Inter & Co. Inc.

Hello everyone, I'm Rafa Vitória, IR officer at Inter and I would like to welcome all to Inter & Co's third quarter 2025 earnings conference call. First of all, some instructions. This call is also available in Portuguese. To access it, press the globe icon on the lower right side of your Zoom screen, then select the Portuguese room. Please be advised that all participants will be in listen-only mode and that the conference is being recorded. You may submit online questions at any time today using the Q&A box on the webcast. A replay will be available at the company's IR website. With me on today's call are João Vitor Menin, Inter's Global CEO, Alexandre Rício, Brazil CEO, and Santiago Estel, Senior Vice President and CFO. Throughout this conference call, we'll be presenting non-IFRS financial information. These are important financial measures for the company, but are not financial measures as defined by the IFRS. Reconciliations to the IFRS financial information are available in our earnings release and earnings presentation appendix. I would also like to remind everyone that today's discussion might include forward-looking statements, which are not guarantees of future performance. Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation. Today, João will discuss interest strategy and business overview. After that, Alexandre and Santiago will take you through our financial and operating results in more detail. We'll then open the call for questions. I will now turn the call over to João. João, please go ahead.

Thank you, Rafa. Hello, everyone. I'm excited to share that we have accomplished yet another remarkable quarter of growth while continuing to build Inter for the future. This year is a very special one for us. It marks the 10-year anniversary of the launch of Brazil's first digital account. It's a moment of pride and reflection as we look back to 2015 and remember the challenges we overcame to get where we are today. What makes us even prouder is that we have never lost our essence. creating value for every single stakeholder and truly walking the talk of transforming Brazil's financial system into a better, more inclusive environment. For our clients, our no hidden fees approach and more importantly, our sustainable credit products offer an inclusive and accessible way to meet their financial needs. This has led us to come from zero to 41 million clients in this amazing journey. For regulators, being the pioneer, launched the first digital bank back in 2015, we act as a partner of a better financial system, one that is efficient, transparent, and client-focused. For our holders, the disciplined execution of our sixth 30-30 plan allow us to deliver attractive balance of profitability and growth, ensuring long-term value, as shown in your path of growing our ROE. For our employees, Inter remains an exciting, dynamic work environment where our people are empowered to innovate, grow, and contribute to meaningful change every day. As we celebrate a decade of innovation, we remain true to our disruptive spirit. Inter is built for the future, and I believe that our next decade will be even more exciting than this one. As we celebrate our 10-year anniversary, I'm sure that our mission statement was the secret sauce that made it possible. Our mission statement is crystal clear. To create a world where interactions between people generate more value. This mission captures what drives us every day. We create products, services and solutions that simplify lives, empower people and build stronger connections. Whether through innovation, flawless execution or a customer-first approach, every interaction brings meaningful value. Our mission is deeply rooted in our culture, which is built on four core pillars. First is customer centricity, always prioritizing our clients' needs and delivering great experiences. Second, we lead through innovation. We are always looking ahead to anticipate our clients' needs. Third, our operational excellence. This means we aim on flawless execution for everything we do at Inter. And fourth, our winning mentality, by delivering the extra mile and achieving great results together as a team. By leaving these pillars every day, we are setting the foundation to make our mission a reality. With these pillars as our foundation, my focus for the next steps is clear. Keep innovation alive within the company by leveraging AI, hyper-personalization, and introducing new features to our app. Today, we already have 380 AI initiatives live at Inter. For perspective, during our 2024 Tech Day, we had just 80. Second, driving our global expansion. Enhancing our global account with new products and exploring opportunities in new markets to strengthen our international footprint. 3. Investing in our talent team. By developing our executives, bringing market experts and continuously nurturing the cultural pillars that makes Inter unique. I am tremendously proud of what we are building and the ability we have to create meaningful value for every client we serve. With that in place, I will pass to Xande and Santi, who will present our operational and financial performance. Xande, please go ahead.

Thank you, João. Hello, everyone. Guided by our core pillars, we're on track for another outstanding year of execution. We're the fastest growing large financial institution in Brazil, among those with over 20 million clients, pursuing what we believe is our market fair share. Our net promoter score remains at the excellence zone at 85 points. These results come from clients who use our platform at a high frequency. In September, we saw more than 20 million daily logins. That's 14,000 per minute. On average, we process 20,000 financial transactions per minute, totaling over 850 million in a single month. This level of engagement shows how well our platform works and proves the value created by the synergy between our seven verticals. In the third quarter, we set a new record performance in new active clients and accounts opened. We welcomed 2 million new clients, our highest number ever, beating the second quarter of 2022. This reinforced client's view of Inter's strong value proposition. Our focus on quality remains strong. Of these new clients, 1.2 million were active, bringing our overall activation rate to 58%. I'd like to stress three aspects that make us confident with the future. First, we have improved onboarding dynamics and that's seen throughout the onboarding funnel. So several improvements helping us increase the number of new accounts. Second, we have been running an efficient client early activation journey. And that explains why we can consistently increase our activation rate. And finally, the sum of these two points is resulting in a fast payback of around two months after clients onboard. This engagement translates into high transaction volumes. Our active clients transacted over 412 billion reais in our platform. a year-over-year growth of around 30%. A large part of this volume comes from PIX, which is a strong indicator of clients using Inter as a primary bank. Moving to our credit cards, volume reached a new record, surpassing 15 billion reais for the first time. This represents a 20% growth in a yearly basis. This growth in TPV levels is consistent across all cohorts, but our newer clients present impressive results, transacting more and faster than older ones. Moving to our credit vertical, I have three key highlights. First, we continue disciplined in our strategy of high growth, respecting ROE targets and a balanced ratio of secured to unsecured loans. Roughly two thirds of our portfolio is secured, one third of our portfolio is unsecured. Second, private payroll loans have been the main highlight of the year and we keep a very positive view on the product. We reached a R$ 1.3 billion portfolio with over 300,000 clients. This shows the strength of our digital distribution and our ability to scale a new product quickly. We're also seeing operational improvements coming from Dataprev and companies' HRs, which increases product quality and our confidence with the delinquency levels that we're going to see long term. We also expect clients from the FGTS loan products to migrate to this product, given the similar profile and the new regulatory changes that came in the last few months. And third, two quarters ago, I introduced the concept of reshaping of our credit card portfolio as a key focus for the year. We're making good progress in moving clients from being pure transactors to our interest earning portfolio. IEPs now represent over 23% of our credit card portfolio, up from 20% last year. This is happening through key initiatives like PIX financing, monthly limit reassessments, and new installment plan offerings. Sant will provide more details on our strong loan book performance. Talking about market shares, consistency is the name of the game. We have always used our market sharing picks as an internal benchmark. Our goal? was for other products to reach that same level of success. This quarter, I'm proud to announce that two of our key products have surpassed that goal. First, home equity for individuals. Thanks to the amazing work of our credit and distribution teams, we're now the second largest underwriter of the product in Brazil. We have reached 8.9% market share in portfolio balance. Second, FX transaction. The success here is driven by the high engagement in our global account and the amazing UX of this product. We have reached 8.4% of the market transactions. I have highlighted two products, but this progress is visible across all of our businesses. with consistent growth quarter after quarter, I am confident we will keep strengthening our position in the market and that more and more products will surpass the PIX benchmark. To finish, I want to emphasize how these outstanding results are powered by our seven verticals and our commitment to continuous innovation. Each vertical contributes to our growth, working seamlessly and interconnected to enhance client value and compound our profitability. This ecosystem is what makes Inter unique and drives us forward. Now, I'll pass the word to Santi, who will walk us through our financial performance.