Good morning, everyone. Welcome to conference call for results for the second quarter of 2026 for Banco ABC Brasil.

I'm Ricardo Moura, Director of Investors Relationship, Proprietary M&A, and we are broadcasting from our new headquarters. This change reflects the growth of the bank and our ambition to keep on growing with our clients.

Today we have the highlights of results and the analysis made by Sérgio Lulia. Right after that, our traditional Q&A session.

All content we will present is available at our website for Investors Relationship. Sérgio, welcome.

Thank you, Moura. Let's start with the highlights of the second quarter of 2026.

The net profit was R$257 million, representing an ROAE of 14.3%. The financial margin was R$659 million, representing a growth of 9.1% in 12 months.

The other highlight is the credit portfolio. The total growth of the portfolio was 8.3% in 12 months, and in the middle segment specifically, a growth of 28.7%, a very solid growth based on collateral investments.

The capital base, the last highlight, the Basel ratio of 16.2% with a Tier 1 capital of 13.7%. Those two numbers are impacted with the approved increase of capital approved by the Central Bank, and we have a second one that will add 0.3% in the second half as soon as the process is concluded.

The expanded credit portfolio was a major highlight: 8.3% of growth in 12 months, and the segments that performed the best, Corporate and Middle. Corporate grew at 11.1%, above two digits, and Middle, as I've mentioned, grew 28.7% and reaching, for the first time, R$5 billion.

Middle represents 9% of our portfolio, Corporate 63%, and Large Corporate 27%, almost 28%. Here, we bring the graph that we have shown before that shows the revenue with clients with high consumption of capital and low consumption of capital.

The idea here is to show that we have consolidated the level of at least half coming from high capital and half coming from products that use little capital. This is very important for the bank.

This is how we show that the bank is becoming more and more important in the life of customers. Here is a set of products that vary from one quarter to the other, depending on the seasonality of the bank, depending on the customer appetites.

We have those 50%, and is a very healthy level. Now the net interest margin, reaching R$659 million in the second quarter, a growth of 9.1% compared to one year ago, and the growth of 1.8% compared to the previous quarter.

Here, a good performance of both business line of the bank that are margin with clients, and also we see the comparison quarter-by-quarter: margin with client from R$713 million to R$761 million, and margin with market R$154 million to R$213 million. The CDI-based returns grew a little bit less because there is a reduction performed by the Central Bank.

NIM finishes the quarter in 4.1%, the same level we had for the first quarter of the year. When compared to the previous year, there is a growth of 20 basis points, it goes from 3.9% to 4.1%.

Keeping in mind that here there is a seasonality, if you compare the levels presented in the third and fourth quarter of the previous year, those are higher levels, and we expect this to happen along this year. We have a recovery during the second half of 2026.

Revenue with services: this was a warm half year, the Investment Bank, we have a recovery in relation to the first quarter, however in a level below the potential and our expectation. The market was weaker as a whole for investment banking, and we see a second half with a better optimistic in relation to the elections, and we believe that all conditions will allow us to recover this number in the second half.

The insurance brokerage fee and commercial banking, we had this increase, R$33.6 million, and here it will increase with the bank portfolio and a higher penetration in our client base. The revenue from guarantees issued, pretty constant, a small variation.

When we compare semester-by-semester, we have a picture similar to that, the revenues from guarantees issued, the revenue from insurance brokerage fees and commercial banking pretty constant, and a reduction in investment banking, as I've explained, we will try to recover that in the second half of 2026. As a whole, service revenues represent more than 20%—21% of the total revenue with clients.

Here, we talk about credit quality. We start with the expenditures from provisions, it reduced from 0.8% to 0.6%, and it relates to the credit recoveries we had that was above the historical average.

If it wasn't for that, the 0.8% would have been kept in relation to the previous quarter. In relation to the balance from provisions, we have a growth from 6.6% to 6.9%.

The bank as a whole in a similar level, 2.3% to 2.2%. In Corporate also, a small increase from 1.6% to 1.7%.

The CIB segment, there is a reduction of 1.2% to 0.6% as a consequence of some cases of credits that were 100% provisioned that we performed a write-off in the second quarter, the clients leave from the base, and that's why we have this number here. In the operations with overdue from more than 90 years, they represent 0.6%, and this varies just a little in relation to previous quarters.

There is a growth in the Middle, and an increase in provisions that we saw in the previous slide, and other segments a very similar and constant level. A little bit in relation to the quality of the credit portfolio: here, we classify by Stage 1, 2, and 3.

In this quarter specifically, the greatest change is a sensitive drop of those classified with Stage 2, 0.5 percentage points, from 4.1% to 3.6%. On the other hand, we have an increase of 0.1% in the Stage 3 operations that go from 2.8% to 2.9%.

Stage 2 plus Stage 2 and 3 added, they reduced their participation in the bank portfolio. They were 6.9% and now 6.5%.

In relation to the coverage ratio, the coverage ratio had a reduction in relation to the previous quarter, but in a very comfortable level from 377%. When we see here the provisions over Stage 3, there is a reduction from 82% to 76%, explained by a similar reason from the previous slide in which the write-off of some clients, and they were 100% provisioned, is replaced by the entrance of new clients in a lower provision ratio, less than 100%, and they have a collateralization level that is somehow high.

We are very comfortable with this coverage. We are very comfortable with the quality of the credit portfolio of the bank.

We have been always well-provisioned, and we see the second half of 2026 with a certain stability, even some optimism. The expenses: here, in this quarter, there was an increase that is quite specific.

If we look, the expenses of the second quarter of 2026 in relation to the second quarter of 2025, they grew 13.9%. If we consider from the first half of 2026 and the first half of 2026, 11.8%.

Specific reasons here: for the variable compensation, there was a difference, it's the effect of valuing the bank shares compared to a year ago. As most compensation is based on shares, when the share prices go up, it impacts here mainly in the first quarter, the second not much.

In relation to administrative expenses, we have two things that won't repeat. The first one, as Moura mentioned in our opening, we have a new headquarters, and during this second quarter, we had to live with the costs of keeping two headquarters and moving from the second to our new headquarters, and some technology changes that we sped up and brought that to the first half of the year that will be compensated in the second half of 2026.

Despite the fact that the expenditures are growing in 12—in 11.8%, we will follow the guidance that was presented to the investors in the beginning of the year, 4% to 8% in the consolidated year. Revenues grew 8.2%.

It is a proper growth for revenues comparing semester-by-semester, and we expect that in the second half we'll have a positive seasonality and they will behave well as we expect. The consequence of those two numbers, expenditures growing 11.8% and revenues 8.2%, is that the efficiency level is around 42%, above our expectation, above our guidance, but restates the guidance and with this expectation of having expenditures more constant in the second half and the revenues always increasing.

This efficiency level will go according to the guidance that was provided. In relation to funding, it has always been a strong point here.

It reaches almost R$6 billion—R$60 billion and with a healthy distribution: 33% of funding come from institutional investors; we have individuals, 18.2%, a very good level, even as a wholesale bank; we have a good entrance of high clients, and here wholesale represents 11.4%; and BNDES onlending, 8.6%; the equity of the bank, 12%; trade finance, around 5%; and multilateral agencies, 11%. It was very comfortable, very adequate, with good terms, competitive prices, and that brings a lot of security to us to continue with our activities as we have been doing.

Showing here the capital level, the Basel ratio goes from 15.9% and reaches 16.2%. Here, besides the normal impacts of capital consumption due to the IO and others, we have the capitalization of dividends that was approved by the Central Bank last April, and it added 0.5 percentage points.

It's a new process of capitalization that is underway, and when finished, it's going to add 0.3 percentage points. Basel ratio pretty comfortable, 16.2%: 13.7% from Middle One, Tier 1, and 2.4% Tier 2, and the total Basel rate, 16.2%.

The net profit comes to R$257 million, an increase of 5.4% in relation to R$244 million from the previous year. The business lines are all fine.

We have revenues with clients with R$14.6 million, revenues with the market 37.8%, and later small drops due to increasing provisions, the service revenues a little bit lower in the investment bank, and R$21 million below extra for personal expenditures, as we have discussed previously. Those were the data we had to share, and keeping in mind that we are broadcasting our conference from our new headquarters that is bigger, more modern, way more beautiful, that will bring comfort to our collaborators, and also perfect when we receive clients.

I invite you to come visit us, and just for you to see a glimpse of how it is, here's a video that we will show before Q&A.

Thank you. ABC Brasil has a new home in São Paulo.

A new office that is bigger and way more modern. A new environment that foster exchange of ideas and living together as a team, and strength the proximity with our clients.

We've changed before we grew, and also to continue growing. Here, we will build the next chapters of our partnership.

Singular, with business and people.

Thank you, Sérgio, for the presentation. Now our Q&A session, and to follow we count with the presence of our CFO, Sergio Borejo.

Welcome, Borejo.

Thank you, Ricardo. Good morning, Sérgio.

Good morning, everyone. It's a great pleasure to be here in our call of results.

Feel comfortable to ask questions.

In order to participate, just raise your hand in the icon that is in the bottom part of your Zoom screen, and we are available to answer questions that may come about our session. Let's start with Ricardo Buchpiguel from BTG.

Ricardo, thank you for your presentation. The floor is yours.

Good morning, everyone. Thank you for the opportunity to ask questions.

I have two on my side. Today, we are talking about asset quality, and investors are comparing with 2015, 2016, mainly because of the macro scenario.

The financial system has changed, the capital market has more important role in funding major companies, and it depends less from public banks. I would like to understand how you see this comparison to 2015 and today, and how do you see the risk of the capital market to close in case we see a stronger deterioration in the macro system due to the overview and the relevance in the market.

Second question: usually in the third quarter, there is a positive seasonality when increasing spread with clients, and we have observed that. When we compare to previous years, it's a little bit more retracted.

Have you felt any pressure from the spreads? According to the macro uncertainties, how do you do that to maintain all the numbers in a harder cycle?

Ricardo, good morning. Thank you for your questions.

To start with the first one about the credit cycle, quality of the credit portfolio: I believe this is a different moment from the one we had in 2015, because at that time, besides a macroeconomic moment that was more difficult, there was Lava Jato that affected, in a way or another, companies that were major companies, and if it wasn't due to that corruption scandal, they would be healthy today. Then I believe there was a cascade effect.

Those were relevant companies in many sectors, and the fact that they overwent problems due to Lava Jato, there was a spillover to other sectors. Currently, we see a situation that from the macroeconomic scenario requires some attention.

We see the level of debts, not only in the public sector, but also families. Economy that is slowing down despite all the fiscal actions done by the government.

Probably if we remove those, the economy would be flat. We have some challenges, just like in grain farmers, and we require care.

In my opinion, way smaller or way less care than we had in 2015. In our specific case, we have a healthy portfolio.

Of course, we have some middle companies that are undergoing some legal problems, and you follow them, you follow the evolution. Those, they suffered with the interest, they didn't perform well, and that's why they underwent legal reorganization.

The capital market is still helping us. It brings liquidity to companies, and the capital market today has a diversity that helps a lot.

We don't have a capital market just for high-grade companies. We have today assets that are specialized in all types of risks, from good names, high volumes, long terms, and even smaller with a larger structuring, a collateralization level, and this is very welcome to help banks to fund the needs of Brazilian companies.

In the second quarter, at the end of the second and beginning of third, we had an interruption of issuance not due to lack of appetite from investors, but a disagreement in relation to the prices between the issuers and the investors. The prices were very low, historically speaking.

We considered low with low yield, and we converted that from March, April on, and then the issuers at first, they refused to change the prices. Now I believe this is becoming normal.

In the correct price, we have appetite, and we have the market for good names. We start the second half of 2026 with a pipe of operations that is quite reasonable.

It's not very strong, but quite reasonable, pretty similar to what we saw in the second half of 2025. There will be elections.

Of course, we have external uncertainties, as always. If we wait, as I say, to have a very calm moment in Brazil, well, we'll have to wait for a long time, probably.

Today, the expectation is a second half with higher activity, just like we've seen in previous years.

Second question related to the spread,

thank you, Ricardo. The spreads, they reacted a little bit, but not much.

In my interpretation, for a bank like ours that has a market share that is niched, I think it's a matter of being more selective with clients. Things that other banks are also doing.

In a profile of clients with a better credit quality, spreads grew marginally. If we get the corporate sector, then the spreads went up, but we have companies that are in a more delicate credit situation.

In our case, we are starting with 8% in 12 months. The guidance we gave was 6% to 10%, it's according to the guidance.

The second half is usually stronger, a good dynamic in the middle. We equipped ourselves along the years, and we have said that to investors in relation to operations with receivables, checking receivables, monitoring, executing when necessary, in a way that the middle growth has been based on this type of transaction.

There is an expectation for the second half for growth opportunities similar to what we have been showing, and also a certain maintenance of spread. At least that's our best expectations for today.

Ricardo, did we answer your question?

Yes. Thank you, Ricardo.

Thank you, Lulia.

Now our next question, Eric Ito from Bradesco. Eric, your question, please.

Good morning, Lulia, Borejo. Thank you for your story.

It shows the growth of the bank. Two questions.

First, thinking about a follow-up from Ricardo's question: Lulia, you've mentioned that in the second half you expect NIM to recover following what we had last year, and I want to understand the size. If we could divide your NIM, maybe the PL/CDI, but you also have the mix that helps us with the spread and the fees or revenue with low capital consumption.

Could you explain what you see for the second half with the NIM recovery? What about the provision, my second question?

Considering that it was a little bit lower in the first quarter due to credit recovery, and probably going to a low level as before, or are we going to keep the 40 million of the first half? Your cost of risk, what can we think about the dynamics?

You have a mix that will grow more in the middle, as Ricardo mentioned, a little bit more challenging, but you have guarantee from your portfolio, just to understand what we can think about cost of risk for the future and the NIM dynamic, to summarize both questions.

Thank you, Eric. I will start.

Ricardo and Borejo will help me later. NIM usually has a positive seasonality.

One of the factors that may happen is that the growth was stronger in May and June, you start with an accrual of revenues that are a little bit stronger, besides what will be higher than the second half of 2026. That's a six-month period that is historically prone to operations that include derivatives, fees, and so on.

This year, due to the external volatility and the elections, maybe it's going to be more active. In relation to credit risk, I believe that the scenario is quite stable.

The recoveries in the second quarter were higher than usually, and they were concentrated in two, three names, and that's how business work. We have recoveries that come from middle companies, and they are more constant, 2, 3, 5 million, and so on.

We have some that are corporate or large corporate, and they present a higher concentration in the second quarter, two cases. It's reasonable to look at the dynamic for provisioning, as well as recovery, in a longer period, because then we can dilute that a little bit.

If we check a longer period, our provisions fluctuated free from recoveries 0.6, 0. up to 0.8, 0.9, and I think it won't go different from that.

If you have that band or fluctuating around those numbers, it's okay, and we expect that to happen in the next quarters. That's it, Sergio.

About the provision, what you've mentioned and those levels in light of what we've seen today. The only thing I would like to add here in relation to margin, the contribution of margin is that more and more payment products, they are contributing to the revenue.

It's an important part that has been growing slowly, but it's growing month-by-month, and that probably contribute to the margin in the second half.

Perfect. Thank you.

Thank you, Eric. Now our next question, Gustavo Araújo.

Please, the floor is yours.

Good morning, Sérgio, Ricardo, Sérgio. Congratulations and thank you for the opportunity.

I have two questions. First, about the core, Sérgio mentioned, but if I look at the Stage 3, Stage 3 coverage, it has been following with certain consistency.

There was a small drop in this quarter, and how should I consider that ahead? Will it be similar to what we had today, and what is the coverage level that you consider comfortable to operate?

Second, quick follow-up in the restructured balance, and we saw large corporate, I would like to understand in relation to, there was any expected restructuring?

Gustavo, I will start. Ricardo will add.

We are very comfortable with our expected credit, and this provisioning, we know how provision works. The coverage ratio is a consequence, a name by name made by the bank.

In the last two quarters specifically, what happened, and this is connected to your second question, okay? We had some exposures from the past from the large corporate segment, and they were 100% provisioned, and there is a moment in which you write off.

Every time you perform a write-off, and you remove an operation that is 100% provisioned, of course, you remove the same amount from the account. If this new operations come, and those that come as Tier 3, they have a number below 100%, and usually that's the case because out of the operations of Tier 3, some of them has a level of collateralization that is a little bit high, and the new operations, they are very well considered.

Borejo, you may correct me, but our Stage 3, we have some operations that are overdue from more than 90 days that is 30%. This coverage ratio will go down, and it doesn't mean that the portfolio is less protected.

It's just accounting aspects. Operations 100% provisioned, the risk was calculated, and there was a credit left and with a lower recovery probability, and we have new operations with characteristics, and also with structured operations, right?

Yes, and they are connected, and that's why we have this losses and numbers. We have a provision that is non-specific, that is not connected to any operation, R$190 million.

Just keep in mind that whenever you calculate the coverage, take into account this R$190 million that, if used, they will be used in Tier 3. Don't forget that they will be a little bit higher if you just consider specific provision.

Did I answer you, Gustavo?

Yes, sure.

Next question from Antonio Ruette from Bank of America. Antonio, thank you.

The floor is yours.

Good morning, everyone. Thank you for your time.

I have two questions that, in fact, they are follow-up of previous questions. Going back to the provisions: when you've mentioned that the provision of this quarter was benefit from some recoveries, otherwise the cost of risk would be 0.8.

When we talk about that, we are talking about 0.8, 0.6 considering the recoveries. We have some recoveries that you expect for the future, or was that a one-off effort that was done?

That's the first for provisions. Going back to the quality of credit: you've mentioned that when you have cases of RJ that are bigger, out of the headline, they were expected by the banks, most of them provisioned already.

In that sense, what is the expectation from now on for this type of case? Internally, are you facing some difficulties for some larger cases?

Are you expecting the number of recoveries that are high for the next month? Share with us.

Thank you for your questions. Here's my answer.

Any time, any moment, provisions represent what, in our understanding, is the proper level of provision consider the future of clients. It's just like a market marking.

You check what was done with my best knowledge was done. Hence, it's difficult to say, will you have a budget?

No. You have a forecast?

No, we have a difficult scenario, as I've previously mentioned, a high interest rate, a government with consecutive deficits, families with debts, and companies suffering because of that. This is nothing new.

We have been working with that for some years. The decisions of credit concessions were done considering this scenario.

When there is any change of, and there is like a war or a expectation change, then you have a problem of the NPL. It's been a while.

In relation to future expectation, there's an end. You can't have if it's 0.6, 0.8, 0.7.

With this range of 0.5, 0.6, 0.8, 0.9 is what we expect the provisions to be in the next quarters. Did I answer you?

Thank you.

Brian Flores from Citi. Thank you, Brian.

The floor is yours.

Thank you and congratulations for the result. I have two questions.

First one: both are a little bit about the strategy from now on. If Brazil is going for a slower growth with a lower interest rate, I want to understand in your point of view how such factors would impact the ROE of the bank.

It's a different growth and the asset quarter. I would like to understand how we are repositioning for a scenario like such.

Second, if I may, I would like to know if ABC, that is growing, and congratulations for the new headquarters, if you could acquire a capacity that you do not have until today in order to add value to shareholders, would that be distribution, products, funding? Just to understand a little bit how you are seeing your long-term options.

Thank you, Brian. This is a very interesting question, in fact.

See, we work with a capital level that is pretty okay. As I've mentioned in my presentation, we had a funding in the beginning of the year that was approved by the Central Bank in April, and now a second one will be done that probably will be ended in September or October.

That shows that there is an expectation of a stronger growth. Of course, the reality is there, the stronger growth will come with the combination of two things: one, the preparation of the organization to grow, and we are prepared.

If we look not only in the capital and funding part, but the teams, the products, the channels, well, we have a capacity to grow with quality that is above 15% per year, between 15% to 20% assets, constant pace, and that's a speed that we are very comfortable with. Then there is another factor that is also necessary, maybe as important as, that is the macro scenario.

According to our expectation, you have two ways. You have a tax adjustment that is pretty strong, and I'm talking what we can read on the news, okay, every day, nothing new.

The last years, the country had an increase in collection, and it was all used with the increase of expenditures. That's the moment in which this will have to be solved, two pathways.

They will solve, and Brazil will benefit from a stronger growth, and the bank will grow, or it won't be solved, and we continue to work as we have been working in a slower growth, customer selectivity, searching for good names, good collaterals, and then with a smaller growth. In our case, what we need is to have a operational scale that is higher.

We have an efficiency level that is around 40%. It has to converge in two, three years to 35% or less.

That will come with the middle market growth, other segments also that we have been working with, and with a maintenance of costs that is close to what we have today. There will be operational leverage that will allow us, at least in my opinion, to bring better returns to our shareholders.

Perfect, quite clear.

Thank you, Brian. Our next question, Carlos Gomez-Lopez from HSBC.

Thank you, Carlos. Please.

Olá, hello. My first thing is congratulations on the new headquarters, very beautiful.

Two questions. First one, in relation to funding: is there any consequence from the positive or negative numbers of the bank for small banks here?

Do you see any risk from tax to the following year? Do you expect for the following year?

The funding: here at ABC Brasil, we are one of the banks, including major banks, that less depend on the credit guarantee fund. The percentage of funding that is guaranteed by FGC is almost nothing.

We have enjoyed a good reputation. We have a AAA ratio by all three agencies, an international rating that is similar and sovereign in two and in Fitch one above the sovereign ratio.

We are similar or even one above from the major Brazilian banks, and that make us to funding access become pretty comfortable with deadlines, rates that are amazing, exceptional. Today, we don't capture more because of the assets, we do as necessary for you to loan to your the clients and make things okay.

Master case for us, well, it didn't impact at all, neither positive or negative. Your second question, oh, the taxes: no changes, right, with the tax ratios, and the effective ratio was a little bit higher this quarter due to the increase of the profitability.

The positive effect of JCP, as you increase the profitability, you have a smaller effect in your effective ratio and makes it a little bit higher. It relates to each profitability.

What about the year?

For the year, we don't have anything to change on taxation, and if we have a profitability that is a little bit higher than we had in the first quarter, probably we'll have an effective ratio that is a little bit higher, too, but nothing that is out of what we have seen the last quarters, except the last quarter, the first one.

Okay? Thank you.

Thank you very much.

Thank you, Carlos, for your participation, and we finish now our Q&A session. Thank you all for your participation, and we will reach our broadcasting from the earning conference call.

Lulia, Borejo, any final comments?

I would like to thank once again. Thank you for the opportunity, and I hope to see you soon.

Also, I would like to thank you all.

It's been a great moment, amazing questions, and we were able to show our investors where we are heading to.

We finish our conference. Thank you very much for being here.

The presentation is available in our RI website. The video will be on YouTube, and we have also a Spotify audio broadcasting.

We are available to help you in case you have any questions, and once again, thank you very much, and see you soon.