XP Inc (XP) 2025 Q3 法說會逐字稿

Good evening, everyone. I'm Andre Parize. Investor Relations Officer at XP. And it's a pleasure to be here with you today. On behalf of the company, I would like to thank you all for your interest and welcome you to our third quarter 2025 earnings call.

各位晚上好。我是安德烈·帕里茲。XP公司投資人關係主管。今天能和大家在一起，我感到非常榮幸。我謹代表公司感謝各位的關注，並歡迎各位參加我們2025年第三季財報電話會議。

Today's presentation will be led by our CEO, Thiago Maffra, and our CFO, Victor Mansur, who will both be available for the Q&A session right after the presentation. (Operator Instructions)

今天的演講將由我們的執行長 Thiago Maffra 和財務長 Victor Mansur 主講，演講結束後，他們將出席問答環節。（操作說明）

Before we begin, please refer to our legal disclaimers on page 2, where we provide additional information regarding forward-looking statements. You can also find more information in the SEC filings section on our IR website.

在開始之前，請參閱第 2 頁的法律免責聲明，其中提供了有關前瞻性聲明的更多資訊。您也可以造訪我們投資者關係網站的美國證券交易委員會文件部分，以了解更多資訊。

Now I'll turn it over to Thiago Maffra. Good evening, Maffra.

現在我把麥克風交給蒂亞戈·馬弗拉。晚上好，馬弗拉。

Thank you, Andre. Good evening, everyone. I appreciate you all joining us today for the third quarter 2025 earnings call. 2025 has been a very important year for XP as we have achieved significant progress on our agenda of excellence from the launch of the new way to attend and serve clients, implementing a culture to better understand clients' financial cycles as part of the main KPIs, new and more intelligent segmentation through a brand-new app with much more features and easier data access, and new credit card offering. These few examples demonstrate our focus to become the leader in investments in the country while it brings a completely new approach on how Brazilians invest.

謝謝你，安德烈。各位晚上好。感謝各位今天參加2025年第三季財報電話會議。 2025年對XP來說是意義非凡的一年，我們在追求卓越的道路上取得了顯著進展，包括推出全新的客戶服務方式，將更好地了解客戶的財務週期作為關鍵績效指標之一，透過全新應用程式實現更智能的客戶細分（該應用程式功能更豐富、數據訪問更便捷），以及推出新的信用卡產品。這些例子表明，我們致力於成為巴西投資領域的領導者，同時為巴西人的投資方式帶來全新的方法。

Despite this advance we have made in different areas, the year has still proven to be challenging. But even with this challenge, our team is fully committed to keep evolving our business to deliver growth and profitability under different circumstances.

儘管我們在許多領域都取得了進步，但這一年仍然充滿挑戰。但即便麵臨這樣的挑戰，我們的團隊仍將全力以赴，不斷發展業務，以應對各種不同的情況，實現成長和獲利。

Now going to the main KPIs. The first one is client assets, AUM and AUA for which we posted BRL1.9 trillion, a 16% growth year over year. Total advisers accounted for 18,200, representing a small decrease year over year on the back of many of them becoming employees and our more restrictive policy, which requests higher standards of commercial behavior and productivity.

現在來看主要KPI。第一個指標是客戶資產，AUM 和 AUA，我們公佈的指標為 1.9 兆巴西雷亞爾，年增 16%。顧問總數為 18,200 人，與前一年相比略有下降，原因是許多顧問轉為僱員，以及我們採取了更為嚴格的政策，要求更高的商業行為和生產力標準。

And on active clients, we posted 4.8 million clients with a 2% growth year over year. It's important to mention that we have been growing on core client segments, high income, and private banking. For some quarters, we were not investing to capture and maintain low retail clients since it was too expensive to serve them in our old model. But now after some tests, we are almost ready to resume growth in this segment. We already see early stage of development on how to better serve the segment with profitability. Let's wait some quarters to be sure about the way we design to attend retail clients, and maybe we'll see the overall number of clients growing again as this dynamic evolves.

活躍客戶方面，我們公佈了 480 萬客戶，較去年同期成長 2%。值得一提的是，我們的成長主要來自核心客戶群，即高收入者和私人銀行客戶。在某些季度，我們沒有投資去獲取和留住低端零售客戶，因為按照我們之前的模式，服務這些客戶的成本太高了。但經過一些測試後，我們現在幾乎已經準備好恢復該領域的成長。我們已經看到，在如何更好地為該細分市場提供盈利服務方面，已經進入了早期發展階段。讓我們再觀察幾個季度，確定我們服務零售客戶的方式，也許隨著這種動態的發展，我們會看到客戶總數再次成長。

In the quarter, gross revenues marked BRL4.9 billion, representing 9% growth year over year. EBT is 10% higher year over year, making BRL1.3 billion. These results were positively impacted by the more constructive dynamics in Corporate & Issuer Services segments. Following this positive trend, our bottom line also posted an impressive growth year over year, reaching BRL1.330 billion and representing a 12% growth when compared to the same period last year, which represents a new record.

本季總營收達 49 億雷亞爾，年增 9%。EBT年增10%，達到13億雷亞爾。企業及發行人服務部門較為正面的發展態勢對這些業績產生了正面影響。順應這一正面趨勢，我們的淨利潤也實現了令人矚目的同比增長，達到 13.3 億雷亞爾，與去年同期相比增長了 12%，創下新紀錄。

On profitability, we achieved 23% ROE during the quarter, a flat performance year over year. This represents our commitment to deliver profitability even in more challenging market scenarios. On capital ratio, we maintain a very comfortable level of 21.2%, which represented an increase of 180 bps quarter over quarter. Regarding diluted EPS, we posted 13% growth year over year, another quarter in which it grew faster than net income, driven by our share buyback program execution.

在獲利能力方面，本季我們實現了 23% 的淨資產收益率，與去年同期持平。這體現了我們即使在更具挑戰性的市場環境下也能實現盈利的決心。資本充足率方面，我們維持在非常穩健的 21.2% 水平，季增 180 個基點。就稀釋後每股收益而言，我們實現了同比增長 13%，這是另一個季度每股收益增長速度超過淨利潤增長速度的季度，這主要得益於我們的股票回購計劃的執行。

Now let's see more details on the next slides. Our total client assets, combined with the assets under management from our asset management business and with the AUA from our fund administration business, totaled over BRL1.9 trillion, which represented a 16% growth year over year. On the right hand of the slide, we show how net new money related to client assets developed in the period. This quarter, we achieved BRL20 billion in retail net new money and BRL9 billion in corporate and institutional, which, combined, represented BRL5 billion lower than last year, but 3 times higher than last quarter.

現在讓我們看看下一張投影片上的更多細節。我們的客戶總資產，加上資產管理業務的管理資產和基金管理業務的資產管理規模，總計超過 1.9 兆雷亞爾，年增 16%。在投影片的右側，我們展示了該時期與客戶資產相關的新增淨資金的發展。本季度，我們實現了 200 億雷亞爾的零售淨新增資金和 90 億雷亞爾的企業及機構淨新增資金，兩者合計比去年同期減少了 50 億雷亞爾，但比上一季增長了 3 倍。

On the retail side, we started to see the early signs of progress on our agenda of excellence we mentioned before, lower noise of some events we had during the first half of the year and better GCM activity towards the end of the quarter. All this combined positively impacted the inflows coming from individuals. Additionally, despite the maintenance of the same market dynamics during the third quarter of the year, we saw better net new money figures, both from SMEs, which are incorporated in retail figures and large corporates.

在零售方面，我們開始看到先前提到的卓越計畫取得初步進展的跡象，今年上半年發生的一些事件的干擾有所減少，季度末的 GCM 活動也有所改善。所有這些因素加在一起，對個人流入資金產生了正面影響。此外，儘管今年第三季市場動態保持不變，但我們看到淨新增資金數據有所改善，無論是來自計入零售數據的中小企業，還是來自大型企業。

Recent developments in our product range offering and more positive capital markets activities translated into higher net new money for both segments. We are constantly improving our investment platform. And as we mentioned before, enhancing clients' experience through adviser initiatives. This combination reinforced our confidence to achieve our target of around BRL20 billion in retail net new money per quarter.

我們產品系列的最新發展以及更積極的資本市場活動，為這兩個業務部門帶來了更高的淨新增資金。我們一直在不斷改進我們的投資平台。正如我們之前提到的，透過顧問措施來提升客戶體驗。這一組合增強了我們實現每季零售淨新增資金約 200 億雷亞爾目標的信心。

On the next slide, we will explore our retail strategy. As I mentioned earlier, 2025 has been a year of significant progress in our agenda of excellence. We are constantly enhancing our way of serving clients with the aim of once again disrupt the market with our value proposition focused on service level. Going back to our foundation, XP disrupted the investment industry in Brazil by democratizing access to investments through an open and comprehensive platform of products and service.

下一頁，我們將探討我們的零售策略。正如我之前提到的，2025 年是我們追求卓越議程取得重大進展的一年。我們不斷改進服務客戶的方式，旨在透過以服務水準為中心的價值主張再次顛覆市場。回到我們的創立之初，XP 透過開放、全面的產品和服務平台，使投資管道民主化，從而顛覆了巴西的投資產業。

In a second stage, we scaled this innovative business model by building the largest and most qualified base of financial advisers in the market. We have come this far by offering best-in-class investment products built by top market specialists. Now we are once again disrupting how Brazilians invest by democratizing access to high-quality wealth planning, a service that until now has been reserved for high net worth clients of multifamily offices.

在第二階段，我們透過建立市場上規模最大、資質最高的財務顧問團隊，擴大了這項創新商業模式的規模。我們之所以能走到今天，是因為我們提供了由頂尖市場專家打造的一流投資產品。現在，我們再次顛覆了巴西人的投資方式，讓更多人能夠獲得高品質的財富規劃服務，而這項服務先前只面向多家族辦公室的高淨值客戶。

We delivered personalized and premium planning for clients with more than BRL3 million, scaling financial planning for those with over BRL1 million and offering goal-based investment planning for clients with less than BRL1 million. Our approach is holistic, encompassing the complete financial lives of our clients, assets, liabilities, expense and savings. Tax and estate planning solutions are also considered. In the end, we are serving our clients with top-tier solutions for both their personal and business finance. We are doing this at scale, powered by proprietary technology we have developed over the past years.

我們為資產超過 300 萬雷亞爾的客戶提供個人化和高級規劃，為資產超過 100 萬雷亞爾的客戶提供規模化的財務規劃，並為資產低於 100 萬雷亞爾的客戶提供以目標為導向的投資規劃。我們的方法全面而整體，涵蓋客戶的全部財務生活，包括資產、負債、支出和儲蓄。我們也會考慮稅務和遺產規劃方案。最終，我們為客戶提供一流的個人和企業財務解決方案。我們正在大規模地進行這項工作，這得益於我們過去幾年開發的專有技術。

This technology enables process standardization, scalability and consistent quality in our servicing model. Examples include our CRM system, proprietary allocation platform, and sales activity management, among others, all of them powered by AI. Some of these process KPIs are shown here, proving that this journey towards excellence is gaining traction day by day.

這項技術能夠實現我們服務模式的流程標準化、可擴展性和品質一致性。例如，我們的客戶關係管理系統、專有分配平台和銷售活動管理系統等，所有這些都由人工智慧驅動。這裡展示了一些流程關鍵績效指標，證明我們邁向卓越的旅程正在日益取得進展。

Additionally, combined with all this progress I have just mentioned, we are leading another change in the industry by having an agnostic business model. We are able to serve clients in the way that best fits their needs and preferences.

此外，結合我剛才提到的所有進展，我們正在透過採用中立的商業模式來引領業界的另一項變革。我們能夠以最符合客戶需求和偏好的方式為客戶提供服務。

The fee-based model already accounts for 21% of total retail AUC. It started in the Wealth Service segment, which still has more representativeness in the model, but we are accelerating in the other segments from this year on. We will still capture considerable growth coming from this new way to serve. It will happen in the medium term as we are transforming our business model and our value proposition. Nevertheless, we strongly believe that will give us a sustained competitive advantage in the long run.

收費模式已佔零售總 AUC 的 21%。它最初是從財富服務領域開始的，該領域在模型中仍然具有更大的代表性，但從今年開始，我們將在其他領域加速發展。我們仍將從這種新的服務方式中獲得可觀的成長。這將在中期內實現，因為我們正在轉變我們的商業模式和價值主張。然而，我們堅信這將使我們在長期內獲得持續的競爭優勢。

Finally, XP once again is a pioneer. We are not only leading this redefinition on how clients are served, but we are also uniquely positioned to capture future growth coming from this change in client behavior and new market trends. Retail cross-sell has been one of our focuses to diversify revenue streams during the last years. During Q3, we achieved important milestones in this business segment.

最後，XP再次展現了其先鋒精神。我們不僅引領著客戶服務方式的重新定義，而且憑藉著獨特的優勢，我們也能夠抓住客戶行為變化和新市場趨勢帶來的未來成長機會。近年來，零售交叉銷售一直是我們實現收入來源多元化的重點之一。第三季度，我們在該業務領域取得了重要的里程碑式進展。

Starting with credit card, TPV grew 9% year over year, marking BRL13.1 billion during Q3. As we anticipated last quarter, at the end of Q2, we launched new products targeting affluent and private banking clients. We estimate that with this new segmentation, each one of them with a unique value proposition, we should grow faster in the coming quarters.

從信用卡開始，第三季總交易額年增 9%，達到 131 億雷亞爾。正如我們在上個季度所預期的那樣，在第二季末，我們推出了針對富裕客戶和私人銀行客戶的新產品。我們預計，透過這種新的細分策略，每個細分市場都具有獨特的價值主張，我們將在未來幾季實現更快的成長。

Life insurance written premium posted 25% growth year over year in Q3. As we have mentioned in the past, our insurance business is still in its early stage. Given its significant expansion potential, we expect it to continue growing. On retirement plans, our client assets posted 15% growth year over year in Q3 and reached BRL90 billion. We keep expanding our sales force and our product offering to increase our relevance in this industry.

第三季人壽保險保費收入較去年同期成長 25%。正如我們之前提到的，我們的保險業務仍處於起步階段。鑑於其巨大的擴張潛力，我們預計它將繼續增長。在退休計畫方面，我們的客戶資產在第三季年增 15%，達到 900 億雷亞爾。我們不斷擴大銷售團隊和產品範圍，以提高我們在該行業的地位。

As mentioned before, we see a lot of potential in Life Insurance Business segment with a significant addressable market to penetrate in the coming years. Credit posted 11% growth year over year in Q3, achieving BRL83 million in NII. In new products, we consider FX, global investments, digital accounts, and consortium. Altogether, they presented 24% growth year over year with revenues reaching BRL250 million this quarter. Beyond consortium, we also saw FX and digital account posting relevant growth this quarter.

如前所述，我們認為人壽保險業務領域潛力巨大，未來幾年將有相當可觀的潛在市場。第三季信貸年增 11%，淨利息收入達到 8,300 萬雷亞爾。在新產品方面，我們考慮外匯、全球投資、數位帳戶和聯盟。本季度，他們的總業績年增 24%，營收達到 2.5 億雷亞爾。除了聯盟業務外，本季外匯和數位帳戶也實現了顯著成長。

Moving to the next slide, we will address our wholesale bank evolution. Taking GCM into consideration, this quarter, we saw a sequential increase in industry volumes when compared to the previous quarter. This growth was pretty much concentrated in the last half of the period, backed by the progress in the tax discussion regarding tax exempt and incentivized instruments. In the third quarter of 2025, we had 10% market share in debt capital markets distribution. We still have a robust pipeline of fixed income offerings, and depending on market conditions, we might see these mandates materializing into real deals still in 2025.

接下來，我們將進入下一張投影片，探討批發銀行的發展歷程。考慮到 GCM，本季我們看到行業銷量較上一季度有所環比增長。這一增長主要集中在後半段時期，這得益於有關免稅和激勵性工具的稅收討論取得的進展。到 2025 年第三季度，我們在債務資本市場分銷領域擁有 10% 的市場份額。我們仍然擁有大量固定收益產品，根據市場情況，我們可能會在 2025 年看到這些委託轉化為實際交易。

Regarding XP Broker Dealer, it was another positive quarter, and we kept leadership in the local industry with 17% market share. On Corporate Securities, this quarter, we kept about the same size of our corporate securities book with BRL33 billion. The quarter started with possible change in taxation of tax-exempt fixed income instruments and finished with many companies taking advantage of low credit spreads to issue new debt. Next year, we can possibly see an increasing volatility, and therefore, a reduction in corporate clients' appetite for new offerings. So our strategy, that being the case, is to increase this warehouse book in the last quarter of 2025 to sell it to our retail clients during the next year.

關於 XP Broker Dealer，本季業績依然良好，我們以 17% 的市佔率繼續保持本地產業的領先地位。本季度，公司證券方面，我們的公司證券投資組合規模與上一季基本持平，為 330 億雷亞爾。本季末，免稅固定收益工具的稅收政策可能會改變；而本季末，許多公司利用較低的信用利差發行了新的債務。明年，市場波動性可能會加劇，因此，企業客戶對新產品的需求可能會下降。因此，有鑑於此，我們的策略是在 2025 年最後一個季度增加倉庫庫存，以便在未來一年將其出售給我們的零售客戶。

As a final message, I would like to once again emphasize our ability to disrupt the market. We are the pioneers of this transformation trend, bringing clients unique value proposition or innovative offering combined with an agnostic business model and strong capital discipline position us as a distinctive player that successfully combines growth potential, profitability, and risk management.

最後，我想再次強調我們顛覆市場的能力。我們是這一轉型趨勢的先驅，為客戶帶來獨特的價值主張或創新產品，結合中立的商業模式和強大的資本紀律，使我們成為一家獨具特色的公司，成功地將成長潛力、獲利能力和風險管理結合起來。

I would also like to reinforce that our ecosystem today is far more complete than it was just a few years ago, and there are multiple opportunities to be explored across all our businesses. We are confident that by executing this strategy, we will achieve our goals of market leadership in investments and deliver sustainable long-term growth.

我還想強調，我們今天的生態系統比幾年前要完善得多，我們所有業務領域都有許多機會值得探索。我們相信，透過執行此策略，我們將實現投資領域的市場領導地位，並實現可持續的長期成長。

Now I will hand it over to Victor who will provide a deeper look into our financial performance this quarter, and I will be back for the Q&A session.

現在我將把發言權交給 Victor，他將深入分析我們本季的財務業績，稍後我將回到問答環節。

Thanks, Maffra. Thank you all for being here today. Now we'll discuss our financial performance for the third quarter. Starting with gross revenues, we posted gross revenue of BRL4.9 billion, a 9% growth year over year and 6% growth quarter over quarter. In retail, revenues reached BRL3.7 billion, representing 6% growth year over year and 4% growth quarter over quarter.

謝謝你，馬弗拉。感謝各位今天到場。現在我們將討論第三季的財務表現。首先來看總收入，我們公佈的總收入為 49 億雷亞爾，年增 9%，較上季成長 6%。零售業務收入達 37 億雷亞爾，年增 6%，較上季成長 4%。

Institutional revenues were stable at BRL304 million, flat year over year and slightly decreased quarter over quarter. Corporate & Issuer Services delivering outstanding performance, reaching a historic record of BRL729 million, a 32% growth year over year and 33% growth quarter over quarter. This was driven by strong capital markets activity, followed by our leading position in corporate client solutions, which we will discuss in more detail in the next slides.

機構收入保持穩定，為 3.04 億雷亞爾，與去年同期持平，較上季略有下降。企業及發行人服務業務表現出色，創下歷史新高，達到 7.29 億雷亞爾，年成長 32%，季增 33%。這主要得益於強勁的資本市場活動，其次是我們作為企業客戶解決方案領域的領先地位，我們將在接下來的幻燈片中對此進行更詳細的討論。

Now starting in retail revenue. The performance was mainly driven by floating from both check and investment accounts, which benefited from higher average volumes and higher interest rates during the period, and second, new verticals included in other retail, such as international investments and global accounts, which delivered strong results. Lastly, it's important to mention that this quarter also includes the revenue of the expert event. If that, the other retail category totaling BRL757 million, marking 24% growth year over year, 19% growth quarter over quarter, offsetting a weaker performance from other product lines due to lower ADTV and shorter duration.

現在從零售收入開始。該業績主要得益於支票帳戶和投資帳戶的浮動資金，這兩個帳戶受益於該期間較高的平均交易量和較高的利率；其次，其他零售業務中新增的垂直領域，如國際投資和全球帳戶，也取得了強勁的業績。最後要說明的是，本季還包括專家活動的收入。如果真是如此，其他零售類別總額達 7.57 億雷亞爾，年增 24%，環比增長 19%，抵消了其他產品線因平均交易額較低和持續時間較短而表現疲軟的影響。

Now let's move to the next slide in Corporate & Issuer Services. This was the best quarter in our history. The outstanding performance was driven by a pickup in DCM activity compared to the previous quarter, and the continued development of our corporate client franchise. Issuer Services posted BRL323 million, stable year over year and 21% growth quarter over quarter. Corporate revenues reached BRL406 million, representing 77% growth year over year and 46% growth quarter over quarter. The strong growth reflects our increasing capability to deliver solutions to large corporate clients, particularly in hedging solutions.

現在讓我們進入企業及發行人服務的下一張投影片。這是我們歷史上業績最好的一個季度。與上一季相比，DCM業務的成長以及企業客戶業務的持續發展推動了業績的顯著提升。發行服務部門公佈業績為3.23億雷亞爾，與去年同期持平，季增21%。公司營收達 4.06 億雷亞爾，年增 77%，季增 46%。強勁的成長反映了我們為大型企業客戶提供解決方案的能力不斷增強，尤其是在對沖解決方案方面。

Moving on to the next slide, we explore SG&A and efficiency ratios. SG&A expenses totaling BRL1.7 billion in the quarter, representing 10% growth year over year and 7% growth quarter over quarter. We remain committed to invest in the areas we consider critical for long-term growth, including sales force expansion, marketing, and technology, as highlighted by Maffra earlier. These initiatives are designed to enhance the client journey and elevate our overall service level. While this strategy may lead to stable or slight softer efficiency ratio in the short term, we see these investments as fundamental to sustain our competitive edge over time.

接下來，我們將在下一張投影片中探討銷售、管理及行政費用和效率比率。本季銷售、一般及行政費用總計17億雷亞爾，較去年同期成長10%，較上季成長7%。我們將繼續致力於投資我們認為對長期成長至關重要的領域，包括銷售團隊擴張、行銷和技術，正如馬弗拉之前所強調的。這些措施旨在改善客戶體驗，提升我們的整體服務水準。雖然這種策略可能會在短期內導致效率比率保持穩定或略有下降，但我們認為這些投資對於長期維持我們的競爭優勢至關重要。

Our last 12 months efficiency ratio was 34.7%. Compared to the last year, the ratio improved by 79 basis points. As usual, in the third quarter, results also reflect the impact of the expert event, which once again proved to be outstanding opportunity to connect to our stakeholders. From another angle, the impact of it in the current efficiency ratio was approximately 70 basis points.

我們過去 12 個月的效率比率為 34.7%。與去年相比，該比率提高了79個基點。與往常一樣，第三季的業績也反映了專家活動的影響，該活動再次證明是與利害關係人建立聯繫的絕佳機會。從另一個角度來看，它對當前效率比率的影響約為 70 個基點。

Moving on to the next slide, let's see our EBT. As a result, our EBT was BRL1.3 billion, representing 10% growth year over year and remaining sequentially stable. The EBT margin expanded 47 basis points on the annual comparison while compressing 103 basis points quarter over quarter.

接下來，我們來看下一張投影片，看看我們的EBT（電子福利轉帳）。因此，我們的稅前利潤為 13 億雷亞爾，年增 10%，並保持了環比穩定。與去年同期相比，EBT利潤率擴大了47個基點，而與上一季相比則縮小了103個基點。

Now looking at the net income, we reached BRL1.3 billion, a 12% growth year over year and 1% increase quarter over quarter. The net margin expanded 106 basis points on annual comparison and compressed 112 basis points sequentially, closing the third quarter of 2025 at 28.5%.

現在來看淨收入，我們達到了 13 億雷亞爾，年增 12%，季增 1%。淨利潤率年增 106 個基點，季減 112 個基點，2025 年第三季末為 28.5%。

Now let's focus on capital management. This year, we have been highly active in returning capital to our shareholders. In 2025, we repurchased BRL2 billion of which BRL850 million occurred after the end of the third quarter and therefore, are not reflected in the accounting metrics we are presenting today, such as ROE and EPS.

現在我們來重點討論資本管理。今年，我們積極向股東返還資本。2025 年，我們回購了 20 億雷亞爾的股票，其中 8.5 億雷亞爾發生在第三季末之後，因此並未反映在我們今天公佈的會計指標中，例如 ROE 和 EPS。

Today, we are announcing the retirement of our outstanding treasury shares bought back during the year and the new 1 billion share buyback program to be executed over the next 12 months. On top of that, we are also announcing a dividend of BRL500 million to be paid in 2025. This represents BRL2.4 billion in capital return to shareholders in 2025 approximately 50% payout if you analyze our net income. If you consider the new buyback program, the payout ratio would be around 7% for the year.

今天，我們宣布註銷今年回購的未償庫存股，並宣布將在未來 12 個月內執行新的 10 億股股票回購計畫。除此之外，我們還將宣布派發 5 億雷亞爾的股息，將於 2025 年支付。這意味著到 2025 年，股東將獲得 24 億雷亞爾的資本回報，如果分析我們的淨收入，大約相當於 50% 的股利。如果考慮新的回購計劃，年度支付率約為 7%。

So let's focus on earnings per share and ROAE detail over the next slides. In the third quarter, our diluted EPS once again outpaced net income growth, reaching BRL2.47 per share, supported by our activity capital distribution strategy through share buybacks. In this quarter, EPS grew 13% year over year and remained stable quarter over quarter.

接下來，我們將重點放在每股盈餘和ROAE的詳細資訊。第三季度，我們的稀釋後每股盈餘再次超過淨利成長，達到每股 2.47 雷亞爾，這得益於我們透過股票回購實施的資本分配策略。本季每股收益較去年同期成長 13%，季增穩定。

On the right-hand side of the slide, ROTE stands at 28% and ROAE at 23%, slightly lower than last quarter, since we had the capital generation without the corresponding distribution. Assuming the execution of the new BRL1 billion buyback program and BRL500 million dividend payment, ROTE an ROAE would have been 30% and 24%, respectively.

在投影片的右側，ROTE 為 28%，ROAE 為 23%，略低於上一季度，因為我們獲得了資本但沒有進行相應的分配。假設新的 10 億雷亞爾股票回購計畫和 5 億雷亞爾股利支付得以執行，則 ROTE 和 ROAE 將分別為 30% 和 24%。

Now moving to the next slide. To conclude my presentation, our capital ratio ended the third quarter at 21.2% and the CET1 at 18.5%, well above peers average and the regulatory requirements. This comfortable capital position gives us a strong edge to navigate different scenarios and be ready for the upcoming volatility. Also, during 2026, we expect to have the opportunity to deploy capital in a more efficient manner. It's important to remember that we maintain our guidance for a BIS ratio between 16% and 19% for the end of 2026.

現在進入下一張投影片。最後，我要總結一下，我們第三季末的資本適足率為 21.2%，CET1 為 18.5%，遠高於同業平均水準和監理要求。雄厚的資金實力使我們擁有強大的優勢來應對各種情況，並為即將到來的市場波動做好準備。此外，我們預計在 2026 年將有機會以更有效率的方式部署資本。需要注意的是，我們維持先前對 2026 年底 BIS 比率在 16% 至 19% 之間的預期。

Now talking about risk. On the right-hand side of the slide, you can see that our RWA totaled BRL108 billion, representing a 13% growth year over year and a 6% increase quarter over quarter. Finally, our VaR stood at BRL29 million or 12 basis points of equity. Even in a quarter of outstanding performance from our wholesale business, we maintain a very conservative risk profile.

現在來談談風險。從投影片的右邊可以看到，我們的 RWA 總額為 1,080 億雷亞爾，年增 13%，較上季成長 6%。最後，我們的風險價值為 2,900 萬巴西雷亞爾，相當於權益的 12 個基點。即使我們的批發業務在一個季度中表現出色，我們仍然保持非常保守的風險狀況。

In this quarter, it's worth to mention that our balance sheet grew 6%, but adjusting for retirement plans and secured funding, it growth would have been lower than the CDI for the period. This increase in retirement plans is associated if a one-off bulk migration we did from other insurance companies to our own, and we don't expect to see it in other quarters. Besides that, as you can see, we kept our market RWA stable and decrease our VaR sequentially, reinforcing our position as a robust ecosystem with strong risk recycling capabilities.

值得一提的是，本季我們的資產負債表成長了 6%，但如果調整退休計畫和擔保資金，其成長率將低於同期的 CDI。退休計劃的增加與我們從其他保險公司一次性批量遷移到我們自己的公司有關，我們預計不會在其他方面看到這種情況。除此之外，正如您所看到的，我們保持了市場 RWA 的穩定，並逐週降低了 VaR，鞏固了我們作為擁有強大風險回收能力的穩健生態系統的地位。

And now we can go on to the Q&A.

現在我們可以進入問答環節了。

(Operator Instructions) Eduardo Rosman, BTG.

（操作員說明）Eduardo Rosman，BTG。

I have a couple of questions here on the wholesale business, results were really strong this quarter. Should we expect a similar performance in the fourth quarter? Or do think a slowdown should be expected, right?

我這裡有一些關於批發業務的問題，本季的業績非常強勁。我們是否可以預期第四季也會出現類似的表現？或者您認為經濟放緩是正常的，對嗎？

And my second question is on what Maffra mentioned, right, during the call, right? The strategy to increase the warehousing book in the fourth quarter. If you can give us a little bit more detail -- because you also mentioned that corporate spreads are very low. So wouldn't that be a risky strategy in an election year. Thanks.

我的第二個問題是關於馬弗拉在通話中提到的內容，對吧？第四季增加倉儲庫存的策略。如果您能提供更多細節就更好了—因為您也提到公司股價的價差非常低。那麼在選舉年，這豈不是一種冒險的策略？謝謝。

Hello, Rosman. Thanks for your question, and good evening, everyone. So we are seeing the wholesale banking with a good performance for Q4. So as we mentioned earlier in the last call, we have seen the second half of the year is stronger than the first half of the year, especially for the wholesale bank.

你好，羅斯曼。感謝你的提問，大家晚上好。因此，我們看到批發銀行業務在第四季度表現良好。正如我們在上一次電話會議中提到的，我們看到下半年比上半年表現更強勁，尤其是批發銀行業務。

Hi, Rosman. This is Victor. Talking about credit spread first. We think that the credit spreads are really tightened. And if they -- the probability is that they can go a bit more wider over the end of the year and next year. But also, there is a lot of net inflow in fixed income funds that keep putting pressure in the spreads.

你好，羅斯曼。這是維克多。先來說說信用利差。我們認為信貸利差確實收窄了。如果他們——很有可能在今年年底和明年進一步擴大規模。但同時，固定收益基金的淨流入也​​很大，這不斷對利差造成壓力。

And it's important to remember that our strategy is to hold high-quality assets and the velocity of turnover of our portfolio is higher than the average of the industry. And we are not as susceptible as credit spread volatility as the rest of the competition. And also in terms of RWA, we expect to sell a bit of what we bought over the third quarter. And depending on the performance of the same, warehouse a bit more to go through the first quarter of 2026. As we all know, the first quarter usually is a quarter with lack of activity in DCM. So it's important to us to have assets to sell in the beginning of the year.

需要記住的是，我們的策略是持有高品質資產，而且我們投資組合的周轉速度高於行業平均。而且，與其他競爭對手相比，我們受信用利差波動的影響較小。另外，就RWA而言，我們預計將出售我們在第三季購買的部分資產。根據上述情況，倉庫可能需要更多時間才能撐到 2026 年第一季。眾所周知，第一季通常是債務資本市場（DCM）活動較少的季度。因此，對我們來說，在年初擁有可供出售的資產非常重要。

Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯，摩根大通。

Just to follow up Rosman on corporate. Can you remind what was the [46]? I think you mentioned hedging strategy, but I'm not sure what was it? So just trying to understand a little bit again the corporate, inside Corporate & Issuers, the 46% quarter-over-quarter increase.

只是想跟進一下羅斯曼關於公司方面的情況。你能提醒我那是什麼嗎？[46]？我想你提到了對沖策略，但我不太確定具體是什麼策略？所以，我只是想再次了解企業，特別是企業及發行人部門，其季度環比增長了 46%。

And on bonus, this line was a little bit heavier this quarter, but coming from, I would say, a softer base, right, when we go to the nine months. I think total bonus is up 80%, 90% year over year, so not a big increase. But if you can comment a little bit on what to expect on people, expenses, like salaries, like just to get some idea on SG&A, I would appreciate. And if you want to comment on bonuses also, I think it's also a good point, given it was a little bit higher this quarter. Thank you.

另外，這支隊伍本季的業績略有下滑，但考慮到前九個月的基數較低，我認為情況並非如此。我認為總獎金年增了 80% 到 90%，所以增幅並不算大。但是，如果您能就人員、開支（例如工資）以及銷售、一般及行政費用等方面稍作評論，讓我對預期情況有所了解，我將不勝感激。如果你還想談談獎金，我認為這也是一個很好的觀點，因為本季的獎金略有上漲。謝謝。

Thank you for your question. This is Victor. First, talking about the corporate performance. It's important to remember the corporate business is tied to the DCM activity. So one of the main drivers of P&L in corporate is hedge solutions to company issuing debt.

謝謝你的提問。這是維克多。首先，談談公司業績。需要注意的是，公司業務與債務資本市場活動息息相關。因此，企業損益表的主要驅動因素之一是公司發行債務的避險解決方案。

So for example, the company issue a debt tax-exempt corporate bond, inflation-linked bond and it doesn't want the exposure inflation. it hedges against us in CDI plus. That's one of the business, and it's highly correlated with the same activity.

例如，該公司發行免稅公司債券和通膨掛鉤債券，但它不想承擔通膨風險。因此，它透過CDI Plus進行對沖。這是其中一項業務，而且與同一活動高度相關。

Also, another business that is really important is the originator of credit operations that will be securitized and sold to clients in the next quarters. If you go to our credit portfolio, you see that it's flattish. Basically, we sold quasi-sovereign bank notes, and we originated corporate operations, but those operations will be securitized and then sold to clients the same as we did in other quarters.

此外，另一個非常重要的業務是信貸業務的發起者，這些信貸業務將在接下來的幾季進行證券化並出售給客戶。如果你查看我們的信貸組合，你會發現它比較平坦。基本上，我們出售準主權銀行券，並開展企業業務，但這些業務將被證券化，然後像我們在其他領域一樣出售給客戶。

And now moving to bonus. It's normal to see the bonus going higher after the performance of investment banking going higher the way it did over the quarter. So part of that is explained by performance in Wholesale Banking. Another part is explained by the new hires over the year. We hired almost 500 new employees, mostly on sales force expansion over the year. And this is one part of the drivers of salary growth and bonus provisions.

接下來進入獎金部分。鑑於投資銀行業務在本季表現出色，獎金上漲也是正常的。部分原因在於批發銀行業務的業績表現。另一部分原因在於過去一年來新進員工的加入。今年我們新招了近 500 名員工，主要是為了擴大銷售團隊。這是薪資成長和獎金條款的驅動因素之一。

Super clear, Victor. Thank you very much. Thank you, and congrats on the net new money improvement for the quarter.

非常清楚，維克多。非常感謝。謝謝，並祝賀本季淨新增資金有所改善。

Mario Pierry, Bank of America.

馬裡奧·皮埃里，美國銀行。

Let me ask two questions as well. First one, when we look at your retail revenues growing 6% year over year. But if we double-click on that, we see that our fixed income revenues actually contracted year over year. They have been contracting 2% even as the AUC grew 22%. So it means there was like significant pressure on take rate. Can you explain why that happens, right? Because when we look at fixed income, revenues were growing like 40%, I think, on average for the past like 6 quarters. So just trying to understand if there was a one-off event that impacted fixed income revenue?

我也想問兩個問題。首先，我們來看您的零售收入年增了 6%。但如果我們雙擊查看，就會發現我們的固定收益收入實際上比去年同期下降了。即使 AUC 增加了 22%，它們的收縮幅度也達到了 2%。所以這意味著成交率面臨很大的壓力。你能解釋為什麼會這樣嗎？因為從固定收益的角度來看，我認為過去六個季度以來，收入平均成長了約 40%。所以，我只是想了解是否有影響固定收益收入的一次性事件？

And then my second question is related a little bit to what Yuri asked, but when we look at your EBT margin, it had been expanding for past like three quarters, I think. In this quarter, it contracted because of the pickup in expenses and you're running below your guidance, right, your medium-term guidance of about, I think, it's 30% to -- 29% to 32%. So just trying to get a sense here also, like should we expect the trend to start to improve in the next quarters? Or do you think that the EBT guidance it's something for more like for the end of 2026. Thank you.

我的第二個問題與尤里提出的問題有點關係，但是當我們查看你們的 EBT 利潤率時，我認為它在過去三個季度一直在擴張。本季由於支出增加而萎縮，你們的業績低於預期，對吧？你們的中期預期大約是 30% 到 29% 到 32%。所以，我也想了解一下情況，例如我們是否可以預期這種趨勢會在接下來的幾季開始好轉？或者您認為 EBT 指導方針更像是針對 2026 年底的情況？謝謝。

This is Thiago. I will take the first question. I can answer the second one and Victor complement myself here. About the fixed income revenue, the main problem here is if you look the take rate for investments, if you compare Q4 last year to Q3 this year, it's down 10 bps overall, okay? So it's a huge draw here, drawdown.

這是蒂亞戈。我先回答第一個問題。第二個問題我可以回答，維克多可以補充我的觀點。關於固定收益收入，主要問題在於投資報酬率，如果將去年第四季與今年第三季進行比較，會發現整體下降了 10 個基點，懂嗎？所以這裡存在著巨大的拉鋸戰，也就是資金回撤。

And when you look only fixed income, 20 bps, okay? So it's a big decrease in take rate. And it's mainly explained because first one, mix, okay? So if you look CGs with daily liquidity, they used to represent 25% of the new allocations, okay? So 25%, today is 45%. Because of the high SELIC rate, we are selling almost half of everything that we sell for fixed income, it's CGs with daily liquidity. When you compare the revenue we make here, it's basically a daily spread on CGs with daily liquidity against duration times spread, okay? So it's a completely different revenue stream, okay?

如果只看固定收益，20 個基點，可以嗎？所以成交率大幅下降。這主要是因為第一個，混合，好嗎？所以，如果你看一下每日流動性強的CG，它們過去佔新分配額的25%，懂嗎？所以，25% 的時候是 45%。由於 SELIC 利率很高，我們出售的固定收益產品幾乎有一半是每日流動性強的資本利得。當你比較我們在這裡獲得的收入時，它基本上是每日CG債券的價差，每日流動性與久期乘以價差的乘積，明白嗎？所以這是完全不同的收入來源，懂嗎？

And the second one is shorter duration, okay? So right now, everyone is only buying like a very short-term durations, okay? So when you combine the mix of more CGs with daily liquidity and shortened duration, we are selling a lot more volume in fixed income, but with a lower take rate.

第二個持續時間較短，好嗎？所以現在大家都只買短期合約，懂嗎？因此，當把更多的資本利得與每日流動性和更短的期限結合起來時，我們在固定收益領域的銷售量會更大，但成交率會更低。

About your second question, we are investing in sales force expansion. We are investing in SMB. We are investing in technology. So we are doing a lot of investments this year, and we are planning to do more investments next year. So I would say that is still possible to get to the -- at the end of the next year to the guidance we gave, but you see because in the past, I would say, two years or even more, we have been gaining a lot of efficiency quarter after quarter.

關於你的第二個問題，我們正在投資擴大銷售團隊。我們正在投資中小企業。我們正在投資科技領域。所以我們今年進行了很多投資，並且計劃明年進行更多投資。所以我認為，到明年年底實現我們給出的預期目標仍然是可能的，但你看，因為在過去，我想說，兩年甚至更長時間裡，我們每個季度都在提高效率。

I would say that right now, we should be more flattish when you look at the next quarters because we are investing more, okay? But still doable to get to the guidance by the end of the next year.

我認為，展望未來幾個季度，我們的業績應該會比較平穩，因為我們正在加大投資，好嗎？但到明年年底前製定出指導方針仍然是可行的。

Gustavo Schroden, Citi.

古斯塔沃·施羅登，花旗集團。

Thanks for the opportunity. I have two questions as well. The first one is -- sorry to insist in this sales force that you guys mentioned. But because if I'm not wrong, you mentioned something around 500 new employees, and most of them related to sales force.

謝謝您給我這個機會。我也有兩個問題。首先——很抱歉我還要強調你們提到的那支銷售團隊。但如果我沒記錯的話，你提到大約有 500 名新員工，其中大部分與銷售團隊有關。

But when we analyze the total number of advisers that you have, it is decreasing, right? So year on year and stable quarter on quarter at 18,200 advisers, including IFAs and XP's employees. So I'd like to understand what kind of sales force are you hiring? And if it is possible to reconcile with this total number of advisers? And my second question is related to financial expenses.

但是，當我們分析您擁有的顧問總數時，會發現這個數字正在減少，對嗎？因此，顧問人數較去年同期保持穩定，季度環比穩定，達到 18,200 人，其中包括獨立財務顧問和 XP 的員工。所以我想了解你們正在招募哪種類型的銷售人員？如果能與顧問總數相符的話？我的第二個問題與財務支出有關。

We saw decent decrease quarter-on-quarter and year-on-year, so 28% below quarter-on-quarter, 45% decrease year-on-year despite higher SELIC rate we could see that there was a reduction of BRL1.5 billion in borrowings. So my question is this reduction is related to these lower borrowings or are there different reasons behind this decrease in financial expenses.

我們看到環比和年比均有明顯下降，季減 28%，年減 45%。儘管 SELIC 利率較高，但我們可以看到借款減少了 15 億雷亞爾。所以我的問題是，這種減少是否與借款減少有關，還是財務支出減少有其他原因？

Okay. I'll take the first one. About the total number of IFAs, as Victor mentioned, that we are hiring more internal advisers, okay, here, it's because when you look at the IFA, the B2B network, they have been converting some of the IFAs into employees because of the change in regulation that has been happening, I would say, for over a year now.

好的。我選第一個。關於 IFA 的總數，如 Victor 所提到的，我們正在招募更多內部顧問。這是因為，當你觀察 IFA 和 B2B 網絡時，由於監管政策的變化，他們一直在將一些 IFA 轉為僱員，而這種變化已經持續了一年多。

And the second part is because we have been part of the third wave that we mentioned a lot here on quality, the way we serve clients we have been focused a lot more on quality. So more skewed IFAs, okay? So we have been, I would say, even forcing some of the low-quality IFAs like to leave the network. So we have been increasing on what we call AAA advisers, and we have been decreasing on what we call C and D curve of IFAs, okay? So those are the main reasons why you don't see the number of IFAs growing. But as we don't open the number of what we call AAA IFAs here, but this number has been increasing. So we have been focusing more on more qualified advisers.

第二部分是因為我們參與了我們之前多次提到的第三波品質浪潮，我們在服務客戶的方式上更加重視品質。所以，會有更多有偏差的獨立財務分析師，懂嗎？所以，可以說，我們甚至迫使一些低品質的獨立財務顧問離開了網路。所以，我們一直在增加所謂的 AAA 級顧問的數量，同時一直在減少所謂的 C 級和 D 級獨立財務顧問的數量，好嗎？所以，這些就是獨立財務顧問（IFA）數量沒有成長的主要原因。但我們在這裡不公開所謂的 AAA IFA 的數量，但這個數字一直在增加。因此，我們更重視聘用資質較高的顧問。

This is Victor taking the second part about the financial expenses. Just remembering here, we went through a reorganization of our conglomerate over the last year, changing the bank to the top of the business. And that has an important effect in financial expenses and also other revenues. So when debt that was a corporate debt inside the holding matures and it is rollover for a debt inside of the bank, it gets out of the financial expense lines and goes inside of net interest margin. So it's just a geographic effect.

這是 Victor 講述關於財務支出的第二部分。需要提醒的是，在過去一年裡，我們對集團進行了重組，將銀行業務提升到了業務的頂端。這會對財務支出和其他收入產生重要影響。因此，當控股公司內部的企業債務到期並展期為銀行內部的債務時，它就會從財務費用中扣除，併計入淨息差。所以這只是地理因素造成的。

It goes from the debt to the -- to be a reductor of revenues. And that's also why other revenues is lower quarter over quarter. You're going to see that the change between lines, they are closer to each other. That's the -- may affect just a geographic movement between lines. And also, it's important to note that the bank debt is much cheaper than corporate debt. So you do have this geographic movement, but also the overall cost of debt of the company is considerably lower when you compare 2024 to 2025.

它從債務到——成為收入減少的因素。這也是其他收入季減的原因。你會發現線條之間的變化，它們彼此之間的距離越來越近了。這可能只會影響線路之間的地理移動。此外，值得注意的是，銀行債務比公司債務便宜得多。所以確實存在這種地域性遷移，但與 2025 年相比，2024 年公司的整體債務成本也明顯降低。

Daniel Vaz, Safra.

丹尼爾·瓦茲，薩夫拉。

I wanted to follow up on Mario's question on fixed income. Instead of looking on the 2% drop, I wanted to talk about the 7% drop quarter over quarter. I mean, DCM activity improved, right? So we saw that on your insurance services, net new money improved, warehouse of securities did increase, and we had higher business days, right? So it's probably -- it's probable that you distribute a higher volume to the clients.

我想就馬裡奧提出的關於固定收益的問題做個後續探討。我不想只關注 2% 的跌幅，而是想談談環比 7% 的跌幅。我的意思是，DCM活動有所改善，對吧？所以我們看到，在你們的保險服務方面，淨新增資金有所改善，證券倉庫確實增加了，而且我們的營業天數也增加了，對吧？所以很可能—很有可能你會向客戶分發更高數量的產品。

So I heard you on the mix change, but this -- I mean, was this a quarter-over-quarter change? I mean, the CGs with daily liquidity, went up from 25% to 45% in one quarter. Just wanted to touch base on that again, if you could explore a little more of what the change quarter over quarter means?

我聽到了你關於組合變化的說法，但是——我的意思是，這是季度環比變化嗎？我的意思是，具有每日流動性的CG（資本公積）在一個季度內從25%上升到45%。我想再確認一下，您能否更詳細地解釋一下季度環比變化意味著什麼？

And if I may follow up on the guidance, I wanted to check on your comment, Maffra, if you're able to get on the fourth quarter of next year on your EBT margin instead of the full year. Is that correct? Did I understand well? Thank you.

如果我可以就指導意見進行後續跟進，我想確認一下您的評論，Maffra，您是否能夠將 EBT 利潤率的計算週期延長至明年第四季度而不是全年。是這樣嗎？我理解對了嗎？謝謝。

Hi, Daniel. This is Victor. Taking the first part here in fixed income. If you remember a few questions ago, I told that we sold quasi-sovereign banking notes from our warehouse book, and we warehoused corporate bonds. So basically, that is what happened in real life when Maffra say that client is buying short-term floating rates, that is what's happening.

你好，丹尼爾。這是維克多。首先來看固定收益部分。如果你還記得前面幾個問題，我說過我們從倉庫帳簿中出售準主權銀行票據，並且我們倉儲了公司債。所以基本上，當馬弗拉說客戶正在購買短期浮動利率債券時，現實生活中的情況就是這樣。

So the products originated by the DCM markets over the quarter are still in our books, and we are going to sell them over the fourth quarter and first quarter of next year and what we saw their short-duration banking notes. That's why we see this behavior in the revenue quarter over quarter.

因此，本季由債務資本市場產生的產品仍然在我們的帳簿上，我們將在第四季和明年第一季出售它們，以及我們看到的短期銀行票據。這就是為什麼我們看到營收季環比出現這種變化的原因。

And sorry, in the guidance, if you can comment on the fourth quarter or full year of EBT margin?

另外，不好意思，在業績指引中，您能否對第四季或全年的EBT利潤率做一些說明？

Yeah. Sorry for that. Yeah, we feel that it's possible to target that next year. We don't give guidance quarter over quarter. So it's hard to say what's going to be Q1 or Q2 or Q4 next year, but we feel that the 30% is still doable.

是的。抱歉。是的，我們覺得明年有可能實現這個目標。我們不提供季度業績指引。所以很難說明年第一季、第二季或第四季會是什麼情況，但我們認為 30% 的目標仍然是可以實現的。

Thiago Batista, UBS.

Thiago Batista，瑞銀集團。

Congratulations on the results. So I have two questions. The first one on the buyback. The intention of the BRL1 billion buyback is to be concluded this year? I know that depends on the price of the shares, et cetera, but the initial intention is to conclude these this year?

恭喜你取得好成績。我有兩個問題。回購計劃中的第一個。10億雷亞爾的股票回購計畫計劃在今年完成嗎？我知道這取決於股票價格等等因素，但最初的計劃是在今年完成這些工作嗎？

And the second one, about the IOC in the equity business. We saw that this quarter or the third Q, the IOC was basically flattish Q-over-Q. And we have the BOVESPA in the all-time high now. I've already seen not exactly in the third Q, but more recently, clients trying to move the money towards more risk investments like equities or not yet? Or maybe we need to see SELIC rate, let's say, single digits or something like this. So my question is, are you already seeing this migration from fixed income to high-risk investment?

第二點是關於國際奧委會涉足股票業務的。我們看到，本季（第三季），IOC 基本環比持平。現在巴西聖保羅證券交易所的股價正處於歷史最高點。我已經看到，雖然不是在第三季度，而是最近，一些客戶正試圖將資金轉移到風險更高的投資領域，例如股票，或者他們還沒有這樣做？或許我們需要看看 SELIC 利率，比如說，個位數之類的。所以我的問題是，您是否已經觀察到這種從固定收益投資轉向高風險投資的轉變？

Hi, Thiago. This is Victor, first on the share buyback. The buyback program is open, and we are going to be buying over the next 12 months. And the same as before. We are going to wait for the best opportunity to deploy the capital and maximize the return to our shareholders. So we cannot give you an idea when it will be complete or if it will be the beginning of the next year or the end of this year.

你好，蒂亞戈。這是 Victor，他是股票回購計畫中的第一位參與者。回購計畫已經啟動，我們將在未來 12 個月內進行回購。和以前一樣。我們將等待最佳時機部署資金，以實現股東回報最大化。因此，我們無法告知您何時能夠完工，也無法確定是明年年初還是今年年底。

What I can guarantee you that we are going to be buying everything the same as we did in all the other programs we're opening.

我可以向你們保證，我們將像在其他所有新項目中一樣，採購所有需要的物品。

Yeah. And just to complement, Victor, on the payout strategy here. If you guys see -- we still have very high BIS ratio, and we mentioned that we would like to bring it down to something between 16 and 19 by the end of next year. And that's still the case, but why we are not like giving more money like back to the market right now because we believe we will have good opportunities next year. It's going to be a volatile year. And for sure, we will have opportunity to do more buyback next year. So that's why we are not deploying or paying out more capital right now, okay?

是的。維克多，我還要補充一點，關於這裡的支付策略。你們可以看到——我們的BIS比率仍然很高，我們說過希望在明年年底將其降至16到19之間。情況依然如此，但為什麼我們現在不把更多的資金投入市場呢？因為我們相信明年會有很好的機會。這將是動蕩的一年。可以肯定的是，明年我們將有機會進行更多股票回購。所以這就是為什麼我們現在不投入或支付更多資金的原因，明白嗎？

About the second part of your question is we don't see a big change in mix yet, okay? Because remember that the retail clients is -- they are a little -- of course, it's our job here to help them not to have this behavior, but they are a little bit lagging, okay? So once we start to see rate cuts and other things, price moving up and so on, people start to move money from one asset class to other, okay? But we are seeing a stronger funds platform right now, especially primary offering for closed or open end funds, REITs, and so on.

關於你問題的第二部分，我們目前還沒有看到成分有很大的變化，好嗎？因為要記住，零售客戶——他們有點——當然，我們的工作是幫助他們避免這種行為，但他們在這方面有點落後，好嗎？所以一旦我們開始看到降息和其他因素，價格上漲等等，人們就會開始將資金從一個資產類別轉移到另一個資產類別，好嗎？但我們現在看到的是一個更強大的基金平台，特別是封閉式或開放式基金、房地產投資信託基金等的首次發行。

So the demand has been increasing for that type of products, but not yet for equities or for some other products, okay? So I would say that we are not in a point that we could say that we are seeing a lot of like a change in the portfolio. As we mentioned for fixed income, it's still the opposite. People are moving even more money to daily liquidity broad CGs because they are seeing 15%, okay? So I would say that we are not there yet.

所以，這類產品的需求一直在增加，但對股票或其他一些產品的需求還沒有增加，懂嗎？所以我覺得，目前我們還不能說投資組合發生了很大的變化。正如我們之前提到的，對於固定收益產品而言，情況仍然恰恰相反。人們正在將更多資金轉移到每日流動性廣泛的CG基金，因為他們看到了15%的收益率，明白嗎？所以我覺得我們還沒達到目標。

Tito Labarta, Goldman Sachs.

Tito Labarta，高盛集團。

A couple of questions also. First, a follow-up on the corporate revenues, right? You mentioned it's related to hedging solutions for companies issuing the tax exempt bonds. Is this a function of, I guess, companies just anticipating tax reform so that remains strong in the second half of the year, but potentially subsides next year? Or do you think that there's more sustainability to that?

還有幾個問題。首先，我們來跟進一下公司營收狀況，對吧？您提到這與發行免稅債券的公司的對沖解決方案有關。我猜想，這是因為企業預期稅制改革將會帶來強勁的成長勢頭，因此下半年成長勢頭會保持強勁，但明年可能會減弱？還是你認為這樣做更具可持續性？

And then the second question, you saw a jump in retail inflows, right? I mean, BRL20 billion, which is more or less what you've been saying, but it was up significantly from last quarter. So was there anything significant, should we read in this, is just normal volatility? Or should that begin to accelerate from here? Just any color you can give on how that continues to evolve.

那麼第二個問題是，你們是否看到零售流入量激增？我的意思是，200億雷亞爾，這和你之前說的差不多，但比上一季大幅成長。那麼，我們應該從中解讀出什麼重要訊息嗎？還是只是正常的市場波動？或者，這種情況應該從現在開始加速發展嗎？用任何你能想到的顏色來描述它如何繼續演變。

Hi, Tito. The first one about corporate revenues. Hedging is related to issuance, but I think the issuance they are a function of the risk of the new tax regulation, but also the level of credit spreads. It's really cheap to raise debt here right now. Next year, we'll be extremely volatile. So I think components are moving around and doing whatever they need to do in terms of ION this year.

你好，蒂托。第一個例子是關於公司收入的。對沖與發行有關，但我認為發行不僅取決於新稅收法規的風險，還取決於信用利差水準。現在在這裡舉債成本真的很低。明年市場將極度動盪。所以我認為，今年 ION 的各個組成部分都在進行調整，做著它們需要做的事情。

Also, there is not only hedging solutions. We have power trading, cash management, FX operations, and the credit originate-to-sell as we commented before. I think what the hedging solution was one that gave a bit of highlights for the quarter, but there is still a lot of revenue lines inside of the corporate franchise.

此外，不只有對沖解決方案。正如我們之前提到的，我們擁有電力交易、現金管理、外匯業務以及信貸發放和銷售等業務。我認為對沖方案為本季帶來了一些亮點，但公司特許經營權內部仍然有許多收入來源。

I will take the second one about net new money. Of course, we have been doing a lot of things here, especially on what we call the third wave on increasing the level of service, the value proposition that we delivered to our clients. We mentioned a lot today on the presentation about that. So we have been democratizing the wealth service business to all our retail clients here for the past, I would say, a year or 1.5 years. So we have been developing a lot of technology CRM AI capabilities.

我將選擇關於淨新增資金的第二個問題。當然，我們在這裡做了很多事情，尤其是在我們所謂的第三波浪潮中，即提高服務水平，提升我們為客戶提供的價值主張。我們今天在報告中詳細談到了這一點。因此，在過去的一年到一年半的時間裡，我們一直在向所有零售客戶普及財富服務業務。因此，我們一直在開發許多技術CRM AI功能。

So I would say that the level of service that we are delivering to our clients right now, it's much better than it was a year or two years ago and much better than most of our competitors. Talking about, of course, here, retail clients, okay? So we are delivering a level of service that nobody provides in the industry in Brazil. That's why we are calling it the third wave.

所以我認為，我們目前為客戶提供的服務水準比一兩年前好得多，也比我們的大多數競爭對手好得多。當然，這裡指的是零售客戶，好嗎？因此，我們提供的服務水準是巴西業內其他任何公司都無法比擬的。這就是我們稱之為第三波疫情的原因。

But it's early to say that that is moving a lot the needle here, okay? So I would say that's more like a medium-term impact, so we are around BRL20 billion. We have been saying that the level for the past quarters. I don't see any reason right now to change that for up or down here. So we are seeing BRL20 billion as the level for the next quarters. But again, 16, 18, 22, or 23 for us is the same as BRL20 billion, okay? So you could see one quarter higher than that and one quarter lower than that.

但現在就說這能帶來很大改變還為時過早，好嗎？所以我認為這更像是中期影響，大約是 200 億雷亞爾。我們一直強調過去幾季的水平。我覺得現在沒有理由把它改成向上或向下。因此，我們預計未來幾季的水準將達到 200 億雷亞爾。但是，對我們來說，16、18、22 或 23 都相當於 200 億巴西雷亞爾，懂嗎？所以你可能會看到四分之一的區域比這個高，也可能看到四分之一的區域比這個低。

Okay. That's helpful, Maffra. If I can, just one follow-up on that, right? Because just on the revenue guidance, right, you had said 10% for this year. I mean, expectations are that you'll probably be below that, but then also thinking on your 2026 guidance. The bottom end BRL22.8 billion would be like a 20% jump. I mean, is that still -- like what would need to happen for that to be realized? Or is that likely some downside risk just given the tougher macro that we've seen since you initially gave the guidance? Thank you.

好的。那很有幫助，馬弗拉。如果可以的話，我想就此事再問一個後續問題，好嗎？因為就營收預期而言，對吧，你之前說過今年會成長 10%。我的意思是，預計你的實際業績可能會低於這個數字，但同時也要考慮你 2026 年的業績指引。最低目標金額為 228 億雷亞爾，相當於成長了 20%。我的意思是，那現在還存在嗎？ ——要實現這一點，需要發生什麼？或者，這是否僅僅是因為自您最初給出指引以來我們所看到的宏觀經濟狀況更加嚴峻，從而帶來了一些下行風險？謝謝。

Yeah. Yeah. As we mentioned in the last earnings call, the second half of this year is going to be stronger than the first half in terms of growth, top-line growth. But as the first half was soft, it's going to be hard for us to get to the 10%, but we can get close to that.

是的。是的。正如我們在上次財報電話會議上提到的，今年下半年的成長，尤其是營收成長，將會比上半年更加強勁。但由於上半場表現平平，我們很難達到 10% 的目標，但我們可以接近這個目標。

For 2026, I would say it's almost the same rationale here because as 2025 was a little bit soft. Next year, we are going through -- we have to grow, not to give like a number here, but 17% to 20%, okay, still doable, but we might be a little bit short, like to the guidance next year, but if we are short, it's for a bit, not for much.

對於 2026 年，我認為理由幾乎相同，因為 2025 年的情況略顯疲軟。明年，我們將經歷——我們必須成長，這裡不給出具體數字，但17%到20%，好吧，這仍然可以做到，但我們可能會稍微低於明年的預期，但即使低於預期，也只是暫時的，不會太久。

Marcelo Mizrahi, Bradesco BBI.

馬塞洛·米茲拉希 (Marcelo Mizrahi)，布拉德斯科 BBI。

So my question is -- the first one is regarding the work days. I wanted to understand how the work days impacted the revenues in terms of the other retail revenues, in terms of revenues. So what's the mean back here? And if looking forward, if we will see a reduction of these lines.

所以我的問題是——第一個問題是關於工作日的。我想了解工作日對其他零售收入的影響，以及對總收入的影響。那麼，這裡的意思是什麼呢？展望未來，我們是否會看到這些線路減少。

And the other question is regarding the investments. So you guys are talking about investment in technologies. We were seeing a lot of platforms investing in AI tools, digital tools and also the channel totally -- a robo digital channel. Are you guys already working on that, using AI to adviser -- to give advisers to the clients, especially to the kinds that the lower income are the lower tickets to bring them a better service and to increase engagement and the revenues? Thank you.

另一個問題是關於投資的。所以你們是在討論對科技的投資。我們看到很多平台都在投資人工智慧工具、數位工具，以及整個管道——一個機器人數位管道。你們是否已經在著手利用人工智慧為客戶提供諮詢服務了？特別是對於那些收入較低、消費金額較小的客戶，你們是否已經開始著手這項工作，以期為他們提供更好的服務，提高客戶參與度和收入？謝謝。

Hi, Mizrahi. This is Victor. Thank you for your question. First year on business days. As expected, business days gave us a positive impact in terms of floating and trading days. But this was compensating the negative way in terms of lower ADTV for axis and the shortening duration that Maffra explained in the fixed income platform. So those effects goes in positive directions. And the mix overcomes the -- in terms of business days, that's basically what happens. But that's why we see axis on fixed income, EBITDA, and other retail, which have the floating component a bit up over the quarter.

你好，米茲拉希。這是維克多。謝謝你的提問。第一年僅限工作日。正如預期的那樣，營業日對我們產生了積極影響，包括浮動天數和交易天數。但正如 Maffra 在固定收益平台上所解釋的那樣，這在 Axis 的 ADTV 降低和持續時間縮短方面起到了補償作用。所以這些影響是朝著正面方向發展的。而這種混合模式克服了——就工作日而言，基本上就是這樣。但正因如此，我們看到固定收益、EBITDA 和其他零售業務（其浮動部分在本季度略有上升）出現軸心。

On the second question, Mizrahi, yes, we have been working a lot with AI on different verticals here. I will mention some of them. The first one is internal productivity. It can be for engineers. It can be for management people. So we have been working on operations, on customer experience. So we have a lot of use case live right now, more on the productivity side.

關於第二個問題，米茲拉希，是的，我們一直在不同領域與人工智慧進行大量合作。我會提到其中一些。第一個是內部生產力。它可以用於工程師。它可以用於管理人員。所以我們一直在努力改進營運和客戶體驗。所以我們目前有很多實際應用案例，更多是提升生產力方面的。

The second one, we have been trying -- I would say, the idea here is not like to replace advisers, but how we enhance our advisers using different agents. It can be a relationship agent, AI agents. Of course, it can be transactional agents. So we have been creating a lot of this type of agents to give more productivity and to increase the level of service that we deliver to our customers.

第二個方面，我們一直在嘗試——我想說，這裡的想法不是取代顧問，而是我們如何利用不同的代理人來增強我們的顧問。它可以是關係代理，也可以是人工智慧代理。當然，它也可以是交易代理。因此，我們一直在培養這類代理人，以提高生產力並提升我們為客戶提供的服務水準。

And I would say a third one, we haven't been investing a lot on portfolio allocation of our customers. So we have been creating more rules. We have been creating a centralized portfolio allocation, and we are using a lot of technology to make it happen. So there are many use case here, some already at scale, some at very early stage.

第三點，我們還沒有對客戶的投資組合配置進行太多投資。因此，我們一直在製定更多規則。我們一直在創建集中式投資組合配置，並且我們正在使用大量技術來實現這一目標。所以這裡有很多應用場景，有些已經大規模應用，有些還處於非常早期的階段。

Another one that -- it's already at scale. Today, we listen, read, hear everything that our advisers, especially internal advisers today, 100% of them. And we can classify all the conversations, all the interactions with our customers. It's a product offering, if it's only a relationship activity. So the level of information and sales management that we have today, it's very, very high, and we will continue to invest on that. But again, not to replace advisers, okay, but to enhance them.

另一個已經實現規模化的應用。今天，我們傾聽、閱讀、聽到顧問們，特別是內部顧問們，100% 傾聽、閱讀、聽到他們的一切意見。我們可以將所有對話、所有與客戶的互動進行分類。如果只是一種人際關係活動，那它就是一種產品推銷。因此，我們目前的資訊和銷售管理水準非常非常高，我們將繼續在這方面進行投資。但再次強調，這不是要取代顧問，而是要加強他們的角色。

Of course, when you go to very small clients, more like a digital or what we call here self-direct clients, then you can have like a fully deployed AI solution, but that's a very small part of our business today. It could grow in the future. But again, the focus here is how we enhance the advisers and how we free them like to focus 100% of their time on relationship, not like on operations or allocation or other activities that don't generate value for our customers.

當然，對於規模非常小的客戶，例如數位化客戶或我們這裡所說的自助式客戶​​，你可以部署一套完整的 AI 解決方案，但這在我們目前的業務中只佔很小一部分。未來可能會發展壯大。但再次強調，這裡的重點是如何提升顧問的能力，以及如何讓他們能夠將 100% 的時間專注於客戶關係，而不是營運、分配或其他不能為客戶創造價值的活動。

Okay. We're up the hour. So I would like to thank you once again for participating on our earnings call. And the IR team will be more than happy to attend any further questions you may have. Have a good night, and we're going to keep in touch. Thank you.

好的。我們已經到了整點​​。因此，我再次感謝各位參加我們的財報電話會議。投資者關係團隊非常樂意解答您可能提出的任何其他問題。祝你晚安，我們會保持聯繫。謝謝。