BB Seguridade Participações S.A.

To listen to the audio in English, press the interpretation button at the lower right-hand side of the screen. The event will be divided into two parts. In the first part, our CEO, Delano Valentim, and our CFO, Rafael Esperandio, will present the main deliveries of the quarter. The presentation, in Portuguese or English, can be downloaded on our website of relations with investors by the address www.bbseguridaderi.com.br. In the second part of the event, there will be a Q&A session, when analysts and investors will be able to request additional clarifications. I will return after the presentations to pass on the guidance to those who wish to ask questions. Now, I pass the word to Delano, who will talk about the main highlights of the year. Delano, please, now it's your turn.

Thank you, Felipe. Good morning. First of all, I want to thank all the people who are connected, following our virtual meeting, where we will present our performance of 2025. Starting the presentation, we noticed that this year we achieved a recurring management liquid profit of R$ 9.1 billion, a historic record, a fairly robust result, growing 11.4% year-on-year. Our operational result, which represented almost 80% of the profit, grew 2.1% year-on-year, with the sinisterness reaching the lowest level of the historic series. We also had a relevant contribution of the financial result, which grew 61.3% after taxes. And all this robustness of results, combined with the high capacity of cash generation, allowed us to prove R$ 8.7 billion in dividends per year, a high of 5.4% in the remuneration volume intended for our shareholders. An amount equivalent to practically R$ 4.50 per share, referring to the 20-25 exercise. The numbers in the last line were spectacular, despite the regulatory changes and the volatility we faced throughout 2025. This year, we implemented significant improvements in our portfolio and opened new fronts that raise the level of opportunities for future growth, as we start a new credit cycle. We enabled the loan insurance for some credit lines to micro and small companies that previously were not eligible. And we also quickly enabled the sale of the product to the private consignor, launched in April. Together, these initiatives generated more than R$ 0.5 billion in prizes. We also started operating with the loan insurance in the consortium portfolio of BB. In a short time, we had about 11,000 proposals, which represents about R$ 88 million in prizes during the implementation of these policies. More important than the initial volume of business is the initiative to embark on security products in an industry that has had a fairly consistent growth in recent years. And in the line of increasing the resilience of our business and contributing to the financial health of our customers, we have reached R$ 2.3 billion in savings given as a credit guarantee. This is a very important instrument that allows, in case a client goes through a momentary financial need, that he does not necessarily need to get rid of his long-term reserves, but rather offer them as a guarantee and achieve much more advantageous credit conditions to face a momentary situation. The improvement of our client's experience is at the center of our strategy. And I bring here some indicators that indicate that we are on the right track. The NPS grew almost 4 points in the period and the complaints retreated 20%, just like the churn that reduced 5%. In 2026, we will continue with the goal of improving the experience and making ourselves present to our customers according to their convenience and need to expand, retain and make customers of Banco do Brasil more and more profitable. We have a roadmap of new products and journey improvements that enable significant revenue potential over time, as we did last year. We are looking for more integrated management between the group's companies, to be more efficient in everything we do and have a unique vision of our customer and the way we relate. Throughout the year, we hope to present the news here and we are convinced that if we implement everything we are proposing to do, we have the potential to further increase our capacity to generate value. I end my speech here and pass the word to Rafael, who will give more details of the result and our projections for 2026. Thank you very much.

Thank you Delano, good morning everyone. Starting here to detail a little bit of our fourth quarter and the year 2025. We had here in the fourth quarter a profit of R$ 2.3 billion, growing 5% in relation to the fourth quarter of 2024. In the year, as Delano said, growth of 11%, profit of 9.1 bi, it was only not greater due to that effect of temporary decoupling in the update of assets and liabilities of the defined benefit plans. In December, IGPM deflated 0.01%, this ended up impacting the asset there, the passive always updated with deflation means, it ended up being updated for a positive NGPM of 0.27. So, that's why we ended the year with 61 million. As you know, this here, as the curve stabilizes or flexes, it reverses this result and it adds 0 to 1 time. Operational performance was very good, I will detail in the next page, but the main growth driver here, whether in the quarter, year against year, in the accumulated, was the financial result. The financial one here grew in the fourth quarter more than 80%, year against year, 61% in the accumulated, consolidating here with a participation between 20% and 25% of our share. Here I detail a little of the profit of the year, of the main components, operational and financial, a growth of R$ 1 billion. The operational added R$ 142 million of growth, very much drawn by the prize, gain and withdrawal. Here I carry, mainly the mixed price, of sales of past periods, 2 to 3 years. Same thing here in the brokerage. Sinistrality, another positive point, we have followed here, throughout the semesters we saw the sinistrality always surpassing positively, it was no different in the fourth trimester, it added R$ 95 million to the operational, the management rate added R$ 38 million, here growth of balance. being the main growth driver for the management rate, a part of this growth here compensated by the increase in expenses. The financial one here, breaking into the main components, the financial one added R$ 789 million, a good part of this growth came from growth in volume and average rate, which is basically Selic. Temporal decay, we lost R$ 70 million compared to last year, And the market score in 2025, we had a positive score of 18 million, while in 2024 the score was negative and 188. So a very strong growth, almost 800 million in growth of financial results. Detailing here the operation, starting with the insurance operation, the issued bonus of 3.8 billion, a drop of 11% year-on-year, 9% in the accumulated, here very sensitized, we have followed throughout the year, because of the performance, mainly of the lines linked to the natural credit rate, because of the Selic rate of 15%. This generates an additional difficulty for the placement of the product. The product consumes part of the customer's credit margin, a high rate, there is less space left for the placement, mainly of the lending insurance. When we look at it from the point of view of the retained prize, 9% drop year-on-year and 4% in the accumulated, here much less than the drop in the prize issued, mainly because here at Ótimo do Prêmio Retido we minimize a little the agricultural effect, which was the line that suffered the most throughout 2025, something like 23% to 24% only of this Retired Award in the company, so in the Retired Award it ends up feeling less than in the Total Emitted Award, this is evident here when we evaluate line by line, it is clear that the lines most dependent on credit ended up having a higher rate of fall than the lines that do not depend on credit origination. The main highlight here, residential growing 14% in the accumulated year, year against year in the fourth trimester. The Vira here, when we look at the accumulated performance, well in line with the deflation of 1% of the IGPM. Talking about the quality of this result, we observe here a slight improvement in the combined index, but for a good reason here, a good part coming from the increase in the commission due to the change in MIX. Sinistrality, when we look at the year against year, there is a slight increase, but because it was excessively low, in the fourth trimester of last year. The expense index rises here also by punctual event, low of intangible by used property, we made an adjustment, a revision in the calculation methodology and this ended up impacting here in the fourth trimester. In the accumulated of the year we observe a more stable performance, so only 30 times worse in the combined, mainly due to the commissioning, same thing as I said here, in the fourth year, year against year, here it ends up reflecting positively there in the BB Corretora. The Sinistralidade had a very positive performance, it falls from 23.7 to 22.5. Here, although the agricultural has increased, it ends up that in the other lines of business we had a very positive performance, especially the a practically stable spending index in 2025 compared to 2024. Financeirum is a company that has its assets in a very concentrated composition of fixed taxes, SELIC has a direct benefit in the growth of the financial revenue, 28% year-on-year, 40% year-accumulated, When we look at the increase in the prize, the gain and the growth of the financial result, it drives profit, growth of 2% year-on-year, 10% accumulated, company record profit of R$ 4.9 billion. Pre-evaluation operation, here a 37% drop in the year-on-year recovery, 24% in the accumulated, here quite sensitized by the change in the rule, OEF incidence in contributions above R$ 300,000 in the second half of last year, from this year this limit goes up to R$ 600,000. So, something that was not foreseen, we had to readapt the way we work the resource of our client, depending on the cash flow, So, it ended up sensitizing our performance a lot in terms of capture, we observe here, although there was a substantial drop in the rescue index, 160 basis points here, quarter-three year-on-year, still, the liquid capture was 6-binegative against 1-binegative in quarter-three last year, mainly because, even with a reduction in rescues, it was not enough to compensate for the deceleration of the collection. In the year, the rescue went up 50 times, but still within a relatively low level, but the same thing here, the fact that the recovery has fallen by 24%, it turns out that the liquid capture was negative in 15 bi versus 7 bi positive last year, even with a very similar rescue index. Reserves growing 9% in 12 months, and that's basically what explains the growth of revenue with the management rate, 5% year-on-year. Five times here, sorry, 0.05% drop in the average management rate because of MIX, which we have followed in the last two years, with this level of interest rate, the risk aversion remains, the client prefers to allocate a good part of his portfolio in fixed income, this implies a reduction in the average management rate, The same is reflected here in the accumulated performance of the year, growth of 2% in revenue and here 0.05 points also of reduction in the average rate. Brasilprev was a company that had a very well-behaved spending performance in terms of revenue, so there was an improvement in the efficiency rate year-on-year of almost 1 point. in the accumulated year, which, in addition to what I mentioned at the beginning of the presentation, the deflation of the IGPM throughout the year had a very positive impact on the reduction in the financial expense, which positively affected the cost of our passive, and that is, the better the efficiency, this improvement of the financial result of a substantial drop in the financial expense, the profit grows 39% year-on-year, 23% in the accumulated year. In the capitalization operation, here a 20% drop in the recovery year-on-year, but we ended the year with a growth of 1%, practically R$ 6.8 billion, reserves growing 3% in 12 months, in draw prizes, growth of 24% year-on-year, 20% in the accumulated, 75 million prizes distributed in 2025. Financial result here, the main highlight, a company essentially that operates dependent on the financial margin, so a considerable increase here, 120 basis in the spread, 43% growth in the financial result year-on-year, 11% in the accumulated, with 20 times of increase in the spread here in the year. It was not only greater because at the beginning of the year we started 2025 with a good part of the operation surrounded by issues of liquidity and capital, the curve closed in January, this ended up generating a negative adjustment, this ended up sensitizing here the financial result of 2025, but it was a restricted thing, in the first quarter it recovered throughout the year, it ended the year growing here 11%, and it is the growth of the financial result that reflects directly here in the profit performance, 42% growth year-on-year, 13% growth in accumulated profit, R$ 318 million in results, also record in the history of Brasilcap. In the distribution operation, the brokerage falls 4% year-on-year, very sensitized. because of the deceleration in the recovery of savings and capitalization. In the year, revenue rises 3%, here there is still a strong effect of burden, of deferment, of deferred acquisition commissions. This ended up generating a growth of 3% in the accumulated of the year. mainly because of this performance in the insurance operation, the liquid margin increases by 2.5 points year-on-year, 2.6 points in the accumulated, here a direct influence of the financial result, benefited both by SELIC Média, a company that runs basically compromised linked to DI, and the volume growth itself, this ended up generating a a very positive impact there in the result formation, so despite the revenue having fallen by 4%, the profit is practically stable, 4.3% year-on-year and increases by 7% in the accumulated. Moving here to our account performance in relation to Gainas 2025, so in the savings we are within Gainas, in operational results also within the 2.8 interval, it would be practically within the same interval that we had before having done the review, the previous level was 3%, so it would even reach the next one in the revised interval. The only line that was below here in prizes issued, we had a negative variation interval of 4% to growth of 1%, we ended the year with a drop of 8.8%, quite sensitized to the performance of more credit-dependent lines. For 2026, these are our expectations. In terms of growth of the savings reserve, we expect a growth of 8% to 11%. In terms of operational results, no interest, our expectation is a retreat of 7% to a retreat of 3%. Quite influenced here by the performance we expect from the prizes issued, a drop of 3% to a growth of 2%. This may be an indicator that we have a higher level of uncertainty associated with this performance throughout the year. we have a very positive expectation in terms of prize, but it is still very premature, because a good part of this growth and recovery expectation comes from the lines that depend on credit, and for this to materialize, we need to observe a considerable reduction in the risk prize in the interest rate curve. So, still too early to say, we intend to adopt a more cautious posture now at the beginning of the year, And as we have more information throughout the course of 2026, we can eventually better calibrate this interval so that it better reflects our reality. Well, with that I close the presentation here and join Delano and Felipe for the Q&A session.