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 November 2025

Commission File Number: 001-38353

PagSeguro Digital Ltd.
(Name of Registrant)

Conyers Trust Company (Cayman) Limited,

Cricket Square, Hutchins Drive, P.O. Box 2681,

Grand Cayman, KY1-1111, Cayman Islands

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

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PAGS Reports Third Quarter 2025 Results

Focus on shareholder value with diluted GAAP Earnings per Share (EPS) +14.0% YoY
driven by banking and operating leverage

São Paulo, November 12, 2025 – PagSeguro Digital Ltd. (“PagBank”, “we”, “Company”) has announced today its third quarter results for the period ended September 30, 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

Our performance this quarter reflects both resilience and progress. During this quarter, we remained disciplined in executing our strategy, expanding our business while preserving profitability in a still challenging macroeconomic environment. Rising interest rates and subdued economic activity continue to weigh on the market, but our focus on financial discipline and operational efficiency has enabled us to protect the bottom line and deliver shareholder value.

Higher cash-in volumes and strong customer engagement drove another quarter of robust Banking performance, reinforcing the strategic importance of this vertical within our ecosystem. Banking continues to gain relevance as a growth engine, supported by credit acceleration in the short term focused on working capital loans for merchants. I also highlighted all the efforts to expand our deposit franchise; at the same time, we are focusing on funding cost efficiency. Credit expanded 30%, with non-performing loan ratios remaining below industry levels. These results highlight the strength of our platform and our ability to scale complementary products in a prudent and sustainable way.

Consolidated revenues increased 14% y/y, as a result of the repricing strategy on acquiring and increased contribution from our banking business. Total payment volume (“TPV”) remained stable, reflecting margin discipline in a tougher rate environment. As highlighted last quarter, the combination of tightened monetary policies in Brazil and lower economic activity has created challenges throughout the year. In response, we have taken steps to mitigate financial costs, adjust pricing, and maintain strict expense discipline. This approach has proven effective, as demonstrated by our ability to protect profitability while enhancing client engagement and monetization.

In September, we announced our long-term goals, which build directly on the strong momentum of our Banking segment. By 2029, we are targeting a credit portfolio of R$25 billion, supported by a balanced mix of secured and unsecured products and a stronger focus on higher-value clients. The solid growth we are already delivering in deposits and credit demonstrates that we are on the right path to achieving this ambition. The expansion of merchant credit lines, particularly working capital, alongside AI-powered solutions such as private payroll and PIX finance, will further strengthen both risk management and customer experience. On profitability, we expect growth to be driven by a higher contribution from Banking, incremental margins from cross-selling, and efficiency gains from fixed cost dilution and AI-driven improvements. In the long term, this strategy should translate into a gross profit CAGR above 10% and an earnings per share (“EPS”) CAGR above 16%, reinforcing our commitment to consistent value creation for shareholders.

Alongside our operational progress, we remain firmly committed to delivering value to our shareholders. By the end of 2026, we will have returned more than R$5.5 billion, including an estimated R$3.8 billion in distributions between 2025 and next year. We also have defined a target Basel Index (“BIS”) capital ratio of 18% to 22%, a framework that ensures a solid capital base, supports disciplined growth, and provides flexibility to reinvest while continuing to reward shareholders. In line with this commitment, we are accelerating our dividend payout in 2026, with a payout of an extraordinary R$1.4 billion over the coming quarters.

Looking ahead, we remain committed to executing our strategy with the same discipline that has guided us so far. We continue to make gradual progress in expanding our credit offering with a focus on quality, highlighting the consistent performance of collateralized products and the progressive acceleration of clean credit lines. This strategy reinforces our commitment to sustainable growth, preserving the Company’s financial health and the trust of our stakeholders.

Alexandre Magnani – CEO

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Q3 2025 Highlights

Financial Highlights

R$ million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,411	2,981	14.4%	3,322	2.7%	9,868	8,457	16.7%
Gross Profit2	1,927	1,897	1.6%	1,945	-0.9%	5,746	5,467	5.1%
% Margin (ex-ITC)	56.5%	63.6%	(7.1) p.p.	58.5%	(2.0) p.p.	58.2%	64.6%	(6.4) p.p.
Earnings before Tax (non-GAAP)3	662	656	0.9%	659	0.5%	1,945	1,924	1.1%
% Margin (non-GAAP; ex-ITC)3	19.4%	22.0%	(2.6) p.p.	19.8%	(0.4) p.p.	19.7%	22.8%	(3.0) p.p.
Net Income (GAAP)	554	531	4.6%	537	3.3%	1,616	1,517	6.5%
% Margin (GAAP; ex-ITC)	16.3%	17.8%	(1.5) p.p.	16.1%	0.1 p.p.	16.4%	17.9%	(1.6) p.p.
Net Income (non-GAAP)3	571	572	0.0%	565	1.1%	1,691	1,636	3.3%
% Margin (non-GAAP; ex-ITC)3	16.8%	19.2%	(2.4) p.p.	17.0%	(0.3) p.p.	17.1%	19.3%	(2.2) p.p.
Return on Average Equity (ROAE)	15.1%	14.8%	0.3 p.p.	14.5%	0.5 p.p.	15.1%	14.8%	0.3 p.p.
EPS Diluted (R$) (GAAP)	1.88	1.65	13.7%	1.78	5.5%	5.38	4.72	14.0%
EPS Diluted (R$) (non-GAAP)3	1.94	1.78	8.7%	1.88	3.1%	5.63	5.09	10.6%

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

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

3. 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.

Operational Highlights

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Clients (# million)	33.7	32.1	5.1%	33.1	2.0%	33.7	32.1	5.1%
Total Payment Volume (TPV)	129.8	136.3	-4.7%	129.6	0.2%	388.1	372.4	4.2%
Cash-in	95.4	83.9	13.7%	90.6	5.3%	268.8	225.1	19.4%
Total Deposits	39.4	34.2	15.3%	37.2	6.1%	39.4	34.2	15.3%
Credit Portfolio	4.2	3.2	29.9%	3.9	7.2%	4.2	3.2	29.9%

 Consolidated revenues excluding interchange fees increased +14% y/y, driven by the Company’s disciplined repricing strategy on acquiring and increased contribution from our banking business.

 Gross profit grew +1.6% y/y, totaling R$1.9 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 EPS increased by +8.7% y/y, due to higher operating leverage and tax efficiencies.

 ROAE reached 15.1% in the quarter, 0.3 p.p higher than Q3 2024, and the LTM ROAE increased 0.4 p.p y/y, reaching 15.1%, demonstrating the Company’s commitment to increase shareholder value.

 Cash-in (inflows not related to acquiring) increased +13.7% y/y, 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 +29.9% y/y (+7.2% q/q), reaching R$4.2 billion, driven by the acceleration of unsecured product offering, especially working capital lines (+116% q/q).

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 Expanded portfolio, including merchant prepayments, reached R$49.4 billion, +11.8% y/y (2.8% q/q), primarily driven by our core micro-merchants and small/medium businesses (“MSMB”) segment.

 Looking ahead, we have set long-term financial goals to be achieved by the end of 2029, including reaching a credit portfolio of R$25 billion, delivering gross profit growth above 10% CAGR from 2025 to 2029, and expanding EPS at a CAGR above 16% over the same period.

 TPV reached R$129.8 billion, decreasing -4.7% y/y, due to lower economic activity during the quarter.

Capital Optimization

 In Q3 2025, we announced our capital optimization targets, including a BIS target level between 18% and 22%, which is expected to generate an excess of capital between R$2 billion and R$3 billion. As of September 30, 2025, the BIS ratio was 28.6%.

 Buyback execution: From January 1, 2025, until the date hereof, we have repurchased over 18.5 million shares, or R$880 million. Approximately 25% of the current US$ 200 million buyback program has been executed.

 Dividends: in addition to the R$617 million in cash dividends already declared in 2025, we announced in September a R$1.4 billion dividend distribution for 2026, to be paid in four installments, further reinforcing our commitment to enhanced shareholder value.

Operational Performance

PagBank Clients

# million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Clients1	33.7	32.1	5.1%	33.1	2.0%	33.7	32.1	5.1%
Banking Only	11.5	11.3	2.0%	11.5	0.4%	11.5	11.3	2.0%
Banking + Payments	6.0	6.0	-0.8%	5.9	0.9%	6.0	6.0	-0.8%
Payments only	0.3	0.4	-26.9%	0.3	-6.3%	0.3	0.4	-26.9%
Active Merchants²	6.3	6.4	-2.4%	6.2	0.6%	6.3	6.4	-2.4%
Active Banking Clients³	17.5	17.3	1.0%	17.4	0.6%	17.5	17.3	1.0%
Total Active Clients4	17.8	17.7	0.4%	17.7	0.5%	17.8	17.7	0.4%

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.

Total clients reached 33.7 million, at the end of the quarter, an increase of 5.1% compared to Q3 2024.

Total active clients reached 17.8 million, representing 53% of the total client base and remained stable both y/y and q/q. Banking Only clients continued to show sustainable growth, accounting for 66% of total active clients.

We ended the quarter with a total of 6.3 million active merchants, representing a -2.4% decrease compared to Q3 2024, while remaining stable q/q. This performance primarily reflects the reduction in Payment’s clients outside our banking ecosystem, consistent with our strategy to focus on merchants with greater cross-selling potential and deeper ecosystem engagement.

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Active banking clients grew +1.0% y/y, supported by the expansion of the Banking Only customer base, which increased +2.0% y/y. This performance reflects our strategy to drive higher engagement within Banking and advance toward a more profitable client mix.

Banking

Cash-in (inflows not related to acquiring)

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Cash-in	95.4	83.9	13.7%	90.6	5.3%	268.8	225.1	19.4%
Active Banking Clients (# million)	17.5	17.3	1.0%	17.4	0.6%	17.5	17.3	1.0%
Cash-In per Active Banking Client1 (R$ thousand)	5.5	4.9	11.4%	5.2	4.7%	15.4	13.0	18.3%

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

Cash-in amounted to R$95.4 billion, up +13.7% y/y, driven by transaction volumes, continued improvements in client engagement, and the increase in our Banking Only client base. Performance was further supported by the sustained high penetration of investment and insurance products, reflected in the expansion of our deposits franchise during the period. On a per-client basis, cash-in rose +11.4% y/y to R$5.5 thousand, supported by the ongoing growth of our active client base.

Credit Portfolio and Expanded Portfolio

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Credit Portfolio	4.2	3.2	29.9%	3.9	7.2%	4.2	3.2	29.9%
Secured Products	3.5	2.7	29.2%	3.4	3.7%	3.5	2.7	29.2%
% Credit Portfolio	84.0%	84.6%	(0.6) p.p.	86.9%	(2.9) p.p.	84.0%	84.6%	(0.6) p.p.
Unsecured Products	0.7	0.5	32.7%	0.5	30.7%	0.7	0.5	32.7%
% Credit Portfolio	16.0%	15.4%	0.6 p.p.	13.1%	2.9 p.p.	16.0%	15.4%	0.6 p.p.
NPL 90+ \| Total Credit Portfolio	2.6%	2.5%	0.1 p.p.	2.5%	0.1 p.p.	2.6%	2.5%	0.1 p.p.

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Credit Portfolio	4.2	3.2	29.9%	3.9	7.2%	4.2	3.2	29.9%
Payroll Loans + Others¹	3.0	2.3	27.5%	2.9	3.4%	3.0	2.3	27.5%
Credit Card	0.8	0.7	17.7%	0.8	4.3%	0.8	0.7	17.7%
Working Capital Loans	0.4	0.2	116.4%	0.2	53.4%	0.4	0.2	116.4%
Provision for Losses	(0.3)	(0.3)	2.3%	(0.3)	10.9%	(0.3)	(0.3)	4.9%
Payroll Loans + Others¹	(0.1)	(0.0)	59.1%	(0.1)	6.2%	(0.1)	(0.0)	59.1%
Credit Card	(0.1)	(0.1)	2.2%	(0.1)	5.0%	(0.1)	(0.1)	2.2%
Working Capital Loans	(0.1)	(0.1)	-10.8%	(0.1)	9.1%	(0.1)	(0.1)	-10.8%
Credit Portfolio, net	3.8	2.9	32.8%	3.6	6.6%	3.8	2.9	32.4%

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.

Credit portfolio reached R$4.2 billion in Q3 2025, +29.9% higher than Q3 2024, due to credit acceleration in line with long term guidance. This growth was supported by disciplined risk and capital management, alongside continued improvements in asset quality, onboarding processes, risk assessment, and collections. While the majority of our portfolio remains composed of secured products (84% of our total credit portfolio), we also see consistent growth in unsecured offerings (16% of our total credit portfolio).

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Working capital loans grew +116% y/y, reflecting our strategy to expand higher-engagement products tailored for each merchant’s day-to-day needs. Origination for this product reached R$147 million in the quarter, 157% higher than the previous quarter (Q2 2025). Since resuming the origination of unsecured products in H2 2024, we have seen consistent momentum across working capital loans and overdraft accounts, reinforcing the diversification of our portfolio.

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Credit Portfolio	4.2	3.2	29.9%	3.9	7.2%	4.2	3.2	29.9%
Prepayment to Merchants¹	45.3	41.0	10.4%	44.2	2.5%	45.3	41.0	10.4%
Expanded Portfolio	49.4	44.2	11.8%	48.1	2.8%	49.4	44.2	11.8%

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

Expanded portfolio, which includes prepayment to merchants, reached R$49.4 billion in Q3 2025, primarily driven by an 11.8% y/y increase in prepayment volumes. This growth reflects merchants’ greater adoption of this embedded credit solution, particularly in the context of a higher interest rate environment.

Deposits and Total Funding

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Checking Accounts	10.5	10.5	-0.3%	10.5	-0.5%	10.5	10.5	-0.3%
Average Percentage Yield (APY)1	42.0%	47.3%	(5.3) p.p.	47.5%	(5.5) p.p.	42.0%	47.3%	(5.3) p.p.
Merchant’s Payment Accounts	0.8	1.2	-37.5%	0.8	-9.2%	0.8	1.2	-37.5%
High Yield Savings Accounts	9.7	9.3	4.6%	9.7	0.3%	9.7	9.3	4.6%
Banking Issuances	29.0	23.7	22.3%	26.6	8.7%	29.0	23.7	22.3%
Average Percentage Yield (APY)1	102.2%	108.5%	(6.3) p.p.	103.5%	(1.3) p.p.	103.5%	108.5%	(6.3) p.p.
Certificate of Deposits	17.7	17.5	1.1%	17.2	3.0%	17.7	17.5	1.1%
Interbank Deposits	11.3	6.2	82.5%	9.5	19.1%	11.3	6.2	82.5%
Total Deposits	39.4	34.2	15.3%	37.2	6.1%	39.4	34.2	15.3%
Average Percentage Yield (APY)1	88.3%	92.0%	(3.7) p.p.	89.2%	(0.9) p.p.	88.3%	92.0%	(3.7) p.p.
Other Fundings	4.3	3.8	12.7%	5.7	-25.2%	4.3	3.8	12.7%
Total Funding	43.7	38.0	15.1%	42.9	2.0%	43.7	38.0	15.1%

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

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Deposits	39.4	34.2	15.4%	37.2	6.1%	39.4	34.2	15.4%
On-Platform	34.2	28.0	22.3%	31.7	8.1%	34.2	28.0	22.3%
% Deposits	86.8%	81.9%	4.9 p.p.	85.2%	1.6 p.p.	86.8%	81.9%	4.9 p.p.
Off-Platform	5.2	6.2	-16.1%	5.5	-5.4%	5.2	6.2	-16.1%
% Deposits	13.2%	18.1%	(4.9) p.p.	14.8%	(1.6) p.p.	13.2%	18.1%	(4.9) p.p.

Total deposits reached R$39.4 billion, representing an increase of +15.3% vs. Q3 2024, mainly driven by the +22.3% y/y growth in banking issuances. Growth was supported by higher interbank deposits (+82.5% y/y), reflecting initiatives to diversify funding and strengthen relationships with financial institutions, as well as a +1.1% y/y increase in certificate of deposits. Checking accounts remained stable, amounting R$10.5 billion, consistent with a lower annual percentage yield (“APY”) of 42.0% of the Brazilian interbank deposit certificate (“CDI”), compared to 47.3% in Q3 2024.

Overall, the portfolio’s APY reached 88.3% of de CDI, down -3.7 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.

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When considering other fundings, which includes sources such as borrowings, certificate of deposits with related parties and Senior FIDC quotas, total funding reached R$43.7 billion, increasing +15.0% 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 in comparison to Q2 2024.

R$ billion	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Expanded Portfolio	49.4	44.2	11.8%	48.1	2.8%	49.4	44.2	11.8%
Total Funding	43.7	38.0	15%	42.9	6%	43.7	42.3	15%
Loan-to-Funding (%)	113%	129%	(15.9) p.p.	112%	(0.6) p.p.	113%	129%	(15.9) p.p.

The loan-to-funding ratio in Q3 2025 was 113%, a 15.9 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	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Payment Volume	129.8	136.3	-4.7%	129.6	0.2%	388.1	372.4	4.2%
Active Merchants (# million)	6.3	6.4	-2.4%	6.2	0.6%	6.3	6.4	-2.4%
TPV per Merchant (R$ thousand)	20.7	21.2	-2.0%	20.7	0.2%	61.1	57.0	7.1%

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$129.8 billion, sequentially stable (+0.2%) versus previous quarter and -4.7% lower compared to Q3 2024, reflecting a more challenging macroeconomic environment and the Company’s strategic repricing initiatives prioritizing profitability over volume growth. Since Q4 2024, we have been executing repricing initiatives designed to prioritize profitability over net additions, implemented to offset rising financial costs. This strategy has proven effective, as demonstrated by the repositioning of our rates and acquiring revenue.

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Financial Performance

Total Revenue and Income

GAAP \| R$ million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,411	2,981	14.4%	3,322	2.7%	9,868	8,457	16.7%
Transaction Activities and Other Services	1,993	2,260	-11.8%	1,989	0.2%	5,995	6,941	-13.6%
Financial Income	2,923	2,445	19.6%	2,902	0.7%	8,523	6,390	33.4%
Other Financial Income	190	127	49.5%	167	13.5%	496	364	36.4%

R$ million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,411	2,981	14.4%	3,322	2.7%	9,868	8,457	16.7%
Payments²	2,667	2,486	7.3%	2,623	1.7%	7,842	7,162	9.5%
Payments - % of Total Revenue and Income	52%	90%	(37.8) p.p.	52%	0.4 p.p.	52%	91%	(38.8) p.p.
Banking³	744	495	50.2%	699	6.4%	2,205	1,295	56.4%
Banking - % of Total Revenue and Income	15%	10%	4.6 p.p.	14%	0.7 p.p.	13%	9%	4.5 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 net of interchange reached R$3,411 million in Q3 2025, a +14.4% increase vs. Q3 2024, and +2.7% vs. Q2 2025, respectively, effectively demonstrating our ability to reposition our margins and protect performance despite economic cycle, reflecting the positive impact of repricing strategies implemented since Q4 2024, both on the acquiring and banking business. These initiatives were designed to offset rising financial costs and support sustainable revenue generation amidst a more selective growth environment.

Our total revenue and income reached R$5,105 million in Q3 2025, representing an increase of +5.7% vs. Q3 2024. The total revenue and income expansion, outpacing TPV, also highlights the effectiveness of this repricing process in improving unit economics.

 Payments: In Q3 2025, payments revenue amounted to R$2,667 million, 7.3% higher than Q3 2024, in line with repricing effects, as aforementioned.

 Banking: In Q3 2025, revenue amounted to R$744 million, a 50.2% 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.

R$ million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Revenue and Income (ex-ITC)¹	3,411	2,981	14.4%	3,322	2.7%	9,868	8,457	16.7%
Financial Costs	(1,395)	(964)	44.6%	(1,280)	9.0%	(3,852)	(2,655)	45.1%
Total Losses	(88)	(120)	-26.2%	(98)	-9.5%	(269)	(335)	-19.6%
Gross Profit	1,927	1,897	1.6%	1,945	-0.9%	5,746	5,467	5.1%
% Total Payment Volume	1.5%	1.4%	0.1 p.p.	1.5%	(0.0) p.p.	1.5%	1.5%	(0.0) p.p.
% Total Revenue and Income	56.5%	63.6%	(7.1) p.p.	38.5%	18.0 p.p.	58.2%	64.6%	(6.4) p.p.

R$ million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Gross Profit	1,927	1,897	1.6%	1,945	-0.9%	5,746	5,467	5.1%
% Total Revenue and Income (ex-ITC)	56.5%	63.6%	(7.1) p.p.	58.5%	(2.0) p.p.	58.2%	64.6%	(6.4) p.p.
Payments	1,391	1,559	-10.8%	1,431	-2.8%	4,287	4,648	-7.8%
Payments - % of Total Gross Profit	72.2%	82.2%	(10.0) p.p.	73.6%	(1.4) p.p.	74.6%	80.7%	(6.1) p.p.
Banking	536	338	58.7%	514	4.3%	1,459	819	78.2%
Banking - % of Total Gross Profit	27.8%	17.8%	10.0 p.p.	26.4%	1.4 p.p.	25.4%	15.0%	10.4 p.p.

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

Graphics

Gross profit totaled R$1,927 million in Q3 2025, representing an increase of +1.6% y/y. As a percentage of total revenue and income excluding interchange fees, gross profit margin decreased 7.1 p.p. compared to Q3 2024, reaching 56.5% in the quarter, primarily impacted by the increase in financial costs due to the higher Brazilian Basic Interest Rate (“SELIC”) rate. Financial cost totaled R$1,395 million in Q3 2025, representing an increase of +44.6% y/y.

 Payments: In Q3 2025, gross profit reached R$1,391 million, a decrease of -10.8% y/y compared to Q3 2024. The decline was primarily driven by higher funding costs and lower volumes, compared to the prior year. These effects were partially offset by the successful execution of our repricing strategy in acquiring, alongside other monetization levers, underscoring the importance of disciplined pricing management in a high-interest rate environment.

 Banking: gross profit reached R$536 million in Q3 2025, increasing +58.7% y/y, supported by the expansion of our credit portfolio, greater cash inflows, and higher returns on financial investments. As a result, Banking represented 27.8% of total gross profit in the quarter, compared to 17.8% one year earlier, with a gross margin of 72.0%.

It is important to note that capital structure initiatives implemented in the period, such as dividends and buyback, created an additional financial cost impact on reported gross profit, which totaled R$64 million in Q3 2025. Excluding this effect, gross profit net of dividends and buybacks would have increased +5.0% y/y.

Total Costs and Expenses

Non-GAAP \| R$ million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Costs and Expenses	(4,443)	(4,176)	6.4%	(4,399)	1.0%	(13,072)	(11,771)	11.1%
Cost of Sales and Services	(2,395)	(2,449)	-2.2%	(2,399)	-0.2%	(7,146)	(6,939)	3.0%
Selling Expenses	(444)	(485)	-8.5%	(456)	-2.6%	(1,319)	(1,387)	-4.9%
Administrative Expenses	(165)	(215)	-23.1%	(193)	-14.2%	(569)	(559)	1.9%
Financial Costs	(1,395)	(964)	44.7%	(1,280)	9.0%	(3,854)	(2,655)	45.2%
Other Expenses, Net	(45)	(63)	-29.3%	(73)	-38.6%	(183)	(231)	-20.6%

GAAP \| R$ million	Q3 2025	Q3 2024	Δ% y/y	Q2 2025	Δ% q/q	9M2025	9M2024	Δ% y/y
Total Costs and Expenses	(4,469)	(4,238)	5.5%	(4,442)	0.6%	(13,181)	(11,951)	10.3%
Cost of Sales and Services	(2,396)	(2,455)	-2.4%	(2,411)	-0.6%	(7,167)	(6,958)	3.0%
Selling Expenses	(444)	(487)	-8.9%	(452)	-1.8%	(1,319)	(1,392)	-5.2%
Administrative Expenses	(190)	(268)	-29.2%	(227)	-16.3%	(660)	(715)	-7.8%
Financial Costs	(1,395)

SEC Form 6-K filed by PagSeguro Digital Ltd.