...especially our sales force, who every day turns strategy into results through their commitment, dedication and close relationships with our customers. The numbers we are presenting today reflect more than just the performance of a single quarter.

They represent the combined effort of thousands of professionals who share the same purpose: to protect, care for and help build the financial future of Brazilians. It was this engagement that allowed us to deliver yet another period of consistent growth, expand our presence in the markets where we operate and continue creating value for our shareholders.

The results for this quarter, once again, reinforce the strength of our business model, the strength of our partnerships and our team's ability to execute. It's with great pride and confidence in the future that we share the main highlights of this performance with you today.

This quarter, firstly, I'd like to highlight the commercial performance of two business lines that are directly connected to Caixa's core businesses, the housing finance bank. During the second quarter of 2026, mortgage insurance reached a new record in written premiums.

We maintained our market leadership in the segment with consistent growth supported by the continued expansion of Caixa's mortgage loan portfolio. We closed the period with more than R$1.12 billion in written premiums, 14% higher than in the previous year.

It's also worth highlighting that it was the first quarter in which written premiums from Caixa Residencial's mortgage insurance surpassed the volume of the run-off portfolio, which consists of mortgage insurance policies sold through 2021 that are still in force. In home insurance, we recorded nearly R$280 million in written premiums during the quarter.

Although this was very similar to the level recorded in the second quarter of 2025, it's worth noting that this performance continued to reflect our strategy of offering bundled home insurance together with mortgage financing. This initiative does reduce growth in the short term, but it contributes to more resilient, predictable and sustainable results over time.

In this context, bundled home insurance accounted for 18.2% of total written premiums during the quarter, growing 18% compared to the same period last year. Moving on to slide number 4, I would like to highlight the performance of our private pension and premium bonds segments in the second quarter of 2026.

In private pension, our initiatives focused on inflows and retention contributed to a positive net inflow of R$1.4 billion during the period. Contributions reached R$6.7 billion during the quarter, growing by almost 18% compared to the same period in 2025.

As a result, private pension reserves surpassed R$214 billion, representing a growth of 16% over the last 12 months. Throughout the period, we carried out several commercial initiatives, particularly promotional campaigns that included travel prize draws for customers and the distribution of points through UAU, the Caixa loyalty program, further reinforcing synergies across our group.

In premium bonds, funds raised exceeded R$545 million, and for the sixth consecutive year, we delivered our best result ever, growing almost 25% year-over-year. This performance reflects our strategy of stepping up sales of monthly payment premium bonds, which has consistently expanded both our customer base and the volume of funds raised.

During the quarter, we also launched Hyper X Cap, a philanthropic premium bond product with prize draws. In addition to giving customers the opportunity to win prizes, the initiative also generates a positive social impact, in this case, benefiting Hospital de Amor, like Love Hospital in Portuguese, one of Brazil's leading centers providing free cancer treatment.

Moving on to slide number 5, let's continue with the highlights for the quarter. In the 2026 edition of Brand Finance's Brazil 100 ranking, Caixa Seguridade further consolidated its position among the country's most valuable and relevant brands.

The company was recognized and acknowledged as the insurance sector brand with the greatest improvement in brand strength and ranked as the fifth strongest brand in Brazil. This reinforces the consistency of our strategy and the trust we have built with customers, partners, investors and our other stakeholders.

In addition, against a backdrop of expanding alternatives for accessing the real estate market, Caixa credit letters became the market leader in real estate credit letters awarded to customers among Brazil's largest administrators of the sector. In May 2026, the number of awarded real estate credit letters grew 112%, highlighting the company's growth strength in one of the sector's most important segments.

Finally, as part of our sustainability and climate management agenda, Caixa Seguridade received the Gold Seal for the fifth consecutive year from the Brazilian GHG Protocol Program. This recognition is awarded to organizations that fully disclose their audited and verified greenhouse gas emissions, demonstrating the company's commitment to transparency and to mitigating environmental impacts of its operations.

To conclude this part, I'd like to highlight the company's main financial indicators for the quarter. We recorded a managerial net income of R$1.14 billion during the quarter, representing a growth of 9.5% year-over-year.

ROE reached 70.9% at the end of June, the highest level in company's history, increasing 1.3 p.p. compared to the same month last year.

This result highlights Caixa Seguridade's strong ability to generate value and efficiently translate its results into returns for our shareholders. Finally, yesterday, the Board of Directors approved the distribution of R$1.05 billion in dividends.

This amount corresponds to approximately 92% of our net income for the quarter, maintaining our recurring payout ratio above 90% and reinforcing the company's commitment to sustainable value creation for its shareholders. With that, I conclude my presentation and will now turn the floor over to Edgar Soares, who will continue with a more detailed discussion of the company's financial and operational performance.

Thank you Gustavo, good morning everyone. I'll now go into more detail on the company's financial, commercial and operational performance.

On slide 8, we provide an overview of the company's financial performance for the quarter. It's important to note that the figures presented here are shown on a managerial basis in accordance with IFRS 4 standard.

Starting with operating revenues, we reached R$1.5 billion during the quarter, representing a growth of 8.5% compared to the same period in 2025. Of this total, 59% came from revenues from equity investments, which grew 11% compared to the same period last year.

The remaining 41% came from distribution business revenues, which grew 5% between periods, with highlights including revenues from mortgage insurance as well as the premium bonds and private pension segments. As Gustavo already mentioned, managerial net income reached R$1.14 billion during the quarter, growing 9.5% compared to 2Q25 and 12.8% on an accounting basis.

As a result, we ended the quarter with the highest ROE in the company's history, reaching 70.9%, an increase of 1.3 p.p. over the last 12 months.

Moving on to the next slide, let's talk about the commercial performance on the company's insurance business. We reached R$2.5 billion in written premiums during the quarter, with mortgage insurance once again standing out and continuing to show very consistent growth.

We recorded more than R$1.1 billion in written premiums, up 14% year-over-year, and this performance reflects the expansion of Caixa's mortgage loan portfolio throughout time. In home insurance, although written premiums remained at a level similar to last year, I would highlight the performance of bundled home insurance, which grew 18% year-over-year and contributed to a 16% increase in earned premiums in the period.

As we've been discussing over the last few quarters, this model has a lower ticket but a higher term, aggregating a better consistent, sustainable relationship with our clients. Focus on sustainable results, when we analyze life insurance, we grew 6% year-over-year, increasing 1% in earned premiums for this year.

This is a result of an expansion in the modality monthly payment year-over-year. We kept the volume very similar to the previous quarter.

The performance of this product is impacted by the macroeconomic scenario that is marked by high interests that increase the ticket and decrease the capacity of hiring premiums during the period. We also had a retraction of the volume of the premiums agro, the volume of this business reduced 25%.

Another highlight was the degree of use that represented 6% out of the total premiums of insurance in all the modalities operated by our investee companies. In total, the premiums from Caixa Seguridade growth 6.1% and 5.8% in the accumulated for this year, reinforcing the resilience of our mix of products.

Moving to next screen, let's talk about 24.2%. We had 0.9% improve year-over-year.

This result reflect the result of the indicators life, housing and mortgage. We had 1.7 p.p.

increase influence especially from housing and life. In the housing, it was linked to assistance services, and it comes from BNR, and it's impact by the new floods.

Although this variation, when we look at the accumulated for the first semesters, credit life, it remained in a healthy level and compatible with the history of the operation. Talking about the commission, the dynamics remained stable and aligned with the historic milestone with 0.3 p.p.

related to the mix of products. Moving on to operating margin, we recorded a growth of 5.5% during the quarter and 9% for the first half of the year.

This performance reflects a consistent execution of our long-term strategy, with a focus on expanding monthly payment products, which contribute to increasing earned premiums over time, as well as an improvement in the loss ratio. It contributed to this indicator.

Compared to previous quarter, the margin was impacted by higher claims in home and credit life insurance, as we mentioned earlier. As a result, the insurance business accounted for 46% of total operating margin, in line with the level recorded in the second quarter of '25.

Next slide, we present the performance of our accumulation business, which continues to deliver solid growth across its segments. Starting with private pension, gross contributions reached R$6.7 billion during the quarter, growing 17.7% year-over-year.

This performance combined with lower redemptions contributed to a positive net inflow of R$1.4 billion during the period. As a result, we ended the quarter with R$214 billion in reserves, representing growth of 16.1% year-over-year and reinforcing the strength of the segment.

Moving on to premium bonds, once again, we set a record for funds raised, reaching R$546 million during the quarter. This represents a growth of 25% year-over-year and reflects our strategy of focusing on sales of monthly payment premium bonds.

Premium bonds reserves totaled R$3.8 billion, growing almost 32% over the last 12 months. Finally, credit letter sales reached R$5.8 billion during the quarter.

This performance helped drive the credit letters portfolio above R$53 billion, representing growth of 34.5% year-over-year. The next slide, we will continue our products in the accumulation business.

During the quarter, operating revenues reached R$974 million, representing growth of 5.2% compared to the same period in '25, with highlights coming from the private pension and premium bonds segment. In credit letters, the decline during the period was related to changes in revenue recognition criteria as well as the natural maturation of the portfolio, since administration fees are more concentrated in the early stages of each group.

Operating margin totaled R$738 million, growing 2.6% year-over-year, driven by revenue growth. With this performance, the accumulation business accounted for 27% of total operating margin during the quarter.

On the next slide, we provide more details on our distribution businesses, which includes revenue from access to Caixa distribution network and the use of Caixa brand, as well as brokerage and intermediation revenues from insurance products, which are presented together here under brokerage revenues. Brokerage revenues, during the quarter, revenues from this business grew 5.2% compared to the same period in '25, reflecting the mix of products sold.

In the table on the left, you can see the detailed performance of this business, highlighting revenue growth from mortgage insurance up by 26%, premium bonds up 24% and private pension up by 9%. Looking at the breakdown of brokerage revenues, 21% of total revenues went to incentive payments to Caixa employees and compensation for partner channels, while 11% went to the Caixa service fee.

The remaining 68% of commissions paid by the operating companies remained within the brokerage operation as net revenue. In line with revenue performance, operating margin reached R$469 million during the quarter, growing 7.1% year-over-year.

Overall, distribution business accounted for 27% of total operating margin, with 21% related to insurance business and 6% to accumulation business products. Next slide, we present the company's main operational indicators on a consolidated business basis, also considering Caixa Seguridade's economic interest in each of its investee companies.

Starting with administrative expenses ratio, we can see that it remained close to historical levels. The ratio increased 0.1 percentage points compared to the first quarter of this year and 0.6 p.p.

year-over-year, mainly reflecting higher investment in IT, advertising and marketing in general. Excluding the amounts allocated through tax incentives under the Rouanet Law during the period, the adjusted ratio would have been 10.4%.

Looking at the combined ratio, it remained stable year-over-year, reaching 57.6%. Compared to the previous quarter, however, it increased by 2.9 p.p., mainly due to the higher loss ratio in credit life and home insurance, as we mentioned earlier.

Finally, the expanded combined ratio with 50.6% improved by 0.3 p.p. year-over-year, reflecting the improvement in financial result during the period.

Moving on to slide 15, we look at the contribution of operating and financial results in forming the net income. For this calculation, we consider the operating financial results from all our investee companies, proportionally to the company's ownership interest and net of taxes.

During the quarter, financial result grew 19% compared to the same period in 2025, mainly reflecting the higher volume of financial investments. Financial result accounted for 35% of Caixa Seguridade's net income during the quarter and 34% in the semester, an increase of 3 p.p.

year-over-year. Looking at the composition of our consolidated investment portfolio, we ended the month of June with R$16.2 billion in financial investments.

Of this total, 42% was allocated in floating-rate securities, 34% to fixed-rate securities, 17% to inflation-linked instruments and the remaining 7% to other types of funds. The average yield on the fixed-rate portfolio reached 12.9%, increasing slightly compared to the previous quarter.

This reflects the strategy adopted by our investee companies to extend portfolio duration and spread maturities across the curve. With that, we conclude our presentation of the results for the 2Q of 2026.

Thank you very much, and I'll give the floor back to Matheus.

Can you comment on the total of credit life premiums and thinking about how this product is showing its attraction to the market, do you study if eventually you will offer this product in other counters other than Caixa in other channels? Thank you.

The credit life portfolio connected to is that the product is very new, like the medium life from private consignee versus the public pension that the loss ratio is slower because of the maturity, but it's been consolidating itself. This semester, for example, we had from written premiums for credit life R$11 million, I think.

It was a big impact. We had a very interesting launch in March, but then we had a change in the regulation framework, it brought the limitation of the cap of interest, it impacted the offer at the first moment.

We had to adjust by Caixa concedee offering the credit and the administrator adjusting that, in April we could close the quarter with R$11 million. This operation has a great potential, as Portela has said in the previous presentation.

We had the launch of the journey with this dynamic from the older app. It was not an ideal journey, but now we've been effectively advancing this new app of Caixa to reach a better journey for the user.

The product was developed especially for this operation. It has that component of losing income to attract clients for the segment, but we understand it's a good product.

It hasn't expanded well for us to tackle that differently, but we've been observing this portfolio. The credit life insured is interesting because there is interest rate pressure, the affordability, and we've been implementing some changes on both sides for us to improve this journey and to bring more results.

As the numbers showed, we came from a very challenging scenario, and we're trying to resume growth in the operation.

Thank you. Good morning, Ricardo.

Thanks for attending this call. Just complementing what Edgar brought, when you mentioned different counters, we see many opportunities to improve in our market share, in our client base, as Edgar said.

The advance of this technology evolution of Caixa it may allow us to offer it in a more fluid way to our client from our basis to the new clients that are coming to credit to workers. We have like Pix in installments, there are CDC or private credit that is completely digital, there are many new opportunities.

Although all the challenges we see, this product has launched, we had a change in criminal cap fee, but we have room for growth here. We're not thinking about changing it in a critical way, and yesterday we've been talking about testing the preps, and we expect that for the new sales between the first and the second quarter of next year, we're expecting some changes, but there are lots of opportunities here.

Of course, we're not closing any doors if there are new opportunities and it makes sense to the company. The product has been prepared, and it has been improved, but now we've been improving it for maybe offering that in different counters.

We had some clients that have this portfolio and they can also talk about a loss of income, and we have some different offers here for credit life and loss of income. There are many opportunities in-house before we start thinking about expansion to different channels.

We are not closing doors, but let's analyze that and check the opportunities and convenience. It is very clear.

Thank you so much.

Good morning everyone, thanks for your time. I'd like to keep talking about the commercial area.

Can you give a little more color about the expansion of the market share and the change in product in housing? What is the impact in written premiums and loss ratio in this shift for the monthly payment and if there are different opportunities in this mortgage area the same as in the credit life?

We brought to you in different moments the vision we've been building for this life insurance. We are the biggest bank in Brazil in this area, when the client hires a mortgage credit, we have some insurance that are mandatory, we offer them, but this product is restricted to the structure of the real estate or death of the user.

Since we launched this product, we've been working for that to be the first offer, the main offer for the client. Sometimes the client needs a bigger coverage, we offer the traditional mortgage insurance.

For the latest quarters, we've been trying to build a journey in the housing app that is available to the client. It's a very specific app.

It has not been integrated under the umbrella of the super app. We've been trying to link them and trying to integrate them, but we've been prioritizing that, and recently this work has been intensified.

Recently in June, we changed a little how we offer and incentived our team, and we changed the offer journey inside the app, the housing app, we realized that first, the penetration expansion of this idea in the new clients has been there's a turnover of 30% for the new clients, but when I look at the previous consolidated portfolio and the mortgage insurance, the XS3, our run-off operations, we've been doing maybe stimulating the sales force or the clients through the housing app. There's a more accelerated campaign for offering this product to the client.

The first month after we reorganized the campaign, the figures were great, and it's been working in a very good way, and we believe that this strategy will reduce the written premium at first, but over time, it brings a different perspective. I have an average permanence of the client, and the clients, they can't afford a more complete 3 to 4-year product, but when I have this bundled product, the permanence represents almost the same with the clients that have credit with me.

I lose a little in T0, but I expand and increase that a lot in the long term, the most important part is we deliver a product that has coverage assistance that has a very comprehensive coverage, and client can see the value there. I think it's a win-win situation, and we have in-house a partner that is a specialist in that, we brought this opportunity to improve this added value to the client, aggregating way more value for the client, and over time, value capture will increase for our company, for Caixa Seguridade, and our shareholders will be great.

We've been very excited at this first moment, but of course, we want to adjust that with the super app. When all the mini apps are consolidated and integrated in a umbrella application, in the super app, I think it will accelerate a lot.

Recently, we had a test and we can analyze everything from the perspective we see a client that has a mortgage insurance with us and I talk to the client that accesses the app that goes to my branch, and this year we started a new campaign called the Performance Table, digital marketing, looking at our basis of client and offering the product, we are very excited with the perspectives of expansion. Thank you Antonio for your question.

Thank you.

Thank you for your call. Good morning everyone.

It's a quick question about the credit life, and the second is about the loss ratio. We have the El Niño scenario.

How are you looking at the potential risks? We look at 2024, can you give me some color?

In a normal scenario without any adverse scenario, we understand that that loss ratio in credit life in '25 is a very regular scenario, and we've been looking at that when we don't have a one-off event that happens in 2026. We had a change in the regulatory framework, the way that we acknowledged the loss at the beginning changed a little, so that was the reason for the lowest expansion in the first semester.

Then in the second semester, we adjusted that, it's within the regular margin in comparison with last year approaching 20%, 2 p.p. up or down, and we've been very aligned in relation to that.

In relation to the issuance of written premiums, we've been reviewing our portfolio and we've been capturing new opportunities and expanding on the credit. When we work with the product, we had this mission of the public pension last year.

It was a very important operation to us. We had this expectation that the insured for the loan to the worker.

When we left this routine of hiring, we would capture more value, and we did it well in March, but in April there was a change in the regulatory framework. There was a limitation we had to adjust, not only the operation itself, but the offering tickets, and we've been seeing that number growing.

We have a challenge here. As time passes, the digital channel has grown a lot.

The super app is reality. Many media outlets have been talking about that, and we're talking to you and we've been updating you.

We will plug and our mini apps will be developed and available to hire our insurance products within this new super app, and all the journeys will be seen and reviewed for us to include credit life at the beginning of the concession of credit. Portela commented on the bundled mortgage insurance.

It's a success, and when we concede a credit to the mortgage insurance, we have this bundle, when you have personal accidents with loss of income, we did that for the mortgage, and we've been trying to bring it closer to the moment of credit concession, and then the expansion that we've been expecting will happen. We think this big review in way that we relate to our clients, Caixa agrees with that, with developing the portfolio.

Andलाइज the launch we will have in the second semester, a new credit life, a new way to offer that to the client, and this is our expectation. The interest rate scenario flattens a lot the capacity of the client to take out credit life, and it hinders the old client from renovated that.

It's a very challenging scenario for the year. We had a second quarter that was aligned with what we had in the first quarter, but the expectation is that with the reduction, even if they're very light, we will be able to resume that and have a slight increase compared to the latest quarter.

Just complementing what Edgar said, Edgar explained everything, but just to highlight some important ideas, it's very hard to disassociate the credit life insurance from the other. The lower affordability of the client has brought many different challenges, but it has worked.

When you exclude INSS from last year, the premium was very aligned with the second quarter last year, even with all those new challenges with interest rate very high. I think the opportunity here is not only in the journey, as Edgar said, but with the first quarter, we implemented different platforms of relationship with the small company owners.

We created 100 platforms all over the country by a period to reorganize, readjust, incorporate the portfolio by the managers that serve the clients, and we expect that this relationship with the small to medium companies with revenues up to R$50 million And up to today, they were served in the regular branches, but now they have a more individualized service, and we segmented this service to be able to serve the client better in a closer way, in a more specialized way, and we hope it will bring more opportunity and the client will see more value in this relation. It's a very challenging product.

Since last year, we've been talking about that. It's a challenge to us, and what we've been doing throughout our trajectories to find alternative ways for the company to keep growing and delivering relevant results year-over-year.

Thank you.

Thanks for the opportunity. I have one question regarded housing premiums.

I'd like to understand the dynamics for the second semester. Credit is still traction.

You have some changes in the housing. What's the dynamics for the second semester?

Can we see the acceleration it's getting stable, what to expect for next year?

Arthur, well, regarding the housing insurance, our evolution follows closely the evolution of Caixa issues. Caixa guidance has been followed.

We have projections to deliver the guidance, everything is within our expectation. This increase of 14% came because there's a delay between Caixa evolution here because Caixa's portfolio increases and with a delay we can feel the impact.

The guidance of Caixa was in average 11% to 12% of growth, the portfolio for the year, the volume of mortgage insurance is about R$260 to R$270 billion in new resources. Our expectation is to follow in line with the guidance around 12%, and then you have the seasonality within the year.

We reached 14%, but it was within the dynamic of credit over a year. It's important to highlight that this mix of products we have, the way we operate, the anchor that is put into the mortgage over time, and all the value capture by managing the products come from insurance makes our results very resilient in a timeline.

When we look at the growth numbers, we've been growing more than 11% year-over-year when we look at the semesters. We have an increase of mortgage insurance with the housing credit even with the interest rate pressuring the market, and we have private pension coming strong even with the regulatory changes.

With the balance between external impacts and our business model has been able to withstand, and it's very interesting. We keep moving this way.

Let's watch closely the evolution for the second semester, but everything's aligned with Caixa guidance 9.5% coming from Caixa and 8%, 8.5% come from FGTS.

Complementing the question by Arthur, it brings opportunities to Caixa Seguridade because, as Caixa has already said, the funding, especially for the savings account, is balanced. It generates opportunities for us to explore in a more active way, as we've been doing for the last cycles, changing promotional strategies to attract and keep the clients and keep expanding, too.

Besides everything Edgar has said, I don't need to complement what Edgar said because he said really well, Caixa has communicated to the market that the challenge of equating funding is addressed for the next quarters. To our sales force, we can handle that well.

Our UAU Caixa loyalty program was used to stimulate new clients and managers and sales, all the indicators in points, we have a very interesting ecosystem, and it's a public information Caixa disclosed this quarter that it reached R$1 trillion in mortgage credit. They are very important figures, and recently, we've been talking to an application company, and one of the information they brought is that the biggest desire of Uber or 99, Lyft apps, their most important desire and wish is to have their own house.

Mortgage lending and technology, and I respect this development of the real estate market, the mortgage market, it generates new opportunities to us capture value. When we structure the funding, it will happen.

Thank you.

Good morning guys. Thank you Edgar, Matheus.

I think the majority of my questions were well answered, but if you could summarize thinking about 2027 among all the new products that you mentioned and all the new dynamics and considering our expectations, what do you think that will be the main growth leaders in Caixa Seguridade 2027? Where we can expect a little more growth and acceleration?

What are you betting on in 2027?

Thank you Kaio for the opportunity. We we cannot give you guidance, but talking about our strengths, our business model strengths, of course, it's always nice.

We we have over 150 million clients that are served with distributed in in 15 different applications, and we believe that this intensive change that the bank has been going like investing in technology, focusing on client, it will bring opportunities for us, especially in terms of expansion in our client base and generating more value. This year, last year, the company has putting a lot of effort in expanding the the the coverage of their products, for example in pension.

We have a a new fund with environmental focus on environmental practices, we didn't have that in on the shelf. We we intend to launch up to by the end of the year some life insurance products, and we have this gap that is the the redeemable life insurance.

We we haven't been offering that, and and to offer that individually to the client, we haven't we don't do that now, there are many rooms, much room for opportunity here. We have like different products now that can serve clients that like like being awarded prizes and have the social contribution perspective.

The credit letters are awesome, even in this high interest rate scenario. It brings alternatives by like forming their assets, their equity, and we have a new simulator of of mortgage that is has been incrementing the experience of the client that wants to hire credit, but couldn't do that at the moment, and the client that wants to start planning their financial life and they have a real estate unit, but they don't want to pay interest right now, we need to seize this opportunity to expand our portfolio, and we can help use that our our vehicle administrator that has been growing with consistent written premiums, and it's a it's a very good work they've been putting there.

We have many, many opportunities in practically all our mix of products. The main point here is that our operation of mortgage is the the engine of the bank.

It's the core of the bank. It has been the core of the bank for the the last 20 years, it's not a a political timing, it's it's a mission of the bank.

The bank implemented that as its core, this is this is the greatest option we have in in within what the bank has disclosed in the latest guidances. There is room for continuous growth.

We see mortgage insurance as an opportunity. We surpassed the run-off, it's a company that has less than 5 years, the opportunity to serve our client, this is our biggest mission: how to serve our client in a more complete and with a better experience, both digital and face-to-face in our branches.

We have the company counter now, like the legal entities service today. Our our goal here is like if the client wants to be served digitally, we've been evolving in a in in in accelerated way.

Caixa Seguridade has been a model. As we have like performance tables, like with big clients, plus rice and capture the value in this mortgage, we we see many, many opportunities in this environment that is our core, this this housing mortgage area.

It brings our resilience and consistency in our businesses, and this is where we can see So the company captures value and and improves the expansion of the client basis, and we've been improving NPS and getting our investee companies to get them to evolve to to capture this relation NPS. That's this is that relation with the client within time, like over time, is what makes the companies.

The client that hires the insurance are with us for 30 years, we need to serve this client better to generate better experiences over time. In 2027, as you asked, without giving you some guidance, that we hope that this value capturing So since my first earnings call, our discipline is to capture value and look at the client as the focus of our service for the client to have like fulfilling their dreams and and looking at us as a bank that can tend to their necessities in a very close and intense way and consistent way.

This is the challenge that we've been working for to overcome.

Let me just complement very quickly. First, our result comes from the mortgage business.

Our work is to expand the offering, everything that Portela said, but there is nothing better than realizing the energy here, the effort that we want to put, that Portela, our CEO, is been investing. The internal environment has been very good.

Everybody is so focused on those deliverables. The culture of result and energy that we've been implementing, Portela especially, in all those fronts is very nice and it's paramount for us to have this culture and engagement, this internal engagement with all the employees and in Caixa Seguridade and all the investee companies.

The second point is that our results come from the operating area, we've been looking for new frontiers to expand, but this is our focus from the management area, and speaking on behalf of all the employees.

Thank you Edgar, thank you Portela.

In this area of private pensions, this year came with an expectation to keep the capture from last year, we knew of the challenges because of IOF for the year, the tax, all our commercial actions and everything we brought to work on that, and we've been doing everything we can, the performance has been very similar to what we could see last year, but with the difference that now the outflows of resources, a positive externality of IOF was that the bigger moving off the resources that were allocated by the clients, we've been seeing a lower volume of redemptions. The perspective we have for the year is to keep the same levels of captation from last year, and we know it's a challenge, but as Portela has said before, with this internal funding solution, we increase the audience of offering of pensions in the distribution and in these portfolios of relationship with our clients.

For the next year, we expect that the funding scenario will follow the same way as it's been set for this year, and for the next years, Caixa said that will keep the same, keeping the same level of concession, we will keep the actions we have in pension. We've been expanding the funds to attract different publics for the private pension, and we've been offering that very strongly in the digital channels with the super app.

The expectation is to keep the same levels of capture. We don't have an update, and when we have that, we can give you further details, but initially, there is no different scenario for that year in relation to that product.

There's an individual question here, and basically is that the financial result corresponds to 35% of net income for the quarter, it was 32% in 2Q25, growing almost 20%. The question is: with this reduction in the basic bank's interest rate and the perspective of cuts continued, what's the impact in our portfolio?

How can we reconcile this reduction of Selic rate with the financial and commercial? What's the financial impact from the changes in the Selic rate?

Our point is 40 million each bip of reduction or growth of tax rate. With the formation of our portfolio, this value is a little more like 42 million.

Our expectation is our result comes from the operating area. The fact is that our business model is really well grounded.

If high interest rate, lower operational level, better financial result, lower distribution result, there's a balance, we keep the same pace. Reduction of the interest rate, increasing banking activity, increase of commercialization of the products, distribution goes higher, the relevance of financial results go down because of interest rate.

This is our balance in our timeline for us to generate the results we've been being able to generate, and that's a consolidation of a long-term trajectory regarding the company's results. I think basically that's the answer.

Just to adjust: okay, over 100 bips, 42 million.

I'm sorry, I misspoke. Thank you.

Everyone, thank you very much for being here with us, for your time, the investors and the shareholders for trusting in our operation. I'd like to thank our clients for your trust, with helping us protect your dreams and helping you to build your financial planning.

I'd like to thank especially our team, our members, over 1,500 people in Caixa Seguridade, in our investee companies, and the over 85,000 employees of Caixa that help us to give the structure of protection and help to our clients. Thank you for being here and for trusting in Caixa Seguridade.

Thank you very much.