Good morning, everyone. Welcome to our first quarter earnings call at ABC Brasil. I'm Ricardo Moura, Director of Investor Relations, M&A, and Strategy. As always, we're going to start our presentation with the results from our CEO, Sergio, and after the presentation, we're going to have our Q&A session. If you're watching on Zoom and you want to follow it in English, please click at the bottom on the right-hand side of your screen. Everything's going to be available on our website, and I suggest that you download the content using our QR code. Sorry, I pass the floor to Sergio. Thank you, Sergio. It's a pleasure to be with you today for one more presentation of Banco ABC Brasil. As always, we're going to start with our highlights. Profitability, net profit for the period reached BRL 226 million and an ROE of 14.1%. On the other side, you can see our expanded credit portfolio, BRL 51 billion, with a growth of 11.4% compared to the first quarter of 2024, closer to the cap of our guidance. Here in the coverage rate, there's something new to adapt to the resolution 4966. The ratio that we usually use is the balance of provision divided by the overdue for 90 days. Now we have a different ratio, which is the total balance of provision divided by stage three operations, showing a coverage rate of almost 90%. Now, as a final highlight, our capitalization has grown throughout the quarter, reaching a Basel ratio of 17%, very healthy, and a capital of 11.7%. In this second slide, we bring here the breakdown of our expanded credit portfolio. As I said before, our credit compared year on year grew by 11.4%, and here the greatest highlight is the corporate segment. It's the most important one, and it showed a growth of 20.1% compared to the previous year. The other segments, low growth, CIB, a little bit on the downside. The reason was the spread practice on the segment, lower spread, and our bank is more selective in our credit operations in the segment. For Bido, we had a growth of 5.9% throughout the year. The main component is risk appetite. We've seen macroeconomic movements both in Brazil and abroad. We have tried to diminish our risk appetite, and this expansion is a consequence of all that. I'd like to draw your attention to another characteristic of this presentation, which is a consequence of the introduction of the 4966. As a whole, we're going to talk about the complete portfolio, the whole portfolio, and we call it cash. All the guaranteed issues. It's a portfolio that represents around 50% of our bank total portfolio. Sector exposure, not much different from what we have seen. It's still very well diversified, with agribusiness our main and most profitable business, 22.9%, spreaded to the grain chain, agriculture, and cattle farming. Agriculture inputs with three, sugar, cane, and alcohol, 3%, more relevant segment, energy. We have five other segments that are among 6-7% of our portfolio, which is services, 7.6%, construction, transportation, and logistics, 7.3%, retail, 7%, and financial services, the credit lines that we provide to banks for credit or fintechs or other companies like that, represent 6.1%. We bring here today a slide that you've probably seen before, which is an important part of our strategy, which is where we separate revenues coming from clients and we separate in high capital intensity or low capital intensity. We have a growth in the low capital intensity or low capital consumption. It presents some seasonality. The first quarter is usually weaker for investment bank, and they recover throughout the other three quarters. If you compare just the first quarter, we are going to see that 2023, it represented 36% from revenues. The total revenues originated from my clients. It went to 40% in 2024, and now we've reached 44% the first quarter of 2025. If you compare to the previous quarter, of course, there was a decrease due to investment banking revenues. You're going to see further on there that where we are going to see more specific details about that. Going to financial margins, what we can see here is that compared year on year, we had a 6.8% growth from BRL 531 million to BRL 567 million. If you compare separately, shareholders are rated 125, market 8,823, and financial margin with quarter 125 to 143. Actually, it's the other way around. We have a very expressive decrease, and the reason for that is in terms of financial margin with clients, the blue shadow here. We have a couple of things to say. First of all, it's an appropriate measure for the risk appetite given a new domestic scenario due to high interest rates. We've been through different cycles. We know the impact in the financial health of companies, which led us to be more conservative in the first quarter. The greatest effect here is from the level of spread agreed in credit operations throughout the last month of 2024. We have showed you that the spread practiced in the past were the lowest in our history. That has reverted to a more difficult macroeconomic scenario. The operations agreed throughout the first quarter is a lot larger in terms of spread than what we had before. It takes a while to appear in our balance sheet. We have an accrued effect, carryover, and the operations that are going to be agreed in the first quarter will have an impact in our balance sheet from the next few quarters. In terms of financial margins with markets, we have a more conservative position here due to local volatility and external volatility and a level of liquidity. We have relevant revenues, but the expectation is to recover in the next few quarters. The impact of shareholder margin with clients, revenues, clients, and market, that led to an NIM decrease for the reasons I've said before, but we expect to have a recovery due to the PL revenue rated by the CDI. Because of the financial markets risk, we can have a recovery in terms of liquidity will lead or with the margins with our clients. The operations are going to be agreed with higher margins. That's going to show us a higher impact in the future. Now I'm going to open service revenues. I have anticipated a little bit when I talked about high and low capital consumption. I'm going to break down their main components. Guarantees issued, we have less variation here. It's very constant throughout time. Good behavior in the past quarters. The fourth quarter had BRL 44 million, I guess, around the third quarter of 2023, BRL 42.3 million. Investment banking is not a bad quarter for investment banking, BRL 32.9 million. Taking into account that there's a strong seasonality for this type of product in the first quarter, it's our second best first quarter in history. Just runner-up to the first quarter of 2024. That's a market that we are getting more and more competitive and more and more diversified in the type of financial structure that we can offer our clients in a way that not only we are going to keep this focus, but also we are very optimistic. Insurance brokerage fee is still growing. I mean, at a lower pace than we had before. Those are more mature products, but the expectation is to keep growing. Going to the credit portfolio quality here, we have the outcome of resolution 2682, and then when we have the resolution 4699, the LLP expense is below our average. Here we had this ratio on the expanded portfolio, and the LLP gets to BRL 63.5 million at that. So it's an appropriate amount. We have a very healthy portfolio. All the cases that we've seen were provisioned before. We have very good operations with more resilient clients. I think that this aspect of credit portfolio quality is still one of our strongest points. Now, for our credit loss allowance, we have a larger difference. Up to 2024, we were talking about provision divided by the loan portfolio. Now we are talking about BRL 51 billion in our portfolio. So we have a provision for 2.1%. That's the total balance by segment, 6.4% for middle, 1.6% for corporate, and 0.8% to CIB, where our loss, unless it's a very specific situation, the losses are 0. Overdue operations for more than 90 days. We also included the new methodology brought by resolution 4966. Now we are comparing our ratio based on the whole portfolio. Before, we considered only the loan portfolio. Now it is 0.9%, total amount of operations overdue for more than 90 days. If I consider the total portfolio, including securities, you can see that the figures are pretty much the same because the quality of our portfolio is very similar. The difference is the balance too. It goes up from BRL 273 million to BRL 485 million. The difference is now you are talking a delay on a BRL 51 billion portfolio, and before it was overdue payment over BRL 224 million. Of course, now the balance is larger. Percentage speaking, it is pretty much the same. Looking at this chart, we repeat the information I have shown before, but I am going to show a different metric here. What is the balance of a stage three portfolio overdue? Let's go back. Operations in stage three and overdue more than 90 days balance. From a coverage ratio point of view, we used to have 198% coverage ratio when we considered the 2682 resolution. When we go to the 4966, this ratio is now 227%. Very comfortable, that allowed the bank to be well provisioned even in a more challenging credit scenario. Here we repeat our highlight that I had before, which is the total balance of bank provisions divided by credit loss alliance divided by stage three loans. Going to our expenses, we have an efficiency ratio, and for expenses in 12 months, we have an increase by 9%. This is part of our guidance so that you know it goes from 6%-11% of growth throughout the year within our guidance. However, on the revenues lines, we were kind of frustrated. Our ability to generate revenues is better than that. When you compare year on year, revenues grew by 2.3%. Revenues growing below our expenses is not on our guidance. We are going to go after the guidance, and we are sure that we will be able to reach it. Funding is still a strong point on our bank, diversified funding. We have a very appropriate duration, longer than our assets and funding at very competitive rates. Again, that is our greatest strength. It still is, so we are not concerned about that. From capital, an increase in capital throughout this period due to an appropriation of profits. Total deposit ratio, it goes from 2.3%. The level one from the 14.7%, 11.7% are main capital, 3.01 capital, 8.1% expanded year-one capital. We increased by last year. We had two issues last year at very competitive prices. With that, throughout this year, we believe that the issues that we had in 2019 are going to be called this year to try to bring back this expanded year-one capital back to around 2%, which is what we find appropriate and appropriate level. Net profit from the bank, current net income, it's stable. We haven't had an increase of 1%. Just to highlight that financial margins components are going up, but at a lower pace than what we expected and what we can do. We had an increase of BRL 14.8 million, margin to the market of BRL 2.3, PL at CDI of BRL 18.9. We have more expenses, administrative expenses, and then we reach BRL 225 million. Now, going back to our guidance, I want to remind you what they are to reiterate our commitment to reach our guidance. Expanded credit portfolio growth, 7-12, as I said before. We are close to 11, so close to the cap. It was a slower and weaker quarter. Seasonal expenses growth 6-12, we're showing 9% year-on-year. Efficiency ratio from 32-38. We are at 42% this quarter of revenues, below expectation. The first quarter is usually like that. We have a very good pipeline. We have initiatives going further, so I expect to show efficiency ratios better than this one in the next few quarters. That is what I had for you. Pass the floor back to Ricardo, and you're going to start our Q&A session. Thank you for showing our first quarter earnings. I'd like to thank you all for being here with us today. Now we count on your participation in our Q&A session. [Foreign language} For our Q&A session, we have our CFO, Sergio Borejo. Borejo will be helping to answer our questions. Good afternoon, Ricardo, Sergio, all of you present here today. To all of you, please feel free to ask questions. You just have to click, raise your hand. There is an icon at the bottom part of your Zoom screen. I am going to start with the first question. It comes from Brian Flores at Citibank. Brian, thank you for your participation. Feel free to ask your question. Thank you, guys, for the opportunity. I would like to ask a couple of questions. First of all, we had a very interesting comment on the part with clients, and you talked about the accrual. How is the duration would you work? This accrual, can you think for the second half of the year, end of the year, or is this an effect that we can start feeling in the second quarter? I think that's important to know. You did a very interesting comment on capital. Do you feel free turning with a lower tier one that we have seen lately? Brian, thank you for your participation. Very good questions. Going to with the first question first, the accrual and the duration of our portfolio. Our portfolio has a very short duration, below one year. Whole portfolio, it should be around 320-330 days around. Spreads from last year were low, specifically on the second quarter. First quarter, they were comparable to historic rates. Second half, as you can see, the issues of securities, we saw a huge compression. Balance sheets follow that. We are price takers, not price makers. All the operations closed in the third quarter had a lower spread. Once we had this change in the macroeconomic scenario, we changed our policy. Now, let's prioritize the quality of our portfolio and profitability of portfolio, regardless of its size. If it's not to grow under the rates we want and with the quality that we want, we're not going to grow. That's what happened. January and February and March were a little bit stronger, but the expectation is that for the second quarter and third and fourth quarter, even more, we're going to start showing gains. If the rates practice are still like that, we're going to have very good results. Second quarter, more neutral. Third and fourth quarters, a little bit stronger. Second question. Brian, could you repeat your second question? Yes. If you feel comfortable working with a lower tier one from the levels you have been reporting lately. Our capital base, if you look at our tier one, especially expanded tier one capital, we still have some cushion there. We had some issues of BRL 1 billion last year at prices that were very competitive. So we still have discussion. Our mind is looking at 2025 with the possibility to optimize this capital base, and we have some space to have this total tier one a little bit below and replace issues that we had in 2019 at a higher price with issues that we had last year. So we still have some space for optimization. Very good. Thank you. Thank you for your participation. Next question, Antonio Ruette from Bank of America. Antonio, thank you for your participation. You have the floor. Hi, guys. Thank you for allowing us to ask questions. From my side, if you can explore a little bit, how are your expectations for the macroeconomic scenario and how it has changed since the beginning of the year in terms of risk appetite, or if there's a sector or another, without mentioning companies, but sectors that brought to more or less concern throughout the year? The second question, in terms of expenses, how do you see the progress of expenses to the level that they are right now? If you see some space for decrease in growth pace. Thank you for your questions. Let's start with the second question. In terms of expenses growth, as we said before, from the end of the great cycle of investment all the way to 2023, we are back to new fronts, technology, updating systems, and we are now having a better control of our expenses. Our guidance is 6%-11%. Now we are at 9%, and we are working to improve these 9%. So our guidance is still our best expectation. It's a guess, quote unquote, but our work, we are working to bring it to the floor of this range. First question, what is your expectation from the change in the macroeconomic scenario? Is there a sector that called your attention, more concerning, less concerning? And then range of guidance again, how do you see the potential growth in your portfolio given your guidance? Listen, not for very good reasons, but for the Brazil historical volatility, we know that companies can adapt really fast. In the beginning, when expectations went down, deteriorated a lot, November, December, we tried to close all of our caps. We started to see companies' balance sheets, what were their planned changes for this year. We reviewed our portfolio. Now we have a very clear view of the situation of each one of them. We are starting to speed up the credit issuing. With some names that we feel more comfortable with, of course, we have the fact of a 7.75% interest rate has an effect in the financial health of companies. Companies have learned to work at higher interest rates. If there is a shift, it is not good. Today, we have a more clear scenario than before. Something good that happened despite other high interest rates in the past. The company deals are larger. As though we have a pressure on results, we do not have the pressure to roll over debt because the companies were funding at six months or less. Now we have companies issuing bonds at 20 years or 20 years. Even smaller companies can have a three-year issue. We have different pockets in the capital markets with appetite for different risk types. From a sector point of view, of course, there are some sector policies, but our credit committees are on a company-by-company basis. Of course, if in a sector that is doing well, the company is probably going to do well. Even if a sector is not doing well, we have some companies that are going to outperform. Agro sector, very good. We like it. There were problems in the past in terms of credit. Companies that are part of their value chain. We had a very low exposure to these problematic figures that we've seen. Now we have a sector with record production. Prices are anticipated. We have some incoming coming to the sector that's going to bring us some relief. Energy, we like the energy sector, strong companies, good profitability. Last year, we had the curtailment that was a surprise to us, which led to an impact from my point of view, the ability that you have to finance new projects because you're bringing some hard times for our curtailment clients that are going to be using future revenues. Real estate, construction are doing well. We like it. We have a good practice that we have to know how to select our clients. Today, compared to November, December last year, not that the macroeconomic scenario improved, but markets are calmer, volatility is down, and we have a better view of how each company enters this new period. Thank you. Thank you, Antonio. Now let's pass the floor to our second, our next question, Mateus Raffaelli, Itaú BBA. Thank you for your presence. And you have the floor. T hank you, everyone. Thank you for allowing me to ask this question. I'd like to explore the topic of portfolio mix of ABC. You said the NIM suffered due to spread on operations, but we've seen a change in the bank portfolio. That portfolio is going down, and I think you're very strong in capital markets. I want to understand from your side, the portfolio growth that you see in your guidance is still coming from TVMs or maybe putting pressure on the margin, but you can have more service revenues, or you're going to actually manage it as the capital markets goes. I wanted to understand a little bit better at this point. Thank you for your question. Actually, our securities, our bonds have been well, our securities have been well accepted by the clients. From our point of view, it brings some strong flexibility in managing our portfolio. When we are originating the transaction with our committees, we define whether a security is being originated for our portfolio or for sale or both. There are some operations that we do for distribution at 100% of the market and other operations. We say, okay, from this, I want to add part of it to my own balance sheet, knowing that this instrument allows us the flexibility to redistribute it if you want. We have our bank with a huge ability or capacity for origination, and we also have a capacity to pile assets in our net worth. For us, it's very welcome. We try to sell this product to our clients. Clients are accepting it pretty well. Clients like it. Our bonds do not have to pay the finance tax IOF. We offer what the client wants, of course. Our trend is, the way I see it, that little by little, our securities are going to be growing more than our loans. We have to reach our year guidance. First quarter, dollar effect, 1.2% in our case due to Brazilian real appreciation. We have the seasonality as well, and we expect from a macroeconomic point of view, it's still under control. We expect to grow or keep growing in the next few quarters. Thank you so much. Thank you, Matheus. Next question from Ricardo Buchpiguel at BTG Pactual. Ricardo, thank you for your participation. You have the floor. Thank you for the opportunity to ask questions. I have a couple of questions for you. First of all, I'd like to know the risk-return relationship in credit for a large company, corporations and mid is performing better at one end. And when you put together the guidance, maybe due to the adjustment of a spread that had to do a more benign scenario with our Selic interest rate shortening cycle of heights. Second question, we saw a decrease in the cost of risk from the fourth quarter. It's below the correct average. If you can comment on the reason behind this improvement, if you have any premises that you are considering, you're more optimistic for the rest of the year, what can we expect? Should it keep the same level that we saw in Q1, or should it go back to average historic averages? Thank you for your question, Ricardo. From the risk-return question, our corporations, CIB, large companies that from our definition have more than BRL 4 billion revenue. I wouldn't say that it's a bad risk-return. From our point of view, there is a return on allocated capital that is not correct. We are not looking at economic return, but from the regulatory return, because you have to allocate part of the capital depending on the spread, that is not enough for the returns we are expecting. That's why we're being more selective. From return on risk of credit taken, it is a segment with low risk. We have large companies that are more leveraged, but that is a minority. The market knows who they are. For a corporate segment, that is a corporate is the mid-segment company that is BRL 300 million-BRL 4 billion in revenues. That is a segment that we have been growing at 20% per year. These figures show that we have an appropriate return from a risk point of view, but also from a capital regulatory point of view. This segment had also suffered from the spreads. They recovered a little bit now, and they brought spreads to levels similar to 2023. They are not high, but they are appropriate for this segment. We are comfortable growing there. For middle, we are more conservative. We know that these companies, they have a shorter debt profile. They suffer more with an economic deceleration. We don't know exactly the intensity that deceleration is happening. We were more conservative, so our growth was hindered there. Now we have a better view of the scenario. The growth for the future is expected to be higher. We have very good expectations now. Our next question, Carlos Gomez- Lopez from HSBC. Carlos, thank you for your participation. I'll do it in English. To follow up on Brian's question on the capital, right now you are at 11.7% CET1. Is that the level that you want to participate at? Sorry, is that the level you want to maintain, or would you consider being lower than that? Just asking about the capital, if our level of tier one capital from 11.7% is appropriate or if he expects a change. Yeah, I can Portuguese or English? Portuguese. Okay, I'm going to enter in Portuguese. Thank you for your question, Carlos. It's a pleasure talking to you. Historically, our core equity run is around 11%. I think that's appropriate. 11.7% is a little bit above our practice, maybe because we had profit or the risk profile is better. The point is, it's better than the average. Something around 11% more or less is appropriate. What concerns the total tier one, after 13% is more or less also sounds appropriate for what we practice and the markets we are in today. Thank you. Thank you, Carlos. With that, we end our Q&A session. Thank you so much for your participation. We came to the end of our earnings call, first quarter 2025. Now I'll pass the floor to our CEO and CFO. Thank you so much for the opportunity to be here. Hope to see you soon. Thank you. Came here. I'd like to thank you all for being with us today, and I hope to be back for the earnings call second quarter. Our team is available for any questions you might have. Thank you for your participation. We'd like to thank you all who are with us online. This presentation is already available on our RI website, and it's going to be available on our YouTube channel. If you want to listen to our broadcast on audio, it's on our Spotify, and our RI team is ready to help you for whatever you need. Thank you.