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C. Organizational structure

We carry out our operations principally through our Brazilian operating companies. A simplified organizational chart showing our current corporate structure, as of March 31, 2025 is set forth below:

(1)50% of Reclame Aqui Holding Ltd. is held by VLP Holding Ltd. Reclame Aqui Holding Ltd. has subsidiaries, in which we have 50% of equity interest. For more information, see note 4.1.2 – Subsidiaries to our Consolidated Financial Statements.
(2)STNE Investimentos S.A. and Equals Software Participações S.A. were incorporated due to the Group’s corporate reorganization in 2023.
(3)For more details on the subsidiaries, please refer to note 4.1.2 – Subsidiaries to our Consolidated Financial Statements.
(4)Vitta Tecnologia em Saúde S.A. has subsidiaries, in which we have 100% of equity interest. For more information, see note 4.1.2 – Subsidiaries of the Group to our Consolidated Financial Statements.
(5)16 other subsidiaries, including software companies. For more information, see note 4.1.2 – Subsidiaries to our Consolidated Financial Statements.
(6)Stone Holding Instituições S.A. was incorporated in 2022 due to a requirement of the Central Bank, to maintain the control of Stone IP held by a Brazilian company.
(7)Stone Sociedade de Crédito, Financiamento e Investimentos S.A. was incorporated early in 2024 right after the Central Bank approved the license for the Group to operate financial services.
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