From Cidade de Deus, the headquarters of Bradesco, for this earnings release presentation related to the fourth quarter of 2025 and, why not saying, of the full year of 2025. Today is February 6th and my watch shows 10:31 AM.

I start this presentation saying that all of this material has been released last night after market closing, and I think you had access to it. I start with our recurring net income, R$6.5 billion, growing 24.6% year-on-year, and R$24.7 billion for the full year, 26.1% growth.

However, with an ROAE of 15.2%, exceeding our cost of capital for the first time in this quarter, and that's why we say that we will continue to grow our ROAE for the coming quarters and years to come. Here, I have all of the operating highlights.

I'm not going to go over each one of them, because I will certainly change a little bit today's presentation, and I would like to bring you some elements related to our transformation plan that, in fact, was published February 7th of 2024, less than two years ago. It will be two years as of tomorrow, so that's when we released the plan.

I would just like to remind you of what we did back then. We started with a diagnosis about Bradesco, about the Brazilian market, and also we drew up a worldwide benchmark with all of the relevant aspects like technology.

Out of that diagnosis, we drew up a plan knowing all of our strengths. The bank has several strengths, and the organization as a whole, for that matter.

Back then, we said that we had 70 million clients. We also said that we were leaders in SMEs, SMEs understood as a segment defined by the Central Bank, because every bank has its own format.

These are companies that gross up to R$300 million a year. We also said that there was high penetration in the high-income segment.

Certainly, we have the largest insurance group in Latin America, in addition to having a stake in many other companies. We also said that we will work on our strengths to create a new positioning with the clear goal to increase competitiveness in the short and long run.

It's important to remember that we put a deadline of up to five years. It wouldn't happen overnight, and it hasn't even been two years.

When we presented the plan, we came up with this mandala with all the main topics, the 10 main items that were carefully looked at with more than 200 new initiatives. I will go over some of them.

I will not talk about all of them, all that. Otherwise, we will be here for two hours and you will be really tired.

Our IR team and the transformation office, everybody is available to give you further clarification, especially those that want to talk to investors to discuss some particular area of this mandala. If you have additional questions, we are certainly at your disposal.

I will briefly cover some of the most important highlights, and then I will go back to the core numbers, and we wrap up the presentation. Then after the presentation, we have the Q&A.

Starting with digital retail, we haven't been bringing a lot of elements for you, but after this period, at year-end, we came up with 19 million clients, fully digital. They are fully assisted through the digital channel with our BIA GenAI with the level of resolution, which is very high.

BIA is retaining 90% of all calls that come through digital retail. It's also important to look at the engagement level, our efficiency in this client lifecycle that allows us to move on.

I'm not going to get into the details of every topic, but I would like to draw your attention to this item here down below. The direct cost to serve to all of these clients in the digital platform, that was reduced by 40 times.

This is an important number. What we envision for 2026 vis-à-vis our digital retail?

First, we go from 19 million to approximately 40 million clients between accountholders and non-accountholders. Certainly our objective, not only for 2026, but going forward, is to reduce the cost to serve and to continue growing our customer base.

The second topic is affluent clients, and we are talking about Principal and Prime segment. We promoted an upgrade to more than 3.1 million clients with a new value proposition.

At the same time, we introduce a new position in this segment of clients, Prime, ended the year of 2.3 million clients. We trained 3.5 thousand managers.

We focused on that training. Notice the level of accuracy for BIA clients.

Accuracy was 93% at BIA customers. Then I go to Principal.

You may recall that we launched Principal in November of 2024 with three offices: one in Faria Lima, another one in Campinas, and the other one in Leblon in Rio. Then we started the expansion process.

In fact, I invited sell-side and buy-side clients to look at our management model rather than just the business model. We are just going through this phase in other segments.

We launched the new segment in November of '24. By the end of last year, we had 62 offices in 36 municipalities, approximately 320,000 clients in this segment with this current level of NPS, a new value proposition, and this created this new differential.

What do we expect to see next year out of these two affluent segments? A new upgrade with more than 1.5 million clients reaching 4,700,000 clients.

As for Principal, we will open almost 50 additional offices in São Paulo, reaching 70 municipalities, and we will have almost 800,000 clients by the end of the year. You might recall our target, because it's not something that we change overnight, because this is gradually built.

We will expand our share of wallet, and this is what you see down below when it comes to the affluent segments. Next comes SMEs.

As I said at the beginning, we were market leaders. We had approximately 14.3% of market share in SMEs of almost R$300 million a year.

Notice what happened here. We built a much more robust segment with a new digital model, with a new value proposition.

Mostly digital and remote service. Also, companies and business segment.

This is a segment where we introduced 150 new branches during 2024, and we changed the segmentation of the business segment, the configuration of the management model for managers. We delivered a new internet banking, a new app for companies, and look at what happened to our NPS.

These are numbers that were not disclosed before. We went from 56 to 74 points.

I like to say that nothing happens by divine order. It happens because we work hard in the background and we execute based on the plan.

I will draw your attention to say that we have more than 5,000 managers in this segment and we are present in 2.1 thousand service points. This adds value to clients, regardless of having this level of evaluation in metrics with a robust capacity to serve clients, because they can do self-service and at the same time have a very good experience, but we can still serve these clients in the physical channels.

I would like to draw your attention to something that I said at the beginning. We had 14.3% share.

We are leaders in this market. Look at what happened up to September 2025.

We gained market share. We reached 16.6% market share, and we continue on the right track in terms of this segment.

Our purpose, not only for 2026, but for a more distant future, is to increase our penetration in this segment. We believe, and this was stated in the diagnosis, that in this segment of up to R$300,000 a year of SMEs, it's a segment that tends to increase its share in the financial system in the next coming years to up to R$300 million a year.

Payments and cash. I'm not going to get into many details, but Bradesco Global Solutions with Global Cash.

Obviously, our goal is to increase the share of wallet and customer centricity through time. Credit.

We introduced a credit BU. Of course, I will talk about cause and effect, because, as I said, things don't happen by divine chance.

We introduced the credit BU at the beginning of our plan, and within this business unit, we introduced a portfolio management area. They are working with different client segments.

They are also operating in the live portfolio, be it in wholesale and retail bank, consumer finance, etc. Within this business unit, we also introduced a new pricing area to serve all segments and businesses, all the verticals I mentioned to you before.

All of that to generate more risk-adjusted return. This is a very important part of our strategy.

When we put this together, I told André that we wouldn't get any lack of resources. There will be enough resources.

To that end, we hired 250 professionals and we gave them full technology support to enhance the model for all customer segments. Also, to manage the portfolios, and looking at the timeline of credits and loans that are not only decided on prediction models, but mostly decided by human judgment, and they support all that.

The consequence is that this SME growth level is still the same that we have with payroll loans. If we hadn't put this together in the way it is, certainly we wouldn't be growing SMEs the way we've been growing today and the way we grew in 2025.

What do we expect in terms of our objectives? This unit together with the client segment, we want more competitiveness in some lines and segments, but growth with quality and moreover a very strict risk-adjusted returns.

We have also many other initiatives. Maybe there is one that will take longer to deliver, but our clear objective is not only to have back office and front office, but moreover, having an end-to-end experience that will really boost our productivity.

Model culture, in addition to the area led by Silvana, which is people, they are contributing with upskilling, reskilling, and despite everything we are doing, including new variable compensation, KPIs, etc., we conducted a new engagement survey, 84% engagement when compared to 74% participated in the survey of 2024. That's why we're focused on keeping a very engaged team and fully committed to everything we want to do, with the capacity to change as well and adjust.

People are crucial, competent teams, and teams that can certainly deliver and change as we go so that we can deliver more competitiveness in the short and long run. Organizational structure was the first thing I showed during the plan.

We reduced layers. We increased the span of control, and we brought C-levels and directors to different areas.

I talked about the credit area more recently, but we also promoted inorganic growth. I'm not going to get into the details, but in the insurance company as well with the hospitals.

What do we expect out of this organizational structure? To gain more efficiency and agility when it comes to decision-making.

Technology. This is a chapter that I've been talking about all the time, our investments in AI.

For us, our culture is AI-first. AI is not just GenAI.

It's machine learning for our mathematical models, but also multi-agents. We have been working with a number of initiatives on the slides.

Look about BIA client with that level of retention using GenAI. We have BIA Corp, BIA Tech, BIA Clients, and so on and so forth.

What happened in this two-year period? We gained productivity, we reduced the lead time, and the consequence was this that I mentioned before.

With a base 100 of delivery of app for clients internally for real processes and gaining productivity or for regulatory points, we ended 2025 with 300. We grew our capacity by three times over less than two years.

That's when we started this whole movement. We invested and reinvested in cybersecurity.

We improved our second and third lines defense for cyber, and we expect greater productivity gain, more and more intensive GenAI use, and more competitiveness, innovation, and time to market. I'd like to mention some other things here, because I'm going to get to the numbers in a minute, and we'll speak about guidance eventually.

We invested last year heavily in technology. Investments in technology grew in 2025 compared to 2024 by 22%.

If you look at our guidance, which I will refer to in a minute, of those about 8% of growth approximately, about three or slightly over 3% come from the investments that we will continue to make. We will not give up on investing.

I see technology as a big driver of our productivity and our ability to deliver a lot more to clients with hyper-personalization, which we have been doing. During the Q&A, we can speak more about that too.

Synergies and innovations, we had a number of actions with Cielo, Tap on Phone, D+0 receivable, all embedded in our corporate app. In Bradesco Financiamentos, we also gained investment with new hires, not just efficiency in the unit cost, but commercial efficiency at Bradesco Financiamentos.

What are the next steps? We expect, well, with the next steps to increase our share of wallet, increase growth, productivity, and innovation.

Different verticals that we have in our organization. Now, speaking again about profitability, to give you more numbers.

I mentioned that before, and feel free, because our team is ready to talk with you and explain this in much more detail. If we look at the net income, we always tell my team, this should be in the last slide, and not in the first, because, again, we speak here about cause and effect.

This is the effect. Effect of what?

The effect of a plan that is being executed and that is showing our capacity, rebuilding and proving the strengths that we talked about, but strengths that were driven by actions of the plan. We have a growing number, eight quarters delivering always a little bit more, and step-by-step.

Step-by-step, we don't change the strategic plan overnight. You correct the course, you correct the tactics, but there is a strategic continuity, and with execution discipline.

This, an unequivocal discipline. We're showing this with our whole team in the transformation office.

Moving on, total revenue. We're growing in all revenues.

NII, we see here the growth. NII and fee and commission income, when we remove the Cielo tender offer, the growth is 5.5%.

Insurance and pension plans, a 16.1% growth, another robust quarter and a persistent expectation. Why is all the revenue growing?

Again, cause and effect. It's not by divine providence.

It's by an increased penetration, credit traction in NII, in reduction of liabilities costs, better liability management, and so on and so forth, with all of the initiatives adopted. Looking at our loan portfolio, almost R$1.1 trillion in December 2025.

In the previous quarter, we were at 9.6%, and now 11%. The highlight goes to micro, small, medium-sized companies, growing 21.3%.

That's why we're gaining share. Looking at all of the portfolios, we're growing in all of them.

Again, why are we growing? We are growing because we have a client base.

We are growing because we have high penetration in all client segments in the verticals that we work with, and so on and so forth, because we have an engaged team, a team that works supported by client management systems, GenAI, a better offering for clients. In a nutshell, it is a set of measures that we improved over this period.

Looking at the portfolio and loan quality indicators, they're all flat. Over 90-day NPL totally easy.

Over 15 days, if we look on the slide, it's absolutely flat. Restructured our portfolio, we paid R$10.5 billion in 2025, R$20.5 billion, the reduction of problematic assets.

Look at our stages: Stage 3 dropping quarter after quarter; Stage 1 increasing quarter after quarter, with the evolution of the secured portfolio. We are totally at ease with our loan portfolio and with our ability to continue to originate even more, particularly with some levers.

Net interest income, 14.9% increase, and client NII up 17.4%. Again, we see 17.4% growth, and here, this hits the bottom line, R$4.8 or R$10.3 billion, growing 22.6%.

Cost of risk absolutely under control and flat, and market NII delivering our expectation, the expectation of our Treasury. Fee and commission income grew at the proportion that I mentioned before.

Please note that I should highlight three: card income, 14.4% increase, in high income, 25%. Consortia management getting a lot of traction, growing 17.3%.

I can look at loan operations with a lot of traction as well. Why is it not growing?

Because part of it is being deferred because of the 4966. Look at what happened with capital markets, 29.2% increase full year '25 compared to full year '24.

This was not divine providence. Again, this is investments.

We changed the structure with Bruno's team, the whole team. We created the agribusiness.

We changed our investment banking structure to broaden the team and capture a lot more in DCM, M&A, and other line items such as project finance. The result is this level of growth.

We have a DCM share that we had in 2022. We grew, we're doing well in the rankings, and we continue to grow.

There are two offenders here that do not help these levers, which are checking accounts and collection, which normally in this market pull the results down. Overall, we're delivering, and we're delivering well.

Operating expenses, 8.5% increase. I told you, and I will repeat it, technology investments, we grew 22% our technology investments, 2025 compared to 2024.

We will continue to invest in technology. If we break our expenses down into personnel and administrative, we grew 5% in line with average IPCA.

PLR has an impact on expenses. Without profit-sharing payments, increase would be 2.5%.

We continue to reduce our footprint. If we look at the complete period, 2,800 points.

If we exclude EloPar and Cielo, as we have been doing in past quarters, growth of operating expenses would be 7.2%. In the Q&A, if you want, you can ask and we can debate administrative expenses, but overall, growth is negative.

We have personal expenses with this variable that I mentioned, the profit-sharing program, and investments in technology, in transformation. For example, the whole implementation of the 59 Principal offices, almost 50 more will be added next year.

We continue to invest in reviewing our footprint and focusing on doing the necessary investments in each one of the departments to help us grow. Our insurance group, another strength of our organization, ROE 24.3%, but in the full year, almost 22%.

Spoke about this already. We are growing in all lines with a lot of balance, client base growing.

I was checking this with Ivan earlier today. The result of insurance operations exceeding the guidance, 16.1%, and growth in operating results and not necessarily in financial results with technical provisions of R$446 billion, growing more than 10% year-on-year.

Moving to the end of my presentation. When we look at capital discipline, we have year-on-year growth if we look at December 2024 compared to December 2025 in Tier 1, 12.4 to 13.2.

In the quarter, there is a slight reduction of 20 basis points in Common Equity Tier 1. If we look at Common Equity, we also posted growth year-on-year, 0.7% expansion.

This is something that I mentioned to all of you with the sell-side, with the buy-side, that we have this under control. Lastly, our guidance.

We delivered at the top of the guidance in practically all lines. Expanded loan portfolio, we were growing 9.6% in September, and we ended up with 11%.

Good! Because of our traction.

We start 2026 with even more traction. Insurance operations, 16.1% beyond the guidance.

We have the guidance for 2026 listed here. I am here, and I am ready to discuss this with you.

Now, I will sit down with my colleagues, André Carvalho, IR Officer, and Cassiano for us to start our Q&A. My speech saying that we have heard comments since last night when we released the results, positive comments regarding the 2025 numbers.

I didn't hear anyone saying bad things, negative things. The expectations were much higher for our 2026 guidance.

Our share between December 31st, 2024 and today is February 6th had increased 106%, appreciated 106%. It is only natural, it's part of the game of sell-side, buy-side, to have price adjustments.

It's not 29%, it's 27.5% for the middle of the guidance. It's up to you, but we will not lose sight of our horizon because the shares have to be adjusted by 50%.

No problem. Can you imagine today with the level of conviction that we have, with the level of delivery that we have, I am super confident.

In our organization, I'm happy. I had a meeting yesterday with our leadership team with the level of engagement we have in our company.

André, over to you. Thank you very much for joining us in this call.

Good morning, everyone. Thank you, Marcelo and Cassiano.

I'd like to let you know that Ivan Gontijo, CEO of our insurance company, is joining us remotely.

Good morning. Good morning, everyone, Noronha, Cassiano, and André.

Thank you for the presentation and congratulations on this wonderful year and your trajectory. My question is related to how you see the underlying business trends.

We could look at the NII guidance, plus LLP. I think you're going to grow low two digits, slightly above the portfolio.

I just want to understand what's behind it. When we think about NII in isolation or LLP, I think these two things have to talk to one another.

To understand what is part of it so that I will have a good idea of your views about mix, spread, credit quality as the year is just beginning.

Pedro, I will start. Cassiano will start as well.

It's good to see you again, Pedro. Our NII remains focused on our standard.

We changed our mix for 2025. Secured products remains our main lever.

Obviously, the quality of our credit BU allows us to work in any credit line, secured and unsecured. We're very, very comfortable with the quality of our portfolio and the way we are operating it.

The average rate should be maintained until the end of the year, and our LLP should grow in line with our operation volume. These are the main drivers of our NII, and we will maintain it with a very high degree of engagement.

I have a few things to add. It's important to say and highlight what you just said: portfolio mix, spread level, always focusing on risk-adjusted return.

This is the goal. I also talked about pricing.

The pricing area comes to reinstate that point. We have some very important levers that go through different segments like payroll loans, in all of its lines.

I'm talking about public, INSS, and private. We have approximately slightly above 14% market share.

I would like to remind you that we have the lowest market share on the private side. We have a lot of opportunities and we already saw this level of growth.

I would just like to add that we are placing our hiring offerings 24/7, and this is hyper-customized with microseconds that go and come and give us a response about the risk of the borrower, the company, and pricing, which is adjusted to risk. It's risk-adjusted pricing.

Therefore, I'm saying that we will grow in payroll loans. We see a lot of traction coming from the clients.

INSS has its own challenges, market challenges. It's not only ours.

In previous quarters, year-over-year, we were growing 5%, and now, in this past quarter, we grew 6.8%. This is payroll loans, SME, we're still growing.

We will continue to grow in lines with secured lines backed by receivables, be it direct receivables or some lien, etc. We will grow with auto for companies and individuals.

We are very optimistic in terms of future growth with a credit quality that is absolutely under control. I do not see any deviations.

We are not concerned with that, because certainly you know that we did our homework when it comes to portfolio management and our modeling scheme. Then you also mentioned an important aspect.

You talked about NII growing slightly above the portfolio. This has to do with the mix.

We are a wholesale bank. We can fluctuate, as it happened this quarter on the positive side, but could also fluctuate on the negative side, because we do the turnover of the portfolio.

Thank you.

Good morning, guys. Congratulations on your results.

We understand that a lot has been done in the first two years, but you still have a lot more to do going forward. What you have already demonstrated is that you are on the right track.

I had two questions. You had an additional expense of R$700 million.

You spent that to restructure, and the structure that is suggested for 2026, and this is almost twice as much in terms of provisions you posted last year. Could you please highlight where this restructuring will focus more, whether it has to do with the number of branches?

We understand that we are getting a lot of questions from our clients. Your guidance says that you will grow expenses by 8% at the top.

You said that 3% relates to investments and technology. This also means that the rest of the bank is growing 5% in line with inflation.

Just like you said, you already reduced 2.8 points, or 2,800 points in the past two years. How come expenses are not growing below inflation?

That's why in the consensus I was hoping for a number close to 20 million rather than 27 and a half. We thought that the bank's core expense should be growing below inflation.

Thank you.

Thank you for your questions. If you look at our admin expenses, and if you look at some of the lines in our full publication, you will see, okay, third-party services, maintenance, conservation, lease, all of these lines were down, and transportation of currency.

What are the detractors here? I'm just summarizing.

There are some that are very positive, but technology grew 22%. Then when we look ahead, it will continue to grow.

We will continue to invest to increase our competitiveness. Second, profit-sharing, we increased profit and we paid out more.

The third detractor, I'm not going to refer to small lines. We had some changes on the advertising side, but we found three good opportunities at the end of the year and we decided to invest, like when we launched Principal.

That's when we did the coverage at the airports. It's out of what we expected to do at that time.

Thirdly, there are other expenses that also go through some lawsuits. We have a very good provision coverage.

We've been working a lot based on this root causes. When you work in that root cause, you do not expand the incoming, but that is coming down with time.

I believe that these lines will be below 27, 28. This is what you look at when you look at expenses, or other expenses, in addition to expenses with technology.

Talking about investments in restructuring, I would tell you that, first of all, we continue to review the footprint. We were doing less than what we would do in 2025.

We will do more than what we did last year. We will open, as I said before, about 50 offices earmarked for Principal, but we are also refurbishing some physical stores with Private, meaning that we continue to invest in this transformation, making footprint adjustments, also increasing our capacity to invest more and reduce cost to serve in retail and digital.

Our cost is 40 times lower.

Thank you for your question. There is one more thing I would like to add in addition to that 3% you mentioned in terms of technology investments.

5%, it's only related to human resources. That's important to remember, in addition to profit sharing.

You will see that our expenses are very much under control. Oh, there is one more thing, because you said that twice as what it was last year.

If you look at 2024, it's very close to the number that we posted in 2024. Maybe the difference is about 100 million, 40% higher on average or greater on average.

There is another point related to efficiency. Our efficiency ratio was down by 2.2% from 2.2% to 50%.

Our ambition is to reach 40% by 2028, meaning that the trend is downwards in 2026, and this drop will be even more accentuated in 2027, 2028. When the top line grows a lot, it's just natural that some OPEX grow.

You see growth with OPEX, and our top line growth will be almost 10% in 2026. Also, as you increase transactions, certainly the variable cost, it's different.

Even with that, thank you.

André, Marcelo, Cassiano. It's always good to see you.

Congratulations on resuming ROE starting from 10 to 12, now over 15. I'd like to think a little about the investment cycle more specifically and linking with operating efficiency and efficiency ratio.

Marcelo, you were very clear in showing in an interview you gave when you said that you won't stop investing, that the focus is to maintain competitiveness. It means that you're thinking about the future of the bank, and not to stay fashion.

I'd like to understand what part of the cycle would you say the bank is in, particularly in terms of technology investments or investments in new products or segments? Should we start thinking about the benefits coming from operating leverage, operating efficiency, reducing efficiency ratio, thinking that in 2026 revenue should continue to support this step-by-step ROE improvement so that in '27 we'll start seeing the benefits of operating efficiency?

Thank you. Thank you, Gustavo.

Gustavo, I'd say that we are in the middle of the cycle. We are not at the end of the cycle.

If you look at our plan, we spoke about stretching this until 2028. Along that period, some things are quick wins.

You capture the benefits in the short term. Other things, you invest in and you're going to reap the fruits later.

We'll continue to invest in the whole renovation of the bank. Look at some US banks and Asian banks and what they have been saying.

In September, I was in Asia. We had an opportunity to talk with CEOs of other Asian organizations and to speak with peers of that region.

Everyone is investing, again, in AI-first. We see opportunities to improve efficiency

and to gain competitiveness in our relationship with our clients. We will not stop investing.

We want to improve our infrastructure, our architecture, constantly in terms of technology. Efficiency doesn't come only because we're going to invest less.

I'm going to give you my opinion. In the opinion of all World Banks, I don't see anyone stopping investing in technology.

Technology will require growing, constant investing over time. That's my opinion.

We are going to gain in other lines. For example, lawsuits, that's an area where we're going to have a reduction, but not only in 2026.

We have to have efficiency gains and we will have these efficiency gains, but this will be triggered to the top line. Gustavo, you can ask me if I don't deliver the top line, but I want to deliver the top line, increase penetration, continue to grow, and delivering ROEs even better than what we currently have.

A colleague yesterday said an airplane will never fly backwards. We're not going to fly backwards.

It was 15.2% in this quarter, and we expect it to increase. If we can deliver more and more, which was the case of the loan book in the past quarter, we will do it.

Thank you, Gustavo.

Good morning, André, Noronha, Cassiano. How are you doing?

All good, thank you. Congratulations on the results and the deliveries since the beginning of the strategic plan.

I think we can see how dedicated the management is in re-adapting the bank and improving the whole quality of the portfolio while still growing. My question is focused on Cielo.

Cielo is a strategic asset of yours. You're talking about integrating Cielo even more.

It's already partially integrated. In terms of TPV, Cielo had a big difference compared to the network.

Perhaps you're thinking about the big accounts, not SMEs. There's an important difference in strategy and trajectory.

I'd like to hear from you. What is the strategy for the large accounts?

Perhaps there's a loss of profitability, and you don't want to change that. In SMEs, you advanced a lot also in terms of governmental programs, and that's an important liquidity for the system.

The Cielo part in terms of strategy, the strategy is not so clear to me in 2026, 2027. I'd like to understand what is the integration stage you're at.

Thank you, Daniel, for the questions. Number one, regarding Cielo, Cielo has also been undergoing a process of transformation, which is rather significant.

Over there, we created separate teams for the two partners. Today, we have a connection at different sides.

With the wholesale and corporate retail, Cielo is connected with us. We worked with them in a plan so that we will be a lot more connected in a verticalized way, talking about cash and talking about affiliation more than having a segregated company where I would originate something and they would work with that.

No, they had to improve logistics, they did. They had to deliver Tap on Phone, they did deliver.

They had to deliver a whole new pricing system for D+0, they did. They needed to deliver a connection to our app, we delivered it together.

All of that is done. You are right.

I think that there were two or three cases, if you remember, two or three of large accounts. In these, Stanilau's team went to the limits and decided to give up the TPV, which was important, rather than losing profitability.

We see an ability to grow and grow a lot, because we're very accelerated in traction in SMEs. We reduced the friction with our distribution channels.

This is an army of more than 5,000 managers in addition to all of the digital offering that we have. We are going to move forward.

You can rest assured of that. We're not going to throw away money with margins that are effectively very reduced.

Regarding SMEs, we are growing not only in government lines. Our expectation is to continue to grow within very similar number that we had in 2025.

Indeed, we don't have a final number, okay, Daniel, the final number regarding government or total government programs. We have an estimate, and the estimate is that we had 26 or 25% to 26% market share.

We were the bank that operated the most government lines last year. We have an initial estimate, our own estimate, not market estimate.

Let's wait for official data, but that's kind of that level. We have good traction, but we can only do all that because of the kind of structuring we have in the SMEs segment and also because of our technology deliveries, our ability to hire through our digital channels, the whole modeling of the credit BU portfolio management.

We are not granting credit just because we have government guarantee. We have a lot of criteria and it's always about RAR, risk-adjusted return.

We have a program to price each one of these government programs. We have a lot of traction.

We ended the year with high traction and we believe that we will continue to deliver the results.

Marcelo— This is one of the important pillars of technology this year. We created our app for business with totally different technology embedded to it.

This is a very important reinforcement for this. We're migrating 500,000 clients through this new experience that Cassiano just mentioned.

That's another important information. We're increasing our competitiveness with Cielo being integrated.

Thank you, Daniel.

Thank you, André. Good morning, Noronha, Cassiano.

Thank you. I know sometimes it's not easy to invest in the future, but you're delivering improvements gradually.

Thank you and congratulations for it. My question is about capital.

CET1 is very close to 11. I think this quarter was 11.2, but for 2026 there might be some challenges.

There is some prudential adjustments coming forward, 4966, operating risk. Can you please elaborate a little bit about the capital outlook, whether CET1 should remain at 11 or maybe possibly it will be slightly lower and you would gradually increase it?

In addition to that prudential adjustment, my other question has to do with your portfolio growth. You posted a very positive growth message, and like you said, the bank is well tractioned.

There's 9.5% growth in the portfolio with the retained profits in the middle of the guidance also might imply some capital consumption. Going back to my question, will it remain at 11 or it will go slightly above?

If you can tell me something else about CET1, I would appreciate it. Thank you.

You are constantly provoking us about this topic and I really enjoy your provocation, thank you again for joining us today. I would like André to start answering your question, and then I will follow through.

Thank you, Yuri. In terms of CET1 of around 11%, that's what we expect to have throughout 2026.

We are here talking about loan book growing at 9.5%, and we look at TJLP of 9.2% in the first quarter, going up vis-à-vis what it was in 2025. Interest on equity that was 14.5 billion last year, it will go up this year for above 15 billion BRL.

Our capital absorbs that portfolio growth, increase in interest on equity, and here we also have DTA, like you said.

CET1, it's around 11%. In the first quarter of the year, we know that we have the regulatory measures, operating risk, the 4966 issue.

Everything has been computed when we mention CET of around 11 for this year. There might be some fluctuations, but it will be around the 11 number, but our baseline is 11.

There might be some fluctuations for the reasons already explained by André, but it will be around 11, and this is important. Yuri, I'm not going to repeat what they said, because this is what we expect to see.

Two years ago, we told you that we have a lot of discipline when it comes to capital. Every year, we review our DTA or tax credit horizon for 10 years, meaning that we are constantly monitoring that and we also evaluate all of the opportunities, as you put it yourself.

Therefore, we are constantly looking at that. Back then, we said that we would have enough capital, but look at our allocation in our loan portfolios, turnover on the wholesale bank.

Therefore, everything we're doing is very well planned and coordinated. I can even go further.

I think we can surprise you more than anything else just in terms of our CET, our Common Equity, and net income will grow and our return as well. Obviously, 1467 is a challenge, more for some banks than others.

It is for the period of 10 years. There is an intersection here, which is '26, '27, and '28 are the heaviest years.

After that, the horizon may change. We are very confident.

Confident about everything we're doing and in terms of the capital that we are allocating.

Thank you. Thank you for your provocation.

Thank you, Yuri.

Hi. Good morning.

Now you can hear me. Good morning.

Thank you for the presentation and for taking my questions. I would just like to revisit the payroll loan.

I think Noronha said something about it, but if you could elaborate a bit more about your appetite and expectations for payroll loans, and more specifically private payroll loans. I know that on the public side you gained some important and relevant market share.

Thank you. We are very, very well positioned to grow.

Gain market, of course, that depends on the competition, but I think we are well positioned to gain market share. We gained market share on the public side, INSS, that involves a lot of market discussions and things related to the management of INSS when it comes to payroll loans.

We are also very well positioned with INSS. On the private side, we tend to increase our share.

As I said, we deploy models that are highly competitive 24/7. We are growing.

We've seen that in the past quarter of 2025, the last quarter of last year, and we will see the same things happening throughout the year. Therefore, I'm very optimistic in terms of everything that we're doing to grow and to gain share.

Thank you for your question. Thank you, Nahid.

Good morning, everyone. Thank you for the questions.

I'd like to second my colleagues and congratulate you on the deliveries since the plan was announced. Over the year, you showed a lot of ROE expansion, but when we look at the guidance at the mid-range, ROE is similar to that of Q4.

I'd like to understand if you expect 2026 is to be a year of accommodation, settling, or the uncertainty regarding the elections made you be more conservative in the guidance. Now, moving to 2027, if we have this scenario of accommodation, I think that in 2027 will bring the ROEs to more reasonable levels.

What would be the levers in revenue to increase profitability?

Thank you. Renato, thank you for the question.

I'd say that, well, no, I don't see a year of accommodation, no. I think it's part of our plan.

Again, we will improve step-by-step, because we'll continue to invest to increase competitiveness. I don't want to be repetitive, but this is our mantra.

We focus on that all the time. Regarding the ROE, again, it's kind of internal joke.

Yesterday, we were laughing about this. An aircraft will not fly backwards.

There's no chance that we'll do less than 15.2%. Actually, André, you're my witness, and Cassiano as well.

I said a year ago, I'm more optimistic, I'm more pointing to the upper range of the guidance than focusing on the lower band of the guidance. Of course, this year, I'm a little more optimistic.

What we actually saw, Renato, is that the market somehow started bringing the expectation of a net income to 30, 31 billion. The role of IR is to correct the course.

You don't have a 30%, 40% leap year-on-year because we continue to invest in our transformation. Remember that.

I see a higher and growing ROE. Indeed, you mentioned the macroeconomic aspect.

It is true. We should have a little more volatility in the second half because of the elections, that is only natural.

I am optimistic regarding what we are doing, our ability to compete in terms of the expectation. Our economy will have the GDP growth, and the unemployment rate very balanced.

We have a lot of opportunity for growth. With the interest rate cuts, if they happen a little faster, this will help some companies regarding their costs if they're a little more leveraged.

Of course, the macroeconomic environment does have an influence for all players in the market. I see us with a lot of opportunities to grow the ROE.

If we can deliver superior absolute results, just like the loan book that grew 11% when in September it was growing 9.6%, we'll do it. We're not wasting time.

We're not waiting. We're not wasting space or losing space.

Please remember what I explained here, Renato. We are well aligned, increasing penetration.

I spoke about Principal segment, SMEs, corporate is doing well, insurance company, they're delivering a lot. There are several verticals.

Earlier today in the press conference, Ivan spoke about the continuity of growth in pension plans, active distribution there. I see 2026 with optimism.

I think that there is a structural issue in Brazil in terms of the fiscal aspect and the public debt. If we are able to look at the public debt, regardless of the presidential candidates, if we improve that for 2027, 2028, we'll improve the market expectation.

He asked about the levers to increase profitability. Renato, I can say that it's almost everything, credit.

We are growing it with the right drivers. We are not operating in the higher risk segment.

For credit card, mid-income and in high income, in lower income, our risk appetite is lower. Credit is a big driver.

Liability management, the liability management we've been doing and the growth that we've been posting, and we've posted a lot of growth. Fee and commission income, the main levers and the detractor, that's another line, the insurance group.

The other areas, payments, our consortium business at full speed, the ability for auto loans in our own channels and external channels, and so on and so forth. I see a whole lot of opportunity because our organization is diversified.

We have different revenue sources at different moments. This year, we will revisit the channels, and this will increase cross-selling a lot.

We spoke about Bradesco Expresso distributing a lot more consortia, operations, insurance, payroll deductible loans, but also Bradesco Financiamentos selling more insurance. We have a number of opportunities for cross-selling.

Our business app will have Cielo, will soon have insurance, dental insurance. It's all part of operating leverage for us.

Thank you, Renato.

Good morning, André, Noronha, Cassiano. Good morning, everyone.

My question has to do with what you've just mentioned, with your good performance by the insurance group. In recent years, the share of the insurance group was about 20%.

It got to almost 50% in 2023, and it's been dropping, but in recent quarters, it became relevant again. I think that in consolidated income, a much higher percentage came from the insurance group.

This is due to an ROE in the vicinity of 20% compared to the bank. The bank is still a bit under pressure.

What is the relevance when you think about the mid-term in 5 years' time, how much of the results should come from the insurance group? Number two, is the power of the organization hurting, in consumption of DTAs of the bank?

Because in 2026, will DTAs start dropping or not?

Thank you, Thiago. The insurance group is not getting in the way in terms of consumption of DTAs, and that is important to mention.

What we have been saying in terms of DTAs is that this is a year when we will try to neutralize the nominal portion. We'll see a reduction of DTAs in 2027, 2028, and this is part of our plan stretching until 2028, as Marcelo mentioned.

That is super important. I think that we've had the best allocation possible in managing the cost of capital, and it has to do with the tax credits.

What was the second part of the question? A comment to make.

Periodically, the insurance group also pays dividends to the controlling shareholder. They declare and they pay.

You see, the insurance group is a strength to us, and not the other way around. It is diversified.

It is the biggest insurance group in Latin America. We have a huge traction in the bank's channels to distribute insurance, but we also have external distribution of insurance reaching out to other clients which were not necessarily reached out by our internal channels.

We don't hope that the insurance group will do less. We want them to do more.

We have an expectation of growing even more. This is what we're seeing.

The bank is investing a lot. We're investing in technology, 22% in 2025 over 2024.

The bank is investing in technology. Sometimes, you capture the value considering BF Consórcio, and so on and so forth.

What I see is, over time, we should have two-thirds from the bank, one-third from the insurance group. If this means that the insurance group will grow a lot more and have a bigger share, I'm happy.

I want to deliver more. This is our expectation.

We are very pleased with the results there and with the other related companies. You'll see that we will be taking off in our ROE and absolute profit.

Thank you.

Good morning, André, Cassiano, and Noronha. Congrats on the results, and thank you for taking my question.

I would like to revisit the SME topic. I think André talked about market share, and that was a relevant information.

Historically, this has been the bank's strength, SMEs. We've seen some competitors, even Nubank talking about SMEs.

Of course, the concept of SME varies in terms of the size of the company. What could we expect for 2026 in that portfolio, because given that this is a very relevant portfolio for you in terms of growth and even in terms of growth going forward?

Thank you.

Matheus, thank you for your question. We are very pleased with our positioning, and reinstating our position, I must say that I've been working directly with Rocha.

Rocha is the VP in charge of that area, but I've been working with all of my colleagues, Alexandre Panico, Mario Pescarolo, Marcelo, the entire corporate team or company team, and also wholesale bank with Bruno, etc., and the middle market team. We always look at what places the Central Bank in terms of assets, companies up to R$300 million a year, because this allows to draw a comparison.

Competition in this area is very fierce. We always knew that.

Our distribution strength is very strong in these segments. We delivered a lot in digital channels.

We hire government programs through digital channels. The journey is very efficient.

We certainly continue to invest. If there is a place to put money, it is precisely in SMEs, micro and small and mid-sized companies.

The levers continue to be government lines, but also we provide funding to company, vehicles, and other investments that have even sounder guarantees, prepayment to suppliers, all of that, it's part of our journey. Then, when you look at the digital need with a new app, when we are migrating over 500,000 clients, the retention rate has been enormous and great growth opportunity.

The commercial team and the back office is supported by GenAI and new tools. We just deployed Salesforce back in 2024 for the company segment.

Now, we are expanding that to the entire business segment and the previous platform we had so we can manage this whole set of things much better with more than 5,000 managers in 21 points of sales. I am very, very pleased with the results.

Look at the level of market share we have and see all that we were able to deliver in terms of our loan portfolio, and that was not by chance, but rather because we implemented new tools, new segmentation, new tools to our clients, new experiences, and certainly business unit, models, and products that are much more suitable. With SMEs, Matheus, not only we reduce the risk, but we increase penetration, and this is what we have to do.

AI is here to help. There are things that are a lot of machine learning and other things involve GenAI.

There are things that we do to manage our portfolio, some predictive default models, and engagement to grow. This means the client lifecycle of client totally connected to our analytics via CRM, which has also been revisited.

Therefore, we're sticking to our position, going from 16.6 to 17 or 16.4. That's not what changes the game.

We have to continue to grow. At the same time, reaching our fair share of everything that is important to us.

I'm very much aware of our potential and the growth that we can post for either corporate and individual.

Thank you very much, and congratulations on your second year under the new management. I had two very brief questions.

The first one is about the absence of cockroaches, as you call them, bad corporate cases. We haven't had any this quarter.

In your guidance for next year, do you expect corporate defaults to stay where they are, or do you incorporate some deterioration? The second is, could you comment on what tax rate you expect for next year?

Thank you.

Hi Carlos. The answer is no for the first question.

André, you can just start answering on the tax rate and then I can add if necessary.

Okay. The tax rate that we're working is between 16 and 21%, and 18.5 or 19 to calculate the net income.

Why is it that the tax rate was 20 in 2025 and it dropped a little bit? Because we anticipate higher payment of interest on equity, like I said, 14.5 billion in 2025.

I'm saying between 15 and 16 billion in 2026. Certainly, this is a number that certainly depends on interest on equity to be announced by the government.

It's not a fixed number. This is just the best estimate, but we anticipate growth in IOE so that we can take more advantage of the embedded benefit.

Secondly, it's what Marcelo said, part of our investments bring about competitive gains, and like Consórcio, we've been highlighting that almost every quarter, we could also talk about auto financing that had posted good performance in the past three months. We have several examples, even with BBI.

All of the companies are posting very strong performance, and this helps reduce the rate, the tax rate. That doesn't mean that this is operating weakness, but on the contrary, this is very well distributed.

This year, in particular, the tax rate will drop a bit. Depending on the company, the rate is different.

The insurance business has a lower tax rate.

Go ahead. I think this is the answer.

We have no concerns when it comes to the wholesale bank. Thank you, Carlos.

Hi, good morning. Thanks, André.

Good morning, Marcelo, Cassiano. Thank you.

Good, how are you? Thank you for taking my question.

You may have just answered it, but just wanted to make sure, right, because if we do ROE on a pre-tax basis, it's actually been a little bit more stable throughout the year, right, and I think on the guidance, our tax rate will be a little bit lower. Just because of the tax benefits you have, I think as your profitability generation improves, I would expect that tax rate to go up, and I think you mentioned the insurance tax rate is a bit lower.

Just to understand in terms of the underlying sort of earnings potential of the business, do you think that keeps improving, or do you think this tax rate sort of remains low because of the tax benefits that you do have, just to kind of think about excluding the tax rate, the ROE of the business and how you see that continuing to evolve? Thank you.

The operational result of the group before taxes, it grew 27% in 2025. Very strong.

Secondly, looking at 2026, the answer is no. Yes, we will post strong operational result growth.

It's not about a weaker operation and a lower tax rate. It is all well distributed with insurance very strong, Consórcio very strong, Bradesco Financiamentos very strong.

It's a very big group with several companies. When we consolidate it all, we see a small reduction of the income tax rate.

Let me stress this, Tito. We spoke about this in the other question.

The insurance group has a smaller tax rate. If you go to other affiliates as well, for example, in payments, it's the same thing.

We consolidated it all. Sometimes, in one channel, for example, the complete connection of Bradesco Financiamentos with this one single channel for checking accountholders or non-checking accountholders.

It's a different situation sometimes. It's not the case of the tax rate, but there are other companies that have different tax rates, which is the case of Cielo.

You see, there is a mix of tax rates. You should not forget that sometimes in the end of a period, there are some fiscal aspects, a certain law here and there.

For example, the insurance group benefited from that in the past quarter. They benefited from one law that affected the tax rate.

This is kind of what explains it, nothing different as André mentioned. Thank you very much, Tito.

Hi, everyone. Congratulations on the great results, and thank you for the opportunity to ask questions.

I know you have discussed at some length credit growth and some expectations for payroll loans, secured loans, but I was hoping you could maybe elaborate a bit more on each of the different segments and how they fit into the loan portfolio guidance of 8.5 to 10.5, kind of where you're expecting better growth, maybe where you're expecting some weaker growth, and where there could be some upside by segment if possible. Thank you.

Actually, as Marcelo mentioned, we start 2026 stronger than we started 2025. We had a positive surprise in credit in Q4 2025.

We start the year already with a lot of traction. We see a continuity of that movement.

What do we see in terms of trends? Very strong SMEs, followed by individuals and then wholesale.

Wholesale competing with the capital markets funding, as Marcelo mentioned. Sometimes, very high tickets making a difference.

In Q4, positive difference for us. That doesn't happen always, though.

I think that the expectation, the prospects for the segments would be this: SMEs, individuals, wholesale. We have traction across all fronts and we're ready to capture all opportunities.

Right, but Andrew, there are some different situations when we speak about the affluent segment. In Principal, we have relationship products such as investments, the credit card, with a value proposition that is unique for these clients, totally different experiences for these clients.

The same goes for Prime, which is different than the relationship for INSS retirees. For that audience, we offer deductible loans.

When we get to Prime and Principal, mortgages. We have these mixes of products that sustain these segments.

This is just to mention a few, mind you. In terms of companies, legal entities, we have a huge mix of products growing in small and medium-sized enterprises in different lines, by the way, increasing our penetration there.

With the wholesale bank, we are recycling the portfolio in what we call OTD book, origination for distribution. When the capital market spread was very crushed, we can compromise risk-adjusted return.

We don't work looking at that. It is better to distribute than effectively keeping it in our books.

We have a set of fees which are also important for us in different lines of business. There's also cash management.

It is a super important platform for small, medium-sized enterprises as well as for the wholesale. We'll have a new technology platform, which over the year will bring us important improvements.

That is another key point to improve profitability.

Not yet. Maybe if you remove your headset, maybe it will be better.

We cannot hear. We're receiving a question about mass income.

Tell me a little bit about the mass income portfolio.

If you need any more information, I can add. Okay.

Mass income is probably one of the major transformations of our banking cycle since the beginning of our history. I think we are bringing some good news.

I think Marcelo mentioned it quite well. 19 million clients are already fully digital in the mass retail with a totally different value proposition.

Again, it's much easier to operate, not only they use BIA GenAI, but there is a specialist that can help with a customized sale, which changes the paradigm of having an individual physically present in a branch. The second relevant aspect is the engagement, our capacity to serve that client with GenAI tools and integration tools that are very important to boost sales, and I think this has been a major evolution.

We anticipate 45 million, throughout the year, we will be fully digital. This will be our mass retail bank.

This is a very important aspect. Today, February 6th, we already have 25 million digital clients, because every week, the numbers are growing with zero resistance, zero friction with clients.

This has been a very good experience. All of that is supported by a very good technological platform for individuals, and this will encompass all the individuals.

I think we've been telling you about that in the past quarters, and this will certainly grow or help us decrease cost to serve, which has been significantly reduced, and this has an important correlation to our footprint adjustment.

Nishio, thank you very much for joining us. I know you had slight trouble with the sound, but thank you.

We are always available to talk to you and also to welcome you here at the bank, and the same thing goes for our IR team. I think Cassiano gave you a good backdrop.

You saw more than 40 million at the end of '26, starting with 19 million, but engagement is increasing and improving. Certainly, we are able to reduce direct cost to serve by 40-folds.

We are very committed to what we're doing. There are still people that look at the physical space, the physical world, and we are testing different models all the time with our Bradesco Expresso so that we can address these topics.

This is a challenge. In fact, I said that I went to Asia last September, and I heard comments from some banks, they have the same challenges we have when it comes to footprint adjustments, cost to serve, and consumer.

Therefore, Nishio, we are sticking to our plan and we will bring this year, and in particular in the second half, more information about this digital retail. Thank you.

Thank you, André. Thank you, Cassiano.

I extend this thanks to all of our team who helped us in this video conference. Thank you, our audience, for your interest and for the time that you spent with us.

It's what I said. This is the summary of our transformation, eight quarters in a row delivering good numbers, with the focus that I said, without losing sight of the plan that we set up for ourselves, step-by-step, but delivering improved ROE and improved absolute net income with a very engaged team with clients and with the Bradesco team.

Thank you once again. Our team is entirely available to give you more details, not only about this earnings presentation, but also about our transformation program.

Thank you all very much, and thank you for joining us.