Financial PerformanceThe downside revision of -40%/-35% in net income for 2025/2026 is mostly driven by lower financial income, which derives from a lower cash position.
Growth GuidanceThe realization of this value might take longer than expected, given the underwhelming growth guidance for 2025 of 14%-17% expansion in subscription revenues.
Macroeconomic WeaknessA 2% revenue miss in the fourth quarter and weaker than expected guidance are attributed to macroeconomic weakness in Brazil, which accounts for 57% of annual revenues.