What StoneCo Ltd. told the SEC could break it.

The vast majority of operations are in Brazil; revenue and profitability track Brazilian credit availability, disposable income, employment, and wages.

“The vast majority of our operations are located in Brazil. As a result, our revenues and profitability are subject to political and economic developments and the effect that these factors have on the availability of credit, disposable income, employment rates and average wages in Brazil.”

Key POS-device components (chip, pin reader, battery) come from limited supply sources in a few Asian countries; the filing flags rising Taiwan/China geopolitical tension as the channel of disruption.

“Some of the key components used to manufacture our POS devices, such as the chip, pin reader and battery, come from limited sources of supply in limited countries in Asia. In addition, the geopolitical tensions and risks involving these countries, in particular, Taiwan and China, have been increasing in the last years.”

Dependent on a few unnamed manufacturers for a substantial amount of POS devices, with no direct agreements with the component suppliers behind them.

“We are dependent on a few manufacturers for a substantial amount of our POS devices.”

U.S. 50% tariff on certain Brazilian imports (Aug 2025, lifted Nov 2025; 10% baseline remains) is disclosed as a macro channel into Brazilian consumer spending and payment volumes.

“In relation to Brazil, for example, the U.S. government imposed a 50% tariff on certain Brazilian imports, including industrial goods, commodities and agricultural products, which took effect, subject to certain exceptions, on August 6, 2025, citing concerns over alleged restrictions on freedom of speech and the political prosecution of former president Bolsonaro. These additional 50% tariffs were subsequently lifted in November 2025 although the 10% baseline tariffs remain in place.”