伊塔烏聯合銀行 (ITUB) 2025 Q4 法說會逐字稿

Hello, good morning everyone. My name is Gustavo, and it is a pleasure to have you joining us for our fourth quarter 2025 earnings video conference. As always, Milton will walk you through our performance, and afterwards we will have our traditional Q&A session in which analysts and investors will be able to interact directly with us. Before handing the floor over to Milton, I would like to share a few instructions to help you make the most of today's event.

大家好，早安。我是古斯塔沃，很高興各位參加我們2025年第四季財報視訊會議。像往常一樣，米爾頓將為大家介紹我們的業績，之後我們將進行傳統的問答環節，分析師和投資者可以與我們直接互動。在把發言權交給米爾頓之前，我想分享一些注意事項，幫助大家充分利用今天的會議。

(Event Instructions) Today's presentation is available for download on the hot site screen and as always on our investor relations website.

（活動說明）今天的簡報可在熱門網站頁面下載，也可像往常一樣在我們的投資者關係網站上下載。

With that, I will now hand over to Milton and we will reconvene later for the Q&A session. Milton, over to you.

接下來，我將把發言權交給米爾頓，我們稍後會再進行問答環節。米爾頓，請你發言。

Good morning. Welcome to another earnings release. Today we will review the results for the 4th quarter of 2025. I will also discuss our outlook for the coming year and provide guidance for 2026. In addition, I will share an overview of our journey so far, highlighting our progress over recent years and the key achievements in 2025 to provide greater transparency into our agenda at the bank, though not exhaustively.

早安.歡迎參加本次財報發表會。今天我們將回顧2025年第四季的業績。我也會探討我們對來年的展望，並提供2026年的績效指引。此外，我還會概述我們迄今為止的發展歷程，重點介紹我們近年來取得的進展以及2025年的主要成就，以提高銀行工作的透明度，但不會面面俱到。

Let me begin by revisiting our history. First reinforcing the pillars that have guided us. And proven essential to our management model. Client centricity remains our top priority. And the central focus of the entire organization. Delivering on this commitment has required a comprehensive cultural and digital transformation within the bank over the past years. While this is an ongoing process, The advancements have been highly significant.

首先，我想回顧一下我們的歷史。首先，我要重申那些指引我們前進的支柱，這些支柱已被證明是我們管理模式的基石。以客戶為中心始終是我們的首要任務，也是整個組織的核心。為了履行這項承諾，在過去幾年裡，銀行內部進行了全面的文化和數位轉型。雖然這是一個持續的過程，但已經取得了顯著的進展。

Our risk management culture is a distinct competitive advantage. We maintain a long-term perspective and the ability to thoroughly assess all risks to which the conglomerate is exposed daily. Risk management is fully integrated across all business areas and is not solely the responsibility of the risk division, which is why I emphasize this pillar as a competitive differentiator. Capital allocation is another key area of focus in our management and daily decision making models.

我們的風險管理文化是一項顯著的競爭優勢。我們秉持長遠的策略眼光，並且能夠全面評估集團日常面臨的所有風險。風險管理已全面融入所有業務領域，並非只是風險部門的職責，因此我強調風險管理是我們競爭優勢的重要組成部分。資本配置是我們管理和日常決策模式中的另一個關鍵領域。

As well as in our remuneration structures. We maintain strict capital allocation discipline. Choosing the right place to allocate capital at the right price. And with appropriate returns, always with a client-focused, forward-looking perspective, which is fundamental. The modernization of our technology platform and data architecture has been a critical enabler of all our achievements.

在我們的薪酬結構中，我們也秉持嚴格的資本配置原則，選擇合適的投資標的，以合理的價格獲得相應的回報。我們始終以客戶為中心，著眼於未來，這至關重要。技術平台和資料架構的現代化是我們所有成就的關鍵推動因素。

We have made years of substantial investment and transformational changes in our platforms. Including the modernization and simplification of our legacy systems. Which notably are now scheduled for decommissioning. Therefore, we remain highly optimistic about the potential of this agenda, particularly with the ongoing review of our data architecture. We have developed a much more centralized architecture with a single source of information for the entire bank, democratized data across the organization, and a cloud-based data mesh.

多年來，我們對平台進行了大量投資和變革，包括對原有系統進行現代化改造和簡化，這些系統目前正計劃逐步淘汰。因此，我們對這項計劃的潛力仍然充滿信心，尤其是在我們正在進行資料架構審查的情況下。我們開發了一種更集中化的架構，為整個銀行提供單一資訊來源，實現了全機構的資料民主化，並建構了基於雲端的資料網格。

This evolution has significantly enhanced our capacity to apply artificial intelligence to our business, from launching new products and improving client interaction to process optimization and gains. This transformation has been instrumental in achieving these improvements. And last but not least, let's touch on strategic cost management and efficiency. This is not about cost for cost's sake. Efficiency is a core guiding principle across the bank. We have been able to invest significantly in this transformation while delivering strong results and profitability, with revenue growth outpacing cost increases over the years as reflected in our efficiency ratio.

這項發展顯著提升了我們運用人工智慧開展業務的能力，從推出新產品、改善客戶互動到流程優化和收益提升，無不體現了這一點。此次轉型對實現這些改進起了至關重要的作用。最後，我們來談談策略成本管理和效率。這並非為了降低成本而降低成本。效率是貫穿整個銀行的核心指導原則。我們能夠在進行這項轉型的同時，取得強勁的業績和獲利能力，多年來營收成長一直超過成本成長，這體現在我們的效率比率上。

With all these investments made in technology platforms, and digitalization of the organization, we have entered a critical phase of scalability. Operational scale is now essential, especially for certain business lines, which I will detail shortly.

隨著我們在技術平台和組織數位化方面投入大量資金，我們已經進入了規模化發展的關鍵階段。營運規模的擴大至關重要，尤其對於某些業務線而言，我稍後會詳細介紹。

How does this translate into results? Our loan portfolio grew by 40% during this period, a significant increase. During this process, we also carried out a relevant de-risking of certain portfolios that did not deliver adequate returns according to our portfolio management framework.

這最終轉化為實際成果嗎？在此期間，我們的貸款組合成長了40%，增幅顯著。同時，我們也根據投資組合管理框架，對部分未能帶來足夠回報的投資組合進行了相應的風險規避。

Which is one of the core disciplines within our risk management culture and capital allocation pillar. This relevant de-risking protected us from several million in potential losses and from a deterioration of key delinquency indicators. It also left our portfolio significantly stronger and better positioned with higher quality to support future growth. In terms of numbers, we saw a notable expansion in ROE, rising from 19.3% in 2021 to 23.4%, a substantial increase in the period. Our efficiency ratio improved from 44% to 38.8%, representing a significant reduction as well. During this period, we distributed BRL105 billion in cash dividends.

這是我們風險管理文化和資本配置支柱的核心原則之一。這項有效的風險規避措施使我們避免了數百萬雷亞爾的潛在損失，並防止了關鍵違約指標的惡化。同時，它也顯著增強了我們的投資組合，使其品質更高，從而更好地支持未來的成長。從數據來看，我們的淨資產收益率（ROE）顯著提升，從2021年的19.3%增至23.4%，實現了大幅成長。我們的成本效率比率也從44%降至38.8%，同樣實現了顯著下降。在此期間，我們派發了1050億雷亞爾的現金股利。

Eating to a payout ratio of 57.9% in the period. In other words, we generated strong value creation and profitability, maintaining discipline in cost and efficiency management, which translated into significant returns for our shareholders. And how do we measure value creation within the bank? Here we can see a 2021 snapshot. The bank delivered net income of BRL26.9 billion. Generating value Based on our models and the cost of capital in line with market methodologies of BRL9.3 billion.

本期派息比率為 57.9%。換言之，我們創造了強勁的價值和獲利能力，同時嚴格把控成本和效率，最終為股東帶來了豐厚的回報。那麼，我們要如何衡量銀行的價值創造呢？以下是 2021 年的概覽。該行實現淨利 269 億雷亞爾。根據我們的模型和符合市場標準的資本成本計算，創造的價值為 93 億雷亞爾。

In 2025 we reached consolidated net income of BRL46.8 billion. With value creation of BRL18.5 billion, twice the value created over the period and double what we delivered in 2021. This represents very strong growth with quality, sustainability, and consistency, and above all with a high level of discipline and value creation.

2025年，我們實現了468億雷亞爾的合併淨利潤，創造了185億雷亞爾的價值，是同期價值創造的兩倍，也是2021年的兩倍。這代表著強勁的成長，同時兼顧了品質、永續性和穩定性，更重要的是，體現了高度的自律和價值創造能力。

This slide contains a lot of information, but my goal is to provide an overview of our 2025 performance. I will now delve into a few highlights. Starting with stakeholder satisfaction. The first metric reflects how we are evaluated by our employees across the bank. We achieved an EPS of 83 points. Very close to historical highs. Which demonstrates the significant progress we have made internally in terms of workplace environment.

這張投影片包含大量訊息，但我的目標是概述我們2025年的業績。接下來，我將重點放在幾個方面。首先是利害關係人滿意度。第一個指標反映了全行員工對我們工作的評價。我們的每股盈餘 (EPS) 達到了83分，非常接近歷史最高水準。這顯示我們在改善內部工作環境方面取得了顯著進步。

Culture, entrepreneurship and our ability to attract and retain talent. Creating a truly productive environment.

企業文化、創業精神以及我們吸引和留住人才的能力。創造一個真正有效率的工作環境。

It is within this environment that we are naturally able to take care of our clients. In 2025 we achieved an all-time high consolidated NPS. With record levels in the middle and high income segments, two segments that are highly relevant to the bank. And remain central to our strategy.

正是在這種環境下，我們才能更好地服務客戶。 2025年，我們的綜合淨推薦值（NPS）創歷史新高，其中中高收入客戶群的NPS更是達到歷史最高水準。這兩個群體對本行至關重要，也是我們策略的核心。

For our investors we did not present this information through valuation multiples. Share price performance or stock evolution over the period.

我們沒有透過估值倍數來向投資人呈現這些訊息，也沒有顯示股價在特定時期內的表現或股票走勢。

We always maintain a very long-term perspective. The bank's total shareholder return over the past five years has been outstanding. Demonstrating our ability to deliver value and earn investor recognition. That said, we chose to highlight this performance through the Excel survey. Where we were ranked as leaders across all categories for the second consecutive year.

我們始終秉持長遠的投資視野。過去五年，本行股東總回報表現卓越，充分展現了我們創造價值並贏得投資者認可的能力。為此，我們選擇透過Excel調查來重點展示這一業績。我們連續第二年在所有類別中均名列前茅。

I am very pleased and would like to once again thank our investors for their trust and recognition.

我非常高興，並想再次感謝各位投資者的信任與認可。

Our sense of responsibility and dedication only continues to grow. From a technology standpoint, we achieved a significant reduction in incidents as a result of our modernization agenda. Incidents were reduced by 99%, which is a very relevant achievement given the size and complexity of our architecture, our platforms, and our operations across multiple businesses. One theme that I consider central to this modernization is speed. It is our ability to deliver value to our clients with much greater agility and responsiveness. As a result, our delivery speed increased by 2,600%, representing a truly transformational shift. When we analyzed scalability, a topic we have discussed extensively, we achieved a 45% reduction in our unit transaction cost, demonstrating that we have indeed been able to carry out this transformation with high-quality, depth, and very consistent results.

我們的責任感和奉獻精神與日俱增。從技術角度來看，由於我們推行了現代化改造計劃，事故發生率顯著降低。事故發生率降低了99%，考慮到我們架構、平台以及跨多個業務運營的規模和複雜性，這是一項非常了不起的成就。我認為此次現代化改造的核心在於速度。它使我們能夠以更高的敏捷性和反應速度為客戶創造價值。因此，我們的交付速度提高了2600%，並實現了真正的變革性轉變。在分析可擴展性時（我們對此進行了深入探討），我們實現了單位交易成本降低45%，這表明我們確實能夠高品質、深入且穩定地完成此次轉型。

In retail banking, both individual and business, We delivered numerous initiatives throughout 2025, making it a highly significant year. I will highlight a few. First, we migrated 15 million clients to the super app with a primary focus on client experience, as evidenced by an NPS of 80 points. From now on, we will have a full banking relationship with these clients.

在零售銀行業務方面，無論是個人客戶或企業客戶，我們在2025年都推出了一系列舉措，使其成為意義非凡的一年。我將重點介紹其中幾項。首先，我們已將1500萬客戶遷移到超級應用程序，重點關注客戶體驗，淨推薦值（NPS）達到了80分。從現在開始，我們將與這些客戶建立完整的銀行服務關係。

In terms of speed We increased our delivery pace by 4 to 5 times. Developing new products, addressing client pain points, and achieving high adoption and activation rates.

在速度方面，我們將交付速度提高了 4 到 5 倍。我們致力於開發新產品，解決客戶痛點，並實現了高採用率和激活率。

The transaction volumes on these new features are substantial, including pics on WhatsApp powered by AI, piggy bank, Cofrinos, limit transfers, and collateralized cards, among others, a robust suite of offerings for our clients.

這些新功能的交易量相當可觀，包括由人工智慧驅動的 WhatsApp 圖片、存錢筒、Cofrinos、限額轉帳和抵押卡等，為我們的客戶提供了一套強大的產品和服務。

The modernization of our platform enabled us to participate quickly in the new private sector payroll loan program. If you look at the data from inception to now, we have regained leadership in this area.

平台現代化使我們能夠迅速參與新的私部門薪資貸款計劃。從專案啟動至今的數據來看，我們已重新奪回該領域的領先地位。

We had already led in the previous private sector payroll loan model and have now returned to leadership in production over this period. We maintained our leadership in portfolio size with significant growth, quality, and a long-term perspective.

我們在先前的私部門薪資貸款模式中已處於領先地位，如今又在業務量方面重回領先地位。我們保持了投資組合規模的領先地位，實現了顯著成長，並擁有高品質的長期發展前景。

We also saw a notable increase in digital adoption among our clients. Our investments in technology, cultural and digital transformation, and best in class client service have naturally optimized our footprint. In insurance A segment where we have long recognized the need to catch up. We ended 2025 with a 130% increase in recurring results. More than doubling our outcomes in the period.

我們也看到客戶對數位化的接受度顯著提高。我們在技術、文化和數位轉型以及一流客戶服務方面的投入，自然而然地優化了我們的業務佈局。在保險領域，我們長期以來都意識到需要迎頭趕上。到了2025年底，我們的經常性業績成長130%，實現同期業績翻倍。

Encouragingly, we continue to see strong prospects ahead with insurance now an integral part of our value proposition for both individual and business clients.

令人鼓舞的是，我們仍然看到保險業前景光明，而保險現在已成為我們為個人和企業客戶提供的價值主張中不可或缺的一部分。

In the corporate segment I would like to highlight the BRL1 trillion in transaction volume reached in acquiring. As a result, we have secured market leadership and credit.

在企業業務方面，我想重點介紹一下我們收購交易額達到1兆雷亞爾的成就。因此，我們鞏固了市場領先地位並贏得了良好的聲譽。

Which we had already achieved, maintained leadership in acquiring with discipline, focus, new technologies and products, and in payment and collection flow. This underscores the importance of our client-centric approach in corporate retail banking. We launched Ita amps, a 100% AI powered platform with tremendous future potential.

我們已在收購、支付和收款流程方面保持領先地位，這得益於我們嚴謹的作風、專注的態度、新技術和新產品的應用。這凸顯了我們以客戶為中心的企業零售銀行服務理念的重要性。我們推出了 Ita amps，這是一個完全由人工智慧驅動的平台，擁有巨大的未來潛力。

As part of our value delivery and business model for corporate and retail. In wholesale banking, I would also like to highlight a few lines. We are ranked first in fixed income issuance and distribution.

作為我們面向企業和零售客戶的價值交付和業務模式的一部分，在批發銀行業務方面，我也想重點介紹幾點。我們在固定收益發行和分銷方面排名第一。

A highly competitive market that many of our large and mid-sized clients have increasingly accessed over the past few years.

這是一個競爭非常激烈的市場，在過去幾年裡，我們的許多大中型客戶都越來越多地進入了這個市場。

We closed the year with 26% market share and BRL124 billion in originated transactions. Continuing in wholesale. As discussed extensively at ITauude, we created the infrastructure and energy segment with specialized focus and structure given the robust investment pipeline. We achieved leadership in EcoI Invest Brazil, a very important program, and recorded the highest fundraising among banks, already enabling BRL12 billion in investments. We had yet another year in which we took the lead at BNDES and in the rankings for foreign exchange, derivatives, and supplier risk.

我們以26%的市佔率和1,240億雷亞爾的初始交易額結束了這一年。批發業務持續成長。正如我們在ITauude大會上深入討論的那樣，鑑於強勁的投資管道，我們創建了具有專業化定位和架構的基礎設施和能源板塊。我們在EcoI Invest Brazil這一重要項目中取得了領先地位，並創下了銀行間最高的募資額，已促成120億雷亞爾的投資。在過去一年中，我們再次在巴西國家開發銀行（BNDES）以及外匯、衍生性商品和供應商風險領域的排名中位居榜首。

Once again we stood out in credit, instructuring transactions, in capital markets, and in supporting our clients' day to day needs. We also achieved leadership for the second consecutive year in something extremely important in research, the Institutional Investor, or Extel Brazil for 2 years in a row and in Extellatam, in which we were the winner for the first time. It's a great source of pride to see the work our teams have been doing, once again covering our publicly listed clients with deep discipline and thoroughness.

我們在信貸、交易結構設計、資本市場以及滿足客戶日常需求方面再次脫穎而出。此外，我們在研究領域也連續第二年榮獲《機構投資者》雜誌（Institutional Investor）和Extel Brazil（巴西）的領先地位，並在Extellatam評選中首次摘得桂冠。我們的團隊再次以嚴謹細緻的工作態度為上市客戶提供服務，我們為此感到無比自豪。

Turning to Wealth Management Services WMS, I'd like to highlight two areas. First, in the trillion world, we have reached BRL4.1 trillion in assets under management and administration. This is the volume the bank currently has under management and administration. Regarding the open platform, a topic often discussed, the bank operates by offering clients a highly diversified range of products.

關於財富管理服務（WMS），我想重點介紹兩個面向。首先，在全球萬億資產規模中，我們管理的資產規模已達4.1兆雷亞爾。這是本行目前管理的資產規模。關於經常被提及的開放平台，本行透過向客戶提供高度多元化的產品來運作。

We grew 15% in the fourth quarter, reaching BRL422 billion, which shows that it's possible to grow with quality, with strong curation, with discipline, with security, and naturally maintaining a robust system with a very client-centric approach. I believe the numbers speak for themselves.

我們在第四季度實現了15%的成長，達到4,220億雷亞爾，這表明，在保證品質、嚴格把控、嚴謹管理和安全保障的前提下，並自然而然地維護一個以客戶為中心的穩健系統，是完全可以實現成長的。我相信，數據本身就足以說明一切。

We also saw significant growth in revenue from our retail brokerage business. An area previously identified as a GAAP. With a threefold increase over the period. Now I will address the fourth quarter results. Covering profitability, loan portfolio, net interest margin with clients, commissions, fees, and results from insurance, and conclude with the efficiency ratio.

我們的零售經紀業務收入也實現了顯著成長，該業務先前已納入GAAP準則。在此期間，該業務收入增加了三倍。接下來，我將介紹第四季的業績，包括獲利能力、貸款組合、客戶淨利差、佣金、費用以及保險業務的業績，最後還將分析效率比率。

For ease of visualization, let's zoom in on the results. We posted net income of BRL12.3 billion riisisis, a robust result for the fourth quarter, representing growth of 3.7% over the previous quarter and 13.2% year over year.

為了更直觀地展示結果，我們放大來看一下。我們公佈的第四季淨利為123億雷亞爾，業績表現強勁，較上一季成長3.7%，較上季成長13.2%。

Maintaining a very strong level of profitability on a consolidated basis, ROE reached 24.4% and in Brazil, 26.0%. Adjusted for 11.5% capital, our current industry average and capital appetite as defined by the board, consolidated profitability was 25.4%. And in Brazil, 27.3%. This is perhaps the most comparable number for interpreting our performance in the Brazilian operation with growth and expansion across all dimensions.

公司整體獲利能力保持強勁，淨資產收益率（ROE）達24.4%，在巴西更是高達26.0%。經調整11.5%的資本充足率（此比率符合我們目前的產業平均值以及董事會設定的資本需求）後，公司整體獲利能力為25.4%，在巴西則為27.3%。這或許是解讀我們在巴西業務表現的最佳指標，反映了公司在各方面的成長和擴張。

How did we build this? Our loan portfolio grew significantly with 6.3% compared to September 2025 and 6% compared to December 2024. I will talk about the year-end guidance shortly.

我們是如何實現這目標的？我們的貸款組合實現了顯著成長，與2025年9月相比成長了6.3%，與2024年12月相比成長了6%。我稍後會談到年終業績指引。

We reached a loan portfolio of BRL1,490.8 billion, excluding the effects of foreign currency variation. Quarterly growth would have been 4.5%, and annual growth would have been 7.3%. This is because our portfolio is influenced both by the operations of our banking units outside Brazil, which affect balances through currency fluctuations and by portfolios originated in Brazil that also contain foreign currency components. Net interest margin with clients also delivered very solid results, with 1.5% growth over the previous quarter and 8.6% year over year, a strong performance for a bank of our size and profitability.

剔除外匯波動的影響，我們的貸款組合規模達到14908億雷亞爾。若不計入匯率波動的影響，季度成長率將達到4.5%，年度成長率將達到7.3%。這是因為我們的貸款組合既受到巴西境外銀行機構營運的影響（這些營運會透過匯率波動影響餘額），也受到巴西境內貸款組合的影響（這些組合也包含外幣成分）。客戶淨利差也表現非常穩健，季增1.5%，年增8.6%，對於我們這樣規模和獲利能力的銀行而言，這是一個非常出色的成績。

For services and insurance, it was also an excellent quarter with 5.9% growth over the prior quarter and 9.1% year over year, totalling BRL15.6 billion in high-quality solid results.

對於服務和保險業而言，本季也表現出色，比上一季成長 5.9%，年成長 9.1%，總計實現 156 億雷亞爾的高品質穩健業績。

We reached our best ever efficiency ratio levels at 38.9% on a consolidated basis and 36.9% in Brazil. We are seeing improvement across all dimensions with continuous progress in our efficiency ratio, which is also consistent with the initial slide I presented to you. Now focusing on the loan portfolio, there is a lot of information, so I will highlight what I consider most relevant.

我們整體的效率比率達到了歷史最高水平，為38.9%，巴西的效率比率為36.9%。我們看到各方面都在改善，效率比率持續提升，這與我之前向各位展示的幻燈片內容一致。現在我們來談談貸款組合，其中包含很多信息，所以我將重點介紹我認為最重要的部分。

First, this is a seasonally strong quarter due to year-end purchases which typically boost the card portfolio. Up 8% this quarter. Importantly, and this also explains the margin on the next slide. The transactor portfolio typically tends to grow more this quarter due to a very simple reason higher purchase volumes, whether paid in full or in installments, resulting in 4.3% growth.

首先，由於年底消費通常會提振信用卡組合，本季屬於季節性強季度，成長了8%。這一點非常重要，也解釋了下一頁投影片中的利潤率。交易組合通常在本季成長更多，原因很簡單：無論是全額付款還是分期付款，消費都會增加，從而帶來4.3%的成長。

The finance portfolio grew 1.6% in the quarter. Both segments posted strong year over year growth. In payroll loans, the portfolio grew by 4%. The main highlight was private payroll loans. With 27.5% growth in the quarter. And 36% year over year. This growth has led to us achieving market leadership in private payroll loans in Brazil with high-quality, profitability. And a very well executed model supported by an outstanding onboarding experience. The next highlight is mortgage lending, and we recognize the importance of this lever for long-term client relationships.

本季金融業務組合成長1.6%。兩個業務板塊均實現了強勁的同比增長。其中，薪資貸款業務成長4%，表現最為突出。私人薪資貸款業務本季成長27.5%，年增36%。這一成長使我們憑藉高品質、高獲利能力的貸款產品，以及卓越的客戶准入體驗，在巴西私人薪資貸款市場佔據了領先地位。另一個亮點是抵押貸款業務，我們深知這項業務對於建立長期客戶關係的重要性。

We reached approximately BRL142 billion in mortgage portfolio. The largest among private banks. We surpassed 50% market share in mortgage origination. With over BRL33 billion originated in 2025.

我們的抵押貸款組合規模已達約1,420億雷亞爾，在私人銀行中位居榜首。我們在抵押貸款發放市場佔有率超過50%，預計2025年發放貸款將超過330億雷亞爾。

Continuing a strong growth trend. Origination grew 9% year over year and the portfolio expanded 12.8% in the period. Moving to SMEs, we also saw strong growth this quarter. Breaking it down, middle market companies grew 12%. And small companies grew 6.4%. Government facilities which allow us to offer clients competitive rates and suitable terms. Grew 10% Annual growth rates were also robust for both small companies and government facilities. Let me now move on to margins.

強勁的成長勢頭仍在延續。貸款發放量較去年同期成長9%，貸款組合規模在本季成長12.8%。中小企業業務在本季也實現了強勁成長。具體而言，中型企業成長12%，小型企業成長6.4%。政府提供的貸款服務使我們能夠為客戶提供具有競爭力的利率和合適的條款，該業務增長了10%。小型企業和政府提供的貸款服務的年增長率均表現穩健。接下來，我將談談利潤率。

As mentioned earlier, given the mix you've seen, we have a meaningful growth component coming from corporate lending. However, in retail, the mix is also an important driver of margins.

如前所述，鑑於您所看到的業務組合，企業貸款是重要的成長來源。然而，在零售業務方面，業務組合也是利潤率的重要驅動因素。

There was significant growth in the transactor portfolio typical for this quarter, as well as in mortgage and private payroll loans, which are secure products that while very important for long-term profitability and portfolio quality. Have only a minor impact on the annualized margin in the short-term. In summary, we grew by BRL13 billion in 2025 versus 2024.

本季度交易組合實現了顯著增長，抵押貸款和私人工資貸款也同樣如此。這些產品雖然對長期獲利能力和投資組合品質至關重要，但短期內對年化利潤率的影響甚微。總而言之，我們預計2025年的業務量將比2024年成長130億雷亞爾。

In the fourth quarter versus the third, the increase was BRL500 million, or 1.5%. The main driver was volume, supported by strong portfolio growth. The mix I just described has a slight negative impact on margins. Spreads and liabilities margins remain strong, particularly on the liability side.

第四季較第三季成長5億雷亞爾，增幅為1.5%。主要驅動因素是業務量成長，這得益於強勁的投資組合成長。我剛才描述的這種業務結構對利潤率略有負面影響。利差和負債利潤率依然強勁，尤其是在負債方面。

There were also smaller effects from calendar, wholesale bank structured operations, and Latin America.

日曆因素、批發銀行結構化營運以及拉丁美洲也產生了較小的影響。

Overall, it was a solid growth quarter. Moving on to NIM, there was a slight decrease in the quarter from 9% to 8.9% and 6.2% to 6.1% risk adjusted. In Brazil, NIM declined from 9.8% to 9.7% and 6.7 to 6.6% risk adjusted. This is mainly explained by the mix between corporate and retail, and within retail, the product mix with more significant growth in certain segments during the quarter.

總體而言，本季實現了穩健成長。淨利差方面，本季略有下降，從9%降至8.9%，經風險調整後從6.2%降至6.1%。在巴西，淨利差從9.8%降至9.7%，經風險調整後從6.7%降至6.6%。這主要是由於企業業務和零售業務的組成變化，以及零售業務中某些細分市場在本季度實現了更顯著增長。

This is the breakdown view as we see it. And this is the annualized margin view I was just discussing with you. Fully within very appropriate levels.

這就是我們看到的細分視圖。而這就是我剛才跟你討論的年化利潤率視圖。一切都在非常合適的水平之內。

Now regarding NII with the market, I want to highlight that this decline was already anticipated. The guidance itself already implied a slightly lower market margin. We saw very strong performance in Brazil, but it's worth noting that prior quarters were also very strong. Still, performance remained solid. Latin America saw a slightly weaker result due to capital index hedge costs, consistent with what we observed in prior quarters.

關於淨利息收入（NII）與市場的對比，我想強調的是，這一下滑先前已在預期之中。業績指引本身就暗示了市場利潤率將會略有下降。巴西市場表現非常強勁，但值得注意的是，前幾季的業績也十分出色。儘管如此，整體業績依然穩健。拉丁美洲市場的業績略有下滑，這主要是由於資本指數對沖成本所致，與我們前幾季的觀察結果一致。

I believe our annual reporting is very clear. If you look at the difference in performance, it is not in the top-line. Brazil performed slightly below 2024 while Latin America was somewhat better. However, in terms of composition, the margin was very similar. The main variance is the capital index hedge costs, which increased due to the interest rate differential in the hedge.

我認為我們的年度報告非常清晰。如果您仔細分析業績差異，您會發現它並不反映在營收上。巴西的業績略低於2024年的預期，而拉丁美洲的表現則略好。然而，從構成來看，各地區的利潤率非常接近。主要差異在於資本指數對沖成本，由於對沖利率的差異，該成本增加。

The main takeaway is that we are very comfortable with our hedging strategy.As it enables strong capital management with high predictability. And consistent dividend payouts over time. This approach has reduced volatility in our capital ratio, and we review and discuss this policy every 6 months.

最主要的結論是，我們對目前的對沖策略非常滿意，因為它能夠實現穩健的資本管理，並且具有高度的可預測性，同時也能確保長期穩定的股利支付。這種方法降低了我們資本充足率的波動性，我們會每六個月對這項策略進行一次審查和討論。

Now let's move on to commissions, fees, and results from insurance. I will emphasize what I consider most relevant. I talked earlier about payments and collections. We posted a 5% improvement in the quarter with a very strong transacted volume of BRL301 billion, an impressive figure reflecting growth of 16.8% in the quarter and 22.8% year over year. In asset management, we recorded 14.2% growth.

現在我們來談談保險業務的佣金、費用和業績。我會重點介紹我認為最重要的部分。我之前提到過付款和收款情況。本季我們實現了5%的成長，交易量高達3010億雷亞爾，這是一個非常亮眼的數字，環比增長16.8%，同比增長22.8%。資產管理方面，我們實現了14.2%的成長。

Making this a particularly strong quarter, also benefiting from performance fees as previously mentioned, we reached BRL4.1 trillion in assets under management and administration. I would like to highlight our record net inflows in 2025, totalling BRL156 billion riaiss. An increase of 49%. Once again, this demonstrates our credibility, ability to deliver value, long-term vision.

本季業績表現特別強勁，如前所述，業績費也為我們帶來了顯著收益，我們的管理資產規模達到4.1兆雷亞爾。值得一提的是，我們2025年的淨流入資金創歷史新高，達到1,560億雷亞爾，年增49%。這再次彰顯了我們的信譽、創造價值的能力以及長遠的戰略眼光。

And most importantly, the trust we build daily with our clients. In advisory services and brokerage, we had a strong quarter. With growth of 17.1%. We remain market share leaders and as previously mentioned, With BRL124 billion riaiss in originated volume year over year, there was a decline as 2024 was a record year for advisory and brokerage results, especially in corporate debt.

最重要的是，我們每天都在與客戶建立信任。在諮詢服務和經紀業務方面，我們本季表現強勁，成長了17.1%。我們仍然是市場份額的領導者。如同先前所提到的，儘管2024年諮詢和經紀業務（尤其是企業債務）的業績創下歷史新高，但本季貸款發放量仍同比下降至1240億雷亞爾。

Nevertheless, we outperformed our initial expectations for market volumes this year. Insurance, pension plans, and premium bonds results grew 1.9% in the quarter and 17% year over year. The most important message is that our earned premiums continue to grow 13% year over year.

儘管如此，我們今年的市場交易量仍超出預期。保險、退休金計畫和保費債券的表現在本季成長了1.9%，較去年同期成長17%。最重要的是，我們的已賺保費持續年增13%。

Recurring earnings rose by more than 20% this year. Following several years of significant growth. Resulting in a cumulative increase of 130% from 2021 to date. Now let's take a closer look at asset quality. Starting with short-term delinquencies, there are a few points to note.

今年經常性收益成長超過20%，延續了數年的顯著成長勢頭，自2021年至今累計成長130%。現在讓我們更深入地了解一下資產品質。首先來看短期違約情況，有幾點要注意。

As anticipated in the previous quarter. We had a specific case within corporate, a well-known and widely reported case. That had moved into short-term delinquency. Our expectation was that it would be removed from the balance sheet, sold, and restructured by year end, which is exactly what happened.

正如上一季預期的那樣，公司內部出現了一個眾所周知且被廣泛報道的特殊案例，該案例已發展為短期違約。我們預期該案例將在年底前從資產負債表中移除、出售並重組，而實際情況也正是如此。

This explains the spike in September and the decline in December. Without this event, the indicator would have remained flat when looking at total Brazil and Latin America. Indicators remain well behaved.

這就解釋了9月份的高峰和12月份的下降。如果沒有這一事件，從巴西和拉丁美洲整體來看，該指標將保持穩定。各項指標依然表現良好。

In Brazil, two effects are noteworthy. First, in individuals where we reached the lowest delinquency rate in our history, demonstrating that our portfolio management over the years. Has yielded important results. With portfolio growth, value creation. And a highly sustainable portfolio.

在巴西，有兩項成果尤其顯著。首先，在個人貸款方面，我們實現了歷史最低違約率，這表明我們多年來的投資組合管理取得了顯著成效，實現了投資組合的增長、價值的創造以及高度可持續的投資組合。

The corporate effect is also evident here. Short-term delinquency peaked at 1% in September and dropped to 0.03% in December as the specific corporate client I mentioned was removed from the balance sheet in the fourth quarter, reinforcing information previously shared regarding long-term delinquency. There are no major developments. The message is that delinquencies are very well controlled, as well as in Latin America, resulting in solid outcomes. Across portfolios, individual delinquency stands at 3.6%, which is historically stable.

企業效應在此也顯而易見。短期違約率在9月份達到1%的峰值，並在12月份降至0.03%，這得益於我之前提到的那家企業客戶在第四季度從資產負債表中移除，這也印證了之前關於長期違約率的信息。目前沒有其他重大變化。這表明違約率得到了很好的控制，拉丁美洲的情況也是如此，從而取得了穩健的業績。整體而言，個人違約率為3.6%，這一比例在歷史上較為穩定。

For SMEs, there was a slight increase in line with what I had previously anticipated, particularly driven by the rollout of government-backed products with grace periods. We expect these delays to normalize over time as grace periods end. These are well collateralized portfolios, so while delinquencies occur, they do not significantly impact losses or portfolio results. In terms of long-term delinquency for corporate.

對於中小企業而言，違約率略有上升，這與我先前的預期相符，主要受政府支持並設有寬限期的產品的推動。我們預期隨著寬限期的結束，這些延遲將逐漸恢復正常。這些投資組合都有充足的抵押品，因此即使出現違約，也不會對損失或投資組合績效產生重大影響。至於企業的長期違約狀況…

We make a caveat because we actually had a sale. Without considering this sale, it would have been an increase of 0.9% points, which indicates a certain stability. It is worth noting that this is not an indicator we like to monitor, especially for large companies.

我們需要特別說明一下，因為我們實際上進行了一筆銷售。如果不考慮這筆銷售，成長率將為0.9個百分點，這表示市場具有一定的穩定性。值得注意的是，我們並不喜歡監測這項指標，尤其對於大型公司而言。

Regarding stage 2 and stage 3 exposures, there are no major developments except for a decline in the stage 3 portfolio, especially in corporates. This is exactly related to the exit of the specific corporate client I referred to earlier. Once the exposure is sold, it exits stage 3, driving this effect. You can also observe a slight decline in coverage, as this was a corporate client with a high level of provisions consistent with its risk profile. This credit leaves the portfolio with a higher coverage level than the remaining balance, which explains the slight decline in coverage. I would say these are the only two highlights, and ultimately they both refer to the same case.

關於第二階段和第三階段的風險敞口，除了第三階段投資組合（尤其是企業客戶）的規模有所下降外，沒有其他重大變化。這與我之前提到的特定企業客戶的退出密切相關。一旦該風險敞口被出售，它就退出了第三階段，從而導致了這種變化。您也可以觀察到覆蓋率略有下降，因為該企業客戶的撥備程度較高，與其風險狀況相符。這筆貸款使得投資組合的覆蓋率高於剩餘餘額，從而解釋了覆蓋率的略微下降。我認為這就是僅有的兩個亮點，而且最終它們都指向同一個案例。

Turning now to credit costs, we have recorded BRL9.4 billion in credit costs, representing 2.6% of the portfolio, an absolutely stable ratio if you look at the historical series. On a year over year basis, there was a nominal increase, which is expected given the significant portfolio growth during the period.

接下來談談信貸成本。我們記錄的信貸成本為94億雷亞爾，佔投資組合的2.6%，從歷史數據來看，這是一個非常穩定的比例。與去年同期相比，信貸成本略有增長，考慮到該期間投資組合的顯著增長，這也在預期之中。

This is why we always prefer to look at the credit cost to portfolio ratio, which is at a very healthy 2.6%. When looking at the restructured portfolio, the key highlight is that the specific case I mentioned earlier was classified as restructured, as you can see here.

這就是為什麼我們總是更傾向於關注信貸成本與投資組合的比率，該比率目前處於非常健康的2.6%。在查看重組後的投資組合時，關鍵在於我之前提到的具體案例已被歸類為重組，正如您在這裡看到的那樣。

This nominal decline is primarily explained by that event, which is also why the percentage of the total portfolio has declined. This is the main takeaway for this section.

這一名義上的下降主要歸因於該事件，這也是投資組合總份額下降的原因。這是本節的主要結論。

Now turning to expenses. The first specific point is that while costs typically tend to be higher in this quarter, They remained very disciplined with just 0.5% growth in Brazil, which demonstrates the direction and trend. This will be evident in forward-looking guidance for the year, expenses grew 7.6% in Brazil and 7.5% overall, which is perfectly in line with the midpoint of our guidance, demonstrating our discipline and predictability. Much of this year over year cost increase stems from our capacity to absorb relevant investments made.

現在來看費用方面。首先，雖然本季成本通常會較高，但我們維持了非常穩健的運營，巴西的支出僅成長了0.5%，這反映了我們一貫的經營方向和趨勢。這一點在全年業績展望中也將得到印證：巴西的支出成長了7.6%，整體成長了7.5%，與我們先前預測的中位數完全吻合，這反映了我們的穩健性和可預測性。成本較去年同期上升的主要原因是我們有能力消化已進行的相關投資。

As well as higher volumes combined with lower unit costs. However, this is an operation that is generating more business and higher volumes with our clients, which results in variable costs. Naturally, the bank's profitability also impacts costs due to compensation models. We always see an effect in this regard, which is healthy given the level of profitability and results the bank has been delivering.

除了更高的交易量和更低的單位成本之外，這項業務雖然為我們的客戶帶來了更多業務和更高的交易量，但也導致了可變成本的增加。當然，由於薪酬模式的不同，銀行的獲利能力也會影響成本。我們始終能夠看到這方面的影響，考慮到銀行目前的獲利水準和業績表現，這種影響是健康的。

Now regarding the efficiency ratio, it is worthwhile to look back at the historical series starting from 2019, both consolidated and in Brazil. There has been a substantial reduction over the period, reaching 36.9% in Brazil, the lowest in the series. This demonstrates our commitment to client-centric care, strategic investments, results generation, increased productivity, organizational efficiency, and a strong focus on operational scale.

關於效率比率，值得回顧一下自2019年以來的歷史數據，包括合併數據和巴西數據。在此期間，效率比率大幅下降，巴西數據達到36.9%，為歷史最低。這體現了我們致力於以客戶為中心的服務、策略投資、績效提升、生產力提高、組織效率優化以及營運規模化。

This remains a central topic for us. I would like to share some new information with you, and as we classify it on a base [100]. Given the sensitivity of the data. We have broken down our business into different views. As I often state, IAU Unibanco is a diversified business portfolio. It is a very large wholesale bank and a very large retail bank. It is a major player in the region and the most international bank in Brazil.

這仍然是我們關注的核心議題。我想與大家分享一些最新信息，並根據[100]的基準進行分類。考慮到數據的敏感性，我們將業務細分為不同的視角。正如我常說的，IAU Unibanco是一家業務多元化的銀行。它既是一家規模龐大的批發銀行，也是一家規模龐大的零售銀行。它是該地區的主要銀行之一，也是巴西最具國際化的銀行。

We have significant regional operations. With 18% of our assets and 8% of our results coming from outside Brazil. This highlights the diversification of our portfolio. Which is concentrated in investment grade countries in South America.

我們在區域內擁有重要的業務。我們18%的資產和8%的表現來自巴西以外的地區。這凸顯了我們投資組合的多元化，而我們的投資組合主要集中在南美洲的投資等級國家。

On this slide we have outlined what we consider benchmark segments, whether in wholesale, retail, or those areas where we believe we have already achieved a global standard of efficiency. Naturally opportunities remain and we are constantly monitoring them. Especially in this new era of artificial intelligence and emerging technologies where there is always room to optimize further.

在這張投影片中，我們概述了我們認為具有標竿意義的細分領域，包括批發、零售以及我們認為已經達到全球效率標準的領域。當然，機會依然存在，我們會持續關注。尤其是在人工智慧和新興技術的新時代，總有進一步優化的空間。

However, if you look at this [100] base chart from 2024 to the present, you will see the business and segments that have successfully maintained their efficiency ratios. For Latin America, the curve is heavily influenced by foreign exchange effects, so I will set this aside for a moment. Although it naturally impacts the consolidated figures on a consolidated basis, using a base 100 view, we can see our efficiency ratio moving from 100 to 98. The key is that our most significant progress in efficiency is occurring within the scalable segments, specifically retail, both for individuals and SMEs where technology, value proposition, scalability, and productivity are fundamental.

然而，如果您查看這張從2024年至今的[1​​00]基準圖表，您會發現哪些業務和細分市場成功保持了其效率比率。對拉丁美洲而言，曲線受匯率影響較大，因此我暫且不談這一點。雖然匯率波動自然會影響合併後的綜合數據，但從100%的基準來看，我們可以看到我們的效率比率從100%下降到98%。關鍵在於，我們在效率方面取得的最顯著進展發生在可擴展的細分市場，特別是零售業，包括面向個人和中小企業的零售業，在這些領域，技術、價值主張、可擴展性和生產力至關重要。

Long-term, this is what will differentiate our ability to better serve our clients and expand to new client groups that, given our current cost structure and efficiency ratio.

從長遠來看，這將使我們在現有成本結構和效率比率的基礎上，更好地服務客戶並拓展新的客戶群體，從而提升我們的競爭力。

We would otherwise have less capacity to absorb credit losses from. As you can see, I am already sharing an insight for 2026. We started from a base of 100 in 2024 and reached 94 in 2026. Our ambition is to continue improving this trend. Therefore, much of the investment and the transformation carried out in previous years is what allows us to accelerate scalability moving forward.

否則，我們將難以承受信貸損失。如您所見，我已經分享了對2026年的展望。我們從2024年的100個基數開始，到2026年達到了94個。我們的目標是繼續保持這一成長勢頭。因此，過去幾年的大量投資和轉型使我們能夠加速未來的規模發展。

It is a robust digital offering, a powerful platform, and an optimization of the business and service models and a strong value proposition.

它提供強大的數位化產品、強大的平台，優化業務和服務模式，並具有強大的價值主張。

We are very optimistic, not only with the evolution of these elements, but also with the prospects.

我們不僅對這些要素的發展趨勢，而且對未來前景都非常樂觀。

Regarding capital, at the end of the day, all the results and discipline I've mentioned translate into strong capital performance. In the first block, we have the pro forma for December 2024, where we achieved a CET1 ratio of 12.3%. Net income generated 3.3% in the period. There was 0.8% capital consumption from risk-weighted assets. Regarding dividends and interest on equity, there was 2.5% capital consumption.

就資本而言，最終，我提到的所有成果和紀律都轉化為強勁的資本表現。在第一部分，我們展示了截至2024年12月的備考數據，其中一級資本充足率（CET1）達到12.3%。該期間淨利潤率為3.3%。風險加權資產的資本消耗率為0.8%。股利和權益利息的資本消耗率為2.5%。

We also had a positive 0.2% capital variance from new 81 issuances, primarily in the domestic market. These factors led us to reach a CET1 ratio of 12.3% and AT1 of 1.5% as of December 2025. It is important to that in the first quarter of 2026 we already have some regulatory events that are consuming part of this capital surplus. This was all factored into our planning when we decided to proceed with the early distribution of additional dividends which we typically pay in March but executed at the end of 2025.

我們也因新增81檔債券發行（主要來自國內市場）而獲得了0.2%的正資本變動。這些因素使我們在2025年12月達到了12.3%的CET1比率和1.5%的AT1比率。值得注意的是，2026年第一季我們將面臨一些監管事件，這些事件將消耗部分資本盈餘。我們在決定提前派發額外股息時，已將所有這些因素納入了計劃。通常情況下，我們會在3月派發額外股息，但此次提前發放是在2025年底。

Regarding interest on own capital and dividends. We distributed BRL9.7 billion in paid and provisioned IOC. And BRL24 billion in additional dividends and interest on own capital. Resulting in a total payout of BRL33.7 billion in 2025.

關於自有資本利息和股息，我們已分配97億雷亞爾的已付和已撥備的國際石油資本收益（IOC），以及240億雷亞爾的額外股息和自有資本利息。因此，2025年的總派息額將達到337億雷亞爾。

Representing a payout ratio of 72%. This is a strong distribution which is only possible due to high-quality and robust capital generation. Our focus is to maximize the profitability of the business, but when we determine that there is excess capital beyond our expected opportunities for deployment and returns, our objective is to distribute it to shareholders.

派息率高達72%。如此高的派息率得益於我們高品質且穩健的資本累積。我們的目標是最大化企業獲利能力，但當資本超出預期投資機會和回報範圍時，我們會將剩餘資本分配給股東。

Now I will present the accountability regarding the guidance. I won't go into detail line by line.

現在我將闡述指導意見的問責。我不會逐條詳細說明。

But visually we came very close to the midpoint in almost all guidance lines throughout the year.

但從視覺效果來看，我們全年幾乎所有指導方針都非常接近中點。

The loan portfolio grew by 6% while financial margin with clients increased by 12.1%. Our financial margin with the market reached BRL3.3 billion. Credit cost was BRL36.6 billion, and commissions and fees and results from insurance operations grew 6.3%. Non-interest expenses increased 7.5% in line with our budget, and the effective tax rate was 29.7%. This demonstrates not only our predictability, but also our control over key levers.

貸款組合成長了6%，客戶財務利潤率成長了12.1%。我們的市場財務利潤率達到33億雷亞爾。信貸成本為366億雷亞爾，佣金、費用和保險業務收益增加了6.3%。非利息支出增加了7.5%，符合預算，實際稅率為29.7%。這不僅反映了我們的績效可預測性，也展現了我們對關鍵指標的掌控能力。

Looking ahead to 2026, and we will have more time to discuss this during our Q&A session, I would like to add a very important comment. As previously said, we expected to make some reclassifications across line items in our management reporting model as presented in the MD&A.

展望2026年，我們將在問答環節有更多時間討論這個問題，我想補充一點非常重要的內容。如同先前所說，我們預期會對管理階層討論與分析（MD&A）中提出的管理報告模型中的一些項目進行重新分類。

We conducted a review to ensure that the way we disclose our results is an accurate reflection of how we manage the bank.

我們進行了一項審查，以確保我們揭露業績的方式能夠準確反映我們管理銀行的方式。

As a result, there were some delayed adjustments that we wanted to implement. And we waited until the end to make those changes.

因此，我們有一些想要實施的調整被推遲了。我們等到最後才進行這些更改。

There is no right or wrong here. This simply represents the most accurate depiction of what we do and how we manage the organization. You will see that at the end of the day, the bottom line remains unchanged, with recurring managerial net income of BRL46.8 billion in 2025. In other words, there are no. To the total result, the variations are purely between line items, and of course the investor relations team remains fully available to walk you through the details and provide further clarification. I will try to explain this in a simplified way. What we refer to here as the main reclassifications account for roughly 90% of the adjusted amounts.

這裡沒有對錯。這僅僅代表了我們業務運作方式和組織管理模式最準確的描述。您會發現，最終結果保持不變，2025 年的經常性管理淨收入為 468 億雷亞爾。換句話說，沒有其他因素。總結果的差異僅體現在各個專案之間，當然，投資人關係團隊隨時準備為您詳細解讀並提供進一步的說明。我將盡量用簡單易懂的方式解釋。我們這裡所說的主要重分類約佔調整金額的 90%。

Let me give you a practical example. Historically, card network fees related to issuing and acquiring were split between non-interest expenses and a deduction from banking product revenues.

我舉個實際的例子。過去，與發卡和收單相關的銀行卡網路費用，一部分計入非利息支出，另一部分則從銀行產品收入中扣除。

We are now reclassifying all card-related expenses, both issuing and acquiring, from non-interest expenses to commissions and fees. As a result, you can see a positive impact on expenses, while this helps explain part of the negative effect observed on commissions and fees. That is one example.

我們現在將所有與信用卡相關的支出，包括發卡和收單支出，從非利息支出重新歸類為佣金和手續費。因此，您可以看到支出額度提升，這也有助於解釋佣金和手續費部分下降的原因。以上僅舉一例。

Another example is the discount of receivables financial margin. As we have mentioned in previous earnings calls, part of Radi's results was previously allocated in commissions and part in financial margin with clients. Within financial margin with clients, there were two components discount of receivables financial margin and the cost of funding of automatic discount of receivables, Flex. Both were previously classified under financial margin with clients. We are now reclassifying everything related to Reddit to the commissions, fees, and results from Insurance Line. This also helps explain part of what you are seeing here, namely an increase with clients, as the flex cost of funding, which was previously recorded in that line, is now reflected as a reduction within commissions, fees, and results from insurance.

另一個例子是應收帳款折價財務利潤。正如我們在先前的財報電話會議中提到的，Radi 的部分業績先前分配在佣金中，部分分配在客戶財務利潤中。客戶財務利潤包含兩個部分：應收帳款折價財務利潤和自動應收帳款折價的融資成本（Flex）。這兩項先前均歸類於客戶財務利潤。現在，我們將所有與 Reddit 相關的項目重新歸類到保險業務的佣金、費用和業績中。這也有助於解釋您在此處看到的部分情況，即客戶業績的成長，因為先前計入該項的 Flex 融資成本現在反映在保險業務的佣金、費用和績效中。

A third example involves discounts on debts of up to 90 days overdue. These were previously recorded in NII with clients. We believe it is more appropriate to reclassify them into cost of credit, as they are effectively credit discounts, and we explicitly disclose discounts granted within the cost of credit line. This helps explain part of the positive impact of BRL2.8 billion in financial margin with clients, which is offset by a negative impact of BRL1.5 billion in cost of credit. With this reclassification, total cost of credit would move from BRL36.6 billion to BRL38.1 billion . The key point is that going forward we will refer exclusively to these reclassified results. Another adjustment relates to avenue over which we now have control. Avenue is therefore consolidated into our P&L lines as shown in this column. This has a positive impact on with clients, no impact on cost of credit, and affects other P&L lines where it previously did not.

第三個例子涉及逾期不超過90天的債務折扣。這些折扣之前計入客戶的淨利息收入（NII）。我們認為將其重新分類到信貸成本更為合適，因為它們實際上是信貸折扣，而我們在信貸成本中明確披露了已授予的折扣。這有助於解釋客戶財務利潤率28億雷亞爾的正面影響，該正面影響被信貸成本15億雷亞爾的負面影響所抵銷。重新分類後，信貸總成本將從366億雷亞爾增加到381億雷亞爾。關鍵在於，今後我們將只參考這些重新分類後的結果。另一項調整與我們現在控制的Avenue業務有關。因此，Avenue業務已併入我們的損益表，如本欄所示。這將對客戶業務產生正面影響，對信貸成本沒有影響，並影響到先前未受影響的其他損益表項目。

As Avenue was accounted for using the equity method through 2025 and will be fully consolidated from 2026 onward. The central message here is that our guidance looking forward.

Avenue公司在2025年之前採用權益法進行會計核算，並將自2026年起全面合併。這裡的核心訊息是我們對未來的指引。

Already incorporates all these reclassifications. Which we believe is the most appropriate way to present our numbers, our results, and how we manage the bank. All future comparisons will be made against 2025 figures adjusted for these reclassifications.

所有這些重新分類均已納入考慮。我們認為這是呈現我們的數據、業績以及銀行管理方式的最恰當方式。未來所有比較將以根據這些重新分類調整後的2025年數​​據為基準。

Turning to the macroeconomic scenario, this slide reflects the assumptions we've used. We recognize that the environment is highly dynamic, but these are the inputs applied in our projections and guidance analysis for 2026. We assume GDP growth of 1.9%, a year-end selling rate of 12.75%, with an expected rate cut starting in March, inflation measured by IPCA converging toward 4%.

展望宏觀經濟情勢，本頁幻燈片反映了我們所採用的假設。我們認識到經濟環境瞬息萬變，但這些是我們在2026年預測和指引分析中所使用的輸入資料。我們假設GDP成長率為1.9%，年底銷售率為12.75%，預計3月開始降息，IPCA衡量的通膨率將趨近於4%。

Unemployment remaining low, but increasing slightly from 5.4% to 5.7%, and the exchange rate moving from 5.47% to [BRL5.50]. Again, these are the assumptions underlying our planning and guidance for 2026.

失業率仍維持在較低水平，但略有上升，從5.4%升至5.7%，匯率從5.47%升至5.50巴西雷亞爾。以上是我們制定2026年計畫和指引所依據的假設。

With that, I will conclude by walking you through the 2026 guidance. First, total credit portfolio growth is expected to range between 5.5% and 9.5%. We highlight that growth in Brazil is expected to be higher, between 6.5% and 10.5%, as Latin America weighs on consolidated growth. All other lines are presented on a consolidated basis. We expect net interest income with clients to grow between 5% and 9% and market between BRL2.5 billion and BRL5.5 billion.

最後，我將為大家介紹2026年的業績指引。首先，信貸組合總成長率預計將在5.5%至9.5%之間。我們特別指出，由於拉丁美洲市場對整體成長構成一定壓力，預計巴西的成長速度將更高，介於6.5%至10.5%之間。其他所有業務均以合併基準列示。我們預期客戶淨利息收入將成長5%至9%，市場規模將在25億至55億巴西雷亞爾之間。

Cost of credit is expected to range between BRL38.5 billion and BRL43.5 billion . Commissions, fees, and insurance are expected to grow between 5% and 9%. Regarding non-interest expenses, it is worth recalling that growth in the fourth quarter of 2025 was just 0.5% quarter over quarter. You can see that there is also a meaningful convergence in 2026 with expected growth between 1.5% and 5.5%, with the mid. Below projected inflation, bearing in mind that banking inflation typically runs above, this clearly demonstrates our ability to capture the benefits of everything that has been implemented over the past few years. We expect the effective tax rate to range between 29.5% and 32.5%. This is our current view for 2026.

預計信貸成本將在385億至435億雷亞爾之間。佣金、手續費和保險費用預計將增加5%至9%。關於非利息支出，值得注意的是，2025年第四季環比成長率僅0.5%。可以看出，2026年也出現了顯著的趨同，預計增長率在1.5%至5.5%之間，中位數低於預期通膨率（考慮到銀行業通膨率通常高於此），這清楚地表明我們能夠充分利用過去幾年實施的各項措施帶來的益處。我們預計實際稅率將在29.5%至32.5%之間。這是我們目前對2026年的預測。

Naturally, as the year progresses and more information becomes available, we will update and adjust if needed. But this reflects the best information available at this time. With that, I'll conclude. This was a slightly longer presentation than usual as we covered our historical journey.

當然，隨著時間的推移和更多資訊的出現，我們會根據需要進行更新和調整。但目前的資訊已盡可能還原了最佳狀態。就此結束。由於我們回顧了公司的發展歷程，這次的演講比以往稍長。

The full-year performance, quarterly results, and concluded with a clearer view of our 2026 guidance. For me, this closes a year of very solid, high-quality results. Beyond the headline numbers.

全年業績、季度結果，以及我們對2026年的展望都得到了更清晰的闡述。對我而言，這標誌著我們取得了非常穩健、高品質的業績，而不僅僅體現在表面數字上。

It is critical to look at the quality of the balance sheet. Across all lines we have very adequate provisions. Disciplined capital allocation, meaningful value creation over the period.

審視資產負債表的品質至關重要。我們所有業務板塊的撥備都非常充足。資本配置嚴謹，並在此期間創造了顯著的價值。

And ROE of 27.3% in Brazil. I believe this clearly reflects all the effort behind this journey combined with an efficiency agenda that is advancing at a very strong pace.

在巴西，淨資產收益率 (ROE) 為 27.3%。我認為這充分體現了我們為此付出的所有努力，以及我們正在快速推進的效率提升計劃。

This is evident in everything I have just shared with you, including our guidance, and also in the positive outlook we see looking ahead. Of course, this is a year where we expect some volatility. However, our risk management culture, a very healthy portfolio operating at historically low cost of credit levels, and a highly provisioned balance sheet allow us to capture opportunities as they arise.

這一點在我剛才與各位分享的內容中都有所體現，包括我們的指導意見，以及我們對未來的正面展望。當然，我們預計今年市場會有一些波動。然而，我們良好的風險管理文化、穩健的投資組合（目前信貸成本處於歷史低點）以及充足的撥備資產負債表，使我們能夠掌握市場機會。

Whether to grow more aggressively or if needed to manage the portfolio more defensively. In summary, I believe we delivered an outstanding year. Everyone here is very proud of the work accomplished, yet fully aware of the challenges ahead. Past results do not guarantee future performance.

是否應該採取更積極的成長策略，或在必要時採取更保守的投資組合管理方式。總而言之，我認為我們度過了出色的一年。我們所有人都為所取得的成就感到非常自豪，同時也充分意識到未來的挑戰。過去的業績並不保證未來的表現。

Therefore, we remain humble, disciplined, and focused, but above all passionate and energetic about our work at the bank. That concludes my remarks. I will now join Gustavo in the studio for our traditional Q&A session.

因此，我們始終保持謙遜、自律和專注，但最重要的是，我們對銀行的工作充滿熱情和活力。我的發言到此結束。現在我將前往攝影棚，與古斯塔沃一起進行我們慣例的問答環節。

Once again, thank you not only for your time, but for the trust you have placed in the bank over the years, whether as clients, investors, or employees.

再次感謝您抽出時間，也感謝您多年來對銀行的信任，無論您是客戶、投資者或員工。

Thank you very much.

非常感謝。

Well, we're back to our studio with Milton and Gabriel, for the Q&A. Now, before we start, we would like to let you know that we are going to answer the questions in the language that they're asked in English and Portuguese. If you need support, we have the platform for the options in Portuguese, English, or the original audio.

好了，我們現在回到攝影棚，和米爾頓和加布里埃爾一起進行問答環節。在正式開始之前，我們想先說明一下，我們會用提問者提問的語言（英語和葡萄牙語）來回答問題。如果您需要協助，我們的平台提供了葡萄牙語、英語或原聲音訊三種選項。

You can also submit your questions via WhatsApp. Let's go to the first question from Thiago Batista, UBS. Thiago, the floor is yours. Good morning, Milton. Gustavo Gabriel. Congratulations on the result.

您也可以透過 WhatsApp 提交問題。我們來看看瑞銀集團 Thiago Batista 的第一個問題。 Thiago，請開始吧。早上好，Milton。 Gustavo Gabriel，恭喜你取得好成績。

Once again, the strong result that ITA is delivering. I'm going to get two topics in one question. One is profitability of the bank and the other, capital. A few years ago, we couldn't imagine that the ROI was 24, 25%.

ITA再次取得了令人矚目的成就。我將在一個問題中涉及兩個面向：一是銀行的獲利能力，二是資本狀況。幾年前，我們根本無法想像投資報酬率能達到24%到25%。

Our doubt is this level recurrent? Can we imagine And that this ROI is going to remain at this threshold all throughout the years and now the leverage of the bank. A few years ago, maybe 10, the target was 13.5 year one, which is not different from the 11.5, 12 of per capita.

我們懷疑這種水平是否會反覆出現？我們能否想像，這種投資報酬率會在未來幾年一直維持在這個水平，而銀行的槓桿率又會如何？幾年前，大概十年前，目標是第一年13.5年，這與人均11.5%或12%的目標相差無幾。

But since then, we've seen a few issues. Overhead is over and you do the hedge of the capital abroad. So the capacity Of capital is reduced. Can you keep this ROI of '24, '25 and can we imagine a reduction or an increase of leverage over time to keep this ROI at '24, '25? Hitiago, pleasure to see you once again. Thank you for the.Question.We are very happy with the deliverables and the optimistic with the future.

但自那以後，我們發現了一些問題。營運成本已經很高，而且你們在海外進行了資本對沖。因此，資本容量有所下降。你們能否維持2024年和2025年的投資報酬率？我們能否設想隨著時間的推移，透過降低或提高槓桿率來維持2024年和2025年的投資報酬率？ Hitiago，很高興能再次見到你。謝謝你的提問。我們對交付成果非常滿意，對未來充滿信心。

Now, about profitability. Maybe the best information, as we don't give guidance of ROI on the long-term, but the guidance of this year, we have a profitability in thresholds very close to what we observed in '25.

現在來說說獲利能力。雖然我們不提供長期投資回報率的指引，但今年的盈利能力指引或許是最好的信息，我們預計盈利能力將達到與2025年非常接近的水平。

If you've seen the midpoint of the guidance, we should grow close to what was the growth of '25 against '24 and delivering a bottom line that is very solid with a profitability that is very strong. I don't foresee today any reason why we shouldn't have a vision of the ROI in this threshold that is implicit in the guidance. Of course, the year and the events are dynamic.

如果您已經看過業績指引的中點，我們應該能夠實現接近2025年相對於2024年的成長率，並帶來非常穩健的淨利潤和強勁的獲利能力。目前我看不出任何理由會讓我們無法達到績效指引中隱含的投資報酬率目標。當然，情況瞬息萬變。

For us, the most important thing is always the spread over the cost of capital and we should get into a cycle of reduction of interest rates. Let's see how the premium of risk for the COE for Brazil is behaving all throughout. The year, but as we have a reduction of interest rates of our time to spread over is cap not necessarily at the level of ROI, but we have a long way ahead to see about the leverage of the bank. The point is interesting. You are right.

對我們來說，最重要的始終是利差與資本成本的比值，我們應該進入一個降息週期。讓我們觀察一下巴西資本利得稅的風險溢價全年走勢。雖然我們面臨利率下降的局面，但利差的上限不一定在於投資報酬率，我們還有很長的路要走，才能觀察銀行的槓桿狀況。這一點很有意思。你說得對。

The overhead brought some volatility to the capital index, but we still have some volatility in the portfolios with the foreign currency. That's how we implement.

管理費用為資本指數帶來了一些波動，但我們的外匯投資組合仍存在一定的波動性。這就是我們的操作方式。

The policy of the hedge of the index that is working very well and there is a cost of opportunity, of course. But also we have a predictability that is very important for the prospective management of the bank or for the distribution of dividends.

對沖指數的策略目前運作良好，當然，這其中也存在著機會成本。但同時，這種策略也帶來了可預測性，這對銀行未來的管理或股利分配至關重要。

What happens when we define the appetite at 11.5%, it was 12%, the appetite. We reduced it to 11.5%. That was approved by the board. But we are the board for the distribution of dividends, we work with a buffer of 50 basis points. That 0.5% is what gives us security, tranquility, so we can grow with strength, seize the opportunities that appear. So we don't run the risk of invading the appetite and doing a contingency recomposition of the capital index and losing opportunities thereafter. So having a strong balance while capitalized, we think it's a comparative advantage.

當我們把股利偏好設定在11.5%時（之前是12%），我們將其下調至11.5%，並獲得了董事會的批准。但我們是負責股利分配的董事會，我們設有50個基點的緩衝。這0.5%的緩衝為我們提供了安全感和安心感，使我們能夠穩步發展，抓住機會。這樣，我們就不會面臨超出股利偏好範圍的風險，也不會因此必須調整資本指數，而錯失良機。因此，我們認為在資本充足的情況下保持穩健的平衡是一種比較優勢。

And the scenarios change and can change quickly. We've seen that in the pandemic. So to have a solid capital base is important. Our biggest restriction now to do a review of leverage we've discussed with a lot of frequency, are the rating agencies. What we do not want is to work with the more leverage and losing a rating, which is important.

情況瞬息萬變，疫情期間就體現了這一點。因此，擁有穩固的資本基礎至關重要。我們目前在進行槓桿率審查方面面臨的最大限制（我們之前也多次討論過）是評級機構。我們最不希望看到的就是槓桿率過高而導致評級下降，因為評級至關重要。

Even though today we have a capture, foreign capture that is lower than the past, having an international rating that is relevant. Is what brings opportunities for the cost of capture, so we can be very competitive. That's the restriction that is active. We're always debating this, looking at the different scenarios of shock, shocking the balance, and this is a year that can have more volatility due to the scenario of the elections, uncertainties that are up ahead.

儘管如今我們的外匯捕獲率低於以往，但擁有良好的國際評級，這為我們提供了降低捕獲成本的機會，使我們極具競爭力。這就是目前存在的限制因素。我們一直在討論這個問題，研究各種衝擊情景，以應對可能出現的市場波動。由於選舉情勢以及未來存在的許多不確定性，今年的市場波動性可能會更大。

It shouldn't be this year that we're going to do this discussion of reviewing the leverage. But this is a theme that is present in our debates. We always have talks with the agencies to try and understand how can that impact our ratings. This is a constant theme in our agenda. I don't think that this debate will advance in 2026, but depending on the perspectives, we can eventually do a review of the level of leverage. Certainly, this is a discussion that we're going to take to the board at the opportune moment.

我們本不該在今年討論槓桿率審查的問題。但這確實是我們討論中反覆出現的主題。我們一直與評級機構保持溝通，試圖了解槓桿率會如何影響我們的評級。這始終是我們議程上的重要議題。我認為這場討論在2026年不會取得進展，但根據各方觀點，我們最終可能會對槓桿率水準進行審查。當然，我們會在適當的時機將這個問題提交給董事會討論。

Thank you. Now, we'll give the floor to Bernardo Gutman, XP. The floor is yours.

謝謝。現在，我們把發言權交給XP的貝爾納多·古特曼。請開始吧。

Good morning everyone. Gustavo Milton Gabriel, thank you for the opportunity. Congratulations on the result. It's impressive, the level of profitability that the bank is delivering. ROI 27% in Brazil. I wanted to explore those levers in the future. Trying to zoom on that level of efficiency, looking at the guidance of expenses not corrugated to interest rates.

各位早安。古斯塔沃·米爾頓·加布里埃爾，感謝您給我這個機會。恭喜您取得如此佳績。銀行的獲利水準令人印象深刻，在巴西的投資報酬率高達27%。我希望未來能進一步探索這些提升效率的途徑，試著進一步提高效率，並專注於那些不受利率波動影響的費用。

It seems that they're low expenses considering that 2026, there are negative items that are temporary with the adjustments in the infrastructure. So the correct Reading is that '26 will capture a relevant change in the cost of base, allowing the bank to get into '27 with a structure that is more clean, more efficient, creating therefore a driver for operational leverage up ahead. That's the question.

考慮到2026年基礎設施調整帶來的一些暫時性負面影響，這些支出似乎較低。因此，正確的解讀是，2026年將反映出基礎成本的顯著變化，使銀行能夠在2027年以更清晰、更有效率的結構進入營運階段，為未來的營運槓桿創造動力。這就是問題的關鍵。

Thank you.

謝謝。

Pleasure to see you again. Thank you for your initial words. The answer is yes and yes. Yes, we are capturing and gathering the fruits of our labor of the previous years. A lot of investment in technology, a lot of focus of increase in productivity, digitalization of the platforms of the bank, the experience of the clients, reviewing the business models, the model of service.

很高興再次見到您。感謝您之前的發言。答案是肯定的。是的，我們正在收穫並鞏固過去幾年辛勤耕耘的成果。我們在技術方面投入大量資金，專注於提升生產力，推動銀行平台數位轉型，改善客戶體驗，並對業務模式和服務模式進行全面審查。

A way of servicing the client in a never more digital way. That slide that I just showed you separated what was the segments that were the reference in reference and those that we can scale. And that's where we get most of the efficiencies that we will capture over the next years. We finish with a projection of 94 at the end of '26.

以一種前所未有的數位化方式服務客戶。我剛剛展示的幻燈片區分了哪些是參考標準，哪些是我們可以規模化發展的細分市場。而這正是我們未來幾年將要實現的大部分效率提升的關鍵所在。我們最終預測到2026年底將達到94。

There is a certain assumption for the guidance for the year. But looking ahead, we are certainly, we are certain that this is the path. Efficiency all throughout the game, operational, efficiency, but it's not brute force operational efficiency. An adjustment of infrastructure reduction without any strategy, no. It's a deep review of everything that we are investing all throughout the years. Most important than that, all this reduction and adjustment running below the IPCA rate. It's a banking inflation because there is an increase in payroll, real, there's other expenses is higher than the IP. PCA.

我們對今年的業績指引有一些假設。但展望未來，我們確信，這就是我們前進的方向。我們將全面提升營運效率，但這並非蠻力式的效率提升。我們不會毫無策略地削減基礎設施。我們會對多年來的所有投資進行深入審查。更重要的是，所有這些削減和調整都將低於IPCA（個人資本成本調整）水準。銀行業通膨是由薪資支出增加、實際支出增加以及其他費用高於IPCA（個人資本成本調整）造成的。

But all that growth that you see projected 3.5 for the midpoint of the guidance for '26 there's also important volumes for investment. We're investing long-term. We are still investing in our business. We are still investing in our platforms, of course, prioritizing the most relevant, looking at the long-term. Focusing in value creation. This capacity of generating top-line, capacity of absorbing the the investments, doing a deep transformation of the organization.

但所有這些成長，正如您在2026年業績指引中位數預測中看到的3.5%，也意味著大量的投資。我們進行的是長期投資。我們仍在投資我們的業務。我們仍在投資我們的平台，當然，優先考慮最相關的項目，並著眼於長遠發展。專注於價值創造。這種創造營收的能力，吸收投資的能力，以及對組織進行深度轉型的能力，都至關重要。

And now, a period of deliverables that is consistent allows us to open ourselves to more ex investments and expense, expanding those investments. We did investments in several businesses and we will continue with a long-term view without doing without selling out the future. We want to grow sustainably. We want to seek more productivity, more efficiency, more operational scalability. Gabriel is here. He is leading the This front in the bank. This is not a front from the finance BU. He is the leader, but this is a multidisciplinary front. All businesses are involved. Everyone with their own challenges, ones with the threshold that are more efficient than others, but I'm very optimistic that we got into a journey that is very deep of adjustments and scalability.

現在，一段持續穩定的業績交付期讓我們能夠進行更多外部投資和支出，並擴大這些投資。我們已經對多家企業進行了投資，並將繼續秉持長遠眼光，但絕不會為了投資而犧牲未來。我們希望實現永續成長，追求更高的生產力、效率和營運規模。加布里埃爾在這裡，他領導著銀行的這項工作。這並非來自財務部門，而是跨部門協作，涉及所有業務領域。每個業務部門都面臨著各自的挑戰，有些部門的效率門檻更高，但我非常樂觀地認為，我們已經踏上了一段深度調整和規模化發展的旅程。

Thank you Bernardo.

謝謝你，貝爾納多。

Next question. Renato Meloni, Autonomous. The floor is yours.

下一個問題。雷納托·梅洛尼，Autonomous。請您發言。

Good morning everyone. Congratulations on the results. Thank you for the opportunity. I wanted to expand on the previous questions on the ROI. I think it's natural that now we get into a moment of reduction of capital, cost of capital in Brazil. ROI drops, and as you said, the generation of value is important. So we need to understand more in the long-term. What are The levers that you foresee for the expansion of this generation of value. Are we at a reasonable level?

大家早安。恭喜你們取得的成績。感謝你們給我這個機會。我想就之前關於投資報酬率的問題再補充一些內容。我認為，在巴西，資本成本下降是必然的。投資報酬率下降是正常的，正如你們所說，創造價值至關重要。因此，我們需要從長遠角度來思考。你們認為有哪些因素可以促進價值創造的成長？我們目前的水平是否合理？

You've discussed the efficiency, but I remember a comment in the past that as you implement this efficiency part of this is given to the client. So maybe other ideas that can generate more value. And if you allow me, just a clarification of the guidance here, that if we look at the growth of the financial margin and the growth of the portfolio, that implies into a reduction in the line, but I imagine that here you also have the effect of the anticipation of the dividends.

您已經討論過效率問題，但我記得之前您提到過，在實施效率提升的過程中，一部分收益會交給客戶。所以，或許還有其他方法可以創造更多價值。另外，如果您允許，我想澄清一下這裡的指導原則：如果我們觀察財務利潤率和投資組合的成長，這意味著利潤率的下降，但我認為這裡也包含了預期股息的影響。

So if you can comment very quickly on the evolution of the line sensitivity to the interest rates and how that will go throughout the year.

所以，如果您能簡要評論一下該曲線對利率的敏感性變化以及這一趨勢在今年將如何發展，那就太好了。

Thank you, Renato. Great point. Thank you for being in our call. I think that the levers are throughout the business. They're spread out throughout. The capacity of growing the portfolio with quality, the management of this portfolio has been done for many years. The discipline of capital allocation. This is the name of the game. Growing, generating operations below the cost of capital will always be diluted, will destroy value on the long-term. This is the discipline. And that generates profitability that is necessary through the cycle, always with this long-term view. Other part of efficiency and cost is very important. But as deep down is the binomial cost and expenses, cost of revenue, sorry. So, we've deepened the very consistently with our portfolios. We're doing the deep dive into being the main engager of, with the customers.

謝謝雷納托。你說得很有道理。感謝你參加我們的電話會議。我認為關鍵在於貫穿整個業務的各個環節，它們分佈在各個方面。我們多年來一直致力於高品質地拓展投資組合，並對其進行有效的管理。資本配置的紀律至關重要。這才是製勝之道。如果成長速度低於資本成本，長期來看，利潤就會被稀釋，價值也會被損害。這就是我們需要的紀律。而這種紀律能夠確保我們在整個週期中保持必要的獲利能力，並且始終著眼於長遠發展。效率和成本控制固然重要，但歸根結底，成本和費用（抱歉，應該是收入成本）才是關鍵。因此，我們一直在不斷深化投資組合的管理，並努力成為客戶的主要合作夥伴。

This is the main threshold in the history. We're growing two digits in some portfolios. So there is a series of levers, of course, cost is one, but always with this logic of efficiency, looking at our capacity of generating top-line of growth and working with With the cost of productivity. So we can have offerings that are more lean, more digital, better experiences for our clients and simplifying the value proposition and simplifying the bank. Of course, with all this transformation.

這是歷史上一個重要的轉捩點。我們的一些投資組合實現了兩位數的成長。當然，這其中有許多槓桿作用，成本控制是其中之一，但始終要遵循效率至上的原則，關注我們創造營收成長的能力，並控制生產成本。這樣我們才能提供更精簡、更數位化的產品和服務，為客戶提供更優質的體驗，簡化價值主張，簡化銀行營運。當然，這一切都離不開轉型。

A part of this modern technological modernization, We are talking about the decommissioning of the legacy systems in a few years. This is going to be a big difference once we operate in a more variable cost basis, in a more simplified internally way and speed of delivery in technology. I showed 2,000% of growth. Now today we can Develop a product and bringing a solution for the market 5 times faster. So the capacity of throughput of delivering value changed with a very strong threshold. And we will continue to follow-up on the opportunities, cost of equity.

作為現代科技現代化的一部分，我們正在討論幾年內淘汰傳統系統。一旦我們以更靈活的成本模式運營，內部運作更加簡化，技術交付速度也更快，這將帶來巨大的改變。我曾展示過2000%的成長。如今，我們開發產品並將其推向市場的速度提高了5倍。因此，價值交付能力發生了翻天覆地的變化。我們將繼續關注機會和股權成本。

Every month, we're looking at the internal methodology, the market methodology, cost of capital. The the buy side, sell side. And so we have our COPI in meeting monthly, so we define what is the COE of the bank and this affects the capacity of pricing and as you said, I don't believe in a static world that you do the world, the work of efficiency and reduces, but the revenue is always the same, no. In the end, it scale, so you can generate more value, more portfolio, and you can have the returns. Through the cross sale and the reduction of the relationship, but a part of this efficiency has to go to the price. This is what's going to transform ourselves into a platform that is ever more competitive. We're very competitive from the cost of funding perspective, and we're going to be more competitive in the unit cost. Our unit cost has reduced 45% in this period, and we see space for Reductions. Volumes grow, cost, unit cost is dropping. This is the name of the game. Now, on the margin, I wanted to do a reinforcement.

每個月，我們都會檢視內部方法論、市場方法論以及資本成本。包括買方和賣方。因此，我們每月都會召開COPI會議，確定銀行的COE（資本成本），這會影響定價能力。正如您所說，我不相信在一個靜止的世界裡，你所做的工作，效率的提升和成本的降低，收入卻始終保持不變。最終，規模會擴大，這樣你就能創造更多價值，擁有更多投資組合，並獲得回報。這可以透過交叉銷售和簡化客戶關係來實現，但部分效率的提升必須體現在價格上。這將使我們轉型成為一個更具競爭力的平台。從融資成本的角度來看，我們已經非常有競爭力，而且我們將在單位成本方面更具競爭力。在此期間，我們的單位成本已經降低了45%，而且我們看到了進一步降低的空間。業務量成長，成本下降，單位成本也在下降。這就是關鍵所在。現在，我想補充一點。

Let me give you some numbers. If we consider the delta dividend that is paid 25 against 24, and the anticipation that was done all throughout the next month in December of last year, this generates for ourselves about BRL1.5 billion. Less margin through '26.

讓我舉幾個例子。如果我們考慮2025年與2024年相比派發的股息差額，以及去年12月整個12月期間的股息預期，這將為我們帶來約15億雷亞爾的收益。扣除利潤後，2026年將持續獲利。

So if the question is, well, Milton, I have the portfolio growing and with the midpoint and 7.5 and the margin of clients is growing 7.

所以如果問題是，嗯，米爾頓，我的投資組合正在成長，中點為 7.5，客戶利潤率為 7。

What is the reason of the margin growing a bit below? If we do this adjustment, the margin would be growing 8.1%. In the year. So the margin comparable, normalized, which is what we are going to observe really throughout the year, but the comparable margin for understanding the dynamic of the generation of value of the bank is comparing 8.1 with a portfolio that is bearing a gross 7.5%. These are comparable bases. Certainly, this effect allows us to explain a potential adjustment that is not so relevant, but we have adjustments in the NIN and the consolidated and also in the net cost of credit NIN. So this is important and it's 110 basis points when we look at the effect in the financial margin with the client in a year, which is not little. And it shows that the core, the organic growth is coming at an adequate rhythm with an adequate risk, adequate mix and generating value for the threshold for the shareholder.

利潤率略低於預期成長的原因是什麼？如果我們進行這項調整，利潤率將成長 8.1%。這是全年的利潤率。因此，我們全年觀察的是可比較的、標準化的利潤率，但為了更好地理解銀行價值創造的動態，我們將 8.1% 的利潤率與毛利率為 7.5% 的投資組合進行比較。這些都是可比較的基準。當然，這種調整可以解釋一項不太重要的潛在調整，但我們對淨資產收益率 (NIN)、合併淨資產收益率以及淨信貸成本 (NIN) 都進行了調整。因此，這一點很重要，當我們觀察一年內客戶財務利潤率的變化時，這相當於 110 個基點，這可不是個小數目。這表明核心業務的內生成長正以適當的節奏進行，風險控制得當，資產組合合理，並為股東創造了應有的價值。

Thank you.

謝謝。

Next question, Yuri Fernandez, JPMorgan, the floor is yours.

下一個問題，摩根大通的尤里‧費爾南德斯，請你提問。

Thank you, Gustavo. Good morning. Good congratulations on your results. NPs quality of credit lines accelerating short-term deliverables that are good for the middle to long-term. So I wanted to come to focus on the SME.

謝謝你，古斯塔沃。早安.恭喜你取得好成績。 NPs 的信貸額度品質能夠加速短期交付，這對中長期發展大有裨益。所以我希望專注於中小企業。

The how are these deliverables in the small and medium sized companies, should change the profitability of the bank. When we look at the volume, I think it was a very strong quarter. Really growth is above 20, which is 2 times the industry. We also see the Portfolio growing 9 looking at Bam, it's about 3, so we have a share in portfolio, of course it's not comparable.

這些成果在中小企業中的實現方式，應該會改變銀行的獲利能力。從交易量來看，我認為這是一個非常強勁的季度。實際成長率超過20%，是產業平均的兩倍。我們也看到投資組合成長了9%，而Bam的成長率約為3%，所以我們在投資組合中佔有一席之地，當然，兩者並不具有可比性。

We don't have all the expanded portfolio, but we see that in pay of payments and volume of credit, I didn't even start. It's being implemented, so it should bear fruit. The question is, given that the SMEs and investors, days, previous ones. They had ROIs above 30, 35, very profitable segment.

我們還沒有完全擴展投資組合，但就支付情況和信貸規模而言，我看到，我甚至還沒開始。它正在實施中，所以應該會取得成效。問題是，考慮到中小企業和投資者，幾天前，他們的投資回報率超過30%、35%，這是一個非常有利可圖的領域。

How does this impact, going back to the question of my peers, how does it impact the ROE?

回到我的同行提出的問題，這會對 ROE 產生什麼影響？

We should have SME gaining more traction. We should see the ROE of retail growing more, or maybe there is a, no, maybe there is a question of price, competition, because it seems that this could be a lever of profitability for you. Thanks.

我們應該看到中小企業獲得更多發展動力。零售業的淨資產收益率應該會進一步成長，或者，不，也許問題出在價格和競爭上，因為這似乎可以成為你們獲利能力的槓桿。謝謝。

Thank you, Yuri. Great to see you.

謝謝你，尤里。很高興見到你。

Thank you for your time and thank you for the initial words. Now, the SME segment for us as we publish it, we have micro, small and medium. So we mix what we call the BUPJ, which is the companies and the middle market which is managed by Ita BBA. It's a sum of both businesses that are Here, when we add the business model and the profitability, then we break down the the UPJ within the retail and the middle market in the structure of the wholesale, but in the we block them together.

感謝您抽出時間，也感謝您先前的發言。現在，就我們發布的中小企業板塊而言，我們將其分為微型企業、小型企業和中型企業。我們將所謂的BUPJ（即公司）和由Ita BBA管理的中間市場進行合併。它是所有企業的總和。在這裡，當我們考慮商業模式和獲利能力時，我們會將UPJ細分為零售和批發結構中的中間市場，但最終我們將它們合併在一起。

We had an extraordinary result in the companies, whether if it's middle market or the retail companies and these are very, this is a work that has been done for many years, a reorganization of review, deep one of the strategy.

我們在這些公司中取得了非凡的成果，無論是中階市場公司或零售公司，這些都是非常了不起的成就。這是一項已經進行了多年的工作，是對策略的重組和審查。

Moreover, the portfolio management, I think that we managed to seize the opportunities and we knew how to grow with the clients always in the long-term view and more so the discipline of capital allocation. We see a market that is very erratic in the pricing in that segment. We always TRY to do an analysis of how much it would have been. Our return if we had been operating in a few operations that are very relevant in some of these segments. And these are returns in operations with funding, without funding and below our cost of capital.

此外，在投資組合管理方面，我認為我們成功掌握了機遇，始終著眼於長期發展，並與客戶共同成長，尤其是在資本配置方面，我們做得非常出色。我們看到該細分市場的價格波動非常劇烈。我們始終致力於分析，如果我們投資於某些細分市場中一些非常重要的項目，我們的回報會是多少。這些回報包括有融資、無融資以及低於我們資本成本的投資回報。

Considering our model which is very efficient. So here is discipline of management of being the main one for the client, having that over overview of flow, so that integration of Reddit with the bank was fundamental.

考慮到我們高效率的模式，管理紀律至關重要，因為我們是客戶的主要聯絡人，需要全面掌控流程，所以Reddit與銀行的整合至關重要。

So we could, in fact, having an integrated vision of the flow. If we see the level of acquireance and the market is just a fraction of the flow of payments and receivables in the system as a whole. So the share of flow is more important than the market share of acquirements and how do we deliver an integrated value proposition for the clients, being the main one is the name of the game. So we've grown with quality. Now, we operate in a level of profitability that is very high in this segment and what I want to say is that we have the expectation of incrementing the bottom line and this is what we expect for 2016 and not an expansion of profitability in the segment given the level of profitability that we already have today, which is above the threshold that you commented a little bit before.

所以，實際上，我們可以對整個流程有一個整體的視角。如果我們觀察一下，就會發現，收購和市場規模只是整個系統中收付款流程的一小部分。因此，流程份額比收購市場佔有率更重要。而如何提供客戶整合的價值主張，成為核心客戶才是關鍵。我們透過提升品質實現了成長。目前，我們在這個領域的獲利水準非常高。我想說的是，我們期望在2016年進一步提高利潤，而不是在這個領域進一步擴張獲利能力，因為我們目前的獲利水準已經高於您之前提到的門檻。

This is for the BU companies and also the middle market. We've done strategic reviews that are constant. We've done another one this year in the companies and the individuals and we also have a solid plan and I'm very optimistic for the future for the delivery of value and execution of these plans.

這適用於業務單元公司以及中端市場。我們一直在進行策略評估。今年，我們又對各公司和個人進行了一次評估，並且我們制定了切實可行的計劃。我對未來創造價值和執行這些計劃充滿信心。

MES has a role that is ever more protagonist in the strategy of DBU companies. So we We've tested the new technology very carefully, learning with the clients, powered by AI, but the advances are incredible. The amount of products that we have in the platform, it's more a full bank fo focused on the needs of the companies.

MES在DBU公司的策略中扮演越來越重要的角色。因此，我們非常謹慎地測試了這項新技術，並與客戶共同學習，借助人工智慧的力量，取得了令人矚目的進步。我們平台上的產品數量之多，更像是一個完整的銀行，專注於滿足企業的各種需求。

Smaller ones, the digital needs, it doesn't, it's no use taking all of the products. You need to understand the pain of your client that you need to solve and how do you interact in a more efficient. Way. So, the platform ems has a more relevant role within the strategy so we can deliver better the base of clients that is within the bank, that is, well, and besides the clients that we've seized over the bank and in a more efficient way, in a more digital way with a better experience. So this is the path of the platform, this is the work and this is the platform has a relevant work in this sense. So I don't see an expansion in the return in The retail, I think that we've done a catch up that is very important since the 3rd quarter of 2022 that I told you, I was very uncomfortable with the level of profitability and we've seen a cycle of expenses and PDD that is more strong.

對於規模較小的客戶，數位化需求並非如此，僅僅推出所有產品是沒用的。你需要了解客戶的痛點，找到需要解決的問題，並找到更有效率的方式與他們互動。因此，EMS平台在策略中扮演著更重要的角色，這樣我們才能更好地服務銀行內部的客戶群體，以及我們透過銀行管道拓展的客戶，並以更有效率、更數位化的方式提供更優質的體驗。這就是該平台的發展方向，這就是它的工作，也是它在這方面發揮作用的原因。因此，我認為零售業務的回報不會擴大。我認為我們已經完成了一項非常重要的追趕工作，因為正如我之前提到的，自2022年第三季度以來，我對盈利水平感到非常擔憂，而且我們看到支出和PDD（產品開發和分銷）週期更加強勁。

Looking up ahead, we've done an important catch up, 10% points in the profitability of the retail in a sustainable way. So there is no business performing well or a business performing below the cost of capital. All the businesses are creating value and operating above the cost of capital and with good perspectives looking ahead. It's a balance of the portfolio, therefore, I don't see necessarily an expansion of RI because of this, but I see an increase that is consistent of the franchise of the results of these segments.

展望未來，我們已取得重要進展，零售業務獲利能力以可持續的方式提升了10個百分點。因此，目前沒有任何一家業務表現良好，也沒有任何一家業務的營運成本低於資本成本。所有業務都在創造價值，營運成本高於資本成本，並且前景良好。這是投資組合的平衡，因此，我不認為這會直接導致RI（投資回報率）的擴張，但我認為RI的成長將與這些業務板塊的整體業績成長保持一致。

Thank you, Yuri. We're going to switch to English as we have Tito Abata from Goldman Sachs. Tito, the floor is yours.

謝謝你，尤里。我們現在要切換到英語，因為我們請到了高盛的蒂托·阿巴塔。蒂托，請你發言。

Great, thanks, Gutavo. Hi Milton, Gabriel, thank you for the call and taking my questions, and congratulations on the strong results.

太好了，謝謝，古塔沃。嗨，米爾頓、加布里埃爾，謝謝你們的來電和解答我的問題，祝賀你們取得了優異的成績。

You're very consistent over the years. Milton. My question is on the competitive environment. I mean, if you look over the last 10 years, competitive environment has evolved quite a bit. In Brazil, I think still evolving. We've seen a lot of your incumbent peers having to adapt their business models, a lot of fintechs that have become very strong today, and you, and you've been able to adapt very well, right? I mean, just looking at your profitability, as you just said, right, every business is operating above the cost of capital.

米爾頓，你這些年來一直表現得非常穩定。我的問題是關於競爭環境的。我的意思是，如果你回顧過去十年，你會發現競爭環境發生了很大的變化。在巴西，我認為競爭環境仍在不斷變化。我們看到許多老牌同業必須調整他們的商業模式，許多金融科技公司如今都發展得非常強勁，而你，也很好地適應了這種變化，對吧？我的意思是，看看你的獲利能力，正如你剛才所說，每家公司的營運成本都高於資本成本。

So in that context, so what worries you, is it it could be from incumbent peers adapting, a lot of them more coming after the high-income segments where you're very strong in, is it the fintechs? Is there any segments that you sort of maybe worry about more than others? I mean, you talked about you're already a leader in private payroll, it's a new segment. So, what kind of worries you about this new competitive environment and what do you maybe also most excited about? Where do you see the opportunities from here to continue to be able to deliver these results and where could the risk be?

那麼，在這種背景下，您擔心的是什麼呢？是現有同業的調整，尤其是那些瞄準您優勢所在——高收入群體——的競爭對手，例如金融科技公司嗎？您是否對某些細分市場格外擔憂？您提到您已經是私人薪資管理領域的領導者，這是一個新興領域。那麼，在這種新的競爭環境下，您最擔心的是什麼呢？同時，您最興奮的又是什麼？您認為未來有哪些機會可以持續維持目前的業績？風險又在哪裡？

Thank you.

謝謝。

Okay, thank you, Chito. Good to see you. Thank you for your compliments. We're very proud and thank you for coming to our call. I will tell you first of all that we have a huge enormous respect for our, all our competitors, but as we are a huge portfolio of businesses, so we have in the wholesale many businesses where we compete with the incumbent banks, but also compete with the new. I would say competition. So depending on what segment you are looking at, the competition changes and changes a lot.

好的，謝謝你，奇托。很高興見到你。謝謝你的讚揚。我們感到非常榮幸，也感謝你抽出時間參加我們的電話會議。首先，我要說的是，我們對所有競爭對手都非常尊重，但由於我們擁有龐大的業務組合，我們在批發業務方面有很多業務，既與現有銀行競爭，也與新興銀行競爭。可以說，競爭非常激烈。所以，根據你所關注的細分市場，競爭格局會發生變化，而且變化幅度很大。

So our capability to understand the client needs, to understand our competitors, to be humble, to look outside all the time and understand that we might Have people doing better things that we are and we can do better and we have to leapfrog and go forward has been able to transform the organization in the past years, so I don't see. In any segment today, any difficulty of competing, even though we know the a fierce competition is coming from all around the place. So again, huge respect. I think we have enormous competition in Brazil, good competition. Everybody is doing their homework. Everybody. Trying to get to do better what they already do, and we have to do better and fast.

因此，我們能夠理解客戶需求，了解競爭對手，保持謙遜，時刻關注外部環境，意識到可能有人比我們做得更好，而我們也能做得更好，我們必須跨越式發展，不斷前進。正是這些能力在過去幾年推動了組織的轉型。所以，我認為如今在任何領域，競爭都不算什麼難事，儘管我們知道來自四面八方的激烈競爭。再次強調，我們非常尊敬彼此。我認為我們在巴西面臨巨大的競爭，而且是良性競爭。每個人都在認真研究，每個人都在努力做得更好，而我們也必須做得更好，而且要快。

So I think this is what we've been doing in the past years. So I see a few levers that take us to this place. First of all, human capital. We do believe that we have very good people inside the organization, people that have passion for what they do. We have a very strong culture that put us in a competitive advantage in our view. We have this capability of capital allocation that is very important, this discipline of looking always for the long-term, the capability to do.

所以我認為這就是我們過去幾年一直在做的事情。我認為有幾個關鍵因素促成了我們今天的成就。首先是人力資本。我們相信公司內部擁有非常優秀的人才，他們對自己的工作充滿熱情。我們擁有強大的企業文化，這讓我們在競爭中佔有優勢。我們擁有非常重要的資本配置能力，始終著眼於長遠發展，並且具備相應的能力。

Investments all around. So as we're not looking for the next quarter, we're looking for the next 10 years. We do huge investments throughout all our businesses and all the modernization we've done in our platform, the data architecture, the way we approach clients today, all the AI power that we've been.

我們在各方面都進行了投資。因此，我們關注的不是下一個季度，而是未來十年。我們在所有業務領域都進行了巨額投資，包括平台現代化、資料架構、我們如今服務客戶的方式，以及我們一直在使用的人工智慧技術。

Releasing in our businesses not only internally but also externally has been putting us in a very, I would say competitive spot.

在公司內部以及外部，我們不斷推出新產品，這使我們處於非常激烈的競爭環境中。

So this is how we look today, I think in the individuals, just to give you an example, we've gone through a huge strategy revision this year of 2025. We In the execution mode, we did a relevant change in the structure in the retail operation as a whole. Also, the SMEs have been going through relevant change in looking forward. What brought us here not necessarily will take us for the next years. So it's this capability of looking ahead all the time and putting the bar. Very high to get to great achievement. So I think what takes my, what worries me, everything. So I am paranoid here with competition, with the macro, with the level of service we deliver to our clients. This is what drives us, and I think we have the capability and again, human capital, good talent.

這就是我們目前的狀況。舉個例子，就我們個人而言，我們在2025年進行了一次大規模的策略調整。在執行層面，我們對整個零售營運的結構進行了相應的調整。此外，中小企業也正在進行相關的變革，以展望未來。過去讓我們走到今天的方法，未必能讓我們在未來幾年繼續維持下去。因此，我們需要時時保持前瞻性，並設定極高的目標，才能達到卓越的成就。所以，我認為所有的一切，包括競爭、宏觀經濟以及我們為客戶提供的服務水平，都讓我感到擔憂。正是這些因素驅動著我們前進，我認為我們擁有這樣的能力，而且我們擁有優秀的人才。

Great culture and great capability of execution, I think, are levers that can take us farther. We have to keep an eye on the macro, of course, due to the size of the bank, the macro makes price, of course. We have to take a look at risk, and I think we have a very strong culture, risk culture, so everybody from first line to third line are 100% focused on managing risk. We have a Unique, I would say very great risk area with very good grade and risk people helping all the businesses looking productive and prospective and what are the levers, what are the risks and how we make decisions on a daily basis based on that. So I think this is a little bit of what we've been doing here and this is where we have been putting all our effort in the organization.

我認為，優秀的企業文化和卓越的執行能力是我們前進的動力。當然，我們必須密切關注宏觀經濟情勢，因為銀行的規模決定了其價格。我們必須重視風險，我認為我們擁有非常強大的風險管理文化，從第一線到三線員工，每個人都百分之百專注於風險管理。我們擁有一個獨特的、可以說是非常強大的風險管理部門，配備了非常優秀的風險管理人員，他們幫助所有業務部門提高效率和發展前景，並分析風險、風險以及我們如何根據這些資訊做出日常決策。我認為這就是我們一直在做的事情，也是我們一直在組織中投入所有精力的方向。

Great, thanks a lot, you.

太好了，非常感謝你。

Now going back to Portuguese with Gustavo Schroden. The floor is yours.

現在讓我們回到葡萄牙語，由古斯塔沃·施羅登來講解。請各位發言。

Morning everyone. Thank you, Gustavo Milton. Congratulations on the result. Very solid, strong result. I follow-up on the question of Tito, more specifically, I remember that two segments specifically are massified and recently INSS, which is. Security in Brazil and Milton commented that the cost of service that is lower would be ideal to be able to accept the level of delinquency that is higher in the massified and in the INSS Social Security compensating the lower interest rates after the changes in the cap. We see the efficiency level that is very low, 36% in Brazil. All the effort that the bank has done of adjustments in the infrastructure. So. I wanted to be more specific in those two segments. How is the appetite?

各位早安。謝謝 Gustavo Milton。恭喜您取得如此佳績，非常穩健強勁。我接著 Tito 的問題問一下，更具體地說，我記得有兩個細分市場分別是大眾化保險和最近的巴西國家社會安全局 (INSS)。 Milton 提到，降低服務成本對於應對大眾化保險和 INSS 較高的拖欠率至關重要，因為在利率上限調整後，較低的利率可以彌補拖欠率的增加。我們看到巴西的效率非常低，只有 36%。銀行在基礎設施調整方面已經做了很多努力。所以，我想更具體地談談這兩個細分市場。市場需求如何？

Is there appetite? Is there profitability? I wanted to hear from you specifically on those two segments.

市場需求如何？獲利能力如何？我想特別聽聽您對這兩個方面的看法。

Thanks. Sure. First and foremost, we tend to simplify when we talk about the massified, and the name that I've used and it's in the presentation is segments that are more scalable of medium to high. Com where the operational scalability makes a difference. That is important. This is the focus, delivering a value proposition that is more competitive for our clients. With that, we can create the capacity to improve and advance in our efficiency levels.

謝謝。當然。首先，我們在談到大規模市場時往往會簡化概念，我在簡報中使用的名稱是「更具可擴展性的中高端細分市場」。在這種細分市場中，營運可擴展性至關重要。這一點非常重要。我們的重點是為客戶提供更具競爭力的價值主張。有了這一點，我們就能提升效率，不斷進步。

We work with a series of clients in all the segments, which is low or high income, and these are clients that are resilient through the cycle. So not necessarily is that the client has a lower income that they're not resilient, no. You just see the ones that are retired with the Social Security INSS connecting with your question. It's a customer that has lower income but it's very resilient on the long cycle. And this is for the entirety of the portfolio. So our capacity to look at the data, look at the client, understanding their capacity, facing the obligations in the long cycle, it's regardless of the income sometimes. Inevitably, when you're more competitive from the efficiency level, Your capacity of absorption of losses increases and the review of appetite is constant.

我們與各個收入階層的客戶合作，無論收入高低，這些客戶都能很好地應對經濟週期波動。所以，並非收入低的客戶就缺乏韌性，並非如此。您剛才提到的那些領取社會安全金（INSS）的退休人士就是一個很好的例子。他們的收入雖然較低，但在長期經濟週期中卻非常穩健。這適用於我們所有的投資組合。因此，我們分析數據、了解客戶、評估其應對長期經濟週期中各種義務的能力，有時與收入無關。不可避免地，當您的效率水平更高時，您的損失承受能力也會增強，而對投資風險的評估則需要持續進行。

So every time that we do an operation with a client, we look at the cost, whether if it's marginal cost or absolute cost in the segment, the more efficient you are, the higher will be the capacity of absorption of losses. The more inefficient you are, the less space you have to absorb losses and generate a result and remunerate the capital that is allocated in that activity. So the direction that we've gone is Is operational scalability, maximum efficiency, digital, full, so we can service those clients better. It's servicing better, the client better. And here, there is a theme of you having a full digital offer for the client, but you need to have a full bank to be able to service that client in the best way possible. And I think that we have today a portfolio that is incredible, the migration that we've done of the Juanita.

因此，每次我們與客戶開展業務時，我們都會考慮成本，無論是邊際成本還是絕對成本。效率越高，吸收損失的能力越強。效率越低，吸收損失、產生收益以及回報投入該業務的資本的空間就越小。所以我們一直朝著營運可擴展性、最高效率、數位化和全面化的方向發展，以便更好地服務客戶。這關乎更好地服務客戶。這裡的關鍵在於，你需要為客戶提供全面的數位化服務，但同時也需要擁有完整的銀行體系才能以最佳方式服務客戶。我認為，我們目前擁有一個非常出色的投資組合，尤其是我們對Juanita的遷移。

15 million clients. It's not that we took 15 million clients and we improved the experience of the app for the current clients. We migrated 15 million clients that didn't have any experience and not a relationship that was full bank with Zao, and we migrated them to a new platform. And we improved a lot of the platform of the clients that already used the super app. So it's the best of both worlds. We improved a lot what we brought because we brought functionalities of the mono apps that were more advanced for the super app, and we improved. The experience of the existing clients and we migrated 15 million clients and these clients are distributed in several segments. We have clients that are migrated that are target, clients of Personalite, Unicclass, Itahu branches, and we've managed to convert them, importantly, increasing engagement, and it's a full digital service.

1500萬客戶。我們並非簡單地將1500萬現有客戶遷移到新平台，而是將1500萬以前從未體驗過Zao服務、也未與Zao建立任何完整銀行關係的客戶遷移到了新平台。同時，我們也對已在使用超級應用程式的客戶進行了許多改進。因此，我們實現了兩全其美。我們不僅改進了現有客戶體驗，還將單體應用的高級功能引入超級應用，從而提升了現有客戶的體驗。我們遷移的1500萬客戶分佈在多個細分市場。其中包括目標客戶、Personalite、Unicclass和Itahu等分公司的客戶，我們成功地轉換了他們，更重要的是，提高了他們的參與度，並提供全面的數位化服務。

Remember that right when we published the results last year, we did a talk with investors. They asked me about Consignado CLT. Well, have a branch structure is going to be competitive well. We don't do subsidies or cross costs. If my channel of hiring is digital, my cost is digital, and I am as efficient as any player in the industry. So this is the way that we've grown in the payroll loan, Consignado and a cost of service that is very low. So it's 100% digital channel. So we don't do cross subsidy or cross costs between segments and the Entry path of the client.

還記得去年我們發佈業績報告時，我們和投資人進行了一次交流。他們問到了Consignado CLT的情況。嗯，擁有分公司的架構確實很有競爭力。我們不搞補貼，也不搞交叉成本。如果我的招募管道是數位化的，我的成本也是數位化的，那麼我的效率就和業內任何其他公司一樣高。這就是我們在薪資貸款業務Consignado上取得成長的方式，而且服務成本非常低。我們的通路100%是數位化的。所以我們不會在不同客戶群和客戶入口之間搞交叉補貼或交叉成本。

The INSS Social Security, two important issues. First, in this cycle, we had the highest volumes of hiring in the market, but the market decreased a lot, and it didn't decrease because of the cap. The main effect recently of the INSS has to do with the blocking of the benefits and all the work that the ministry and the President of the INSS is doing because of the frauds, because of all the problems that they found. They created mechanisms so that these client reconfirms and will get the benefit once again. So that made the volume of payments of benefits decrease so the payroll loans as well.

義大利國家社會保障署（INSS）面臨兩個重要議題。首先，在本輪經濟週期中，市場招募量達到歷史最高水平，但隨後市場大幅萎縮，而這並非由於招募上限所致。 INSS近期的主要措施是暫停發放福利金，以及相關部門和INSS署長為打擊詐欺行為和解決已發現的問題而進行的一系列工作。他們建立了相應的機制，要求客戶重新確認資訊後才能再次領取福利金。因此，福利金的發放量以及薪資貸款都出現了下降。

Given the volumes that were produced recently, we've released this volume of hiring, much more focused in the internal channel.

鑑於最近發布的招聘數量，我們發布了這批招聘信息，更加側重於內部渠道。

We've done an important exit in the external channel because the cap of interest rate makes price and the commissions for the correspondence. Banks doesn't make sense.

我們已成功退出外部管道，因為利率上限決定了價格和交易佣金。銀行不再是理想的選擇。

So, the return on those operations are below the cost of capital, so therefore, we've privileged 75% of our subcontracting is done with the banking channels, which are if it's digital or physical. So, with two points, with the reduction of the interest rates that we should see up ahead, this will open for the space of new publics and the INSS we can penetrate in public that were left outside and it's a lot of money. Because of the cap, they were left outside and the second effect, which is the capacity of reconfirming the benefits and going back to a certain normality, this will make the volume of demand also increase.

因此，這些業務的回報低於資本成本，所以我們優先考慮透過銀行管道（無論是線上或線下）完成75%的外包業務。由此可見，有兩點需要考慮：首先，隨著我們預計未來利率的下降，這將為新的公共服務領域創造機會，使我們能夠滲透到先前被排除在外的公眾群體中，而這其中蘊藏著巨大的資金。由於先前的上限政策，他們被排除在外；其次，隨著福利的重新確認和生活逐漸恢復正常，需求量也將隨之增加。

Thanks.

謝謝。

Next question. Marra Piahi, Bank of America.

下一個問題。瑪拉‧皮亞希，美國銀行。

Good morning everyone. Congratulations on the result, not only on this quarter but also throughout the next 5 years since you assumed the bank, took over the bank. So, one of the big advantages of the bank is all that modernization that you've discussed of the platform, investments in technology.

各位早安。恭喜你們所取得的成績，不僅是本季度，也包括你們接手銀行以來未來五年的發展。你們提到的平台現代化和技術投資是銀行的一大優勢。

I think it's very interesting, your slide showing. The cost of technology is growing 18% over the last 12 months.

我覺得你的投影片展示很有意思。在過去12個月裡，科技產品的成本成長了18%。

It represents 20% of your expenses. So how should we think Milton, from now on? How much more investment is necessary? How do you think in investments in technology and now in looking to the future, the percentage of revenue and the investments that you need. To do, they need to come for improving processes, more investment, investments for improving the efficiency, or also investments that help you growing.

這佔您支出的20%。那麼，米爾頓，從現在開始我們該如何思考呢？還需要多少投資？您如何看待技術投資以及展望未來，以及您需要的收入百分比和投資金額？為此，他們需要改進流程，增加投資，提高效率，或進行有助於您發展的投資。

How do you see this mix of investments, the value, and a question that wasn't done in a call is if you can just do, well, when you talk about the growth of the portfolio, do you expect for the 26th, if you can specify for Us per segment, what you are expecting of growth. Thanks.

您如何看待這一系列投資組合的價值？還有一個在電話會議中沒有討論到的問題：關於投資組合的成長，您預計26號當天，特別是美國各板塊的增長情況如何？謝謝。

Thank you.

謝謝。

Mario. Always.Great to see you. Thank you for your initial words.

馬裡奧。一直都是。很高興見到你。謝謝你最初的問候。

We're very flattered with your words. Now, let me tell you, the investment of the bank is something that we always discuss deeply to ensure one, that we are investing in the Right place with the adequate return.

您的讚揚讓我們倍感榮幸。現在，我想告訴您，銀行的投資決策是我們始終深入探討的課題，以確保我們投資於正確的地方並獲得足夠的回報。

And 33, also the capacity of absorption of the investments on the long-term because if they're accredited and they generate value, they should be positive throughout the year in our capacity to project. So we always have our back testing and we always look at the investments that were done in the previous cycles and we see in the investment office, investment, so we see the returns of premises are okay. Check what changed, why the result is coming worse or better. We always look at the two sides of the same coin and we always recalibrate in our sensitivity for the decision making process. This is a central point.

第33點，也是長期吸收投資的能力，因為如果投資獲得認可並能創造價值，根據我們的預測能力，它們應該全年保持正收益。所以我們始終進行回測，回顧以往週期中的投資，並在投資辦公室查看投資情況，確保投資回報良好。我們會檢查哪些因素發生了變化，導致結果變好或變壞。我們始終兼顧事物的兩面性，並不斷調整決策過程中的敏感度。這一點至關重要。

In technology, we continue to do investments in the same threshold. There isn't a reduction in investment in technology. On the contrary, it's a mechanical natural growth. We've done an adjustment today. A great deal of our cost is connected to our Talents to our human capital.

在技​​術方面，我們繼續保持相同的投資水平。技術投資並未減少，相反，它是一種機械的自然成長。我們今天進行了一些調整。我們的大部分成本都與人才和人力資本有關。

This has changed all throughout the years. Today, the cost of headcount is higher than it was in the past.

這些年來情況發生了很大變化。如今，人力成本比過去更高。

And if you look at our mix all throughout the years, it changed a lot. A few years ago, we had 7% of our employees were in technology now we have over 20%. Today. That shows how the mix is adjusting throughout the time. Investing more in platform, more. Into communities, more in technology, more in the experience of the client, and naturally that makes it adjusting.

縱觀我們這些年的員工組成，變化非常大。幾年前，我們只有7%的員工從事技術工作，現在這個比例超過了20%。這顯示我們的員工組成一直在調整。我們加大了對平台、社群、技術和客戶體驗的投入，這些自然促使我們做出相應的調整。

So, that's number 1. Number 2, and here I have to focus on one point. The capacity of absorption of investment is important because of the discipline and activation. We are very careful when we activate an investment in the bank which is an intangible that is amortizedized throughout time. So we are Always careful with a funnel of activation, we would like to say that maybe we activate half of what I could at the limit activate through the accounting rules. And why that?

所以，這是第一點。第二點，這裡我必須強調一點。投資吸收能力之所以重要，是因為其涉及紀律和啟動。我們在啟動銀行投資時非常謹慎，因為投資屬於無形資產，需要隨著時間的推移進行攤銷。因此，我們始終謹慎控制啟動規模，我們想說的是，我們可能只啟動了會計準則允許啟動金額的一半。為什麼呢？

Because we have the discipline of letting a lot pass through OpEx because we don't want to sell the future and sell out the future and this is an account that once you hire, the math comes in the long-term. And we only activate projects that have benefits effectively. If it's a regulatory change, operational risk.

因為我們秉持著嚴格的營運支出原則，不願意過早將未來拱手讓人。一旦聘用了某個客戶，長遠來看，收益才是關鍵。我們只啟動那些真正能帶來效益的項目，例如監管變化或營運風險。

Or a change in the platform that doesn't bring clear benefits we're not going to activate it because of the discipline of mismatching the benefits that that platform of the investment is going to have with the results that we expect. So they walk in parallel. Secondly, the deadline of activation. We do not activate more than 5 years because we have difficulty in looking at the The of the lifetime of a platform or system longer than 5 years. Every time that you increase the activation deadline, you're hiring a program for the future, knowing that the lifespan of the platform is less than 10 years.

或者，如果平台變更無法帶來明顯的效益，我們也不會啟用它，因為我們秉持著「平台投資收益與預期結果不符」的原則。所以，這兩者是並行發展的。其次，是啟用期限。我們不會啟用超過5年的方案，因為我們難以評估一個平台或系統超過5年的生命週期。每次延長啟用期限，相當於為未來投資一個項目，但實際上該平台的生命週期不到10年。

So, you have a new cycle of reinvestment and the platform and didn't finish paying the investment of the previous platform, so you pile up. This is the higher cost that is given through time. So we really pay attention. Into that. And the investment is not just in technology. So, we look at the investment in business expansion, the expansion of Salesforce, expansion or creation of new business models or new products. So, we are always all, at all times looking at that and the rhythm of investment is always in the same threshold. We are looking at the investment in regards to the revenues to see what we are investing. We see how we can project that activation and amortization all throughout the Years, how is that behaving with the company? So all of that management is done in an important way. Your second comment.

所以，你們進入了新一輪的再投資週期，而先前平台的投資尚未償清，導致成本不斷累積。隨著時間的推移，這會增加成本。因此，我們對此非常重視。而且，投資不僅限於技術。我們也會專注於業務擴張、Salesforce 的擴張、新業務模式或新產品的開發或創建。因此，我們始終關注這些方面，並且投資節奏始終保持在相同的水平。我們會結合收入來評估投資，看看我們的投資方向。我們會預測未來幾年的活化和攤銷情況，以及這些投資對公司的影響。所有這些管理工作都非常重要。您的第二個評論。

And it all depends on the opportunities. It's very difficult to tell you now if we're going to invest more here or there, but I'm going to tell you that the investment in the maintenance of platform it has been reduced and maintenance has been reduced because of the modernization. That we've done in the platform.

這一切都取決於機會。現在很難說我們會不會增加這方面的投資，但我可以告訴你，由於平台現代化改造，平台維護的投資和維護成本已經減少了。

A great deal of the investment is to develop new products, new futures for our clients because when you have a high volume of capacity of investment X and then you use 1 for regulatory issues for maintenance of the platform, you end up having very little to invest in your businesses. So what we've done is improving speed up.

大部分投資都用於開發新產品、為客戶開發新的期貨合約，因為當你擁有大量的投資額度 X 時，如果再用 1 來處理監管問題和平台維護，最終可用於業務投資的資金就非常有限了。所以我們所做的就是提高速度。

We're going to speed up. If there's an opportunity to deliver more, we will deliver more.

我們將加快速度。如果有機會交付更多，我們就會交付更多。

Thank you, Milton. Thank you, Jorge. Portuguese going back to Portuguese, Marcelo, Miss Bradesco.

謝謝你，米爾頓。謝謝你，豪爾赫。馬塞洛，布拉德斯科小姐，葡萄牙語又回到了葡萄牙語。

Hi everyone. Thank you for the opportunity and congratulations on the result. Excellent results. The guidance is very transparent. Now, my question has to do, want to understand the scenario of uncertainty about the delinquency.

大家好。感謝你們提供的機會，並祝賀你們取得如此優異的成績。指導意見非常清晰透明。現在，我的問題是關於違約情況的不確定性。

So I wanted you to Bring your vision on the delinquency of individuals and the companies, different dynamics, of course. As you said, capital markets have been, has impacted the liquidity of the companies and we have the programs of the government. How do you see the impact of the potential reduction of the programs in this year? And the bank has grown strongly. Recently in the SMEs. This is a point and in the individual. We also have the reform, the reduction of the tax, also the liquidity that the payroll has brought to the that the bank has dropped the individuals, the payroll loan for individuals is strong. So I wanted to get a diagnosis on what do you think about the delinquency 426. I understand that we can have different years between the first quarter and second quarter, but any $0.02 that you can Share with us it will be very useful. Thanks.

所以我想請您談談您對個人和企業違約情況的看法，當然，兩者的動態有所不同。正如您所說，資本市場已經影響了企業的流動性，而且我們還有政府的各項計畫。您如何看待今年這些計畫可能縮減的影響？銀行業務成長強勁，尤其是在中小企業和個人方面。此外，我們也看到了改革、減稅以及薪資發放帶來的流動性，銀行也因此向個人提供了更多資金，個人薪資貸款表現強勁。所以我想了解您對426違約率的看法。我知道第一季和第二季的數據可能有所不同，但您能分享的任何觀點都將對我們非常有幫助。謝謝。

Thank you Marcelo, thank you for your initial words.

謝謝你，馬塞洛，謝謝你的開場白。

How about. Delinquency, I would like to say that we don't see any material changes in the indicators of delinquency for 2026.

關於違約率，我想說的是，我們預期2026年的違約指標不會有任何實質變化。

Evidently, the first quarter is more cyclically, seasonally. It's an increase of delinquency because of all the commitments for the beginning of the year that ends up pulling up the delinquency at the beginning of that cycle, we do not expect a very relevant change from what we've observed in previous cycles. We have a month.

顯然，第一季的周期性和季節性影響更大。由於年初的各項承諾最終推高了該週期的違約率，導致違約率上升。我們預計與以往週期相比，不會有顯著變化。我們還有一個月的時間。

We are practically in February already, so we see a behaved cycle. We see a few portfolios, specifically indicators of industry that we see the delays that are more pressured. And we see the delays that are more pressured, whether if it's in the individuals or the SMEs, the short delays or controls, in all the portfolios, there is no deviation. What we have in the SMEs, and we've discussed that is what I call the normalization of the effect of the governmental programs. So, there is the period of payment now and that pressure. The delays on the short-term but not the cost of credit as the portfolios are well insured and the cost of credit is well behaved.

實際上已經進入二月了，我們看到的是一個規律性的周期。我們注意到一些投資組合，特別是行業指標，它們的延遲壓力更大。無論是個人或中小企業，無論是短期延遲或管制措施，所有投資組合的延遲壓力都比較大，沒有出現偏差。中小企業的情況，正如我們之前討論過的，我稱之為政府項目效果的正常化。因此，目前存在支付期和壓力。短期延遲雖然存在，但由於投資組合的保險充足，信貸成本保持穩定，所以不會影響信貸成本。

So I would say no concern with the scenario for '26. Evidently, the scenario is dynamic. If the interest rates, if they don't do the adjustments that we expect, the pressure on the companies and the individuals will be higher, so you can expect a higher delinquency. A good quality for the generation of of employment.

所以我認為2026年的情況無需擔憂。當然，情況瞬息萬變。如果利率沒有按照我們預期進行調整，企業和個人面臨的壓力將會更大，因此違約率可能會上升。這對創造就業機會來說是件好事。

There's a decrease of the employment. There's an increase of investment in labor intensive sectors. So the liquidity that you commented on the intention of the of the taxes, it brings more, well, the inflation of services is very resilient because of this. The commitment of the compromise of Income is very high, even though the salaries are growing in Brazil, the com the compromise, the com compromise of salaries is a big issue and the delays that have been published in the market short-term or there has been reasonable increases in several products and portfolio, and our portfolios have performed differently from the data. So when you exclude our delinquency and all the products, we have a behavior that is very different. Now, it's important to reinforce that a part of this increase In the long-term, has to do with the change in the 446 and a lot of institutions have increased the the criteria for the write-offs, which pressures the delay because it takes longer to clean in the portfolio, but it alleviates the cost of credit in an important way.

就業人數有所下降，但對勞力密集產業的投資卻增加。因此，您所提到的稅收意圖所帶來的流動性，使得服務業通膨具有很強的韌性。儘管巴西的薪資水準正在成長，但收入妥協的承諾仍然很高，薪資妥協是一個大問題，而且市場上短期內出現了延遲還款的情況，或者說，一些產品和投資組合出現了合理的增長，而我們的投資組合表現與數據有所不同。因此，當我們排除違約貸款和所有產品時，我們的表現截然不同。現在，需要強調的是，長期來看，部分成長與446號法案的變更有關，許多機構提高了核銷標準，這導致延遲還款，因為清理投資組合需要更長時間，但這在很大程度上降低了信貸成本。

We decided in the bank to work with the best expectation for recovery, even though with the flexibility that the 496 gives to the bank. Bank to adjust the write-off for longer deadlines, we maintain the same deadlines since the first day. So there isn't any change in any portfolio, any any delays on the the write-off because you have the number and then you are not doing the provision for expected loss. You start to do the provision for the incurred loss because it decrease the capacity of the models of anticipating the real capacity of reacquiring that. Credit. So, the best proxy for this is to go back 3 quarters in the past and looking at the level of NPL creation that we have and comparing that with the write-offs that are here, and this is a direct correlation 1 to 1.

我們決定在銀行層面，即使496條款賦予銀行一定的彈性，也要以最佳回收預期為指導進行操作。銀行可以根據更長的期限調整核銷，但我們從一開始就維持相同的期限。因此，任何投資組合都沒有變化，核銷也沒有延遲，因為我們已經有了具體的數字，所以無需提列預期損失準備金。我們開始提列已發生損失準備金，因為這會降低模型預測實際再獲取信貸能力的能力。因此，最好的方法是回顧過去三個季度，查看我們目前的不良貸款新增水平，並將其與當前的核銷額進行比較，兩者之間存在1:1的直接相關性。

When you look at the breakdown of correlation, 70% of what it was, 60% of what it was of the creation, three quarters down the line, there is a change of policy and write-off and the, and increasing of the deadline, benefiting on the chart. Short-term, but the math is there, it's higher.

當你觀察相關性細分時，你會發現，在創建階段，70% 的收益下降到原來的 60%，四分之三的時間點，政策發生了變化，出現了註銷，截止日期也延長了，這在圖表上顯示出了益處。雖然只是短期效應，但從數學角度來看，收益更高。

So these are controlled indicators, the portfolio of the big companies, the provisioning is very adequate. We always look the review name by name, but events happen, especially in big companies. Events that were captured by the model sometimes in events that sometimes because of something that we don't control, frauds, for example, we've seen in the past.

所以這些都是受控指標，大型公司的投資組合，撥備非常充足。我們總是逐一審查，但意外情況時有發生，尤其是在大型公司。模型捕捉到的事件有時是由於我們無法控制的因素造成的，例如我們過去遇到的詐欺行為。

We always have to look at the attend with a lot of attention because the wholesale is less statistics and more event and we don't foresee anything. And if we see any case, we provision adequately and we have a balance with the level of provision that is very adequate. Looking at the strength of our provisions and the coverage of all the segments, it's something very important. Something important is that we're not going to stop doing the provision for delivering. The result in a quarter. The provision is a decision is management of the portfolio of the balance, and we're always going to to do the provision in the future. If the ROI drops, then we explain. But the provision is in front of the profitability always. So we're never going to leave the wholesale or retail subprovision to deliver a better result. Marcelo.

我們必須始終密切關注業務進展，因為批發業務更依賴事件而非統計數據，我們無法預測任何情況。一旦發現任何潛在風險，我們會進行充分的撥備，並保持充足的撥備水準。我們撥備的穩健性和對所有業務板塊的覆蓋範圍至關重要。重要的是，我們不會為了追求季度業績而停止撥備。撥備是投資組合管理決策的一部分，我們將始終堅持撥備。如果投資報酬率下降，我們會做出解釋。但撥備始終優先於獲利能力。因此，我們絕不會為了追求更好的業績而放棄批發或零售業務的撥備。 ——馬塞洛

Thank you, Marcelo. We are switching back to English again as we have Carlos Gomez Lopez from HSBC with us. Good to see you, Carlos. Please go ahead.

謝謝你，馬塞洛。我們現在切換回英語，因為匯豐銀行的卡洛斯·戈麥斯·洛佩茲先生也在場。很高興見到你，卡洛斯。請繼續。

Good to see you. And thank you for taking my call and thank you for your generosity with your time. Among the many good numbers you have, sent to us, perhaps one that impressed me the most is the 50% market share in real estate financing, among the private banks. Where do you see that market going and why do you think you have such a presence there that that the other banks are not replicating. And then, the other question, you're a big consumer of software and IT services. We have seen, a big reaction in the market, to, AI's and going into this space and that has affected the stocks. As a consumer of these services, have you seen a change in pricing when you're discussing with the providers in the last few months?

很高興見到您。感謝您接聽我的電話，也感謝您抽出寶貴時間。您寄給我們的許多數據都很不錯，其中最讓我印象深刻的是您在私人銀行房地產融資領域50%的市佔率。您認為這個市場未來的發展方向是什麼？您認為貴行為何能在該領域佔據如此重要的地位，以至於其他銀行無法複製？另外，您也是軟體和IT服務的重要使用者。我們看到，市場對人工智慧以及相關領域的投資反應強烈，也影響了股票市場。作為這些服務的用戶，您在過去幾個月與供應商洽談時，是否注意到價格方面的變化？

Thank you.

謝謝。

Yeah, thank you, Carlos. Good to see you.

謝謝你，卡洛斯。很高興見到你。

Thank you for your compliments. First of all, on the real estate side, mortgage business, I would say, we have the biggest saving account, deposits in Brazil after Cash Economica Federal. So looking to the private sector, we have the biggest saving account figures will allow us to be more competitive on the mortgage side as well. So this is one.

謝謝您的讚揚。首先，就房地產和抵押貸款業務而言，我想說，我們的存款規模在巴西僅次於巴西聯邦經濟銀行（Cash Economica Federal）。因此，從私營部門來看，我們最大的存款規模也將使我們在抵押貸款方面更具競爭力。這是其中一點。

Second, everybody has put in the market 100% of our savings accounts with the obligation that we have to provide the 65% plus the demand deposit that we have to live in the central bank, and this year there is this change. They are releasing 5% more of these demand deposits that we leave in the central bank which provide us more liquidity. I think our capability to serve our clients in a very competitive way due to this liquidity structure or funding structure that we have has been able to put us in a different spot in terms of providing credit. So if you took any company in Brazil, any bank, and you compare the rate we offer to our clients, And if we have the same rates offering to our client, I can tell you that the level of return that we have is different from the market because we need less funding from the treasury. Than other competitors that have more portfolio that they have in terms of savings accounts, so that's structurally very relevant, of course.

其次，我們所有人都將100%的儲蓄帳戶投入市場，並承擔必須向中央銀行提供65%加上活期存款的義務。今年情況有所變化，中央銀行將額外釋放5%的活期存款，從而為我們提供更多流動性。我認為，正是由於這種流動性或融資結構，我們才能以極具競爭力的方式服務客戶，這使我們在信貸方面處於獨特的地位。因此，如果您在巴西選擇任何一家公司或銀行，並比較我們向客戶提供的利率，即使利率相同，我可以告訴您，我們的收益水平也與市場不同，因為我們需要的國庫資金比其他擁有更多儲蓄帳戶組合的競爭對手要少。這當然具有結構性的重要意義。

The products that we have, the experience journey that we have with our clients is not only price oriented. I think we've been able to invest a lot. In the real estate, the mortgage journey with our clients and also this long-term view knowing that the real estate, the mortgage, it's a very important product when we look to its thickness, looking to our clients in the long-term. So I think this is the capabilities that we have and we've been able to deploy a relevant amount. Of mortgage in the market for that reason we have the biggest portfolio. We're always taking Cash Economica Federalo on the side and Banco of Brazil, they don't have a savings account for mortgage. They do that for agriculture, so it's a different business. So I think this is, I would say, the main reason. Talking about our relationship with the tech providers, I think we're going to be seeing a lot of volatility in the market.

我們提供的產品，以及與客戶共同打造的體驗之旅，並非僅以價格為導向。我認為我們已經投入了大量資源，尤其是在房地產和抵押貸款領域，我們致力於為客戶提供長期的、穩固的投資組合，並著眼於客戶的長期利益。因此，我認為我們擁有這樣的能力，並且能夠在市場上部署相當規模的抵押貸款業務，這也是我們擁有最大投資組合的原因。我們始終與巴西聯邦經濟銀行（Cash Economica Federalo）和巴西銀行（Banco of Brazil）保持合作關係，但巴西銀行沒有專門用於抵押貸款的儲蓄帳戶，他們的抵押貸款業務主要面向農業領域，因此業務模式有所不同。我認為這才是主要原因。至於我們與技術供應商的關係，我認為市場將會出現較大的波動。

Many people say is, it's not a bubble when you look at the technology itself, the capability of scaling that throughout the globe, a lot of investments going into that, and this has been very accretive for the GDP growth, especially in the US, but the question is who will be the champions in the long-term. Because as any other industry, you won't have many champions. You have a few, but everybody is doing massive investments. So the concern that the market has more on the equity side has to do. Am I investing in the champion who will be here in 5 years more? Who won't be here in 5 years more? And as the prices have gone up very strongly recently, we'll be seeing a lot of volatility in the industry. As a client, we've been able to do very good negotiations with all the providers. We have a relationship. With many of them before all these AI phenomenon that we are seeing, so that means that those providers, they look to us and TRY to do to be very competitive due to the level of scale that we have, the capabilities that we have to buy in relevant amount. But of course if you go to the GPR and all the processors that Have to use, then we have to pay market price and it's expensive for everybody, not only for us. So what we TRY to do is to do big negotiations, long-term negotiations. This is the same for cloud. We have long-term contracts with our providers and more than contracts, good long-term relationship with them, trying to understand it through the cycle what needs. We have, how should we measure and negotiate the contract in the long-term, so we are not seeing a huge amount of increasing price. I think the prices has been, of course, due to the level of price that we see today, be competitive and it's not putting additional pressure in our costs.

許多人認為，從技術本身、其在全球範圍內的規模化應用能力以及大量投資來看，這並非泡沫，而且對GDP成長，尤其是美國，都起到了顯著的促進作用。但問題在於，誰能成為長期的領頭羊？因為與其他產業一樣，領頭羊不會很多，可能只有少數幾家，但大家都在進行大規模投資。因此，市場更關注的是股權方面的問題。我投資的是五年後依然存在的領頭羊，還是五年後就會消失的公司？鑑於近期價格的強勁上漲，我們將看到該行業出現很大的波動。作為客戶，我們與所有供應商都進行了非常有效的談判。我們與其中許多供應商建立了合作關係，早在人工智慧現像出現之前就已如此。這意味著這些供應商會以我們為榜樣，並努力提升自身競爭力，因為我們擁有規模優勢和強大的採購能力。當然，如果我們選擇GPR以及所有必須使用的處理器，那麼我們就必須支付市場價格，這對所有人來說都很昂貴，而不僅僅是我們。所以我們努力做的是進行大規模的、長期的談判。雲端運算也是如此。我們與供應商簽訂了長期合同，更重要的是，我們與他們建立了良好的長期合作關係，努力了解他們在整個週期中的需求。我們思考如何衡量和協商長期合同，因此我們沒有看到價格大幅上漲。我認為，目前的價格水平當然是合理的，保持了競爭力，並沒有給我們的成本帶來額外的壓力。

Thank you, Carlos. Now the last question, Daniel Vazfra. Take the floor.

謝謝你，卡洛斯。最後一個問題，丹尼爾·瓦茲弗拉，請提問。

Good morning, Milton and Gabriel. I just wanted to do a follow-up on the previous question on the government lines we've seen, it's very interesting, the delinquency and the increase in the delays, but it's very, it's not clear in our perception if the FGI can Support this production and rollout for 2026. So if you can comment, if you see that we need for the size of the production of the fund, would you need a recapitalization of the fund of the, this year, and mine is about AI and it's very clear the effects for the cost efficiency. But in business, there is a certain difficulty in making it tangible the potential of growth for the revenues. The bank has always done a lot of benchmarking globally. It's good. And I wanted to hear from you. Do you foresee a clear opportunity in businesses and the potential of revenues coming from Gen AI and all those technologies? Thanks.

早上好，米爾頓和加布里埃爾。我想就之前關於政府撥款的問題再問一個後續問題。我們看到的拖欠和延誤情況非常有趣，但我們目前還不清楚FGI能否支持2026年的生產和推廣。所以，如果你們能就此發表一下看法，例如根據基金的生產規模，是否需要對基金進行資本重組？我關注的是人工智慧，其對成本效益的影響顯而易見。但在商業領域，要切實體現其收入成長潛力卻存在一定的困難。銀行一直以來都在全球範圍內進行大量的基準測試，這很好。我想聽聽你們的看法。你們是否預見到人工智慧及其相關技術在商業領域會帶來明顯的機會和收入成長潛力？謝謝。

Thank you, Danielle.Thank you for taking part in our meeting. The FGI, if we look at the program as a whole, I think that there isn't a better allocation of the governmental programs with better results than ours. This is for the Pranam lines for the FGI. The BNDS has an important role, he, it's the manager of the program. So the allocation of public money, the returns are really impressive because we can get you companies, smaller ones, companies that would have more difficulty in capturing resources under those conditions, especially in the deadlines that we can offer.

謝謝丹妮爾。感謝您參加我們的會議。就FGI計畫而言，如果我們從整體來看，我認為沒有哪個政府計畫的資金分配比我們的更好，效果也更顯著。這是FGI的Pranam專案。 BNDS扮演著重要的角色，他是該專案的管理者。因此，公共資金的分配和回報確實令人印象深刻，因為我們能夠幫助一些公司，尤其是規模較小的公司，在現有條件下，特別是在我們設定的期限內，獲得資源。

So I'm an enthusiast of the program because it's a great application of the public resources with great results. If we do a retrospect in the last years, the The amount of credit that was released in the market, how many clients were benefited, how many people financed the increase in jobs and investments that were done, productivity, the program is a winner.

所以我很支持這個項目，因為它很好地利用了公共資源，並且取得了顯著成效。回顧過去幾年，無論是投放市場的信貸額度，或是受益客戶的數量，亦或是為就業成長和投資提供資金的人數，以及生產力的提升，這個計畫都取得了巨大的成功。

And what happened is that at the end of '24, the last quarter of '4, we understood that the level of leverage of those sureties guarantees that were done in the FTI were low. So we could bring to the market additional resources, which were, they called it pocket change, but we thought we took that proposition to be NES, we had a conversation.

事情是這樣的，在2024年底，也就是2024年最後一個季度，我們了解到FTI專案中那些擔保的槓桿水準很低。所以我們可以向市場投入額外的資源，他們稱之為零錢，但我們認為這筆錢非常可觀，我們為此進行了討論。

And with them, and we had an opportunity of returning to the system, an important level of resources and without getting new resources in the FTI fund. And the BNDS did the analysis, they agreed and we could with that bringing, we brought BRL100 billion more for resources for the system. So in the last quarter of '24, if you see the production of the market, you will see that we applied an important volume of resources. Of FGI all throughout '25, the market as a whole, also not all, but some banks applied some resources in the FTI.

有了他們，我們就有機會重返金融體系，獲得大量資源，而無需向金融轉型基金（FTI）注入新的資金。巴西國家銀行（BNDS）進行了分析，他們同意了，我們得以利用這些資源，為金融體系額外籌集了1000億雷亞爾的資金。因此，在2024年最後一個季度，如果您查看市場數據，您會發現我們投入了大量資金。在整個2025年，金融轉型基金（FGI）的資金投入也相當可觀，雖然並非所有銀行都投入了部分資金，但部分銀行確實向金融轉型基金投入了資金。

Now, for '26, the budget is a certain maintenance of what was the organic of the last years, but without that change, the pocket change that return which is BRL100 billion. So the phenomena, the sensation of having less resources because of that, because the leverage that was done and with the Top-up generated additional resources. We've discussed with the ministry and the government of economy to give its ability for the allocation of public resources. I don't think that we have a better, program than this. There are discussions that are happening. I don't know if we're going to have appetite for an additional, but I would like to say, maybe yes, maybe no.

現在，2026年的預算旨在維持過去幾年的水平，但除此之外，沒有進行任何調整，只有1000億雷亞爾的額外撥款。因此，由於槓桿作用和追加撥款，我們覺得資源不足，這便造成了一種現象。我們已經與經濟部和政府討論過，賦予其分配公共資源的能力。我認為我們沒有比這更好的方案了。目前還有一些討論正在進行中。我不知道我們是否會需要額外的撥款，但我想說，也許會，也許不會。

Prono, no, this is a more definitive organic program, so we're going to see. The growth that is normal of PAP and FTI will depend on this decision that the government has to take of resource allocation and as you said, we would need an additional for the fund so we can produce a volume that is similar to what was produced over the last 15 months.

Prono，不，這是一個更明確的有機成長計劃，所以我們拭目以待。 PAP和FTI的正常成長將取決於政府對資源分配的決定，正如你所說，我們需要額外的資金，才能達到過去15個月的產量水準。

So we are depending on this decision that is very important. Second point about AI. This is an agenda that is here to stay. We want to be in the vanguard of this movement. It's a great modernization and the review of data architecture. Having done that, has placed it in a differentiated threshold so we can advance in a new era.

所以，我們非常依賴這個至關重要的決定。關於人工智慧的第二點是，它已成為長期發展趨勢。我們希望走在這場變革的前端。這是一場意義重大的現代化，也是對資料架構的全面革新。完成這些工作後，我們就能跨越一個獨特的門檻，邁入一個全新的時代。

We believe that when we talk about AI without in the background having All the knowledge that we have in the several journeys, several products, and several businesses, you cannot train your models beyond the commoditized models. It's a very junior experience from the standpoint of training. So, our capacity of training and doing this at scale and getting great results, training our models with our way of doing things without the experience that we have embarked.

我們認為，如果談論人工智慧時沒有將我們在多個專案、多個產品和多個業務中累積的所有知識作為背景，那麼你無法訓練出超越通用模型的模型。從訓練的角度來看，這是一種非常初級的經驗。因此，我們目前在訓練模型方面的能力，以及大規模訓練模型並取得卓越成果的能力，都取決於我們自身的方法，以及我們是否具備足夠的經驗。

So, this organization of the database of the tokens in the big models and we are using that in an architecture that is making the data democratic and enriching the basis makes us find incredible opportunities in all the dimensions of efficiency, modeling, experience, customer experience, process, internal processes and productivity. So, we've seen advances that are relevant and from the standpoint of the Overview of the client. The as platform that I just commented, it's powered by AI 100%.

因此，這種大型模型中令牌資料庫的組織方式，以及我們將其應用於一種使資料民主化並豐富基礎的架構中，使我們在效率、建模、體驗、客戶體驗、流程、內部流程和生產力等各個維度上都發現了巨大的機會。所以，我們看到了相關的進步，並且從客戶的角度來看，正如我剛才提到的，這個平台完全由人工智慧驅動。

So the benefit comes because I can engage clients with an efficiency level that is higher.

因此，好處在於我可以以更高的效率與客戶互動。

So that will bring me opportunity to have more risk appetite because I can accept more losses. This is value generation for the bank and I can be more competitive due to the other offerings of the bank. Of the market and that allows me to gain markets, gain efficiency and gain more clients. So this increases my principality with the client without needing to scale the Salesforce because the cost of service of these new B2C more specialist models, it stems from through people, cost through, goes through a cost of service that you cannot offer for all clients. These models are Very scalable. So I can service the client in an investment world in a very simple way and I can increase the level of engagement with the bank, generating top-line, reducing churn, improving the relationship with the client on the long-term. So we see the PIX through WhatsApp is transactional, a very efficient, cheap platform. This increases the principality of the client because they section with you and now they're using other products, other businesses, and then you are the main bank. So every solution comes from a different angle, but we also believe in the capacity of generation of top-line, not only in the generation of bottom line as you generate more other, you are more efficient to service your clients.

這樣一來，我就可以承擔更大的風險，因為我可以承受更大的損失。這能為銀行創造價值，而且由於銀行提供的其他產品和服務，我可以在市場上更具競爭力，從而拓展市場、提高效率並獲得更多客戶。因此，這無需擴展 Salesforce 即可提升我與客戶之間的信任度，因為這些新型 B2C 專業化模式的服務成本主要來自人力成本，而這些成本無法涵蓋所有客戶。這些模式具有很強的可擴展性。因此，我可以以非常簡單的方式為客戶提供投資服務，並提高客戶與銀行的互動度，從而增加收入、降低客戶流失率，並長期改善與客戶的關係。我們看到，透過 WhatsApp 進行的 PIX 交易平台高效且成本低廉。這提升了客戶的信任度，因為他們與您建立了聯繫，現在他們正在使用其他產品、其他業務，而您仍然是他們的主要銀行。因此，每個解決方案都來自不同的角度，但我們也相信創造營收的能力，而不僅僅是創造利潤的能力，因為你創造的營收越多，你服務客戶的效率就越高。

Thank you. Thank you, Daniel, thank you, Milton, and thank you everyone that took part of our Conference call. We finish our Q&A session and our fourth quarter of '25. I will give the floor to Milton to close the session.

謝謝大家。謝謝丹尼爾，謝謝米爾頓，也謝謝所有參加我們電話會議的各位。我們的問答環節和2025年第四季的工作到此結束。接下來，我將把發言權交給米爾頓，請他為這次會議作總結。

Thank you, Gustavo.

謝謝你，古斯塔沃。

Thank you, Gabriel. Thank you, everyone, for being here, for your questions. I finished the initial presentation of the slides, talking about discipline, focus, and humility. So I would like to always bring these issues. I think that there is an additional element which is being serious, and we know the importance of building business models that are sustainable, and we can get the interest of the system and the of the client in front of, well, before the interest of the bank, even though we see in the market a phenomenon that doesn't happen in that way. It's sometimes the interest of the company in front of the interests of the system, and we need to be leaders by example, therefore, we need to do the right thing, do the sustainable thing, because there is no way, no right way of doing the wrong thing.

謝謝加布里埃爾。謝謝各位的到來與提問。我剛結束了幻燈片的初步展示，主要談到了紀律、專注和謙遜。我想一直強調這些面向。我認為還有一個重要的因素，那就是認真看待。我們都知道建立永續商業模式的重要性，並且能夠將系統和客戶的利益置於銀行利益之上，儘管我們在市場上看到一些並非如此的現象。有時，公司利益會凌駕於系統利益之上。因此，我們需要以身作則，做正確的事，做可持續的事，因為做錯事沒有正確的方法。

So this is what we believe. So there is no responsibility that is higher than of any institution of looking at their processes or their clients and the system and thinking about What are the impacts that we're going to generate? I think that this is the primary responsibility of any financial institution and we cannot subcontract that, it's not the fault of the regulator, it's no one's fault. Our responsibility is that, and we have the capacity installed, the technical teams that can understand and evaluate the data, and we don't need an auditor or regulator to tell us if it's right or wrong.

這就是我們的信念。任何機構都有責任檢視自身的流程、客戶和系統，思考我們將產生哪些影響。我認為這是所有金融機構的首要責任，我們不能將此責任外包，這不是監管機構的錯，也不是任何人的錯。這是我們的責任。我們擁有相應的能力，我們的技術團隊能夠理解和評估數據，我們不需要審計師或監管機構來告訴我們是對是錯。

So this is what we see. I am very excited. Even though this is a more challenging year because of the uncertainties in the election, I am very excited with the moment of the bank and we close a cycle of deliverables that are robust with consistency and quality and the results and looking into the future, I think that we have everything to deliver a solid year of quality.

這就是我們所看到的。我非常興奮。儘管由於選舉的不確定性，今年更具挑戰性，但我對銀行目前的狀況感到非常滿意。我們完成了一系列穩健、穩定、高品質的交付成果，展望未來，我認為我們擁有所有必要的條件，能夠確保今年取得高品質的業績。

Of course, we have all the execution that is done. Throughout the year, but I am certain that if the conditions are there, we will deliver with a lot of quality and a lot of wisdom without selling out the future, but without anticipating the future as well. So, this is the discipline of capital allocation and creation of value, that agenda of efficiency is very important.

當然，我們已經完成了所有執行工作。這些工作貫穿全年。但我確信，如果條件允許，我們將在不犧牲未來利益的前提下，以卓越的品質和智慧交付成果，同時也不會過度預測未來。因此，這就是資本配置和價值創造的原則，效率至上至關重要。

So we can go through another cycle which are the next years that are up ahead. So, I'd like to thank you for your participation, your support, your trust that you deposit in the institution and tell you that everyone is here, we're ready to work with a lot of focus, with a lot of strength, and in a work environment that is incredible with the transformation that we've gone through the years that has produced incredible results and we are very optimistic of what we can do for the future.

因此，我們可以開啟下一個週期，也就是接下來的幾年。在此，我要感謝各位的參與、支持和對本機構的信任。我想告訴大家，我們全體人員都已準備就緒，將以高度的專注和力量，在一個令人難以置信的工作環境中開展工作。多年來，我們經歷了巨大的變革，並取得了令人矚目的成果，我們對未來充滿信心。

Thank you very much, and we will see you shortly. Thank you.

非常感謝，我們很快再見。謝謝。