3 Key Points —Recurring net income rose 21.9% year-on-year to R$1.46 billion ($281M) in Q4 2025, comfortably beating the Bloomberg consensus of R$1.2 billion, while reported net income fell 23% to R$907.8 million ($175M) due to a one-time ~R$1 billion non-cash deferred tax charge from the CSLL increase. —Revenue grew 10.6% to R$3.0 billion ($577M) […]