Banco Do Brasil Sa S/Adr

I'm Janaine Stott and I'm here today with Giovanni Tobias and Marcelo Alexandre to talk about our results. So, welcome to the videocast of the first quarter of 2026 of Banco do Brasil. Well, Giovanni, to start, we discussed a lot with the market about the recovery of the bank's results, right? And you even commented if this result would be a U, if it would be a W, and we get here to a first quarter of 3.4 billion. So, to start, I wanted to talk a little bit about that and bring the main highlights.

Without a doubt, Janaína, 2025 was a very challenging year. You can see the evolution in the chart. We started with R$ 7.4 billion in profit, with a ROE of 16.7%. We had all that problem involving 4966, with an increase in the risk of rural operations. We fell to a profit of R$ 3.8 billion, two consecutive quarters, with very close profits, a profitability of 8.4%. Already in the fourth quarter, we saw a recovery, already a profit of R$ 5.7 billion. The fourth quarter usually has a better performance, than the first quarter, for example. We have already shown a ROE of 12.4, but we had this expectation that the first quarter could eventually, given its peculiarity, with smaller useful days, etc., come a little smaller. That's why I was in doubt whether it would be a recovery in U, in V, or even in W. And this result, without a doubt, brings our profit back to the level of R$ 3.4 billion, a ROE of 7.3%, even lower than in the same period compared to the second quarter of last year, a little smaller, but we were already anticipating for the market that we would probably still have a sequence of risks, mainly in the rural portfolio. In a way, we felt that the numbers, perhaps in the first quarter, being the first quarter also a month with less activity, In fact, we are delivering, we would like to deliver a greater profit, but this profit, if we look only at its number, we stop seeing very important things that I consider that already reflect this change in the strategy of Banco do Brasil. we are adopting to face this most troubled moment of risk, especially in the rural portfolio. So, I would like to ask for your permission to show some data that I think it is worth looking at. Despite this profit with a lower ROE, the growth of our gross financial margin is undeniable. We reached R$ 27.4 billion in the first quarter of this year, when we compare with the same period of last year, a growth of almost 15%. So this shows that we are growing our business, doing more business with our customers, and you see this reflected in revenue with credit operations. There were 46.5 billion reais of revenue, a growth of 10.5% in one year. Our treasury has also benefited from the macroeconomic scenario itself. We grew the result by more than 20%, 23% to be more precise, reaching 8.9 billion reais. When you look at other lines of business, the revenue with service, also had a very good performance, very much in line with the growth of the administrative expenses itself. This then protects our coverage.

Efficiency, right, Gilberto?