Good morning. My name is Bruno Giardino, IR Director at Bemobi.

We are here once again for another earnings release presentation for the second quarter of 2026. Today we have our officers here.

We have Pedro Ripper, CEO; André Veloso, CFO; and André Stryker, CRO. We also have Bruno Marques from our IR team.

We are recording this presentation. You'll be able to see slides and hear speakers during the presentation.

You have access to simultaneous interpreting into English, should you prefer this language. At the lower bottom right, you have an interpretation button, and you can pick English.

We have an English channel that can be used by pressing the button called Interpretation on the bottom right corner of your screen, and then choosing the option English. I would like to highlight that, after the presentation, we will hold a questions and answers session.

Now I'll switch back to Portuguese. After hearing from our officers, we'll have a Q&A session exclusively for analysts and investors.

You'll receive more instructions to ask questions when we start the Q&A session. Before we proceed, let me read something to you.

We'd like to make it clear that any forward-looking statements that may or may not be made during this conference regarding our financial forecasts, operational forecasts, and other beliefs are based on beliefs and assumptions by the board and as well as on information that is currently available. This entails risks and uncertainty because they relate to future events, meaning that they rely on things that may or may not happen.

Investors must understand that general economic conditions in this industry and other operating factors may have a significant impact on our performance, leading to results that differ materially or significantly from what we're discussing here. Let me now hand it over to our CEO, Pedro Ripper, who will start our presentation.

Thank you. Once again, thank you.

Good morning. I'm happy to be here sharing information about the second quarter of 2026.

Let me start sharing my screen with you. Let's hope this worked, and we have a short video for you today.

Today we have a very similar script as the one we're used to using here. We have three different blocks here.

First, we're going to be discussing strategy with a relevant update regarding our position. We're going to take a little break to understand what has been happening with Bemobi, especially vis-à-vis our transformation and our perspectives for the future.

Before talking about financial metrics, we're going to give you an update on business with TPV, new clients, and product innovation. Finally, we're going to see financial results.

Regarding strategy, we had an important landmark here. If you've been following us, for five years we've been undergoing intense transformation.

We made a bet: we went into the payments industry in a very timid way at the beginning. Now for this quarter, we are not only creating a new brand, but we are leaving behind a brand that used to have a payment business to a payment business.

It sounds subtle, but this has to do with all the work we've been doing and the vision of the future that we have for ourselves. If we think about figures, let's go back in time.

We've seen dramatic change. In the last five years, we tripled our revenue since our IPO.

We are going to quadruple it by the end of the year, close to R$1 billion in net revenue. We tripled our EBITDA, and we more than quadrupled our net income.

We had good dividends for our shareholders as well. It was also almost half a billion BRL in this period in dividends.

It's important for us to also understand how the market is shifting and how we see changes, macro changes, in Brazil in the digital world. We see dramatic change in the payments industry here.

We took a turn when it comes to our business position, and this is shown by our KPIs here. In this quarter, we surpassed an important landmark.

More than 2/3, 70%, of our business is now focused on payments software, which is our big bet. We've also been significantly increasing the volume of processed payments.

We have a run rate of almost R$16 billion, R$4 billion in the last quarter. We are no longer working with a single industry, too.

We used to have a telecommunications DNA through our partnership with telco companies in Brazil, but we've been specializing in other verticals to create very good solutions for them. Right now we're very consolidated in five big verticals.

Together, we're talking about over R$2 trillion in the Brazilian economy, almost R$2 trillion that these businesses create in the Brazilian economy. Finally, we are executing our strategy well.

We were able to convince most of the biggest company in these industries to be a part of our pool of partners. These are some of the highlights that we've had during the transformation that we built in the last few years.

During this process, we also had very specific M&As. There's the concept of holding with independent business, but we actually wanted to work on a proposition of complementary value.

We integrated these businesses little by little. Either we onboarded new specialties, new verticals, new capabilities, new tech solutions, but we saw the business as one integrated thing.

For basically all of these brands, we phased them out, and they have been 100% integrated into Bemobi's operations. If they haven't, it is only a matter of time or it's because of our strategy.

For instance, with Agenda Edu, we have a very specific product for a very fragmented market, it makes sense for us to keep them independent. We also had our rebranding.

You can look at our new look on this slide. This is our new logo.

Let me give you the backdrop. We had multiple brands and multiple stories.

Each one of these brands, each one of these stories, represented a chapter for Bemobi. As a side effect, we had a business portfolio that was hard to understand, partly because of fragmentation, partly because of our business model.

Evaluating Bemobi was hard and challenging, and we were basically being valued through each one of these pieces. In the last few years, with our changes in our brand and positioning, which is very, very important, we tried to dramatically simplify not only our business, but also our storytelling.

I used to joke that our elevator pitch required a 100-story building because it took us a long time to explain what we did, but now we can do it with one or two stories. We have a simpler architecture, simpler products, offerings, simpler structures, and this makes us more aligned with our future.

Our ambition is also more concrete now. With payments, especially in a highly digitalized environment which is now AI-enabled, we see the capacity of payment, which is usually in the back office of companies, becoming a competitive edge.

You need to have extreme alignment with payments and with your strategy in your business, and we had to develop capabilities to be able to deliver on this promise. These capabilities are things that make Bemobi have a competitive edge.

We have four pillars here. Number one is something that we've been insisting on, which is having sector specialization.

In the first four years, we focused especially on sectors that have one North Star. Usually we have recurring services, lots of regulations, and some kind of gap, since these are universal sectors, they had some kind of gap in adopting new payment technologies.

We also went into a fifth sector, which is ecosystems with franchises, distributors, and other ecosystems that work with the B2B2C model. Now, by being specialized, we were able to better understand the pain in each one of these sectors and to actually offer them payment solutions that cater to these pains.

Our second pillar is to understand this extremely fragmented market that is changing so quickly and turn something complex into something simple through orchestration, which we call intelligent payments. Not only do we want to offer multiple modern payment methods, like closed loops and new Pix modalities, and new wallet modalities, and new payment mixes, payments that are recurring, intelligent payment or smart payment, and orchestrating all of this to make it simpler for whoever is collecting this money.

The third pillar means acknowledging that payments are not happening in a vacuum. In the industries that we work with, this journey starts much earlier than the point of payment.

For instance, it starts with a payment slip. In many of these industries, people receive letters in the mail, or they receive a PDF in their email, and often times they go to spam.

Then you have to go to digital panels, you make the payment, and at the end of the day, you have to deal with reconciliation, you have to make sure you write that off, and you have to make sure all the process is followed. There's lots of friction, and this destroys value for companies.

We want to reduce friction, and Bemobi is working in the user experience chain. During this journey, we may help clients deliver a digital payment slip through WhatsApp.

We're rolling up our sleeves, we're working with legacy systems often times to make sure this process runs smoothly. This is a third element of our competitive edge.

Finally, in the last two years, we've believed that AI is still at the beginning of its journey. There's lots to come, there's lots of change that we're going to see on the horizon, but we're not going to be followers.

We believe there is huge opportunity in hyper-personalization for payments and collections. We can work with predictive payments and predictive behaviors to improve collection.

We can also use AI agents that are going to pay bills on behalf of end customers, and our partners and billers need to be prepared for this. These are the four pillars that are our foundation, enabling us to turn payments into competitive edges.

This is our new look for Bemobi, and we're trying to work together with our brand, our positioning, and our ambition that we've been making more concrete in the last five years to prepare for the next five years. Let's watch a short video.

This is going to show how we are aiming for a simpler storytelling.

Payments have always been a part of our history. Nowadays, the way you collect payments may have an impact on relationship, growth, competitive edge.

Every advantage brings new complexity: more payment methods, more channels, more rules, more possibilities for whoever is going to pay, and more complexity for whoever is going to collect. This is why Bemobi exists: to remove complexity from your way and to turn payments into a competitive edge.

Multiple methods, multiple combinations, one single ecosystem, full integration and orchestration, personalized for your industry, because charging for a monthly payment is not the same as charging for a payment slip that is going to be paid digitally. Smart payments that transform universities, utility companies, healthcare insurance companies.

Again, this is very playful, but I believe this video showcases our new perspective in a very clear way. We discover orchestration, simplification, and end-to-end journey, and the idea that we should be heavily specialized by industry.

This was a longer introduction, now let's go to our updates. Let's start with our clients.

As we always say, we try working with the leaders in each sector. In upper education, we had lots of wins.

We have Yduqs in our portfolio, one of the biggest companies for higher education in the country, and we have two new partners that are really interesting here. Vitru is also ranking among the top five in this industry, leading distance education here.

We established this partnership after a long time establishing our priorities. Now we have a partnership with FMU.

They are also a part of our portfolio of clients now, acquired by Ânima. This consolidates our presence in this industry.

It is something recent for us because we've been in this industry for one to one-and-a-half years. We're also very happy after a long time of aligning our vision and aligning our digital journey with this client to onboard Aegea.

We had wins with Sabesp basically a year ago, now we have the second biggest player in this industry, in an industry that is growing a lot in Brazil with lots of privatization efforts. Aegea is one of the biggest consolidators and one of the best utilities in Brazil for this, and they understand that payment methods could be an advantage.

In healthcare, which is our smaller sector maybe, we are working with Hapvida. We've been working with them for about a year.

We saw the first results in this quarter, and now we have a partnership with Qualicorp. Qualicorp and Hapvida together are the two companies that have the biggest numbers for private healthcare.

One of them takes care of benefits, but they both take care of the relationship and collection processes with end customers. We've been building this partnership for over two years, and we can finally announce it.

Finally, if you've been following us, you know that we're really careful when we choose new segments. Now with recurring essential services, we've been keeping an eye on condominium administrators for a year and a half.

This is very important in Brazil, and payments are still very detached from modern payments. We now have a good partnership with Apsa, the third biggest condominium manager in Rio de Janeiro.

We want to create a new experience for payment collection and billing. This is another vertical for recurring services.

For clients, we have very good penetration for some groups that are already partners. We have seven out of the 10 biggest telecommunication companies, eight out of the 10 biggest utilities, two out of five basic education companies, two out of seven higher education companies, and two out of the five biggest healthcare companies.

When you take a look at this slide, it may feel like we don't have much space to grow, because in theory we hold most of these clients, but this would not be the right take. When we look at the potential that we have in each one of these accounts, we may have 5% to 10% in each one of them.

When we see where our growth comes from, usually in the last quarters, 2/3 of our growth comes from our current accounts, which goes to show that we still have lots of room to grow where we are already present, and 1/3 of growth comes from new partners. If we were to stop getting new clients now, which obviously is not going to happen, we would still have the potential of tripling or quadrupling Bemobi with our current customer base.

Of course, for our growth engine, which is more sophisticated, we have a combination of new clients, new verticals, and better penetration for current clients. With this slide, I think it is easier to convince leaders in each industry that the value proposition we're building is actually very solid.

For products, we have two highlights here. We finalized our production with them, and we're going to have live cases in the next two months.

First, something that only a few businesses in Brazil offer, and I think no independent payment player offers this—maybe Mercado Libre is the only one that does this, but they do it for themselves—which is the ability to help customers when paying a bill, a bill in our case, a product in the case of Mercado Libre, to combine two different payment methods. This may sound minor, but in Brazil people have low income levels, it's very common for people to have low balance in their accounts and to have to use credit.

Combining payments or paying something with a Pix transfer and another share with installments is really major here. This really unlocks their payment capacity and offers a more convenient service to clients.

Now, hand-in-hand with this, we are also fostering innovation here. We have a partnership with Livelo.

Livelo may have the biggest loyalty plan for different social classes in Brazil, because of course you have mileage plans that are focused at the top of the pyramid, but you have almost 11 billion points in the hands of consumers right now here, and we are now creating a new way to use these points to pay for bills. Little by little with select partners, but at some point with every Bemobi partner, you'll see the possibility of using your points during checkout, not only combining payments, but also connecting it to your Livelo account.

Hypothetically, if you have points that are worth 60 bucks for a 100 BRL bill, you could use the 60 bucks to deduct it from your bill. Again, I emphasize that this is an example of how we're always trying to make people's lives easier and to acknowledge the different dichotomies that we see in Brazil, which is a very heterogeneous country.

Now, thirdly and lastly, let's talk about the results for this quarter. This is not a financial metric, but it's a good lead indicator.

This is the total volume of processed payments. We had very robust 54% growth.

Here we have our last vertical with marketplaces and ecosystems, which happened with the acquisition of Paytime. On the right, this is what we see.

We see that first we had telecommunications with payments, and after a couple of years, basically the new segments are the same size as telecommunications. Telecommunications is still growing, but it is only natural for new sectors to have higher growth or faster growth.

Another highlight is that we have a very healthy take rate. We are a little bit flat year-on-year, and this drop is expected, and we've been talking about it as we process new Pix transfers.

It is only natural that we're going to have a faster TPV acceleration than the acceleration of our revenue, but we do believe that both revenue and the contribution margin are going to keep growing at a very healthy level. Now let's discuss revenue.

We have some breaks here. It is a little bit more complex, we have some breakdowns.

First, we have the organic view, and then we have a neutral view taking into account foreign exchange fluctuation, which better represents the real speed of growth in our business, because we have some of our business running outside of Brazil. With a non-organic growth, we grew 36% year-on-year.

Without foreign exchange fluctuation, we grew 15%, and 30% with Paytime. If we were to double click this, the highlight is that in our main vertical, payments, we had 75% of growth with Paytime.

That's 75%. Now, if we were to exclude Paytime, with our two legacy systems, we grew 53%.

This is very robust payment, and this was led by our main vertical, which at its essence is our new Bemobi. Let's see the revenue breakdown.

We have breakdown by region and international revenue. We had 60 to 40, Brazil was already most of the business a year ago.

Since payments is really focused on Brazil and it's growing very rapidly, in spite of having overall growth for our international line, our mix changed a lot. We also had a little negative effect from foreign exchange, but this breakdown happened especially because of the high growth for payments in Brazil.

With the breakdown by business, if we put payments and software together, we're over 70%, and the other original, more mature business at Bemobi for the first time are reaching around 30%. These are still relevant businesses, they are still resilient, but they are losing share in a relative way.

Let me now hand it over to our CFO, André Veloso, who will be able to discuss the other financial metrics.

Thank you, Pedro. Good morning.

It's a pleasure to be here with you again to discuss our earnings release presentation. Here we have our gross margin.

We have 12% year-on-year—this is organic—and 21% if we take Paytime into account, reaching 55 million reais. We have a slight decrease for the relative margin.

This happens specifically in the organic number because of the acceleration of growth for payments with a mix of solutions that leads to something a little bit smaller than what we had last year. With the consolidated numbers with Paytime, because of this new company that has been recently integrated into the group, they have lower levels of profitability, this creates a little bit of pressure for our consolidated result.

It is also important to notice that we don't have a quarter-on-quarter comparison. We basically have a stable margin here.

In our opinion, this is very healthy for the execution of our business plan in the medium to long term. Next, here we see our OpEx indicator.

We had 3% of organic growth and 10% of growth with Paytime, a little bit over 75 million in OpEx. We used tailwinds because of forex, but this is also associated with expenditure control at the company, and we were able to, in a way, dilute investments to reinforce our structure that took place in the second quarter of the previous year.

We kept growth of our expenditures in a level that was very different than expected from a revenue standpoint. For the adjusted EBITDA, we had an accelerated growth compared to revenue: 24% in the organic figure, 33% if we take into account Paytime.

For the relative margin, in both cases, we were able to find margin expansion: 34.9% for the consolidated, and for the organic, almost 37%. Here we have our EBITDA minus CapEx.

It's important to make a note here. Often times we feel like this market is not paying attention to this indicator, but in our opinion, this is an indicator that better reflects our operating performance at Bemobi.

Let me tell you why: most of our CapEx is focused on the activation of workforce with IT projects and product projects. To avoid any kind of discussion between OpEx and CapEx, this is an indicator that encapsulates all of it.

This is an excellent proxy of our capacity to generate operating cash flow. It's impressive to see the capacity that our business has to use its business model and its operational leveraging to improve this indicator over time, because our CapEx has been clearly growing at a lower level compared to our EBITDA.

Both in the organic figure and the consolidated figure, we are at a level of a cash conversion that is 81%, which is really healthy. Little by little, we are improving the performance of indicator over time.

Next, we have profit, or the adjusted net income. We had 30% of growth, a little bit over 45 million BRL.

Obviously, this happened not only because of better operational performance, but also because of the impact of what we paid in the previous quarter in interest on equity. This is partially offset with lower financial results for this period.

Since last year, we've been returning lots of cash to shareholders, and this has been reducing our cash inventory that is available to us. In a way, this is also improving our capital structure.

This is what I have to share on the adjusted net income. Finally, we have our cash position.

From an operational standpoint, we were able to see an increase of 44 million driven by the EBITDA minus CapEx indicator. We had a little injection of working capital into our business for payments, which is the biggest growth engine.

If we look at the free cash flow, it was negative by 21 million BRL compared to the previous quarter, especially because we used 60 million BRL in initiatives to return money to shareholders. One of them was the buyback of most of what we had for the swap through a share buyback program.

We also had another 16 million BRL in interest on equity that were acknowledged and paid out in the second quarter. We also had the payment of price adjustments for the Paytime acquisition at the end of the year.

We had the dismantling of the swap position that I mentioned earlier, which brought a positive cash flow adjustment at 5.6 million, and we ended this period at 328. We just acknowledged another tranche of 16 million in interest on equity that will be paid by the end of the month.

We are aligned with the 100% payout that we set for this year. Thank you again for being here, and let me hand it back over to Pedro Ripper for his closing remarks.

Great. I'm going to close this out, and then we have a few minutes for a Q&A.

Again, we had a strong quarter. For our figures, once again, payments is a highlight.

We are very accelerated there. With Paytime, soon we're going to give you more visibility, but we've seen that this was a good acquisition.

We are still at the very beginning. We still have to capture lots of value, but we are executing it well.

I insist that it is worth looking at it carefully because we do believe we're going to have a good engine of growth in the future for this. Our hypotheses for operational leverage has been very consistent.

I want to make it clear that we could have an opportunity here to bring profitability up, but we haven't been doing it because we do believe that we should be making extremely important investments in product, in team expansion. In a way, these are important for us to keep this rhythm of growth from now on.

Even though we look at 36% of organic growth for the EBITDA, we don't want to keep increasing this forever. We may reduce it slightly so that on the other hand, we can accelerate growth, and we are very comfortable with this trade-off.

I think ultimately this is what is going to maximize sustainable growth in the medium to long term. I think what makes me the most excited about this quarter, because we may have a great strategy, we may have great financial results, but the fuel for the future are big businesses, big clients that agree with our hypotheses, that agree with our value proposition, and that then are going to become a new source of revenue.

Of course, there are many, many clients that I'm not highlighting here, but in one single quarter, we were able to onboard many big players from the new sectors that we are just starting to explore. This is a big validation of our business model, in my opinion.

I'm not saying that our next sales are not going to be challenging, but this is good. It is easier for clients to make decisions when they see our history, they see that their peers are reaping the fruit.

Of course, as we grow in these industries, we also learn a lot with these clients, this creates a virtual cycle. With condo payments, this is a huge, huge market, over 100 million BRL.

We have lots of fragmentation challenge in this industry. Our first endeavor here is a first experience so that we can learn a lot from Apsa, which is extremely sophisticated, and who also agrees with our vision on what the payment journey should be.

We do believe that we're going to be able to unlock value in this industry, and if this proves to be right, then we're going to scale this up. Finally, we still believe that we have a huge journey of product and innovation ahead of us.

We should have more news on AI in the next half of the year. There's traditional payments, there's the combination of regulated software and AI, and we believe this is really powerful.

Usually you're going to associate AI with software, but especially regulated processes, this is going to be very strong. We've been raising the bar in the right way when it comes to operating payments in Brazil, but AI could definitely boost productivity and innovation for new business models.

We're going to be talking about products that we believe are going to be a competitive edge from now on on our pipeline. Now let's go to the video.

I'm going to stop sharing my screen, and Bruno is going to help us start the Q&A.

Of course, Pedro. Thank you.

Let's start our Q&A. Our first question comes from Bernardo Guttmann from XP.

Please unmute, Bernardo.

Good morning, Pedro. Good morning, André.

Good morning, Bruno. Thank you for taking my question.

Congratulations on these results and on the new contracts that you were able to get. Pedro, I'd like to start off by talking about the condo market.

I think you talked about this in the Brazil Journal article. You said that in this vertical, you need a different playbook because it's a very fragmented market, and you need to reach hundreds of managers to reach scale.

How do you tackle that? Can you create a distribution model or a partnership models that allows for you to scale up without increasing your CAC too much?

Or are you going to do it gradually? Because the TAM seems to be extremely relevant for this vertical.

I have another question here. We recently had a conversation about Bemobi initiatives with AI, and you were really careful.

You didn't talk about short-term monetization. You said that the most immediate impact should be in productivity.

Another quarter has passed. What has evolved more quickly than what you expected?

Do you see any initiatives where there is a more concrete bridge between the productivity gains and the financial impact? Thank you.

Great, Bernardo. I know you've been doing this for a while, and it's great that you see that this model is shaping.

We've been studying condo bills for at least a year and a half. Let me tell you what makes us excited and the challenges that lie ahead.

What makes us excited is that condo managers are twofold. First, of course, you have to manage accounts, you have to consolidate condo accounts, you have to provide some services, and there's also a financial component to it.

A condo manager is not a financial institution, but they end up playing an indirect role of organizing working capital for the condo structure. They won't loan money, but in a way they end up doing that.

We have two opportunities here. Number one, just like in the other sectors we work in, these payments methods were ancient.

I live in a condo, and I would love to have other options because I think this could make the lives of end consumers much easier, very in line with what we see in the other industries. I do believe that as the central bank tries to create more regulation for the payment sector in the financial sector, then managers will have to become more professional and will have to transition into using partners for some of these financial operations.

We use two capabilities here. This is an essential recurring service, but it's also a B2B2B model.

You have a building manager that provides services to a condo structure. I think we're very well-positioned to solve this issue.

Now let's go back to your question, which is very valid. I think we need to cross two bridges.

First, we need to build a big case. This is why we want to work with Apsa.

We want to unlock many of these topics, and Apsa is a very sophisticated player. Number two, having done that, let's say we're able to unlock this, how do you scale it up?

We have some formats for that. It's not the first time we go into a fragmented industry.

If you remember how this used to work, we have two segments that used to be heavily fragmented in Bemobi. First, elementary education.

The biggest player has 3%. It's thousands of schools.

In this case, we went for an M&A with Agenda Edu. They had a good software solution with good outreach, and we integrated payments.

We did something similar with 7AZ, and we just bought the other 49% of them, working with ISPs, which is 15,000 providers. The playbook of figuring out a sector, tackling an issue, and then having an RP or an acquisition is one of the paths that we can follow.

I'm not saying that this is what we're going to do here, but I just want to make you comfortable that we've worked this muscle. We've been able to get more fragmented industries and been able to do this.

We need to first cross the first bridge, and we trust that we have a good value proposition, and we're going to start working on the possible paths to get there. Secondly, regarding AI, I'm also very cautious.

I believe that overall, and I don't want to overly criticize people, this market is leaning into associating anything that is good or bad to AI. If thousands of people are laid off, we think that it's because of AI, but actually it is not as straightforward.

Of course, this could happen in real life. I can tell you that when André was talking about this very important metric, EBITDA minus CapEx, and our CapEx is 90% intangible, when developing software and product, that's 90% of our CapEx.

In the last 2.5 years, we really dove into this. This is one of the reasons why we've been able to grow with the other indicator significantly faster than what we could have grown without AI, because we had product deliveries that were huge, and it's unlikely that we would have been able to do it without AI, without this kind of operating leverage.

We don't have a number of cents, but it's clear that the output that we have right now with the same teams that are now using AI is significantly higher than what we would have in the past, and we didn't have an increase in headcount. It's clear that we have accelerated operational leverage because of AI.

When we talk about what's good, like creating value for what's new, I would say that the initiative that is more concrete is the initiative of converging two activities. Usually for our biggest partners and clients, this is done separately.

First, you have collection. That's when you collect for a bill that is not due yet or has only been due for a few days.

After a few due dates, then you go into forced collection. This breakdown is arbitrary, and the second step is usually done by specialized companies in the pre-AI world.

However, as we onboard these capabilities, we can include in our take rate a share of this addressable market. This is already happening.

We have a share of our revenue that comes from this. I don't want to be a salesperson, and I don't want to say how much of it came from AI because it's not as straightforward, but I can clearly tell you that without AI, we wouldn't have been able to do this because we're not going to build a call center at Bemobi.

AI allowed for us to go into a new segment. We are at the beginning of a long journey, but we do believe that these two industries of payment and collections are going to become one single thing, and we are well-positioned to bite a share of this market.

There's other things, and we're going to talk about these concrete results as we have better news. Then we're going to have a better split between our initiatives that are enabled because of AI.

Was I able to answer your question, Bernardo?

Yes, thank you so much.

We'll see you next week at the CEO conference.

Definitely, I'll be there.

Thank you, Bernardo. Now we have a question from Leonardo Sintra from Itaú.

Please unmute, Leonardo.

Good morning, Pedro, André, Bruno. Thank you for taking my question, and congratulations on these results.

In my first question, I'd like to talk about the new clients you've just announced. How much could we expect in contribution and ramp-up for 2027 for these clients?

Most of them, except for condo managers, are in industries where you are exposed and you have the expertise to ramp it up. Which one makes you the most excited about for your TPV in 2027?

Also, Paytime, at the end of your remarks, Pedro, you said that we'll have more disclosure soon, but could you please comment on the first steps of the partnerships and the first steps of the integration if we think about synergies and top line? Also, the margins that you see that you could unlock for this company, maybe to improve the take rate of Paytime as a contribution for the consolidated figures?

Thank you.

Definitely, Léo. Thank you for your questions.

First question, you're right. As you have new partners or clients in industries where we have some kind of knowledge, of course there's more foreseeability.

When we started with our first healthcare client, we had a big question mark. We didn't know about their behavior.

First we had a confederation, they were small, we had very good results, but it was a group of relatively small companies, we didn't know if we'd be able to unlock the same value or capture better value for a big company. With Hapvida, we had a highlight.

We don't do a breakdown by client, but it was important for Q2 and it's going to be important for Q3. This is not a guidance, but it's going to be important for Q3, which gives us the indication that Qualicorp is going to be major, too.

Of course, each partner is different, but there is a big potential to unlock value here. When it comes to timing, I think it is reasonable to believe that more is going to happen in 2027, as you mentioned.

With Aegea, we have a good proxy for Sabesp, very similar businesses, and we have Vitru and FMU, and we have a good proxy there, too. We don't have a magic number, but we could have a better breakdown.

Maybe we'd see 25% to 30% of growth from new accounts and 60% to 70% of growth from organic growth. We're going to have more and more accounts.

This is a good proxy, and I think that the new accounts are going to leave us well-positioned to have a share of our contracted growth in 2027 based on them. Of course, we still need to get new clients because it's a cycle and there's a delay.

It takes two years of investments to sign a contract, and then another year to see the results. It's a pipeline.

I would say that these clients are going to bring 50% to 60% of the growth that we need next year if we have good execution for them right now. Of course, this is associated to new accounts, and this is the challenge: we need to add new accounts and grow the current accounts.

Second question: Paytime. It's been seven months and 10 days since we had a closing with them, it's pretty recent.

Remember that Paytime has two businesses. They are similar, but they are not the same.

There's one business that is more connected to SMBs, it's B2B2B in a partnership with PagBank. They have good execution.

They are almost like a channel to enable micro-entrepreneurs to offer payment solutions. This operation is still operated as Paytime, as an independent brand, and they are operating independently.

There's not much synergy there, but it's a business that works well. Now our biggest bet is to focus on big ecosystem segments.

This is our DNA at Bemobi: enterprise. We work with bigger clients.

Now what we've seen in practice since then is that we have two synergies. We're starting to capture one of them, and we haven't tackled the other one yet.

What we're already capturing is a product synergy. Paytime has some features that Bemobi didn't have.

We have a more sophisticated online checkout than Paytime, but Paytime is creating a kind of unified stack so they're able to work with some kinds of clients that we wouldn't able to tackle on our own and they wouldn't be able to tackle on their own. For instance, in education, our third subvertical is the segment of different courses and vocational training.

This is a very big segment with lots of vocational training courses, and it's basically operated through a franchise model. It's a B2B2B model.

On our own, neither us nor Paytime would be able to get major clients from this subsegment. We were able to get something recently, but in the future I think we're going to have something big, and this is going to come from the synergy of putting together capabilities that we didn't have before.

We're just getting started with this. The growth that we've seen so far is 100% due to the Paytime team.

Bemobi has contributed little to it. Yes, what I think would actually change the needle would be to work on this DNA of getting very big accounts.

We are starting to approach very large groups to put together a joint payment operation. I think these are things that we're going to be discussing in 2027 just to set your expectations correctly.

The glass half full is that even without this, the Paytime team has been executing really well. When we become able to bring our synergies together, then I think we're going to have even better acceleration.

Now I am cautiously optimistic. The market loves this term, right?

I'm cautiously optimistic because we need to see some of these cases become monetized to understand the real capacity of change. Was I able to answer your questions, Leo?

Yes, clearly, very clearly. Thank you.

Bruno,

we're nearing the end. Great, we have one last question.

Thank you for your question, Leo. Now we have a question in English.

Since we have translation, I'm going to read it in Portuguese. Paytime appears to be running at roughly a 20% EBITDA margin versus 36.8% for Bemobi excluding Paytime.

Is this Paytime margin a fair representation of the underlying profitability? How should we think about the timeframe and key drivers for closing this gap?

Excellent. To answer this, let me go back to my previous comment.

Paytime has two slightly different business models in the B2B2B arena. First, SMBs.

Their margin is in line with what you've described. Of course, there are some things to optimize.

Maybe we could reduce another 1% to 2% in the margin. The trend is that we won't see a big margin expansion for this part of the business.

On the other hand, for bigger clients, which is counterintuitive here, we have a bigger value contribution, even more in line than what Bemobi does for other sectors. We see that for this other business model, we have a margin that is significantly better and closer to Bemobi.

Our belief is that over time, as this new business component at Paytime grows much faster than the other, then gradually Paytime will have a margin growth because the mix is going to change. I think it is possible to get closer to 30% of EBITDA margin.

I don't know if 35% to 36% as we have in Bemobi, but we have space to grow our margin in the next two to three years as it gains scale and as the mix changes into higher added-value, bigger clients. This is what we believe in.

Our first contracts highlight this, but it is only natural that we have to wait for a while to see this happen to actually state this.

Great. Thank you, Pedro.

Let's go to your closing remarks.

All right, everyone. Once again, thank you for being here with us.

Again, we're very excited. Our macro situation in Brazil is not that exciting, but we see that we are a relatively small player in a very big market with a good value proposition and good adherence.

The macro conditions are always a nuisance, but we believe we can keep growing with a good foundation, especially as we're able to help bring value to our clients. We had a first half of the year that was good, and we're excited about the second half of the year.

We want to keep our pace in line with what we've done so far. This is it for now.

Thank you so much, and see you soon.