Credicorp Ltd.

Good morning, everyone. I would like to welcome you to the Credit Core Limited fourth quarter 2025 conference call. A slide presentation will accompany today's webcast, which is available in the investor section of Credit Core's website. Today's conference call is being recorded. As a reminder, all participants will be in listen-only mode. There will be an opportunity for you to ask questions at the end of today's presentation. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you have connected to the call using the HD web phone on your computer, please use the keypad on your computer screen. If you are using a speaker phone, please make sure your mute function is turned off to allow your signal to reach our equipment. Now, it is my pleasure to turn the conference over to Credit Corp's IRO, Milagro Siguenas. You may begin.

Thank you, and good morning, everyone. Speaking on today's call will be Gianfranco Ferrari, our Chief Executive Officer, and Alejandro Perez Reyes, our Chief Financial Officer. Participating in the Q&A session will also be Francesca Rappo, Chief Innovation Officer, Cesar Rios, Chief Risk Officer, Eduardo Montero, Head of Insurance and Pensions, and Jose Benavidez, MiBanco Chief Financial Officer. Before we proceed, I would like to make the following And sorry, and also here in the Q&A session, it will be Diego Cabrera, BCP CEO, or head of Universal Banking. Before we proceed, I would like to make the following safe harbor statement. Today's call will contain forward-looking statements, which are based on management, current expectations and beliefs, and are subject to a number of risks and uncertainties. And I refer you to the forward-looking statement section of our earnings relief and recent findings with the SEC. We assume no obligation to update or revise any forward-looking statements or reflect new or changed events or circumstances. Gianfranco Berrari will begin the call with remarks on key strategic highlights for the year 2025, our recent macro environment, and a brief overview of our quarterly results, followed by Alejandra Perez-Reyes, who will provide a more detailed analysis of key macroeconomic indicators, our financial performance, and our outlook for 2026. Gianfranco, please go ahead.

Thank you, Milagros, and good morning, everyone. We close 2025 on a very solid footing, entering the new year in a stronger position than we did at the end of 2024. This was a year where the hard work of our teams, the clarity of our strategy, and the strength of our ecosystem came together to deliver results, not just in financial terms, but in how we showed up for clients, our people, and the markets we serve. The backdrop was favorable. Peru's economy exceeded expectations, with GDP growing around 3.5 percent, fueled by strong domestic demand, resilient consumption, and record high exports above $90 billion. Key commodity prices further increased to new highs, particularly copper, silver, and gold, supporting investment flows and sentiment. The estimated mining investment pipeline for 2025 stands at $64 billion across multiple minerals, up 17% from 2024. Inflation remained low. Monetary policy became more supportive, and employment and real income trends improved. Domestic demand significantly exceeded GDP and grew around 6%, supported by stronger confidence and access to credit. Private investment exceeds expectations, expanding close to 10%, its strongest performance in 13 years, excluding the pandemic. Peru enters 2026 from a fundamentally stronger position than in previous election years. In 2021, we faced an economic crisis, a public health crisis, and deep institutional uncertainty. Today, we have a stable macro framework strong external accounts supported by high commodity prices and record exports, and a more pragmatic tone from policymakers. That doesn't mean there won't be noise in the political arena, but it does mean we're starting from a position of strength. Across the region, the operating environment remained dynamic but generally supportive. In Colombia, growth came in at around 2.7% supported by consumption while investment remains subdued. More recently, new challenges have arisen after the increase of the minimum wage. In Chile, GDP also expanded around 2.7%, driven primarily by investment and to a lesser extent by consumption, while inflation stood slightly above target. And in Bolivia, GDP contracted for a second consecutive year while inflation doubled to around 20%, although the new government from Rodrigo Paz has taken positive, pragmatic first steps towards a favorable transition. The economic decline, however, contrasts sharply with the country's strong digital adoption, where IAPE has consolidated its position as the leading digital wallet. Let me now shift to how our businesses performed in 2025 and the progress we've made across the group. Alejandro will provide more details in a moment. In universal banking, DCP continues to reinforce its leadership improve, underpinned by disciplined execution, operational excellence, and an increasingly seamless digital experience. Our transition toward a more efficient multi-channel distribution model, supported by enhanced data and AI capabilities, growth in retail lending, enabling us to serve over 3.2 million loan clients. We also reinforce our transactional leadership while consolidating our NPS advantage, reaffirming DCP's position as the bank of choice for millions of Peruvians. In microfinance, we deliver double-digit loan growth and increase our profitability, strengthening the resilience of the business and setting the foundation for sustainable growth. In Peru, MiBanco consolidated its leadership and strengthened profitability by deepening its hybrid model, combining in-person advisory with digital tools and AI-driven risk analytics. This drove higher productivity and growth in smaller ticket loans, aligned with our risk appetite. We also diversified revenue through transactional services and saving deposits, increasing fee income and strengthening our funding base. In Colombia, despite a challenging environment, MiBanco delivered double-digit loan growth and improved profitability, supported by disciplined risk management and operational efficiency. In the insurance and pensions business, Grupo Pacifico increased its policyholders by 50 percent in the last three years, supported by integrated distribution and digital innovation, including one-click claims. In health, the full consolidation of Pacifico Salud enabled broader access and stronger medical service offerings. In pensions, despite systemic challenges, Prima made significant strides in digital adoption, efficiency, and client experience, improving NPS by three points. In investment management and advisory, our diversified portfolio and strategic transformation executed over recent years delivered solid and sustainable results. Assets under management, surpassed the $20 billion mark in wealth management and increased nearly 35% in asset management. We further strengthened our platform with SIVA, our wealth tech offering in Peru, Colombia, and Chile, which now manages over $1.5 billion in assets and is a key growth driver in the affiliate segment. Combining a digital first experience with personalized advisory services through a hybrid model. In capital markets, the launch of our financial corporation in Colombia, Corsi, marked a key milestone, enhancing our local capabilities and advancing our regional strategy. Regarding our innovation portfolio, risk-adjusted revenues represented 8.1% by the fourth quarter, advancing towards our 10% ambition. IAPE, our most mature disruptive initiative closed the year with nearly 16 million monthly active users who engaged with the platform an average of 66 times per month, a testament to its growing role in driving both financial inclusion and monetization. Lending activity scaled meaningfully, with 4.1 million clients with a loan disbursed, highlighting the significant growth potential that remains ahead. In Chile, Tempo reached an important milestone, surpassing 2.5 million clients and becoming the country's first neobank following the approval of its banking license in January. Meanwhile, Monokera continued to scale efficiently, enabling modular low-cost insurance distribution across multiple channels. What unites these businesses is a disciplined, purpose-driven approach to expanding access to financial services across the region. This same strategic clarity guides our entire organization, shaping day-to-day execution and long-term capital allocation through four core pillars. Expanding financial inclusion across geographies and client segments. Deepening risk and capital discipline as a foundation for profitable growth scaling AI, data, and digital platforms to unlock productivity, client experience and engagement, and optimize business decisions, and building trust and leadership in every market we serve through client experience and operational excellence. Aligned with these priorities, we advanced key M&A moves. We took full ownership of our medical insurance business, which demonstrated strong strategic fit and execution discipline. We also announced at year end an agreement to acquire SoundBank. Let me take a moment and discuss the strategic rationale of this addition to Credit Corp. This transaction is fully aligned with our strategy to strengthen Credit Corp's cross-border capabilities through a focused niche approach, enhancing our U.S. offering without pursuing a universal banking model in that market. We agreed to acquire 100% of Helm Bank for $180 million, fully cash-funded and consistent with our disciplined capital allocation framework. Helm contributes over $1 billion in assets and a solid presence in Florida, serving both the local community and a predominantly Latin American client base. This move reflects a clear structural trend. Latin American clients continue to migrate assets to the U.S., where Florida stands out as a highly convenient location for investment, banking services, and real estate exposure. Our target market is equally clear. On the deposit side, we focus on affluent clients and regional corporates, while on the lending side, our priority segments are affluent LATAM clients and Florida-based residents. HELM meaningfully strengthens our platform by adding a fully licensed FDIC insured bank with core transactional capabilities that we do not currently offer in the U.S. While our Miami presence today focuses on corporate banking and private banking through our registered investment advisor and broker dealer services. HELM fills the gap with a franchise that offers full daily banking residential real estate financing, and credit cards, thus perfectly complementing our value proposition for internationally active clients. With that, let me turn to our financial results. We delivered strong financial performance in the fourth quarter and for the full year, underscoring the strength of our execution and the favorable operating momentum across our businesses. We closed the quarter with a 16.9% ROE and 19% for the full year, reflecting not only record high net income, but also the continued diversification of our revenue sources across banking, transactional services, insurance, health, asset management, and our digital platforms, strengthening the quality and resilience of our earnings. These strong results were broad-based and consistent with our strategic priorities. Universal banking and insurance and pensions delivered very strong performance, while microfinance continued progressing towards its medium-term profitability target. Fee-based and transactional income continued to grow, underscoring the scalability of our platform. Our results were supported by healthy momentum in core revenues, with margins benefiting from a lower cost of funding and an improved funding mix, alongside continued improvements in risk metrics. Risk-adjusted NIM stood at 5.5% for the quarter, supported by better asset quality and a structurally efficient low-cost funding base. On the liability side, we continue to strengthen our deposit mix, reflecting strong digital engagement and sustained client trust. Importantly, these results were achieved while maintaining strong capital and solvency levels, reinforcing the robustness of our balance sheet. From an operational standpoint, our efficiency ratio came in at 49% in the fourth quarter, well within our expected range. Overall, these results reflect a business that is more resilient, more diversified, and better positioned for sustainable growth, while continuing to generate a positive local impact by expanding access to financial services and supporting economic activity across the region. I will now turn the call over to Alejandro, who will go into further detail on the macro environment, each of our operating businesses, and our consolidated results. Alejandro.