAAP)	18.4%	17.3%	1.0 p.p.	15.5%	2.9 p.p.	16.2%	16.2%	0.0 p.p.
EPS Diluted (R$) (GAAP)	1.73	1.91	-9.5%	1.88	-8.1%	7.11	6.62	7.4%
EPS Diluted (R$) (non-GAAP)	2.33	2.01	16.0%	1.94	20.4%	7.95	7.10	12.0%

Gross Profit: Total Revenue and Income (-) Transaction Costs (-) Financial Expenses (-) Total Losses.

Non-GAAP Measures: For further information regarding the reconciliation and explanation of non-GAAP financial measures, including the presentation of the closest comparable GAAP financial measure, please see “Appendix” and “Non-GAAP Disclosure” included in this earnings release.

1. Total Revenue and Income (ex-ITC): total Revenue and Income excluding Interchange Fees, Card Scheme Fees, and other Processing/Transaction Costs related.

Operational Highlights

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Clients (# million)	34.0	33.2	2.3%	33.7	0.7%	34.0	33.2	2.3%
Total Payment Volume (TPV)	142.4	146.0	-2.5%	129.8	9.7%	530.5	518.4	2.3%
Cash-in	90.7	81.5	11.3%	83.0	9.3%	325.8	288.8	12.8%
Total Deposits	40.7	36.1	12.6%	39.4	3.1%	40.7	36.1	12.6%
Credit Portfolio	4.6	3.4	32.8%	4.2	9.9%	4.6	3.4	32.8%

 Consolidated Revenues excluding Interchange Fees (“ex-ITC”) increased 12.4% y/y, driven by the increased contribution from our banking business and the Company’s disciplined repricing strategy on acquiring.

 Gross Profit grew +5.9% y/y, totaling R$2.1 billion, partially offset by higher financial costs as a result of increased interest rates and financials costs related to dividend distribution and our buyback program.

 Non-GAAP Diluted Earnings per Share (“EPS”) increased by +16.0% y/y due to higher operating leverage and tax efficiencies.

 Non-GAAP Return on Average Equity (“ROAE”) reached 18.4% in the quarter, 1.0 p.p higher than Q4 2024, demonstrating the Company’s commitment to increase shareholder value.

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 Cash-In (inflows not related to acquiring) increased +11.3%, reflecting stronger client principality driven by continued improvements in the banking platform and customer experience and the expansion of our product offering for both merchants and consumers.

 Credit Portfolio grew +32.8% y/y (+9.9% q/q), reaching R$4.6 billion, driven by the acceleration of unsecured product offering, especially working capital lines (+170% y/y).

 Expanded Portfolio, including merchant prepayments, reached R$49.7 billion, +3.2% y/y (0.6% q/q), primarily driven by our core micro-merchants and small/medium businesses (“MSMB”) segment.

 Total Payment Volume (“TPV”) reached R$142.4 billion, increasing 9.7% q/q, due to improved economic activity compared to Q3 2025.

Capital Optimization

 BIS Ratio: Our managerial Basel Index (“BIS”) ratio, as of December 2025, was 28.4%, stable y/y.

 Dividend taxation: during Q4 2025, we prepared for the upcoming 10% intercompany dividend tax rate effective in 2026 by declaring excess capital in our subsidiaries, preserving the tax‑exempt treatment of dividends declared by December 31, 2025 (if paid by 2028). This action resulted in a non‑cash reduction of our reference equity and a temporary Basel ratio impact, with no effect on liquidity or cash‑generation capacity.

 Buyback Execution: From January 1, 2025, until December 31, 2025, we repurchased over 27.2 million shares, or R$1,330 million. Approximately 70% of the current US$200 million buyback program has been executed.

 Cancellation of Shares: In February, we completed the cancellation of 15 million common shares previously held in treasury.

 Dividends: in Q4 2025, more than R$185 million were distributed in dividends. For 2026, an additional R$ 1.4 billion is expected to be distributed, with the first tranche paid in February (R$188 million, US$ 0.12/share).

Operational Performance

PagBank Clients

# million	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Clients1	34.0	33.2	2.3%	33.7	0.7%	34.0	33.2	2.3%
Banking only	11.0	11.4	-3.6%	11.5	-4.1%	11.0	11.4	-3.6%
Banking + Payments	6.0	6.0	0.1%	6.0	0.4%	6.0	6.0	0.1%
Payments only	0.3	0.4	-22.3%	0.3	-8.7%	0.3	0.4	-22.3%
Active Merchants²	6.3	6.3	-1.1%	6.3	0.0%	6.3	6.3	-1.1%
Active Banking Clients³	17.0	17.4	-2.3%	17.5	-2.6%	17.0	17.4	-2.3%
Total Active Clients4	17.3	17.7	-2.7%	17.8	-2.7%	17.3	17.7	-2.7%

1. Total Clients: number of clients registered at Brazilian Central Bank.

2. Active Merchants: number of active clients in the Payment business, including those with no relationship to Banking (Payments Only).

3. Active Banking Clients: number of active clients in the Banking business, including those with no relationship to Payments (Banking Only).

4. Total Active Clients: refer to Active Clients with at least one transaction in the last twelve months in the payments or banking services, and/or Active Clients with a balance in their digital account on the last day of the last month of the periods indicated.

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Total Clients reached 34 million, at the end of the quarter, an increase of 2.3% compared to Q4 2024.

Total Active Clients reached 17.3 million, representing 64% of the Total Client base, an increase of 11 percentage points q/q and stable y/y.

We ended the quarter with a total of 6.3 million active merchants, representing a 1.1% decrease compared to Q4 2024, while remaining stable on a q/q basis. This performance primarily reflects the reduction in the Payment business clients outside our banking ecosystem, consistent with our strategy to focus on merchants with greater cross-selling potential and deeper ecosystem engagement.

Active Banking Clients decreased 1.7% y/y, totaling 17.0 million. As part of our ongoing lifecycle management, we reviewed customers with residual balances and no recent transactions, applying the standard administrative fee applicable to the residual balance. As the fee settlement utilized remaining balances, such charge led to the exclusion of these accounts from the active clients criteria, with no impact on the engagement, revenue contribution, or performance of our core base.

Banking

Cash-In (inflows not related to acquiring)

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Cash-In	90.7	81.5	11.3%	83.0	9.3%	325.8	288.8	12.8%
Active Banking Clients (# million)	17.0	17.4	-2.3%	17.5	-2.6%	17.0	17.4	-2.3%
Cash-In per Active Banking Client (R$ thousand)	5.3	4.7	13.9%	4.7	12.1%	19.1	16.6	15.5%

Active Banking Clients refer to Banking Clients and Banking + Payments Clients.

Cash-In amounted to R$ 90.7 billion, up +11.3% y/y, driven by transaction volumes and continued improvements in client engagement. Performance also benefited from the higher penetration of investment and insurance products, supporting the expansion of our deposits franchise. On a per-client basis, cash-in rose 13.9% y/y to R$5.3 thousand.

Credit Portfolio and Expanded Portfolio

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Credit Portfolio	4.6	3.4	32.8%	4.2	9.9%	4.6	3.4	32.8%
Secured Products	3.7	2.9	25.3%	3.5	5.4%	3.7	2.9	25.3%
% Credit Portfolio	80.6%	85.4%	(4.8) p.p.	84.0%	(3.4) p.p.	80.6%	85.4%	(4.8) p.p.
Unsecured Products	0.9	0.5	79.7%	0.7	35.7%	0.9	0.5	79.7%
% Credit Portfolio	19.4%	14.6%	4.8 p.p.	16.0%	3.4 p.p.	19.4%	14.6%	4.8 p.p.
NPL 90+ \| Total Credit Portfolio	2.9%	2.5%	0.4 p.p.	2.6%	0.4 p.p.	2.9%	2.5%	0.4 p.p.

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Credit Portfolio	4.6	3.4	32.8%	4.2	9.9%	4.6	3.4	32.8%
Payroll Loans	3.3	2.5	29.9%	3.0	9.9%	3.3	2.5	29.9%
Credit Card Receivables	0.9	0.8	16.8%	0.8	9.7%	0.9	0.8	16.8%
Working Capital Loans and other	0.4	0.1	170.1%	0.4	10.6%	0.4	0.1	170.1%
Provision for Losses	(0.4)	(0.3)	25.4%	(0.3)	13.4%	(0.4)	(0.3)	25.4%
Payroll Loans	(0.1)	(0.0)	112.7%	(0.1)	39.5%	(0.1)	(0.0)	112.7%
Credit Card Receivables	(0.1)	(0.1)	16.1%	(0.1)	7.3%	(0.1)	(0.1)	16.1%
Working Capital Loans and other	(0.1)	(0.1)	9.7%	(0.1)	8.5%	(0.1)	(0.1)	9.7%
Credit Portfolio, net	4.2	3.2	33.4%	3.8	9.6%	4.2	3.2	33.4%

1. Payroll Loans: Refers to loan portfolios, including advance Brazil's Severance Indemnity Fund (FGTS) withdrawals and payroll loans to public sector employees and retirees.

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Credit Portfolio reached R$ 4.6 billion in Q4 2025, +32.8% higher than Q4 2024, driven by the acceleration of credit origination in line with the long-term ambition outlined last September. This expansion reflects our disciplined approach to risk and capital management, supported by continued improvements in asset quality, onboarding processes, risk assessment, and collections. Secured products continue to represent the majority of the portfolio, or 81% of the total amount, while unsecured products accounted for 19%, evidencing consistent growth primarily driven by working capital loans.

Working capital loans grew +170.1% y/y, reinforcing our strategy to expand higher‑engagement solutions tailored to merchants’ day‑to‑day needs. Origination for this product reached R$185 million in the quarter, +26% higher than in Q3 2025. Since resuming unsecured origination in H2 2024, we have seen steady momentum in both working capital loans and overdraft accounts, supporting the ongoing diversification of our credit portfolio towards the R$25 billion ambition to be reached by year-end 2029.

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Credit Portfolio	4.6	3.4	32.8%	4.2	9.9%	4.6	3.4	32.8%
Prepayment to Merchants¹	45.2	44.7	1.0%	45.3	-0.2%	45.2	44.7	1.0%
Expanded Portfolio	49.7	48.2	3.2%	49.4	0.6%	49.7	48.2	3.2%

1. Prepayment to Merchants is net of Accounts Receivable Securitization.

Expanded Portfolio, which includes Prepayment to Merchants, reached R$49.7 billion in Q4 2025, primarily driven by a +1.0% y/y increase in prepayment volumes. This growth reflects stronger merchant adoption of our embedded credit solutions, particularly in a higher interest-rate environment, reinforcing our role as a key liquidity provider for clients’ daily operations.

Deposits and Total Funding

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Checking Accounts	12.2	12.0	1.8%	10.5	16.8%	12.2	12.0	1.8%
Average Percentage Yield (APY)1	43.8%	47.3%	(3.6) p.p.	42.0%	1.8 p.p.	45.4%	57.1%	(13.3) p.p.
Merchant's Payment Accounts	0.8	1.1	-21.3%	0.8	9.8%	0.8	1.1	-21.3%
High Yield Savings Accounts	11.4	11.0	4.0%	9.7	17.4%	11.4	11.0	4.0%
Banking Issuances	28.4	24.1	18.0%	29.0	-1.9%	28.4	24.1	18.0%
Average Percentage Yield (APY)1	103.4%	106.1%	(2.6) p.p.	103.8%	(0.4) p.p.	103.4%	108.5%	(5.1) p.p.
Certificate of Deposits	16.4	17.0	-3.7%	17.7	-7.3%	16.4	17.0	-3.7%
Interbank Deposits	12.0	7.1	70.6%	11.3	6.7%	12.0	7.1	70.6%
Total Deposits	40.7	36.1	12.6%	39.4	3.1%	40.7	36.1	12.6%
Average Percentage Yield (APY)¹	86.9%	90.1%	(3.3) p.p.	88.4%	(1.6) p.p.	88.7%	93.8%	(6.9) p.p.
Other Fundings	4.1	6.7	-39.2%	4.3	-4.3%	4.1	6.7	-39.2%
Total Funding	44.7	42.9	4.3%	43.7	2.4%	44.7	42.9	4.3%

1. As % of CDI (Brazilian Interbank Rate).

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Deposits	40.7	36.1	12.6%	39.4	3.1%	40.7	36.1	12.6%
On-Platform	38.7	29.3	32.1%	34.2	13.0%	38.7	29.3	32.1%
% Deposits	95.2%	81.1%	14.1 p.p.	86.8%	8.4 p.p.	95.2%	81.1%	14.1 p.p.
Off-Platform	2.0	6.8	-71.3%	5.2	-62.4%	2.0	6.8	-71.3%
% Deposits	4.8%	18.9%	(14.1) p.p.	13.2%	(8.4) p.p.	4.8%	18.9%	(14.1) p.p.

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Total Deposits reached R$40.7 billion, an increase of +12.6% vs. Q4 2024. Growth was driven primarily by an +18.0% increase in Banking Issuances, supported by a +70.6% y/y expansion in Interbank Deposits, reflecting ongoing funding diversification and stronger relationships with other financial institutions. Certificate of Deposit decreased 3.7 y/y. Checking accounts remained stable y/y and grew +16.8% q/q, totaling R$12.2 billion. Annual Percentage Yield (“APY”) in Q4 2025 was 43.8% of CDI, compared to 47.3% in Q4 2024.

Overall, the portfolio’s APY reached 86.9% of de CDI, a decrease of -3.3 p.p y/y primarily due to lower checking account remuneration, reduced yields on Certificates of Deposit, and funding cost optimization initiatives implemented in response to the current interest rate environment.

When considering Other Fundings, which includes sources such as Borrowings, Certificate of Deposits with Related Parties and Senior FIDC quotas, Total Funding reached R$44.7 billion, increasing 4.3% y/y, led by the increase in Total Deposits and the Company’s ongoing efforts to diversify its funding sources for a more balanced capital structure. Overall, Other Fundings reached an APY of 106% of CDI, stable both in comparison to Q3 2025 and Q4 2024.

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Expanded Portfolio	49.7	48.2	3.2%	49.4	0.6%	49.7	48.2	3.2%
Total Funding	44.7	42.9	4.3%	43.7	2.4%	44.7	42.9	4.3%
Loan-to-Funding (%)	111%	113%	(2.1) p.p.	113%	(1.9) p.p.	111%	113%	(2.1) p.p.

The Loan-to-funding ratio in Q4 2025 was 111%, a 2.1 p.p decrease compared to the same period of last year. This reduction reflects the solid growth in funding, which continues to support credit expansion while strengthening the Company’s liquidity position.

Payments

Total Payment Volume

R$ billion	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Payment Volume	142.4	146.0	-2.5%	129.8	9.7%	530.5	518.4	2.3%
Active Merchants (# million)	6.3	6.3	-1.1%	6.3	0.0%	6.3	6.3	-1.1%
TPV per Merchant (R$ thousand)	22.7	22.9	-0.7%	20.7	9.4%	84.1	80.5	4.5%

MSMB: Refers to Micro-merchants (monthly TPV < R$15,000) and Small/Medium Businesses (monthly TPV from R$15,000 up to R$ 3,000,000).

Large Retail and Online: the former LMEC segment refers to larger merchants (monthly TPV > R$ 3,000,000), plus Online merchants (e-Commerce and Cross-Border).

TPV totaled R$142.4 billion in Q4 2025, decreasing -2.5% year‑over‑year but rising +9.7% Q4 2025 vs. Q3 2024, reflecting a recovery after a challenging macro environment that weighed on volumes. Softer economic activity and tighter credit conditions remained the primary drivers of the deceleration, compounded by tougher comparables given the exceptionally strong performance in Q4 2024. While the repricing initiatives implemented in Q4 2024 are fully embedded in the year‑over‑year base, they continued to gain traction throughout 2025, influencing customer behavior and reinforcing a more rational and profitability‑oriented commercial strategy.

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Financial Performance

Total Revenue and Income

GAAP \| R$ million	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,546	3,155	12.4%	3,411	4.0%	13,414	11,612	15.5%
Transaction Activities and Other Services	2,163	2,242	-3.5%	1,993	8.6%	8,159	9,183	-11.2%
Financial Income	3,062	2,761	10.9%	2,923	4.7%	11,585	9,150	26.6%
Other Financial Income	172	112	52.7%	190	-9.5%	667	476	40.2%

R$ million	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,546	3,155	12.4%	3,411	4.0%	13,414	11,612	15.5%
Payments²	2,790	2,642	5.6%	2,667	4.6%	10,691	9,803	9.1%
Payments - % of Total Revenue and Income	79%	84%	(5.1) p.p.	78%	0.5 p.p.	80%	84%	(4.7) p.p.
Banking³	757	514	47.4%	744	1.8%	2,723	1,808	50.6%
Banking - % of Total Revenue and Income	21%	16%	5.1 p.p.	22%	(0.5) p.p.	20%	16%	4.7 p.p.

1. Total Revenue and Income (ex-ITC): excluding Interchange Fees, Card Scheme Fees, and other Processing/Transaction Costs related.

2. Payments: mainly composed by merchant discount rates (MDRs), early prepayment of cards receivables and membership fees from POS device.

3. Banking: mainly composed by interest income from credit portfolio, interest income from float of PagBank accounts, prepaid cards and escrow account reconciliation, fees (mostly cards interchange and account service fees) and Other Financial Income.

Total Revenue and Income ex-ITC reached R$3,546 million in Q4 2025, an +12.4% increase vs. Q4 2024, and 4.0% higher compared to Q3 2025, demonstrating our ability to reposition margins and sustain performance throughout the economic cycle. Results reflect the continued impact of the repricing strategies implemented since Q4 2024 across both the acquiring and banking businesses, designed to offset rising financial costs and reinforce sustainable revenue generation.

If Interchange Fees and other Transaction/Processing costs are considered, our Total Revenue and Income reached R$5,397 million in Q4 2025, representing an increase of +5.5% vs. Q4 2024. The Total Revenue and Income expansion, outpacing TPV, also highlights the effectiveness of this repricing process in improving unit economics.

 Payments: In Q4 2025, payments revenue amounted to R$2,790 million, +5.6% higher than Q4 2024, in line with repricing effects, as aforementioned.

 Banking: In Q4 2025, revenue amounted to R$757 million, a +47.4% y/y increase, driven by credit growth, together with higher fee generation from account services and card usage, due to stronger customer engagement, and increased interest income from deposits.

Gross Profit

R$ million	Q4 2025	Q4 2024	Δ% y/y	Q3 2025	Δ% q/q	2025	2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,546	3,155	12.4%	3,411	4.0%

SEC Form 6-K filed by PagSeguro Digital Ltd.