Stone delivers a consistent quarter with adjusted net income of R$450 million, a 90% growth compared to the same time last year

• Adjusted EBT of R$ 568 million had a 75% increase compared to the same quarter of 2023
• Total Payment Volume (TPV) of SMEs had an annual growth of 24%, considering also PIX transactions

SÃO PAULO, May 13, 2024 /PRNewswire/ -- StoneCo Ltd. (Nasdaq: STNE, B3: STOC31) reported adjusted net income of R$ 450 million in the first quarter, a 90% increase over the same time last year. The company's total revenue reached R$ 3.1 billion, a 14% year-over-year growth. Adjusted net cash was R$ 5.1 billion, an increase of R$ 87 million in the quarter and R$ 1.2 billion in the year. The adjusted EBT of R$ 568 million represents a 75% increase compared to 1Q23, with an adjusted EBT margin of 18.4%.

Financial services revenue reached R$ 2.7 billion in 1Q24, 16% higher than the previous year, with Total Processed Volume (TPV) of SME (small and medium-sized enterprises) clients growing by 24% year over year, including PIX P2M processed volume. The segment showed a 15 bps increase in take rate year over year, resulting from significant contributions from all our financial platform solutions. The SME customer base grew by 33% on an annual basis, reaching 3.7 million active customers.

In the first quarter of the year, the banking platform also showed growth, with deposits reaching R$ 6 billion, a 53% increase compared to the same time in 2023. In the credit solution, working capital grew by 72% quarter over quarter, reaching a portfolio of R$ 532 million.

In the software area, the integration strategy continues with a focus on priority verticals. Software revenue grew by 3% year over year, and Adjusted EBITDA reached R$ 66 million in 1Q24, with a margin of 17.8%, compared to Adjusted EBITDA of R$ 40 million and a margin of 11.1% in 1Q23.

"The first quarter represents a great start to a year in which we expect significant strategic evolution and solid results. We experienced healthy growth in TPV combined with a significant increase in take rate, a result of increasingly engaging with our customers and our ability to deliver better bundles that combine our multiple product platforms, such as payments, banking, credit and software. We are pleased to report strong profitability growth, reflecting our dedication to the consistency and solidity of the business," says Pedro Zinner, CEO of Stone.

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