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.

The first question comes from Mário Pierre from Bank of America. Mário, please.

Good morning, guys. Congratulations on the result. Thank you for answering my question. Noronha, I would like to focus a little on capital. You showed that your Common Equity Tier 1 is already at 11.3%. You still have 140 basis points to recognize from the Bradesaúde transaction. I wanted to understand why there is this delay in this recognition of 140, what is missing for you to be able to recognize. And this brings you, with this recognition, you go to an index of 12.7%, which is already very high. And even so, you announced an increase in capital of R$ 10 billion, which will take 90 more business points of capital, so you will eventually reach 13.6%. You must have heard a scepticism from some investors, we heard a lot, because of the need to have so much capital now. So I think the best thing is for investors to hear directly from you. Why do you think that the bank needs to have such a high capital index at this time?

Thank you. Mario, thank you first for your participation here, it's a pleasure to talk to you. Thank you for your question, the opportunity to talk to investors and all of you here too, analysts, about the subject. First of all, Let's put this in a broader perspective. We believe that strong capital is never too much for a banking organization. And there is a benchmark for us to look at. In the debate that we had with the Council, we debated a little about this, right? Trabuco himself drew attention, right? And we were looking at some, right? It's J.P. Morgan, right? It's almost 15%, right? Capital forte é positivo. A gente era questionado com capital, a gente teve uma disciplina de capital e continua com ela nesses 30 meses colossal. Porque veja, na hora que a gente faz créditos com muito mais colateralizados como a gente vem fazendo, você aloca melhor seu capital, com retorno ajustado ao risco. Now, we have already recognized a part of the capital of Bradesco Sa. This difference is due to the process itself, the delivery of the balance sheet, that you have a time of delivery. The delivery was recent so that we can have the green light of the regulators. The other, of the capital increase, was a decision of the controlling shareholders, who are very capitalized, and looked at the bank, looked at the group, at our organization, right? Thank you very much. because she believes that she can reinforce the franchise. So I think it is a testimony of trust in the organization as a whole, in the company, and trust in the administration, in everything that the administration has been doing in its transformation plan. That is why she was willing to anchor at least 8 billion of the 10 billion So, having a capital above 13 is not a sin, right? We live with respect to other organizations that have other policies, but we also have to look at the moment of each one, right? We are in a moment of strong transformation, possibilities to take bigger steps in this process of transformation, of deliveries. In the future, the debate may be a little different, Mario, but now this gives us resilience and shows the confidence of the controlling shareholders in the organization and administration. Thank you for your question. I don't know if Cassiano wants to comment.

I just wanted to make an important comment, Marcelo. We have been talking a lot with the market for a long time about tangible capital. I don't think we can forget the concept of tangible capital. So, these 10 billion is directly in the vein of tangible capital. It brings us other important possibilities. It is a much more robust bank, it works better with self-turned capital, it works better with tangible capital, it brings us a tranquility in more promising macroeconomic cycles, to have the possibility of leverage in our business. So, we bring here to the bank There is only this mechanism of doing this in the financial world, there is no FAC, there is no other way, there is only the way of capital increase. We took an important concern to anticipate the JCPs, so that the shareholders had a financial balance close to what is being suggested as an increase in capital. So we have a lot of tranquility of this capital at this level, especially for that balance of our tangible capital control versus Our DTA versus the consumption of this. So I think this is what packs as a strong feature, this increase in capital.

Mario, thank you. Mario, I also complement Cassiano, because your question is important. Cassiano emphasized, I said this at the end of my presentation, about tangible capital. We've always told you, we look at it with a magnifying glass, We debate all the time, we evaluate the use of the tax credit, right? In your time, all the time, right? We also debate this with our council. And look, the request from the board to the council and the suggestion was... I would like to also approve this anticipation of the JCP that was declared, the two for September, but the reason for us to release before the result and not bring the result or not to disclose today is a simple reason, because on the 29th we had the council meeting, the ordinary meeting when we brought the topic, For approval, it was approved, we have to disclose the market. But because on the 31st, we also had the payment of another transfer from JCP. And we have shareholders who are with us here in the long term, physical person, companies, family holdings, and institutional investors. And they invest, many of them, because we talk, they talk, they look for us here, the RI, they look for us to talk, and they invest in other portfolios. If we had paid and had announced today, what would have happened? They could have been telling us, if I were to be an investor in the long term, I would have put money in this capital increase, but I put it in other roles now. So we also had this concern with these shareholders specifically. Thank you, Mário.

Thank you Marcelo, thank you Mario. We have a stronger balance, better revenue perspective, with more tangible capital. The next question comes from Navarro, from Santander. Navarro.

Thank you all for the opportunity to ask questions. My question is actually a request for help from your experience, Noronha's and Bradesco's, so that we can better understand, shed light on what can happen with the credit scenario until the end of 26 and looking to 27 as well. I think there is a discussion that this challenging scenario of credit that we are experiencing is not cyclical. He is structural, that is, he will continue to be a challenger until the end of 26 and he also enters in 2027. And then, in the case of Bradesco, which we naturally know that he has a slightly more risky segmentation profile, the S of SME, the income of the physical person is a little lower, I wanted to hear from you how you see Bradesco In this scenario, which can be more structurally challenging, that is, we should, as analysts, start thinking about a slightly higher cost of risk, structural, that is, entering 27, we should think about a slightly lower portfolio growth. And there is also the question that when I start to cut the limit, reduce less, It greatly reduces my ability to do cross-sell. So, when I reduce my portfolio, I grow the portfolio less, I slow down the portfolio, the revenue of banking services ends up falling as well. So, I would like you to help us understand a little what is ahead, what we can expect, if there is any adjustment, perhaps, in the numbers of 2027 that we have to make. But that's it.

Thank you very much. Navarro, thank you for your participation. It's a pleasure to be talking to you again. I'm going to give you some topics here. First, I think that the market, which has an average income commitment in the physical person, which is higher, and with the interest rate at this level still, even though it's falling, we had a drop yesterday from 14.25 to 14. I believe in new drops due to the inflation indicators that we're seeing, right? In the center of... Thank you for watching! And it is lasting for a long time. Because if it was a short duration, the effect would be different. So, this is a reality. Now, I will allow myself to tell you, Navarro, that... This look at Bradesco's SMI portfolio is not the right look, so much so that I opened it that way, and again I will repeat this number. Look, we had a growth in SMI in the portfolio year-on-year of 37 billion. 31 billion came from FGO and FGI within its stop-loss, so we will have the honor. The loss level here is very low, right? So this is a question, where did the rest come from? Business plan that we do there in the middle market, corporate and in companies. with good incorporators. Here we have an absolute selection, with a completely different level of formalization. So, I would say to you that our appetite for that lower income client today is much lower than it was in the past. So, if you look at the portfolio mix, I'll give you a data. The CLEAN personal credit portfolio here at the bank, in all segments, represented in 23 a little more than 15% of our personal credit portfolio. Today, we represent around 12, but how 12? First, There is personal credit made even in private. It is a completely different rating client in a different structure. It is not for all. So we have a mix. I'm giving you an example, a completely different mix. The total wallet of FGI and FGO is around 80 billion. and with a growth, as I pointed out, a colossal growth. We are still attracted to this and it is a resilient portfolio. Now, what happens in relation to the over 90 and credit risk? The credit risk It increases when you are growing in FGO and FGI because of the period of honor that I mentioned. You go from 120 to the other with 185 days. So you call the provision of that client who has overcome the period of deficiency, which by the way is human, and our peak of production. Marcelo de Araujo Noronha Consolidação, por exemplo, do Banco João Dias. Então, se eu cresço carteira, é o terceiro variável, eu também pressiono o custo de crédito, numa determinada medida, mas eu trago no top line e no retorno ajustado ao risco, The return due to that credit there, showing traction. Remember that a lot of people asked me in my first disclosure here, you lost the clients, you won't be able to traction. We show today, right? A colossal traction, Consignado, SMI. So our SMI, it is collateralized. We are not giving credit there in the middle, for example, which goes up to 360 thousand years, understood Navarro? We are very collateralized. Much more than it has always been. The PJ portfolio grew by 80 bi, 43 bi was from the attack bank, also with well-collateralized credits, with good ratings, and the 37 bi, as I mentioned, from SMEs. So, I see us continuing to grow, going to the guidance meeting. Why? Because our portfolio at Banco de Atacado is a portfolio that oscillates, because a large part of what we have in the TVM portfolio goes to the OPD portfolio, Origination for Distribution. So, we go and distribute in the secondary market. So, it depends on the moment we are in low or high. Now, we grow in other lines, as I told you, we finance the aircraft. Our portfolio has grown by 1.5 billion. In this period, in clients of the corporate and other segments, the bank has also attacked. So I would say to you that the market has its risk. We saw another indicator that I commented on, of the over 90%. of Consignado Privado Sem Bradesco, 8.9% against 4.7% of us. See that we started doing this moderately until we had the whole data-preview process oiled, with oiled models, because we approve credit for the individual and for the company. So, our care is absolute here in portfolio management. But it is obvious that if we grow the portfolio, and this phenomenon of the FGO-FGI, and this phenomenon of the rural, particularly here of the consolidation of João Dias, will bring a slightly higher credit cost, but within what we expect, without other stresses, in my view, here for the year 2026. Thank you, Vila Navarro.

Thank you Navarro, just remembering that if you want to think ahead, what will happen with Bradesco, look at Gaidas, we work from the center of Gaidas up. Next question comes from Thiago Batista from UBS, Thiago.

Hi guys, good morning, good morning, Noronha, Cassiano, André. My question is about the return, the bank's ROE reached 16% more or less, We can discuss what is the capital cost in Brazil today, but historically it is around 15, 16, so we can say that Bradesco, or your management, managed to deliver the ROE well in line with the capital cost. Going forward, the next steps, it is incredible to imagine that this ROE continues to grow, perhaps step by step, and where do you see the levers for this additional growth in return? If I could just do a follow-up on the capital part, Post-capitalization, we should imagine Bradesco paying the maximum of JCP and only that, or paying JCP and capitalizing more recurrently. What do you imagine would be the post-capitalization distribution policy?

Well, I'll start at the end. Thank you, Thiago, thank you again for your participation and thank you for being here with us. It's a new opportunity to talk to you. Regarding the capitalization process, we will continue to pay the maximum at JCP, yes. Now, the capitalization was an initiative of our controlling shareholders, right? So today, at this moment, we have no other plan different from the ones on the table, right? And for the future, we have to look at the dynamics forward. Regarding ROE, I would tell you that our capital cost is below 15%. Today, I would say that after yesterday, it is close to 14.5, right? Of the new Selic rate. And I see, yes, the ROI continue to grow. Eurico Ramos Fabri, Guilherme Muller Leal, Roberto de Jesus Paris, Walkiria Schirrmeister It's not belief, it's belief simply with faith, it's on the ground, on the ground, with a plan, with the transformation that we've been doing, gaining productivity, as you can see in the indicators that we brought here, with portfolio management and with a team super engaged throughout Brazil, with our more than 70,000 collaborators in the organization. Thank you, Thiago.

Thank you, Thiago. The next question comes from Gustavo Schroden from Citibank. Gustavo.

Good morning, thank you, Andrea. Good morning, Noronha, Cassiano. Congratulations on Roy returning to the level of capital growth. I would like to change the subject a little bit and discuss the NII. Noronha made a mention at the beginning, showing that the NII with the client is coming strong, but the NII with the market, let's put it this way, has surprised us. I would like to understand how we can think about this market scenario from now on. There has been a change in the expectation of interest rates. How is the bank's policy regarding wallets and what happens in this market scenario? So, if you could give us some help on how to think about this market scenario from now on, it would be good. Thank you.

Gustavo, it's a pleasure to see you again here. Thank you for being here with us. I'm going to ask Cassiano to start answering. You can do the complement too. And André.

Good morning again, Gustavo. Well, the INAE market, in fact, surprised. I think that's important. But Noronha was very categorical. It was a very important job. from our treasury, from all the tables, I think this is very important. The commercial traction of the bank also helps an important part of the tables, which is the commercial table, the customer table, which is permanent, and this in our traction has also brought good results, so I think this is an important indicator. The second energy table is within this concept as a whole, but another important one is the consistent work that we do also within ILM. Despite not having a defined head policy, as we have been talking about for a long time, We obviously do the work on a daily basis, looking for opportunities to capture the best possible result between any mismatch that the bank has. And this is an important case. This first semester we had several important opportunities to do a specific L&M policy for this interest rate cycle, which is slower than we imagined back then in relation to the fall in the interest rate. So you add The commercial, the part of the clients that are all in the traction that we have in the attack, in the operations, all for the big clients, also the middle, the energy and the LM, are structuring operations and in the long term that leave us in a more comfortable position in the DNA market part. We have practically reached Soft Guides, it was an important opportunity, I think it's cool to have this here. We understand that it will probably be a little above our soft guides that we have been talking to you about. So I think that's where you should be looking at the horizon, something between 1.5 and 1.9. So we think we still have some opportunities. So we are very satisfied and calm with the comfort of L&M operations and with the commercial attraction in the customer and in the energy bar. The trading, that exploratory, that specific, is getting smaller and smaller in our ecosystem of results in the treasury.

Look, and the complement here, Cassiano, saying the following, we have good risk management there, Gustavo, but we have teams, because it's not just a team, competent teams, right? Making it happen, man. I think this is the best answer, but with a colossal business traction. Ajudando e apoiando nossos clientes nessas transações que o Cassiano falou aqui, do próprio banco de atacado, do middle market, né? Tudo isso tem gerado fortes negócios para a gente lá. Então hoje dá para a gente pensar que aquele soft guidance ficou pelo caminho, né? Porque você já vai com um número bem maior, né? Se aproximar ali de 2 bi é muito razoável, sabe? Então esse é meu horizonte, minha perspectiva ali com o time que a gente tem, com tudo que a gente vem fazendo. Thank you.

That is, it is a result that came to stay and should have growth from now on. The next question comes from Daniel Vaz, from Safra.

Thank you, André. Good morning, Noronha. Good morning, Cassiano. Congratulations on the results. Congratulations also on the initiatives for capital management. And I actually wanted to change the subject a little bit, going back to NIN and cost of risk. In that line of adjusted return that you like to play for rare, right? I think it's a lens that makes a lot of sense when you think about the exposure you have and the guarantees, but thinking here, isolating the two variables of NIN and cost of risk a little bit, it seems that there is a pressure, correct me if I'm wrong, of margin with passives going down because of the average selic, so you can have NIN pressure down there and you Having an exposure to more guarantees, I don't see it as an increase in NIM in the next few weeks, I see it as a greater stability. And the other factor in the cost of risk, being able to push it up a little bit, is precisely the deterioration of the stages. When we look, we saw the detail that Noronha put in the presentation of 20 BIPs coming from John Deere, 20 BIPs coming from FJFJ. who certainly has honors up front and can help, and the 10 Bips from Stage 3 in the attack. So I wanted to understand with you, in the Cost of Risk too, if there is a pressure for you to raise this level of 3.5 because of these digital migrations, which seems to have a little more macro risk. Not necessarily that you are taking more risks, but the macro is a little more challenging. My first judgment is that this is something that puts Marinho down, or puts a little more pressure on you not to raise, and Costa Bradesco is actually the opposite. How do you help me build this account?

Thank you. First, Daniel, thank you for participating here with us, it's a pleasure to talk to you. Again, I'm going to ask my colleagues to complement my answer to you, but I want to tell you the following. Look, the SELIC down is positive for us, right? Our passive growth was significant, and it's translating into... Cash Management, and more relationships. This has led to the fact that in the last two years, I think we've only had one moment where the cost of capture has reached this level, it's at the low. So, this helped our financial margin, right? And when I look at the risk cost, you're right. The market is getting worse. I showed some market indicators there, such as the private consign, which we have half of the over 90. So, there are people there operating with With greater risk, right? I think it's less the incumbent banks than other players, I have the impression. So we have other effects here of a little more pressure, which are linked to the conjuncture, I talked about the rural, right? Particularly by equivalence, but this hits our old safes here too. And the phenomenon of FGI and FGO. Thank you for watching! In our gross margin, in our NIN, and in the set of the work here. And look, what I emphasized, Daniel, that I think it's worth repeating here, which is, it's not a line, right? When we look at the financial revenue, we are looking at the margin with the client, margin with the market, And the margin with customers does not come only from active, it comes from passive. Then when we go to the service service revenue, which may have had a smaller growth, a relatively smaller growth, but look, we are believing a lot in this greater growth. We have a lot of lines, as I said, you look at the full disclosure, there are nine lines, but when you start to explode these lines, we have at least 15. And they are diversified, in addition to the insurance group, the payment companies that we have. So, we still have a lot of growth leverage, particularly from Crossell. Our colleagues talked about Crossell and we are seeing this materialize. A data that I think I mentioned here in the presentation, I also commented with journalists before, I was with Ney, was that we, in this new experience of vehicles, which was not a lever for us, until we had made a good diagnosis of this market, had completely changed our process, we had two platforms, one for dealers, another for our current customers here, we unified it, gained efficiency. It improved the commercial aspects, the client's experience, the dealer's experience, with pricing engines to guarantee this risk-adjusted return for us. And it gained competitiveness in the market. But we embarked on the client's experience, the condition of the client to hire high insurance. And it's super simple, the experience is sensational. So we're increasing penetration here. And when I look at the commercialized loaner here, in this business, through Bradesco Financements and through our network of clients, physical people, what happened? What we distributed as a loaner through these channels, or through these segments, in the first semester, vis-à-vis the whole year of last year, we grew exponentially. Practically 100%, because we delivered what we did last year. Look, with the change of experience for the client, the capacity of Crossell, when we deliver good experiences and connections. So, Daniel, I have positive expectations on different fronts, regardless of the macro environment, it is more restrictive, it is more difficult for the whole project here in Brazil. But thank you, feel free to complement if you want.

I would like to complement here, Marcelo, what you called attention is that the transformation is giving us more resilience. You said that our passive cost has now fallen a little bit in the second TRI, I would like to call attention to the capture, that it rose 19% in the second TRI against the second TRI of 2025, that is, our customer segments are bringing more net new money, We are seeing this happen, the result of these nine segments, a new value proposition. So, a larger base with a slightly lower cost of funding. So, we started by saying that NIM was going to be stable at 9% this year. We delivered 9.1% in the first TRI, 9.1% in the second TRI. It should be close to this level by the end of the year. It will be a good perspective for the gross spread here. Thank you, André. Thank you, Daniel. The next question comes from Yuri Fernandes from JP Morgan. Yuri.

Thank you. Good morning, Noronha. Good morning, Cassiano, André. I would like to congratulate Borges for the decision. I think it was a courageous and correct decision for the bank in the medium and long term. We have been vocal in tangible capital and I think this is a good path for you. I just wanted to make a quick follow-up to Vaz's question, just about FGI and FGO. I know you have the honor, I know that Stage 2 was impacted by it, but since there is perhaps a time difference until you eventually receive some delay, do these loans slide to Stage 3? Do we see the provisioning of this or not? And my more in-depth question here is about your current account. We see another competitor being very vocal about cutting these current account rates. Your current account has also dropped a little, right? The current account has dropped something like 3% year-on-year, but your competitor has cut almost 20%. So, do you see any pressure on Bradesco to speed up the cut of this rate line? No, I think it's a little more fine-tuning than you have done. So, just an outlook here on the current account of rates for us to understand your strategy a little bit.

Thank you. Yuri, it's a pleasure to talk to you again. You have been provoking this issue of capital for a long time. You wrote in a report, right? And I say this openly. You think you don't influence the controlling shareholders, right? Colleagues who are also in the council of the bank, right? And we debate these things. You and some colleagues have pointed out this aspect of capital. I like to hear you say that. I saw that you have already written something about it. I think it's correct. The provocation, I always told you that the provocation was positive, it was good to make a reflection about it. I'm going to ask my colleagues to help me here, but look, FGI and FGO can slip a little in the line from FGO to Stage 3, they can, but you recover. But the dynamics, sometimes we think, wow, life, I'm going to be without receiving for a while, but no, we receive every month, because if that one there won the period of 120 days, we're looking for honor, but won again that one three months ago, and so on. So, there is a flow here that affects, it comes and goes, comes and goes. You have a dynamic of the stages, of entry and exit, entry and exit. This case, for example, of the bank being attacked, which we said is public in the market, but it's a dynamic that was TVM and a derivative piece, you brought it to stage 3 directly, right? So, it can affect, yes, But man, we are inside the honor, we are super safe in relation to what we are doing. André Duarte with the portfolio management team, we look at this business all the time. He makes the scenario of stress, of stop loss for us to see. So we are confident in what we have been delivering. Regarding the current account fee, it is a fact. We've already talked about this, right? His tendency is to fall, not to grow. But Bradesco has a characteristic, man. It's the express Bradesco, right? Thank you very much. Thank you very much. Funds Administration, Clothing Bank, brokerage was super important for us, it was very strong. But the card business, which had a relatively small growth, if you look at it by equivalence, I will remember that we have a set of companies, right? We have the largest loyalty program in Brazil, we as Banco do Brasil, Alivelo. We have Cielo, we have Alelo, we have the Alelo flag, right? And in the case of Alelo, it went through a regulation and lost certain lines of revenue. Even so, it continues to have a resilient result. So we lose a little of the fees, but this will normalize. So we will see, very likely, recovery. These lines here over time, but there is a colossal diversification of lines for us to look for FIIs. Feel free to complement me once again, Yuri.

Thank you. Thank you, Yuri. I think you said it right. I think we have a mechanism from Expresso that is very important. Yuri, it has brought the current account linked to new service value proposals, not necessarily the traditional bank rates. This has been very good for us, softening the fall curve. But the pressure is the same, it is only softened by our commercial strength, notably in the part of digital retail, based notably on the express.

Thank you, Yuri. The next question comes from Pedro Leduc, from Itaú BBA. Pedro, good to see you. Thank you, André.

Good morning everyone, Noronha, Cassiano too. The question will involve a little bit the credit of the Corporate Wallet, DCM, as we here also try to think about the evolution of RAR, companies grew 7% in the TRI, which is TVM, it rose almost 9%. And then the origination is very strong, even Noronha puts the part of the ranking there, but we didn't see a correspondence in the revenue line with financial advice. So, trying to help us reconcile a little bit, the portfolio grows a lot, we didn't see the revenue in the FII, and then the PDD also came very low, or sequentially lower in this line of corporates. So, I see your RWA credit has gone a lot, pulled by this expansion of corporate, But I didn't see much of the other counterpart here, and PDD really surprised me a little bit, given this origin, I hoped it would be a little higher. Help us understand a little bit these moving pieces here, Noronha, and what we can imagine for the second semester, maybe.

Thank you. Cool. Leandro, thank you for participating again here, right? It's a pleasure to talk to you and thank you for the question. Well, let's see, PDD, She was not so low, 400 million, because we still had a small adjustment in the bigger case that I mentioned. But you have, and the attack bank is that, you can have that specific case that gives a stress at a certain moment. The risk is not null. It was in the previous trimester. But we made the provision immediately, we are being precise in relation to this, when we see that the business will not go adequately there, in a negotiation that is known in the market. Now, the growth of the attack bank, it happened. In TVM, I'll come back here with you, it happened in Havas and Fianças, it also happened in Plano Empresário, where we grew well, we were the second in the market in growth in Plano Empresário, and in another specific line, for example, we financed more than one M&A, with good guarantees, and I mentioned another operation, I avoid talking about the sector here because it is not characterized, but a very large liquid guarantee, which calls for little expected loss and provision here. But we have a good level of coverage. Now, in relation to DCM, Alferio Fisch, because the second TRI last year was very strong in operations, that's why the relative variation is smaller. Now, the bulk of the operations that were booked in TVM is the PD. You will see, Leduc, that they will oscillate, unless we have the demand to replace them. But we will see the exit in the secondary market, as I saw recently. There was an exit in the secondary market, because remember that, if I'm not mistaken, We hit the bottom of the spreads again, with the assets in the market, which balanced again. We hit the bottom and the people left with some assets, because it's an opportunity for you to do more margin, because then you compromise less capital and do more margin. And in our business model, which I think is not different from banks that practice this here too, our RM and the segment that did a business like this and put it in OPD, He only offers the result of that at the exit, right? So, exactly to encourage us to turn the wallet, okay? So, it's a little bit around here, right? But look, we were leaders in origination, but man, that's not what we're looking for at the end of the day, we're looking for the rare. There is no autonomy. Not even for the investment bank, not even for any segment of the bank to have attacked, to operate with a rate below what is specified there. You can have, I'll even get out of TVM for Finame operations, for example, heavy ones. There is a client who has a strong relationship with us. Then we don't just look at that type of operation, because as you have tabled rates, tabled margin, So the RAR of the operation can be smaller. But if I have a client who has a high RAR, then we look at the combination, because it is a client who gives me a payment sheet, has a cash with me, has a great relationship, including in the private with us, so we look at his complete relationship, which is logical, and say, no, with this client I can do this type of operation, because he takes a little of the RAR from the client, but he remunerates the bank adequately.

Perfect. Pedro, thank you. Thank you, Eduardo.

What a pleasure to talk to you.

The next question comes from Eduardo Rosman from BTG. Rosman.

Good morning, everyone. Thank you for the opportunity. I would like to return to the topic of directed credit, which you have given a very large focus. We have also seen other banks and fintechs increasing their focus on these government programs. I would like to understand sustainability here. Not only the size of the programs, because I think it ends up impacting a little the tax, inflation, I think it hinders the cost of capital to fall, but also what should be the return of operating in these programs over time, if we should expect some pressure of return forward, given the increase in interest of several participants. Thank you.

Rosman, it's a pleasure to meet you again. Thank you for the question. I'll tell you the following. Since the beginning, the bank has participated in practically all lines. We are present in all five lines of FGI and FGO in a very competitive way. Now, it is natural that it fits in the primary, that is why the resources are finite. But this is a great opportunity that it has two aspects, or three aspects, if you want. First, it is a long-term line, so it is sustainable with excellent guarantee. Rare. Retorno ajustado ao risco desse tipo de operação, cara, posso falar a você que é altíssimo aqui, né? Mas não tem nem discurso, se você conversar com outros players, vão dizer a mesma coisa pra você, tá certo? Se tiver dentro do stop loss, obviamente, ali com aquilo administrado, né? Então, longo prazo, ela é sustentável por algum tempo. Segundo, você gera cross-sell. So, you increase even more your possibility of RAR. Third, for the client, for the company, the level of practice rate, the deadline, is a very inviting thing for them. So, you expand the relationship with them. So, this here, for us, is extremely relevant. Ah, but the production can be in the short term, but the permanence, it is... In the long run too, right? Because you go with lines there up to five years, with a year of lack, right? And we're playing the game well, right? We were the biggest originator last year and in this first semester too, right? The pressure of return will not generate, but we will also create, as a consequence, a relationship with customers who are very resilient in payment, because it is the minority that delays, not the majority. So, I don't see a problem in the pressure with new players. I think we are extremely competitive, we are showing this, right? Penetration capacity, hiring the FGO there with a sensational experience for the clients, the FGI too. So, we still have room in some lines to operate, but obviously, if there is no next step forward, then it will... Thank you very much. Thank you very much. By the way, according to a comment, I think Maluy did, I think Tassiana do Banco do Brasil also did, which is one of the best lines promoted by the federal government, because in fact it goes to the meeting of companies to a certain size, both at FGI and at FGO. This is my opinion, of programs, that I would say social programs, these lines are champions. Rosman, obrigado pela pergunta. Prazer.

Obrigado, Rosman. A próxima pergunta vem do Matheus Guimarães, da XP. Matheus.

Good morning, André, Noronha, Cassiano. Congratulations on the results and thank you for the opportunity to ask questions. I wanted to talk a little bit about private consignation. I think you reported very relevant growth, both sequential and year-on-year. And the product has gone through some changes, even being controversial for some competitors. Thank you for your participation. It's a pleasure to talk to you here. André starts by answering and we'll complement in the sequence, please.

Mateus, this is a product that is maturing. It was launched in March 2025. We saw in July last year, the data-preview systems started to make a well-made observation, it lowered the risk a lot on this front, and we were there defining the filters for October. Acelerar bastante a nossa originação, mantendo sempre a disciplina e o RAR. O foco no RAR, RAR super atraente aqui para a gente. A gente mostrou ali para vocês que o nosso Senai de Plência vem basicamente estável esse ano, está em 4,7% ali em junho, é do mercado 8,9% e subindo. Então é um produto bastante arriscado, que atende basicamente o público de baixa renda, E tem um risco muito grande aqui. Então, com os filtros certos, a gente conseguiu definir um público e emprestar. Essa originação aumentou bastante e ela vem se mantendo ao longo do tempo. Recentemente, a gente recebeu garantias adicionais dadas pelo FGTS, mas elas vêm com algumas restrições de uso, algumas limitações que colocam um valor muito baixo. Matheus, I just add to say that we were careful.

We had to delay a stronger entry until we were absolutely safe in the process, with a date. So when we were safe, we actually started to operate. And remember that we tend to approve the credit to the individual and to the company. It's an important combination here. And see what André said, what I also mentioned before, the inadimplence of the over 90 without Bradesco in this private consignation, as we noted. So we have the capacity to originate, remembering that we only have, in this market specifically, even having 14% of share around this in the total consignation, in the private we only have 7%. So the opportunity here is growth, it's not even loss, it's growth and we think it will continue to grow.

No, I think that inside the filters, I think André said it well, right? This is a product, if you look at it from A to Z, in its constitution, it is very good. As the program of the government improves, we have a better appetite for risk, which has helped a lot for the companies that are inside the house, right? I think this is the main cluster that we have been looking at and obviously its workers are inherent to this, right? So I think there is a very good path in this, but with caution. Thank you, Matheus. A hug for you.

Thank you, Matheus. Next question comes from Carlos Gomes Lopez from HSBC. Carlos, the floor is yours.

Thank you so much, Andrea team. Congratulations on the results and congratulations on the capital increase. I had my traditional question on insurance. Your guidance for insurance is still six to eight percent. Your result this first half of the year has been very strong, 14 percent. Should we expect a normalization in the second half of the year? And if I can add one more thing, you mentioned that you want to increase your tangible equity. Which tangible equity metric are you looking at? Is it tangible equity to assets or tangible equity to loans? And what level would you like to have? In my numbers, you have 5.9% tangible equity to assets. You used to have 6.5%, 7%. What level would you like to achieve? Thank you.

Thank you, Carlos. Good to see you again.

Yes, of course, I can comment here on the Guidance point. Well, first of all, good morning everyone here. Our expectation is to close the second semester well in line here with the Guidance. In fact, not that there will be a deceleration, but we have a very high base in 2025 in this second semester, as is the traditional of the insurance industry. So, we performed, in fact, better here than Guidance in the first semester, but our expectation here, as I said, with a larger base in the second semester, is to deliver here, very close here, from the midpoint to the top in Guidance for the year.

Margal, thank you, Ney.

Carlos, we understand that intangible capital does not have a specific metric where we want to get, but obviously the more we can have our own capital and tangible capital for us is super important in what we have as a budget. We have to have it robust, both to deal with the growth and leverage of the bank in appropriate macroeconomic moments, as well as, eventually, in the balance and reduction of our tax credit. This is our great alicerce to have a tangible and robust capital. So, all this movement that brings this, specifically the increase in capital, We don't have a target, but as Marcelo said, the more robust capital we have, whether it is at level 1 or what can be put at the disposal of result generation, which is the case of this increase in capital, is what will strengthen us for the new cycle and for the reduction of our DTA. Carlos, the main leverage here is profit, and it is what we pursue.

Thank you, Carlos. Thank you, Carlos. The next question comes from Renato Meloni from Autonomous. Renato.

Good morning.

Good morning, guys. Congratulations for another release of R.O.E. Crescente. Thank you for the space and for the questions. I'd like to go back a little bit to the dynamics of the second semester. André, before you commented that you're waiting to get to the guidance here from the middle to the high point, what would it imply in the acceleration of the growth of your... Margin financeira ajustada ao risco, de mais ou menos 9% no primeiro semestre para 12% no segundo trimestre. Ao mesmo tempo, vocês mencionaram que o seu crescimento de carteira deve convergir para o Gaia. Vocês estão desacelerando, está rodando bem acima. Uma margem financeira líquida estável ao redor de 9,1%. e algumas pressões temporárias ainda no provisionamento. Então, eu queria reconciliar essas duas dinâmicas aqui, que talvez estejam apertando um pouco a sua margem no estado a risco, para essa aceleração implícita que você mencionou antes. Obrigado.

Meloni, prazer falar com você novamente aqui. Obrigado por estar aqui com a gente. André, você inicia a resposta. Perfeito.

Thank you, Renato, Marcelo. So, our commitment, step by step, to increase the profit throughout the quarter, implies that we will probably reach the end of 2026 with a liquid profit, implicit in the Guidance, from the center upwards, in relation to the implicit profit in the Guidance that I was referring to when I was talking about the center upwards, binding with a step-by-step commitment to increase profitability. Our Guidance has five lines. We are very confident to deliver all five lines within the intervals indicated in the Guidance. Each line in its place. Ney just commented that the insurance line should be from the center up, the service line closer to the top, each line in its place, the expense closer to the floor of the Guidance, and the liquid financial margin, we are talking about Thank you for watching!

Okay, Andre. No, it's great. Meloni, I think we are delivering strong traction, but not only in the gross financial margin, right? That also brings the margin of passive, the margin with the market, but we will also observe these lines of revenue of service that I mentioned here, Growing within the guidance, safe, the same thing, and controlled expenses, as Cassiano commented now. So, all this takes us to better results, but within what we have planned, step by step, without doing anything crazy, looking to deliver everything we proposed to deliver in our transformation plan. Thank you for your participation. A hug for you.

Thank you, Renato.

Great. Thank you, Andre. Hi, Noronha, Cassiano. Thank you for the call and taking my question. Just a follow up on the loan growth. I guess two specific lines on the corporate side. Rural loans jumped 20% in the quarter. I know you show in slide five there that your market share is much lower and your MPLs have actually improved. Over the last year but you know larger peers that you have much larger exposure are suffering quite a bit in that segment just to understand why you feel comfortable growing there also on the individual side vehicles you're also showing you're kind of gaining your fair share but it's also a segment where some of your peers are pulling back a little bit we've seen some asset quality issues over the last year there as well so just understand why you're feeling comfortable to grow in those two lines thank you

Tito, good to see you again. Thank you for coming. Let me see. First of all, incorporate wholesale bank. In wholesale bank, nós fizemos alguns deals bem importantes, inclusive de M&A, em crédito rural. With clients, triple A, double A, I mentioned two, right? Two operations, 6 billion reais added, one of them with good guarantees, with a triple A client that Naturalmente fez uma aquisição importante para complementar o seu negócio, aproveitando o momento de Vale. O que é positivo para quem vende também, porque se está mais alavancado lá no Magribusiness, vende, tira essa alavancagem, segue com o seu outro negócio. Isso de um lado, do outro a gente tem uma garantia altamente líquida, então a gente trabalha olhando para a qualidade dos clientes. E se você pegar... In our full publication, you will see that, throughout this quarter, we have been de-concentrating the bank's wallets. There was a slight deviation in the last quarter, Eurico Ramos Fabri In agribusiness, you have a lot of good clients in specific sectors and regions that are known to us. So we are comfortable with that, because there are punctual approvals there. In vehicles, that's what we talked about back there last year, I commented on this here, I think that in the publication of the third TRI that we were going to start growing in vehicles, which is another lever for us in time, within the risk-adjusted return. And here we have, I'm going to divide it into four quadrants, new light vehicles, light vehicles used, heavy and motorcycles. In motorcycles, our appetite for risk is very low. We participate by choosing ratings. In heavy goods, we lead this market. And it depends a lot on the type of line and also on the risk-adjusted return, because here the margins are smaller, especially when you operate Finami, which is what I commented on in the other question. I need to have a risk-adjusted return from the customer that justifies this here. In new light vehicles, the risk-adjusted return is lower. So we are not leading this market. We participate, we have good agreements. mainly looking at our current clients, who have a greater relationship with us, but in vehicles, I will call them semi-new, because one thing is to treat a vehicle with 5, 6 years of use, another thing is 20 years of use, we do not operate at this extreme. So here we made a diagnosis, We looked at the risks and we have been dealing with modeling for a long time and we saw how the market was operating. Particularly, two players came to do a good job with good experience with the customers. So we reformulated our platform, giving new experience to customers, to dealers, Machine Learning for pricing modeling, with AI as well, and Gene AI. Credit risk modeling and politics, because politics defines if you will accept a greater or lesser risk with a vehicle that is also a guarantee for us. And we saw the opportunity to make financial margin. Of course, the return adjusted to the risk here He, as an indicator, can be lower than the FGI and FGO, but he is healthy. So we saw the opportunity to grow. In certain markets, certain ratings, we are not present in the entire market. And we are very confident in what we are doing, Tito. I think that's it, I don't know if my colleagues want to make a complement, but thank you, it's a pleasure to see you again. And the cross-selling of insurance. Ah yes, so André remembered well, I also commented, Tito, on the cross-selling. The cross-selling that we have been doing, this example is the best, because it is embedded in the client's experience. And what happened? We produced. Thank you, Tito.

We end the Q&A session here. Those questions that could not be answered will be answered later by the R.I. team by e-mail. Before passing the word here to Marcelo, I would like to remind you that all the material of this publication and much more is available on the R.I. website and we are still here at your disposal to answer any questions.

Well, thank you André, thank you Cassiano, right? Now I especially thank you, who had the patience to listen to us, all these explanations. I thank the colleagues here from Celside for the questions, for your participation, to all our investors who are listening to us, collaborators who also follow the disclosure of results, thank you everyone. But I wanted to tell you that we are very confident in what we have been delivering, in our path, in everything we have been doing, including in the insurance group. Here we are also in the company of Ney and Marinelli, as André said at the beginning. Resultados recentemente, eu ressalto um ponto que ele falou, nível de retorno alto na Bradesco Saúde, uma sinergia muito grande na distribuição do SMI na Bradesco Saúde também. Eu falei também do seguro de alta aqui com o Ney, a gente falou sobre isso, aliás foi o Ney que lembrou lá na nossa coletiva de imprensa. I continue to be confident in all our connections here in different areas, in everything we have been doing. Now, I would like to say to you too, to pass a feeling here to you, with all the openness we have, without any judgment of value. From the day... 20 de fevereiro, se não me falha a memória, acho que era isso, o nosso market cap era de 214 bilhões de reais, né? Com a Brades Saúde e nosso patrimônio líquido da ordem de 14 bilhões, né? Então, todo o restante do banco, né? Esse banco completo, porque isso aqui é um conglomerado, né? Por isso que eu falo de tantas linhas de receita, né? De forma diferente, né? The largest part of the insurance group, which is the largest in Latin America, within these remaining 200 billion, these payment companies, all here too, and the other participations that we have within our organizations here, worth 200 billion. Of course, the market has worsened, this issue of war and other variables, but if we make an account, I'm talking about an arrival account, it's a Pernambucan thing, but anyway, an arrival account here, We have unleashed the value of Bradesco Sa, which has been showing resilience, the result and equivalence of Atlantic Hospitals, which Marinelli also mentioned, I quote, as a great business, right? It showed a growing result and it will be like this in the future. And then, when we look at it, we opened the capital of this company, unleashed this value, I'm going to put the order of magnitude, 42 billion, and we, with the market cap, go around 182 billion to facilitate the reasoning. So, all the rest is worth 140 billion, right? This rest that I said was worth 200 is worth 140 billion. Look, the market has fallen. I have no illusion that when we open the capital of a company that is under the bank, it could be from another sector, you continue to be traded by the same multiples. But I think the discount is big, okay, guys? So, I have a lot of confidence. Muito grande naquilo que a gente está entregando e no futuro da nossa organização. É só uma provocação para todos vocês. Obrigado mais uma vez, obrigado a todos os colegas que participaram aqui comigo. Um abraço e até a próxima e a gente fica sempre à disposição para conversar com qualquer um de vocês ou com todos vocês. Um abraço forte.

Obrigado.