Thank you very much. Good morning, everyone.

It's a pleasure having you here in our Q4 and full year '25 earnings call. Before I turn to the page of the highlights, which is page 3 of the presentation, I'd just like to say that we are very satisfied to see the investments that we have made in the last decade basically to allow us to enter new markets and new products to really start producing results.

In the last decade, we have basically become a complete digital bank present in the various segments of both individuals and of companies. Now with the integration of Pan, we will be present in retail and consumer finance.

With BTG Pactual, we are in high income and wealth management across banking, investments, and credit. On serving corporates, we started in the large corporate segment, basically offering credit.

We then started the SME, and by the end of this year, we will have SME, middle, corporate, and large corporate across banking and credit and with a complete product set. With that, we think that the opportunities to continue growing that we've seen in the recent years will continue in the years ahead as these investments mature and go along the J-curve and we gain market share in the different initiatives, while at the same time, we gain operating leverage.

Because basically for basically all of these initiatives, the cost base is here. As we basically expense most of our development expenses.

Over time, we're quite confident that we will continue to see these investments continue to produce results, and this is a multi-year trend. Going back to 2025, we finished the year with a return on equity of 26.9%, 380 bps above 2024, making this the best year of our history and, which I think is quite remarkable, we had record revenues across all of our different business lines.

Our revenues grew 32%. Our bottom line grew more than that.

We showed strong operating leverage, and we finished the year with R$17 billion in net income. We had a record year in investment banking with R$2.5 billion, with very good performance by DCM and M&A, and where we kept our leadership across all segments.

In corporate and business banking, which became our biggest revenue contributor, we expanded our portfolio to R$262 billion, 29.5% increase year-over-year, while at the same time keeping quality and diversification. Diversified geographies, segments, disciplined capital allocation, disciplined credit underwriting, leaving us with a very, very strong balance sheet at the end of the year.

In sales and trading, we also reached all-time high as we continue exploring new market segments, diversifying our client base and product offering, and where we were able to efficiently deploy VaR in new products and across markets. We went back closer to the historical and target level of VaR, still a bit below, but we had an efficient deployment of capital last year.

Asset and wealth management continued their strong growth, with revenues increasing 24% in asset management and 33% in wealth management. We had net new money of R$354 billion in the year, reflecting our continued gain in market share.

I think this was especially present in Q4, where we had a very strong net new money, which was completely organic, no acquisitions in Q4. Finally, we continued to reduce our funding cost.

We've spoken about this in the last few earnings calls, and this was evident in the issuance of a five-year bond at 5.5% yield, which was marked the lowest spread versus sovereign in BTG Pactual's history. With that, we're quite confident to state and the previous call, we were very confident to say that our ROE was we expected above 24%, but given the underlying trends, where we see the business, all the strategic steps which we see ahead of us, we are quite confident to say that we can deliver a sustainable return on equity above 25% in the next few years.

With that, if you can change to page 4, we talk a bit of the financial highlights. We finished the year with R$33 billion in revenues, 32% year-over-year growth, net income of 16.7, 35% year-over-year growth—here you see the operational leverage coming in—and 26.9% return on equity.

We finished with total revenues of 9.1 billion, 35—sorry, now going to Q4 on page 5, we had revenues of R$9.1 billion, 35% year-over-year growth, net income of 4.6, 40% year-over-year growth, and a return on equity in Q4 of 27.6%. Turning to page 6, still on the Q4 results, we had net new money of 188—oh sorry, R$108 billion, all organic.

Our wealth under management assets grew 37% year-over-year, reaching R$1.23 billion [reais?] , and our asset management business grew 26% year-over-year, reaching R$1.25 billion reais, roughly R$2.5 trillion in assets under management between these two business lines.

Turning to page 7, we talk about our funding and capital. We finished Q4 with an unsecured funding base of R$337 billion, 27% year-over-year growth, a Basel capital ratio of 15.5%, and R$70 billion of net equity at the close of the year, and we grew our credit portfolio to R$262 billion, growing 18% year-over-year.

If you go to page 8, we show the results of Q4 like we do every quarter. Once again, 27.6% return on equity, R$9.1 billion revenues, R$4.6 billion net income, net income per unit for the quarter of R$1.19, cost-to-income ratio continue to decrease to 35.5%.

We in the quarter also distributed the JCP of R$2.45 billion. During the quarter, we also concluded the Banco Pan transaction, which increased the capital of BTG by R$2.2 billion, making us close the quarter with shareholders' equity of R$70 billion.

On the next page, on page 9, we talk about the full year results. R$33 billion revenues, 16.7 net income, net income per unit of R$4.32, cost-to-income very similar to Q4, 35.4%, and as I mentioned previously, still a low VaR given historical patterns, 27 bps for the average VaR in the year, even though it increased quarter-over-quarter, and once again, with equity growing 21.8% to R$70 billion.

On page 10, we see the breakdown of the revenues between the different business lines. We continue to see as the fastest growing business lines wealth management and corporate lending and business banking and a very diversified revenue stream, where we have basically between investment banking and corporate lending 34% of our revenues, sales and trading or markets 22%, and investment management, which is wealth management and asset management, 24% of our revenues, and also the 18% of revenues in interest and other just reflects the very, very robust balance sheet with a high tangible equity to total equity, which reflects what we earn given the level of interest rates in Brazil.

With that, I'll pass the floor to Renato Cohn before we go to the Q&A session.

Thank you, Roberto, and good morning, everyone. If we move to page 12, we start with our investment banking, where we once again showed strong performance during the quarter with revenues reaching R$692 million, that's an increase of 7.7% when we compare to the previous quarter and 36% when we compare to the fourth quarter of '24.

We saw strong revenues coming from DCM activity, which once again was the main contributor for this quarter, but we also had a good contribution coming from ECM as we executed some strategic transactions. For the full year, we achieved record revenues of R$2.5 billion, and that's a 20% increase when we compare to the full year of 2024, with record results coming from DCM and also M&A.

We see that we ended the year in quite a different scenario when we compare to the first quarter of '25 after the very weak months of January and February, with activity picking up throughout the year. As mentioned, DCM delivered record results with more than 140 transactions completed both in the domestic and also in international markets where activity picked up more recently.

M&A also achieved a record year with large transactions being executed, while we continue to maintain a healthy pipeline for future quarters. In 2025, we were ranked number 1 in volume of transactions and number 2 in number of transactions in Brazil and also number 2 in volume of transactions in LatAm for M&A.

We were ranked second in number of transactions in Brazil and also second in volume of transactions in LatAm for ECM. Once again, very strong numbers for investment banking for the quarter and especially for the full year, with record revenues and a 20% increase when we compare to last year.

If we turn now to page 13, we see our corporate lending and business banking results. We see that we had record revenues for the quarter and for the full year, reflecting a strong portfolio expansion and resilient asset quality.

Fourth quarter revenues came at R$2.239 billion, which is a 4.4% growth when we compare to the previous quarter and a 22% growth when we compare to the fourth quarter of '24. Total portfolio grew 6.2% during the quarter and 18.3% when we compare to last year, reaching a total of R$262 billion by the end of the year.

Our SME portfolio grew 11% during the quarter and 24% during the year, reaching a total amount of R$32 billion. For the full year of '25, revenues reached a total amount of R$8.4 billion, and that's a strong growth, close to 30%, as we continue to benefit from the reduction of our overall funding costs aligned with a strong quality portfolio and healthy origination coming now from different segments and also more diversified geographies as we continue to expand internationally.

BTG Pactual Empresas, our digital bank for SMEs, was once again awarded as the world's best bank for SMEs by Global Finance, and that's for the fourth consecutive year. If we go now to page 14, we look at our sales and trading and we see that we also achieved record revenues again for both the quarter and for the full year as we continue to diversify and deepen our client base and our products and service offering, while efficiently managing our risks across the different markets and products.

Revenues for the first time passed the R$2 billion mark, growing 3.6% during the quarter and 30% when we compare to the fourth quarter of '24. For the full year, revenues reached R$7.2 billion, that's a 20% increase when we compare to the full year of '24 as we continue to execute our strategy of enlarging our client base and widening our offer for products and services.

Our average VaR closed the year at 27 basis points, that's a 6 basis points increase when we compare to the very low levels of '24 and still somewhat below our historical levels. Our market risk-weighted assets as a percentage of total risk-weighted assets remained stable at 25.7%.

If we turn now to page 15, we see our asset management business where we also had record revenues for the quarter and for the full year, driven by robust growth of assets under management and administration and continued market share expansion. Revenues reached R$860 million during the quarter, which is a 15% increase when we compare to the previous quarter and a 30% increase when we compare to the fourth quarter of '24, reflecting higher management fees that increased in line with the growth of assets under management and administration and also performance fees achieved during the second half of '25.

For the full year, revenues reached R$2.967 billion, basically R$3 billion, which represents a 24% increase when we compare to total revenues of '24. Net new money came at very strong levels with R$62 billion of purely organic inflows during the quarter and a total amount of R$140 billion of net new money throughout 2025, showing again our strong capabilities of net new money generation in this challenging macroeconomic scenario with high interest rates and it shows our ability to continue to gain market share in both our asset servicing and our manage fund businesses.

Assets under management reached R$1.248 trillion, which represents an 8.3% growth during the quarter and a 26% growth when we compare to last year. Here we were voted best bank for real estate funds in Brazil and in LatAm by Euromoney.

Moving now to our wealth management and personal banking on page 16, we also had record results again for the quarter and for the full year as we continue to achieve market share gains. Revenues reached R$1.370 billion during the quarter, which is slightly higher than third quarter levels, but we need to consider that in the fourth quarter, we had a smaller number of business days than in third quarter.

For the full year, revenues reached R$5 billion, which represents a strong 33% increase when we compare to the full year of 2024 as we continue to develop our business attracting new clients, launching new products and services, and also expanding into new geographies. Net inflows also came at very strong levels at R$46 billion of organic net new money during the quarter, and for the full year, our total inflows reached R$214 billion, reflecting our continued market share growth and the successful consolidation of the strategic acquisitions that we did in the first half of '25.

Wealth under management reached R$1.234 trillion, which is an 8.6% increase compared to the previous quarter and a 37% growth when we compare to last year. Overall, even with our higher wealth under management base, we see that our wealth under management is growing steadily at a compounded growth rate of 30% for the last five years.

For the ninth consecutive year, we were recognized as LatAm's best private bank by Global Finance and also Brazil's and emerging markets' best private bank. Finally, by the end of last year, we concluded the acquisition of M.Y.

Safra. We now have a US-based bank holding a full national license here.

Going now to page 17, we look at our participations, and here we see that we recorded profits of R$177 million for the quarter. Too Seguros contributed with R$58 million, and we see equity pick-up in Banco Pan at R$44 million as we decided not to distribute JCP, the interest on equity, from Banco Pan to BTG Pactual after the completion of the acquisition of the remaining stake of Banco Pan.

At the end, we reversed the JCP or the interest on equity that was provided and has been provided in the first three quarters. We record a 75 million in accruals of the portfolios that were acquired in previous quarters.

Now, as we completed the acquisition of the remaining stake of Banco Pan, we decided to create a new business line called consumer finance and banking. This business line will include all the activities of Banco Pan and Too Seguros.

As we used to record the profits of Banco Pan and Too Seguros through equity pick-up and add them to the revenues of our other business lines, which is not ideal because we were adding profits to revenues. Now, after the completion of the acquisition and the integration of Banco Pan into BTG Pactual, we will include revenues of Banco Pan using the same methodology that we use in BTG existing business lines, and we will also include 51% of Too Seguros revenues as we own 51% of the company.

At the same time, we will include the full expenses of Banco Pan into BTG Pactual expenses, also using exactly the same methodology, salary, bonus, administrative expenses, etc., and 51% of Too Seguros expenses with the same criteria. With that, the profit of BTG doesn't change as we already included the profits of Banco Pan and Too Seguros, but we'll see a change in total revenues and total expenses.

Let's have a look at the numbers, and we see them on page 19. We see there's no change in the existing business lines and then we see that participation business lines will cease to exist as all revenues and expenses will migrate to the consumer finance and banking.

Here we see that we got a total of R$1.070 billion in profits during the full year of 2025, of which R$805 million came from Banco Pan and R$265 million came from Too Seguros. This will be deducted from our total revenues.

Then we will include revenues of R$3.075 billion for Banco Pan and R$530 million for Too Seguros. We will add a total of R$3.605 billion in revenues to the overall revenue number of BTG.

In Banco Pan profits, we included R$190 million of interest and other that will now migrate to BTG interest and other line. With that, our total revenues for year 2025 will move from R$33.039 billion to R$35.765 billion, now adjusted considering revenues from Banco Pan and Too Seguros.

This will be important so we can have the right comparison base for future quarters. Later on, we'll see the same slide related to expenses.

Now, on page 20, we see the same slide that Roberto showed us at the beginning of the presentation, but now including the consumer finance and banking business line. Here we can see that the consumer finance and banking line now represents 10% of overall BTG Pactual revenues, which better represents the real diversification of our sources of revenues.

If we turn to page 21, we see the evolution of the consumer finance and banking business line. We see some revenue increases for Banco Pan that were partially offset by an increase in provisions, especially as we grow our portfolio of auto loans.

Too Seguros had a weaker quarter after a strong third quarter in revenues. Credit portfolio grew 4.9% during the quarter, with auto loans growing 7.1% and payroll loans growing 5.2%, while personal loans and credit card loans decrease as we sold some nonperforming portfolios.

Overall, the credit portfolio grew 22% during 2025. As you can see, 95% of Banco Pan portfolio is collateralized, and during the fourth quarter, we had record origination in auto loans, supported by the growth in lower-risk segments and our leading position in motorcycle loans.

If we go now to page 23, we see our expenses and main ratios. Here we see that we continue to see strong gains in operating leverage, highlighting our scalability of our business model.

Bonus increased 8% during the quarter in line with revenues. Salaries and benefits were stable.

Administrative expenses increased 7% as usually during the last quarter. There are always some pick-up in fees and invoices that arrive by the end of the year.

Goodwill amortization increased 3% and tax expenses increased 18% as a consequence of higher revenues, also a higher component of services revenues and also the geography of revenues. Overall, during the year, we see that expenses increased 26%, which is a slower pace than our revenues increase, with revenues increasing at a faster pace than costs.

We saw the reduction of cost-to-income moving from 37% to 35%, that's a 200 basis points reduction of cost-to-income during the year of 2025. Our effective tax rate remained stable at 20.2%.

On page 24, if we look, we can see the effects of including Banco Pan and 51% of Too Seguros expenses into the overall BTG expenses. We see the impacts on all our expense lines with a total increase in expenses of R$2.029 billion coming from Banco Pan and R$120 million coming from Too Seguros, plus an additional R$431 million in income tax expenses coming from Banco Pan and R$146 million coming from Too Seguros.

As you can see, net income does not change, right, as we are now just separating profits into revenues and expenses, but there is a R$50 million increase in adjusted net income. Once there was a R$90 million goodwill inside the profits of Banco Pan, once we migrate this goodwill, we need to adjust it for the effect of taxes on goodwill.

We see the R$50 million increase in the adjusted net income. If we go now to page 26, we see that our balance sheet closed the year with R$806 billion in total assets, which represents now 9.7 times our equity.

We continue with robust liquidity levels with R$88 billion in cash and cash equivalents and an LCR ratio of 176.8%. Our unsecured funding base continues to grow in line with the expansion of our on-balance sheet credit portfolio with a comfortable coverage ratio of 168% for BTG standalone.

Then when we include the credit portfolio of Banco Pan, we see our coverage ratio at 138%. Our corporate and SME portfolio represents now 3.9 times our equity, and when we include now the credit book of Banco Pan, we see that our total credit portfolio represents now 4.7 times our equity, which is still way below our peers.

If we go to page 27, we see our unsecured funding base. Here we see that the overall funding base during the quarter grew by almost R$30 billion, very strong growth during the quarter, and R$71 billion throughout the year, which represents a 27% increase.

As we mentioned before, we managed to increase our overall funding and at the same time expanding its average duration and also reducing its overall cost. Considering Banco Pan total funding, our overall funding reached R$357 billion, with 30% of our funding coming from retail sources and close to 7% coming from demand deposits.

In January, we successfully issued a five-year senior unsecured note with the total amount of R$750 million and a yield of 5.5%, which was our cheapest spread over the Brazilian sovereign. We managed to issue this note at 30 basis points above the Brazilian sovereign rate.

Looking now at page 28, we see that our Basel ratio remained stable at 15.5% and also our Tier 1 capital also remained stable at 12.4% after we issued a R$1.6 billion of perpetual notes during the fourth quarter of '25. Our VaR increased during the quarter to 38 basis points, bringing it closer to our recent historical levels, coming up from the very low levels of last year and also the beginning of this year.

I think with that, we conclude the presentation and I think we can open for questions.

Hello, everyone. Good morning.

Congrats on the results. Very powerful franchise that you've created so far, and happy about the soft guidance or hard guidance for the 25% plus ROE for the next years.

I wanted to direct my questions to Banco Pan, right? We know that it's not a exactly a new asset for you.

Now that the bank is fully integrated, I would like to understand whether you have any specific ROE targets for the near future given it currently operates below BTG's. I'd like to hear a bit also about the bank strategy.

We know a vehicle financing is very important and now you have a private payroll loans also as well and accelerating. When we look at the third quarter release, originations were accelerating at the time.

When you look at 2026, is it still a year that supports further acceleration and especially in a rate-cut cycle? That's my question.

Thank you.

Thank you, Daniel. On Pan, first of all, we have concluded the acquisition, but we have not concluded the integration.

What is very important for us on the integration side is when we are able to operate Banco Pan's business on BTG Pactual's core banking system. We expect that will happen at the end of this year and that we will see the effects of this in '27.

We expect to over time bring the consumer finance business to return on equity in line with BTG's. As you correctly stated, it has been detrimental for total return on equity.

We're basically focusing on three different aspects to achieve that. The first one is client experience.

Once we have made throughout 2025 significant investments in process, controls, and stabilization of the legacy platform, which has already improved the client experience, but we think that once you are able to leverage of everything we've built at BTG, you will see a significant improvement at the end of '27. Second thing that we have been investing a lot is the new credit underwriting models, where we have seen improvements and with that you'll see the acceleration both in vehicles and on the private payroll segments.

We do expect these improvements to continue to produce results both on the delinquency side and on the production side. Finally, we also expect to gain operational leverage with this integration.

We are actually very bullish with the possibilities here, but it's all about execution, right? We're very focused, very disciplined, following very closely all these different metrics, and we think that gradually over the next two to three years, we will be able to see significant improvement in the results of this business line.

Okay. Thank you.

If I may follow up, we have been hearing about AI and mainly in costs optimization, but some peers in the consumer finance group have been implementing it to the credit engine. How are you envisioning this trend or this type of assets?

Do you want to acquire? Do you see any potential M&A for BTG or even Banco Pan you want to develop this in-house?

How is this strategy rolling out in BTG and Banco Pan? Thank you.

Now,

on the AI side, we're basically using all our internal resources. We don't expect any acquisitions on this side, but we're quite satisfied with the results that we're seeing both in customer service, client experience, and credit underwriting in the consumer finance side, which is exactly what is giving us confidence to continue expanding.

Okay. Thank you, and congrats again.

Thank you.

Hi, everyone. Congrats on the results.

Really really strong numbers across the board here. I have a first question here on operating leverage.

If you're looking into the next few years, do you think that increasing operating leverage is still going to be a source of ROE expansion for you? Where do you think that your cost-to-income ratio can stabilize over the longer term?

Then if you allow me for a second one here, you're highlighting the decrease in cost of funding. I wonder if you think that this translates into higher net yields, higher spreads on your lending business.

If you could comment a bit on the expansion of SMEs and if that mix shift is also going to translate into higher yields in the future. Thank you.

Thank you, Renato. On the operating leverage side, with the integration of Pan, we now go back to a 38% adjusted cost-to-income, 38.5% to be more specifically.

Our goal in the next few years is to bring that to the 35%, 36% level as we continue to grow the business and integrate the core banking platforms and leverage out of all the investments we did on the apps and the front-office systems in dealing with clients. Yes, we do expect that this gives us a new avenue to gain efficiency.

On the cost of funding, I think we mentioned this in the previous quarters. The truth is our cost of funding reduced, but spreads also compressed across the board, and we saw that in the different segments.

The truth is our cost of funding has allowed us to expand a bit, but mainly been able to defend the business in this cycle as credit spreads tightened. Yes, you are right as the corporate, middle, and SME segments have higher spreads.

As they grow in the portfolio and as we grow the cash management and business banking, we do expect that to eventually reflect in the credit spreads. Given the size of that relative to the whole credit portfolio, this will be showing up in the numbers very gradually over the next few quarters and years.

That's perfect. Understood.

Thanks, and congrats again on the results.

Hi, good morning. Thank you for the call and taking my question.

Echo the congratulations on the strong and impressive results. Thanks also for the 25% ROE guidance.

Just to double-click a little bit further on that and particularly on slide 10, which you showed in the presentation. Pretty impressive growth across pretty much every single business line, growing close to 20% or if not higher.

Now, comps obviously get tougher, but interest rates coming down this year, which tends to be good for most of your business lines. At least from a qualitative perspective, how much is just the tougher comps make it harder to continue to grow at this pace in the different business segments?

How much of a tailwind should interest rates be? Just to try to think about how this growth that you've been delivering the last few years, I'd say, how that can continue particularly as rates start to come down, just given the strong growth that you've been showing.

Thank you.

Thanks, Tito. Clearly, the guidance already reflects that we do think the growth will slow down a bit, right?

We had 32% growth in top line, 35% in bottom line. If we would be able to continue at this pace, we would be seeing significant ROE expansion, which is not what we're seeing here.

This is not to say that let's say we are not seeing growth avenues in the business. Of course, we're seeing them up in line or above our capital accumulation rate, which gives us confidence that we can continue showing these type of results.

As you said, we have to see at what is the pace of interest rate cuts, because as we have our capital, which is basically cash. Interest rates have to fall, but we have to be able to compensate with the growth of the businesses, which probably will happen.

It just does not happen month on month, but it happens with a delay to the decrease in interest rates. With that, I would say that we're quite confident in continued strong growth, where we have been gaining market share, asset management, wealth management, corporate lending, and business banking.

We're also very confident that we can show strong growth in consumer finance, because we're coming from a business that is being turned around. Investment banking, we will depend much more on the scenario given the very strong market share that we already have.

Sales and trading will also be more dependent on us continue a bit on the level of activity and a bit of us continuing to find new avenues of growth. That's why we're quite confident in giving this guidance and that you will probably see significant growth numbers of business lines in order of change similar to what you've seen in the recent past.

I would probably say, we do expect consumer finance to grow strongly over the next few years.

Great. Thank you, Sallouti.

That's very helpful color. Maybe just one follow-up if I may, just ROE very strong, but on the capital ratio particularly, the core Tier 1, it was down a little bit and didn't really increase for the year.

Just to think about the capital consumption, just given the strong ROE that you do have and the growth that you have, how should we think about that core Tier 1 ratio from here? Thank you.

Hi, Tito. I think we've been showing numbers that was quite stable.

There was a 20 basis points reduction of core equity Tier 1 this quarter, right? It's a quarter where we pay the interest on equity.

Overall, if you look at the longer term, right, with this level of profitability and return on equity and our dividend policy of distributing 25% or interest on equity, the number is somewhat close. We are retaining around 20% and adding around 20% growing our capital by 20%, right?

We are quite comfortable that by adding this capital to our core equity base, we can sustain the same level of growth in our business lines, right? Especially considering that investment banking doesn't use capital, wealth management doesn't use capital, asset management doesn't use capital.

Basically, corporate lending and sales and trading in a lesser way, they are the business lines that consume capital. By adding 20% of additional capital every year, I think we are in a comfortable position.

Great. Thank you, Cohn, and congrats again on the strong results.

Thank you.

Good morning, everybody. Congrats again on the results.

I wanted to focus a little bit on the net new money on the asset management business. R$61 billion in the quarter, it's quite impressive, right?

If we look back, the net new money historically grows about 30 billion. I wanted to understand from your perspective, what led to this growth?

Is this significant market share gains or do you think the industry saw inflows because people are expecting rates to come down? If you can give us any color on which products these inflows were directed to and if there was any seasonality throughout the quarter, especially if you saw a pick-up more in November and December.

If you can give us any updates on what have you seen so far at the beginning of the year? Thank you.

Thanks, Mario. To try to give you some color here.

The industry is still not back to growth. It's still very focused on fixed income.

Having said that, our net new money was if I'm not mistaken, two-thirds our fund administration business and of the other one-third was half fixed income and credit and the other half our alternative asset management offering, which has been having a quite strong performance. It's quite mixed.

We continue to develop new products. We are still to see interest rates falling, which will probably change the dynamic of the industry as a whole, but we're still not seeing that.

I would say that definitely this is probably a gain in market share more than something linked to the market. If there's any seasonality, I would say you can say that maybe not a seasonality, but maybe a bulky net new money from gaining fund administration clients, but nothing really extraordinary here.

Very clear. Thank you.

Hello, guys. Congratulations about the results.

Very good. Again, you guys did deliver three fantastic results, three fantastic quarters.

In the last years, a huge recovery of the franchise and the company. Looking forward, you guys are saying that it's possible to deliver an ROE higher than 25%.

Looking to now and the consensus numbers, me and the other analysts, we have numbers a little bit better than this 25%. My question is regarding which line do you guys believe what is the challenge here?

The most difficult line to achieve or the line that you guys have more concerns regarding the next year with this environment that we have now? Thank you.

Thank you, Marcelo. Let me see the best way to answer your question.

We probably understand where you're seeing the different growth numbers in the business lines, and I would probably say that if I looked at your numbers, I would probably agree with them. As we always like to be conservative with our guidance numbers, because we always want to leave some space for market volatility, market changes, or even some frustration in one of our strategies.

I would not say that there's a specific business line that we probably don't have the same outlook that you have, but it's probably a reflection of our traditionally conservative guidance to give us some space for these, let's say, events that I previously mentioned.

Okay. Very good.

Can I just do a follow-up here? In last quarter, I asked you, Sallouti, about the sales and trading results, and you were talking to look to four quarters average.

Now the average is higher. Can you help me to try to look to that forward?

I know that it's better to have a something like to 30% discount on this average, but so the book value is higher, makes sense to use the average of the last four quarters?

I think the averages of the last four quarters is a good guidance. Naturally, you have to take into consideration that we're constantly developing new product offerings, penetrating new market segments, increasing our geographies, and that recently market activity has been positive.

Yes, just for the sake of simplicity, I will keep my guidance of the last few years that the last four quarters are a good indicator where the business is trending.

Thank you.

Hi, good morning. Hi, Roberto, Renato, everyone connected, and also congratulations on this historical 27 ROE for the full year.

Very solid 2025. I would like to ask about corporate lending.

This line has been growing around 20% for a while, and this was another quarter of close to 20% with SMEs doing a little bit better. I guess 2026 may be a little bit more challenging, right?

We have been seeing some corporate credit issues here and there. I guess on SMEs, there is always the government guaranteed lines that can help on that.

If you can provide some color, are you comfortable in keeping this, I don't know, 20% year-over-year growth for corporate lending? Also on spreads, right, despite the tightening, I think your implied loan yield, let's say revenues divided by average loans, right, it has been expanding for you.

Do you see this continuing because of mix? If you can give a little bit of color on this, I know there is a lot of moving pieces, operations outside of Brazil.

Whatever you can debate about the growth outlook and the margin outlook for this line and even maybe the asset quality outlook for corporate lending. Thank you.

Thank you, Yuri. No, we're confident to continue growing at more or less similar percentages of around this 20%.

As you said, we are entering into segments where we have minimal market share, corporate, middle, SME. It is still a market where a big part of the credit is dominated by five five of the other S1 banks.

We continue to see space for us to gain market share, especially when you compare the size of our portfolio to some of these, let's say, incumbents or competitors. At the same time, as you mentioned, there's the geographical expansion.

Yes, we think that we can continue to grow in a way that we can keep the discipline and credit underwriting, avoid to the greater expense possible the credit events, and operate this credit book still on an alpha basis and not on a beta basis. For this, the geographic and the segment expansion is crucial.

Because if not, at one point you become beta. We're quite confident that we will be able to do this, especially as we continue to grow the cash management and business banking offering together with that.

No, thank you. Thank you, Roberto.

If I may, just a follow-up and back to Tito's point on capital. Your loans growing around 20, and for sure you also have some kind of market RWA risk, right, that sometimes grow with your activity.

Should we think about your core capital remaining stable around those levels, like 11.3, 11.5? Is this a good guess on the capitalization ratio for you?

Again, I know it's well above the minimum, but just for us to work with a capitalization target for you. Thank you.

No, I would say that you can definitely think that our core equity Tier 1 ratio between 11 and 12 is a target, yes. We don't want to be below 11, and probably above 12 is probably too conservative to maximize the return.

We would probably go above 12 if we were concerned with the environment. If not, for us probably operating between 11 and 12 is a target, yes.

No, super super clear. Above 12, maybe inorganic opportunities.

Thank you very much, Roberto and Renato.

Thank you.

Thank you very much once again. I'd just like to make some final comments before we finish our call, because there has been a lot of chatter recently about investment platforms and the distribution of deposits of S3 to S5 banks guaranteed by the FGC.

In our view, the FGC has a dual objective in its creation. One is to protect all of the investors, and two is to foster competition by guaranteeing funding to those S3 to F5 institutions who don't have significant limits with institutional investors.

We think clearly in the recent events of Banco Master, it clearly shows that it's an opportunity to improve the regulation and the supervision. We believe we have to be very careful as a society and as the financial sector not to go back to the situation where we were before investment platforms were available, where basically clients would go to their banks and they could buy basically a deposit at 80% of CDI or an investment fund with a 4% management fee.

The investment platforms have helped democratize and offer good investment opportunities to all of the investors and also have allowed competition to foster on the different credit segments. Because this was abused, we have to be careful not to try to create rules where basically investment platforms either would choose not to distribute S3 to S5 deposits or the cost to these players would be so high that it would become unviable for them to do the relevant businesses.

On the Master case, we also think that it's very important here that the most important thing was to protect the investors within the FGC limits. If you look at our case, we basically had 10% of the deposit base of Banco Master distributed.

Not everything was distributed to us as Banco Master, some came from the acquisitions that the bank did. The truth is when we started noticing in the beginning of '24 that maybe the treatment of the balance sheet was not adequate, we then reduced the distribution and stopping fully the distribution in October of '24.

Of course, when you notice that maybe the activities don't justify the balance sheet, we should behave. Other than that, we have to count on good regulation by FGC, and here probably the regulation should advance to limit the percentage of deposits per platform, to limit the percentage of deposits which are retail distributed.

Here we don't have to invent the wheel. You can just see what is done in Europe and the US, and we can use that as a model.

At the same time, I think that the supervision of S3 to S5 banks has to be reinforced, especially after balance sheet reaches a certain size. This will probably prevent situations like the ones we are facing to happen.

We have to remember that the issue was with the assets, not with the liabilities. This is just a comment because I think that sometimes we get emotional with these discussions, but it's very important that we try to preserve what is good about this framework that was created over two decades here in Brazil.

With that, thank you very much once again for joining our earnings call. It's a pleasure to have you here and look forward to discussing with you at the end of the first quarter of this year.

Thank you very much. Have a great week.