Slides
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Earnings Release Presentation November 06, 2025 3Q 25
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Disclaimer 3Q25 Results This presentation includes forward-looking statements that reflect current beliefs and expectations regarding future financial results and other aspects of the business. These beliefs and outlooks are not a guarantee of future performance and involve risks and uncertainties. Actual results may materially differ from those projected due to several factors. Analysts and investors are advised not to place undue reliance on these beliefs and expectations, as they only refer to the date of publication of this presentation. Valid is not obliged to publicly disclose the results of any revisions to these beliefs and expectations. Financial results are reported considering the impacts of the adoption of IFRS 16.
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Agenda 1. Results 2. Highlights and Perspective 3. Q&A
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32.6% Revenue and EBITDA: Strongest Quarterly Results of the Year Net Revenue (R$ M) EBITDA (R$ M) EBITDA Margin (%) 3Q25 Results -7% 31.9% 27.8% 10% 25% -18% 32,5% 30,6% -3% -13% 225 226 263 201 111 120 154 153 157 580 490 540 3Q24 2Q25 3Q25 621 734 597 363 364 434 9M24 9M25 72 63 86 27 (2) 4 34 31 26 132 92 115 3Q24 2Q25 3Q25 202 225 107 8 69 79 378 311 9M24 9M25 ID PayMobile ID PayMobile 1.582 1.531
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New Businesses: Growth of 30 % 3Q25 vs 3Q24 and ARR of R$332M in the quarter 3Q25 Results New Businesses Revenues Breakdown (R$M) 1% 2% 4% 3% 7% 10% 11% 11% 15% 16% 15%% Revenue New Businesses EBITDA: R$ 82 M in 9M25 ( 26 % of Valid’s Total EBITDA) 1 1 1 12 29 25 24 41 41 53 – 12 8 10 15 15 14 17 20 10 8 7 11 10 10 25 27 19 20 20 4 9 20 19 32 54 64 66 77 81 83 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Digital Gov. Onboarding Mobile Solutions Note: Digital Gov. includes Vsoft revenue. /3Q24 LTM: R$ 169M 3Q25 LTM: R$ 307M
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Quarterly EBITDA - to - Net Income Highest adjusted net income of the year at R$ 67M 3Q25 Results (R$ M) (-13% YoY) - R$ 10 M Non-Cash Effect + R$ 2 M Cash Effect 115 (8) (28) (7) (22) 52 15 67 EBITDA 3Q25 Financial Results D&A Taxes Others Net Income 3Q25 Adm. Agreement Adj. Net Income 3Q25 EPS: R$ 0.63 (-43% YoY) R$ 15 M - Signing of TCC with Cade
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9 M25 EBITDA - to - Net Income Valid ended the quarter with net income of R$ 2.24 per share 3Q25 Results EPS: R$ 2.24 (R$ M) (-18% YoY) - R$ 45MM Non-Cash Effect 311 (53) (79) 3 (3) 180 (29) (22) 15 144 EBITDA 9M25 Financial Results D&A Taxes Others Net Income 9M25 Asset Sale Tax Credit Adm. Agreement Adj. Net Income 9M25 (-43% YoY) Tax credit from previous years Divestment of Assets in Colombia: R$ 29M
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107% conversion of EBITDA into operating cash flow Cash Flow – 3Q25 3Q25 Results Note: Operating Cash Flow: EBITDA – Income Taxes – Working Capital R$ M R$17 M in CAPEX for the stamp business R$20 M in New Businesses FINEP Funding (R$61 M) Debt amortization with ABC Payment of Interest and Financial Expenses R$ 32 M in IoC R$ 9 M in share buybacks 107% EBITDA to cash conversion 622 122 (52) (8) 685 13 (41) (5) 653 Cash BoP Operational Result CAPEX Financial Result Cash After Operations Funding/Loans Payment Earnings Distribution/ Treasury shares Exchange Rate Effect Cash EoP
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Maintaining historical conversion levels, using cash for new business and shareholder payouts Cash Flow – 9M25 3Q25 Results Note: Operating Cash Flow: EBITDA – Income Taxes – Working Capital R$ M 89% of EBITDA R$ 107M in acquisition of stake R$60M in Intangible (New Businesses) Payment of Interest and Financial Expenses. R$ 106M in IoC R$ 20M in share buybacks 771 266 (181) (44) 811 (11) (126) (23) 653 Cash BoP Operational Result CAPEX Financial Result Cash After Operations Funding/Loans Payment Earnings Distribution/ Treasury shares Exchange Rate Effect Cash EoP
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Working Capital Evolution 3Q25 Results Inventories (R$ M) Accounts Payable (R$M)Accounts Receivable (R$ M) Note: (1) Does not consider Allowance for Doubtful Accounts; (2) Inventory balance/raw material cost; (3) Accounts payable balance/total cost (ex personnel) 2 3 Recovery of Pay reduced inventory and contributed to an improvement in working capital 398 390 444 472 379 408 448 66 65 73 79 63 69 77 – 50 100 150 200 250 300 350 400 450 500 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Trade accounts receivable Days Sales Outstanding 1 335 316 293 274 261 270 237 86 82 76 72 67 69 61 0 20 40 60 80 100 120 – 50 100 150 200 250 300 350 400 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Inventories Days Inventories Outstanding 151 137 156 174 178 174 176 39 36 40 45 46 45 45 – 20 40 60 80 100 120 – 20 40 60 80 100 120 140 160 180 200 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Accounts Payable Days Payable Outstanding +R$ 4M/ 1% -R$ 56M/ -19% +R$ 20M/ 13%
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Liquidity Resultados 1T24 3Q25 Results Leverage Ratio (Net Debt / LTM EBITDA) Amortization Schedule (R$M) Gross Debt Breakdown 44% 45% 11% 13% 87% Debênture Bilateral BR Bilateral Int. Short term Long term Principal Interest 648 590 327 73 -190 -48 3.2x 1.9x 0.7x 0.1x -0.4x -0.1x 4Q20 4Q21 4Q22 4Q23 4Q24 3Q25 Net Debt Net Debt/EBITDA 653 69 109 140 128 105 66 26 33 16 14 Cash 12 months Foward 4Q26 2027 2028 2029+ 13% 20% 25% 23% 19%
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Capital Markets 3Q25 Results Base date 09/30/2025 Stock Performance (VLID vs. IBOV vs. SMLL) – last 12 months Average Daily Trading Volume per Quarter (R$ M) -15.0% -5.0% 5.0% 15.0% 25.0% 35.0% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 VLID3 IBOV SMLL 3.4% 10.4% 10.8% 6.5 3.4 2.6 2.9 2.6 5.5 6.9 8.9 8.8 6.3 9.4 11.9 11.0 8.7 5.3 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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Valid ID 3Q25 Results
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Destaques: EBITDA (R$ M) and EBITDA Margin (%) Physical documents (BR – millions of units) Net Revenue (R$ M) 27.8% EBITDA Margin 17% 31.9% 32.6% Valid ID 3Q25 Results 32.5% 30.9% 18% 11% 225 226 263 3Q24 2Q25 3Q25 621 734 9M24 9M25 72 63 86 3Q24 2Q25 3Q25 202 225 9M24 9M25 19% 5.6 0.9 3.1 4.7 3.6 4.4 5.7 6.2 5.8 6.3 7.4 6.9 7.3 7.0 7.5 7.1 7.3 7.5 8.3 7.8 7.7 6.8 8.2 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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Historical volume of documents (millions of units) Valid ID 3Q25 Results 2.9 2.8 3.1 2.8 3.1 3.5 4.1 3.7 3.8 4.0 4.74.5 4.2 4.4 4.3 4.1 4.0 4.2 4.1 3.9 2.8 3.4 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ID CNH Emissão Histórica por Região de ID (MM de un.) 2.1 2.1 2.2 2.0 2.2 2.4 2.6 2.3 2.4 2.6 2.9 0.2 0.2 0.3 0.3 0.4 0.6 0.8 0.7 0.8 0.8 1.2 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.6 0.6 0.6 0.7 2.9 2.8 3.1 2.8 3.1 3.5 4.1 3.7 3.8 4.0 4.7 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Southeast Northeast Others
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3Q25 Results Valid Mobile
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Destaques: SIM Cards (Global – millions of units) 20.4%22.1% 19.0% EBITDA (R$ M) and EBITDA Margin (%)Net Revenue (R$ M) Valid Mobile EBITDA Margin 3Q25 Results 16.6% 18.1% 14%-23%19%2% 154 153 157 3Q24 2Q25 3Q25 364 434 9M24 9M25 34 31 26 3Q24 2Q25 3Q25 69 79 9M24 9M25 84.1 120.6 114.6 89.3 98.9 100.4 83.5 84.7 94.7 71.1 53.4 39.4 62.3 69.7 61.4 70.4 46.8 50.0 52.4 70.7 49.8 71.3 87.1 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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3Q25 Results Valid Pay
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Destaques: Cards (BR and ARG – millions of units) -2.1% EBITDA (R$ M) and EBITDA Margin (%)Net Revenue (R$ M) 13.2% 17.9% Valid Pay EBITDA Margin 3Q25 Results 2.9% 2.2% -92%-86%-39%-40% 27 (2) 4 3Q24 2Q25 3Q25 107 8 9M24 9M25 201 111 120 3Q24 2Q25 3Q25 597 363 9M24 9M25 20.3 14.9 19.6 21.2 23.6 25.1 23.3 23.0 21.3 20.1 21.7 18.7 21.3 20.2 19.5 19.0 22.3 20.2 20.1 18.4 15.1 15.3 16.9 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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Highlights 3 Q25 and 9M25 R$ 83 M New Business Revenue 3Q25 (30% YoY) 15% Revenue Share R$ 86 M Mobile Revenue 3Q25 (20% YoY) Best EBITDA in the last 5 years R$ 236 M Interest on Equity Paid YTD R$ 202M of announced earnings R$ 34M in share buybacks Dividend Yield de 12%¹ R$ 48 M Net Cash -0,1x Net Cash / EBITDA Consistent growth of new businesses with healthy and profitable margins Traditional businesses financing and supporting the new businesses growth Commitment to shareholder remuneration and maintaining a robust balance sheet Note: (1) Data base 09/30/2025 3Q25 Results
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New Businesses : Access to TAM of ~R$ 26 BN R$ 332 M ARR 3Q25 10+ BN Digital Gov 8+ BN ID Proof Plataform (Transactions) 5+ BN IAM-PAM-IGA (Cyber ID) 2,9 BN Digital Onboarding TAM Brazil Total TAM R$ +25.9 BN • 15% of total revenue • EBITDA Margin = 42% Valid has reached only 1.2% of a much larger opportunity 53 10 20 83 3Q25 3Q25 Results
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s Digitalização da Sociedade e Novas Demandas Based on the Biometric and Biographical Database of the States, it can be integrated with the databases of public and private entities Consolidating a Consent Management Layer and creating an infrastructure for data sharing and monetization — promoting interoperability • Secure flow of information • Data mapping and consumer behavior • Application of security mechanisms • Enabling secure digital transactions 3Q25 Results
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Portfólio Integrado e Completo Current + New Core Digital Portfolio = Exponential Growth ID & Digital Gov. Banking and Payments Secure Connectivity OEM IoT S&S e-SIM i-SIM Smart Cities VCert Cryptograph Biometrics ABIS Digital Billing Payment Methods e-Signatures Ben+ Benefits Card Digital Onboarding Bank Cards SIM Cards Liveness Cloud+ Suites W/O Documents Issuance Digital Gov. MFA ID-Civil e-ID Onboarding (ID Compliance) Identity Governance & CyberSec Transactions & Antifraud Open Data (Open ID, DiD) Consent Management + Transactional and Antifraud Use Cases Interoperability / Scoring / Processing Layer by Valid Internal Valid 1 Internal Valid 2CINData ValidUF 2UF 1 External Privado 2 External Privado 1 DPI Digital Gov. ID WalletsOpen Data MFA VCert Criptog Cyber Security Cloud + Suites I G A P A M AutH I A M Customer I A M Workforce K Y C K Y B ABIS Liveness Background Screening Digital Onboarding AML Payments Method e- Signatures Ben+ID para Crédito Fraud Prevention Authorization 3Q25 Results
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2025 Guidelines and Perspectives Capital Allocation Pillars Short and Long Term Goals Summary Q3-25 ▪ Remunerate Shareholders (IoC) – R$ 202 M in earnings announced in 2025, 12% dividend yield ▪ R$ 34 M in Share Buybacks in 2025 ▪ Careful look at organic and inorganic growth ▪ Investments in Technology and Innovation ▪ People and Talent - Strong “doer” culture ▪ Operational excellence and competitiveness ▪ Financial management and solid capital structure ▪ Results generated by current business ▪ Revenue growth from new business and expansion of the digital portfolio ▪ Advance with the Valid Integrated Platform (Data and ID SEGURO do Brasil) ▪ Consistent growth in New Business ▪ Recovery in Pay to positive figures after adjustments ▪ Best ID EBITDA in the last 5 years ▪ Best Recurring Net Income of the year 3Q25 Results
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Presentation Title 25Confidential File Q&A
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www.ri.valid.comri@valid.com www.ri.valid.com ri@valid.com Ilson Bressan CEO Olavo Vaz Financial Director and IR Lucas Miyasaka IR Manager Felipe Kovach IR Analyst Leticya Kailany IR Analyst Luna Lyang IR Intern @valid_oficial valid-s-a-valid.com @valid_oficial