General Our activities expose us to market, liquidity and credit risks. The Risk Management Area carries the Group’s financial risk management. Our overall market risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on our financial performance. Credit Risk Credit risk is defined as the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group’s third-parties, include counterparties in financial contracts (positions classified in cash and cash equivalents, derivative financial instruments for hedging, loans portfolio to customers and deposits with banks and other financial institutions), and in operating activities (accounts receivable from card issuers licensed by card schemes, including outstanding receivables and commitments, suppliers and financial guarantees granted to third parties). Financial instruments and cash deposits Credit risk from balances with banks and financial institutions is managed in accordance with our internal policies. Investments of surplus funds and the use of derivative instruments are only conducted with carefully selected financial institutions. Accounts receivable from Card Issuers Card Issuers once accepted by the networks issue cards that when transact are processed by Acquirers like us. Card Issuers have different risk profiles. Table of Contents FORM 20-F 26FY25 176 With frequency associated with the availability of new information or new financial indicators of Card Issuers, the Company carries out assessments of these companies, aiming to identify potential risks. Payment scheme networks have credit risk mitigation mechanisms that vary by network that are available to Acquirers like the Group. To date, the Group has not incurred any significant loss from Card Issuer receivables. Credit portfolio Merchant Portfolio and credit cards are available solely to individuals and businesses that are existing customers through acquiring or banking. Merchant portfolio loans rely on the main repayment source and collateral future receivables of customers while credit card line limits may be unsecured. Such line is generally a portion of the total credit line available to a particular customer based on credit appetite and risk rating. Market Risk Market risk is the risk of financial loss resulting from changes in the fair value or future cash flows of financial instruments due to changes in market conditions. In the ordinary course of business, the Group executes financial transactions that are subject to market variables and, therefore, exposed to market risk. Interest Rate Risk The Group’s interest rate risk arises from mismatches among certain assets (mostly cash and equivalents, short-term investments, accounts receivables and the credit portfolio) and liabilities (institutional deposits and marketable debt securities, and other debt instruments) with different benchmarks (fixed or linked to CDI, the Brazilian benchmark for floating rate) and maturity dates. We may mitigate our exposure by executing derivative transactions to match those benchmarks and duration gaps. Short-term investments, institutional deposits and marketable debt securities, and other debt instruments accrues interest at the CDI Rate, the Brazilian benchmark floating rate, therefore they incur in future cash flow risk, but do not incur in fair value risk. Foreign Currency Risk The Group has both assets and liabilities in foreign currencies other than Brazilian real. The foreign currency risk is generated by fluctuations in exchange rates among Brazilian reais and these currencies. We have operations, cash and short-term investments in multiple countries in Latin America, in addition to TPV processed in foreign exchange. However, significant capital expenditures (Pin Pads & POS, and data center equipment) and regular expenses (cloud and software fees) are incurred in U.S. Dollars and Euros. The total foreign currency results on the year ended December 31, 2025 was loss of R$13.1 million, a relatively small financial result, mainly from the interest rate differential on the U.S. Dollar/Brazilian Real, despite high relative currency volatility observed in the same period, showing a well-balanced risk management. The bonds we issued, as well as other debt in foreign currencies, are hedged on a cash flow hedge arrangement, in which all critical terms of the bonds (U.S. Dollars denomination, coupon payment schedule, and interest rate) are matched with the hedging instrument. The residual Group’s exposure to foreign currency changes for all other currencies after hedge policy application is not material. Table of Contents FORM 20-F 26FY25 177 Risk Assessment: Value-at-Risk and Scenario Analysis The Company manages and monitors its primary market risk factors - Interest Rate Risk and Exchange Rate Risk - using Value-at-Risk ("VaR”) and/or Stress Testing methodologies. The Company employs these methodologies to quantify how market variables would potentially impact the Group’s financial statements. Risk Factor Asset/ Liability Risk Measure Horizon Value (in thousands) Interest rates Accounts receivables from card issuers, Credit portfolio, Accounts payables to clients and interest rate swaps VaR 1 day R$509 Historical Stress Test(a) 1 day R$ 5,576 Foreign currency exchange USD denominated asset/liabilities/derivatives Historical Stress Test(b) 2 days R$60 (a) The interest rate risk stress test on December 31, 2024 was R$2,906 thousand. (b) The foreign currency exchange risk stress test amounted to R$ 288 thousand as of December 31, 2024. Although VaR is no longer utilized for foreign currency risk management as of December 31, 2025, the figure for comparison purposes would be R$ 34 thousand. Equity Price Risk Equity price risk is the risk that the fair values of equities decrease as the result of changes in the level of equity and individual stocks. The Group is exposed to equity price risk as it holds, as of December 31, 2025, R$ 24.6 million (compared with R$32.6 million as of December 31, 2024) in equity securities. Liquidity Risk Cash flow forecasting is performed for the operating entities of the Group and then aggregated. Rolling forecasts of liquidity requirements are monitored to ensure the Group has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn borrowing facilities so that the Group does not breach borrowing limits on any of its borrowing facilities. Such forecasting takes into consideration our debt financing plans, compliance with internal statement of financial position ratio targets and, if applicable, external regulatory or legal requirements. The Group’s main liquidity risk is its potential inability to raise financing to continue its prepayment and credit business. Although the prepayment activity is not an obligation for the Group it is a significant component of its revenues. Surplus cash held by the operating entities is invested in interest-earning bank accounts, time deposits, money market deposits and marketable securities, choosing instruments with appropriate maturities or sufficient liquidity to provide adequate margin as determined by the above-mentioned forecasts. As of December 31, 2025, we held short-term investments of R$1,119.1 million (compared with R$ 517.9 million as of December 31, 2024) that are expected to readily generate cash inflows for managing liquidity.