Bb Seguridade Part Sa Adr

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.

Hello, we are back to our Q&A session. If you wish to send a written question, just click on the Q&A button at the bottom of the screen. We will also release some questions from analysts by audio, and for that, just click on the Raise Hand button and enter a queue. When authorized, just release the microphone and continue with your question. We will try to answer all questions sent by written here live. However, if due to the time available here for the meeting, we can't answer all of them, we will send this answer by e-mail soon after. Now, starting our list of questions here, sent in the queue, the first question is from Tiago Binsfeld, from Goldman Sachs. Tiago, good morning, please release your microphone and ask your question.

Hi, good morning, Felipe, Rafael Delano, thank you for taking my questions, I wanted to ask two. The first one is to explore this idea that Rafael brought up in his presentation about the prize guidance being a bit conservative. If you could discuss a little more in which lines you think it is more conservative. Also discuss product expectations, life, agriculture and also the other rural components. If you can qualify a little more where the growth comes from and where you think there are the main positive risks in your expectations. And my second question, I know that you don't give guidance for the financial result, but if you could talk a little bit about the expectation for 2026, what is the average CELIC drop that you are working on, remember the sensitivity in relation to CELIC, and also help to put the result of 2025 in comparable bases, conciliate the effects of inflation, MTM, just for us to understand what is your expectation for the financial result this year. Thank you.

Well, Thiago, thank you for the question. I'll start by answering the first one in order. Regarding the prize draw, Let's recap, something like 70% of the prize issued today somehow has to do with credit origination. So, when we evaluate the budget that was defined together with the bank at the end of 2025, we drew a growth ambition in these lines, quite relevant, a substantial growth. but a good part of this ambition is supported by a reduction of interest rate premise. I'm not even talking about this spot, I'm talking more about the future. In the future, in terms of interest rate, we expect a reduction of this risk premium, especially in the 5 and 10 years old, so that this generate a repricing in the credit and that the borrower can penetrate, especially the borrower here, I'm saying to the physical person, has more space in the penetration, in the mode that we call SLEEP, which is the origin of the credit. Naturally, with a more restrictive monetary policy, there is less space left for the borrower to be embedded in the credit portion, it ends up entering outside the operation and this ends up generating a greater cancellation. So we end up having to emite muito mais prêmio para ter um prêmio líquido comparável àquele quando a gente tinha uma participação maior do prestamista sleep na composição do prêmio total. Então, uma redução na taxa de juros favorece a colocação do prestamista embutido na parcela, que isso por si só gera uma recorrência maior, uma estabilidade maior na emissão de prêmios. Para o Rural, algo parecido, a gente espera a recovery of the agricultural sector, given the entire renegotiation movement that you have followed. We also have a better expectation for the agricultural growth, On the other hand, in the lines of PENHUR and rural producer life, whether by basic effect or by an environment of high interest rates, which also generates less disposition for the rural producer to make new investments, and the rural PENHUR line is directly sensitized to this, In these two, specifically, we expect a drop year-on-year. So, in summary, we are very optimistic about mixed prices, very optimistic about agriculture, perhaps in rural life and rural farming, a negative variation year-on-year. Vida, we work with a fake-flat expectation, a growth more aligned to inflation. And residential and business lines are less penetrated, we expect to grow even above the guidance interval. So this is more or less our ambition for 2026. but as we are still at the beginning of the year, very premature to try to anticipate this movement that should happen in the interest rate curve, we intended to take a more cautious posture at the beginning of January, And as we have more information, as we observe a reduction of this volatility, a greater stability in the post-reduction curve, and how this will be reflected in the credit behavior, we can calibrate this Gainance interval throughout the year. So, in summary, the prize is this, there are several moving parts here, we try to get there in an ideal interval to bring a good orientation now at the beginning of the year for the market to project the result for 2026, but it's not an easy task, we already knew, it's a year of volatility, we have an electoral scenario in the second half, so it's natural, this volatility happens, every year, so we intended to adopt a more cautious posture at the beginning and refine throughout the year. Speaking of finance, what we worked on as a premise in the budget is not very different from what the market is projecting. So, in terms of average CERIC, we forecast a reduction of around 1% this year, and it is very close to what the curve is also pricing. So, the sensitivity still remains the same that we have seen for some time signaling to the market, each point of Selic here, down or up, has a 100 million impact on profit, also down or up. It is quite symmetrical, this effect is very direct. When we talk about inflation, here we have an important component to detail, even for the composition of assets and liabilities and the influence that this has on the composition of the company's financial results as a whole. Remembering that this is very restricted to the defined benefit plan in Brasilpref. The IGPM today, we have a sensitivity of each point above what it was in the previous year, we had an impact here of 12 million or less of result for BB Seguridade. The IPCA, here we work with an expectation of each point of increase in the IPCA, around 30 million. Here we, for IGPM, work with, looking at the focus too, without much science behind it, the IGPM should go up 5 points and the IPCA fall around 30 bases. So, both effects have negative, each point that the IGPM is above the previous year, 12 million negative, and here the IPCA, at each point that it comes below the previous year, 30 million negative. So, these would be, roughly speaking, the sensitivities. To compose this in your projection, two points that I highlight here, there in the presentation we pointed out, we had 18 million positive market markings, there is the criterion of each one, to design what the market should be in 2026. We always assume zero, we adopt a very conservative posture for the budget. And also remembering other points that I highlight in the presentation, we had 61 million in temporary eviction. So, normally, when we work on the budget, we assume the reversal of this eviction, whether it is positive or negative, within the current exercise, because those who have been following the company over the years know that this effect adds up to zero in time, it is purely a matter of temporary eviction, only in the update of these indexers. So, these would be the main variables that we take into consideration in the financial results projection.

Thank you, Rafael, for the answers. If I could just make a follow-up on your first answer, an eventual guidance review process, how would this decision be taken throughout the year? Because I understand that there is some seasonality in agriculture, especially that the second semester is stronger. If this could be a decision more taken at the end of the year, or if, eventually, if, let's say, Prestamista starts the year stronger, you could even anticipate this decision. Anyway, just to understand how you think about the distribution of guidance growth throughout the year.

Thiago, today I would say that We are more sensitive to any kind of guidance review in the performance that we will observe in the mixed loan, even more than in the agricultural. The agricultural is an important line, without a doubt, but a good part of this risk is exceeded in reinsurance. we should be around three quarters of this risk for reassurance. So, it generates a certain volatility there in the first line, but for the formation of the final result, it is not as sensitive as it is the lender. So, I would say that today we are monitoring more closely even the performance of the lender than the farmer. Okay, thank you, Rafael.

Thank you for the question, Tiago. We have another question here, the next one is from Maria Luisa Guedes, from Banco Safra. Maria Luisa, please open your microphone and ask your question.

Good morning, everyone. Good morning, Adelano, Esperenio, Felipe. Thank you for taking my question. I still wanted to address a little bit regarding guidance, as Esperenio already commented, we have here some points of uncertainty, but just so we can at least access the probabilities of the extreme ends. So, I know that there is a premium component, as more uncertain, but I also wanted to understand how this sinisterness comes into your estimates. So, I wanted to understand if there is any component here of conservatism in relation to the sinisterness and how conservative it would be in each of the scenarios. So, in the low end and in the high end, what are you thinking about the sinisterness, if in the most optimistic scenario, where the operational is falling 3%, Is there still any expectation of flat sinistrality, or do you expect a normalization in all scenarios, given the current level? Thank you.

Well, Maria Luiza, thank you for the question. Speaking of sinistrality, there is also a component of uncertainty that is also quite relevant. It's still too early to anticipate the impact of the climate. So, today, within the interval that we brought as operational result in Gainez, we assume a worse sinisterness in relation to 2025. So, When we evaluate the beginning of the year, the data we have until the end of January, has this worst materialized in terms of frequency and severity? No. So, both frequency and severity, for now, below what we observed in January. variable of certainty here and it has a certain relationship, even though you mentioned the issue of the issued prize, in the calculation of the Sinistrality Index, we have a component in the denominator of the winning prize. So, it turns out that, despite the frequency and severity being lower than we observed in 2025, we still have a certain uncertainty of how the winning prize will behave. If the winning prize behaves in line with the expected, we can even observe a flat semester or a reduction in relation to 2025, throughout 2026, which would generate a certain upside for operational guidance. But for now it is still early, we preferred to adopt a more cautious posture now at the beginning of the year, because climate is a variable that is very difficult for us to anticipate.

Perfect. And then, just to try to understand here, it's just a follow-up, this scenario of flat volatility would bring an upside for any of the Guides ranges, and when we think of a worse one, it's uncertain, but it makes sense to think of a worse one of 200 base points, which would be a gradual convergence for the historical average?

We have an upside for the operational result guidance, but this is just reinforcing, not necessarily only the behavior of warning, frequency and sinisterity, but we also need to observe a positive behavior in the winning prize. So today the main variable that we are already observing is that severity and frequency below expected, but we need a little more time to see at what level this stabilizes and what level of prize-winning we will demonstrate throughout 2026.

Perfect, thank you.

The next question comes from Arnon Shirazi, from CIT. Good morning, Arnon. Please open your microphone and ask your question.

Good morning, everyone. Thank you for the opportunity to ask a question. My question is also related to guidance. It was very clear there the issue of prize growth for 2026. Now also with the answer to Maria's question about simplicity. But we still see in the operational result a drop of 7% to 3% expected for 2026. I kind of wanted to understand where this drop is coming from. I understand that the issue of the award that will be issued this year will weigh more for the next few years for the recognition of this award. Well, I don't...

Thank you for the question. Regarding this negative variation, you addressed it very well here when you were elaborating your question. There is a relevant component of this operational fall that comes from the performance of that negative variation that we showed. during the presentation, the drop of 8%, almost 9%, in the prize issued in 2025. So, this ends up generating less winning prizes for 2026, affecting the insurance company, but it also affects the brokerage, also for the generation of commission receipts. There is a component there that is still quite relevant of commissions to be appropriated, they continue to be appropriated as a result of past sales. But this deceleration that happened in 2025, it ended up consuming a little, I will call here, of this not winning bonus and these commissions to be appropriated. And now in 2026 we are more dependent for the generation of operational results, of sales in the current exercise. And then we have a variability, I won't go into much detail here because there are infinite possibilities, but if I have a more concentrated origination in the cashier, I generate less results now in the current exercise, so I will contribute less with the operational of 2026 and I generate more results in future periods. If the price range is below the expected and we get a greater contribution, be it from life, residential, business, even from rural products, which are shorter products, we can generate more results in 2026 and less results for 2027. So when you work in this composition of prizes issued, this has a direct influence on this range of operational results. This is added to the question of sinisterity, as I mentioned in the previous answer. It extrapolated a higher sinisterity here. It projected, within the operational result, this higher sinisterity, especially in the rural segment, and we made a stress in one or another business line. This also ends up sensitizing the operational result and bringing this variation in relation to 2025 to the negative territory. I would say that today these are the main variables, the highest sinisterity and there in the prize the gain, what we are bringing as a drag of the performance of 2025 and how we work on the composition of prize issuance in 2026, if I bring more results in the present period or if I leave more results for the future period. So this is what is composing that range of operational results.

Thank you, Arnon.

The next question is from Caio da Prato, from UBS. Caio, please, you can open the microphone and ask your question.

Good morning, guys. Good morning, Felipe, Esperendi, Delano. I would also like to, I think a little related here to Guidance, Esperendi just mentioned about the effects of Brasilseg, which also has an effect on the brokerage, but I wanted to explore a little more the effects that come from Brasilprev as well. We saw a relevant drop in contributions at the end of the year of 2025 due to the effects of IOF, but it was not the full year yet. So I wanted to understand what effects this can bring to your brokerage receipt, thinking about 2026. What is the scenario that you are contemplating in the fall contribution guidance throughout 2026? And how are you seeing this scenario from now on? What actions have you taken? Is there any kind of campaign? We saw some players offering EOF cashback, for example, to try to mitigate some of these effects. So, if you could share a little more about how the company's strategy is for this beginning of the year, if we can start to see some kind of recovery and expectation for the coming year as well. Thank you.

Caio, thank you for the question. In terms of the premise behind the reserve growth, we have an expectation of growth in the collection, and on the floor we assume a drop in relation to 2025. Our understanding is that 2025 was a very stressful year. The OEF incidence was something we weren't prepared for, it was a surprise throughout 2025. and we had to review the way we captured the privacy resource. So, throughout the second half of 2025, the commercial area of Viva Seguridade, together with the commercial areas of Bank Clients, They did a very deep review of the previdence capture model and they designed a capture strategy throughout 2026, since now it is known that we have the OEF incidence in contributions above R$ 600,000. So, we started the year 2026 already prepared for this new environment. That's why our understanding is that 2026 in terms of recovery, and it should be a year better than we had in 2025. So this is a more general view. For that, we also work with an improvement in the rescue index, we observed this happening at the end of 2025, We work with the improvement of the portability index, we also observed a substantial improvement in this index throughout the fourth quarter, and the same behavior pattern has been observed at the beginning of 2026. So, today, our head for Previdência is more optimistic than we were in 2025, which was a year of many uncertainties, of several impacts, surprises that we ended up having to reinvent itself throughout the second semester of 2025, but we start in 2026 already much more prepared.

That's cool, that's clear. And just so I can make a follow-up, from the point of view of the management rate, We continue to see some drop, but I just wanted to understand what we can expect for 2026 and how close we are to a more normalized level of management rate, given that we have already had some shift in our products.

If the scenario that we are projecting materializes, what is the scenario that we are projecting? A sustainable reduction in the interest rate, a reduction in the risk premium in the structure, this alone should reduce a little the risk aversion on the part of the client. So, this scenario materializing, we should have a little more opportunities to review the allocation, as we did in 2021 and 2022, to review the allocation of our clients' resources and add a little more risk, increasing exposure to the stock market, increasing exposure to credit risks. So, if this movement materializes, we should observe a deceleration in this drop in the management rate. But today, with the information we have available, assuming that this year is a year of volatility once again, it is not a common year, so we are with this scenario in mind, but assuming that a good part of this benefit we will appropriate from 2027 onwards. So, for now, because of this volatility, we know that our customer is often at risk. We know that, especially in fixed income, the customer does not tolerate the volatility of the return rate, so we prefer to adopt a slightly more conservative posture in 2026 and resell this allocation in a very cautious way throughout this year to appropriate the benefits in the following exercises. For now, that's what we have in mind. Thank you, Caio.

The next question is from Marcelo Mizarri, from Bradesco BI. Good morning, Marcelo. Please open your microphone and ask your question.

All right, guys. Thank you for the opportunity. I wanted to ask two things. The first one is about the dynamics of sincerity. We have seen in several lines of sincerity a better dynamic, be it in life, be it in agro. I wanted to know if you understood that there is a risk of the Gainers having an upside here in the sincerity, so it's already worse. I want to know from the sincerity that came in the fourth TRI, which product seems to have a more recurring dynamic, if it's more life, anyway, which one? And the other question is the following, we take the number, the guidance, put it in our numbers for 2026, we have an indication that you may have a loss of profit in 2027. Does that make sense to you or is it too early to say that? I would like to know if you can already see this, or if they are offering new products, I think that even in agro there is a story of new products to penetrate the CPR. I would like to know if the base scenario is going to have a loss of profit in 2027, or do you think there is room for growth with new products?

Well, Jair, thank you for the question. Speaking of sinisterness, as I mentioned at the beginning, we work with a more cautious posture now in this year, mainly in rural products. We have today the impact of Laninha, which throughout the second semester, the predominance, at least today, that the climate forecasts indicate, a presumption of neutrality, and perhaps migrating to Aionim. So, for now, we don't have any indication of any climate damage that leads us to have a much greater sinisterness than last year, but we do not rule out that it can be marginally greater. When will we have a better visibility on this? Maybe at the end of the first semester, but for now we intend to adopt this a little more cautious posture of putting this on the account so as not to generate any kind of surprise. In the other lines, we don't expect much variation. Maybe Vida is a little more sinister than we normally see, but nothing too sensitive, nothing that worries us. The other lines are well behaved, we expect good behavior along the 26th. The main variable of certainty here, I would say, in rural products, especially in agricultural insurance. Well, for 2027 is the second question, which is still too early to talk about, and the performance of 2027 will end up depending a lot on the performance of 2026, not only there in terms of growth of awards, but as I mentioned earlier, in the composition of these awards itself. So, as much as I have growth, if this growth is very concentrated in short-term products, we will have to carefully evaluate the scenario of the addressable lines and behavior to see how much result I will generate in 2027. Now, if this growth already comes, for example, very loaded in Prestamista in 2026, we start in 2027 already with a much more positive view that this will generate a fairly relevant burden, be it of winning prizes or commissions to be appropriated in 2027. So it is still quite premature to make any evaluation of this type, and this is added to the financial issue itself, if in fact this scenario materializes of closing of the term structure, the reduction of this risk premium, we should observe the credit lines accelerating more, then maybe a slightly more neutral performance in 2027 and stronger for 2028. Even because the financial, as you know well, the impact of a tax reduction is kind of immediate in the result. And throughout 2026 we are working with this gradual reduction expectation. If it is stronger, it will weigh in the financial of 27, but it will generate a result of more operational quality later, but it will end up carrying more 28, maybe 29, then minus 27. So there are several new parts and we are still very sure of all of them, that's why it's hard for us to project 2027 yet.

Just to add, regarding the issue of the VPR in the CPR, we are working hard on it. Today, the CPR represents about 8% of our expanded rural credit portfolio, so we have a very big opportunity there, we are working to put it on the street. We have an expectation, not only with VPR, but with all product and service launches that are planned for 2026, something around 1 billion in increase in prizes issued, not this year, but over time, and it is one of the news that we want to explore during the year.

Cool, thank you guys for the opportunity.

Next question is from Antônio Ruetti, from Bank of America. Good morning Antônio, please continue with your question.

Good morning, everyone, how are you? Thank you very much for your time. I will follow this product line. If you could explore a little bit of the private consignation, we see the Banco do Brasil with very large volumes of origination. Can you explore a little bit how the sales process is here? Are you already selling? Are you selling? How does the platform work inside and outside the bank? It would be great. And following this too, For other products, you mentioned a roadmap for your portfolio during the presentation. If you could go into a little more detail on that, that would be great. Thank you very much.

Thank you, Antônio, for the question, for the opportunity. I already mentioned here the VPR at CPR, talking about the private consignado, it is inside. We were able, in 2025, to quickly develop this solution to be able to explore this opportunity that we had. For 2026, we have a very high expectation of continuing to operate As Rafael mentioned, the credit outlay is closely related to the interest rate cycle, so we depend on how the rates will be to increase the outlay and, naturally, the placement of insurance. But we have other lines there, when we talk about our roadmap for 2026, We have other lines that we are going to explore, in rural there are some segments that we have not yet explored, there are non-financed areas that we are putting, in the loan part too, we have a very large portfolio of foreign trade that today we do not explore, we have some segments within the PJ, as we showed, as I showed recently here in the presentation of 2025, we had at Pronamp and other lines that we were not yet exploring in 2025 because they were not eligible audiences, now we are exploring and there are other news out there. Both in the damage part, we have also worked not only for a greater penetration in segments that today we believe have room for us to increase the business, but we have also worked a lot on reviewing our journeys, how we can facilitate not only the day-to-day of the network of agencies of Banco do Brasil, but also in the digital, how we can favor this journey so that the client himself can serve. And then I'm talking about all branches, all companies, how we can favor this. As o ano for transcorrendo as novidades foram sendo entregues a gente vai vai relatar para vocês aqui não só o que nós já experimentamos como a expectativa de futuro para 2026 e também para os próximos anos é muito obrigado

Thank you, Antônio. The next question is from Eduardo Nishio, from Genial Investimentos. Nishio, good morning. You can open your microphone and ask your question, please.

Good morning, thank you for the opportunity. Good morning, Adelano, Esperendi and Felipe. I have two questions. The first one is related to the sensitivity to the cycle that you talked about, mainly the mixed interest. If you could give us a quantifier, because it's probably not linear, for each 1,000 percentage points, it shouldn't have the same impact on the origin of new securities. If you could talk a little bit about what level improves, let's say, from what level of Selic do you expect a greater growth of prizes? And my second question, In relation to the forecast that you had a fall in the fourth trimester, maybe even greater than the rest of the year and delayed, I would like to know about the initiatives that you are implementing for 2026, if you already intend to harvest the fruit now at the beginning of the year or this will be a a, let's say, one more journey towards the end of the year as it should be. Thank you very much.

Well, Nishi, thank you for the question. Regarding the mixed interest, there are some, I'll try to find some numbers to see if I can answer your question satisfactorily. SELIC 15, today, has reduced the penetration in the portfolio considerably. Naturally, as I mentioned earlier, the higher the rate, the lower the speed of the renegotiation of operations. With a higher rate, there is less space left in the credit portion to incorporate the insurance. So, we had a reduction today in the order of 4 to 5 percentage points during this last high cycle of the SELIC, which raised the rate to 15%. So, the expectation is to resume, as the average and long-term rate decreases, that the bank incorporates this into the pricing and then when this happens we end up having more space for the placement of the mortgage insurance embedded in the origination of the loan, which is the most recurrent, most sustainable product. What we are living here at this moment is not very different from what has happened in the past. It is natural, the rate goes up, there is a deceleration in the origin and penetration, we have a smaller space in the penetration of the insurance lender in the physical person. The same thing in the legal person, but the legal person ends up feeling the fastest way because it's a shorter portfolio we're talking about there essentially in the capital of Giro ok so there's also this reduction there in the balance we observed there a very expressive volume of cancellation of the insurance operation for this friend who ended up here in 26 as Delano mentioned, we managed to compensate this in some way by opening new lines, since the movement was given when we expanded the addressable portfolio in the lines of PRONAMP, EPA, QFGI, private consigned, this ended up compensating this deceleration in some way. but it is quite difficult to create a sensitivity to the rate because there are several variables that impact this, whether it is the composition between the physical person, the legal person, the term, the rate, there are several variables. The lower the rate, the better, obviously. In the years that we had the best performance in mixed loans, when Selic was in the order of a medium digit. So, if this repeats itself, we will have a very strong performance, especially now that our addressable portfolio has increased.

Just to add, Eduardo, regarding the Previdência, Rafael had mentioned it before, and we worked very hard in the last quarter to design the strategy for 2026, to actually anticipate 2026. 2026 for us started at the beginning of December last year. A very strong strategy to occupy the space that is limited by the IOF of R$ 600,000 per CPF for next year. The answer was very good, it has been very good. We also have promotions to attract more customers and the idea is to diversify this portfolio of customers and work much more in recurrence than in sporadic contributions and this has also been shown to be a successful strategy and I believe that we will have a better performance now during 2026.

Perfect, thank you very much. Do you think that for 2026 we will have a positive liquid capture or at least close to zero, reversing this negative liquid capture trend? Thank you.

We are working on it, but it is still too early, Eduardo, for us to have a conviction that we will reach this level. We are working hard on it.

Thank you very much.

Thank you, Michel. The next question is from Carlos Gomes, from HSBC. Hi, Carlos, good morning. You can unmute now and make your question, please. We're going to answer in Portuguese, OK? But you have the translation into English.

Thank you so much. And thank you for taking the question in English. So two very brief questions. The first one is about the contributions, the pension contributions. Obviously, there is a reduction not only for you, but for the system as a whole. Do you see any sensitivity on the part of the authorities to review the taxation of these contributions and perhaps lower them in the future? Or for the time being, you do not expect any further changes? And the second, going back to the sensitivity to rates, if I got my numbers correctly, you expect sensitivity of 2 million for every 100 basis points in IGPM and 30 million for every 100 basis points in IPCA. But you only expect about 30 basis points decline, if I understand correctly, in IPCA. So the total impact is something like 12 million. Did I understand that correctly? Thank you so much.

Thank you, Carlos, for the question. I'll start here, Rafael can complement. Regarding the change in taxation, we have no expectation on our radar of a change in legislation. We are working with the legislation that is in force. Any news, we hope to be prepared, but we have no expectation of a change in the legislation that was approved last year.

Carlos, regarding the sensitivity, as you asked, just to be clear, the GPM impact is 12 million, for each point that it is above the GPM of the previous year. So, if I remember correctly, the GPM was negative something like 1% in 2025. If we look today at market consensus, judged by the Central Bank, we expect a GPM of around 4%. So, you can assume here 5 points of GPM increase in this sensitivity of 12 million negative for each point. The IPCA, we have a sensitivity here today, something like 30 million negative for each point that the IPCA is reduced. It is good to take this into consideration and today also what I am bringing here is a public data, which is in the market projection, published in the FOCUS bulletin, something like 30 times the reduction of the index.

So, the final effect is 30 and there are 30 basic points, which is like 9 of the IPCA, 60 of the IGPM and a total of about 70 million.

That's reasonable.

Thank you. Thank you, Carlos. The next question is from William Barranjard, from Itaú BBA. Thank you for the question, William. Please open your microphone.

Good morning, thank you for the presentation, guys. I would like to go back to a point that Rafael talked about in the first question. Rafael, you mentioned that agriculture should improve by 2026, according to the guidance you are projecting, and that at the same time, livestock and rural livestock should drop a little. So, first I wanted to understand quickly the drivers behind this expectation, maybe something related to the price, to the farmer, but I also wanted to understand, mainly, if this return of the farmer should affect, in some way, the sale of both livestock and rural cattle, or if they are completely independent products.

Well, William, thank you for the question, I would say that today In 2026, our expectation is that they will be more independent. I will try to summarize here without going into too much detail, but when we look at the composition of the bank's Rural Credit Wallet for grain financing, essentially, we have cost, investment and commercialization. So, agriculture today is a product that is much more sold for the cost line, Penhor expands the range to the investment line, and Ouro Vida, a rural producer, which is the VPR that Delano mentioned, is a product that I can act practically in the three lines, cost, investment and commercialization. It has a broader portfolio. When we observed a greater difficulty in placing agricultural insurance, we took several initiatives internally to expand the addressable portfolio, to expand the eligible base, for the hiring of the two insurers. So it ended up that they helped to attenuate the fall of agriculture. Now we start 2026 on a very strong basis in these two lines, right? And especially there in Penhor, a line that depends more on investment and today we have a little less margin to open new lines, to expand the addressable public. So, given this strong base, given this limitation now that we have to expand the addressable portfolio, we expect a weaker performance than we had in 2025. In the agricultural sector, the situation is the opposite. In the agricultural sector, given all the movement that has been happening there, has been happening throughout 2025, joining the bank, renegotiation of portfolios and so on, we are with a slightly more optimistic head, we are part of a much weaker base of agricultural premiums, a base that fell 40% in 2025. So we have a more optimistic view, a vision of growth for 2026.

Perfect. Thank you, Rafael. Thank you, guys.

Thank you, William. We don't have any more questions to be asked by audio in the queue. There are some questions that came in written, but most of them were answered throughout the event. The only one that wasn't is a recurring one that we have here in relation to dividends. So, first, the level of payout that we expect for 2026, if it is feasible to sustain above 90%. And dividend policy, we have already addressed it a few times, but any possibility of change in the recurrence of payments.

Above 90% is something difficult for us to anticipate now. but the maintenance of the average that we have been doing in the last exercises, I would say up to 90%, is something that is totally possible. Obviously, this is a decision that will happen throughout the exercise, more towards the end of the year, to define the final high PI, but it is something totally possible.

Thank you, Rafael. Well, with that, we conclude here our results disclosure event. I will pass the word here to Delano, to Rafael, for final considerations, but first I would like to ask for support so that they respond to the questionnaire that we send at the end of the call, with the perception in relation to the team, in relation to the event and the disclosure materials. Thank you, good morning, Delano, Rafael.

Well, first of all, I would like to thank the participation of everyone who followed the disclosure of our results, a very robust result and a very high remuneration for our shareholders. I would like to thank the commitment of all our people that we had there, not only at BB Seguridade, but also in the invested companies and the strength of the sales of Banco do Brasil and, mainly, the trust of our customers. guarantee that we will continue to work firmly to deliver a result consistent with the size of BB Security. Thank you very much, have a great day.

From my part here, just to put myself at your disposal once again, to clarify any kind of doubt that has remained, have a good day.