Good morning, everyone. Welcome to another ABC Day. This is a moment to present you, shareholders, investors, stakeholders, the Results of ABC Brasil and the Strategies for the Future. I'm Ricardo Moura, Director of IR, M&A, Owner and Strategy. ABC Brasil was acknowledged and recognized as the best Latin American bank by the Excel. This is one of the most well-known award ceremonies. We were in 1st place, and this is in relation to the acknowledgment and recognition of each of you. Now, some information about our broadcasting. If you want to follow in English, you just click in the simultaneous interpretation icon, and there will be, at the end of our broadcast, Q&A. To ask a question, raise your hand, clicking in the raise your hand icon. For those who are following through YouTube, you can send to the NNR email. Continuing, I would like to call Sergio Lulia, our CEO. Welcome, Sergio. Hello. Good morning, everyone. Thank you, Moura, for the opening and the usual partnership. It is a great satisfaction to be here once again in another ABC Day. This event is always a valuable opportunity to exchange with our investors, shareholders, and stakeholders, reaffirming our commitment to transparency and the highest standards of governance, attributes that led us to the leadership of all categories in the Excel 2025 ranking. Throughout the day, we will share the bank's result, our strategy, and our perspectives for the future. We remain firm in our purpose of driving business, building relationships, and growing together. This commitment is reflected in the experiences we provide and the long-lasting relationship we have built with our customers, partners, and employees. This dedication is evidenced by our evolution and the ability to serve with excellence, offering personalized products and services. Traditionally, we have segmented our clients based on the annual turnover and geographical location: large corporate, corporate, and since 2019, middle groups. However, with the increasing diversification of our portfolio and performance, we identified opportunities to deepen our industrial knowledge. Therefore, we created two verticals: one dedicated to the Agro sector and the other one to the Real Estate sector. These structures will allow us to serve more the specific demands of each industry, regardless of the size or location of the company. With this new structure, our customers will have an even more consultative and close service, supported by specialized teams prepared to understand the specificity of each sector. In addition, we have begun the transition of some leaders with a focus on driving our business strategy and accelerating growth. From 2025, we will have two new VPs, Rodrigo Montemor, who will lead the Large Corporate, Corporate, and Real Estate Vertical, and Daniel Credidio, who will take over the Middle Segment and the Agro Vertical. I take this moment to thank APIMEC for the continuous partnership and for the essential role in training financial professionals. I thank you all for the trust and the partnership. Enjoy ABC Day. We will see you soon when I will present the results of the third quarter. See you soon. Good morning, everyone. It's a pleasure to participate in this ABC Day. I'm Rodrigo Montemor, and I am the Commercial VP of Large Corporate and Corporate Segments. You know those segments. They are responsible for most of our expanded credit portfolio. They represent the markets in which we have been operating for more than 35 years and encompass large companies. This year, we have some news to share. While the large corporate continues to bring together companies with annual revenues starting at BRL 4 billion, the corporate segment now brings together companies with annual revenue between BRL 500 million and BRL 4 billion. Another recent change that we would like to announce on this ABC Day is that, in addition to the traditional segments of revenue range, large corporate, corporate, and middle, we launch a new vertical sector for leveraging our expertise we have built over the last years. Today, I will delve into the real estate vertical, which represents an important sector in our economy and is historically representative in our credit portfolio. The new vertical that we are calling Real Estate now serves all construction companies, developers, and customers in the areas of properties and shopping malls throughout Brazil. Regardless of the level of revenue, in this way, we offer a more niched service focused on the customized offer of products. Speaking of products, in addition to the traditional offers of an Entrepreneur Plan and solutions in the fixed-income capital market, such as CRES, which we already do well, now we have new structures to develop and offer new products. We have a very important national presence. Currently, ABC Brasil is in more than 120 construction works spread across all over Brazil, especially in the state of São Paulo. The commercial teams, they have a regionalized operation, and they have dedicated teams in several areas of the bank, aiming at optimizing servicing, bringing efficacy in credit approval, and promoting the cross-sale products. For our clients, this new way of serving brings even more agility in the approval and release of resources, ensuring services that are closer and that favor the consultative approach that is a trademark of ABC Brasil. We believe that relying on the expertise of those who know the sector will offer more appropriate and personalized solutions to our clients seeking to support them in different business cycles with a long-term vision and focus on lasting relationships. That is what ABC Brasil purpose translates: to foster business, build relationships, and grow together, believing in the relationship that generates value for the client and the bank. Thank you for being here today. Good morning, everyone. I'm Daniel Credidio, VP responsible for the Middle Segment and the Agro Vertical. It is a great pleasure to be here to talk about the ABC Brasil agrobusiness front. As everybody knows, agrobusiness is one of the most important pillars in the Brazilian economy, representing more than 20% of Brazil's GDP, and it has always been one of the main sectors of ABC Brasil activity. We want to generate value and support sustainable growth of agro, offering trust relationships and amplifying support and development. Our participation goes through the sector as a whole: grains, sugar, and alcohol, agriculture, livestock, and inputs. What brings me here today is this willingness to share something new, how we operate in the sector. Agro has always been one of our strengths. We have served clients for many years, most of them large companies that we classify to be served by CIB and Corporate Segments. In 2023, the bank started operating in the Middle Segment, which serves companies with annual revenue between BRL 30 million and BRL 500 million, and also middle-sized companies in agribusiness. We have been strengthening the relationship with the entire agro ecosystem, working with the rural farmers, livestock, corporate, agri-industry, and groups in the productive sector. This year, we start a new chapter in our journey alongside agribusiness. We have created a business front totally dedicated to the sector, adding up to our expertise in agribusiness. This new vertical has a commercial strength and support areas that are dedicated to seek for business opportunities throughout the entire agribusiness chain and build customized financial solutions to our clients. Despite the size of the company, to have specialized teams allocated in several cities and agribusiness hubs allows us to serve clients in a closed manner, understanding the needs. This integrated service will allow us to take a step further. We will be able to serve clients and suppliers of our clients. We are very happy with this Agribusiness Vertical that, besides our billing, also relates to the profile of clients and the specialty degrees of our team. We believe in the integration of the chain, the use of market intelligence, and relationship as pillars. We are close to the farmer and agribusiness companies all the time, growing together with a vision for the future. Thank you for your attention, and I hope you enjoy the broadcast. Thank you very much. The company saw a corn crop, and they do not understand all the R&D involved. We buy land today; we will have a result in six years. We have heard that we are the 1st operation of CDC Zero Carbon in Brazil. It was a proposal offered by ABC Brasil, and we really enjoy this idea once we are strongly working with sustainability. Brazil is the world is facing, well, faced the pandemic, and ABC Brasil was essential for us to keep our results. We've heard the VP, Rodrigo Montemor, responsible for Large Corporate and Corporate, and then the VP, Daniel Credidio, responsible for Middle and Agro Segments. Now I'm here with Izabel Branco, our VP responsible for Talents, Branding, and ESG. It's a great pleasure to have you here, Izabel. I thank you. It's a great pleasure to be here. Good morning. I will start our conversation proposing a subject that is quite trendy: ESG. Once again, the bank will be present at COP30, right? Yeah. It's our third time at COP, and this is a very special one, being this COP in Brazil, where we'll be part of discussions with investors, partners, clients, so we can form some alliances that can increase access to capital, promote projects, and contribute to the development of the carbon market and also the funding of sustainable solutions. That's because our ESG agenda is quite meaningful. We finished the 3rd quarter with more than BRL 21 billion in assets aligned to ESG criteria that represents 11% in relation to the same period in the previous year. That is more than 40% of our portfolio, of expanded portfolio, right? Yeah, and sustainable has been present in more than BRL 1 billion. What about the Decarbonization Table? Our Decarbonization Solution Table has helped clients in different sectors always take into account the specificity and the maturity stage of each of them. Our solutions, example, we made it feasible, was the 1st CDC Zero Carbon in the country, compensating the carbon emission related to funding of trucks acquired by one of our clients from the logistics and transportation sector. It is one that we showed in the video we just saw. Yeah, it is a great example of how we are developing new instruments and partnerships to contribute with the development of carbon markets in the country. Tracing, we focus on traceability, governance, and real impact. The entire effort is recognized by the market, by agencies, and regulators. Now we are part of the CO2 ratio from B3 for the 3rd consecutive year, and we have some ratings that are amazing, right? Yeah. Another advance was our sustainability report that is an integrated report incorporating some guidelines of IFRS S1 and two. Another important point from your area is people, right? At the end, we are a business that is made by people. How is that front at ABC Brasil? In the last years, we have evolved in relation to culture, fostering people to develop themselves continuously, cultivating curiosity as the growth strength. This movement strengthens not only our capacity to learn and innovate, but it also affects how we attract talents in the market. An example, I believe we can mention our internship program. We are very proud to have this program that is nationally recognized and that has received awards in many editions. We train professionals from the financial market based on the journey, development journey that includes technical capacity and also practical experiences and a mentorship program. That is not quite common, but this makes accelerating the learning process and the professional maturity of our young talents. This year, we had more than 8,000 candidates to show how attractive we are. We have to change to talk about NPS. Just NPS and the mentorship journey, it's more than 90 points. This is a pillar. Continuously learning and doing our best is essential for us to evolve as an organization. The training program is something that we take seriously. With the training aspect, we can talk a little bit about Corporate Academies, right? Yeah. We are acknowledged with a high technical level of our professionals. Besides being proud, this is also an evolution process. Our commitment to invest and improve training and also knowledge. Of course, it's your own responsibility to continuously learn and evolve. We have three academies: the Academy of Leaders to form managers, prepare to inspire and develop people, translate strategies and results. The Commercial Academy will train the salesforce not only with technical knowledge, but also with a consultative vision and relationship intelligence. Also, the Credit Academy was created to assure an excellence level, in one of the most critical points of our business, that is the credit analysis. This was built with co-authorship with specialists in the bank, more than 14 areas totally dedicated to donate their time so they can dive deep in the subject. That shows that we are an example, not only technical reference, but also the attitudes of our professionals are amazing. Izabel, this capacity of training people, this is part of the culture of ABC Brasil. In that sense, I would like to invite Rodrigo Cordeiro. He was recently promoted to the position of products and internship. Thank you. It's a pleasure to be here. As you've mentioned, I'm the VP of Product and Segments, an area that manages and evolves our products and services to improve how we serve our clients. You've asked me to talk about my history in the bank. When I think about it, I see how myself and ABC Brasil, we have grown together more than 17 years here. I entered in the 1st training program in ABC Brasil in 2008, and I was full of curiosity and willingness to learn. The bank opened doors to a world that I didn't know. That was here where I learned everything I know for the financial market. I had the possibility of proposing, freedom to learn, and make mistakes. That is how ABC Brasil fosters the protagonism of those who are here. When the training program was over, I chose and the product area chose me. Ten years, I was a Specialist, an Analyst, a Manager, a Superintendent. Once I felt that the bank has the vocation of developing talents, ABC Brasil believes in people, and it offers real opportunities for growth. I had leaders who bet on me, and today I do the same to my team. In 2019, I received the invitation to become the President, the Director, sorry, of a new area that was the Department of Data and New Business. Great challenge, but I could expand my point of view and learned a lot about the bank and the financial market. Later, I came back to the product area, and now I'm VP of Products and Segments, a very special moment for me. It's been a while that ABC Brasil is recognized in the market as a bank that prepares great professionals. I see that. In my case, I've been through many areas. I got to know nice people. I learned, and I'm still learning, and I've evolved not only as a person, but also as a professional. This is a real story that made ABC Brasil believe that relationship is what generates value. Thank you. It's been a pleasure, and I'm very honored to share my story with you. Enjoy the broadcasting. Great trajectory, Rodrigo. Thank you. Thank you for sharing your story. You can see in his history that here we develop people, we strengthen capacities, and also open the horizon. In his statement, he was so personal, and I can totally connect it with the actions we have done to position our employment brand in the market. The bank believes that human relationships build values. That's why we value real stories that have placed us here, the ones we've built with our employees and each of our clients. That shows how our position is related to positioning and relationship. This is very present, mainly in our website, partnerships that leverage us, showing clients and how the bank is close and makes part of the everyday business. Our team is the same. They are protagonists, and they share through our channels how they live the culture of ABC Brasil, presenting the way we are and inspiring our talents. That's it, Izabel. If ABC Brasil positions itself as a singular bank, nothing better to translate that with stories like this one. Seeing the stories being built and told in such a personal way, respecting the uniqueness of each of them, as you've mentioned, allows us to value even more those connections that create true relationships, trust, and proximity, which is how we believe we can generate value and leverage the country's greatest business. Thank you, Izabel. Amazing participation at ABC Day. Thank you. Thank you very much for watching, and I hope you enjoy the day. Now we are going to the studio to deliver the APIMEC Acidity Seal. We are in a moment that we are going to have the delivery of the APIMEC Acidity Seal. I have Mara Louzada here and Sergio Lulia. Mara, welcome. Thank you. A great pleasure to be here with the ABC Brasil team. It's a pleasure to have APIMEC here. For us, it's a great moment of acknowledgment, not only of ABC Brasil, but our partnership for many years. To be here in year 2019 is very important to us, and we are very proud to deliver the APIMEC seal to ABC Brasil for the regular participation of public meetings promoted and mediated by APIMEC Brasil. This seal translates the transparency and the equity in which ABC relates to the market and all the stakeholders. Thank you. Thank you, Mara. It's a great privilege for ABC Brasil to receive this acknowledgment. It's a reflection of our history of relationship and proximity, mainly coming from a very respectful institution with more than 50 years of presence. Now, Daniel Xavier will talk about our macroeconomic scenario. The macroeconomic environment affects the ABC Brasil operations in risk appetite, the growth of portfolio, or in default. I'm here to talk about that with Daniel Xavier, an economist, Chief of ABC Brasil, and his 1st participation. It's a pleasure to have you here. It's a great pleasure and a great satisfaction that I'm here with you at ABC Day this time in order to design the general lines of the macroeconomic scenario that will be the base of the bank results that will be presented. Starting, Daniel, checking the GDP. What should we expect for the GDP at the end of 2025 and the beginning of 2026? Our base scenario projects a reduction in the speed of GDP of 1.7% throughout the year, coming from 2.2% this year, 2025. Keep in mind that in 2024, we have registered a growth of 3.4%. You can see that it is a chain of growth rates that are smaller, a trend of deceleration. This is a trend that should be observed not only in the sectors that are cyclical, services, manufacturing. Cyclical are the ones that are basically sensitive to the interest rate. Also, the non-cyclical sectors, commodities, for instance. The trend is also to have growth, a smaller growth ratio, mainly the agriculture GDP. We can see the base scenario with deceleration close to 2% in 2026. Preliminary data from our statistics agency say that coming from 9% this year. If we divide the GDP, how can we see employment or unemployment in this situation? Pretty interesting because the working market is one of the ones that takes a while to react to the economic cycle. It takes a while to have an effect of the increase or reduction in interest in order to affect the hiring or firing dynamics. The current situation of the working market today in Brazil also shows a working market that is pretty heated. Unemployment is around 5.6%, according to the most recent numbers. This is way below the historical margin and below any estimation of unemployment. The working market is heated, but with a little bit more of time, it will feel this effect of the deceleration that we are projecting throughout the next year. We have this expectation of increasing the unemployment rate up to 2026. Now another part, how is the participation of the government in the GDP and how does that contribute? What is interesting here to see is that one of the elements that has affected the working market is the weight related to governmental transferences. That geographically spread has affected the decision-making of offering job opportunities. Revenue transferences have had an effect of increasing the revenue of the population, but also affect their decision to work or not. That has a fiscal cost and has collaborated for a dynamic that is not so positive when we look to the public accounts. This fiscal scenario, how would that impact the work of the central bank to regulate interest and also checking inflation? The central bank assumes the fiscal scenario as data. It's something exogenous. It comes from the assumption that you are registering there is structural deficit that, in fact, it's what we have observed here with the Brazilian economy. Such deficit has contributed with the relationship with the GDP debt. As a result, when you have a GDP debt as result, the inflation may reduce for the next interval. This is our base scenario at ABC Brasil, IPCA a little bit below 4.5% and, not, close to 4% throughout 2026. It is a deceleration picture of the activity and the domestic inflation. To summarize, the GDP cools down, the inflation starts to be more controlled, going all the way to 4%. You also have an interest rate that is going down, but the average levels are high. Yeah. The perspective for interest rate is exactly the one you have mentioned. BC, the Central Bank, will start a cycle of reductions in the 1st or 2nd quarter of the year, and there should be room to reduce, and probably they will reduce the Selic rate. We are projecting 1.75, but when you see the average, it starts with 15%. It has an average interest rate that is restrictive without nominal numbers so far. To add this situation, maybe the question, the $1 million question, how do you see the exchange rate navigating that? Exchange rate answers to some variations, and one of them is interest. You can see that the differential between the Brazilian interest rate and the U.S. or the Fed funds, they will reduce next year. It is less attractiveness for our currency. It is a trend of real throughout the next year to depreciate in relation to dollar. In parallel, traditionally during election years, the currency and other domestic assets, they also show a higher volatility in relation to the historical averages. This is another trend for the interest ratio. There will be a lot of thrill next year. Yeah, for sure. Last but not least, your point of view on how we should expect the default in corporate credit checking 2026. When we model default in relation to the macro point of view using the central bank statistics, one of the things that means the most is exactly the real interest rate. With a difference that is quite relevant around a year, a year and a half. The real interest we see today, it tends to carry information in relation to the default ratio for free credit. All indicates that those are high default rates in relation to the history that during 2026. This is a scenario that will require some care. Yeah, you should be careful, mainly managing the economic risks. We understand that the business, the banking business, is based on the proper management of the economic risks throughout the cycle, assuring that we are sustainable. Daniel, thank you. Thank you very much. It was a great conversation. Thank you, Mara. My pleasure. Thank you all. Now we are going to hand the floor for corporate credit in Brazil. We are going to talk about the 3rd quarter results. Thank you, Ricardo. Good morning, everyone. We are going to share now a little bit about our vision about the corporate credit market. Here, this page translates pretty well. What is this market? It is divided in three instruments: loans that represent 2/3 of the entire portfolio, private securities, and last but not least, guarantees issued that represent the rest, around BRL 500 billion. As this portfolio had an evolution in the last years, we can see that loan represents the lowest growth ratio, 8% per year from 2020 up to the last data we have available. Guarantees issued growing 13%, similar to the total of the expanded portfolio, and also securities with a higher growth ratio of 27%. Those are the ones that are making securities more attractive in the total of the corporate credit portfolio. In 2020, it represented less than 14%, and as time went by, it represents something around 24%. When we see a zooming in the loan portfolio, we can see some dynamics. Here in this page, we have the monthly growing ratio in which we compare the growth of one month versus the other. We have a ratio with the gross originations plus interest accrual divided by the due dates. Whenever it overcomes 100%, we have a growth of one month in relation to the previous year. Below 100%, we have a decrease in the portfolio. Some effects we are able to analyze throughout years. The 1st month of each quarter seems to be a weaker month, just like the last month is always the strongest one. The 2nd half of the year is more dynamic than the 1sr one. When we observe 2025, this seasonality stays. However, we have seen a deceleration of this growth. Out of the nine months we have data available, seven represented a growing ratio that is below the average that was in 2021. How is the growth throughout time? Here you can see a longer series that we have growth in 12 months since 2022. This is a portfolio that had grown 17%. In 2023, it goes through a deceleration on this growth rhythm, finishing 2023 with a little bit more than 2% of growth. In 2024, it recovers and it finishes the year in around 10%. In 2025, we see a new deceleration based on the last data available from the central bank, an elevation of 4% in relation to the same period of the previous year. When we observe this dynamic by instrument, by product line, we are able to bring some new conclusions. For instance, the discount of receivables, it is been losing space. It has been a product line that represents an increment that was meaningful in years like 2022. It lost some room due to some changes in the taxation. In 2025, it will become a problem to the corporate credit portfolio growth. Another important line that we can see how it behaved is the working capital. It represents the greatest source of resources inside the expanded credit portfolio for companies. Historically, also there were some deltas, important ones for growth. In 2023, it was no longer good. In 2024, it came back to the growth rhythm. In 2025, it is decelerating. The foreign market, another line that contributed to this increase in our portfolio, lost its relevance in the last 25 months of 2025. In our point of view, this deceleration of the growth ratio of the expanded portfolio, it relates to the high level of the interest ratio that has increased the debts of companies. Based on the estimations from the Central Bank and FEBRABAN, at the beginning of the year, in February 2024, we had an expectation of, in 2024, grow the portfolio of around 8%-9%. After many cuts in the projections, today we have this expectation closer to 5%-6% based on the last available data. For 2026, the reading is pretty similar. The expectation is that it will grow a little bit more than 6%. Here, as a result of a Selic index in relation to a level that will keep on generating this behavior in the portfolio. How default has been working? We divided data into two different profiles of clients, major companies that we present here. They have had an overdue more of more than 30 years, that is 30 days that is more comfortable. We compare data from 2024 with September 2025. We can see only a small increase in the rhythm of delay. That is mainly because of the access to capital markets that the companies have available. On the other hand, small and middle-sized companies, they do not have the same access. They are the ones that, once they depend on the banking balance sheets, have more default rates when we compare 2024 with 2025. In the 1st nine months of 2025, there was an increase in the overdue of more than 130 bps. That is real when we observe stage three of the portfolio. Also, with the size of companies, small and middle-sized companies had an increment of the stage three level from the portfolio. Keep in mind that this is a new metric that just started to work with the resolution 4966. That is why we have data available from 2025 on. For major companies, they are in a stable level. They are in stage three, according to the portfolio. The effect of the total portfolio is still, stable in relation to the beginning of the year. Another movement that is pretty important for corporate credit was the repricing of spread. Spread that were in 2024 aligned with a lower perspective. Throughout 2025, they are being given a new price. That happens due to repricing by the banks and also some new adequation of the relationship risk-benefit. That inspired us to be more careful due to market agents. Banks have shown a better discipline when allocating capital and also a better relationship of risk and return when compared to capital market. In a scenario in which we have decreasing spreads, mainly in the AAA rating, what goes against or faces the other credit mechanisms or credit ratings. Here we have a concentration under a few names that have a shortening of the spreads. And those are spreads that in a way or another, they come below the reference ratio for Selic and also any other taxation like NTN-B. What about volumes? They have historically high levels. In the 1st nine months of 2025, we have a very similar level to the one observed in 2024. That was a record year of issuing fixed income titles. That is due to the entrance of resources for fixed revenue that since 2023 have accumulated a positive flow. That goes against the exit of resources from equity funds and multi-market funds that will add in the last three years withdrawals of around BRL 630 billion. This flow is benefit for fixed revenue funds related to the level of the basic interest rate and what fosters this migration. With that, I close the panel about the corporate credit market. Now we are going to continue with ABC Brasil going for the 3rd quarter of 2025. Thank you very much. Thank you, Tiago. Now let's present our highlights from the 3rd quarter. Our net profit was BRL 257 million, a growth in relation to BRL 244 million of the previous quarter. ROE, 15.5% compared to 15% of the previous period, a growth also. Our portfolio has a coverage ratio that is very interesting. The balance of total provisions divided by overdue more than 90 days, almost 400%. The total provisions divided by stage three operations, around 90%, a very comfortable ratio. The financial margin reached BRL 652 million. It was a record. It grew three major aspects: margin with clients, margin with the market, and the CDI compensated state. We have reached the recovery, reaching 4.4%. In relation to expenditures, work that we have been very rigid, a growth of 3% nominal number versus 2024, with an efficiency ratio of 38.8%. Here we have the growth of our expanded portfolio, considering the resegmentation that was followed and explained previously by Daniel as well as by Rodrigo. We see a portfolio that is growing 0.4% in half of the year and in a year year versus year 4.6%. As we have been saying here, this is a year we have privileged way more margin and quality of the portfolio instead of growth. We only grow as it's possible to grow with proper margin and the portfolio quality that is adequate. The growth was a little bit below what we have expected in the beginning of the year. That will take us to review the guidance that will be shown soon. When we look segment by segment, here it's impacted by the resegmentation. Operations in the middle already considered companies with BRL 500 million and all other companies from agribusiness and real estate segments that were in segments, they are concentrated in the corporate segment. It has presented 7% per year. In relation to the sectorial exposition, we still have an exposition that is quite diverse, all major activities for the Brazilian economy. Here it's pretty clear why we have made special VPs. Agribusiness is the major segment for non-urban. In civil construction, 8%, the third largest one. These two have a segment or a service that is specialized. The energy segment is quite relevant, almost 14%. In practice, it had a dedicated service as we have people in relationship as well as in the analysis part that have specialized in such a scenario. We have almost half of our portfolio that will be served by specialized teams in their business line. Here we have a revenue with clients in today's ABCD. We want to show you a bigger perspective. In 2019, we have two dimensions. One from total revenue that comes from BRL 900 million, which is BRL 1 billion 900. A growth that is a little bit more than 100% in the period. The proportion, the ones with high capital consumption and low capital consumption, starting with 32%, it reaches 45% in 2024. In 2025, it capped this level. This is something pretty strong that we have been doing. It shows not only the quality of products and they are pretty accepted by clients, but also our capacity to have revenue that consumes little or no capital. They add to the return of the bank. The financial margin, the net interest margin, it went from BRL 370 million- BRL 393 million. The interest rate shows this reaction. We have been quite conservative when exposing to market risk and the maintenance that is pretty high. The numerical part of CDI is high. When we see the local comparison, we have growth annually into revenues, as it was mentioned. This revenue will go back to evolve in the last quarters. Here we have the net income margin, as I have mentioned in the highlights. Here the 1st quarter, and then its recovery, and it reaches a level that we are quite pleased with. The revenue with services, they had a similar point, BRL 130 million in the previous semester versus BRL 107 million now. When we look at nine months, that I believe is more relevant in a scenario like that, we see more positive results in guarantees that were granted or granted guarantees. The investment bank has a very pleasant performance. In 2024, the volume of transactions continued proper. The papers placed in the market also. At the end, they are a little bit below. It is something in the industry. Today we have numbers that are lower than the previous year. Probably we will keep on with this trend. What about other tariffs and insurance brokerage? This will be uptake as soon as possible with the growth of our portfolio. The credit portfolio is quite positive. I can show here, considering a challenging credit scenario, we believe it is important to be more conservative when provisioning. The provision comes from the floor, and the level of provisions to have in the cycle is 1-2%. It was half. Considering the credit scenario that is a little bit more challenging, we managed to bring that to the core of the thing. It is going to be 0.7%, something that will continue in the next semester. The provision goes up to BRL 90 million. The balance is quite proper. The bank as a whole has 2.4% of provisions. Despite the overdue is complicated. Corporate has 1.9, a large corporate 0.9. The operations overdue more than 90 years, they are going down, reinforcing what I've mentioned, a provision that is a little bit more preventive. Operations overdue more than 90 days goes from 0.9 - 0.7, a new drop to 0.6 now, with good behavior, mainly in the middle market that can improve their due dates in more than 120 days for 3.3%. The stage three and two operations, another ratio we are getting used to, they represented 5.5% of the entire portfolio in the 1st quarter. It increased 5.8% and now 6%. The growth of stage three, two, sorry, stage two is a little bit more intermediate. They call our attention more than stage three because I will have increases. In relation to provisions, the coverage ratio, 390% per year. Also new indexes that is 90%. We have the addition of different scenarios like two and three with BRL 39 billion. The companies are behaving pretty well. Expenditures grew just like 3%. We had only 4% if we consider 9% below the guidance. We still have three months to finish the year. Another guidance will be reviewed and it will show at the end of our presentation. Revenue has been behaving in a very flat way, almost the same level of revenue, mainly due to smaller companies and lower revenues in the market. That makes our efficiency ratio, despite everything, 38.8% above the guidance, the proposal we had at the beginning of the year. The third guidance will be reviewed and we will show you. We have the funding that is pretty constant and solid, and it is important to have that. We have 36% coming from institutional investors in a good deadline, 19% of individuals, 12% of our own fund corporates. This is important, BNDES with 8%. The entire issue of the bank is comprised by all that, and also lines of trade, finance, and multilateral agencies. We closed the baseline in 16.7 coming from 17. The main impact is the reduction in half percent. We said that we were going to retire some of these securities. We can expect that of 30 times in this ratio. It is pretty comfortable. We have shown to you the capital level one that goes from 11.6, 11.9 now, despite the high payout we have had, showing that the bank has the possibility to generate results that will have a good compensation to shareholders and also allow the bank to grow their activities as planned. The recurrent net income, in a way or another, is constant, BRL 256.8 million versus BRL 255.3 million last year. Things are clear here. There is an improvement of the client margin and also a drop in the market margin due to the issues I have mentioned. Here we see smaller things, provisions or taxation. You see that it goes all the way from capital to CDI. We have reached the review of our guidance. In relation to the growth of the expanded portfolio, we had 7-12%. As I have mentioned, and I will restate, when we think about the three pillars of a commercial activity, there are, first, what is the margin that you get with clients? What is the quality of your portfolio? Third, how much you can grow. This year, we are planning both things to have proper levels of return upon the risk and to have a healthy portfolio. The review guidance of growth to 1-4% represents a growth in the last quarter of 3-6%. We know that the last quarter has a positive movement. We do hope this will happen this year. We also say that if we go from 3-6% in the last quarter, we will reach that number that is 1-4%. In relation to expenditures, we grew nine months versus nine months. It was before 0.3%. Our guidance was 6-11%. We can see our expenditures and the efficiency level, as I have mentioned, despite we will have the revenues that went down, as we imagined, at the end of the year. We are keeping on searching for this improvement in efficiency. That's what I had to share with you. Now, with Borejo and Mara, we are going to go to our Q&A session. Thank you, Sergio, for showing the overview of the 3rd quarter of 2025. I also thank you who are following the broadcast today. As Sergio mentioned, we are here with Sergio Borejo. Borejo, welcome. Thank you, Ricardo. Hello, everyone who's watching. I hope you enjoyed the broadcast. It's a great pleasure to be here once again at our conference of results in such an important moment to all of us. Now, we also have you all who are in the broadcast through Zoom. In order to ask questions, just raise your hand in the bottom icon of Zoom. Feel comfortable, and we are available to answer any questions. First question we have is from Brian Flores from Citi. Brian, thank you for your participation. Please, the floor is yours. Thank you, Moura. And congratulations for the initiatives. Good morning, Sergio, Paulo. I would like to ask two questions. First one, you have mentioned about more difficult conditions for growth, and you are forcing return over growth. What about the capital ratio? It is quite solid. And Lulia, you showed it had grown consistently, considering also some optimization you had in perpetuals. You have done a lot of things, but the ratio is pretty strong. Do you see room to optimize that even more, considering the growth of portfolio that is going to be a little bit weaker, considering the guidance you just proposed? If you want, I can ask my second question later. Good morning, Brian. Thank you for your question. In fact, we have worked with this capital optimization since last year when we issued the instruments, the perpetual level one instruments. We saw that this retirement of the titles that were issued in 2019, 2020, this year, this was done. We finished that in the 4th quarter. It is around 13.5 basis points. Besides that, I see that the major work, well, it is done. We are a bank, and we enjoy working with a certain solid capitalization level. We do not know when this economic scenario will relax to allow us to speed up a little bit more. We enjoy having a good capital to have everything. Whenever we have this possibility, we will surf the wave. Historically speaking, since 2012, the bank has that policy that whenever you realize a growth, a possibility of growth that is a little bit larger, we pay dividends. The payout is good, but we offer to investors the possibility of reinvestment. This alternative is still worth. We will be always evaluating. When we think it is proper, we suggest to the board. Very clear. Just to remind, the appetite in relation to the ROA ratio, 11%, right? Yes. It is our parameter that, of course, can vary according to the economic scenario. A parameter we have is to have a tier one that is 13 and a core action around 11. Question about the short term. In the last quarters, we have talked about crossing that goal of BRL 1 billion in relation to earnings for the year. Do you think it is more difficult, more complicated? It seems that the last quarter had to be very strong in order to achieve that. Are you optimistic, or do you think that target can be moved to the future of ABC Brasil? Thank you. Of course, this BRL 1 billion, it is a round number, a symbolic number. In relation to the economic relevance, it is small. I enjoy seeing the bank in a long-term trajectory. For instance, when I have mentioned about the revenue with clients, the bank more than doubled this number. The number of clients almost doubled. The number of transactions grew four times. What happens is that in the credit activity, that is our main activity, you see the cycle. You need to respect the economic cycle calendar and not the Gregorian calendar. Sometimes one thing does not match the other. Having said that, the 4th quarter is not over. We have services that are very important for the bank's result. This game is underway. We have a level of activity that seems to be stronger. September was a very strong month. We had July that was weak, improved in August, and a strong September. The 4th quarter, it's going to be stronger. BRL 1 billion, I cannot answer you now. That's why we haven't defined so far. Amazing. I thank you and congratulations. Thank you, Brian. Next question, Antonio Ruet from Bank of America. Antonio, the floor is yours. Good morning. Thank you for your time and for the investor day. A subject that was mentioned in many points at the investor's day is the difficulty of the economic scenario. The macro is not certain, and then policies that are a little bit restrictive. You have mentioned 6-7% for the industry. Always in relation to guidance for next year. What does that mean to you? We see now the credit growing in a level that is below the industry level of what we are seeing now. We ask, will we have that next year? Portfolio growth that is below the industry and also the spreads. It's been a while that we have been a little bit relieved, but maybe that's what we are going to see next year. Provisions, I would like to ask you. One is the credit growth, and the other one, provisioning. You said that you prefer not to go in this trio. Should that be the most probable scenario for next year? Thank you. Thank you for your question. It's a very good question. I may say that we have many aspects. We didn't bring the graph, but throughout cycles, we speed up more than the industry average when we believe that the market is good, but we also take a step back faster than the industry when we feel the environment's not good. When you think about a consistent return on the long term, this is what we should do. The credit scenario, since the beginning of the year, we have talked about that. There is no secret. The Selic that is 15% representing a real interest, a 10%. If you consider the spreads, this real interest rate is even higher. With an economy that had a resilience in growth above what we expected, but as Daniel mentioned here, showing signs of cooling down, we do not see any deterioration in our portfolio. If the past is a good indicator, the system can live with a higher level of losses. That made our provision increase. Historically speaking, our bank goes to 0.5-1 in the pandemic, 1.1, 1.2, or during the Lava Jato, the Car Wash Operation. It goes to 0.7. It is in the middle. It is the moment in which you say, look, I have a good portfolio. There is no, well, there are no defaults. You can see some companies that have their spreadsheets being presented, but they are a little bit more complicated. When When you have public data, the secondary market of securities, they have an opening ratio that is a little bit higher in risk. We should be careful. We need to pay attention to the spreads. If we wanted to grow, we could. The risk-return relationship would not be correct. We will follow. Whenever we believe that the economy is getting better, and we are going to feel it in the beginning of next year, or when the risk-return relationship is adequate. If there is a new pricing of operations that will result in a risk-return ratio that is good, we will be prepared to grow, but we are not prepared there yet. Thank you, Antonio. Now, next question, Pedro Leduc, Itaú BBA, welcome. Thank you, everyone. Congratulations for the day and the trajectory during this year. I would like to take a look to the cyclic part. In the last years, you found several revenue diversifications that allowed you to grow with profitability, guarantees, so insurances. With this portfolio that is not that accelerated, these other divisions, they gain importance to generate value. I would like to hear from you how these verticals are. How are you planning growth if you are going to dive deeper in clients, product arrangements, geography? Thinking outside credit in other verticals, how they can contribute. Thank you. Thank you, Leduc, for your question. Just keep in mind that not only the verticals that are highlighted in the results, like the investment bank and the insurance part, but inside the family of products that we have in our financial margin, we have a larger diversification in relation to cash management, exchange ratio, derivatives that inside the financial margin has more relevance than before. They are products that are less related to this credit cycle. Even the mean you have better stability. We are getting deeper on that. The resegmentation we just did, first taking the middle two from BRL 300 million-BRL 500 million, that brings us an opportunity to have a more adequate offer of products with a better price for that range of clients that were in low corporate. Now they are in BRL 500 million. That will allow us to serve these clients better, as well as those two verticals, Agribusiness and Real Estate. Those are a specialization that will add in relation to risk analysis, as well as the commercial presence and the understanding of the value chain. The idea is to work in both segments in the entire value chain. We have an opportunity of cross-sell of other products and not credit. In credit, you have more security because you are offering that. Besides the verticals, we are always checking other alternatives, credit, recovery. We have Vision. It is a company that's been here for 2.5 years. It has a ramp-up that is careful and slow. This is important because this is one of the metrics of stressed portfolios and in relation to what the market practices is not that good. Up to 2026, this may represent a part of our results. We are going to look to other fronts. We are a bank that enjoys credit. We want to be present in credit. Credit is a product that companies do need. The idea is to become less and less dependent on credit. Thank you, Lulia. Thank you, Pedro. Next question, Carlos Gomez- Lopez from HSBC. Thank you, Carlos. Thank you. I will ask in English. Now I will translate for the audience. In the last call for results, we said that there was a spread recovery, and it had recovered in 1/3 of a point. The question would be about this recovery. The second one is related to how we see the Agribusiness sector. Thank you, Carlos. We have seen in spreads after the recovery we had, and you have mentioned in the last months, we have been stable. More recently, yeah, and just going back, in my interpretation, one of the reasons Tiago showed that when he talked about the credit market is that despite the bank's repricing operations in the capital market that is more and more relevant for companies, the major possibility of getting resources for fixed revenue funds made the capital market reduce the spreads. There is a certain tension there between the banking world and the capital market world. In the last weeks, there was a repricing in the operations of capital market. We see operations in the secondary market. The spreads are going up in the capital market, as well as in the primary market. Some operations coordinated mainly by major banks, they are postponed or liquidated. The banks keep the position, position that is related to the balance sheets. It shows that this concern about risk and return has reached the capital market. If that happens, this spread recovery process will be present. Otherwise, we will always have those two sides fighting. In relation to the Agro sector, it is a very broad name. Daniel brought that this morning. We have the entire industry, and it is by type of crop. We have sugarcane that does not relate to soil crushing, not related to animal protein. That has an entire supply chain. We have a geographic differentiation that is huge, with climate problems here, improvements there. You have commodity prices that are behaving in an uncoordinated way. Some are high, others are down. It is a matter of the specialty to understand each culture, each region, if it is a rural farmer, a major cooperative, a fertilizer company, or agricultural resale, if it is an international trading. You should be careful because besides all the diversification, commodities are lower. In general, we had an increase in input prices. That made good crops, well, the margin of farmers, mainly grain farms, they are more compressed. That is where we have good opportunities to have good guarantees, to have good spreads. It is a segment that is pretty important to Brazil. It is pretty important to the bank. Brazil is pretty competitive. We are not only paying attention, but we are working hard with that. Thank you. Our next question, Eric Ito from Bradesco. Eric, thank you. Good morning, Ricardo, Lulia, Borejo. Thank you for the opportunity. Congratulations. Following that, in relation to the spread, you have mentioned, Lulia, I believe that at the end, the spread of the capital market has gone a little bit up. I want to see if you see at the end, we have entire October, a week of November. Do you see any migration to the banking credit market, or is it too early? Could you comment about pricing? How do you see the market competition at the end for spreads? Do you have something there, or is it too early to think about? Thank you, Eric, for your question. In relation to the banking market, I have not noticed any. Our front line is reporting banks being more careful. The situation we have competing one another without being rational in pricing operations, we have not seen that. There is a consensus among banks that the scenario is a little bit tighter, and we should be more careful. It's not a crisis, okay? It's just some adjustments, fine-tuning between the risk appetite and the proper returns. The capital market issue is recent, a couple of days ago. The flow is interesting. That is when I, I have seen that we have the capital market operations that will be adjusted, or are we going through those hubs in which the market sets a new price, and the sovereign flow comes with the cash, and we will only have to wait a little bit more. Thank you, Eric. We are reaching the end of our Q&A session. I would like to thank you all, those who have sent questions and have offered this exchange moment. Thank you, Borejo, for your participation. I thank you. It's always a great pleasure to be here. It's amazing to be part of that. ABC Day for 2025 is over. I would like to hand the floor to Lulia for his final remarks. I would like to thank you all for the audience and the participation. I would like to thank you for being here, for sharing our strategies and the results. We are pretty confident with the new segments, the new commercial dynamics, and also changes of how we treat the segments with Rodrigo Cordeiro. They were planned to generate results closer and more prosper and offer more to our clients. Thank you very much. We are available and hope to see you soon. Thank you, Sergio. This was our ABC Day for 2025. Thank you very much for your audience. The results that were presented here and all other materials are present at the website. Thank you very much and see you soon.