StoneCo : Form 6-K 3Q25

Unaudited Interim Condensed Consolidated Financial Statements September 30, 2025 with report on review of interim condensed consolidated financial information

Index to Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Financial Statements	Page
Report on review of interim condensed consolidated financial information	3
Unaudited interim consolidated statement of financial position as of September 30, 2025 and December 31, 2024	4
Unaudited interim consolidated statement of profit or loss for the nine and three months ended September 30, 2025 and 2024	6
Unaudited interim consolidated statement of other comprehensive income (loss) for the nine and three months ended September 30, 2025 and 2024	7
Unaudited interim consolidated statement of changes in equity for the nine months ended September 30, 2025 and 2024	8
Unaudited interim consolidated statement of cash flows for the nine months ended September 30, 2025 and 2024	9
Notes to unaudited interim condensed consolidated financial statements as of September 30, 2025	11

‌Report on review of interim condensed consolidated financial information

	‌Notes	September 30, 2025	December 31, 2024
Assets Current assets
Cash and cash equivalents	4	5,554,256	5,227,654
Short-term investments	5.1	343,996	517,874
Financial assets from banking solutions	5.5	1,627,678	8,805,882
Accounts receivable from card issuers	5.2.1	38,354,022	29,231,820
Trade accounts receivable	5.3.1	235,298	390,575
Credit portfolio	5.4	1,615,045	891,718
Recoverable taxes	7	518,694	372,432
Derivative financial instruments	5.7	41,138	156,814
Other assets	6	447,600	370,255
		48,737,727	45,965,024
Assets classified as held for sale	1.1.2	4,185,395	-
		52,923,122	45,965,024
Non-current assets
Long-term investments	5.1	37,123	32,629
Accounts receivable from card issuers	5.2.1	126,988	116,245
Trade accounts receivable	5.3.1	25,301	25,528
Credit portfolio	5.4	377,381	171,401
Derivative financial instruments	5.7	565	103,374
Receivables from related parties	11.1	524	613
Deferred tax assets	8.2	1,161,343	871,640
Investment in associates		72,683	75,751
Property and equipment	9.1	1,744,143	1,833,997
Intangible assets	10.1	1,952,475	5,458,102
Other assets	6	175,338	159,159
		5,673,864	8,848,439

Total assets 58,596,986 54,813,463

(continued)

	Notes	September 30, 2025	December 31, 2024
Liabilities and equity
Current liabilities
Retail deposits	5.6.1	9,018,165	8,704,809
Accounts payable to clients	5.2.2	17,118,103	17,756,720
Trade accounts payable		672,169	672,184
Institutional deposits and marketable debt securities	5.6.2	4,573,845	3,065,999
Other debt instruments	5.6.2	3,058,179	1,903,840
Labor and social security liabilities		520,957	578,345
Taxes payable		804,144	560,250
Derivative financial instruments	5.7	353,070	10,593
Other liabilities		229,123	281,073
		36,347,755	33,533,813
Liabilities associated with assets held for sale	1.1.2	770,326	-
		37,118,081	33,533,813
Non-current liabilities
Accounts payable to clients	5.2.2	55,984	50,674
Institutional deposits and marketable debt securities	5.6.2	5,686,033	5,429,963
Other debt instruments	5.6.2	2,837,521	2,496,139
Derivative financial instruments	5.7	254,529	281,177
Deferred tax liabilities	8.2	289,216	680,672
Provision for contingencies	12.1	207,919	237,406
Labor and social security liabilities		96,794	39,515
Other liabilities		260,681	236,822
		9,688,677	9,452,368
Total liabilities		46,806,758	42,986,181
Equity
Issued capital	13.1	76	76
Capital reserve		14,173,640	14,215,212
Treasury shares	13.3	(3,342,166)	(1,805,896)
Other comprehensive income (loss)	13.4	(524,451)	(287,048)
Retained earnings (accumulated losses)		1,473,381	(346,360)
		11,780,480	11,775,984
Other comprehensive income (loss) associated with assets held for sale	1.1.2	(33,053)	-
Equity attributable to controlling shareholders		11,747,427	11,775,984
Non-controlling interests		42,801	51,298
Total equity		11,790,228	11,827,282
Total liabilities and equity		58,596,986	54,813,463
			(concluded)

Unaudited interim consolidated statement of profit or loss

For the nine and three months ended September 30, 2025 and 2024

Continuing operations
Net revenue from transaction activities and other services	15.1	1,944,851	2,323,011	625,971	808,481
Net revenue from subscription services and equipment rental	15.1	658,921	557,494	224,124	198,969
Financial income	15.1	7,256,260	5,486,596	2,544,028	1,918,820
Other financial income	15.1	568,478	386,820	172,667	136,212
Total revenue and income from continuing operations		10,428,510	8,753,921	3,566,790	3,062,482
Cost of services	16	(2,453,936)	(2,089,449)	(817,754)	(728,659)
Administrative expenses	16	(666,606)	(617,848)	(233,716)	(219,827)
Selling expenses	16	(1,585,523)	(1,354,173)	(527,170)	(437,151)
Financial expenses, net	17	(3,325,908)	(2,628,564)	(1,147,095)	(899,572)
Other income (expenses), net	16	(275,013)	(287,828)	(39,005)	(93,760)
		(8,306,986)	(6,977,862)	(2,764,740)	(2,378,969)
Gain (loss) on investment in associates		(1,329)	266	(1,191)	379
Profit before income taxes from continuing operations		2,120,195	1,776,325	800,859	683,892
Current income tax and social contribution	8.1	(453,712)	(340,170)	(155,040)	(100,571)
Deferred income tax and social contribution	8.1	100,507	(30,590)	22,326	(26,553)
Net income for the period from continuing operations		1,766,990	1,405,565	668,145	556,768
Net income (loss) for the period from discontinued operations	1.1.2	67,986	9,208	47,105	(13,891)
Net income for the period		1,834,976	1,414,773	715,250	542,877
Net income attributable to:
Controlling shareholders from continuing operations		1,754,847	1,402,366	660,074	554,532
Non-controlling interests from continuing operations		12,143	3,199	8,071	2,236
		1,766,990	1,405,565	668,145	556,768
Controlling shareholders from discontinued operations		64,894	6,421	46,700	(14,840)
Non-controlling interests from discontinued operations		3,092	2,787	405	949
		67,986	9,208	47,105	(13,891)
Earnings per share of continuing operations
Basic earnings per share for the period attributable to 14.2		6.47	4.60	2.49	1.87
Diluted earnings per share for the period attributable to 14.2		6.32	4.51	2.43	1.83
Earnings per share of discontinued operations
Basic earnings (loss) per share for the period attributable to 14.2		0.24	0.02	0.18	(0.05)
Diluted earnings (loss) per share for the period attributable to 14.2		0.23	0.02	0.17	(0.05)

(In thousands of Brazilian Reais, unless otherwise stated)

	‌Nine months ended	Three months ended
	September 30,	September 30,
Notes	2025 2024 (Recasted)	2025 2024 (Recasted)

controlling shareholders (in Brazilian reais) controlling shareholders (in Brazilian reais)

controlling shareholders (in Brazilian reais) controlling shareholders (in Brazilian reais)

Unaudited interim consolidated statement of other comprehensive income (loss)

For the nine and three months ended September 30, 2025 and 2024

(In thousands of Brazilian Reais)

‌Notes	Nine months ended September 30,		Three months ended September 30,
	2025	2024	2025	2024
Net income for the period	1,834,976	1,414,773	715,250	542,877

Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods:

Changes in the fair value of accounts receivable from card issuers

19.1.1

(434,003)

(3,242)

(168,784)

85,884

Tax on changes in the fair value of accounts receivable from card issuers

8.2 147,561 1,162 57,387 (29,202)

Exchange differences on translation of foreign operations

(12,692)

629

(3,408)

(876)

Changes in the fair value of cash flow hedge 30,535 76,618 8,769 207,401

Tax on changes in the fair value of cash flow hedge

8.2

(10,285)

-

(1,058)

-

Other comprehensive income (loss) that will not be reclassified to profit or loss in subsequent periods:

Net monetary position in hyperinflationary 8,224	3,422	631	1,046
Gain on sale of equity instruments designated at fair value through other comprehensive 5.1 - income	35,647	-	-
Changes in the fair value of equity instruments 5.1 / -	1,623	-	-
Other comprehensive income (loss) for the (270,660)	115,859	(106,463)	264,253

economies

designated at fair value 19.1.1

period

Total comprehensive income for the period 1,564,316 1,530,632 608,787 807,130

Total comprehensive income attributable to:
Controlling shareholders	1,549,081	1,525,039	600,147	803,509
Non-controlling interests	15,235	5,593	8,640	3,621
Total comprehensive income for the period	1,564,316	1,530,632	608,787	807,130

Unaudited interim consolidated statement of other comprehensive income (loss)

For the nine and three months ended September 30, 2025 and 2024

(In thousands of Brazilian Reais)

Unaudited interim consolidated statement of changes in equity

For the nine months ended September 30, 2025 and 2024

(In thousands of Brazilian Reais)

‌Total

Non-controlling interests

Total

associated with (accumulated assets held for losses)

sale

earnings

income

Other comprehensive income

Treasury shares

Total

Other reserves

Special reserve

Other

comprehensive Retained

Transactions among shareholders

Notes Issued Additional

capital paid-in capital

Capital reserve

Attributable to owners of the parent

Balance as of December 31, 2023 76 13,825,325 (518,504) 61,127 688,536 14,056,484 (282,709) (320,449) - 1,168,862 14,622,264 53,696 14,675,960

Net income for the period - - - - - - - - - 1,408,787 1,408,787 5,986 1,414,773

Other comprehensive income (loss) for the period - - - - - - - 116,252 - - 116,252 (393) 115,859

Total comprehensive income - - - - - - - 116,252 - 1,408,787 1,525,039 5,593 1,530,632

Repurchase of shares - - - - - - (978,993) - - - (978,993) - (978,993)

Share-based payments - - - - 129,090 129,090 - - - - 129,090 - 129,090

Shares delivered under share-based payment arrangements

-

-

(54,803)

-

-

(54,803)

56,038

-

-

-

1,235

-

1,235

Equity transaction related to put options over non-controlling interest

- - - - (23,548) (23,548) - - - - (23,548) 1,316 (22,232)

Dividends paid - - - - - - - - - - - (6,177) (6,177)

Others - - - - - - - - - - - (538) (538)

Balance as of September 30, 2024 76 13,825,325 (573,307) 61,127 794,078 14,107,223 (1,205,664) (204,197) - 2,577,649 15,275,087 53,890 15,328,977

Balance as of December 31, 2024 76 13,825,325 (581,416) 61,127 910,176 14,215,212 (1,805,896) (287,048) - (346,360) 11,775,984 51,29811,827,282

Net income for the period - - - - - - - - - 1,819,741 1,819,741 15,235 1,834,976

Other comprehensive income (loss) for the period - - - - - - - (237,403) (33,053) - (270,456) (204) (270,660)

Total comprehensive income - - - - - - - (237,403) (33,053) 1,819,741 1,549,285 15,031 1,564,316

Sale of subsidiary - - - - - - - - - - - (8,794) (8,794)

Repurchase of shares 13.3 - - - - - - (1,706,509) - - - (1,706,509) - (1,706,509)

Share-based payments - - - - 119,570 119,570 - - - - 119,570 - 119,570

Premium received in option transactions 13.3 - - - - 14,932 14,932 - - - - 14,932 - 14,932

Shares delivered under share-based payment arrangements

-

-

(170,239)

-

-

(170,239)

170,239

-

-

-

-

-

-

Equity transaction related to put options over non controlling interest

- - - - (5,835) (5,835) - - - - (5,835) (6,913) (12,748)

Dividends paid - - - - - - - - - - - (9,811) (9,811)

Equity transaction with non-controlling interests - - - - - - - - - - - 1,990 1,990

Balance as of September 30, 2025 76 13,825,325 (751,655) 61,127 1,038,843 14,173,640 (3,342,166) (524,451) (33,053) 1,473,381 11,747,427 42,801 11,790,228

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

8

‌Nine months ended September 30,
	Notes	2025	2024
Operating activities
Net income for the period		1,834,976	1,414,773
Adjustments to reconcile net income for the period to net cash flows:
Depreciation and amortization	9.2	761,307	705,392
Deferred income tax and social contribution	8.2	(108,081)	20,952
Gain (loss) on investment in associates		1,329	(266)
Accrued interest, monetary and exchange variations, net		898,411	97,197
Provision for contingencies	12.1	109,132	64,515
Share-based payments expenses	18.1.1	254,117	158,359
Allowance for expected credit losses		243,015	118,975
Loss (gain) on disposal of property, equipment and intangible assets	19.2.5	(36,201)	5,789
Effect of applying hyperinflation accounting		8,113	3,836
Loss (gain) on sale of subsidiary		(56,588)	52,958
Fair value adjustment in financial instruments at FVPL	19.2.1	191,195	(210,900)
Fair value adjustment in derivatives		(197,518)	252,578
Remeasurement of previously held interest in subsidiary acquired	20.1.2	(1,986)	(7,467)
Working capital adjustments:
Accounts receivable from card issuers		(7,997,282)	(505,436)
Receivables from related parties		482	23,491
Recoverable taxes		(102,030)	(28,066)
Prepaid expenses		(36,556)	87,853
Trade accounts receivable, banking solutions and other assets		7,623,258	(28,803)
Credit portfolio		(700,002)	(463,597)
Accounts payable to clients		(7,486,115)	(7,698,729)
Taxes payable		549,798	(164,457)
Labor and social security liabilities		(18,080)	57,228
Payment of contingencies	12.1	(72,687)	(44,910)
Trade accounts payable and other liabilities		83,361	224,857
Interest paid		(746,403)	(579,808)
Interest income received, net of costs	19.2.2	5,262,459	3,242,740

Notes	Nine months ended September 30,
	2025	2024
Income tax paid	(295,009)	(119,646)

Net cash provided by (used in) operating activities		(33,585)	(3,320,592)
Investing activities
Purchases of property and equipment	19.2.3	(546,125)	(561,056)
Purchases and development of intangible assets	19.2.4	(334,158)	(388,239)
Proceeds from short-term investments, net		176,250	3,129,630
Sale of subsidiary, net of cash disposed		18,523	(4,204)
Proceeds from disposal of long-term investments - equity securities	5.1	-	57,540
Proceeds from the disposal of non-current assets	19.2.5	4	4,394
Acquisition of subsidiary, net of cash acquired		(1,993)	(9,054)
Payment for interest in subsidiaries acquired		(15,870)	(162,237)
Net cash provided by (used in) investing activities		(703,369)	2,066,774
Financing activities
Proceeds from institutional deposits and marketable debt securities	5.6.2	4,777,055	4,150,349
Payment of institutional deposits and marketable debt securities	5.6.2	(3,409,029)	(1,872,710)
Proceeds from other debt instruments, except lease	5.6.2	3,943,895	4,487,263
Payment of other debt instruments, except lease	5.6.2	(2,210,186)	(2,569,765)
Payment of principal portion of leases liabilities	5.6.2	(63,810)	(53,228)
Payment of derivative financial instruments designated for hedge accounting		-	(112,772)
Repurchase of own shares	13.3	(1,706,509)	(978,993)
Premium received in option transactions over own equity instruments	13.3	14,932	-
Acquisition of non-controlling interests		(76)	72
Dividends paid to non-controlling interests		(9,811)	(6,177)
Net cash provided by (used in) financing activities		1,336,461	3,044,039
Effect of foreign exchange on cash and cash equivalents		(29,758)	46,642

Change in cash and cash equivalents 569,749 1,836,863

Cash and cash equivalents at beginning of period	4	5,227,654	2,176,416
Cash and cash equivalents at end of period	1.1.2/4	5,797,403	4,013,279
Change in cash and cash equivalents		569,749	1,836,863

1. ‌Operations

   StoneCo Ltd. (the "Company"), is a Cayman Islands exempted company with limited liability, incorporated on March 11, 2014. The registered office of the Company is located at 4th Floor, Harbour Place 103 South Church Street, P.O. box 10240 Grand Cayman E9 KY1-1002.

   ACP Investments Ltd owns 5.70% of the Company's voting shares (representing 36.07% of the voting power considering the amount of outstanding shares as of September 30, 2025). Previously, these shares were held by HR Holding LLC, which was dissolved, and the shares were transferred to its sole owner, ACP Investments Ltd whose ultimate parent is VCK Investment Fund Limited SAC A, an investment fund owned by the co-founder of the Company, Mr. Andre Street.

   The Company's shares are publicly traded on Nasdaq under the ticker symbol STNE.

   The Company and its subsidiaries (collectively, the "Group") provide financial services and software solutions to clients across in-store, mobile and online device platforms helping them to better manage their businesses by increasing the productivity of their sales initiatives.

   1. Disposal group classified as held for sale and discontinued operations

      In the second quarter of 2025, the Group entered into two separate agreements to sell Linx Sistemas e Consultoria Ltda ("Linx Sistemas") and certain other software assets ("Software Businesses"), and SimplesVet Tecnologia S.A. ("Simplesvet"), resulting in the classification of both businesses as held for sale. The transactions have also been classified as discontinued operations. Therefore, the statement of profit or loss presents the net results of continuing and discontinued operations separately for each period presented, with prior periods reclassified accordingly.

      In the third quarter of 2025, the agreement to sell Simplesvet was concluded and the sale resulted in a gain of R$ 56,588 recognized as income from continuing operations.

      The entities comprised in the Software Businesses are listed below:

      • Linx Software Participações em Tecnologia S.A.

      • Linx Sistemas e Consultoria Ltda

      • Linx Telecomunicações Ltda

      • Linx Automotivo Ltda

      • Linx Commerce Ltda

      • Linx People Ltda

      • Linx Saúde Ltda

      • Sponte Educação Ltda

      • Napse S.R.L.

      • Napse Uruguay SAS

      • Sociedad Ingenería de Sistemas Napse I.T. de Chile Limitada

      • Synthesis Holding LLC

      • Synthesis US LLC

      • Retail Americas Sociedad de Responsabilidad Limitada de Capital Variable

      • Synthesis IT de México Sociedad de Responsabilidad Limitada de Capital Variable

      1. Accounting policy

         The Group classifies disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.

         The condition for classification as held for sale is met only when the sale has been approved by management or - if required by governance rules - the Board of Directors, the asset is available for immediate sale in its present condition, and there is an expectation that the sale will occur within 12 months of the approval. These factors indicate that the sale is highly probable. In case of a delay in the process, demonstrably caused by events or circumstances beyond the Group's control, and if there is still sufficient evidence of the continued commitment to sell the asset, the classification as held for sale may be maintained.

         Assets included in disposal groups classified as held for sale as well as its related liabilities are presented separately as current items in the statement of financial position. Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale.

         When a transaction reflects the sale of a component of the company that represents an important separate line of business, it should be considered a discontinued operation, and its results are excluded from the results of continuing operations, presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed separately in Note 1.1.2 in an aggregated basis between operating, investing and financing activities.

         The classification of an operation as a discontinued operation requires that comparative income statements be restated. This procedure segregates the results of the discontinued operation as if it had been discontinued from the beginning of the earliest comparative period presented.

      2. Software Businesses and Simplesvet

         In the second quarter of 2025, the Board of Directors approved the plan to sell Software Businesses and Simplesvet. Both sales were expected to be completed within a year from the reporting date so were classified as a disposal group held for sale. These businesses together represent a major part of our Software operating segment and as a result met the requirements to be classified as discontinued operations. The Software segment continues to be one of the segments disclosed in the financial statements comprised of other businesses that do not meet the criteria for either assets held for sale or discontinued operations. In the third quarter of 2025, the agreement to sell Simplesvet was completed.

         Immediately before the classification of the businesses as discontinued operations and at each reporting date, the recoverable amount was estimated for assets included in the disposal group and no impairment loss was identified. The fair value less costs to sell the assets included in the disposal group exceeds their carrying amount.

         Estimating the fair value implies assumptions and estimates that require judgment. In estimating such fair value we have considered the terms of the agreements we entered into as well as estimates about expected timing of the disposals which impact the estimated proceeds of the sale and as well as its discount to present value as of the date of the impairment test. While actual date of the disposal may differ from this estimate of fair value we expect any difference will not result in significant effect in the impairment test performed. The net carrying amount of assets and liabilities of businesses classified as held for sale as of September 30, 2025 is R$ 3,415,069.

         The major classes of assets included in the disposal group classified as held for sale as well as the liabilities directly associated with those assets are presented below:

         	Notes	September 30, 2025
         Assets
         Cash and cash equivalents		243,147
         Trade accounts receivable		169,657
         Recoverable taxes		11,034
         Other assets		62,739
         Deferred tax assets	8.2	963
         Property and equipment	9.1	69,851
         Intangible assets	10.1	3,628,004
         Total assets classified as held for sale		4,185,395
         Liabilities
         Trade accounts payable		50,474
         Other debt instruments	5.6.2	20,588
         Deferred tax liabilities	8.2	436,765
         Labor and social security liabilities		115,053
         Taxes payable		23,962
         Provision for contingencies	12.1	92,929
         Other liabilities		30,555
         Total liabilities associated with assets classified as held for sale		770,326

         The accumulated balances of other comprehensive income recognized within equity associated with assets held for sale are presented below:

         September 30,

         2025

         Amounts included in accumulated OCI to be recognized in income upon disposal of the businesses

         Net monetary position in hyperinflationary economies 19,677

Exchange differences on translation of foreign operations (52,730)

Total other comprehensive income associated with assets held for sale (33,053)

The effects of discontinued operations on the statement of profit or loss of the periods are presented below:

	Nine months ended September 30,		Three months ended September 30,
	2025	2024	2025	2024
Net revenue from transaction activities and other services	68,070	63,183	23,625	20,372
Net revenue from subscription services and equipment rental	824,240	818,106	269,268	266,655
Other financial income	18,057	12,806	1,537	7,723
Total revenue and income from discontinued operations	910,367	894,095	294,430	294,750
Cost of services	(415,996)	(420,895)	(129,354)	(130,385)
Administrative expenses	(151,234)	(209,366)	(23,034)	(94,901)
Selling expenses	(203,848)	(202,190)	(66,940)	(64,607)
Financial expenses, net	(28,940)	(29,569)	(10,620)	(10,962)
Other income (expenses), net	(16,180)	(2,773)	(5,222)	(7,864)
	(816,198)	(864,793)	(235,170)	(308,719)

Profit before income taxes from discontinued operations 94,169 29,302 59,260 (13,969)

Current income tax and social contribution	(33,757)	(29,733)	(13,724)	(12,103)
Deferred income tax and social contribution	7,574	9,639	1,569	12,181

Net income (loss) for the period from discontinued operations 67,986 9,208 47,105 (13,891)

Discontinued operations on the statement of cash flows of the periods are presented below:

	Nine months ended September 30,
	2025	2024
Net cash provided by operating activities	222,295	174,242
Net cash used in investing activities	(173,304)	(204,039)
Net cash used in financing activities	(42,431)	(13,887)
Effect of foreign exchange on cash and cash equivalents	(11,433)	1,732

Change in cash and cash equivalents (4,873) (41,952)

1. Basis of preparation and changes to the Group's accounting policies and estimates

   1. Basis of preparation

      The interim condensed consolidated financial statements for the nine months ended September 30, 2025 have been prepared in accordance with IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board ("IASB"), on the basis that it will continue to operate as a going concern.

      The interim condensed consolidated financial statements are presented in Brazilian Reais ("R$"), and all values are rounded to the nearest thousand (R$ 000), except when otherwise indicated.

      The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements as of December 31, 2024.

      The accounting policies adopted in this interim reporting period are consistent with those of the previous financial year.

      The interim condensed consolidated financial statements of the Group for the nine months ended September 30, 2025 and 2024 were approved by the Audit Committee on November 03, 2025.

   2. Estimates

      The preparation of the Group's interim financial statements requires management to make judgments and estimates and to adopt assumptions that affect the amounts presented of revenues, expenses, assets and liabilities at the financial statement date. Actual results may differ from these estimates.

      Judgements, estimates and assumptions are frequently revised, and any effects are recognized in the revision period and in any future affected periods. The objective of these revisions is mitigating the risk of material differences between the estimated and actual results in the future.

      In preparing these interim condensed consolidated financial statements, the significant judgements and estimates made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those from the consolidated financial statements for the year ended December 31, 2024.

   3. New standards and amendments to standards and interpretations adopted

      • Amendments to IAS 21 - Lack of exchangeability: The amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The amendments require the entity to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency.

      The application of these accounting standards as of January 1, 2025, had no significant impact on the Group's consolidated financial statements.

2. Group information

   1. Subsidiaries

      In accordance with IFRS 10 - Consolidated Financial Statements, subsidiaries are all entities in which the Company holds control.

      The following table shows the main consolidated entities, which correspond to the Group's most relevant operating vehicles.

      Entity name	Main activities	% of Group's equity interest
      		September 30, 2025	December 31, 2024
      Stone Instituição de Pagamento S.A. ("Stone IP")	Merchant acquiring	100.00	100.00
      Pagar.me S.A. ("Pagar.me")	Merchant acquiring	100.00	100.00
      Buy4 Processamento de Pagamentos S.A. ("Buy4")	Financial services	100.00	100.00
      Stone Sociedade de Crédito Direto S.A. ("Stone SCD")	Financial services	100.00	100.00
      Stone Sociedade de Crédito, Financiamento e Investimento S.A. Financial services ("Stone SCFI")		100.00	100.00
      Tapso Fundo de Investimento em Direitos Creditórios Investment fund Responsabilidade Limitada ("FIDC TAPSO")		100.00	100.00

      In the third quarter of 2025, the company Linx Software Participações em Tecnologia S.A. ("Linx Par") was incorporated as a wholly-owned subsidiary of the Group.

      There were no changes in the interest held by the Group in its subsidiaries.

      The Group holds call options to acquire additional interests in some of its subsidiaries (Note 5.7) and issued put options to non-controlling investors (Note 5.10.1(g)).

   2. Associates

      The following table shows all entities in which the Group has significant influence.

      Entity name	Main activities	% of Group's equity interest
      		September 30, 2025	December 31, 2024
      Agilize Contabilidade Holding Limited ("Agilize Cayman")	Technology services	28.70	28.70
      Alpha-Logo Serviços de Informática S.A. ("Tablet Cloud")	Technology services	25.00	25.00
      APP Sistemas S.A. ("APP") (a)	Technology services	-	19.80
      Delivery Much Tecnologia S.A. ("Delivery Much")	Food delivery marketplace	29.49	29.49
      Dental Office S.A. ("Dental Office")	Technology services	20.00	20.00

      (a) On April 4, 2025, STNE Participações S.A. ("STNE Par"), a Group company, acquired additional shares in APP, raising its total ownership to 45.96% and securing control of APP's share capital. STNE Par prior stake was 19.80%. (Note 20).

      The Group holds call options to acquire additional interests in some of its associates (Note 5.7).

3. Cash and cash equivalents

   	September 30, 2025	December 31, 2024
   Denominated in R$ (a)	4,923,903	5,157,035

   Denominated in US$ (a) 630,353 70,619

   5,554,256 5,227,654

(a) As of September 30, 2025, the amount of R$ 5,554,256 relates to continuing operations. As disclosed in Note 1.1.2, Cash and cash equivalents from discontinued operations amount to R$ 243,147, resulting in a total of R$ 5,797,403, as presented in the Consolidated statement of cash flows.

1. Financial instruments

   1. Short and Long-term investments

      Short-term Long-term September 30, 2025 Bonds
      Brazilian sovereign bonds	9,345	-	9,345
      Structured notes linked to Brazilian sovereign bonds	257,014	-	257,014
      Time deposits	76,301	-	76,301
      Equity securities (a)	-	37,123	37,123
      Investment funds (b)	1,336	-	1,336

      343,996 37,123 381,119

Short-term Long-term December 31, 2024 Bonds
Brazilian sovereign bonds	46,426	-	46,426
Structured notes linked to Brazilian sovereign bonds	418,120	-	418,120
Time deposits	51,711	-	51,711
Equity securities (a)	-	32,629	32,629
Investment funds (b)	1,617	-	1,617

517,874 32,629 550,503

1. Comprised of common shares of unlisted entities that are not traded in an active market. As of September 30, 2025, all assets are recognized at FVPL, while on December 31, 2024, some assets were recognized at FVOCI. The fair value of unlisted equity instruments was determined based on negotiations of the securities. The change in the fair value of equity securities at FVPL was a loss for the nine months ended September 30, 2025 of R$ 11,790 (gain of R$ 4,131 for the nine months ended September 30, 2024), which was recognized in the statement of profit or loss. The change in fair value of equity securities at FVOCI for the nine months ended September 30, 2025 was R$ nil (gain of R$ 1,623 for the nine months ended September 30, 2024), which was recognized in the statement of other comprehensive income (loss).

   On June 03, 2024, the Group sold its remaining stake in Cloudwalk INC for payment of R$ 57,540. The gain on the sale of R$ 35,647 was recognized in other comprehensive income.

2. Comprised of foreign investment fund shares.

Short and Long-term investments are denominated in Brazilian Reais and U.S. dollars.

1. Accounts receivable from card issuers and accounts payable to clients
   1. Composition of accounts receivable from card issuers

      Accounts receivable are amounts due from card issuers and acquirers for the transactions of clients with card holders, performed in the ordinary course of business.

      	September 30, 2025	December 31, 2024
      Accounts receivable from card issuers (a)	38,112,980	28,833,909
      Accounts receivable from other acquirers (b)	449,601	575,044
      Allowance for expected accounts receivable credit losses	(81,571)	(60,888)
      	38,481,010	29,348,065
      Current	38,354,022	29,231,820
      Non-current	126,988	116,245
      Part of the Group's cash requirement is to make prepayments to acquiring	customers. The Group	finances those

      1. Accounts receivable from card issuers, net of interchange fees, as a result of processing transactions with clients.

      2. Accounts receivable from other acquirers related to PSP (Payment Service Provider) transactions.

      requirements through different sources of funding including the true sale of receivables to third parties. When such sales of receivables are carried out to entities in which the Group has subordinated shares or quotas, the receivables sold remain in the statement of financial position, as these entities are consolidated in the financial statements. As of September 30, 2025 a total of R$ 2,586,654 (December 31, 2024 - R$ 2,561,139) were consolidated through Fundo de Investimento em Direitos Creditórios ACR I ("FIDC ACR I") and R$ 447,820 (December 31, 2024 - R$ 419,099) through Fundo de Investimento em Direitos Creditórios ACR Fast ("FIDC ACR FAST"), of which the Group has subordinated shares. When the sale of receivables is carried out to non-controlled entities and for transactions where continuous involvement is not present, the amounts transferred are derecognized from the accounts receivable from card issuers. As of September 30, 2025, the sale of receivables that were derecognized from accounts receivables from card issuers in the statement of financial position represents a relevant funding source used for the prepayment operation.

      Accounts receivable held by FIDCs guarantee the obligations to FIDC quota holders.

   2. Accounts payable to clients

      Accounts payable to clients represent amounts due to accredited clients related to credit and debit card transactions, net of interchange fees retained by card issuers and assessment fees paid to payment scheme networks as well as the Group's net merchant discount rate fees which are collected by the Group as an agent.

2. Trade accounts receivable
   1. Composition of trade accounts receivable

Trade accounts receivables are amounts due from clients mainly related to subscription services and equipment rental.

	September 30, 2025	December 31, 2024
Accounts receivable from subscription services	79,046	248,322
Accounts receivable from equipment rental	134,248	111,535
Chargeback	143,145	93,829
Services rendered	21,920	46,991
Receivables from registry operation	10,731	13,643
Cash in transit	967	12,620
Allowance for expected credit losses	(158,809)	(131,260)
Others	29,351	20,423
260,599 416,103
Current	235,298	390,575
Non-current	25,301	25,528
5.4. Credit portfolio Portfolio balances by product:
	September 30, 2025	December 31, 2024
Merchant portfolio	2,070,879	1,093,475
Credit card	226,940	114,156
Credit portfolio, gross	2,297,819	1,207,631
Allowance for expected credit losses	(306,197)	(144,512)
Fair value adjustment - portfolio hedge (a)	804	-
	(305,393)	(144,512)
Credit portfolio, net 1,992,426 1,063,119
Current	1,615,045	891,718
Non-current	377,381	171,401

(a) The Group holds a portfolio of fixed-rate credit operations exposed to market risk from fluctuations in the Brazilian interest rates. To mitigate this risk, fixed-for-floating interest rate swaps were entered into to protect the fair value of the portfolio against rates variations. These swaps are designated as fair value hedge accounting and, as a result, the interest rate risk of the credit operations is marked to market against profit or loss. The portfolio is dynamically managed, with swap positions adjusted to reflect changes, including prepayment risk.

1. Non-performing loans ("NPL")

   Total outstanding of the contract whenever the clients default on an installment:

   		September 30, 2025			December 31, 2024
   	Merchant portfolio	Credit card	Total	Merchant portfolio	Credit card	Total
   Balances not overdue	1,861,108	201,553	2,062,661	1,006,335	108,930	1,115,265

   Balances overdue by
   ≤ 15 days	43,895	4,024	47,919	17,462	1,390	18,852
   15 < 30 days	16,583	2,697	19,280	7,054	676	7,730
   31 < 60 days	26,253	2,921	29,174	13,521	865	14,386
   61 < 90 days	20,915	2,307	23,222	7,121	647	7,768
   91 < 180 days	45,372	6,026	51,398	17,637	1,078	18,715
   181 < 360 days	56,753	7,412	64,165	24,345	570	24,915
   	209,771	25,387	235,158	87,140	5,226	92,366

   Credit portfolio, gross 2,070,879 226,940 2,297,819 1,093,475 114,156 1,207,631

1. Aging by maturity

   		September 30, 2025			December 31, 2024
   	Merchant portfolio	Credit card	Total	Merchant portfolio	Credit card	Total

   Installments not overdue
   ≤ 15 days	51,863	58,109	109,972	23,083	30,638	53,721
   15 < 30 days	110,971	35,849	146,820	36,917	20,075	56,992
   31 < 60 days	176,384	36,270	212,654	99,015	19,492	118,507
   61 < 90 days	192,338	23,041	215,379	107,068	12,334	119,402
   91 < 180 days	462,486	33,059	495,545	268,770	19,019	287,789
   181 < 360 days	593,061	18,936	611,997	354,807	10,043	364,850
   361 < 720 days	317,989	4	317,993	148,084	6	148,090
   > 720 days	87,872	-	87,872	25,237	-	25,237

   1,992,964 205,268 2,198,232 1,062,981 111,607 1,174,588

Installments overdue by
≤ 15 days	9,536	3,542	13,078	2,561	514	3,075
15 < 30 days	7,323	1,039	8,362	4,170	211	4,381
31 < 60 days	12,382	2,486	14,868	4,614	512	5,126
61 < 90 days	10,195	2,099	12,294	3,865	344	4,209
91 < 180 days	21,749	5,755	27,504	9,091	706	9,797
181 < 360 days	16,730	6,751	23,481	6,193	262	6,455
	77,915	21,672	99,587	30,494	2,549	33,043
Credit portfolio, gross	2,070,879	226,940	2,297,819	1,093,475	114,156	1,207,631

1. Gross carrying amount

   The Group calculates an expected credit loss allowance for its loans based on statistical models that consider both internal and external historical data, negative credit information and guarantees, including information that addresses the behavior of each debtor. The Group calculates its loans operations portfolio in three stages:

   1. Stage 1: corresponds to loans that do not present significant increase in credit risk since origination, and expected credit loss ("ECL") are determined considering probability of default events within 12 months window;

   2. Stage 2: corresponds to loans that presented significant increase in credit risk subsequent to origination and ECL are estimated considering probability of default events within the life of the financial instrument;

      The Group determines Stage 2 based on the following criteria:

      1. absolute criteria: financial asset overdue more than 30 days, or;

      2. relative criteria: in addition to the absolute criteria, the Group analyzes the evolution of the risk of each financial instrument on a monthly basis, comparing the current behavior score attributed to each client with that attributed at the time of recognition of the financial asset. Behavioral scoring considers credit behavior variables, such as default on other products and market data about the customer. When the credit risk increases significantly since origination, the Stage 1 operation is moved to Stage 2.

         For Stage 2, a cure criterion is applied when the financial asset no longer meets the criteria for a significant increase in credit risk, as mentioned above, and the loan is moved to Stage 1.

   3. Stage 3: corresponds to impaired loans.

      The Group determines Stage 3 based on the following criteria:

      1. absolute criteria: financial asset overdue more than 90 days, or;

      2. relative criteria: indicators that the financial asset will not be paid in full without activating a guarantee or financial guarantee.

   The indication that an obligation will not be paid in full includes the tolerance of financial instruments that imply the granting of advantages to the counterparty following the deterioration of the counterparty's credit quality.

   The Group also assumes a cure criterion for Stage 3, with respect to the counterparty's repayment capacity, such as the percentage of total debt paid or the time limit to liquidate current debt obligations.

   Management regularly seeks forward-looking perspectives for future market developments including macroeconomic scenarios as well as its portfolio risk profile. Management may adjust the ECL resulting from the models above in order to better reflect these forward-looking perspectives.

   Reconciliation of gross portfolio of loans operations, segregated by stages:

   Stage 1 December 31, Acquisition / Transfer to Transfer to Cure from Cure from Write-off September 2024 (Settlement) stage 2 stage 3 stage 2 stage 3 30, 2025
   Merchant portfolio	993,719	1,034,315	(273,224)	(24,160)	88,991	8,980	-	1,828,621
   Credit card	103,301	111,193	(29,147)	(1,269)	15,532	863	-	200,473
   	1,097,020	1,145,508	(302,371)	(25,429)	104,523	9,843	-	2,029,094

   Stage 2 December 31, Acquisition / Cure to Transfer to Transfer from Cure from Write-off September 2024 (Settlement) stage 1 stage 3 stage 1 stage 3 30, 2025
   Merchant portfolio	42,471	(14,197)	(88,991)	(109,303)	273,224	5,920	-	109,124
   Credit card	8,709	2,686	(15,532)	(14,111)	29,147	417	-	11,316
   	51,180	(11,511)	(104,523)	(123,414)	302,371	6,337	-	120,440

   Stage 3 December 31, Acquisition / Cure to stage Cure to stage Transfer from Transfer from Write-off September 2024 (Settlement) 1 2 stage 1 stage 2 30, 2025
   Merchant portfolio	57,285	(2,944)	(8,980)	(5,920)	24,160	109,303	(39,770)	133,134
   Credit card	2,146	94	(863)	(417)	1,269	14,111	(1,189)	15,151
   	59,431	(2,850)	(9,843)	(6,337)	25,429	123,414	(40,959)	148,285

   Consolidated 3 stages December 31, Acquisition / Write-off September 30, 2024 (Settlement) 2025
   Merchant portfolio	1,093,475	1,017,174	(39,770)	2,070,879
   Credit card	114,156	113,973	(1,189)	226,940
   	1,207,631	1,131,147	(40,959)	2,297,819

   Stage 1 December 31, Acquisition / Transfer to Transfer to Cure from Cure from Write-off September 30, 2023 (Settlement) stage 2 stage 3 stage 2 stage 3 2024
   Merchant portfolio	296,282	558,522	(87,051)	(5,431)	32,834	1,363	-	796,519
   Credit card	3,131	55,848	(2,696)	(205)	751	100	-	56,929
   	299,413	614,370	(89,747)	(5,636)	33,585	1,463	-	853,448

   Stage 2	December 31, 2023	Acquisition / (Settlement)	Cure to stage 1	Transfer to stage 3	Transfer from stage 1	Cure from stage 3	Write-off	September 30, 2024
   Merchant portfolio	12,195	(2,490)	(32,834)	(37,297)	87,051	729	-	27,354
   Credit card	-	29	(751)	(366)	2,696	-	-	1,608
   	12,195	(2,461)	(33,585)	(37,663)	89,747	729	-	28,962

   Stage 3	December 31, 2023	Acquisition / (Settlement)	Cure to stage 1	Cure to stage 2	Transfer from stage 1	Transfer from stage 2	Write-off	September 30, 2024
   Merchant portfolio	1,200	(679)	(1,363)	(729)	5,431	37,297	(1,033)	40,124

   Credit card	-	64	(100)	-	205	366	-	535
   	1,200	(615)	(1,463)	(729)	5,636	37,663	(1,033)	40,659

   	Consolidated 3 stages	December 31, 2023	Acquisition / (Settlement)	Write-off	September 30, 2024
   Merchant portfolio	309,677		555,353	(1,033)	863,997

   Credit card 3,131 55,941 - 59,072

   312,808 611,294 (1,033) 923,069

2. Allowance for expected credit losses of loans operations

Stage 1 December 31, (Acquisition) / Transfer to Transfer to Cure from Cure from Write-off September 30, 2024 Settlement stage 2 stage 3 stage 2 stage 3 2025
Merchant portfolio	(68,949)	(176,874)	134,884	15,271	(15,171)	(1,061)	-	(111,900)
Credit card	(7,805)	(23,267)	15,367	977	(2,857)	(233)	-	(17,818)

(76,754) (200,141) 150,251 16,248 (18,028) (1,294) - (129,718)

Stage 2 December 31, (Acquisition) / Cure to stage Transfer to Transfer from Cure from Write-off September 30, 2024 Settlement 1 stage 3 stage 1 stage 3 2025
Merchant portfolio	(19,587)	7,390	15,171	76,447	(134,884)	(2,955)	-	(58,418)
Credit card	(3,870)	540	2,857	9,635	(15,367)	(218)	-	(6,423)

(23,457) 7,930 18,028 86,082 (150,251) (3,173) - (64,841)

Stage 3 December 31, (Acquisition) / Cure to stage Cure to stage Transfer from Transfer from Write-off September 30, 2024 Settlement 1 2 stage 1 stage 2 2025
Merchant portfolio	(42,717)	(10,218)	1,061	2,955	(15,271)	(76,447)	39,770	(100,867)
Credit card	(1,584)	(215)	233	218	(977)	(9,635)	1,189	(10,771)

(44,301) (10,433) 1,294 3,173 (16,248) (86,082) 40,959 (111,638)

Consolidated 3 stages December 31, (Acquisition) / Write-off September 30, 2024 Settlement 2025
Merchant portfolio	(131,253)	(179,702)	39,770	(271,185)
Credit card	(13,259)	(22,942)	1,189	(35,012)

(144,512) (202,644) 40,959 (306,197)

Stage 1 December 31, (Acquisition) / Transfer to Transfer to Cure from Cure from Write-off September 30, 2023 Settlement stage 2 stage 3 stage 2 stage 3 2024
Merchant portfolio	(57,576)	(51,722)	28,925	3,803	(3,783)	(136)	-	(80,489)
Credit card	(200)	(4,784)	1,208	152	(126)	(16)	-	(3,766)

	(57,776)	(56,506)	30,133	3,955	(3,909)	(152)		-	(84,255)
Stage 2	December 31, 2023	(Acquisition) / Settlement	Cure to stage 1	Transfer to stage 3	Transfer from stage 1	Cure from stage 3	Write-off		September 30, 2024
Merchant portfolio	(3,445)	(7,097)	3,783	26,108	(28,925)	(267)	-		(9,843)

Credit card - 36 126 279 (1,208) - - (767)

	(3,445)	(7,061)	3,909	26,387	(30,133)	(267)	-	(10,610)
Stage 3	December 31, 2023	(Acquisition) / Settlement	Cure to stage 1	Cure to stage 2	Transfer from stage 1	Transfer from stage 2	Write-off	September 30, 2024
Merchant portfolio	(840)	(689)	136	267	(3,803)	(26,108)	1,033	(30,004)

Credit card - 19 16 - (152) (279) - (396)

(840) (670) 152 267 (3,955) (26,387) 1,033 (30,400)

	Consolidated 3 stages	December 31, 2023	(Acquisition) / Settlement	Write-off	September 30, 2024
Merchant portfolio	(61,861)		(59,508)	1,033	(120,336)

Credit card (200) (4,729) - (4,929)

(62,061) (64,237) 1,033 (125,265)

1. Financial assets from banking solutions

   As required by Brazilian Central Bank ("BACEN") regulation, client's proceeds deposited in payment accounts ("Deposits from retail clients" - Note 5.6.1) must be fully collateralized by government securities, and/or deposits at BACEN (Electronic Money Correspondent Account - "CCME").

   As of September 30, 2025 the amount of financial assets from banking solutions was R$ 1,627,678 (December 31, 2024 - R$ 8,805,882), fully collateralized by CCME.

2. Financial liabilities

   1. Retail deposits

      	September 30, 2025	December 31, 2024
      Deposits from retail clients	1,434,899	8,274,868

      Time deposits from retail clients (a) (b) 7,583,266 429,941

      9,018,165 8,704,809

1. Since the first quarter of 2025, balances held in payment accounts are eligible to be automatically invested daily in Time Deposits issued by Stone SCFI. In addition, Stone SCFI also started to issue time deposits held by multiple counterparties, further detailed in Note 5.6.2 (b).

2. Deposit interest rates are set as a % of CDI and are applied daily or monthly from the deposit date, following the First In, First Out ("FIFO") method.

1. 1. Changes in financial liabilities

      The table below presents the movement of financial liabilities other than Retail deposits:

      	December 31, 2024	Additions		Payment of principal		Payment of interest	Changes in exchange rates	Interest	September 30, 2025
      Bonds	1,258,262	-		-		(26,439)	(181,153)	43,836	1,094,506

      Debentures, financial bills and

      commercial papers (a) (d) 4,079,266	1,979,045	(718,472)	(174,171)	-	522,941	5,688,609
      Time deposits (b) 2,740,110	2,749,701	(2,612,420)	(130,094)	-	302,569	3,049,866
      Obligations to open-end FIDC quota holders 418,324	48,309	(78,137)	(3,219)	-	41,620	426,897

      Institutional deposits and marketable debt securities

      8,495,962

      4,777,055

      (3,409,029)

      (333,923)

      (181,153)

      910,966

      10,259,878

      Current	3,065,999	4,573,845
      Non-current	5,429,963	5,686,033

      	December 31, 2024	Additions	Disposals	Payment of principal	Payment of interest	Changes in exchange rates	Fair value adjustment	Interest	Transfer to liabilities associated with assets held for sale (Note 1.1.2)	September 30, 2025
      Obligations to closed-end FIDC quota holders (c)	1,988,645	18,312	-	-	(285,352)	-	179,597	214,021	-	2,115,223

      Bank borrowings and working

      capital facilities	2,164,330	3,925,583	-	(2,210,186)	(92,202)	(326,946)	(192)	135,914	-	3,596,301
      Leases	247,004	48,083	(22,124)	(63,810)	(14,681)	(4,389)	-	14,681	(20,588)	184,176
      Other debt instruments	4,399,979	3,991,978	(22,124)	(2,273,996)	(392,235)	(331,335)	179,405	364,616	(20,588)	5,895,700
      Current	1,903,840									3,058,179
      Non-current	2,496,139									2,837,521

      1. On June 19, 2024 the subsidiary Stone SCFI concluded its first issuance of financial bills. After this, Stone SCFI has started the issuance of private financial bills. The principal and interest of all issuances are mainly paid at the maturity indexed to CDI rate.

      2. In the second quarter of 2024, Stone SCFI started the issuance of Time deposits, representing the first issuance of interest bearing deposits following the authorization granted by BACEN to start operations earlier in 2024. The certificates are held by multiple counterparties and maturities up to December 2029. The principal and interest of this type of issuance are mainly paid at the maturity indexed to CDI rate.

      3. This note covers all closed-end FIDCs, including ACR I and TAPSO. FIDC ACR I issued quotas in exchange for a contribution of R$ 2,325,984 as of the first quarter of 2024. The contribution was made by a special purpose vehicle funded by a revolving facility in which United States International Development Finance Corporation ("DFC") has invested US$ 467.5 million, funding the Group's prepayment business through this FIDC. The special purpose vehicle entered into foreign currency derivatives with financial institutions to convert the receivable denominated in R$ it holds from FIDC ACR I into US$. The Company has to provide guarantees to the vehicles in the event of certain defined default events on the derivatives by such financial institutions. Considering the current risk rating of the institutions, the fair value of the guarantee is estimated to be immaterial. FIDC ACR I has a final maturity of seven years and pays a semi-annual coupon at a fixed rate of 12.75% in R$.

      4. During the third quarter of 2025, the Company continued to execute its liability management strategy aimed at optimizing its capital structure and reducing funding costs. As part of these initiatives, the Company fully prepaid its outstanding Receivables backed securities ("CRI") and completed a tender offer in which approximately 62% of the outstanding debentures issued by MNLT were repurchased.

      	December 31, 2023	Additions		Payment of principal	Payment of interest	Changes in exchange rates	Interest	September 30, 2024
      Bonds	2,402,698	-		(1,610,349)	(114,617)	365,718	71,508	1,114,958

      Debentures, financial bills and commercial

      papers	1,116,252	2,147,200	-	(67,953)	-	141,024	3,336,523
      Time deposits	-	1,868,368	(205,670)	(1,810)	-	21,537	1,682,425
      Obligations to open-end FIDC quota holders	452,128	134,781	(56,691)	(3,576)	-	43,860	570,502
      Institutional deposits and marketable debt securities	3,971,078	4,150,349	(1,872,710)	(187,956)	365,718	277,929	6,704,408

      Current	475,319	1,763,481
      Non-current	3,495,759	4,940,927

      	December 31, 2023	Additions	Disposals	Payment of principal	Payment of interest	Changes in exchange rates	Fair value adjustment	Interest	September 30, 2024
      Obligations to closed-end FIDC quota holders	53,103	2,325,984	-	(50,000)	(149,409)	-	(206,769)	174,615	2,147,524

      Bank borrowings and working capital

      facilities	1,321,348	2,161,279	-	(2,519,765)	(114,862)	66,373	-	110,804	1,025,177
      Leases	173,683	43,925	(6,093)	(53,228)	(11,094)	204	-	11,094	158,491
      Other debt instruments	1,548,134	4,531,188	(6,093)	(2,622,993)	(275,365)	66,577	(206,769)	296,513	3,331,192
      Current	1,404,678								1,053,492
      Non-current	143,456								2,277,700

2. Derivative financial instruments, net

   The Group executes exchange-traded and Over-the-counter ("OTC") derivative instruments to hedge its foreign currency and interest rate exposure. All counterparties are previously approved for OTC transactions following the Counterparty Policy, and internal Committees monitor and control the counterparty risk associated with those transactions.

   	September 30, 2025
   	Notional Asset Liabilities amount (fair value) (fair value) Net
   Cash flow hedge

   Cross-currency interest rate swap	3,935,179	-	(402,542)	(402,542)
   Fair value hedge
   Interest rate swap	3,704,324	1,491	(124,850)	(123,359)
   Cross-currency interest rate swap	1,695,871	-	(42,388)	(42,388)
   Economic hedge
   NDF	211,208	34,676	(33,905)	771
   Interest rate swap	11,647,100	4,116	(3,914)	202
   M&A derivatives
   Call options	-	1,420	-	1,420
   	21,193,682	41,703	(607,599)	(565,896)

   December 31, 2024
   	Notional amount	Asset (fair value)	Liabilities (fair value)	Net
   Cash flow hedge
   Cross-currency interest rate swap	3,994,559	214,169	-	214,169
   Fair value hedge
   Interest rate swap	2,837,758	5,373	(281,177)	(275,804)
   Economic hedge
   NDF	15,359	1,784	(9,578)	(7,794)
   Interest rate swap	8,008,992	36,249	(1,015)	35,234
   M&A derivatives
   Call options	-	2,613	-	2,613
   	14,856,668	260,188	(291,770)	(31,582)

   1. Economic hedge

      The Group engages in certain hedging transactions to mitigate specific financial risks, such as fluctuations in foreign currencies and interest rates. Some of these transactions are not formally designated for hedge accounting.

      Although these derivatives are used to manage economic risks, changes in their fair value are recognized directly in profit or loss for the period without the application of the specific accounting treatments of hedge accounting. This means that the gains and losses generated by these instruments are fully accounted for in profit or loss as they occur, reflecting changes in the fair value of the derivatives.

      The decision not to apply hedge accounting to these transactions may be due to considerations such as the administrative cost of the formal documentation required by hedge accounting standards, the nature of the instruments, or the desired operational flexibility. Nevertheless, the Group continues monitoring these instruments to ensure their use aligns with the overall risk management strategy.

   2. Hedge accounting

      1. Cash flow hedge

         The Group enters into derivative financial instruments to hedge exposures to foreign exchange and interest rate risks.

         The Group applies cash flow hedge accounting when the hedging relationship meets the requirements outlined in the applicable accounting standards, including the provision of appropriate documentation at inception and the expectation that the hedge will be highly effective in offsetting changes in cash flows attributable to the hedged risk throughout the life of the hedge.

         The Group continuously assesses whether the hedging relationship continues to meet the effectiveness requirements.

         Changes in the fair value of the hedging instrument are recognized in other comprehensive income (and deferred in equity), to the extent the hedge is effective. Any ineffectiveness in a hedge is recognized immediately in profit or loss. Amounts deferred in equity are reclassified to profit or loss when the hedged item affects profit or loss (e.g., through the accrual of interest or the remeasurement of the hedged item at spot rate on the reporting date).

      2. Fair value hedge

         The Group applies fair value hedge accounting to protect against changes in the fair value of assets or liabilities arising from exposure to specific risks, such as changes in foreign exchange rates or interest rates. In accordance with IFRS, changes in the fair value of the hedging instrument and the hedged item attributable to the designated hedged risk are recognized directly in profit or loss for the period. This allows gains or losses on the hedging instrument to offset, in whole or in part, the losses or gains on the hedged item.

         For a fair value hedge to be accounted as a hedge accounting, the hedging relationship must meet specific criteria, such as formal documentation of the hedging objective and evidence that the hedge is highly effective in offsetting changes in the hedged item's fair value over time.

         The Company conducts regular effectiveness tests to ensure the hedging relationship remains effective. Any hedge ineffectiveness is immediately recognized in profit or loss for the period.

   3. Breakdown by maturity

The table below shows the breakdown by maturity of the notional amounts and fair values:

September 30, 2025
	Less than 3 months	3 to 12 months	More than 12 months	Total
Notional
Cross-currency interest rate swap	1,162,468	288,940	4,179,642	5,631,050
Interest rate swap	6,204,300	6,189,600	2,957,524	15,351,424
NDF	168,102	43,106	-	211,208
	7,534,870	6,521,646	7,137,166	21,193,682
Asset (fair value)
Interest rate swap	2,602	2,440	565	5,607
NDF	34,676	-	-	34,676
Liability (fair value)
Cross-currency interest rate swap	(231,673)	(82,584)	(130,673)	(444,930)
Interest rate swap	(3,083)	(1,825)	(123,856)	(128,764)
NDF	(32,139)	(1,766)	-	(33,905)
	(229,617)	(83,735)	(253,964)	(567,316)

December 31, 2024
	Less than 3 months	3 to 12 months	More than 12 months	Total
Notional
Cross-currency interest rate swap	-	1,510,788	2,483,771	3,994,559
Interest rate swap	2,129,636	6,127,456	2,589,658	10,846,750
NDF	15,359	-	-	15,359
	2,144,995	7,638,244	5,073,429	14,856,668
Asset (fair value)
Cross-currency interest rate swap	-	115,368	98,801	214,169
Interest rate swap	8,037	29,012	4,573	41,622
NDF	1,784	-	-	1,784
Liability (fair value)
Interest rate swap	-	(1,015)	(281,177)	(282,192)
NDF	(9,578)	-	-	(9,578)
	243	143,365	(177,803)	(34,195)
5.8. Financial risk management

The Group's activities expose it to market, liquidity and credit risks.

The Group's financial risk management is carried out by the Risk Management Area.

The Board of Directors has approved policies, and limits for its financial risk management. The Group uses financial derivatives only to mitigate market risk exposures. The Group's policy is not to engage in derivatives for speculative purposes. Different levels of managerial approval are required for entering into financial instruments depending on its nature and the type of risk associated.

1. Financial instruments by category

   1. Financial assets by category

      	Amortized cost	FVPL	FVOCI	Total
      September 30, 2025
      Short and Long-term investments	-	381,119	-	381,119
      Financial assets from banking solutions	1,627,678	-	-	1,627,678
      Accounts receivable from card issuers	10,612	-	38,470,398	38,481,010
      Trade accounts receivable	260,599	-	-	260,599
      Credit portfolio(a)	1,992,426	-	-	1,992,426
      Derivative financial instruments(b)	-	41,703	-	41,703
      Receivables from related parties	524	-	-	524
      Other assets	170,136	-	-	170,136
      	4,061,975	422,822	38,470,398	42,955,195
      December 31, 2024
      Short and Long-term investments	-	550,503	-	550,503
      Financial assets from banking solutions	8,805,882	-	-	8,805,882
      Accounts receivable from card issuers	9,492	-	29,338,573	29,348,065
      Trade accounts receivable	416,103	-	-	416,103
      Credit portfolio	1,063,119	-	-	1,063,119
      Derivative financial instruments(b)	-	260,188	-	260,188
      Receivables from related parties	613	-	-	613
      Other assets	106,961	-	-	106,961
      	10,402,170	810,691	29,338,573	40,551,434

      1. Part of the credit portfolio in the amount as of September 30, 2025 R$ 1,111,700 (December 31, 2024 R$ nil) was designated as the hedged item in a fair value hedge. Therefore, the carrying amount includes the change in fair value of the hedged portfolio attributed to changes in the designated hedged risk.

      2. Derivative financial instruments as of September 30, 2025 of R$ - (December 31, 2024 - R$ 214,169) were designated as cash flow hedging instruments, and therefore the effective portion of the hedge is accounted for in OCI.

      5.9.2. Financial liabilities by category
      	Amortized cost	FVPL	Total
      September 30, 2025
      Retail deposits	9,018,165	-	9,018,165
      Accounts payable to clients	17,174,087	-	17,174,087
      Trade accounts payable	672,169	-	672,169
      Institutional deposits and marketable debt securities	10,259,878	-	10,259,878
      Other debt instruments	483,204	5,412,496	5,895,700
      Derivative financial instruments(a)	-	607,599	607,599
      Other liabilities	264,521	225,283	489,804
      	37,872,024	6,245,378	44,117,402
      December 31, 2024
      Retail deposits	8,704,809	-	8,704,809
      Accounts payable to clients	17,807,394	-	17,807,394
      Trade accounts payable	672,184	-	672,184
      Institutional deposits and marketable debt securities	8,495,962	-	8,495,962
      Other debt instruments	2,411,334	1,988,645	4,399,979
      Derivative financial instruments(a)	-	291,770	291,770
      Other liabilities	316,700	201,195	517,895
      	38,408,383	2,481,610	40,889,993

      (a) Derivative financial instruments as of September 30, 2025 of R$ 402,542 (December 31, 2024 - R$ -) were designated as cash flow hedging instruments, and therefore the effective portion of the hedge is accounted for in OCI.

2. Fair value measurement

   1. Assets and liabilities by fair value hierarchy

The following table shows an analysis of financial instruments measured at fair value by level of the fair value hierarchy:

September 30, 2025 December 31, 2024
	Fair value	Hierarchy level	Fair value	Hierarchy level
Assets measured at fair value
Short and Long-term investments(a) (b)	381,119	I /II	550,503	I /II
Accounts receivable from card issuers(c)	38,470,398	II	29,338,573	II
Derivative financial instruments(d)	41,703	II	260,188	II
	38,893,220		30,149,264
Liabilities measured at fair value
Other debt instruments(e)	5,412,496	II	1,988,645	II
Derivative financial instruments(d)	607,599	II	291,770	II
Other liabilities(f) (g)	225,283	III	201,195	III
	6,245,378		2,481,610

1. Listed securities are classified as Level I and unlisted securities classified as Level II, determining fair value using valuation techniques, which employ the use of market observable inputs.

2. Sovereign bonds are priced using quotations from Anbima public pricing method.