Banco Bradesco Sa American Depositary Shares

Good morning everyone, thank you for honoring us again. We are here once again to present our results for the second trimester of 2026, directly from our matrix in the City of God. Now it's 10 hours and 31 minutes of this day, August 6th. We're here live and in color. But if I say that, the youth doesn't even know exactly what it is. The television used to say that. Now we're broadcasting live and in color. Directly from our city of God. I start here to present our results. As you saw the publication yesterday, we reached 7.5 billion in liquid profit in the second TRI, a growth of 16.2% year-on-year, 3.5% versus the first TRI, with a ROI of 16.2%. Superior, the one that was expected by the market, because the market was expecting us to reach the 16 of Arui in the last quarter of this year. Here is the summary of our presentation, I will not deal with each topic of this, but the credit card here in this topic, it grows with more guarantees and aligns With a good return adjusted to the risk and I will bring some elements because in the last two months our R&D area has received demand from investors about what is happening with macro, what is the opinion in relation to the portfolio, so I bring some elements here for you. Our traction in terms of revenue and all the other items here, including our accelerated transformation. So I'm going to talk to you about cause and effect, as I always do. Why did we deliver this result? And why do we grow our credit card? in 11.6% year-on-year, even more proportionally than in the last TRI, a portfolio that reached R$ 1.137 trillion, and the same CAGR from the second TRI of 2024 to the second TRI of 2026 of 11.7%. Why? Because we have commercial traction, High Penetration. Commercial team with tools, with the right approach, with the intelligence behind it, but also the digital channels. I'm going to talk about FGO. We were the first bank to give a complete experience for SMI to hire FGO operations. This has been happening throughout the organization and I'm going to go through it here, commenting with you. A causa é tração comercial em todos os segmentos de negócio, em todas as linhas de negócio, sem exceção, que termina resultando em quê? No crescimento da nossa carteira de crédito. Depois eu comento os outros itens e receitas na sequência. Então, eu destaco aqui o nosso SMI. grew 16.1% year-on-year, despite the baseline of the same period last year. This is a great highlight, and I'll come back here. Our big companies, 12.7% year-on-year. I'll make a comment later on the big companies in the attack bank. And physical people, 8.4% year-on-year. We've been growing in the lines, the modalities we want. and that we have programmed ourselves to grow and we have been growing in customers with good ratings, with good credit modeling and naturally with policies suitable to each of the modalities that we have been operating. I would like you to set a number, because here we have a growth in SMEs of 5.1%, tri against tri. This portfolio Year-on-year growth of 37 billion. Let's leave this number here in Oxygen for us to comment a little further. I bring another element for you here that corroborates what I commented. Where do we want to grow? Directed credit, eminently FGO, FGI, real estate credit, including business plan. We grew in 12 months, 21.4 against 12.7 of the national financial system. Then when I look at free resources down here, we decrease 3.3, we grow less than the national financial system, because here are the clean lines, without guarantees, without collateral, that we have less appetite at risk. We grow more in the legal person than in the physical person, because here we have more guaranteed lines in the physical person, we are well tracked in the consigned credit, and we want to track even more in the real estate credit, and we are well tracked in the CDC vehicles, as I will comment. But in the legal person, see that we grew 14.7% against 7.9% of the national financial system, In the lines and in the clients that we are focusing on and are directing our entire team and segments and our digital channels as well. Then I zoom in on our expanded credit portfolio, pay attention here, which has all of them, Retorno Ajustado ao Risco We are a bank with this level of growth, and where do we grow in the bank of Atacado? We will see later the rural, specifically the bank of Atacado, but we led the origin of fixed income during this period in TVM, but a large part of our TVM goes to a portfolio called OPD. that we call origination for distribution. So, we distribute a piece to the market, put a piece in the portfolio and go out to the secondary market, right? Because you optimize capital and optimize margin. That's why I say that the portfolio of the attack can oscillate a lot upwards and a lot downwards. But we don't just grow there. Here, we grew in rural areas, with M&A opportunities in specific sectors. So, I say, two operations that we did, one in agribusiness, which was an M&A. with a triple A client and another client also with good ratings, but with a guarantee of extreme liquidity. Only in these two operations, Banco do Atacado made R$ 6 billion. Where do we grow the most? In the business plan, with good incorporators in different segments here at Banco do Atacado and also at SMI, which is a line that we have grown well and we will also extend to the physical person. But where else? We are the largest airline financiers via leasing in Brazil. We have 64% of shares. Everything that was done in this period, in this first semester of airlines financed here for companies and another part also in Wealth, is here, 64%. We are the leader. In the leasing portfolio, but especially in this type of client who also has an absolutely controlled and very well collateralized credit risk. Then I come back here to retail and SMI. I'm talking about the physical person plus the SMI in the expanded credit portfolio, which had this level of growth, right? And then, look, we're talking about origination here, right? The average monthly origin in these lines for SMI retail, where did the average origin grow tri-contra-tri? FGO, FGI and real estate credit, including business plan. In the other products that the risk appetite is lower, we decreased the average origin by 7.7%. I'll go on, so we can understand our strategic and tactical movement, and how our credit card mix works. Origin of FGI and FGO, this highly disputed market by all the banks in Cambridge. We were again in first place in shares, with 21.6% of market share, just as we led the entire year of 2025. So, in the TRI, our origination grew 52.7% in this second TRI versus the first TRI of this year, of 2026. But now let's look at credit and SMI wallets. First, SMI market share, the last data available in the Central Bank. For those clients that have revenue up to 300 million a year, we had already said this since the disclosure of the plan, we lead this market in assets, we saw a new growth exceeding 17% of market share at this base up to 300 million a year. And our FGI and FGO portfolio grew year-on-year 64.5%. This here is an extremely guaranteed portfolio by both funds. There are five lines in practice, FGI and FGO, and we operate all of them. Now, I'm going to comment a little further on what are the effects they bring on over 90 and credit costs. I'll be back in a little while. Credit card. See that we grow more in higher yields. We are very careful here, but let's remember that we continue to have customers with lower incomes at our base, who are on a daily basis, who came on a daily basis, who are customers of Folha, who are customers of our partnerships, but the lower incomes have lost participation in the portfolio over the last 30 months. But they are there. Then, when we take the delay in credit cards, where does this delay come from? From old stocks. Around 80% come from stocks like the 2019 stock. and many times it is the customer who has a payment sheet with us that was tight somehow this year and he naturally lost his job or had some other type of difficulty. They are not new trades. Now, here there is also another aspect, right? It is a product of relationship we want. and is choosing the right clients with the correct ratings, with the correct credit policy. Now, every time we make a credit card, we call the credit and provision cost eight times more than we called it in 2982, right? Well, going down here, vehicles, we grew 26.8% within our share. We led another quadrant of vehicles here, such as heavy and light semi-news, together with another organization. But we didn't lead, for example, light new ones, because the return adjusted to the risk here is smaller. So we saw back there, after doing that diagnosis that I already told you last year, that we were going to start pulling in vehicles, that there was an opportunity here, in some segments, for us to grow, but we completely changed our commercial circuit, the operational circuit, we changed the platform, we put machine learning, artificial intelligence behind pricing, risk models, Eurico Ramos Fabri, Eurico Ramos Fabri, And when I talk about semi-news, I'm not talking about 20-year-old cars, light 20-year-olds. I'm talking about semi-news cars with 5, 6 years or a little more, depending on the rating of our customers. So we got participation where there is a greater risk-adjusted return, right? For example, if I take the motorcycle market, our appetite is much more moderate. There are other banks that operate this market, so we stay there. and many others. This means that when we grow this portfolio, More or less, order of magnitude on average, 1% of provision, credit cost in the head for 4966, but for example, that client who is late, because it will always be someone who is late, when he is late here at 4966, we have an impact at the start of 12% on top of the balance of this client in relation to the credit cost. So it is good to explain this dynamic, So that everyone understands what the Over 90 means and the credit cost. Consigned credit grew 9.3% in Bradesco. If you are curious to look at the year of 2025, you will see that in some quarters we were growing by 5%. So we have expanded our growth. Where did we grow the most? In the private sector, year after year, we grew 88%. And in public, where we continue to grow, we have about 14% of shares. We are the largest private bank in the combination of public and private NSS in Consignado, behind two banks controlled by the federal government. And our influence in Consignado, I think it is important to give this element, because this here translates what we are doing in relation to portfolio management to our portfolio. Retorno ajustado ao risco e controle efetivamente de risco. Então, quando a gente olha para o consignado em geral, a inadimplência do mercado sem o Bradesco, 3,3%. A nossa, 2,5%. Quando a gente olha só para o privado, que tem sido inclusive objeto de reportagens e que a gente tem acompanhado, o mercado sem o Bradesco está com inadimplência, um over 90 de 8,9%, enquanto o nosso é de 4,7%. E aí eu sigo adiante aqui com o rural. O Rural apresenta um crescimento de quase 25% ano contra ano, mas veja onde é que ele está tracionado. No banco de atacado, eu falei de um caso de M&A que a gente fez com um cliente de grande porte, é aqui que o banco de atacado cresce. and with guarantees in AAA and AA clients, right? And we are there, present, we believe in the Brazilian agribusiness, we think and understand that there is a cycle here, a little more difficult for one reason or another, but that there are many good clients there and we continue operating this market selectively with good ratings. Now, notice that the rural person's portfolio, despite you seeing a growth still year after year, when we look to June, And compared to December 2025, we have a decrease of 0.6%. Another example, our Rural Over 90. The market without Bradesco came out in March, in the last three, from 7.3% to 7.6%. and Bradesco went from 5 to 4.6. So we have a well-controlled inadimplency here in the sector without the João Dias Bank, which has a higher inadimplency and which affects our over R$ 15.90 as well, right? By equivalence. We have a market share in the Brazilian agribusiness of about 12%. It is estimated here. But our participation in rural R&D, as you can see here, was 3.5%. We follow this step by step in a much smaller amount than the market has recently absorbed. So this zoom serves to show us how we are managing our portfolio in a way Retorno ajustado ao risco e com controle de portfólio e com escolha de modalidades e rating de clientes. Aí eu volto aqui ainda comentando essa questão de linhas com colateral. Olhando para esse gráfico aqui, é um gráfico de produção na carteira expandida de pessoa física, and SMI. So, when we look at this chart, we see that the origin of only FGI, FGO and real estate in the physical person and also in the business plan, gained participation in the last three. Here we also have consigned credit, clean credit, right? But note that the spreads, first, the absolute number falls, right? Because this is risk regulation, right? New modeling, risk appetite, and the spreads in the other lines grow by 11% when we compare with the third TRI of 2025. And looking at this other side of the graph, we have the honor periods of the government programs that I mentioned, FGI and FGO, which take 120 days or 185 days to receive the honor. We are inside the stop-loss, because they have rules. For example, in the FGO you have 100% coverage and still corrected. So, we have a stop-loss planned for each one, where we have risk appetite, but it causes two phenomena in here, and we have been growing a lot. The first phenomenon This is the phenomenon of the cost of credit, because for 4966, while you wait for the period of honor for those companies that had their victories of the period of lack, they left the lack, they could not pay, they were late, so then we call the provision It is different from a clean credit, but we call the provision until its period of honor. When we have the honor, we return that provisioned value. But it has a second phenomenon, as I mentioned. It pressures the over 90 with the losses. And we had our peak of production of... From FGI and FGO, last year when we won the leadership, between March and October of last year. So we are in a period in which there are peaks of winning, of the shortage period, although we have already approached 50% of this entire set. And then I go to the quality of our credit card, which for us is the following, over 90, Eurico Ramos In flexing this curve, stop growing, it takes a while, we will normalize it, having the honor, right? So this doesn't worry me, we have 0.2% also in the attack bank, then I come here to the stages, which is worth commenting on. When we look, before that, this footnote here, from 15 to 90 days, with 30 bps of variation, it comes eminently from the John Deere bank, who has a concentration in the second tier and who has grown well this level of delay, but we know that there you have a chip in all the equipment and there is a recovery time and equalization for some clients who are there. The equipment is there, it continues operating and you go there and equalize its payments. We, in the stages, stage 3, We had 10 BIPs of variation, basically by a specific client of the attack bank, because we made a large part of the provision in the past TRI and made an addition in the second TRI, properly provisioned, but part was TVM and derivative, This client made a restructuring in the market with banks unions, with bondholders. It is a well-known client, we do not comment on specific cases, but he is the one who generated this here. Otherwise, we would be flat in stage 3. And in stage 2, which has this variation of 0.6, it is basically caused by FGI and FGO, which I mentioned here. with 0.2, approximately, a little more than that, and the John Deere Bank also, which pressed this indicator here, which goes to stage 2. The rest is diluted in wallets, including in our rural wallet, although we have a smaller inadimplence than the market. Looking at the restructured portfolio, which has been decreasing over time, and in the past we said, look, we are reaching its balance, it can be a little bigger, a little smaller, but that's it. But this variation here is from this client that I mentioned here, right, who went to stage 3, and who is obviously here in a restructured portfolio. If it weren't for him, even with unroll, we would have dropped this portfolio here, okay? And he is covered today, right? Absolutely within what is expected, of expected loss, right? The unroll, we did this here until June. It's an open picture for everyone to see, but its impact for us, in over 90, the same in credit costs and results, is immaterial, null. It's 0.00 nothing here for us. Today we will follow, right? It's worth July and was extended until the end of August, we'll see. Later, in the third trimester, we'll talk about it again. But see that our portfolio, with guarantees, goes up to 61%, that of a physical person to 69%, it's not for nothing, right? It's cause and effect that I mentioned. This is the portfolio management work, and we have obviously been working much more with collateralized lines, which in their mix make us increase the participation of credits with guarantees. What is the other effect of the growth of our credit portfolio? It is the growth of the total revenue, which reached 37.6 bi, 10.3% growth year-on-year, total financial margin growing 15.7, almost 21 bi, service service revenue, 1.7, 10.5, I will comment a little later here, and our holding group that has been showing great resilience, quarter to quarter, with good returns and this level of growth here of revenue of 8.3 billion. And look here, our revenue from the second quarter of 2024 to 2026, the CAGR, 12.5%. This is the average growth that we have been presenting. So, the effect of that growth of the credit card and the credit card with a much more collateralized portfolio is already here. But then, I even read comments from some investors about our margins with customers, margin with the market. One highlight, The market reached R$ 700 million in this TRI, growth of almost 22%, thanks to the competent work of all our teams there at Tesouraria, working very well in trading, ALM, energy table, customer table, and so on. And then people wrote Look, the top peak here is the margin with the market, which grew 22%. But I look at the margin with the client, almost 14% growth year-on-year. But if we look at the number, this margin with the market, year-on-year, it grew 350 million, practically it... and many more. Our passive has grown significantly and it has also boosted the total growth of the margin with the client. The credit cost has grown, but it has also become flat by 3.5% for all those points that I mentioned to you about FGI, FGO, Banco João Dias, etc. And the margin with liquid clients, 4.5%, with a growth of 6.2%, exactly reflecting, naturally, the credit cost here. But note that the growth is not significant. But if you look at our credit portfolio at the end of 2023, you will see that we have grown 30% of our portfolio in 30 months. When you grow, you call for more provision. The credit cost goes up, in addition to everything I mentioned. Well, moving on to the new topic, which is also a consequence of commercial attraction, of business, of penetration into customers. Our service revenue grows by 1.7%. I believe that it will be very well within the guidance. I highlight the resilience here, consortium and fund administration, the two growing there, numbers of the order of 10%, but service of custody and correction, 26.4%. The highlight here, for the largest... Resultado que a gente já teve com a nossa corretora Ágora e Global Market, os dois combinados, eles estão agora trabalhando de uma maneira absolutamente sinérgica com uma só corretora, não duas, mas com os atendimentos devidos para o cliente pessoa física, suportando o ELF, tá certo? E para os clientes institucionais também, com seus respectivos times. Só que quando você abre a publicação completa da nossa receita de prestação de serviços, You will see the following, there must be 9 lines, but strictly speaking, we have a brutal diversification of revenue. We have at least 15 lines, and I'm not talking about the credit card line, for example, to separate exchange of annuity. What I'm talking about is that we have other lines that also come by equivalence and that affect this here. So we believe a lot in our capacity to grow. Here in the capital market, IB has been growing well. It decreases in the euro, why? Because we had a super second tri in the last year, with all the adjustments we made in our investment bank. And we reached the first place in fixed income, in the origin of local fixed income, first place in M&A, but note the following, the variation was negative, for natural reasons, because you had a bigger baseline in that second TRI, but he has been making our IB in its different lines, one billion more revenue in 12 months when I compare it to what we collected in the year 2023, and has been doing it with resilience. Following on, other lines of revenue, which I have here, insurance, insurance and capitalization, plus a robust tri, growth of liquid profit, 28.3% per year, and many more. And when we look at the results of the insurance operations, we see that the total result had a growth of 8.3 year-on-year, 14% in the quarter, but the financial result grew further. However, in the TRI, The operational and industrial result, as people call it, is growing more than the financial one. In the first semester, the same. So, we are well-trained. And I will give you an example now that, in the collective, Ney touched on this subject and I reinforced it. That, for example, in this new platform that we made of vehicles, what happened? We have a commercialization there with a completely different experience for the customer. What happened? In the first semester, we practically did all the production that we had done in these two lines via Bradesco Financiamentos and our network. In the year 2025, we grew almost 100% in the production of these two types of insurance. The quarterly ROI reached almost 23% and here I draw attention to technical provisions, plus 10% growth, almost 470 billion technical provisions in the largest insurance group in Latin America. Our operating expenses, annual growth of 3.4% year-on-year. We continue to review the footprint, investing in our transformation. We didn't stop at absolutely nothing. Here, it's really a gain in efficiency. If you go to the full publication, you will find lines, such as installations, for example, that have negative variations. And this obviously influences our operating efficiency index. Obviously, a growth of that operational expense of 3.4 is below inflation. Capital, I'm at ease here for you to ask me later about the increase that was proposed and approved by the Council, but we went out to this main capital, with plus 0.9%, we're at 12.2%, and to finish this difference in the health system here, also in the next period, this is our expectation, which can reach 13.6% and 15.1% of level 1 capital. Here, several deliveries made in our transformation. I call attention to the principal, which we indicated will reach more than 800,000 customers at the end of the year. In the middle of the year, we already delivered this. Prime is already with 4,300,000 customers, also with upgrade. Bradesco Fully Digital, R$ 36 million in the middle of the year, we are above R$ 40 million. Then I will comment on other details. We are delivering a lot of news to customers, physical people, legal people, including with tax return. for SMI. In technology, gaining productivity, delivering more and more, the intensive use of AI in our organization and other technologies as well. And then I'll talk a little more about it here, okay, guys? Well, two screens to finish, the summary of the opera here. Thank you very much. We are a conglomerate. This diversification of revenue that we have, not only in banking activity, in payment activity, linked as a consortium, and in the insurance group. So we have a very large diversification, which gives us resilience. O plano de transformação está claríssimo, está gerando cada dia mais competitividade na linha de negócios, tanto do lado da eficiência das despesas quanto do lado da receita. A carteira cresce com segurança, com mais garantias e um bom retorno ajustado ao risco. Essa é a nossa bíblia aqui. Veja, eu comentei sobre isso, a gente foi em primeiro lugar em renda fixa, M&A, nesse período, em financiamento de veículos, em... Governmental lines, FGI, FGO, a credit for SMI and in consortium, the largest insurance group in Latin America. But this is not our final goal. Our goal is Retorno, ponto ótimo do retorno ajustado ao risco, e obviamente com escala, receita absoluta, que você olha para isso aqui, para tomar as decisões de onde está, e com segurança. E aqui a gente tem reforçado o nosso balanço, aproveitando a oportunidade, esse aumento de capital, destravamento de valor da Bradesaúde, e a gente continua focado para fazer com que o capital tangível da nossa organização seja cada vez maior. This is our goal, and treating all of this with high pragmatism. We had several awards here. If you are curious, please take a look later. And I conclude, guys, with this platform that we launched here inside the bank, called Meu Bradesco. Meu Bradesco has a meaning. Why is it Meu Bradesco? I'm talking about hyper-personalization here, because it's yours. From our clients, you first. So he is my Bradesco. He already has hyper-personalization, but he will grow even more in this hyper-personalization with all the innovation that we have been working with, with AI, with new experience for customers. But look, our BIA, It's been 10 years, with Bolinho, Renato, the entire team that deals with Bia, Renato, our marketing director, everyone putting Bolinho, Velinha, for Bia, who was a pioneer here in Brazil, and we've been doing it. Today Bia is Bia GNI, it meets all our customers. It is available to 100% of the customers who have access. With this level of resolution, We had 74 million interactions and it is transactional, even conversational. You do PIX through BIA and other transactions as well, but you will see throughout this semester as well, other experiences, new experiences, each time More technological, but never less human. This is the motto of the connection that is behind our manager and also connecting the digital channels with our customers, but without forgetting to connect our sales force with our customers as well. So we will see a launch of our marketing throughout today, In social media and other media, right? With our, my Bradesco. Guys, I thank you for your patience. I extended myself a little more today, right? But now we go to our Q&A. I'm going to do it here, I'm live with my colleagues, André Carvalho, the director of RI, Cassiano Scarpelli, who is our CFO and CTO, for us to answer the questions you have here. Thank you very much once again for your participation.

Thank you Marcelo, Cassiano, good morning everyone. Reminding everyone that Ney Dias, President of Bradesco Seguros, and Carlos Marinelli, President of Bradesaúde, are here with us participating remotely. If you want to send a question, you can send a question in Portuguese and English. Just send it to the email investidores.bradesco.com.br or by WhatsApp 11974438238 or pointing your camera to the QR code that appears on your screen.

The first question... André, if you allow me, we sometimes... It's so much information that we go through one by one. I would like to go back one minute, if you give me the opportunity, here, in our presentation, because I said in the SMI portfolio, at the beginning, it's just a data, it's just an element. I said there... In the SMI portfolio, let's see here. Here, in this slide, I said here, you keep here the number 37 bi, right? And I didn't go back to the comment, I'll just comment, 10 seconds. Here. Here, I said that our FGI and FGO portfolio grew 64.5%. Do you know how much this portfolio grew? Of the 37, 31 billion came from here, year after year. Now, where did the remaining 6 billion come from? Eminently from CDC leasing, which I told you about here. We are financiers of jets, of high-end boats, there it is much more wealth. and Plano Empresario. Plano Empresario, right? So that's where our portfolio is. So you can see the growth of SMI eminently on top of lines, practically 100% of what was done was collateralized. It was just because I remembered now when I sat down, André, to go through this, right? So you forgive me here, I ask forgiveness here to those who were watching us, right? So as not to get beaten up with information. Thank you. Alvive Acores. That's it.