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PagSeguro Digital: A 72% Banking Margin in a Tough Rate Cycle—How Is It Pulling This Off?

PagSeguro Digital has presented its financial and operational outcomes for the third quarter of 2025 against a backdrop of macroeconomic challenges. These results provide a nuanced picture of the company’s ongoing strategic direction, revealing both strengths and areas for potential improvement. PagSeguro Digital ended the quarter with a client base of 33.7 million, marking an increase of 1.6 million year-over-year despite tougher economic conditions. The company’s acquiring business maintained steady total payment volume (TPV) at BRL 130 billion, signifying resilience in holding momentum amid broader market pressures. Additionally, the company expanded its credit portfolio with a focus on unsecured lending, particularly working capital loans, indicating efforts to leverage growth opportunities in financial services. Financially, PagSeguro’s total net revenue, excluding interchange and card scheme fees, increased by 14% year-over-year to BRL 3.4 billion.