Hello. Good morning, everyone.

I'm Bruno Giardino. I am IRO of the company, and we are here for one more earnings release of Bemobi concerning the first quarter 2026.

We have here with us our executives: Pedro Ripper, CEO; André Veloso, CFO; and Juan Stricker, CRO. In addition to Bruno Marques, who is part of our IR team.

We'd like to let you know that our presentation is being recorded, and all participants can listen only during the conference and can also see our presentation. All participants can access simultaneous translation into English should you prefer it.

On the lower portion, there is interpretation. Select the language of your preference.

I'm now going to speak English for those who cannot speak Portuguese.

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

Now I switch back to Portuguese.

After the presentation, we are going to start our question-and-answer session for investors and analysts. Further instructions will be provided later when we start our question-and-answer session.

Before moving on, and as we normally do, I'm going to read a text. We would like to mention that forward-looking statements which are made during this call concerning our business, projections, financial goals are just part of beliefs and assumptions of the company management, and they are based on information currently available.

They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors should understand that general conditions, macroeconomic conditions, industry, and other factors can impact results and lead to financial results that differ materially from those expressed in such forward-looking statements.

Let me now hand it over to Pedro Ripper to present the results of the company. Thank you.

Pedro? Good morning, everyone.

Good to be here. As Bruno has said, I'm going to share the earnings release of our first quarter 2026.

I'm just going to go over our strategy. It is a quarter that deserves to be addressed.

We are completing 5 years since we had our IPO. One important change throughout the process was the repositioning of the company based on what we call vertical payment strategy.

Payments have to have an end-to-end understanding from the moment the client or the end consumer engages with the client up to the final portion of back office, providing a frictionless experience and with good conversion. We also have a thesis of specialization by industry, which had been focused on recurring essential services: telecom, utilities, education, and others.

This quarter, as I'm going to show you, we are celebrating a 5-year anniversary, but it's the first time that most of our businesses is concentrated on this strategy. Last quarter, we talked about the Paytime acquisition, which had happened 2 days before the end of the calendar year.

Now we have had a better understanding about the strategy. We had been focusing 100% of our energy on vertical payments on the recurring essential services, very much focused on the largest service companies in Brazil, but also the selected industries going into the mid-market, especially in fragmented areas such as basic education and also healthcare insurance, which is represented on the left of the chart.

By acquiring Paytime, we got into a new market segment which we named marketplace and ecosystems. There is a hub, a franchising company or distributors with point of sales, marketplaces and stores of vertical software vendors with end consumers that connect with intermediates.

Paytime is strongly focused on this area, and now together we are going to open new businesses into the enterprise market. As we've done with recurring essential service, we are going to replicate the strategy of highly specialization, end-to-end operations focused on this new segment.

It's a process that we are going to get more visibility on, but I think this chart sum up our new positioning and the new bet that we are making on additional vertical specialization. Speaking of numbers, you are going to see that to keep on being transparent, we are going to consolidate Paytime numbers as well, but we are going to show you organic growth and Paytime numbers, and this is going to be helpful to understand how the setup is.

We had grown 48% year-over-year, and there was just a small share coming from the marketplace and ecosystem, 0.3% only. Another interesting breakdown that we did for the first time is TPV by specific segment.

2 years ago, we used to be a company focused on telecom vertical payment: mobile, broadband carriers. Last year, utilities got some more relevance.

Education was not really well-developed, whereas this quarter we can see a relevant distribution of all industries: telecom, the highly developed area of course because we've been there longer, but growing less than the other industries, which are getting to about 40% of our total TPV. This is our strategy: diversification of industries, but maintaining our thesis of specialization.

Speaking of clients, in telecom, even though we've been in most of the companies, we were not with Algar Group, a traditional Brazilian group, a regional carrier in B2B which is now part of our portfolio. A second important client to mention, because we had one client in utility only outside Brazil, it was Enel in Chile, and now we have a second client, Chilquinta, which is an energy operator in Chile.

It shows that our model is replicable and can go into other markets outside Brazil. In education, we have also closed a deal with a very interesting client.

There are two characteristics: it's an education group, but it has a model of franchising, two verticals at the same time. The new vertical of franchising in our ecosystem, but focused on education.

Very interesting partnership. Paytime had integrated with our education solution, and Grau Técnico is our first client with that.

They offer vocational courses, one of the largest in Brazil, and they've selected Bemobi to bring good payment solutions for their franchisees. Finally in healthcare, we've been evolving with Unimed Federation.

It is state-based, and we have added some more of their branches in the area of healthcare insurance. Now moving on, let's talk about products.

1 or 2 quarters ago, we talked about the integration of wallets in our smart accounts, wallets of the main mobile operating systems, Apple Pay and Google Pay. The recurring option is not very much addressed.

I don't know if we are the only one, but one of the first companies that have integrated this payment means, which is quite convenient for recurring payment modality. We launched it a few months ago, and we've seen an improved performance for clients that already had that payment option.

Still speaking about product, we had announced probably 1 quarter ago the Pix orchestration concept to address one pain point of our clients. Pix is a critical mission, and as such it got more susceptible to attacks, generating instability, sometimes even leaks of keys.

In addition, there were new standards of Pix launched in the past 2 months: so biometrics, smart Pix, and the so-called Automatic Pix, which is very important for recurring payments. Our Pix orchestrator came in for two things: offering resilient system and really coordinate all the different first-line banks, and really provide better services to our end consumers and intermediates, providing one single interface for all the different Pix modalities.

This is something that is getting more traction. We already have 16 live clients.

It's getting more and more traction, and we extended that to 5 large banks which are going to be part of the Pix orchestration system that we have. I have a very short video to show you which shows you exactly the concept of the so-called Pix orchestration.

Pix has evolved. It's instantaneous money transfer for a broad ecosystem: QR code, Automatic Pix, biometrics, by just approaching the mobile phones.

How can you keep it up? Get to know more about our Pix Orchestrator with a checkout that is integrated with all different Pix journeys.

It's customized by user. It has a journey without redirecting, and much more: automatic fallback, smart processes, context journey.

Today it's no longer simply accepting Pix; you have to orchestrate it in a smart fashion. Now moving on, I think the last topic before going to the financial results is to talk about AI.

In the last Investors Day, which was about 8 or 9 months ago, we said we had three main pillars to get differentiated through AI, and one of them is described here in this sequence and steps. We've been seeing a progression, an evolution in the process of payment modes in the large companies.

Most of the market operates in the first three steps. Within, let's say, paying bills, a physical portion would be getting a printed invoice at home, which is still common in the area of utilities and others because of regulation purposes you have to send the printed bill.

Then a percentage of our clients say fine, no more printed invoice, then you get different modalities through push or pull. It can be through portals, apps, etc.

There is a third element when there is AI in the back end improving the conversation, but also interacting with end consumers. This is part of the so-called conversational AI journeys.

More people involved in billing. This is focused through WhatsApp in Brazil, really supporting customers in payment modalities.

The next step is to active agents, agentic AI. End consumers won't even see that.

It will be like Claude, ChatGPT modality, and then an agent that will be delegated this activity of paying bills. You can have really directioning, and then the agents are going to pay on behalf of the end consumers.

Bemobi is creating the right infrastructure so that agents can interact with the checkout and the billing solutions of our clients. We are going to make the real-life cases shared with you soon, but we understand this is the direction of the market, and we have the mission of leading this transformation.

The idea is to leverage our own existing dataset. Bemobi, because of the size of our clients and the history of recurring payments, I would say that we have the largest recurring bill payment dataset in Latin America.

We understand when customers pay, through which channel, what is the churning rate and the different payment periods. We believe that can be used to improve the whole process of agentic AI.

Now let's go into financial highlights. I'm going to talk about revenues before I hand it over to André Veloso, who's going to talk about the other financial indicators.

In terms of revenues, somewhat more complex slide, right? There are two ways of understanding revenues.

First, without foreign exchange, there was a negative foreign exchange effect. If we neutralize the foreign exchange, there was a stronger growth than it seems at first sight.

There was a depreciation of the foreign currency against the Brazilian real. We also have analysis with and without Paytime.

In a neutral foreign exchange understanding, we had 22% growth. Adding Paytime, we increased to 35% our revenues.

Another analysis is net consolidated revenue: first, not adjusted by foreign exchange, that would be 22%, and 33% including Paytime. What we try to give some focus on is the growth: 77% of payment net revenue.

You can see here ex Paytime and all the different type of revenue. Organic revenue is 89.77, 89.7% plus the physical top-up.

It's a mature business that we have segregated for a while. It does have visibility.

We also have Paytime businesses representing 14.3 million in the quarter. So 89 million and 14 million.

Finally, another breakdown by region. It has changed somewhat our mix, influenced by two actions.

As payment is highly concentrated in Brazil, it has changed the geographical mix. Brazil has been growing more than the international market because our payment businesses tend to be more added here.

The mix is different because of Paytime. We have nearly 70% of our revenues concentrated in Brazil, differently from what we used to have 2 or 3 years ago when it was half and half.

Now breaking down by business, in our statements we have the breakdown by all business lines, but now we are going into the two main business lines: so SaaS and payment, which are interdependent of course. For the first time, we've got nearly 70% of our business focused on the new strategy, which is a very important landmark in my opinion.

Not that transition is over, but I think that we are completing the initial phase of repositioning Bemobi in a more promising, simpler strategy for the next 5 years. Said that, let me hand it over to André for the additional financial indicators.

Thank you, Pedro. Thanks, everyone, for the participation in our earnings release call for the first quarter 2026.

It's the first quarter in which we present the results of Paytime as well. It was a relevant acquisition to Bemobi.

For the full quarter of 2026, we are going to present the results of Paytime up to EBITDA level at a separated so that you can understand what's organic growth and the influence of Paytime on our overall result. It also makes sense to talk about the influence of Paytime on Bemobi figures in a consolidated fashion.

In the previous slide, we saw Paytime representing about 10% of our revenue, but as you are going to see in the upcoming slides, it is expected to mean about 7% in terms of EBITDA. It compresses somewhat our margins at the consolidated level, but throughout the next quarters, we are going to replicate Bemobi's playbook so that there is a convergency of profitability of Paytime to our organic Bemobi level, not linearly over time, but this is the trend in the mid and long term.

Pedro, I think go back two slides, please. There you are.

Gross margin. Organic growth, there was an 18% increase, some reduction of margin compared the same quarter last year because of the effect that we have over consolidated margins.

Because of Paytime, there was a reduction of 4 percentage points. Next slide.

Now talking about OpEx, we've been controlling quite well organic and Paytime OpEx, especially discretionary expenses. There was an increase of all lines except for our bad debt provision, which is something that we have increased over the last quarters, but compared to the fourth quarter last year, there was a reduction of the levels in all different lines: so personnel, technology, and others.

We've been controlling expenses accordingly, they haven't been increasing less than our revenues, generating operating leverage, which is something that we've been emphasizing throughout our whole history. We expect it to be maintained in the future, not linearly either, but this is one of the characteristics of our playbook, and we are very confident that we can deliver similar results.

This is our adjusted EBITDA. At organic level, because of control of expenses, there was 24% increase, reaching 74, 74 million BRL.

When we add Paytime, it's about additional 5 million, so that meant 32% increase. Comparing apples to apples, we've expanded 1.1 percentage point our relative margin in the first quarter 2026 as opposed to the first quarter 2025.

This is the idea: in upcoming quarters, we expect to apply the same kind of playbook to Paytime as well. Now, adjusted net income: 21% increase year-over-year.

The main driver that has impacted the profit is the result of the financial results. Bemobi distributed 223 million dividends last year.

As such, we reduced about 30% our cash balance. In addition to, you've seen the profitability of low-risk investments offered by the market have been reduced throughout time.

Combination of those two factors influenced the total net income. Even so, there was 21% increase.

We delivered 37 Brazilian million Brazilian real in the first quarter 2026. Next slide, we have operating cash flow.

Organically, we've expanded our cash conversion to 82%, which means 31% increase in terms of absolute number to nearly 57 million BRL. If we bring Paytime, it goes up to 61 million, 42% growth year-over-year.

Finally, our cash position, which has been kind of stable despite the operating cash generation, but some points deserve reference here. First, working capital: 33 million BRL, which was an anticipation of receivables that had to be accounted for in the end of March.

It's already part of our cash in April, it was just a time-off effect of our quarterly closing, but in terms of closure of numbers, it meant an impact on our cash levels. We've also had BNDES loan approval of the second tranche of TR plus 2.2% per year, 21 million BRL in the last bar.

Combination of all these factors meant a final cash position quite stable over the fourth quarter 2025. Now thinking about the fiscal or the tax effect, we are paying 16 million as equity payment.

It's 19 cents per share, and we are going to distribute 100% of our profit level for the calendar year. Thank you all very much for join us.

Let me hand it back to Pedro, and then I'll be glad to answer any questions you might have. Good.

Thank you, André. Wonderful.

This is a brief summary so that then we can open for your questions. It was a solid quarter.

We are very excited with Paytime, which is opening a promising avenue of growth. Even outside Paytime, results were very robust: negative foreign exchange result, and if we exclude that, the results were even better.

Results have come from our main strategy. The integrated view of software and payment creates a very good defensive moat, and it has gained attention by the main companies in Brazil.

As I've said, 70% of all business is concentrated on this vertical, which is our focus from now on. There was good organic EBITDA expansion and some compression because of Paytime.

Paytime is going to operate at a shorter EBITDA margin, but there is nothing that would say that we cannot bring it up to the same level as Bemobi in terms of margin, as we've just heard. Our vertical strategy is clear.

We've been testing new verticals as well, and therefore TPV, which is an early indicator, has shown solid growth, and we've also improved our take rate because now we are offering high added-value solutions. In terms of product, we have a very bold goal: we want to lead the transformation of the payment modes with new pay-by-banks, new payment modalities, and also understanding the strength and importance of Pix payment.

It is more complex and critical, it's true, but it's an opportunity for us to help our clients navigate through that. There is added complexity than when there was just one Pix option.

Finally, we are highly convinced that AI is going to have a transformational role in the area of payment, as it's going to be the case in other industries, and it means a huge opportunity for those players that can understand the new payment dynamics. I'm not going to go into details, of course, but I would like to share with you that we've been investing significantly our CapEx, about $55-$70 million per year, focusing on these new topics which we believe that throughout 2026 and 2027 will be a relevant additional revenue source to Bemobi.

These are my closing remarks. Now stop sharing, and now we are going to open for questions and answers.

Bruno, please? Thank you, Pedro.

The first question comes from Bernardo Guttmann with XP. Bernardo, please, you can unmute your mic.

Good morning. Pedro, André, Stricker, Bruno, everyone, thank you very much.

Great results. I have two questions, but I'd like to start with the last bullet you presented in your closing remarks.

You are speeding up your investments in a AI-native recurring payment structure. In practice, does it improve efficiency and conversion in your existing clients, or will it open a new avenue of products and addressable market?

When do you expect it to be seen more concretely on your results? My second question is, you've highlighted new clients in healthcare, new Unimed branches.

What about the ramp-up of these clients, monetization, adoption? Is it similar to that of utilities, telecom, or does healthcare have a different dynamic which may end up impacting somewhat your businesses?

Great questions, Bernardo. Let me start with AI.

The answer is both elements. First, you ask whether this is going to change conversion and efficiency, and the answer is yes.

The product development cycle with AI is so fast, and we've been seeing that happening, right? The way you develop software and operate companies have been changing so fast.

We are in the front run of this market. Probably we're going to reinvest in one side or the other, but we believe this is marginal risk really, as opposed of the risk of not really mastering this new businesses.

I think that we have to do more with less. This is the first option.

Our product development will probably be faster, and we anticipate things that we've planned for next year would probably be implemented this year. Once we have an AI dataset and we've been implementing AI in a more focused fashion, thinking about conversion, anti-fraud elements, we can see lower chargeback, higher conversion rates.

You won't see that in numbers, but we've also gained competitiveness. We are a more interesting player as opposed to other competitors.

It's not a static market, of course. We believe that eventually all players will do exactly what we are doing, but it will take maybe some time.

Building up on the second part of your question, as we provide our payment infrastructure for agentic AI, first you are offering it to partners of our own clients, but as we become leaders in this industry, you are going to open new avenues of business in areas where we are not represented yet. Of course, it's still a hypothesis.

We are taking it carefully, but in the segments where we operate, we are going to operate better and we are going to lead. It's early to say how much it's going to impact other segments, but I don't believe our peers can do it as fast as we are doing, I believe there are probably going to be windows of opportunity.

I'll take it with a step back, really. Probably it's going to be in 2027.

This year, we are going to see value generation and launches in the areas where we are already represented. Now concerning healthcare, we have one very large client, announced some time ago, but that has not generated any revenues, which Hapvida.

We have smaller clients. Unimed is a very large group, but the process of sales unit by unit.

What can I tell you about that? In this microcosm of some Unimeds, the unit economics are very good, better than telecom, with the caveat that we're still just beginning.

When we see the size of Unimeds, number of customers, TPV, added value, it's better than telecom. The proof of budding will come from the fact that we are going to a roll-up now with Hapvida for the second quarter, and third and fourth quarter we'll have the complete operation of Hapvida.

That's going to be an interesting landmark, right? We are going to have a large customer to understand the economics, but the initial unit economics of Unimed seem to be very promising.

Now, I want to see it if in a large-scale player this is going to prove to be true, but it seems to be quite promising. Bernardo, have I answered your question?

Absolutely. Thank you very much, and great results, guys.

Thank you. The second question comes from Leonardo Cintra with Itaú.

Good morning, everyone. Thank you very much.

Great results, guys. I have two questions.

First, I'd like to know more about top line, the breakdown and the share of what we expect from mature clients, clients who have just joined and are in a strong ramp-up, Sabesp, education, and what would be structural and what would be ramp-up with that TPV of the 40% year-over-year. Secondly, I'd like to know about the playbook of Paytime.

André and you, Pedro, have talked about margin convergence throughout time, close to what Bemobi plays with. What are the levers that you anticipate?

Tell us some more details about TPV and top line of Paytime. That's going to be great for us to understand more about the integration.

Great. Concerning the first part of your question, the answer, it will fluctuate a little bit on a quarterly basis.

Not all quarters will be good for large-size clients because it changes the mix. If we have it, let's say, the year 2025 looking retrospectively and what we can anticipate for 2026, it would be something like 60/40.

60% would be the growth of our current bases of clients, even more than that, and 30-ish would be new clients, because there is a time of ramp-up, it takes time for maturity. Even if we bring in a large client in the first quarter, the potential is very much limited at first.

As we get more channels, integration, and change users, then the operation increases.

Going back to what you asked, it would be 60/40. 60 would be the growth of current clients, and 40% coming from accounts that were not there the previous year.

Quarter-over-quarter, there is volatility in the mix depending of number of new clients. An interesting example because it just changed last year, it's Neoenergia.

It's been with us for a while, and we had a small share in their process of digitalization. This last night, we have completed 100% of digital capture of Neoenergia, right?

It's a client we started small, had integration, tested one or two channels, different geographies. 1 year, 1 year and a half later, they finally said good, now it's 100% operation, which is about 80% of the business which was not in our hands yet.

This is an example where we are going to contribute to the first 60% I mentioned. It is an existing client, it had been in our base, but we were under-operating there, and now we can have further growth.

When you look these numbers ahead, the two main vectors are important because in all our clients, we are still offering less than total penetration. I'll say 100% of our clients, we are not operating 100% of the full potential they have.

Now talking about Paytime, it's difficult because it requires some crystal ball anticipation. Let me tell you what we believe in based on the 4 months of initial performance.

We don't want to run just at cost of transaction, we integrate process, and we've unlocked value to our partners and captured part of the unlock process through take rate. With Meep for you, we have the same strategy here.

Paytime has less spread and value generation, it's more of a commodity, and it impacts its current margin, with somewhat lower EBITDA margin. Two effects: EBITDA margin, it's out of scale, fixed costs are higher over the total amount of market contribution.

As it grows, fixed costs won't grow as fast because of synergies with Bemobi. This would be a driver helping Paytime's growth.

Second driver, as going into more complex projects with added value, meaning we can have increased take rate and speed up our top line more than the TPV, as we're going to change the client's mix. In terms of who's going to grow faster, good competition.

Paytime will probably grow faster than Bemobi overall, but Paytime as opposed to payment area of Bemobi? Leo, we hope he can grow faster than Paytime.

I think both areas are under-penetrated. You see, Leo, we can grow more, come on!

A challenge to you. We believe that it can be great growth drivers at our excellent base.

Have we answered your questions?

Yes. A quick follow-up: André talked about the working capital, and you've been investing on the business of payments of installments like prepayments, and 185 million had been allocated to improve the take rate of the fourth quarter last year.

Just to help us understand that ahead in terms of capital allocation of the payment business and contribution to payments, do you anticipate going into other areas of this capital payment?

This model of payment in installments for essential services—what is essential service? Something that you cannot do without, to speak.

Payment in installments is quite interesting there, and we are trying to offer that in most industries. As we grow in the industries where we operate or in clients where we are already represented or similar industries, this product will probably increase.

To keep on growing, we don't need a capital structure to have our own capital. Quite to the opposite, this is not our preferred design.

What we've done thanks to our financial efforts is to acknowledge that as we have a healthy cash position, more focused on M&A and having options rather than having the money there just being compensated on CDI rates, we had a lower profitability and free of risk, but within our core business. We are not going to dilute equity to get that.

Once we have a capital demand above what our capital structure needs, then we are going to use FIDC and other funding options to avoid impacting our capital structure. It's a very mature strategy, it's very opportunistic because we have a capital structure that allows us, but it's not structuring.

I think there are better ways of investing our capital, and we do not want to insufflate our company with too much cash. With the kind of receivables, we have very low risk.

It's a very easy product, it's easy to get funds in the market. We don't expect any growth there in this business line.

Great, great answer. Thank you very much.

We've also got some other questions through the chat, but topics that we've already answered: Paytime and Hapvida. Investors who have asked these questions, should you need any more details, please let us know.

With that, we are going to close our Q&A session. Let me hand it back to Pedro for his closing remarks.

Thank you. Once again, thank you all very much for your questions, for your insights.

The question that one investor asks is probably the question of so many others. Let me make an interesting point here.

The first sentence I said was 5 years since our IPO. Not only Brazil, right?

I think it hasn't been easy to operate in the world, right? Our business was very much exposed.

There was the war of two of our main countries, we've been through changes, increase in interest rates, one of our main clients went bankrupt, and still our management has made very good bets, was very lucky, and thanks to our conviction, 5 years later we can see the payback of these options, offering businesses with much less volatility and with very good perspectives for the next 5 years, with a new wave to be navigated, which is AI. This is my message: I'm very optimistic for the year and for the next 5 years.

Thank you all very much. Once again, thank you for joining us, and thank you for being with Bemobi.

Thank you.