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 August 2024
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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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023

Contents

Unaudited condensed consolidated interim financial statements
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PagSeguro Digital Ltd.

Unaudited condensed consolidated interim balance sheet
As of June 30, 2024 and December 31, 2023
(All amounts in thousands of reais)
NoteJune 30, 2024December 31, 2023
Assets
Current assets
Cash and cash equivalents51,374,218 2,899,060 
Financial investments64,843,874 3,308,583 
Accounts receivable752,051,026 41,757,204 
Receivables from related parties95,740 4,307 
Derivative financial instruments2720,934 — 
Inventories30,210 33,537 
Tax receivable8466,104 563,305 
Other receivables191,096 162,832 
Total current assets58,983,202 48,728,828 
Non-current assets
Accounts receivable71,699,502 1,143,779 
Receivables from related parties926,253 27,974 
Judicial deposits61,333 50,992 
Tax receivable8200,637 — 
Deferred income tax and social contribution20104,443 98,856 
Other receivables77,303 35,584 
Property and equipment112,593,968 2,451,011 
Intangible assets122,731,501 2,571,069 
Total non-current assets7,494,940 6,379,265 
Total assets66,478,142 55,108,093 


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

Unaudited condensed consolidated interim balance sheet
As of June 30, 2024 and December 31, 2023
(All amounts in thousands of reais)

NoteJune 30, 2024December 31, 2023
Liabilities and equity
Current Liabilities
Payables to third parties1310,948,730 9,965,603 
Checking accounts1411,508,734 11,382,924 
Banking issuances1513,305,190 11,365,373 
Borrowings 192,457,755 189,427 
Derivative financial instruments277,891 40,945 
Trade payables638,928 513,920 
Payables to related parties9118,805 135,478 
Salaries and social security charges16311,925 345,248 
Taxes and contributions17343,647 240,671 
Provision for contingencies1844,067 91,490 
Deferred revenue134,642 128,461 
Other liabilities36,106 32,379 
Total current liabilities39,856,420 34,431,919 
Non-current liabilities
Payables to third parties1353,156 185,861 
Banking issuances159,428,802 4,823,067 
Payables to related parties9652,734 341,326 
Deferred income tax and social contribution201,848,619 1,832,087 
Provision for contingencies1870,977 5,729 
Deferred revenue20,823 17,724 
Other liabilities228,720 229,695 
Total non-current liabilities12,303,831 7,435,489 
Total liabilities52,160,251 41,867,408 
Equity
Share capital2126 26 
Treasury shares21(583,220)(760,317)
Capital reserve216,046,551 6,132,745 
Retained earnings218,877,267 7,891,076 
Equity valuation adjustments21(22,372)(22,372)
Other comprehensive income21(361)(473)
Total equity14,317,891 13,240,685 
  
Total liabilities and equity66,478,142 55,108,093 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim statements of income
For the three and six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
Three-month periodSix-month period
NoteJune 30, 2024June 30, 2023June 30, 2024June 30, 2023
Revenue from transaction activities and other services232,311,965 2,166,009 4,681,315 4,317,025 
Financial income232,113,085 1,594,974 3,945,081 3,129,176 
Other financial income23131,657 64,929 236,736 129,443 
 
Total revenue and income 4,556,707 3,825,912 8,863,132 7,575,644 
Cost of sales and services24(2,332,155)(1,926,072)(4,502,857)(3,855,370)
Selling expenses24(467,319)(321,442)(904,746)(639,350)
Administrative expenses24(216,236)(203,391)(446,852)(374,745)
Financial costs24(863,421)(795,627)(1,690,554)(1,608,598)
Other income (expenses), net24(99,851)(94,117)(168,030)(176,280)
 
Profit before income taxes 577,726 485,263 1,150,094 921,301 
Current income tax and social contribution20(131,304)(42,239)(154,629)(60,295)
Deferred income tax and social contribution2057,223 (57,929)(9,273)(106,067)
Income tax and social contribution (74,081)(100,168)(163,902)(166,362)
     
Net income for the period 503,645 385,095 986,192 754,939 
 
Basic earnings per common share - R$221.5785 1.1903 3.1012 2.3292 
Diluted earnings per common share - R$221.5629 1.1832 3.0653 2.3122 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim statements of comprehensive income
For the three and six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais)
Three-month periodSix-month period
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income for the period503,645 385,095 986,192 754,939 
Other comprehensive income that may be reclassified to the statement of income in subsequent periods:
Currency translation adjustment650 (50)644 (73)
Gain on investments designated at fair value through OCI691 242 701 351 
Loss on derivative financial instruments through OCI(527)(2,098)(1,507)(1,695)
Income tax and social contribution(56)631 274 457 
Other comprehensive income for the period504,403 383,820 986,304 753,979 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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PagSeguro Digital Ltd.
Unaudited condensed consolidated interim statement of changes in equity
For the three and six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais)
 Capital reserve  Profit reserve
Note Share capital  Treasury shares  Capital reserve  Share-based long-term incentive plan (LTIP)  Retained earnings  Equity valuation adjustments  Other comprehensive income  Total equity
On December 31, 202226 (475,353)5,828,754 273,818 6,237,392 (22,372)(138)11,842,127 
Net income for the period— — — — 754,939 — — 754,939 
Currency translation adjustment — — — — — — (73)(73)
Gain on financial assets through OCI— — — — — — 231 231 
Loss on derivative financial instruments through OCI— — — — — — (1,119)(1,119)
Share based long term incentive plan (LTIP)— — — 73,116 — — — 73,116 
Acquisition of treasury shares— (143,669)— — — — — (143,669)
(LTIP) of treasury shares— 113,385 — (113,385)— — — — 
On June 30, 202326 (505,638)5,828,754 233,550 6,992,331 (22,372)(1,100)12,525,551 
Net income for the period— — — — 898,744 — — 898,744 
Currency translation adjustment — — — — — — 129 129 
Loss on financial assets through OCI— — — — — — (788)(788)
Gain on derivative financial instruments through OCI— — — — — — 1,285 1,285 
Share based long term incentive plan (LTIP)— — — 71,501 — — — 71,501 
Acquisition of treasury shares— (255,739)— — — — — (255,739)
(LTIP) of treasury shares— 1,059 — (1,059)— — — — 
On December 31, 202326 (760,319)5,828,754 303,991 7,891,075 (22,372)(473)13,240,685 
Net income for the period21— — — — 986,192 — — 986,192 
Currency translation adjustment
21— — — — — — 644 644 
Gain on financial assets through OCI21— — — — — — 463 463 
Loss on derivative financial instruments through OCI21— — — — — — (995)(995)
Share based long term incentive plan (LTIP)21— — — 90,905 — — — 90,905 
(LTIP) of treasury shares21— 177,099 — (177,099)— — — — 
On June 30, 202426 (583,220)5,828,754 217,797 8,877,267 (22,372)(361)14,317,891 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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PagSeguro Digital Ltd,
Unaudited condensed consolidated interim statement of cash flows
For the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais)

Six-month period
NoteJune 30, 2024June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income taxes1,150,094 921,301 
Expenses (revenues) not affecting cash:
Depreciation and amortization
24
762,686 642,998 
Total losses
24
215,758 248,203 
Accrual of provision for contingencies
31,893 13,378 
Share based long term incentive plan (LTIP)
90,905 73,116 
Loss on disposal of property, equipment, intangible and investment assets
97,216 130,927 
Derivative financial instruments, net
(15,423)(10,915)
Interest accrued
675,257 208,663 
Other (income) cost, net
1,959 1,214 
Changes in operating assets and liabilities
Accounts receivable
(13,115,645)441,202 
Financial investments (mandatory guarantee)
(943,679)213,861 
Inventories
3,590 (19,509)
Taxes recoverable
(47,864)46,586 
Other receivables
(70,193)14,633 
Deferred revenue
9,280 (758)
Other liabilities
(908)7,333 
Payables to third parties
855,634 (687,401)
Checking accounts
(235,584)(626,412)
Trade payables
125,227 14,581 
Receivables from (payables to) related parties
276,762 (406,648)
Banking issuances
7,442,065 (1,314,997)
Salaries and social charges
(33,323)(16,324)
Taxes and contributions
(18,597)(24,213)
Provision for contingencies
(20,344)(9,548)
(2,763,236)(138,729)
Income tax and social contribution paid
(38,744)(59,086)
Interest income received (paid)
675,373 1,060,125 
NET CASH USED IN (PROVIDED BY) OPERATING ACTIVITIES(2,126,607)862,310 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment
11
(639,767)(425,773)
Purchases and development of intangible assets
12
(555,305)(512,736)
Redemption (Acquisition) of financial investments
(379,311)(176,254)
NET CASH USED IN INVESTING ACTIVITIES(1,574,383)(1,114,763)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings
19
2,398,160 300,000 
Payment of borrowings
19
(190,432)— 
Payment of borrowings Interest
19
(6,290)— 
Acquisition of treasury shares
21
— (143,669)
Payment of leases
11
(9,263)(8,894)
Derivative Financial Instruments, net
(16,028)— 
NET CASH PROVIDED BY FINANCING ACTIVITIES2,176,148 147,437 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(1,524,842)(105,017)
Cash and cash equivalents at the beginning of the period
5
2,899,060 1,829,097 
Cash and cash equivalents at the end of the period
5
1,374,218 1,724,081 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
1.General information
PagSeguro Digital Ltd., (“PagSeguro Digital” or the “Company”), is a holding company with its principal executive office located in Cayman Islands, subsidiary of Universo Online S.A. (“UOL”), referred to, together with its subsidiaries, as the “PagSeguro Group”, and was incorporated on July 19, 2017. A total of 99,99% of the shares of PagSeguro Internet Instituição de Pagamento S.A. (“PagSeguro Brazil”) were contributed to PagSeguro Digital on January 4, 2018 and PagSeguro Digital maintains control of PagSeguro Brazil.
PagSeguro Brazil is a privately held corporation established on December 20, 2006, and engages in providing financial technology solutions and services and corresponding related activities, focused principally on micro-merchants and small and medium-sized businesses (“SMBs”).
In January 2023, PagSeguro Biva Serviços Financeiros Ltda., incorporated PagSeguro Biva Correspondente Bancário Ltda and, in July 2023, PagSeguro Instituição de Pagamento S.A. incorporated Registra Seguro S.A.
In July 2023, PagSeguro Brazil acquired 90% of the shares of NetPos Serviços de Informática S.A. (“NetPos”), which together with the 10% of shares previously acquired, resulted in PagsSeguro Brazil owning 100% of the share capital of the Netpos.
In June 2024, PagSeguro Digital acquired 5% of Fundo de Investimento em Direitos Creditórios – PagSeguro (“FIDC”) shares from its subsidiary PagSeguro Brazil, which together with the 15% of FIDC shares previously acquired resulted in PagSeguro Digital owning 20% of the share capital of the fund.
In June 28, 2024, PagSeguro Group constituted an investment fund as a subsidiary of PagSeguro Brazil called Fundo de Investimento em Direitos Creditórios – Pagbank Multiadquirencia (“FIDM”). The objective of this fund is to anticipate third-party assignments in accordance with market operations.
The subsidiaries of PagSeguro Digital are PagSeguro Brazil, PagSeg Participações Ltda. (“PagSeg”), BS Holding Financeira Ltda. (“BS Holding”) and PagSeguro Holding Ltd. (“PSHC”). The PagSeguro Group subsidiaries are as follows:
•PagSeguro Brazil subsidiaries are PagSeguro Biva Securitizadora de Créditos Financeiras S.A. (“Biva Sec”), FIDC, Wirecard Brazil Instituição de Pagamento S.A. (“MOIP), Concil Inteligência em Conciliação S.A. (“Concil”), NetPos and FIDM.
•PagSeg subsidiaries are Net+Phone Telecomunicações Ltda. (“Net+Phone”), PagSeguro Tecnologia (“PagSeguro Tecnologia”), BCPS Online Services Lda. (“BCPS”), CDS Serviços Financeiros Ltda, (“CDS”), PagSeguro Biva Serviços Financeiros Ltda. (“Biva Serviços”) and PagBank Participações Ltda. (“Pag Participações”).
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
1.General information (continued)
•Pag Participações subsidiaries are Tilix Digital Ltda. (“TILIX”), Yamí Software & Inovação Ltda. (“YAMÍ”) and Zygo Serviços de Tecnologia S.A. (“ZYGO”),
•PSHC subsidiaries are PagSeguro Chile SPA (“PagSeguro Chile), PagSeguro Colombia S.A.S (“PagSeguro Colombia), PSGP México S.A de C.V. (“PSGP Mexico”) and PagSeguro Peru S.A.C. (“PagSeguro Peru”).
•BS Holding subsidiaries are BancoSeguro S.A. (“BancoSeguro”) and PagInvest CTVM Ltda. (“PagInvest”).
These unaudited condensed consolidated interim financial statements include PagSeguro Brazil, PagSeg, PSHC, BS Holding and corresponding subsidiaries.
2.Presentation and preparation of the unaudited condensed consolidated interim financial statements and material accounting policies
2.1. Basis of preparation of the condensed consolidated interim financial information
These unaudited condensed consolidated interim financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS®"), as issued by the International Accounting Standards Board ("IASB®") and disclose all (and only) the applicable significant information related to the financial statements, which is consistent with the information utilized by management in the performance of its duties. The consolidated interim financial statements are presented in thousands of Brazilian reais, unless otherwise indicated, which is the functional currency of PagSeguro Group.
These unaudited condensed consolidated interim financial statements as of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023 (“Interim Financial Statements”) were authorized for issuance by the PagSeguro Digital’s Board of Directors on August 13, 2024.
These Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” as issued by the IASB and disclose all (and only) the applicable significant information related to the financial statements. An entity shall include in its interim financial report an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the entity since the end of the last annual reporting period. Information disclosed in relation to those events and transactions shall update the relevant information presented in the most recent annual financial report.
These Interim Financial Statements do not include all the notes of the type normally included in an annual consolidated financial statement. Accordingly, this report is to be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023 (the “Annual Financial Statements”).
The accounting policies and critical accounting estimates and judgments adopted are consistent with those of the previous financial year and corresponding interim reporting period.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
2.2. New accounting standards adopted in 2024
The accounting policies adopted in the preparation of the consolidated interim financial statements for the period ended June 30, 2024 are consistent with those adopted for the year ended December 31, 2023, except for the changes required by the pronouncements, interpretations and standards which became effective on January 1, 2024, as described below.
–Amendment to IAS 1 "Presentation of Financial Statements": issued in May 2020 and 2022, with the objective of clarifying that liabilities are classified as current or non-current, depending on the rights that exist at the end of the period. The classification is not affected by the entity’s expectations or events after the reporting date (eg, receipt of a waiver or breach of covenant). The amendments also clarify what "settlement" of a liability refers to under IAS 1. The amendments to IAS 1 are effective as of January 1, 2024. The Pagseguro Group did not identify material changes in the financial results.
–Amendments to IFRS 16 – The amendments to IFRS 16 specify that, in measuring the lease liability subsequent to the sale and leaseback, the seller-lessee determines ‘lease payments’ and ‘revised lease payments in a way that does not result in the seller-lessee recognizing any amount of the gain or loss that relates to the right of use that it retains. This could particularly impact sale and leaseback transactions where the lease payments include variable payments that do not depend on an index or a rate. The amendments to IFRS 16 are effective as of January 1, 2024. The Pagseguro Group did not identify material changes in the financial results.
–Amendments to IAS 7 and IFRS 7 – The objective of the amendments to IFRS 7 is to provide information about SFAs that enables investors to assess the effects on an entity’s liabilities, cash flows and the exposure to liquidity risk. The amendments to IAS 7 are effective as of January 1, 2024. The Pagseguro Group did not identify material changes in the financial results.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
3.Consolidation of subsidiaries
As of June 30, 2024
CompanyAssetsLiabilitiesEquityNet income (loss) for the periodOwnership - % Level
Pagseguro Brazil52,605,225 42,864,423 9,740,802 560,371 99.99Direct
BS Holding894,659 88 894,571 60,096 100.00Direct
PagSeg Participações2,256,457 871 2,255,586 141,718 99.99Direct
PagSeguro Holding13,751 1,929 11,822 (3,114)99.99Direct
Pag Participações443,901 22,380 421,521 12,893 99.99Indirect
PagInvest Corretora16,389 21 16,369 393 99.99Indirect
Net+Phone 613,798 133,639 480,159 65,112 99.99Indirect
PagSeguro Tecnologia1,459,259 477,816 981,443 49,703 99.99Indirect
BCPS4,268 161 4,106 1,415 99.99Indirect
BSEC1,285,443 1,225,464 59,979 15,504 99.99Indirect
Biva Serviços 157,226 6,159 151,066 5,461 99.99Indirect
FIDC5,096,118 721,024 4,375,094 1,649,502 100.00Indirect
FIDM60,024 — 60,024 24 100.00Indirect
TILIX52,751 1,200 51,551 2,263 99.99Indirect
BancoSeguro38,604,576 37,748,701 855,875 59,491 100.00Indirect
Yamí139,050 1,071 137,978 3,821 99.99Indirect
CDS220,139 2,882 217,257 7,144 99.99Indirect
ZYGO221,456 561 220,895 7,121 99.99Indirect
MOIP703,413 39,317 664,096 41,931 100.00Indirect
Concil332,799 3,414 329,385 15,743 100.00Indirect
NetPos3,120 1,368 1,753 (376)100.00Indirect
PagSeguro Chile7,584 9,038 (1,454)(1,136)100.00Indirect
PagSeguro Colombia4,986 4,667 319 (200)100.00Indirect
PSGP México2,532 4,123 (1,592)(1,548)100.00Indirect
PagSeguro Peru5,430 3,872 1,558 (229)100.00Indirect

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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
3. Consolidation of subsidiaries (continued)
As of December 31, 2023 (except for net income, that is presented to six-month period ended June 30, 2023)
CompanyAssetsLiabilitiesEquityNet income (loss) for the periodOwnership - % Level
PagSeguro Brazil43,589,543 34,397,103 9,192,440 527,268 99.99 Direct
BS Holding834,565 225 834,340 34,573 100.00 Direct
PagSeg Participações2,114,250 871 2,113,379 31,965 99.99 Direct
PagSeguro Holding4,369 2,351 2,018 (1,845)99.99 Direct
Pag Participações430,782 272,154 158,628 606 99.99 Indirect
PagInvest Corretora16,252 276 15,976 382 99.99 Indirect
Net+Phone 536,583 121,535 415,048 29,935 99.99 Indirect
PagSeguro Tecnologia1,123,363 891,623 231,740 (196)99.99 Indirect
BCPS2,247 44 2,203 58 99.99 Indirect
BSEC1,514,756 146,978 44,778 13,651 99.99 Indirect
Biva Serviços 146,606 101,001 45,605 1,562 99.99 Indirect
FIDC5,324,969 728,280 4,596,689 1,183,357 100.00 Indirect
TILIX51,473 2,185 49,288 1,918 99.99 Indirect
BancoSeguro30,858,054 30,061,363 796,691 33,903 100.00 Indirect
Yamí135,126 100,968 34,158 (236)99.99 Indirect
CDS210,517 200,403 10,114 6 99.99 Indirect
Zygo215,856 152,082 63,774 (845)99.99 Indirect
Moip666,847 544,695 122,152 (14,652)100.00 Indirect
Concil317,283 303,640 13,643 (168)100.00 Indirect
PagSeguro Chile7,807 8,092 (285)(570)100.00 Indirect
PagSeguro Colombia5,585 5,122 463 (346)100.00 Indirect
PSGP México1,590 2,387 (797)(505)100.00 Indirect
PagSeguro Peru2,967 1,330 1,637 (635)100.00 Indirect
The operational context of the subsidiaries is to be read in conjunction with the annual financial statements for the year ended December 31, 2023.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
4. Segment reporting
Operating segments are determined based on the information reported and reviewed by the chief operating decision maker (“CODM”). The Board of Directors has been identified as the CODM and is responsible for allocating resources and assessing the performance of the business and to make PagSeguro Group’s strategic decisions.
Considering that all decisions are based on consolidated reports, and that all decisions related to strategic and financial planning, purchases, investments, and the allocation of funds are made on a consolidated basis, the PagSeguro Group and its subsidiaries operate in a single segment, as financial service agents.
Main companies of PagSeguro Group are domiciled in Brazil and have revenue arising from local customers and customers located abroad. The main revenue is related to sales from the domestic market. The revenue from international market represents 1% and 1% for the three and six-month periods ended June 30, 2024 (0.4% and 0.4% for the three and six-month periods ended June 30, 2023, respectively).
5. Cash and Cash Equivalents
June 30, 2024December 31, 2023
Short-term bank deposits450,911 2,039,952 
Short-term investment923,307 859,108 
1,374,218 2,899,060 
Cash and Cash Equivalents are held for the purpose of meeting short-term cash needs and include cash on hand, deposits with banks and other short-term highly liquid investments with original maturities of three-months or less and with immaterial risk of change in value.
Short-term bank deposits are mainly represented by amounts to cover instant payments (PIX), cash on ATMs and client payments. The decrease is mainly due to reserved amount for PIX coverage during the holidays in the end of 2023.
Short-term investments are mainly represented by deposits with banks with highly liquid investments with original maturities of three-months or less, with an average return of 100% of the CDI (10.40% per year as of June 30, 2024, and 11.65% per year as of December 31, 2023).
6.Financial investments
Consists mainly of investments in LFTs and compulsory reserves deposited in Brazilian Central Bank in the amount of R$4,843,874 as of June 30, 2024 (R$3,308,583 as of December 31, 2023) with an average return of 100% of the CDI (10.40% per year as of June 30, 2024 and 11.65% per year as of December 31, 2023), invested to comply with certain requirements for authorized payments institutions and to support the operations for financial institutions as set forth by the Brazilian Central Bank regulation. The LFTs were classified as fair value through other comprehensive income and compulsory reserve as amortized cost. Unrealized accumulated loss on LFTs as of June 30, 2024 totaled R$236 (gain of R$463, net of taxes, in the six-month period ended in June 30, 2024).
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
7.Accounts receivable
The composition of the accounts receivables are as follows:
June 30, 2024December 31, 2023
Card Issuers and Acquirers (i) 51,090,790 40,938,386 
Other accounts receivable (iii)127,002 19,241 
Total card issuers, acquirers and others51,217,792 40,957,627 
Payroll Loans, net (ii)1,935,461 1,317,306 
Credit Card Receivables, net (ii) 561,926 578,092 
Other Loans, net (ii)35,349 47,957 
Total credit receivables2,532,736 1,943,355 
Total accounts receivable53,750,528 42,900,983 
Current 52,051,026 41,757,204 
Non - Current1,699,502 1,143,779 
    (i)    Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa, Mastercard, Hipercard, Amex or Elo. However, PagSeguro Brazil’s contractual accounts receivable is with the financial institutions, which are the legal obligors on the accounts receivable payment. Additionally, amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by Visa, Mastercard, Hipercard, Amex or Elo, as applicable, if the legal obligors do not make the payment. Acquirers refers to card processing transactions to be received from the acquirers, which are a third parties acting as financial intermediaries between the issuing bank and PagSeguro Brazil.
    (ii)    Payroll Loans, Credit Cards receivables and Other Loans are presented net of the ECL (“expected credit losses”) and are measured according to the IFRS 9, using: Exposure at Default (EAD) related to the exposed credit risk at default; Probability of Default (PD) related to the probability of the counterparty not meeting its contractual payment obligations; and Loss Given Default (LGD) related to the percentage of the exposure that is not expected to be recovered in the event of default. In addition to the methodology for calculating the allowance for impairment (EAD x PD x LGD). The Company takes into consideration the forward-looking information and assumptions as the historical loss experienced at individual transactions level, credit quality and guarantees, economic factors and estimated future cash flows, which could impact the calculation model for provisioning expected credit losses.
    (iii)    Refers to other dispersed receivables from legal obligors.
The maturity analysis of accounts receivables are as follows:
June 30, 2024December 31, 2023
Past due358,560 664,855 
Due within 30 days20,877,295 16,823,103 
Due within 31 to 120 days19,381,576 14,658,671 
Due within 121 to 180 days5,762,786 5,022,732 
Due within 181 to 365 days6,031,859 5,173,286 
Due after 365 days1,699,502 1,143,779 
Expected credit losses(361,052)(585,443)
53,750,528 42,900,983 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
7. Accounts receivable (continued)
The maturity analysis of credit receivables as of June 30, 2024, and December 31, 2023 are as follows:
June 30, 2024
Payroll LoansCredit Card ReceivablesOther LoansTotal
Past due10,333 176,745 171,482 358,560 
Due within 30 days58,563 241,350 1,925 301,838 
Due within 31 to 120 days185,342 146,162 3,649 335,153 
Due within 121 to 180 days113,213 87,749 2,941 203,903 
Due within 181 to 360 days291,760 45,435 7,921 345,115 
Due after 360 days1,331,653 3,455 14,111 1,349,220 
1,990,864 700,896 202,029 2,893,789 
Expected credit losses(55,403)(138,970)(166,679)(361,052)
Receivables net of ECL 1,935,461 561,926 35,349 2,532,736 
December 31, 2023
Payroll LoansCredit Card ReceivablesOther LoansTotal
Past due21,921 247,542 395,392 664,855 
Due within 30 days39,939 233,190 3,611 276,739 
Due within 31 to 120 days125,458 143,967 6,518 275,944 
Due within 121 to 180 days74,979 86,614 1,063 162,655 
Due within 181 to 360 days207,902 46,120 1,482 255,505 
Due after 360 days885,366 6,061 1,672 893,100 
1,355,565 763,496 409,737 2,528,798 
Expected credit losses(38,259)(185,404)(361,780)(585,443)
Receivables net of ECL1,317,306 578,092 47,957 1,943,355 
For the credit receivables, the weighting of objective factors plus the analysis of the coverage percentage of accessory guarantees leads to the customer rating that allows the grouping of customers with similar credit risks and classification into one of the following stages as suggested by IFRS9:
June 30, 2024
Credit AmountExposure off balance credit limits not usedExpected Credit Losses
Payroll Loans
Stage 11,953,258 — (19,688)
Stage 23,744 — (3,364)
Stage 333,862 — (32,351)
Credit Card Receivables
Stage 1371,788 1,076,072 (4,345)
Stage 2186,160 722,798 (12,151)
Stage 3142,948 2,738 (122,474)
Other Loans
Stage 130,002 — (3,162)
Stage 2184 — (137)
Stage 3171,843 — (163,380)
Total2,893,789 1,801,608 (361,052)
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
7. Accounts receivable (continued)
December 31, 2023
Credit AmountExposure off balance credit limits not usedExpected Credit Losses
Payroll Loans
Stage 11,317,858 — (6,564)
Stage 25,147 — (887)
Stage 332,560 — (30,808)
Credit Card Receivables
Stage 1360,231 852,138 (3,685)
Stage 2185,325 323,776 (10,203)
Stage 3217,937 3,618 (171,516)
Other Loans
Stage 112,710 — (4,609)
Stage 22,194 — (1,415)
Stage 3394,834 — (355,756)
Total2,528,797 1,179,532 (585,443)
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
7. Accounts receivable (continued)

The reconciliation of credit portfolio operations segregated by stages:
Stage 1December 31, 2023Transfer to Stage 2Transfer to Stage 3Cure from Stage 2Cure From Stage 3Write-offAdditions/ReversalsJune 30, 2024
Payroll Loans1,317,860 (7,121)(3,026)281 540 — 644,726 1,953,258 
Credit Card Receivables360,231 (81,548)(1,564)46,953 234 — 47,482 371,788 
Other Loans12,710 (79)(3,417)30 — — 20,758 30,002 
1,690,801 (88,748)(8,007)47,264 774 712,966 2,355,048 
Stage 2December 31, 2023Transfer from Stage 1Transfer to Stage 3Cure to Stage 1Cure from Stage 3Write-offAdditions/ReversalsJune 30, 2024
Payroll Loans5,147 7,121 (8,269)(281)86 — (62)3,744 
Credit Card Receivables185,325 81,548 (41,151)(46,953)200 — 7,191 186,160 
Other Loans2,194 79 (1,619)(30)4 — (445)184 
192,66688,748(51,039)(47,264)2906,684190,088
Stage 3December 31, 2023Transfer from Stage 1Transfer from Stage 2Cure to Stage 1Cure to Stage 2Write-offAdditions/ReversalsJune 30, 2024
Payroll Loans32,560 3,026 8,269 (540)(86)(8,408)(959)33,862 
Credit Card Receivables217,937 1,564 41,151 (234)(200)(76,133)(41,137)142,948 
Other Loans394,834 3,417 1,619 — (4)(207,713)(20,309)171,843 
645,3318,00751,039(774)(290)(292,254)(62,405)348,653
The reconciliation of expected credit losses of credit portfolio receivables segregated by stages:
Stage 1December 31, 2023Transfer to Stage 2Transfer to Stage 3Cure from Stage 2Cure From Stage3Write-offAdditions/ReversalsJune 30, 2024
Payroll Loans(6,564)194 336 (17)(31)— (13,606)(19,688)
Credit Card Receivables(3,685)915 42 (630)(5)— (984)(4,345)
Other Loans(4,609)7 2,859 (4)— — (1,414)(3,162)
(14,858)1,116 3,237 (651)(36)— (16,002)(27,195)
Stage 2December 31, 2023Transfer from Stage 1Transfer to Stage 3Cure to Stage 1Cure from Stage 3Write-offAdditions/ReversalsJune 30, 2024
Payroll Loans(887)(194)1,291 17 (5)(3,586)(3,364)
Credit Card Receivables(10,203)(915)10,191 630 (67)(11,786)(12,151)
Other Loans(1,415)(7)1,044 4 (3)238 (137)
(12,505)(1,116)12,526651(75)—(15,134)(15,652)
Stage 3December 31, 2023Transfer from Stage 1Transfer from Stage 2Cure to Stage 1Cure to Stage 2Write-offAdditions/ReversalsJune 30, 2024
Payroll Loans(30,808)(336)(1,291)31 5 8,408 (8,361)(32,351)
Credit Card Receivables(171,516)(42)(10,191)5 67 76,133 (16,930)(122,474)
Other Loans(355,756)(2,859)(1,044)— 3 207,713 (11,436)(163,380)
(558,080)(3,237)(12,526)3675292,254(36,727)(318,205)
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
7. Accounts receivable (continued)
The movement in the allowance for expected credit losses of credit receivables is as follows:
Expected Credit LossesPayroll LoansCredit Card ReceivablesOther LoansTotal
December 31, 2023(38,259)(185,404)(361,780)(585,443)
Additions(43,004)(81,248)(33,147)(157,399)
Reversals17,45251,54920,53589,536
Write-Off (i)8,40876,133207,713292,254
June 30, 2024(55,403)(138,970)(166,679)(361,052)
(i)    Based on the PagSeguro credit risk classification model, which assesses the risk of insolvency and default of counterparties related to credit receivables, for the six-month period ended June 30, 2024, the PagSeguro Group carried out a partial write-off of credit receivables, for cases in which the Company does not expect to receive these amounts. The credit card receivables were written-off in the amount of R$76,133, other loans were written-off in the amount R$207,713 and payroll loans were written-off in the amount R$8,408 against the related provision for ECL recognized in previous periods.
8.Tax receivable
June 30, 2024December 31, 2023
Income tax and social contribution (i)602,584449,080
Social integration program (ii)46,84194,932
Other17,31619,293
666,741563,305
Current466,104 563,305 
Non-current200,637 — 
(i)    Refers mainly to withholding taxes from income tax and social contribution.
(ii)    Refers to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) recoverable on transaction activities and other services.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
9.Related-party balances and transactions
i)Balances and transactions with related parties
June 30, 2024December 31, 2023
ReceivablesPayablesReceivablesPayables
Banking issuances (a)

OFL Participações S.A.— 272,610 — — 
UOL— 226,679 — 208,718 
UOL Cursos Tec. Ed. Ltda.— 127,228 — 127,471 
Ingresso.com Ltda— 45,476 — 30,856 
Invillia Desenvolvimento de produtos Digitais Ltda— 17,883 — 41,554 
Invillia Holding Ltda— 3,557 — 3,132 
Web Jump Design em Informática Ltda— 3,056 — 8,684 
— 696,489 — 420,415 
Other transactions and services
UOL - sales of services (b)— 22,877 — 15,784 
Compasso UOL Tecnologia - sales of services (b)— 5,628 — 646 
Compasso UOL Informática Ltda.- sales of services (b)— 14,649 — 13,089 
Invillia Desenvolvimento de produtos Digitais Ltda - sales of services (b)— 11,905 — 11,121 
EDGE.UOL Tecnologia Ltda. - sales of services (b)— 25 — 171 
UOL - shared service costs (c)— 10,434 — 8,659 
Digital Services UOL S.A. - borrowing (d)31,993 — 32,281 — 
Others— 9,531 — 6,920 
31,993 75,050 32,281 56,390 
Current5,740 118,805 4,307 135,478 
Non - current26,253 652,734 27,974 341,326 
(a)    Certificate of Deposits (CD) acquired by related parties from BancoSeguro with interest rate between 104% to 106% (104% to 106% in December 31, 2023) per year of CDI. The maturity analysis is as follows:
June 30, 2024December 31, 2023
Due within 181 to 365 days43,75579,089
Due to 365 days or more days652,734341,326
696,489420,415
(b)    Sales of services refer mainly to the purchase of advertising services from UOL, colocation, development of software and cloud services acquired from other entities within the Uol Group.
(c)    Shared services costs mainly related to payroll costs that are incurred by the parent company UOL and are charged to PagSeguro Group.
(d)    This receivable refers to borrowing made from Biva Sec with interest rate of 100% of CDI plus 2.5% per year.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
9. Related-party balances and transactions (continued)
ii)Revenue and expense from transactions with related parties
Three-month ended June 30,Six-month ended June 30,
2024202320242023
RevenueExpenseRevenueExpenseRevenueExpenseRevenueExpense
Banking issuances (a)
UOL— 4,094 — 5,895 — 8,434 — 15,219 
UOL Edtech Tecnologia— — — — — — — 323 
Web Jump Design em Informática Ltda.— 326 — 273 — 519 — 810 
Ingresso.com Ltda.— 798 — 511 — 1,591 — 1,015 
UOL Cursos Tec. Ed. Ltda.— 2,823 — 2,499 — 5,570 — 5,143 
Invillia Desenvolvimento de produtos Digitais Ltda.— 1,002 — 3,513 — 2,045 — 3,513 
OFL Participações S.A.— 110 — — — 110 — — 
— 9,153 — 12,691 — 18,269 — 26,023 
Other transactions and services
UOL - sales of services (b)819 19,496 774 16,711 1,603 41,453 1,567 35,515 
Digital Services UOL S.A - sales of services (b)— — — 111 — — 166 690 
Compasso Tecnologia Ltda. - sales of services (b)— 1,394 — 2,432 — 2,504 — 3,965 
Compasso UOL S.A.- sales of services (b)— 42,274 — 36,329 — 80,398 — 79,228 
Invillia Desenvolvimento de produtos Digitais Ltda - sales of services (b)— 1 — 439 — 460 — 3,388 
EDGE.UOL Tecnologia Ltda. - sales of services (b)— 73 — — — 629 — — 
UOL-shared service costs (c)— 25,732 — 23,298 — 55,691 — 51,053 
Digital Services UOL S.A. - borrowing (d)1,042 — 166 — 2,068 — — — 
Others250 2,450 256 2,543 494 4,345 460 3,862 
2,111 91,420 1,196 81,863 4,165 185,482 2,189 177,701 
(a)    Expenses are related to Certificate of Deposits (CD) from BancoSeguro.
(b)    Sales of services are related to advertising services from UOL, revenue is related to intermediation fee and expenses related to colocation and cloud services, acquired from other entities within the Uol Group.
(c)    Shared services costs mainly related to payroll costs sharing that are incurred by the parent company UOL and are charged to PagSeguro Group. Such costs are included in administrative expenses.
(d)    Revenue refers to borrowing made from Biva Sec with interest rate of 100% of CDI plus 2.5% per year.

iii)Key management compensation
Key management compensation includes short and long-term benefits of PagSeguro Brazil's executive officers. The short and long-term compensation related to the executive officers for the three and six-month periods ended June 30, 2024 amounted to R$10,145 and R$24,161 (R$10,672 and R$19,403 for the three and six-month periods ended June 30, 2023).
10.Business Combination
On July 18, 2023, PagSeguro Brazil acquired 90% of the share capital, in addition to the 10% previously acquired and obtained 100% of the share capital of NetPos. Total consideration paid in cash amounted to R$32 million and was made in only one installment with the total net assets acquired at fair value amounting to R$16,069. NetPos main activity is the focused-on software solutions to improve the management of business in the information technology industry.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
10. Business Combination (continued)
The preliminary purchase price allocation (“PPA”) considered the recognition of a customer portfolio with a fair value of R$1,367, non-compete agreement of R$1,154 and software of R$22,208 and recognition of deferred income tax on allocations above, resulting in the recognition of goodwill of R$15,931. This goodwill is attributable to the workforce and the high profitability of the acquired business and will not be deductible for tax purposes.
The PPA was elaborated considering projections for the period of three years based on management’s budgets for NetPos and applying an inflation rate plus the estimated growth of GDP of services (fluctuating from 3.5% to 5% per year) to project future cash flows, with a discount based on the weighted average cost of capital (fluctuating from 16% to 16.5% per year).
This acquisition is in accordance with PagSeguro Group’s business strategies, ramping up investments on new technologies, products, and services for the Group’s digital ecosystem. The fair value of assets and liabilities acquired in 2023 was as follows:
  December 31, 2023
Fair value recognized on acquisition
Cash and cash equivalents4,567 
Accounts receivable 1,409 
Taxes recoverable 26 
Other assets 472 
Liabilities (2,415)
Other payables (Dividends)(4,311)
Deferred income tax and social contribution(8,408)
Intangible assets:
Softwares22,208 
Customer portfolio1,367 
Non-compete agreement 1,154 
Net identified assets acquired16,069 
Goodwill15,931 
Net assets acquired32,000 
Cash consideration32,000 
Dividends paid3,880 
Cash and cash equivalents acquired(4,567)
Amount paid on acquisition, net of cash acquired 31,313 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
11.Property and equipment
a)Property and equipment are composed as follows:
June 30, 2024
CostAccumulated depreciationNet
Data processing equipment 244,992 (99,446)145,546 
Machinery and equipment (i)4,070,025 (1,737,260)2,332,765 
Buildings Leasing (ii)156,127 (69,989)86,138 
Other52,666 (23,147)29,518 
Total4,523,810 (1,929,842)2,593,968 
December 31, 2023
CostAccumulated depreciationNet
Data processing equipment 244,452 (90,976)153,476 
Machinery and equipment (i)3,658,969 (1,482,900)2,176,069 
Buildings Leasing (ii)154,343 (60,812)93,531 
Other47,540 (19,605)27,935 
Total4,105,304 (1,654,293)2,451,011 

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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
11. Property and equipment (continued)
b)The changes in cost and accumulated depreciation were as follows:
Data processing equipmentMachinery and equipment (i)Buildings Leasing (ii)OtherTotal
On December 31, 2022
Cost214,279 3,382,067 102,145 33,692 3,732,183 
Accumulated depreciation (68,274)(1,115,120)(43,901)(11,389)(1,238,684)
Net book value146,005 2,266,947 58,244 22,303 2,493,499 
On December 31, 2023
Opening balance
Cost30,173 276,902 52,198 13,848 373,121 
Purchases30,242 902,688 55,975 18,628 1,007,533 
Disposals/Provisions (iii)(862)(625,786)(3,777)(4,822)(635,247)
Acquisition of subsidiary793 — — 42 835 
Depreciation (22,702)(367,780)(16,911)(8,216)(415,609)
Depreciation (23,200)(692,762)(18,525)(9,335)(743,822)
Disposals844 324,982 1,614 1,136 328,576 
Acquisition of subsidiary(346)— — (17)(363)
Net book value153,476 2,176,069 93,531 27,935 2,451,011 
 
On December 31, 2023 
Cost244,452 3,658,969 154,343 47,540 4,105,304 
Accumulated depreciation (90,976)(1,482,900)(60,812)(19,605)(1,654,293)
Net book value153,476 2,176,069 93,531 27,935 2,451,011 
On June 30, 2024
Cost540 411,056 1,784 5,126 418,506 
Purchases3,600 625,704 1,784 10,463 641,551 
Disposals/Provisions (iii)(3,060)(214,648)— (5,337)(223,045)
Depreciation (8,470)(254,359)(9,177)(3,543)(275,549)
Depreciation (11,414)(372,695)(9,177)(8,092)(401,377)
Disposals2,944 118,336 — 4,549 125,829 
Net book value145,546 2,332,765 86,138 29,518 2,593,968 
 
On June 30, 2024 
Cost244,992 4,070,025 156,127 52,666 4,523,810 
Accumulated depreciation (99,446)(1,737,260)(69,989)(23,147)(1,929,842)
Net book value145,546 2,332,765 86,138 29,518 2,593,968 
(i)    Net book value of POS devices is R$2,285,163 (R$2,127,236 as of December 31, 2023), which are depreciated over 5 years. The depreciation of POS in the six-month period ended June 30, 2024, amounted to R$369,167 (R$330,130 in the six-month period ended June 30, 2023). On June 30, 2024, PagSeguro have contractual obligations to acquire POS devices in the amount of R$625,601 (R$366,172 as of December 31, 2023).
(ii)    As of June 30, 2024, PagSeguro had a lease liability presented in other current liabilities in the amount of R$16,319 (R$14,777 as of December 31, 2023) and as non-current liability in the amount of R$73,024 (R$81,087 as of December 31, 2023). For the six-month ended June 30, 2024, the Company incurred in financial costs related to these leases of R$9,263 (R$8,894 in the six-month period ended June 30, 2023).
(iii)    The Company monitors closely merchants activity and POS life-time value. If the company detects inactivity for a certain period, the company provisions write-off of POS devices associated. During the six-month period ended June 30, 2024, the provision for the net book value amounted R$95,865 (of which R$210,815 are cost and R$114,950 are accumulated depreciation), in comparison to R$126,323 (of which R$257,258 are cost and R$130,935 are accumulated depreciation) for the six-month period ended June 30, 2023.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
12.Intangible assets
a)Intangible assets are composed as follows:
June 30, 2024
CostAccumulated amortizationNet
Expenditures related to software and technology (i)4,427,327 (2,116,807)2,310,520 
Software licenses350,731 (180,395)170,336 
Goodwill 227,066 — 227,066 
Other70,569 (46,990)23,579 
5,075,693 (2,344,192)2,731,501 
December 31, 2023
CostAccumulated amortizationNet
Expenditures related to software and technology (i)3,887,300 (1,756,871)2,130,429 
Software licenses335,561 (152,123)183,438 
Goodwill 227,066 — 227,066 
Other70,569 (40,433)30,136 
4,520,496 (1,949,427)2,571,069 
(i)    The PagSeguro Group capitalizes expenses incurred with the development of platforms, which are amortized over their useful lives of approximately five years.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
12. Intangible assets (continued)
The changes in cost and accumulated amortization were as follows:
Expenditures with software and technologySoftware licensesGoodwillOtherTotal
On December 31, 2022
Cost2,904,505 257,096 209,908 67,768 3,439,277 
Accumulated amortization(1,155,187)(97,698)— (27,619)(1,280,504)
Net book value1,749,318 159,398 209,908 40,149 2,158,773 
On December 31, 2023
Cost982,795 78,465 17,158 2,801 1,081,219 
Additions (i)983,017 78,465 17,158 2,801 1,081,441 
Disposals (222)— — — (222)
Amortization(601,684)(54,425)— (12,814)(668,923)
Amortization(601,777)(54,425)— (12,814)(669,016)
Disposals93 — — — 93 
Net book value2,130,429 183,438 227,066 30,136 2,571,069 
On December 31, 2023
Cost3,887,300 335,561 227,066 70,569 4,520,496 
Accumulated amortization(1,756,871)(152,123)— (40,433)(1,949,427)
Net book value2,130,429 183,438 227,066 30,136 2,571,069 
On June 30, 2024
Cost540,027 15,170 — — 555,197 
Additions (i)540,027 15,278 — — 555,305 
Disposals — (108)— — (108)
Amortization(359,936)(28,272)— (6,557)(394,765)
Amortization(359,936)(28,380)— (6,557)(394,874)
Disposals— 108 — — 108 
Net book value2,310,520 170,336 227,066 23,579 2,731,501 
On December 31, 2023
Cost4,427,327 350,731 227,066 70,569 5,075,693 
Accumulated amortization(2,116,807)(180,395)— (46,990)(2,344,192)
Net book value2,310,520 170,336 227,066 23,579 2,731,501 
(i)    Refers to several and diverse expenditures with software and technology, mainly related to customer experience functionalities, such as digital payment and digital banking account.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
12. Intangible assets (continued)
The goodwill is allocated to the Cash Generating Units (CGUs) in each of the acquired companies that generated the goodwill and is demonstrated below:
June 30, 2024December 31, 2023
MOIP148,218 148,218 
Concil20,731 20,731 
Netpos17,158 17,158 
Biva Serviços14,627 14,627 
Banco Seguro12,612 12,612 
PagSeguro Tecnologia 6,570 6,570 
Zygo 5,768 5,768 
Yami1,382 1,382 
Total227,066 227,066 
The PagSeguro Group tested the recoverability of these assets for the year ended December 31, 2023 and concluded that the book balances of goodwill recorded are lower than the estimated value-in-use. For June 30, 2024, the Company’s evaluation concluded that no new indicatives were identified, and therefore, no provision for impairment of was accounted for.
13.Payables to third parties
Payables to merchants, in the amount of R$11,001,886 (R$10,151,464 as of December 31, 2023) correspond mainly to amounts to be paid to merchants related to transactions carried out by their card holders, net of the intermediation fees and discounts applied.
14.Checking Accounts
In the Annual Financial Statements as of December 31, 2023, Checking Accounts were presented in the note Payables to Third Parties. Moving forward, Checking Accounts will be disclosed separately, consisting of the following balances described below:
  June 30, 2024 December 31, 2023
Banking accounts (i)9,526,209 9,316,715 
Merchant's payment account (ii)1,982,525 2,066,209 
11,508,734 11,382,924 
(i)    Refers to the balance of the clients maintained in their banking accounts that are invested in Certificate of Deposits with interest of 100% of CDI but are only paid on the 30th days anniversary.
(ii)    Refers to merchant’s payment account that PagSeguro acquire treasury bonds to comply with certain requirements as mentioned in note 6.
During the six-month period ended June 30, 2024, the average interest cost associated with Checking Accounts amounted to 68% of CDI (72% of CDI on December 31, 2023).
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
15.Banking Issuances
June 30, 2024December 31, 2023
Certificate of Deposits (i)16,715,862 13,062,034 
Interbank Deposits (ii)6,018,130 3,126,406 
22,733,992 16,188,440 
Current 13,305,190 11,365,373 
Non - Current9,428,802 4,823,067 
(i)    During the six-month period ended June 30, 2024, the average interest cost amounted to 110% of CDI (110% of CDI in December 31, 2023). Some deposits have interest rates correlated to the IPCA (Brazilian inflation rates) and fixed rates. For these certificates of deposit, the Company contracts derivative financial instruments (Swaps) with the specific objective of protecting deposit from fluctuations arising from inflation, changing IPCA and fixed rates for CDI rates. More details of financial instruments in note 27.
(ii)    During the six-month period ended June 30, 2024, the average interest cost associated amounted to 111% of CDI (111% of CDI on December 31, 2023).
The maturity analysis of banking issuances based on due date of the agreements (disregarding that some can be withdrawn at any time) is as follows:
June 30, 2024December 31, 2023
Due within 30 days2,721,407 1,621,234 
Due within 31 to 120 days6,403,816 6,087,472 
Due within 121 to 180 days1,307,274 2,513,783 
Due within 181 to 360 days2,872,693 1,142,884 
Due within 361 days or more days9,428,802 4,823,067 
22,733,992 16,188,440 
The changes in the amount were as follows:
On December 31, 202211,995,288
Additions 17,958,706
Withdraws(14,408,110)
Interest 642,556
On December 31, 202316,188,440
Additions 23,719,429
Withdraws(17,754,824)
Interest 580,947
June 30, 202422,733,992
16. Salaries and social security charges
June 30, 2024December 31, 2023
Payroll accruals and profit sharing207,976 209,343 
Payroll taxes (LTIP) (i)45,606 73,881 
Social charges43,045 47,603 
Other15,298 14,421 
311,925 345,248 
(i)    Refers to social charges and income tax over LTIP and LTIP goals balances.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
17.Taxes and contributions
June 30, 2024 December 31, 2023
Taxes
Services tax (i)196,369 193,048 
Social integration program (ii)65,770 57,318 
Social contribution on revenues (ii)414,579 358,429 
Income tax and social contribution (iii)55,803 4,476 
Other 21,987 24,840 
754,508 638,111 
June 30, 2024December 31, 2023
Judicial deposits (iv)
Services tax (i)(181,598)(176,330)
Social integration program (ii)(32,048)(30,908)
Social contribution on revenues (ii)(197,215)(190,202)
(410,861)(397,440)
343,647 240,671 
(i)Refers to tax on revenues.
(ii)Refers mainly to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) charged on financial income.
(iii)Refers to the income tax and social contribution payable.
(iv)The PagSeguro Group obtained until January 2021 court decisions to deposit the amount related to the payments in escrow for matters discussed in items "i" and "ii" and above.
18.Provision for contingencies
PagSeguro Group is party to labor and civil litigation in progress and are discussing such matters at the administrative and judicial levels, for which in some cases the PagSeguro Group has made corresponding judicial deposits. The likelihood of a negative outcome is assessed periodically and adjusted by management, when appropriate. Such assessment considers the opinion of its external legal advisors.
June 30, 2024December 31, 2023
Civil52,749 43,716 
Labor62,295 53,503 
115,044 97,219 
Current44,067 91,490 
Non-Current70,977 5,729 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
18. Provision for contingencies (continued)
Below it is demonstrated the movements of the provision for contingencies in the six-month period ended June 30, 2024:
On December 31, 202260,603
Accrual69,916
Settlement(39,371)
Interest6,071
On December 31, 202397,219
Accrual35,358
Settlement(23,809)
Interest6,276
On June 30, 2024115,044
The PagSeguro Group is party to tax and civil lawsuits involving risks classified as possible losses, for which no provision was recognized as of June 30, 2024, totaling R$864,884 (760,947 in December 31, 2023 ). The main tax lawsuits are disclosed below:
On October 15, 2021, Pagseguro Internet was assessed by the Brazilian Internal Revenue Service (“IRS”) for not collecting tax on financial operation ("IOF") on intercompany loans, IOF is applicable over credit transactions of any nature, including intercompany loans. The amount of this assessment was R$304,420 (R$293,264 in December 31, 2023).
The Company has presented its defense, clarifying that the transactions carried out among PagSeguro and its subsidiaries are not credit transactions. The Pagseguro Group has a centralized cash pool and, according to the law, this kind of intercompany transaction is not taxable by IOF.
Additionally, the Company has one contingency related to labor taxes in the amount of R$209,265 (R$190,709 in December 31, 2023).
19.Borrowings
In March 2023, the PagSeguro Group contracted a US$38.4 million borrowing agreement maturing one year from the execution date and payment in two half-year installments. On the date the agreement was signed, the foreign exchange rate was R$ 5.2149 per US dollar amounting to R$200,000. The Company contracted derivative financial instruments (Swaps), with the specific objective of protecting the borrowing from fluctuations arising from exchange rate variation. The final remuneration, considering all the costs of the operation, is equivalent to 111.0% of the CDI. The PagSeguro Group has R$12,630 of interest accumulated and liquidated such amount in two installments, the first amount of R$6,340 was liquidated in September 2023 and the second amount of R$6,290 was liquidated in March 2024. The Company also paid the principal of the borrowing in the amount of R$190,432 in March 2024.
In April 2023, the Group contracted a R$100 million borrowing agreement maturing three months from the execution date, with payment in a single installment at the due date and interest rate of 107.5% of the CDI. In July 2023, the PagSeguro Group liquidated this borrowing in the total amount of R$103,273 considering principal, interest and taxes.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
19. Borrowings (continued)
In March 2024, the PagSeguro Group contracted a R$700 million borrowing agreement maturing one year from the execution date, with payment in a single installment at the due date and interest rate of 109.9% of the CDI.
In March 2024, the PagSeguro Group also contracted a US$40 million borrowing agreement maturing one year from the execution date and repayment in two half-year installments. On the date the agreement was signed, the foreign exchange rate was R$ 4.954 per US dollar amounting to R$198,160. The Company contracted derivative financial instruments (Swaps), with the specific objective of protecting the borrowing from fluctuations arising from exchange rate variation. The final remuneration, considering all the costs of the operation, is equivalent to 110.1% of the CDI.
In May 2024 and June 2024, the PagSeguro Group contracted two borrowings of R$750 million each one with an interest rate of 107.3% and 107.5% of the CDI, respectively, and maturity three months from the execution dates. Both payments will be in a single installment on the due date of each borrowing.
On June 30, 2024, the Company recorded the net effects of the swap derivatives as an asset in the amount of R$20,934, basically represented by the different foreign exchange rates at the time of entering into the borrowing agreement and June 30, 2024. More details of financial instruments are presented in note 27.
The table below demonstrates the changes in the borrowings:
 June 30, 2024
On December 31, 2022— 
Additions300,000 
Interest16,671 
Payment(109,613)
Financial instruments (17,631)
On December 31, 2023189,427 
Additions2,398,160 
Interest39,047 
Payment of interest(6,290)
Payment(190,432)
Financial instruments27,843 
On June 30, 20242,457,755 

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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
20.Income tax and social contribution
a)Reconciliation of the deferred income tax and social contribution
Tax lossesTax creditTechnological innovation (i)Other temporary differences -assets (ii)Other temporary differences -liability (iii)Total
Deferred tax
On December 31, 202267,578 (2,248)(602,536)544,602 (1,472,213)(1,464,817)
Included in the statement of income(13,342)(2,248)(128,995)(59,858)(57,129)(261,573)
Other (iv)1,663 (8,505)(6,841)
On December 31, 202354,236 (4,496)(729,868)484,744 (1,537,847)(1,733,231)
Included in the statement of income(15,022)(1,124)(60,666)(65,132)111,509 (30,435)
Other21,616 (2,040)(86)19,490 
On June 30, 202460,830 (5,620)(792,574)419,612 (1,426,424)(1,744,176)
Deferred tax asset104,443 
Deferred tax liability1,848,619 
(i)    Refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the tax charges on the capitalized amount intangible assets.
(ii)    The main other assets temporary difference refers mainly to expected credit losses (Note 7) and taxes and contributions (Note 17).
(iii)    The main other liability temporary difference refers mainly to gain on the ownership of FIDC quotas, that will be realized only in the redemption of such quotas.
(iv)    The increase in other liability temporary difference refers mainly to deferred taxes recognized on allocations by the Netpos acquisition. More details in note 10.
Deferred tax assets are recognized for tax loss carry-forward to the extent that the realization of the related tax benefit through future taxable profits is probable. Tax losses do not have expiration date.
b)Reconciliation of the income tax and social contribution expense
PagSeguro Group computed income tax and social contribution under the taxable income method. The following is a reconciliation of the difference between the actual income tax and social contribution expense and the expense computed by applying the Brazilian federal statutory rate for the three and six-month periods ended June 30, 2024 and 2023.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
20. Income tax and social contribution (continued)
 Three-month periodSix-month period
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Profit for the period before taxes577,726 485,263  1,150,094 921,301
Statutory rate34%34%34%34%
Expected income tax and social contribution  (196,427) (164,989) (391,032) (313,242)
Income tax and social contribution effect on:
Permanent additions (exclusions)
Gifts (961) (111)(1,673) (488)
R&D and technological innovation benefit (i)56,471 49,278 109,551 100,892
Taxation of income abroad (ii)36,836 24,028 76,654  54,805
Recorded (unrecorded) deferred taxes20,272(3,240) 21,617(6,980)
Other additions (exclusions)9,728 (5,135)20,982 (1,350)
Income tax and social contribution expense (74,081) (100,169) (163,902) (166,363)
Effective rate13%21%14%18%
Income tax and social contribution - current (131,304) (42,239) (154,629)(60,295)
Income tax and social contribution - deferred57,223  (57,929) (9,273) (106,067)
(i)Refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the income tax charges, based on the amount invested by the PagSeguro Group on specific intangible assets, see note 12.
(ii)Some entities and investment funds adopt different taxation regimes according to the applicable rules in their jurisdictions, which differs from the Brazilian tax rate of 34% applied for the purpose of this note.
21. Equity
a) Share capital
On June 30, 2024, share capital is represented by 329,608,424 common shares, per value of US$0,000025. Share capital is composed of the following shares for the period ended June 30, 2024:
December 31, 2022 shares outstanding329,608,424 
Treasury shares8,407,818 
Long-Term Incentive Plan1,288,144 
Repurchase of common shares(9,695,962)
 December 31, 2023 shares outstanding 329,608,424 
Treasury shares(3,200,293)
Long-Term Incentive Plan3,200,293 
 June 30, 2024 shares outstanding 329,608,424 
b) Capital reserve
The capital reserve can only be used to increase capital, offset losses, redeem, reimburse or purchase shares or pay cumulative dividends on preferred shares. For the six-month periods ended June 30, 2024, and 2023, the Company has not recognize any capital reserve movement, as all the LTIP and LTIP goals shares were delivered with treasury shares.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
21. Equity (continued)
c) Share based long-term incentive plan (LTIP and LTIP goals)
Under the terms of the LTIP, upon completion of the IPO, the vested portion of each beneficiary’s LTIP rights was converted into Class A common shares of PagSeguro Digital at the IPO price (US$21,50) which is the assessed fair value at the grant date. As a result, the beneficiaries of the LTIP received a total of 1,823,727 new Class A common shares upon completion of the IPO. The unvested portions of each beneficiary’s LTIP rights will be settled on each future annual vesting date in shares.
This arrangement is classified as equity settled. For the six-month period ended June 30, 2024, the Company recognized in equity, costs related to the LTIP and LTIP Goals in the total amount of R$90,905 (R$73,116 in the six-month period ended June 30, 2023). On June 30, 2024, the amount of R$45,606 (R$73,881 in December 31, 2023) was accounted for LTIP and LTIP Goals social charges, including withholding income tax (Note 16).
The maximum number of common shares that can be delivered to beneficiaries under the LTIP and LTIP Goals may not exceed 3% and 1% per year, respectively, of the PagSeguro Group’s issued share capital at any time. For the six months ended June 30, 2024, total shares issued were 3,200,293 (2,376,843 for the six-month period ended June 30, 2023) representing 1% of total shares (0.72% for the six-month period ended June 30, 2023). Additionally total shares granted were 3,157,044 representing 0.96% of total shares.
d) OCI and equity valuation adjustments
The Company recognizes in this account the accumulated effect of the foreign exchange variation resulting from the conversion of the financial statements of the foreign subsidiary BCPS, Pagseguro Colombia, Pagseguro Chile, Pagseguro Peru and Pagseguro Mexico which amounted to a gain of R$644 in the six-month period ended June 30, 2024 (loss of R$73 in the six-month period ended June 30, 2023). This accumulated effect will be reverted to the result of the year as gain or loss only in case of disposal or write-off of the investment.
The financial investments mentioned in note 6 were classified at fair value through other comprehensive income. Unrealized gain on LFTs, net of taxes, in the six-month period ended June 30, 2024 totaled R$463 (gain of R$231, net of taxes, in the six-month period ended June 30, 2023).
The derivative financial instruments mentioned in note 19 were classified at fair value through other comprehensive income. Unrealized fair value adjustment loss on SWAPs, net of taxes, in the six-month period ended June 30, 2024, totaled R$995 (loss of R$1,119 in the six-month period ended June 30, 2023).
As part of transactions completed in prior years, the PagSeguro Group also recognized in this account the difference between the book value and the amounts paid in the acquisitions of additional interests from the non-controlling shareholders of the subsidiary represented by the accumulated amount of R$22,372 (R$22,372 as of June 30, 2023).
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
21. Equity (continued)
e) Treasury shares
On October 30, 2018, PagSeguro Digital's board of directors authorized a share repurchase program, under which the PagSeguro Group may repurchase up to US$250 million in outstanding Class A common shares traded on the New York Stock Exchange (NYSE). The Company's management is responsible for defining the timing and the number of shares to be acquired, within authorized limits. Treasury shares are composed of the following shares for the six-month periods ended June 30, 2024:
SharesAmountAverage Price (US$)
Repurchase shares
December 31, 2022 treasury shares5,331,600 475,354 16.00 
Repurchase of common shares9,695,962 399,408 8.22 
Long-Term Incentive Plan(1,288,144)(114,444)16.00 
December 31, 2023 treasury shares13,739,418 760,319 10.51 
Long-Term Incentive Plan(3,200,293)(177,099)10.51 
June 30, 2024 treasury shares10,539,125 583,220 10.51 
22.Earnings per share
a)Basic
Basic earnings per share is calculated by dividing net income attributable to equity holders of PagSeguro Digital by the weighted average number of common shares issued and outstanding for the three and six-month periods ended June 30, 2024 and 2023:
Three-month periodSix-month period
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Profit attributable to stockholders of the Company503,645 385,095 986,192 754,939 
Weighted average number of outstanding common shares (thousands)319,069,299 323,522,068 318,004,257 324,112,990 
Basic earnings per share - R$1.5785 1.1903 3.1012 2.3292 
b)Diluted
Diluted earnings per share is calculated by dividing net income attributable to equity holders of PagSeguro Digital by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all dilutive potential common shares into common shares. The shares in the LTIP and LTIP Goals are the only shares with potential dilutive effect. In this case, a calculation is done to determine the number of shares that could have been acquired at fair value.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
22. Earnings per share (continued)
Three-month periodSix-month period
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Profit used to determine diluted earnings per share503,645 385,095 986,192 754,939 
Weighted average number of outstanding common shares (thousands)319,069,299 323,522,068 318,004,257 324,112,990 
Weighted average number of shares that would have been issued at average market price3,190,901 1,958,364 3,718,777 2,388,347 
Weighted average number of common shares for diluted earnings per share (thousands)322,260,200 325,480,431 321,723,033 326,501,337 
1,56291,18323,06532,3122
The weighted average number of outstanding common shares decreased due to the repurchase of common shares (treasury shares).
23.Total revenue and income
Three-month periodSix -month period
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Gross amount from transaction activities and other services (i)2,617,775 2,469,519 5,302,126  4,905,662
Gross financial amount (ii)2,175,871 1,644,588 4,058,253  3,224,575
Gross other financial amount (iii) 178,604  94,475  327,815  189,957
Total gross amount4,972,250 4,208,582 9,688,194  8,320,194
Deductions from gross amount from transactions activities and other services (iv)(305,810)(303,508)(620,811)(588,635)
Deductions from gross financial amount (v)(62,786)(49,614)(113,172)(95,399)
Deductions from gross other financial amount (vi)(46,947)(29,547)(91,079)(60,516)
Total deductions from gross amount(415,543)(382,669)(825,062)(744,550)
Total revenue and income 4,556,707 3,825,912 8,863,132  7,575,644
(i)Includes mainly intermediation fee, membership fee and credit operations revenues.
(ii)Includes income from early payment of notes payable to third parties.
(iii)Includes (a) interest of financial investments and (b) gain on exchange variation.
(iv)Deductions consist of transactions taxes.
(v)Deductions consist of taxes on financial income.
(vi)Deductions consist of taxes on other financial income.
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Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
24. Expenses by nature
Three-month period
Six-month period
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Transactions costs (i)(1,760,914)(1,414,229)(3,387,456)(2,802,989)
Marketing and advertising (ii)(220,276)(129,327)(429,579)(247,075)
Personnel expenses (iii)(351,179)(275,679)(685,860)(547,606)
Financial costs (iv)(863,421)(795,627)(1,690,554)(1,608,598)
Total losses (v)(113,020)(121,717)(215,758)(248,203)
Depreciation and amortization (vii)(391,172)(325,572)(762,686)(642,998)
Other (vi)(278,999)(278,498)(541,145)(556,873)
(3,978,981)(3,340,649)(7,713,038)(6,654,342)
Classified as:
Cost of services(2,332,155)(1,926,072)(4,502,856)(3,855,370)
Selling expenses(467,319)(321,442)(904,746)(639,350)
Administrative expenses(216,236)(203,391)(446,852)(374,745)
Financial costs(863,421)(795,627)(1,690,554)(1,608,598)
Other income (expenses), net(99,850)(94,117)(168,030)(176,280)
(3,978,981)(3,340,649)(7,713,038)(6,654,343)
(i)The increase is mainly represented by: (i) costs related to interchange fees of card issuers in the amount of R$1,453,990 and R$2,788,220 in the three and six-month periods ended June 30, 2024 (R$1,125,537 and R$2,241,052 in the three and six-month periods ended June 30, 2023), (ii) card scheme fees in the amount of R$274,296 and R$531,314 in the three and six-month periods ended June 30, 2024 (R$231,481 and R$454,145 in the three and six-month periods ended June 30, 2023).
(ii)Marketing and advertising expenses include commissions and online/offline advertisings. The increase results from higher expenses to attract new clients with better unit economics and distribution of financial services for our banking.
(iii)Personnel expenses includes compensation expenses in the amount of R$38,273 and R$79,714 related to the LTIP and LTIP goals for the three and six-month periods ended June 30, 2024 (R$29,794 and R$48,496 for the three and six-month periods ended June 30, 2023). Personnel expenses, include capitalization of LTIP and LTIP goals in the amount of R$29,903 and R$60,414 in the three and six-month periods ended June 30, 2024 (R$21,688 and R$46,275 in the three and six-month periods ended June 30, 2023).
(iv)Relates to: (i) the early collection of receivables, which amounted to R$92,647 and R$254,688 in the three and six-month periods ended June 30, 2024 (R$245,334 and R$458,878 the three and six-month periods ended June 30, 2023), (ii) interest of deposits and banking accounts which amounted to R$723,147 and R$1,351,751 in the three and six-month period ended June 30, 2024 (R$479,002 and R$989,746 in the three and six-month period ended June 30, 2023).
(v)Total losses refer to amounts recognized during the three and six-month periods ended June 30, 2024 related to: (i) card processing operations (acquiring and issuing) and losses on digital accounts in the amount of R$58,323 and R$130,440 in the three and six-months periods ended in June 30, 2024 (compared to R$115,305 and R$201,582 in the three and six-month periods ended June 30, 2023) and (ii) Provision for delinquency rate of credit portfolio in the amount of R$37,243 and R$67,864 in the three and six-periods ended June 30, 2024 (R$6,412 and R$46,621 in the three-month and six-month periods ended June 30, 2023.
(vi)For the three and six-month periods ended in June 30, 2024, the amount is impacted by R$39,702 and R$95,865 (R$61,654 and R$126,323 for the three-month and six-month period ended June 30, 2023) related to provision of POS devices, as described in note 11.
(vii)Depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:
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Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
24. Expenses by nature (continued)
Three-month periodSix-month period
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Depreciation
Cost of sales and services (i)(198,565)(170,504)(387,964)(342,992)
Selling expenses(257)(51)(294)(105)
Administrative expenses(6,322)(7,162)(13,120)(14,477)
(205,144)(177,718)(401,378)(357,574)
Amortization
Cost of sales and services (196,471)(155,096)(380,909)(299,598)
Administrative expenses (ii)(6,842)(6,371)(13,965)(12,709)
(203,313)(161,467)(394,874)(312,307)
PIS and COFINS credits (iii)17,285 13,613 33,566 26,882 
Depreciation and amortization expense, net(391,172)(325,572)(762,686)(642,998)
(i)The depreciation of POS in the three and six-month periods ended June 30, 2024, amounted to R$189,066 and R$369,167 (R$163,721 and R$330,130 in the three and six-month periods ended June 30, 2023).
(ii)Included in this amount are LTIP and LTIP Goals in the amount of R$14,404 and R$27,572 in the three and six-months ended June 30, 2024 (R$11,391 and R$21,595 for the three and six-months ended June 30, 2023). Additionally, has assets amortizations of acquired companies in the amount of R$5,408 and R$10,816 in the three and six-month periods ended June 30, 2024 (R$4,617 and R$9,234 in the three and six-month periods ended June 30, 2023).
(iii)PagSeguro Brazil has a tax benefit on PIS and COFINS that allows it to reduce the depreciation and amortization over some operational expenses when incurred. This tax benefit is recognized directly as a reduction of depreciation and amortization expense.
25.Financial instruments by category
The PagSeguro Group estimates the fair value of its financial instruments using available market information and appropriate valuation methodologies for each situation.
The interpretation of market data, as regards the choice of methodologies, requires considerable judgment and the establishment of estimates to reach an amount considered appropriate for each situation. Therefore, the estimates presented may not necessarily indicate the amounts that could be obtained in the current market. The use of different hypotheses to calculate market value or fair value may have a material impact on the amounts obtained. The assets and liabilities presented in this note were selected based on their relevance.
The PagSeguro Group believes that the financial instruments recognized in these consolidated interim financial statements at their carrying amount are substantially similar to their fair value. However, since they do not have an active market (except for the LFT included in financial investments, which is actively traded in the market), variations could occur in the event the PagSeguro Group were to decide to settle or realize them in advance.

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Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
25. Financial instruments by category (continued)
The PagSeguro Group classifies its financial instruments into the following categories:
June 30, 2024December 31, 2023
Financial assets
Amortized cost:
Cash and cash equivalents1,374,218 2,899,060 
Accounts receivables 53,750,528 42,900,983 
Financial investments3,765,970 1,428,893 
Other receivables268,399 198,416 
Judicial deposits61,334 50,992 
Receivables from related parties31,993 32,281 
Fair value through other comprehensive income
Financial investments1,077,904 1,879,689 
Derivative financial instruments20,934 — 
60,351,280 49,390,316 
June 30, 2024December 31, 2023
Financial Liabilities
Amortized cost:
Payables to third parties11,001,886 10,151,463 
Checking accounts11,508,734 11,382,924 
Trade payables638,928 513,920 
Trade payables to related parties771,539 476,804 
Banking issuances22,733,992 16,188,440 
Borrowings 2,457,755 189,427 
Deferred revenue155,465 146,184 
Other liabilities264,826 262,074 
Fair value through profit or loss
Derivative financial instruments7,891 23,314 
Fair value through other comprehensive income
Derivative financial instruments— 17,631 
49,541,016 39,352,181 
26.Financial risk management
The PagSeguro Group's activities expose it to a variety of financial risks: market risk, fraud risk (chargebacks), credit risk and liquidity risk. The PagSeguro Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the PagSeguro Group's financial performance.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. In the Pagseguro Group, market risk comprises interest rate risk and foreign currency risk and other price risk, such as equity price risk.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
26. Financial risk management (continued)
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Pagseguro Group's exposure to the risk of changes in market interest rates arises primarily from financial investments and deposits both subject to variable interest rates, principally the CDI rate. The Pagseguro Group conducted a sensitivity analysis for the following twelve months of the interest rate risks to which the financial instruments are exposed as of June 30, 2024. For this analysis, the Pagseguro Group adopted as a probable scenario for 2024 interest rates of 10.40% for the CDI and a simulation with a 100 bps decrease. As a result, financial income (with respect to financial investments) and financial expense (with respect to certificate of deposit, corporate securities, banking accounts and interbank deposits) would be impacted as follows:
TransactionInterest rate riskBook ValueScenario with maintaining of CDI (10.40%)Simulated scenario with decrease of CDI (9.40%)
Short-term investment100% of CDI923,307 96,024 86,791 
Financial investments100% of CDI4,843,874 503,763 455,324 
Certificate of Deposit110% of CDI16,715,861 (1,912,295)(1,728,420)
Certificate of Deposit - related party105% of CDI696,487 (76,056)(68,743)
Interbank deposits111% of CDI6,018,130 (694,733)(627,932)
Banking Accounts  68% of CDI11,508,734 (813,898)(735,638)
Borrowings 108% of CDI2,457,755 (276,055)(249,511)
Other liabilities (i)117% of CDI126,333 (15,372)(13,894)
Total(3,188,622)(2,882,023)
i.Senior shares of the FIDC
Foreign exchange risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Pagseguro Group’s exposure to the risk when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity's functional currency. The Company’s risk is mainly related to POS purchases, Pagseguro Tecnologia, BCPS, PSGP Mexico, Pagseguro Colombia, Pagseguro Chile and Pagseguro Peru that have revenues in other currencies and cash and cash equivalents maintained in other countries foreign currency exposure generated in companies like PagSeguro Colombia, PagSeguro Chile, are being hedged through a non-derivative forward.
Equity price risk
The Pagseguro Group's non-listed equity investments are susceptible to market price risk arising from uncertainties about future values of the investment. As of June 30, 2024, and December 31, 2023, the exposure to equity price from such investments was not material.
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
26. Financial risk management (continued)
Fraud risk (chargeback)
The PagSeguro Group's sales transactions are susceptible to potentially fraudulent or improper sales and it uses the following two processes to control the fraud risk:
(i)The first process consists of monitoring, on a real time basis, the transactions carried out with credit and debit cards and payment slips, through an anti-fraud system. This process approves or rejects suspicious transactions at the time of the authorization, based on statistical models that are revised on a periodic basis.
(ii)The second process detects chargebacks and disputes not identified by the first process. This is a supplemental process and increases the PagSeguro Group's ability to avoid new frauds. PagSeguro’s expenses with chargeback are disclosed in note 24.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Pagseguro Group is exposed to credit risk from its operating activities (primarily accounts receivable) and from its financing activities, including deposits with banks and financial institutions, and other financial instruments such as loans and credit card receivables with the Company’s customers.
Credit risk is managed on a group basis and for its accounts receivable is limited to the possibility of default by: (a) the card issuers, which have the obligation of transferring to the credit and debit card labels the fees charged for the transactions carried out by their card holders, (b) the acquirers, which are used by the PagSeguro Group to approve transactions with the issuers and (c) analyses for the customers background to provide access to credit portfolio.
In order to mitigate this risk, PagSeguro Brazil has established a Credit and Liquidity Risk Committee, whose responsibility is to assess the level of risk of each of the card issuers served by PagSeguro Group, classifying them into three groups:
(i)Card issuers with a low level of risk, with credit ratings assigned by FITCH, S&P and Moody's, which do not require additional monitoring; and
(ii)Card issuers with a medium level of risk, which are also monitored in accordance with the financial metrics and ratios; and
(iii)Card issuers with a high level of risk, which are assessed by the committee at monthly meetings.
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Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
26. Financial risk management (continued)
PagSeguro Group has a rating process for loans and credit, based on statistical application models (in the early stages of customer relationships) and behavior scoring (used for customers who already have a relationship history). A process for designing, calibrating, and implementing policies and guidelines for granting credit and calibrating collection rules.
A process for monitoring the portfolio's risk profile, with a prospective view, which generates early warning feedbacks to the credit granting policies and risk classification models in a timely manner.
Liquidity risk
The PagSeguro Group manages liquidity risk by maintaining reserves, bank and credit lines in order to obtain borrowings, when deemed appropriate. The PagSeguro Group continuously monitors actual and projected cash flows and matches the maturity profile of its financial assets and liabilities in order to ensure that the PagSeguro Group has enough funds to honor its obligations to third parties and meet its operational needs.
The PagSeguro Group invests surplus cash in interest bearings financial investments, choosing instruments with appropriate maturity or enough liquidity to provide adequate margin as determined by the forecasts. On June 30, 2024, PagSeguro Group held cash and cash equivalents of R$1,374,218 (R$2,899,060 on December 31, 2023).
The table below shows the PagSeguro Group's non-derivative financial liabilities divided into the relevant maturity group based on the remaining period from the balance sheet date and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Due within 30 daysDue within 31 to 120 daysDue within 121 to 180 daysDue within 181 to 360 daysDue to 361 days or more days
On June 30, 2024
Payables to third parties6,102,177 2,966,957 778,449 1,071,147 53,156 
Checking Accounts11,609,435 — — — — 
Trade payables629,939 9,482 160 — — 
Trade payables to related parties— 75,052 — 47,376 724,817 
Borrowings — 2,301,183 — 506,115 — 
Banking Issuances2,747,539 6,588,927 1,370,041 3,120,962 10,515,303 
Other liabilities— — — — 141,853 
On December 31, 2023
Payables to third parties4,380,229 2,636,667 573,115 2,375,592 185,861 
Checking Accounts11,382,924 — — — — 
Trade payables513,920 — — — — 
Trade payables to related parties— 56,390 — 86,450 383,687 
Borrowings — 195,603 — — — 
Banking Issuances1,638,743 6,284,683 2,649,511 1,253,959 5,448,062 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
26. Financial risk management (continued)
Social, environmental and climate risks
Social, environmental and climate risks are the possibility of losses due to exposure to events of social, environmental and/or climate origin related to the activities carried out by the Company. Management evaluated the social, environmental and climate factors in which its businesses are inserted and considers them to have a low impact on the creation of shared value in the short, medium, and long term.
Despite this, to mitigate social, environmental and climate risks, actions are carried out to analyze processes, risks and controls, follow up on new rules related to the topic and record occurrences in internal systems. In addition to identification, the stages of prioritization, risk response, mitigation, monitoring and reporting of assessed risks complement the management of this risk at the Company.
27. Derivative Financial Instruments designated to Hedge Accounting
The Pagseguro Group trades derivative financial instruments (SWAPs) to manage its overall exposures (foreign currency, inflation index and interest rate).
i)Cash flow hedge
In March 2024, the PagSeguro Group entered in a US$40 million borrowing agreement maturing one-year from the execution date and the payment will occur in a single instalment as the due date. In the same operation, the Company entered into a swap, with the specific objective of protecting said borrowing from fluctuations arising from exchange variation, changing the risk to CDI. All the amount is covered with the derivative and the same due date is applied. Below is the composition of the derivative financial instruments portfolio by type of instrument, asset value, liability value and fair value, financial instrument and MTM registered in OCI:
June 30, 2024
Risk factorFinancial Instruments - notionalLiabilitiesFinancial InstrumentFair ValueMTM
Swap of currency2,479,517 2,457,755 21,762 20,934 828 
December 31, 2023
Risk factorFinancial Instruments - notionalLiabilitiesFinancial InstrumentFair ValueMTM
Swap of currency207,608 189,427 18,181 17,631 550 
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PagSeguro Digital Ltd.
Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
27. Derivative Financial Instruments designated to Hedge Accounting (continued)
ii)Fair value hedge
The PagSeguro Group issued certificate of deposits with interest rates correlated to the IPCA (Brazilian inflation rates) and interest fixed rates. For these certificates of deposits, the Company entered into swaps with the specific objective of protecting said deposits from fluctuations arising from inflation and high interest rates, changing them for CDI rates. All the amount, which includes principal and interest, are covered and the same due dates are applied. Below is the composition of the derivative financial instrument portfolio by type of instrument, liability value and fair value, financial instrument and MTM registered in profit and loss.
June 30, 2024
Notional LiabilityLiabilities Fair valueMTM (a)
 IPCA CDB 121,409 121,347 (62)
 Fixed rated CDB 4,264,984 4,195,267 (69,717)
 Total 4,386,393 4,316,614 (69,779)
Notional SWAPSWAPMTM total (b)Profit and Loss ((a)+(b))
 IPCA CDB 120,582 (120,569)(37)(98)
 Fixed rated CDB 4,255,204 (4,188,154)63,091 (6,626)
 Total 4,375,786 (4,308,723)63,054 (6,724)
December 31, 2023
Notional LiabilityLiabilities Fair valueMTM (a)
 IPCA CDB 698,917 697,059 (1,858)
 Fixed rated CDB 951,777 944,862 (6,915)
 Total 1,650,694 1,641,922 (8,772)
Notional SWAPSWAPMTM total (b)Profit and Loss ((a)+(b))
 IPCA CDB 678,597 (675,381)2,440 582 
 Fixed rated CDB 951,209 (943,227)7,566 651 
 Total 1,629,806 (1,618,608)10,006 1,233 
The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding processes, as well as avoiding concentration of these risks. Additionally, as the main financial assets and financial liabilities of the Company are measured by CDI, the PagSeguro Group’s strategy is to change any other risk factors to CDI. The PagSeguro Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. The Company performs the hedging account effectiveness as each reporting date test and for the six-month period ended June 30, 2024 and the year ended December 31, 2023, these tests were effective.
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Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
28. Non-cash Transactions
Six-month period
June 30, 2024June 30, 2023
Non-cash investing activities
Property and equipment acquired through lease1,784 51,834 
MTM of financial investments463 231 
29. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy is used to measure fair value, as shown below:
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.
•Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
•Level 3 - Inputs for the assets and liabilities that are not based on observable market data (that is, unobservable inputs).
The PagSeguro Group believes that the financial instruments recognized in these consolidated interim financial statements at their carrying amount are substantially similar to its fair value. Regarding financial assets, they are comprised by accounts receivable from credit/debit card issuers and acquirers originated from transactions through PagSeguro Group payment platform comprised of transactions approved by large financial institutions in the normal course of business. The financial investments are represented by government bonds with quoted prices in an active market and recognized in the balance sheet based on its fair value.
Financial liabilities are mostly represented by deposits and short-term payables to merchants which are paid in accordance with the contract set out with the merchant and other short-term payables to service providers in the normal course of business and, as such, also approximate from their fair values. There were no transfers between Levels 1, 2 and 3 in 2024.
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Notes to the unaudited condensed consolidated interim financial statements
As of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023
(All amounts in thousands of reais unless otherwise stated)
29. Fair value measurement (continued)
The following table provides the fair value measurement hierarchy of PagSeguro Group's financial assets and financial liabilities as of June 30, 2024:
June 30, 2024
 Quoted prices in active markets (Level 1)Significant observable inputs (Level 2)Significant unobservable inputs (Level 3)
Financial assets
Cash and cash equivalents92,540 1,281,678 — 
Financial investments4,307,864 536,010 — 
Accounts receivable— 53,750,528 — 
Derivative financial instruments— 20,934 — 
Other receivables— 268,399 — 
Judicial deposits— 61,333 — 
Receivables from related parties— 31,993 — 
Financial liabilities
Payables to third parties— 11,001,885 — 
Checking Accounts— 11,508,734 — 
Trade payables— 638,298 — 
Trade payables to related parties— 771,540 — 
Banking Issuances— 22,733,991 — 
Derivative financial instruments— 7,891 — 
Borrowings— 2,457,755 — 
Deferred revenue— 155,465 — 
Other liabilities— 264,827 — 
December 31, 2023
 Quoted prices in active markets (Level 1)Significant observable inputs (Level 2)Significant unobservable inputs (Level 3)
 Financial assets
 Cash and cash equivalents 654,363 2,244,697 — 
 Financial investments 3,308,583 — — 
 Accounts receivable — 42,900,983 — 
 Other receivables — 198,416 — 
 Judicial deposits — 50,992 — 
 Receivables from related parties — 32,280 — 
Financial liabilities
 Payables to third parties — 10,151,463 — 
 Checking Accounts— 11,382,924 — 
 Trade payables — 513,920 — 
 Trade payables to related parties — 476,804 — 
 Banking Issuances— 16,188,440 — 
 Derivative financial instruments — 40,945 — 
 Borrowings— 189,427 — 
 Deferred revenue — 146,184 — 
 Other liabilities — 262,074 — 
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 20, 2024
PagSeguro Digital Ltd.
By:/s/ Artur Schunck
Name:Artur Schunck
Title:Chief Financial Officer,
Chief Accounting Officer and
Investor Relations Officer
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PagSeguro Digital (NYSE:PAGS)
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