Good morning. Thank you very much for joining once again our quarterly call.

If you could turn to page 3 of the presentation, we'll talk about the first quarter highlights. Once again, we're very happy.

We had record revenues and earnings, reaching a return on equity of 26.6% in the quarter, despite the very challenging macro environment. We had one market until February 28th, and we've had another market since March 1st.

I guess this really reflects the resilience of our diversified business models, where we are usually able to benefit from the different scenarios, varying sometimes which of the business units benefits from each scenario. In investment banking, we had a very strong quarter with strong performance, highlighting this very strong franchise we have in different products and sectors.

Corporate lending continues to show strong momentum, delivering not only record revenues, but being able to grow the portfolio 22%, while keeping a very disciplined underwriting. Here, while investment banking suffered from a weaker DCM market, the reduced competition from capital markets benefited our corporate lending business.

Sales and trading, we had another solid quarter, supported primarily by client activity. VaR decreased throughout the quarter as we dynamically managed our risk with new facts coming to market.

Again, a very strong quarter. Finally, in asset and wealth management, we continue to have very strong net new money, reaching 83 billion of organic net new money in the quarter, and reaching 2.6 trillion reais between the wealth management and asset management franchises.

Turning to page 4, we show a bit of highlights of the numbers. We had revenues of 10 billion reais in the quarter, a growth of 34% versus the first quarter of last year, net income of 4.8 billion, 42% growth versus the first quarter of last year.

It reflects the operational efficiency, economies of scale, the network effects of the business model that we're building. Finally, once again, we had a 26.6% return on equity in the quarter.

Turning to page 5, we had 83 billion reais of net new money. This purely organic, second-best organic net new money compared to the fourth quarter of last year, which was 108.

In the first quarter of '25, we had 105, but you have to remember that here, roughly 60 billion came from the Julius Baer acquisition. Our assets in wealth management and assets in asset management, both grew 28% year-over-year, reaching roughly 1.3 trillion reais in each of the franchises.

Turning to page 6, our unsecured funding continues to grow significantly, 31% year-over-year, reaching 379 billion reais. We continue with a very solid capitalization, 15.9% Basel ratio, and equity of 75 billion at the end of the first quarter, increasing 5 billion from the end of last year.

We continue growing our total credit portfolio 24%. So, 22% the corporate credit portfolio, total portfolio 24%, reaching 355 billion reais, of which roughly 281 billion in the corporate and SME segment and 74 billion in the consumer credit segment.

If you turn to page 7, we then show our traditional reporting that we've been doing quarter-over-quarter. Once again, revenues of 10 billion reais, net income of 4.8 billion, a net income per unit of 1 real and 24 cents, cost-to-income roughly flattish to the pro forma cost-to-income of BTG and Banco Pan that we showed in the last quarter at around 38%.

We do expect that over the next few years, we will be able to bring this cost-to-income to similar levels that we had before the consolidation. We reached total assets of 846 billion in the quarter, equity of 75, capital ratio of 15.9%, and an average VaR for the quarter of 32 bps.

If you turn to page 8, we are showing the first quarter revenues versus first quarter revenues of last year. We were showing this the last 12 months, since we do not have the pro forma previous 24 months, we're going to be showing first three months, then six months, then nine months, then year-over-year, and then we'll start showing last 12 months versus last 12 months.

Here, I think we see in investment banking strong growth, reflecting what was a weak quarter last year; solid growth in corporate lending; very strong growth in sales and trading, as once again, first quarter was a weak quarter last year; good growth in asset management, considering that first quarter of last year, we had significant dividends from our investments in the independent platforms; extremely strong growth in the wealth management franchise, 45%; also very strong growth in the consumer credit franchise, and in interest and other. What we see here is a very balanced revenue stream.

Basically, corporate lending and business banking 23%, if you look at corporate and investment banking 29%, sales and trading at 19%, if you look at sales and trading plus investment banking that's 25%, let's see linked to markets, 23% in investment management, 11% in consumer finance, which should grow over time, and interest and other 17%, relatively stable, and this should probably reduce over time as we expect interest rates to come down. With that, I'll pass the floor to Renato Cohn, who will talk about the performance of each of the business units.

Thank you, Roberto, and good morning, everyone. Going to our specific business lines, we start with our investment bank, where we had strong performance supported by our leading franchise across segments and sectors.

Revenues came at 628 million reais, and that's a decrease of 9.3% when we compare to the previous quarter, and it's an increase of 65% when we compare to the first quarter of '25. Market activity at the beginning of the quarter was very strong, with DCM activity in both local and international markets, and we also had good prospects for some ECM transactions with Ibovespa reaching new highs and getting close to the 200,000 points mark.

By the end of the quarter, as Roberto mentioned, we saw a different scenario as a consequence of volatility related to geopolitical tensions, and also a deterioration of the credit scenario in Brazil, which affected both DCM and ECM. DCM remained the main revenue contributor with transactions concentrated in January and February, and reduced activity in March as a consequence of increased volatility in the secondary market.

M&A continues to provide a solid contribution to our investment banking activities as we continue to execute our diversified pipeline. ECM, as I mentioned, benefited from the increased client activity at the beginning of the quarter and higher Ibovespa levels by the end of the quarter.

During this quarter, we were ranked number one in volume and in number of transactions in Brazil, and we are ranked first also in number of transactions in LatAm. Last Thursday, we priced the first IPO since 2021.

We acted as lead and global coordinator for the IPO of [Compens? Compass?]

in a 3.2 billion reais transaction, and that was a 100% secondary deal. To move now to page 11, we see our corporate lending and business banking, where we had consistent performance driven by record revenues and sustained portfolio expansion.

Revenues came at 2 billion 332 million reais, that's a 4.2% increase during the quarter, and a 21% increase when we compare to the first quarter of '25. Portfolio grew 7.2% during the quarter, and 22% compared to the first quarter of '25, and reached a total of 281 billion reais, as we took the opportunity of reduced activity in capital markets and the widening of credit spreads, more specifically towards the end of the quarter.

We took that opportunity to expand our book with high-quality names and at attractive spreads. We continue also to expand and diversify our portfolio in different geographies, with our Luxembourg bank gaining traction, and also our US bank starting to operate during this quarter.

We go now to our sales and trading on page 12. We see that we had solid results, supported primarily by client activity, with our VaR decreasing as a result of our dynamic risk management approach.

Revenues came at 1 billion 877 million reais, and that's a 6.6% decrease when we compare to the previous quarter, which was our best quarter ever, but it's a 43% increase when we compare to the first quarter of '25. Performance was driven mainly by strong client activity in a wide range of products and services that we offer to our clients, while our VaR, as I mentioned, declined somewhat to 32 basis points, reflecting a more conservative approach, especially by the end of the quarter when geopolitical risks increased market volatility.

Our market risk component of our risk-weighted assets reduced to 22% as again we took a more conservative approach towards the end of the quarter, and as we continue to expand our credit portfolio and diversify our risk. If we go now to our asset management on page 13, we saw continuing assets under management expansion supported by strong net inflows across segments and our business lines.

We recorded revenues of 783 million reais during the quarter, which is a decline of 8.9% from the very strong previous quarter, when we recorded performance fees for the second half of '25. When we compare to the first quarter of '25, we see an increase of 6.5 percentage points, with revenues from management and administration fees growing alongside the portfolio, but we saw a lower contribution from dividends received from independent asset managers that we invest in, that were somewhat smaller than what we recorded in the first quarter of '25.

Assets under management and administration increased 5.3% during the quarter and 28% since the first quarter of '25, reaching a total amount of 1.3 trillion reais. During the quarter, we managed to bring 48 billion reais of organic net new money.

That's a strong number with inflows being directed towards both our asset servicing and also our managed fund business. Moving now to our wealth management and personal banking on page 14, we see that we had record revenues driven by higher client activity and strong organic growth.

Revenues reached 1.5 billion reais, which is a 10% increase when we compare to the previous quarter and a 45% increase when we compare to the first quarter of '25. Strong growth during the quarter was driven by increased client activity alongside the consistent expansion of both our private bank and our high-income retail businesses.

Wealth under management reached 1.28 trillion reais, which represents a 4% growth during the quarter and a 28% increase when we compare to the first quarter of '25. Net new money came at 35 billion reais, once again a strong number of purely organic inflows.

During the quarter, BTG Wealth Management was recognized across 11 categories in Euromoney's Private Banking Awards, including Best Private Bank in Latin America and in Brazil for the third year in a row, and Best Private Bank for Family Office Services in Latin America. Going now to page 15, we look at our new business line, consumer finance and banking.

Here we saw consistent portfolio growth driven by strong payroll loan origination. As we completed the acquisition of the remaining stake at Banco Pan, we started recording now 100% of its revenues and costs in this first quarter of '26.

Credit revenues came at 954 million reais, somewhat impacted by upfront provisions related to the overall expansion of the portfolio, and also higher provisions in our auto loan portfolio. Total credit portfolio grew to 73.6 billion reais, that's a 14% increase during the quarter, with the largest contribution coming from private payroll loans origination, and that is a 34% portfolio expansion when we compare to the first quarter of '25.

Too Seguros revenues increased 44% during the quarter as a consequence of a one-off impact related to a regulatory change on how to record revenues and commissions, and revenues reached a total amount of 171 million reais. In April, we successfully concluded the MeuTudo transaction.

If we go now to our expenses and efficiency ratio on page 17, we saw here consistent operating leverage gains despite the impacts of the consolidation of Banco Pan minority stake. Overall expenses increased by 1.8%, with the main impacts coming from adding the costs of the remaining 20% stake of Banco Pan, and also the usual cycle of salary increases and promotions impacts during the first quarter of each year.

Salaries and benefits increased by 6% during the quarter, again reflecting inflation adjustments and promotions, and also the addition of Banco Pan's stake. Administrative and others increased 4% with some higher investments in our US operations, and also again an impact here from the addition of the stake of Banco Pan.

Goodwill increased by 8% as fully the impact of the acquisition of Banco Pan. Overall, cost-to-income remained flat at 38%, with our effective tax rate at 20.3%.

Looking now at our balance sheet on page 19, we see that total assets increased 5%, reaching 845 billion reais, that's 9.7 times our equity. Our liquidity remained solid with 84 billion reais of cash and cash equivalents, with an LCR ratio of 161%.

Coverage ratio remained stable at 136%, including now the consumer finance credit portfolio, and our total credit portfolio, again, including all our corporate, our SME, and our consumer finance portfolio, now represents 4.8 times our equity. If we go to page 20, we look at our unsecured funding base evolution.

We see here that our total funding reached 379 billion reais, that's a 6% expansion during the quarter and a 31% increase when we compare to last year. Most of the growth came from the domestic markets with issuances of time deposits and securities, but we also managed to issue in January a $750 million of a five-year bond in international markets at a 5.5% yield, and in addition we also issued 3.1 billion reais of 10-year subordinated notes, further strengthening our capital base.

Our retail component of our funding remained stable at 29% of total funding, and demand deposits grew in line with total funding expansion, and they represent now 6.5% of our total funding. Looking now at our Basel ratio on page 21, we see our total capital ratio increased to 15.9%, benefiting from the strong profitability achieved during this quarter and also the issuance of the tier 2 note I mentioned.

Our core equity increased 10 basis points and also tier 1 capital increased 10 basis points and reached 12.4%. As I mentioned before, our VaR reduced to 32 basis points as we took a more conservative approach as a consequence of more volatile markets by the end of the quarter.

Once again, as Roberto mentioned, very good, very strong results in a volatile environment, which reinforces the strength, the resilience of our business and our ability to navigate in a profitable way through different and challenging scenarios. I think with that, we can go to questions.

Hey, everyone. Renato from Autonomous Research here.

Thanks for the questions and congrats on the results. Sallouti, you were mentioning that ECM saw some weakness in March due to volatility, I'm curious here if you see a pick up starting in second Q, and also curious about your perspectives for the rest of the year, and if you can also add comments on ECM, right?

I think in general, we're seeing some companies becoming more positive, if you expect that to happen. Thank you.

Thank you, Renato. It's always very tough to make predictions, right?

If you ask me today, I think we will probably see DCM had a weak March and we'll probably have a weak Q2, we'd expect it to start picking up in Q3. We are quite encouraged by what we're seeing in the equity capital markets.

We had significant flows to LatAm and to let's say emerging markets in general. This did slow down a bit recently, but as Cohn mentioned, we were able to do the first IPO in, I think, five years.

We are encouraged by the trends seen in ECM. We think DCM still has a weak Q2 and hopefully picks up after that.

No, perfect. If you just allow me for a quick follow up here.

Can you give us the one-off impact on Too Seguros' revenues, and if that comes down in second Q?

Yeah. No, we don't expect to repeat.

This is a one-off, it would be back to obviously closer to the average of what we've seen. Obviously, we expect some business development there, but not to the extent to repeat this amount of revenues.

It's perfect, guys. Thanks very much, and congrats again on the results.

Thank you.

Hi, Sallouti. Hi, Cohn, everyone.

Congrats on the results. I have two questions on maybe consumer finance.

The vertical has a very positive quarter, and I myself have been flagging the retail opportunity in all my interactions with investors, it's great to see it coming through. Specifically on private payroll lending, we've seen some players reports cost of risk with the product in the first quarter a bit higher, right?

I'm curious to hear how have been your vintages performing and what's the level of cost of risk you find okay working with, right? If these vintages have been giving you more confidence to further accelerate, or important to reflect on it a bit and review everything?

Then, second question on MeuTudo. The acquisition was concluded in April, I guess this quarter doesn't fully reflect the consolidated economics for this business.

Any hint on incremental earnings contribution with MeuTudo is going to be in the consumer finance vertical? Thank you.

Starting by your second question, the numbers include our participation in the portfolio originated by MeuTudo, but there is no revenues attributed yet, this will start in the second quarter. We're very very happy with the transaction.

We think it's a fantastic fantastic set up. On the private payroll, I have to say that so far we're quite satisfied.

Everything has been quite adherent to our underwriting. The performance of the different clusters have reflected pretty much what we expected.

I think this is probably the difference when we analyze what's going on in the market, I think some people were not differentiating so much between how we classify the different clusters, and we see that's where probably the frustration lies. Far, we've been extremely satisfied with the results.

Naturally, there were some operational challenges in the beginning, but as time goes by, we see this product getting better and stronger.

Okay. Maybe a word on cost of risk, any level that you work with?

I guess the revenues are already net of the cost of risk, right?

Yes, you're right. We report them net of the cost of risk already, and of the operational expenses directly linked to the transactions.

Okay. Thank you.

Thank you very much.

Thank you.

Hi, all. Good morning.

Congrats on the strong set of results. My question is related to asset quality.

We saw the stage 2 plus stage 3 increase in this quarter. I wonder what's behind this, if there's anything linked to any acquisition, or there's a one-off impact?

Thank you.

Sorry, Arnon. I'm not sure I understood.

You mentioned about the stage 2 and stage 3. Can you repeat the question?

Yes, correct. Stage 2 and stage 3 as a percentage of total portfolio, it increased in this quarter to 7%.

I wonder what's behind this increase.

I think that it didn't increase in a significant, because the portfolio increased in line with that, right? We have the growth of Banco Pan portfolio, which has a higher component of stage 2 and 3, right, impacts the overall.

The mix, if we have a larger share of total credit from consumer finance within the total portfolio, which in this case was from 80 to 100%, right, you have that impact. When you look at the separate parts, right, the sum of the parts, then you won't see an increase, right?

We're just adding an additional 20% of consumer finance to the total numbers, and that the reason why you see this increase. Oh,

okay. Got it.

It was in terms of provisions the increase for this portfolio. No,

I think that the provisions are aligned also with the types of credit that you have, right? When you take the Banco Pan portfolio, it has a much higher initial and journey of provisions than the corporate lending part, right?

Once we increased by 20% our stake at Banco Pan, that impact happened, right?

Okay. Thank you.

Good morning, Sallouti, Renato. Thank you so much for the presentation.

Congratulations on the print. Just a follow up on the consumer banking optionality here.

I just wanted to follow up on two regulatory changes we had recently. The first one was on the private payroll, an off-implied caps.

I'm not sure if we can formally call a cap, but there was a formula that limits the interest rates. How this affects your appetite to grow in the product going forward?

Number two was the recent change on payroll that came in with Desenrola, that now the payroll margin for cards reduced a little bit, and then you can eventually compensate this with higher margins for the traditional payroll. Just on the Banco Pan perspective, how you're seeing those movements impacting the loan portfolio and appetite in general?

Thank you so much.

Thank you, Guilherme. First, on the private payroll cap, it affects roughly 15% of our production in the higher risk clusters, which probably means that we will probably not be doing that.

Overall, so far it has not really affected overall. It's just within the different clusters of risk that is affected.

The second, there were quite a few changes with the Desenrola. The first one was the unification of the limit.

We think it's quite healthy. I would say it's neutral to slightly positive for Pan, if you ask me.

Then the second one is that over time, the total amount that can be committed would be reduced. This will probably reduce production of the whole market over time.

This line has not been significant for us in the recent quarters. We do expect it to grow.

We'll be affected by the rest of the market. Personally, I do think it's something very healthy for society as a whole and for the macro environment.

Personally, I don't really like caps. I think the market regulates itself.

You're pricing out the higher-risk customer, which will probably be paying a higher interest rate somewhere else. On the changes to the INSS, I actually thought they were quite quite positive.

That's clear. On the insurance, just to be sure, I imagine also the new caps that are related to how you tie insurance to the product, I imagine does not affect Banco Pan or the private payroll that you originate, right?

No, nothing significant there. It's always in the parameters.

There's a difference of the product. We were doing life instead of prestamista, but this will be adapted soon.

That's clear. Thank you, Sallouti.

Hi, guys. Congratulations for the results, very strong again.

My question is also regarding consumer banking. Sallouti has said you guys were consolidating the portfolio of MeuTudo, but not the revenues.

It seems for me that the pace of the profitability, of the take rate of the consumer banking will improve a lot in the next quarter. The first one is if this makes sense to see that the NIMs or the take rates of this line will be higher next quarter and during the next quarters also.

Also, regarding the adjustments on the accounting on vehicles, my question is how much was the impact on the revenues of this adjustment? Thank you.

Hi, Marcelo. You're correct that we didn't record revenues related to MeuTudo transaction during the first quarter, because the transaction was concluded in April, right?

In the second quarter, we will record those

revenues.

Difficult to say the take rate, it's probably is going to be higher, right, because it depends also how the portfolio will develop during the second quarter, but we expect a higher revenues during the second quarter than the first. The second question, I'm not sure I understood.

Can you repeat that? Marcelo, I think that the second question was related to the auto loan provisions, right?

We, as usually we do, we revised our models for provisioning and we increased a little bit the levels of provisioning for the portfolio now at the beginning of the first quarter. There was a small impact there for that.

The impact was higher than the impact of non-one-off on Too Seguros?

I think it was a similar amount, Marcelo.

Thank you. Thank you, guys.

Hi. My question goes on asset quality.

You touched a little bit across some questions, but my question is we had a pretty eventful fourth quarter, so far a pretty eventful first five months of the year, with higher-than-expected interest rates perhaps for the year, the war. My question here is how is asset quality behaving versus what you have been expecting and what do you expect for the upcoming months?

Also, how do you evaluate lines for SMEs collateralized by the government? I'm thinking here especially about the indebtness and potential concerns on asset quality for the SMEs.

How do you balance this risk of high interest rates impact on them with the lines collateralized by the government? Thank you.

Thanks. Actually, we have already been underwriting credit with a more adverse scenario in mind.

To be sincere, the performance of the portfolio had been much better than what we had modeled, both on the corporate and on the consumer finance side so far. As you mentioned, this first quarter and the last months, especially on the corporate side, you've had a few events.

We have not had any significant exposure to any of these more high-profile situations that have been reported. Also, on the SME side, we are still mainly in the supply chain financing and discount of credit card receivables.

We do have some exposure to these lines that have some government guarantee coverage, but it's still small, but growing, but so far, good, no significant let's say issues there. The same thing on the consumer finance side.

Probably at some point, you will see a pick up on the provisions on the consumer finance side, similar to what you're seeing in let's say the more corporate events that we were seeing recently. I would probably say that this might be two or three quarters away, given just the recent government interactions which continue to benefit the consumer.

We have been underwriting from more conservative scenario, and if anything, the portfolio has been performing better than what we had underwrote for.

It is clear. Thank you.

Hi, Sallouti, Cohn, everyone. My question is on efficiency.

We now see that you have 11,000 employees post the Banco Pan consolidation. We'd like to understand what do you see as the right size for running the bank from now?

I think Sallouti mentioned during the presentation that efficiency could come back to levels preceding the Pan consolidation. If you could elaborate a little bit more on that idea, discuss the timeline for efficiency gains.

When do you expect operating leverage and synergies to come through? Thank you.

We probably expect them to start showing themselves more towards the next year. This year is still we're operating under two core banking systems.

We will probably be operating under one core banking system towards the beginning of next year. At the same time, you have to remember that we've been adding new business lines and new geographies.

If you look at our total headcount, it's actually been more or less stable since December '24, when you do the pro forma. Basically, we have been able to gain some efficiency unifying back office and controls with Pan and BTG, while at the same time expanding headcount in new businesses and new geography.

For example, in the middle market in Brazil or the bank in the US or the bank in Luxembourg. We do expect the cost-to-income to start trickling down, hopefully, towards the second half of this year, and hopefully, by the beginning of next year, that pace picks up.

We don't have any hard guidance to give here. This is more of a soft guide and just based on expectations, not on any mathematical exercises.

That's helpful. Thank you.

Hi, good morning. Congratulations for the results.

Two questions. First, on the net new money, it was a minor drop compared to the last quarters.

How do you see the sustainable level of net new money looking forward? That's question number one.

Question number two, if I'm not mistaken, in the 4Q, you mentioned that you believe that in the future Banco Pan has the potential to run at the same ROE as BTG. My question is if this is still valid, and when do you see that number being achieved?

Thank you.

Hi, Navarro. I'm not sure I agree with the assumption.

I think the net new money was very strong, once again, because it was purely organic, right? Fourth quarter was higher than that, 108 billion, but third quarter, the total net new money was 82.7, and we added, if I'm not mistaken, 18 in the acquisition of JGP business, right?

Second quarter, the combined net new money was 58.6, and first quarter, the combined net new money was 104.7, but there was the acquisition of Julius Baer with 62 billion, right? This is a very strong number of purely organic net new money that it's only smaller than the third quarter.

We're very happy with the net new money.

Regarding your question on Banco Pan, we probably expect ROE to increase quarter-over-quarter and we'll probably reach similar ROE to BTG as a whole probably in 2028, towards the middle of 2028.

That's great. Thank you.

Thank you all once again for participating in our quarterly call. We look forward to talking to you again in around three months.

Thank you. Have a great week.