Operator

Good evening, everyone. Thank you for standing by. Welcome to StoneCo's First Quarter 2026 Earnings Conference Call. By now, everyone should have access to our earnings release. The company also posted a presentation to go along with this call. All material can be found online at investors.stone.co. Before we begin the call, I advise you to review the disclaimer included in the press release and presentation, which outlines important information about forward-looking statements and non-IFRS financial measures.

In addition, many of the risks regarding the business are disclosed in the company's Form 20-F filed with the Securities and Exchange Commission, which is available at www.sec.gov. [Operator Instructions] Joining the call today is StoneCo's CEO, Mateus Schwening; the CFO and IRO, Diego Salgado; and the Head of IR, Roberta Noronha. I would now like to turn the conference over to Mateus. Please proceed.

Mateus Schwening
Chief Executive Officer

Thank you, operator, and good evening, everyone. Let me begin with a broader view of our first quarter. The quarter was broadly consistent with the softer first half dynamics we had anticipated. Three dynamics shaped the quarter. First, a macro environment that continues to weigh on smaller merchants; second, typical first quarter seasonality; and third, a credit portfolio that continues to grow profitably, even though NPLs came