Thank you for joining us in another live streaming session on the results of Banco do Brasil. Our events will be in Portuguese, with simultaneous translation into English. You can choose three audio options: original, English, or Portuguese. To talk about the numbers of this second quarter, we have here with us our CEO, Tarciana Medeiros, our CFO, Geovanne Tobias, and our CRO, Felipe Prince. Now, to start the presentation, I would like to turn the floor to our CEO, Tarciana. [Foreign language] Good morning, good morning, everyone. Good morning to everyone who is joining us today for this live streaming on Banco do Brasil's results. This is the 10th one that we have together, but this one is quite special. It will be a bit different than all the previous ones because I think this moment requires a more straightforward conversation. My presentation will be an executive presentation and shorter so that we have more time to talk and we can allow more time for the Q&A session. I would like to thank very much all of the market analysts that are joining us today. Thank our shareholders, our clients, and all of our colleagues from the bank who built the results, and also our clients. I would also like to thank the members of the press who are joining us today as well. Today, we will try to be very transparent, as it has been a hallmark of our administration. We will talk about the results and what to expect for the rest of 2025 and the years ahead. I think you are very eager for this conversation. With no further ado, let's look at the numbers. [Foreign language] First quarter, we had an adjusted net income of BRL 11.2 billion, a variation in the second quarter of BRL 3.8 billion, or 48% variation, or - 48% vis-à-vis the first quarter. Our cost of credit was up by 56% vis-à-vis the first quarter, and this increase was very much based on agro-delinquency and micro and SMEs, but very much pressured by this delinquency. NI was up 4.9%, meaning that our capacity to generate results is still in line. We talked about that in the first quarter. This is a contribution margin that, in our view, was going to grow in the second quarter, and that materialized. We also understand that this growth will be consolidated going forward. When we talk about fee income, it was up by 4.7% vis-à-vis the first quarter, bringing a fee income of BRL 8.8 billion when compared to BRL 8.4 billion in Q1. That means that we have several different revenue sources very much supported by the companies from our conglomerate. That means fees in addition to the banking fees. When we look at admin expenses here, we post BRL 9.7 billion already realized of admin expenses in the second quarter, BRL 1.9 billion in addition to what we posted in Q1. The expenses were very much in line with what we anticipated, both in terms of investments and expenses. I like to say that when we talk about admin expenses, this also contemplates our investment provisions or forecasts. Expenses are very much in line with what we anticipated. Expanded loan portfolio was BRL 1.294 trillion. This is growing strongly in very secure lines. We will talk about the growth of this portfolio for individuals and also loans granted to workers. We will give you more details about that. When we look at CET1, our CET1 was 10.97% in the second quarter, very much the same as in Q1. That means that our balance sheet is strong, very robust, and at an adequate capital level. Now, [Foreign language] Taking a deeper dive and speaking about the subject that I'm sure you're eager to hear about here, we have an agro portfolio and the perspective of the different cycles. To talk about agro, the agribusiness, it's important that we tell you a story. You cannot look at a single snapshot and understand what is happening with the agribusiness portfolio. It's important that you have, you know, an analysis of what happened in the past five years. When we look at our portfolio in December of 2020, the portfolio was BRL 1.91 billion. The delinquency, I mean, 90-day NPL was 1%, and at the time, Selic was at 2%. We just took one of the commodities, being soybeans, just to give you an idea of what happened over time. In December 2020, soybean was priced at BRL 193 per bag, and Selic was 2%. What happened after December 2021, going forward to 2022, etc.? There was a growth of that portfolio, especially in terms of free resources, and very much supported by the optimism from the market. The market was very optimistic about the harvest season. In 2021 and 2022, soybean bag reached a peak of BRL 192 with a Selic of 9.27%. At the end of 2022, Selic was higher. What we see is that the portfolio grew, especially in terms of free resources. What is interesting to note is that this growth was not only a growth coming from Banco do Brasil, but it was across the market. We have 50% of the agro market. Not only Banco do Brasil, but the market as a whole grew in terms of the agribusiness. In this optimistic environment, clients were not only taking loans from Banco do Brasil, they were also very leveraged in the capital markets and with partners. In 2023, we noticed an interesting growth of this portfolio, going from BRL 309 from 2022 to BRL 355 in 2023, with delinquency at 0.96%. In this period, from the end of 2021 to December 2023, that's when we started, there was the start of the Ukraine war. The market faced many challenges because of the cost of fertilizers. In 2023, right at the end of the period, there was a drought and a flood in Rio Grande do Sul. The crop season 2023-2024 did not perform as expected or in line with previous years, and that's when the challenge became more aggravated. Look at the Selic rate. Selic was 11.75%, but the price of commodities was down by around BRL 146. When we look at December 2024 and June 2025, the portfolio growth was in line with what we expected. The scenario was deteriorated vis-à-vis the forecast. Delinquency by the end of 2024 was 2.45%. This delinquency was above the plan. This delinquency was already detached from the plan. We were expecting by December 2024, delinquency ranging around 1.90%. We talked to you about that. When we look at what happened when the Selic rate spiked, Selic at the end of 2024 was 12.25%, reaching 15% in June 2025. When you look at the projection of that rate, the projection anticipated a much lower Selic in that period, which was the forecast for the harvest plan when the plan was envisioned and was launched in the first half of the previous year. The crop year goes from June of one year until June of the following year. What is important here is that you know we know what clients are delinquent and we know them and we know that part of this portfolio is delinquent. We want to be very transparent and give you details about it. Today, in June 2025, the portfolio is BRL 12.2 billion of delinquency, NPL 90. In December 2024, delinquency was totally out of our expectations. The portfolio was BRL 8.97 billion with no expectation of growth of this delinquency. This is important that I highlight. We have never seen such high delinquency in agribusiness in our whole history. We've never faced delinquency at this level in the history of the bank. I am saying this because not even in our most pessimistic predictions, in most stress scenarios, would we project delinquency at the levels we see today in the agro portfolio. It is important that we make a distinction about things that happen in this portfolio. This portfolio has more than 600,000 clients. Out of the 600,000, 20,000 clients are delinquent today. We make a specific set of this delinquency. We have 20,000 delinquent clients, of which 74% until December 2023 had never been delinquent, meaning that these were clients of an excellent history with the bank and an excellent track record. When you look at delinquency, 62% of it is mostly concentrated in the Midwest region and the South region of the country. Also, 50% of them are already leveraged in three very specific crops: soybean, corn, and beef. When we look at the curve of commodity prices, like we put the example of soybean, we can clearly understand what happened to the profitability of growers during this period. We start with high yields and productivities, with also good gains and high gains in December 2022, to a drop in profitability and a much lower paying capacity. Out of the total delinquency, we notice that here we have BRL 2.27 billion of this delinquency stemming from import reorganization. It comes from reorganization. Today we have 808 customers in a reorganization process. We notice a stability in terms of the number of new reorganizations. These 808 customers account for BRL 5.4 billion. Therefore, it's very important that we have a very deep knowledge and understanding of these agribusiness scenarios so we understand what happens this quarter and throughout the year of 2025, because 2025 is a year of adjustments for us. That will help us understand what comes next, what will happen going forward. This agro delinquency is putting pressure on our results. It is increasing the need for further provisions. Whenever we talk about Resolution 4966, and I got many questions about that. When we talk about Resolution 4966, I would like to emphasize that this resolution brought to the financial market more predictability in terms of revenues and results of banks. In the case of agribusiness, what happens is that we had a provision model for incurred losses, meaning that once the loss occurs, we would then make the provision according to the risk of the operation. Today, 4966... [Foreign languge] We look at the time period of the delinquency. Therefore, provisions have to accompany that. I keep telling you that I would never sell the risk models from Banco do Brasil. I'll say that again. We will never sell Banco do Brasil's risk models because we have models that can predict exactly all of the expected losses. Because of that, we had to increase provisions. We will continue to post necessary provisions as we become more aware and we run an evaluation of what happened. In 2025, in the third quarter, you will still see a more stressed scenario in the third quarter because July, August, and September are months where we still have maturities of all of the operations in our portfolio that are yet to mature. We have clients that are still in the past 90 days. Therefore, in the third quarter, you should expect still a stress scenario. We expect an improvement starting in the fourth quarter, already supported by the growth of NII. Now, a bit of the scenario. Here, I bring the landscape for micro and SMEs. I think it's important that we also explain to you these two factors that are detractors: the delinquency from agribusiness and delinquency from micro and SMEs. When we talk about MSMEs, the Selic cycle really affects the capacity of these companies to honor their payments. When we look at MSMEs in December of 2024, and again, we look at the Selic cycle, our Selic forecast for December was 9%. Not 25, but the actual number was 12.25%. The future prediction was 10%, but it is now 15. What did it mean to us? We should put these micro SMEs in our customer base. We made a move to this company. That led to this inhala program out of the total. If you look at June 2025, BRL 14.9 billion of this portfolio refers to renegotiated debt. When we look at delinquency from MSMEs, just to put your mind at peace, if you look at renegotiated portfolio that is 10.5%, it looks like it is growing and it looks like it is a detractor of our result because we have to make provisions for it. What is important for us to show you is that for this new cohort of MSMEs, if we exclude the renegotiated portfolio, that number would be around 10.6%. Out of this portfolio, 25% of it is guaranteed with collateral funds. We have 18% of them with guarantees that are secured, secured by real estate and also receivables. For 2025... I'll talk about the review of that further on. It's important that you understand how this delinquency is made of. It is also important that you know that we know exactly the profile of these delinquent clients and who is delinquent, and what part of that portfolio we know that will pay and is at risk. I always say that Banco do Brasil will post results of the magnitude of the bank. I learned one thing. It's only Banco do Brasil, of the magnitude of Banco do Brasil, that can really support this level of delinquency, both from agro and both from MSME. This is what we notice in 2025. I would like to conclude this first part of the presentation by bringing you the review of our guidance for 2025. We made a very difficult decision in the first quarter. I will repeat because we always strive at being very transparent. The fact that we reviewed the guidance, that was a bold decision that we had to make. It was also a responsible decision and a decision in line with the need to review the guidance that we had given the reality we faced. Here I have the review guidance in terms of our loan portfolio. The interval used to be 5.5%- 9.5%. This review now reflects our actions and our appetite to grow the loan portfolio for business and agribusiness for 2025. For corporates, their review was from 0% -3%. In the past, it was from 4%- 8%. When we look at individuals, the review was 7%- 10%. Here we understand that this is an avenue of growth. Review continued to grow with interesting spreads in the segment. When we look at agribusiness, we had posted growth from 5% - 9%, and now the review interval is between 3% - 6%. NII, that was under review. The interval revised to 102%- 105%. The revised to 102%- 105%. The review interval is 102% - 105%. That means that we believe that NII will continue to grow. Therefore, we have the capacity to continue generating results. Now, cost of credit, one of the detractors of our results, and I already explained to you, is very much in line with what comes in in terms of need for provisions from agro and SMEs. When we look at fee income, we maintained the guidance interval very much in line with what we mentioned before that combines a very... Oh, I'm sorry. I'm already referring to admin expenses. Fee income, we maintained the guidance because we know that we will continue to grow. This is growing in line with what we expected. We are working to deliver that guidance. Admin expenses, it was maintained very much in keeping with what we said before when we referred to a very responsible control of our expenses. It was mentioning that Banco do Brasil is the bank that has the best cost-to-income ratio in the Brazilian system. We cannot let go of structural investments, which are crucial to the growth of the bank in the future. Adjusted net income was an interval between BRL 21 billion- BRL 25 billion in 2025. This is the guidance contemplating the best expectations for the year 2025. As I said before, 2025 is a year of adjustments, is a year where we review many processes. This situation of 2025 led to the anticipation of some measures. I must tell you something. A result between BRL 21 billion- BRL 25 billion means that we will deliver the fourth or fifth best result of Banco do Brasil. This result is below our expectation and below the market expectation. We are aware of that. This is a responsible result. This is a result that maintains our balance sheet robust and maintains the company in a very sustainable level so that from now on, we will resume our profitability levels like we had in previous years. Here now I'm going to bring to you the results levers because now in this first half that we had, we released the first quarter. Now we came to address the second quarter. We didn't stop and stand still. We acted like the test. We needed to review our corporate strategy. I always tell you that we're disciplined in the execution of our strategy, and we don't leave it to the side. We anticipated some deliveries, advanced some deliveries that were expected for future years so that we had the possibility to anticipate results and the return of the growth cycle. Now I'm going to bring to you three of the main pillars that we are staging our results levers for coming years. The coming years, you can understand, starting as of January 2026, innovation and artificial intelligence to strengthen the credit journey. We are taking care of the sustainable growth of our businesses, but without letting go of investments, of structuring deliveries that will prepare the bank for the coming years and will deliver a better customer experience. We remain obsessed with delivering Banco do Brasil to each client. Breaking down some of these deliveries to you, the first major front is the non-delinquency front. Considering all of the 2025 scenario that we're talking about, we've realized that there's a need for a complete change in our structure for collection and credit recovery and adjustment in the recovery stream. We combined the collection and credit recovery teams with the networks that provide customer service. We have more than 800 experts focused on collection and credit recovery. In addition, through artificial intelligence models and analytics and market models that allow us to deliver to our colleagues when they're talking to a client, seeking to recover that debt with the customer, it delivers the best solution. It searches for the best solution for that client. With this, we'll gain synergy for collection, retail, and wholesale because these teams are integrated. They're together with the teams that grant credit. In this process of unifying those teams, we'll get something that I can advance to you that you're going to ask in a minute, but is individual delinquency that we did not address. Why didn't I bring you the details of individual delinquency as something to address? It's with the synergy gains with the networks for collection. We already realize that there's a search and an improvement in individual delinquency. We're going to see more pressured NPL, for individuals, a lot based on non-favorable credit. This is very much under control in favorable loans, very much under control in public and private favorable loans. I'll talk to that about that in a minute. An NPL that we see slowing down and reducing in the second half of the year. It was not necessary to bring this to you because with this strategy, we already realize this flow. Now, when we talk about the materiality of these deliveries, to give you an idea, we gained a lot of agility in the collection of the agribusiness because we are known as the bank that doesn't seek guarantees. We have been claiming and judicializing operations, and we have been requesting these guarantees. In the total of operations that we have been able to take to court and protest, 38% has been regularized already. This review with a strategic direction into what must be done with analytics, intelligence, artificial intelligence, and BARC delivering to our colleagues exactly what solution should be presented to each case already brings interesting results. We are going to intensify during the second half of the year and adjust everything necessary in this track so that we have, as of 2025, a track that delivers proper credit recovery for the coming years as well. This work is not for 2025. It's a structuring work for the next earning cycles for the bank. When we talk about origination funds, that's the second big pillar of our strategy. We address more secured lines with lower risks. This is important here to show to tell you about our strategy for the worker payroll loans. In 2023, I think on the second earnings release, I told you that one of our strategies would be to increase the private sector payroll loans. We were preparing for that. We had been preparing the tracks. We had been adjusting processes, looking at the journey of contracting that product. In 2025, we grew from 2023- 2024 about 30% in the private sector payroll loans, and from 2024- 2025, we grew about 30% again. Where was the difficulty? The difficulty was on the need to close an agreement or a partnership with each company. Starting in 2025 with a worker payroll loan that was launched in March, this need for agreements with each company, this barrier was removed. We were already prepared to work on that product. What happened? With the resilience matrix, the matrix of customer analysis that is very robust, where we have the analysis of the employer and the analysis of the employee, we had the conditions to speak safe growth in the individual's portfolio. That's one of the examples. Origination in more secured lines has been happening from the moment that our colleagues are talking to clients and making offers to digital clients. We have tools, integrated digital tools, the service networks, noting that today our CRM makes a huge difference in the use of data. I'd say that Banco do Brasil has the largest database in the Brazilian financial system because it's 200 years of accumulated data. All of this data, the embarked intelligence in its use brings us a lot of confidence when making an offer, a lot of security to make an offer. Intensifying and adding guarantees, adding and identifying new risk mitigators for credit operations bring in this effort for origination and origination of cohorts that have more secured lines, more profitable lines, at better risks. In terms of the guarantee portfolio, we adjusted it during this year, this half year, for the year in the guaranteed portfolio. That in MSMEs, it shows how it's working. When a colleague is offering credit to MSMEs, they already see which client to offer to, what is the best suited credit line for that client, and what guarantee is more important to mitigate the risk of that operation. The adjusted return, the return adjusted to risk in practice converts into delivering what client to approach with what credit line at what moments and what is the guarantee or the that should be added when granting credit. We've been working constantly, looking at the customer's needs and what they come to seek at the bank, what moment they're in in their lives. New negotiation conditions and new products have been released. All the time, we're talking to customers and co-creating solutions. We'll also talk a little bit about that later on. In terms of CRM, there's an interesting point to mention that is 18.5% of effectiveness for points and renegotiation of that after communication with their digital channels. Omnichannels have been working in practice. When we talk about regulation, regularizing through digital channels does not mean that the customer was only approached through the digital means. Once they were approached from digital with an adequate solution for them, they went there and accepted the bank's offer to renegotiate. 18.5% is the effectiveness index that is very interesting when speaking of that renegotiation. The normal index would be around 6.5%, 7%. The 18.5% is almost 3x more than the average index observed. This is a successful index. It's nice that you memorize this because we'll bring you updates in the next results. Now, when we talk about our activities with agribusiness, it is important to highlight that we are the Brazilian Bank for Agribusiness, and we will remain being the bank that supports agribusiness in the country. We have 50% of this market. Brazilian farmers trust Banco do Brasil. They have been with us for many years. I told you in the beginning that the delinquency rate was 64% of clients had never been delinquent with the bank before. These are clients who have been with us their whole lives. We will continue to be next to them, seeking solutions with them. Here, the proof is that the harvest plan for 2025-2026 is BRL 230 billion. What's important to note here is that this is already in the new resilience matrix. To explain this resilience matrix, and I think Prince can talk a little bit more about this, it was developed by his department. The resilience matrix is the combination of the analysis of all of our risk models, loan risk, and knowledge of the cost of risk that puts the client into a matrix and tells us what this client's credit moment is, how they're doing in terms of their ability to pay, and if that moment is the right moment to grant credit, and if at that moment we should grant a loan or not. These BRL 230 billion are considered for clients that are already plotted in the resilience matrix. What's interesting is that we're going to focus on 2025-2026 with controlled resources, focusing on controlled resources because we already have the free resource portfolio that we need to work to recover. We're working on 2025, and we'll continue to work on it. Now, it's what I said, with diligence, but also being very close to them. Close to them so that we can avoid or prevent clients going to reorganization when this is not necessary. We've been working very strongly with the Federal Prosecutor's Office, with CPMJ, when working with clients, especially. First, working with them, providing guidance, explaining, providing alternatives for renegotiation. Those who seek in-court reorganization before talking to the bank, unfortunately, we've also been seeking the in-court pathways. It's interesting to tell you that this has been bringing results. Recently, we've reached decisions where in-court reorganization demands were not accepted. Collective reorganization requests were not accepted. There was a recent ruling where the request for reorganization was considered as non-compliant. What's important to say here in our work with the Public Prosecutor's Office is that we've been working with them, and we've been seeking to promote removing it from in-court. We seek to value negotiation methods because it's simpler, faster, it's better for the customer, better for the bank. We're also seeking, along with these, to fight or combat abusive litigation. We do have in-court reorganization as a mechanism for reorganization. For those who actually need this in-court renegotiation, we have been victims for a period of time of law firms that guide their clients and give information to our farmers that sterilize the client's credit life going forward in the whole financial system, not only with Banco do Brasil. We have been talking to customers. We have been telling them the consequences of in-court reorganization. What's interesting is that a lot of customers are seeking to negotiate directly with the bank, seeking resolution in the Agribusiness Credit Handbook. We have already renegotiation that is supported by this handbook, the Agro Credit Handbook. When we talk about services specialized in agribusiness, we remain and intensify that. We've been talking a lot with our colleagues every week. In the past, we talked to them every month, and now it's every week. We have 300 experts focused on serving agribusiness clients. They are colleagues who work on agribusiness and have worked since forever in Banco do Brasil. The executive, the client expertise was developed together along with the farmers that they serve today. I think it's important to say that we have experts in all regions of the country. We have experts that are agribusiness correspondents with our own and also our own network that help our clients around the country. We have agribusiness credits at 98% of Brazilian municipalities. We have also been talking to the regulator about some specificities of agribusiness with Resolution 4966. I think it's important to address this, especially the prolonged portfolio and the flow of operations. These operations have the extended portfolio of annual maturities. Jana says it's the bullets, but I like to say it in a way that our small investors also understand. In agribusiness, we have installments that are due once a year. What happens with these operations with Resolution 4966, 4966, includes that the cure of the operation or the bank passes on as revenue in that operation from the moment the payments begin. If I renegotiate the operation with agribusiness this year and the client's going to pay me next year, only next year, according to the current resolution, will I be able to have revenue. We are talking to the regulating, taking this specificity of agribusiness to them. An important piece of information is that we did a lot of research and went around the world to seek for a bank who's similar to Banco do Brasil with a similar agribusiness portfolio so that we could be able to talk to the regulator. We realized that Resolution 4966 is actually a resolution that brings to Brazil the best practices of what is already done around the world. The specificities of our agribusiness are rare in the world. We saw a little bit in the Dutch market, and we're bringing this to talk about the specificities with our regulators. The dialogue, the communication network is still open. This year for adjustments in agribusiness is also a year of adjustments that we're seeking also with the resolution, especially with the flow of cure of operations. That's what we see that distorts things a little bit when compared to the other portfolio. Now, talking about MSMEs, we have been dispersing in 2025 lower risk credit lines with risk mitigators, especially PRONAP and PAC-FGI. From 2020 onwards, we dispersed BRL 57 billion. To give you an idea, BRL 8 billion were dispersed in the first half of 2025. This new cohort of MSMEs, this new loan cohort we're building in 2025, we see that delinquency is very much under control. Things are done very carefully. We have been more than fostering credit. We've been seeking to provide specialized consulting to those companies, informing them about the moment that they're in in terms of taking loans and the retraction of loans and maintaining the credit that they have now. More than just collecting for micro and small businesses, we have been providing very relevant consultancy. We're proud of doing that. Today, we have 215 specialized agencies and companies, nine high company offices, in addition to specialized service and 4,000 service points in Brazil. We have 7,400 colleagues dedicated to service to micro and small businesses in Brazil. These colleagues are relationship managers. I like to say that for these MSMEs. For MSMEs, we also have ARE, that's the Smart Recommendation Area. It's a solution that we provided a year ago. It's like an advisory in scale using generative AI to support our clients' financial and business management. More than 75,000 MSMEs are already embarked in this platform, receiving guidance on how to better manage their business. We will intensify the dissemination of ARE and how to use ARE for all our clients in MSMEs. It's important to also talk about Cielo. We worked on delisting Cielo in previous years, and we've been able to address this with Banco Bradesco, who's our partner in this company. For 2025, we've been working very strongly on positioning this partnership. We now treat Cielo as a business ecosystem. It's possible for us now to integrate a Cielo strategy into our MSME's growth strategy. A series of solutions go beyond simply providing a means of payment. We do have now a business ecosystem available for micro and small businesses. It's important to note that at Cielo, addressing this strategy for Banco do Brasil, we have the executive that was in charge of micro SMEs at Banco do Brasil. It's someone who really knows this in depth, bringing very interesting aspects for us. In the sustainable growth of business, we've been working on optimizing the credit mix and opportunities with individuals. Here to bring to you, in addition to the worker loans, this is a work that we've done that is very secure and safe that we were aware of the results that this would bring. From the first moment that the worker credit was launched, we knew what we had to do. We had in our hands the clients selected that we were going to send this to. Here I bring you the details of the evolution of the worker credit and the potential that this line of business has. The beginning of the program was in March. We already started very strongly from the beginning of the project, the program. In April, with a portfolio of BRL 2.5 billion already, and we opened for hiring and the bank's channels in March with BRL 3.6 billion. Portability was enabled in June with BRL 4.5 billion. We had the possibility of multiple contracts because in the beginning of the process, we could only contract one operation. Now we can go to up to nine. In August, we're at a moment where the clients can already take loans to use the resources freely. We continue to work in the bank with switching more expensive operations with worker credit operations because it's a secure line that complies with the client's capacity to pay. I'm proud to say that we reached BRL 7 billion in this portfolio. A very important concern that we had in the market and analysts, and I talked to a number of you about this, is how we're going to know whether this is being effective. Worker credit presented to us the bookkeeping and payment of the first payment of 95%. What does this mean? 95% of companies had the payroll deduction in the workers' payments. This is very good. That's what we see in the public payroll deductible loans. The client base that we're growing in worker credit is safe and interesting. 80% of these clients are the bank's clients. We have 640,000 operations with more than 115,000 employers already, and 80% of the clients are the bank's clients. Worker credit also brought 104,000 new clients. BRL 106 million in insurance that's already contracted for the worker already brings additional credit life insurance. When we talk about high income, we are working on repositioning the value proposition for high income. This is about the Estilo brand. You will soon be invited to visit the Estilo house, Casa Estilo, which is a different model that was created with a lot of conversation with the clients. The client will get to Banco do Brasil, and he will feel or they will feel at home. Our focus for the solution is to grow at least 25% in our client base of high income in the next five years. This is a long-term strategy. We continue loyal to the execution of our corporate strategy. This is a repositioning of the value proposition for high income. That's one of the projects that would be for 2026, 2027. We brought it forward because we understand that this already brings profitability immediately and will help us in the resumption of growth and profitability. We expand the high-income model with the sustainable growth of a revenue that we already know. We know how this client behaves. It's important to know that we have the largest network for the high-income service in the country. We're the only bank present in all capital cities with targeted service for that profile of clients with specific branches and specific offices to serve this profile of clients. This year, we grew in private AUM more than twice what the market grew. That proves how much this client likes Banco do Brasil and they're with us. We have this intention to intensify growth of this customer base in the next five years. The increase in balance of the credit portfolio comes because this is a client profile that takes loans and has a very much controlled NPL. The cost of risk is very low, and that's one of the reasons for us to bring this strategy forward. We are about to launch a premium card for the private bank client base with the opening of a different card for the high profile, for the high Estilo clients at Banco do Brasil. We have a lot of good news coming soon, also with good profitability with the bank and advantages and compliance with the client's needs. We are going to do all of this without letting go of structuring investment and delivering the best customer experience. I always say that we'll deliver one bank to each customer, and that's the focus and obsession that we have. We will continue to work to that end. In line with the anticipation of what we need to do to deliver sustained results, there's also the digital acceleration movement. We've been talking about this for a few years. It's about three years that we've been talking about this. In October 2023, we began this process of accelerating the digital side, building the fundamentals. In May 2024, we extended the model, and we already had 2,000 colleagues working in the agile model in the strategic department of the bank. We saw the need to bring this agile scale-up forward. Right now, we have 3,400 colleagues working in the bank's strategic areas in the agile model. When we look at 32 lines of business, 90 lines of business, in these 32 business lines that are already there, we have credit lines and credit card lines that are already in the agile model. Profitability added to this client's contribution margin is already a result of this work developing the agile developments that we adopted for these lines that are so important. What's new here is we will bring it forward from the end of 2028 to 2025, scaling this up to 100% of the bank's strategic areas already in a digital acceleration model. Marisa, who's our VP of Digital Businesses, will give interviews and will detail to you. You can talk to Janaína and Giovanni. Call Marisa to address this in depth about the acceleration because it will bring important profitability to Banco do Brasil. This is a structuring movement that prepares the bank for the next 10 years, at least. We have not stopped investing in technology. This year, we invested BRL 3.2 billion in technology, and we will not stop. We called on 1,000 colleagues from the competition evaluation for this semester. This investment is important for the future of the bank. We have more than 800 AI solutions and analytics running in our systems and delivering solutions that are more and more assertive, helping us be able to deliver one bank for each client. The omnichannel CRM platform I talked a little bit about, and here I bring you that we have the first managed model that's 100% implemented. In this managed model, we have two times more conversion in credit conversion. That's twice as much as we did before. This is very important. It's important to know this figure. It's a sophisticated engine of commercial intelligence. When we look at commercial intelligence, we're also talking about the life moment or the business moment or the commercial moment our clients are experiencing. We will deliver the best solution when they need it in the channel they need it with the biggest assertiveness possible. In this first half year, it was 145 million of effective contacts. That means that the client received the contacts and interacted with the bank. It's not just contact for the sake of contacts. They interacted with Banco do Brasil, and this is very powerful. In the training programs, we are training our employee base. 62% of all of the bank's colleagues are involved in development actions in technology. We have 53,000 colleagues engaged in learning and enhancement about digital acceleration. This is a considerable number if we look at Banco do Brasil. The conglomerate has 125,000 employees, and 53,000 of them are engaged in this learning and enhancement of digital acceleration. That's quite considerable. We have 5,000 colleagues certified by Academia, that's the AI academy, who are trained in AI and data, and BRL 41 million invested in training programs. People always ask me, "Tassi, what's going to happen with the bank's physical network?" In 2023, we launched Ponto BB, which was a way to seek innovation in the physical service model. I told you in the past that it was a big laboratory. From this laboratory, we took a lot of good things. We worked in Espírito Santo in terms of how the relocation of branches would work and a service hub, a lot of different branches in a same or sharing the same space, generating more efficiency. What I have to tell you about our physical network from now on is that we will adopt digital in practice for the entire network. We will deliver light service models, service models that are in agreement with the needs of that client and that point of service. We will be present when, where, and however the client needs us. We have a physical network today, and we will continue with that physical network. We have a client base that seeks the physical branch. There are millions of clients who go to physical branches or the physical network of the bank, and we remain there. It's important to tell you that we'll optimize them. We are working in a project to review our network, and it will be in constant transformation. How big will it be? It will be as big as the client demands it. It will be as big as Banco do Brasil needs to be able to serve the customers. We have innovative models for customer service, lighter models whenever possible, service hubs whenever possible, and Ponto BB being extended to the country. Casa Estilo will be the meeting point for Estilo clients, for the high-income clients. This model was built together with our clients. I want to highlight that. They built it with us. Ponto BB in Belém is the next one, and it is already in the Beyond Banking model, where the physical point has the branches as a business ecosystem. I have partners who share the cost of that point of service with me, but they also deliver a complete experience to the clients when they are being served, when they go to a branch. From Ponto BB and the service hub and the partnerships, we have an increase of at least 20% in the profitability of those clients who are today the target of our service model. For the coming years, we will work in the efficiency of our network. Whenever this efficiency is installed, we'll see a cost reduction of at least 50%. That's how we're going to work: optimization and efficiency of our branch network. To conclude, I'd like to tell you that we are not escaping the reality. We are bringing the results expected for 2025 that are below our expectations and the market's expectations. This result reflects the strength of Banco do Brasil. These results reflect how robust our balance sheet is. This result reflects our possibility to generate value and generate results. We will deliver very proudly between BRL 21 billion- BRL 25 billion of adjusted net income in 2025. I'll tell you that starting in 2026, we'll resume the growth of our profitability at the levels seen in previous years. We will remain firm in the purpose of generating new revenue, diversifying sources of earnings, bringing more security with risk mitigation for the concession of loans in our portfolios. I think it's worth it to stress that we are acting quickly and in a structured way. We are seeking a very quick reversion of this situation. We have done all of our homework. We revisited the collection tract. We are extending dialogues with regulators, with the legal system. We are anticipating projects that help deliver our strategy significantly for the coming years. All of the measures do not mitigate only the risk for this year. They prepare us for the resumption of growth starting in 2026. I would like to close by saying that Banco do Brasil, just as our country, is done by overcoming cycles. We are already prepared to resume growing as of 2026. I know that this conference call will be recorded. Since it remains recorded, I would like to give a message to our small investors, those who trusted their economies to the Banco do Brasil chairs. Base yourselves on reports that are serious. Base yourself on reports from analysts who are here with us in this conference, who know Banco do Brasil and who follow Banco do Brasil over the years. Do not listen to fake news. Do not pay attention to sensationalist videos in social media. Do not base yourselves on information that is incomplete. Follow this conference. Look at the analysts who will be here asking questions now because they are the ones who have been with us for a long time. Thank you very much. Let's go to the Q&A session. Thank you. Now let's initiate our Q&A session. I think you are very much aware of how that works. We already have some raised hands. Questions can come both in English and Portuguese, and we will answer them in Portuguese. Since we have a lot of people waiting, I would like analysts to ask only one question so that everybody will have a chance to participate. I would like to call Henrique Navarro from Banco Santander Brasil for the first question. Good morning, everyone, and thank you for being so clear. You are very firm and very clear in your explanations. My question is about, for example, for exit one. I mean, you said CET1. You always said that even with the payout reduction and also considering the new net income guidance, the earnings retention that you have for 2025, vis-à-vis some capital impacts that will happen to the entire financial system until December and the growth of the portfolio. The calculation we have here is that Banco do Brasil will end up with about 10% of common equity 1 or CET1. Is this a comfort level for you? How do you envision the return to 11%? Would it be through a lower growth of portfolio in 2026, which is far-fetched, but maybe, you know, a higher payout or cut for the minimum regulatory level for 2025? What I'm saying, about 10% of CET1 for the year-end, is correct, or would you like to go back to that figure of 11, which has been the common number? Once again, congratulations for the way that you explained everything. Good morning, everyone. Thank you for your question. We've been talking about that, but it's important that you know the following. The minimum regulatory number is 8%. We have a prudential figure where you put a cushion on top of that regulatory minimum. The ideal number would be around 11%. In June, it was 10.97% for CET1. We believe that the level of capital today is comfortable. When we decided to suggest the reduction of payout to the minimum level, we are already at the minimum level because we also have the effect of interest on equity. That's why we are setting that 30% payout. Looking forward, I mean, 2025 capital is not an issue. In 2026, yes, then there are several demands and regulatory adjustments that tend to put that capital level downwards. That's why we are now making the decision to improve the net income retention. Our projection of capital is in place for the next three years. Depending on how this capital will perform, and once it reaches that prudential level that we set up for ourselves, I mean, the admin committee through the risk committee sets up that number. We have people from minority and controlling shareholders. That's when we start drawing up strategies to bring that back to the range of 11% as we consider to be adequate and ideal for us. The best way to get there is by resuming the bank's profitability. We do recognize provisions, and we are doing that at a much faster pace because of Resolution 4966. At the same time, we are working to grow the profitable assets. It's important to mention that we do not have any capital restriction. What we are looking for are things that have better returns and returns that are risk-adjusted because this will improve retention. We had 18 basis points in this quarter that were added to our capital base organically, despite the excess provisions we had to make to face agribusiness delinquency and also delinquency from micro and SMEs. We have other mechanisms, and it's also important to note that in case in this three-year projection we understand that we have to add more provisions, we will equalize it so that this capital level remains sound and sustainable. Thank you very much. Thank you, Navarro. Next question from Bernardo Guttmann from XP. Thank you, Jana. Good morning, and thank you for taking my question. My question is about origination in connection with the net income guidance that you released. To reach that result, I think you would need to strike a balance between origination and preservation of NIM. How do you see that? A stronger deceleration may lower the margin, and deceleration may increase credit risk. Given ALL and the starting point in a quarter, how challenging is it to comply with the net income guidance for the year? Thank you for your question. It's also important that you know that in our evaluation, the provision that is being put in place, and that Prince can give you more details, we believe that the growth of our assets, and Tarci just talked about the amount of disbursements that we did in three months for private payroll, which is a much larger market when compared to what we have in our books today. Once we can serve the traditional portfolios within this resilience margin to get returns that are risk-adjusted and growth with individuals, with the individual's portfolio, we believe that even with a higher provisions guidance and a guidance that contemplates a front-load acceleration given the Resolution 4966, because if it were not for that Resolution 4966, I would have saved about BRL 2 billion in provisions. Today we are robust enough to absorb that Resolution 4966. We will have portfolios that will have control. The new portfolio has just a 6% delinquency. When you look at our NIM or the spread, you already see a gradual improvement of the spread that reflects this new landscape. The turnover of my loan portfolio in this first quarter has rate close to 20%. So 20% credit origination at higher spread levels, and this is reflected when you look at the adjusted NIM. We believe that with this strategy, we will be able to repeat what we saw in the first quarter or even to deliver more to you. If you look at the net income guidance, if I repeat the first quarter, I will be delivering in the middle of the range, but we want to deliver more than that. Of course, certainly we have to monitor our collection tracks. We have to be able to improve the non-delinquency spectrum and monitor collection. At the same time, we cannot do that in detriment of our new businesses because this will bring new avenues of growth. Thank you. Thank you, Guttmann, for the question. It's a pleasure to talk to you. Good morning, everyone. There is no secret. I think the guidance translates our strategy. We need to grow in lines that have better risk-adjusted returns, and that's why the growth coming from individuals is higher when compared to other portfolios. This will allow us to absorb the credit risk. It's important also to say that our methodology already fits into models that take into account expected risks, and then we can anticipate future risks. Certainly, since we are facing higher risk at the moment, this will naturally call for more provisions. To pay for these anticipated provisions, and for us to get the expected results that are translated in the final line of the guidance, we have to grow margins, and with that, we have to increase our NIM. That's why we are certain that we will be able to deliver higher individual loans. This is supported by the quality of the portfolio. We talked a lot about that. We have BRL 7 billion for workers' loans, and we are originating this loan at very high levels of quality where we combine the workers' risk with the risk of individuals. Moreover, we are earmarking these operations for the bank's clients. When Tarciana Medeiros talked about non-clients, these are people that we first attracted to open an account with us, and then we can grant that worker's loan because we already had previous analysis. These clients were coming to the bank because it was important for us to open that new line. The advantage is that despite our high volume, 95%, that's where we control that additional 5% that is not in the bank. Putting a debt in the account, I mean, collecting from the account. The provisions for individuals will be enough to cover for higher credit risk that appears in the guidance. With that, we will be able to deliver between 21- 25, as mentioned by Geovanne. It's always part of our strategy, the continuity of growth in the line of credit cards. This is a line that grew this quarter. We intend to continue to grow sustainably. We learned in the past how to grant the credit card, and we are growing high. I think we posted 10% growth in client NII, and we intend to grow that further in the second quarter. There is one thing that I would like to emphasize. We have enough individual base to work with, and I think this has to be very clear. It's not just a strategy. We have a customer base, and through our resilience matrix, we have at least 20 million clients. It's a pre-calculated, you know, credit margin that is part of the resilience matrix. That's why we see room to seek for sustainable growth in individual loans with margins that are in keeping with what we intend to do by the end of the year. Thank you, Geovanne, Prince, and Tarciana. Good morning. Okay, so let's call Renato Meloni for his next question. Good morning. First, congratulations on the transparency. I think it's always good in moments of adjustments like this. My question about agribusiness, I'd like you to detail a little bit more about the comments you mentioned on the cycle for the next 18 months to try and understand how you see the deleverage base of farmers and how it's still the NPLs are going to evolve, what's the maximum level and when it would be reached. After this moment of adjustments, at what level do you think delinquency in agribusiness is going to stabilize? I mean, there were a lot of structural movements, and maybe the historical 2% level is no longer the structural level for this industry. Thank you, Renato Meloni, for the question. Do you want to? Okay. I think an important point that we have to mention is that we saw an increase in delinquency, especially in what Tarciana Medeiros mentioned, that those operations with the free resources, that large farmers controlled resources have an issue with delinquency. With the free resources, you saw, we showed the history. A lot of these farmers were leveraging starting in 2020, where you started to see an improvement on this margin. We took the example of soybean, but there are others, other crops that this also goes. Everyone here was leveraging and taking financing. Recording in progress. They seem to have frozen and come back, but there's no audio. is a lot to be leveraged in the next two quarters. What do we expect? We expect there to be productivity. Productivity is a given. All projections indicate that we'll have record productions even with extremely low adverse climate events. We will have good productions and high yields. The margins will gradually be recomposed. We expect this to help us fine-tune this portfolio that has been struggling more, while also combined with the new originations, as Geovanne mentioned, that we have been a lot more selective and rigorous in the vinculation of the risk mitigators. Our challenge is to accelerate the meeting of these curves of a better, more secure origination and recovery and resumption of credits that is delinquent today. What we aim at is this curve to meet as soon as possible in the beginning of 2026, close to this level of 2, 2.5, so that we can achieve the representative NIM in this portfolio and that contributes to the resumption of our profitability. Excellent. Thank you. I lost part of the answer here. The expectation is that at the beginning of 2026, the NPL will go back to this level. At the beginning of 2026, we'll start to have the curves, as I mentioned, with better disbursements going down and NPL going down. 2, 2.5 is when we want to deliver at the end of this harvest that is finished by June 2026. Excellent. Thank you. Our next question, Gustavo Schroden with Citi. Good morning, everyone. Thank you for this opportunity and congratulations on the transparency and honesty on Tarciana Medeiros' presentation. Forgive me for being insistent in terms of guidance, especially provisions. I'll be a little bit strict here. If we calculate simply the average points of expectations with ALL expenses, we see or it implies a quarterly decrease in ALL expenses versus what you showed in the second quarter. For us here, that would be around BRL 14 billion for the third quarter and BRL 14 billion in the fourth quarter, coming from BRL 15 billion now in the second quarter. On the other hand, when we look at a lot of the indicators, the quality of the portfolio indicators, even especially in agribusiness, we still see the indicators worsening. We see NPL going back. Formation maybe is more important here, getting worse. I'd like to understand from you, and even President Tarciana Medeiros mentioned an expectation of improvement for the fourth quarter. I'd like to understand whether there's any change in terms of the pace of receiving payment, if you can share with us the expected share of receiving on the 30th of April, May, June, July that you already have some of the formation, just to give us more clarity on how to reconcile the guidance that you set forth with what is implied until the end and the two coming quarters. Further, I'll begin and then I'll turn the floor to Prince. Be careful with this simplification because you must agree that we came from BRL 10 billion of provisions in the first quarter to BRL 15, almost BRL 16 billion in the second quarter. There is a worsening of the risk that required a growth in the volume of provision. The front load was a lot higher considering this new system of accounting with Resolution 4966. There are some subliminal messages that were put here that I think it's important for you to keep in mind, even to be able to ask for the meta performance from us. The first is the full review of our collection track. Tarciana Medeiros talked about this. Tarciana Medeiros mentioned the points granting index from the protest collection system that the bank. The bank, until last year, didn't protest. The bank preferred to get some coffee with a client and avoid this animosity or distrust in the client's relationship, knowing that it's a farmer. The farmer is not going to leave their farm behind. They will need to take the crop plan and continue with their production cycle. That's how they make a living. There was a need for us to implement this considering these new conditions, stage one, stage two, and stage three, and the provision loads that we must have. There are adjustments in our track that is a paradigm shift even because there was a specific collection department or recovery department. We basically put this together with origination. When we have the wholesale market, the companies, and we have the individuals working directly in collection, we expect to read the results of the strategy and the methodology now, along with the credit risk area of the cost of risk, to have new products to be able to renegotiate in the light of the provision requirements based on Resolution 4966. All of that, we had to do very quickly due to this new scenario. Another point that I think is important to mention is that there is a record harvest that was confirmed yesterday. There is a need from farmers to resolve their pending issues. You have the specific cases of the ones who are extremely levered and those who went to in-court renegotiation or restructuring. We are being able to face and handle the number of people seeking this type of initiative. We tell them, "Please come sit down and negotiate with us because that's the best solution." We have a new harvest to finance, and we are selecting better all of that. We believe that with all the measures that we are implementing, we estimated the level of risk. I know some analysts are worried with individuals. We are not worried with individuals. We have very specific things here and there with very small portfolios, but the risk-adjusted return justifies that growth for us. That will help us. In our better view, we will continue to be able to maintain this NPL within what we consider ideal. We began this year with my NPL consuming about 40% of my NII. Today, from what I delivered, it's close to 60%. This is not sustainable, and that's not what we expect. The opposite. Of course, on one hand, we need to increase NII, and client NII shows that. On the other hand, the new collection track and the initiatives that we did not have in the past, even the credit policy, the disbursement for clients who actually have the means to pay, combined with new protection categories, like no longer the real estate financing, but the fiduciary. If you want to take rural or agribusiness credit today, you will have to have this fiduciary backup. Otherwise, you won't get it. Yes. Schroden, I think that even for you to adjust your model, where is the difference here? It's precisely in the expected loss execution, not incurred loss. The issue is exactly on NPL formation. You saw that we had a very high NPL formation in the second quarter, but it was covered even beyond its formation. There's a composition of a part of an anticipated provision that does not necessarily materialize into risk. We have been very conservative and sticking to the execution of the expected loss models. That obviously brings anticipated advanced provisions. We've been seeking, as Geovanne said, to get this risk not to materialize. We expect that we have been strengthening the balance sheets, but that our performance delivers risk that is slightly below what we may have provisioned for. It's in our hands. Maybe that's why you get this impression that the third quarter and the fourth quarter may point towards the breaking of the high end of the guidance. That's not the case. We have been using very strongly and following very strictly what the expected loss models indicate to us. Excellent. Thank you. Now, next question is from Daniel Vaz from Safra. Thank you. Good morning. Tarciana, Geovanne, and Prince, thank you for taking my question. I would like to go back to NII. The new guidance talks about a sequential expansion in this half year. I understand that in some level origination is healthy, and the pricing of the portfolio can also help you. I would like to understand the drivers that play against those numbers. Delta in Q1 is positive. In the first quarter, the numbers helped you in the second quarter, but you may not have the same thing for the next two quarters. Maybe in the fourth quarter a little bit. I would like to revisit the topic of SMEs because delinquency is over 20%. You exchange the spread from the corporate line with the focus on wholesale because spreads are lower if you look at SME. I would like to understand whether this would be, you know, a negative effect. Also with agro, I think that it will be even worse in Q3. Delinquency may punish interest receivables. I would like to look at some more aggravated phases. In payroll, maybe we could see, you know, the increase in the bank's NIM. If you could also focus in the agribusiness aspect because you said that you have to solve the cure issue in terms of bullet loans when you speak about receivables. How could we visualize the cure knowing that the collection will be at the end of the contract? How can we know what in fact is being discussed with the central bank? Yes, thank you for your question. I understand your concern when you try to understand what could be an attracting factor in this strategy. The strategy is very clear, and we already start seeing very clear results when you look at the growth of our client NII. It was better than the first quarter and better than the previous quarters. Excuse me. You forgot to mention one point: the capillarity of Banco do Brasil and the trust that our clients have in the bank. Liquidity in the first quarter was based on seasonality. We believe that we will continue to grow liquidity, and this liquidity will bring margins on the treasury side, given the current interest rate levels. Our capital level is very adequate, which allows us to focus on the growth of individuals, and our strategy is very clear. Payroll loans, even though they bring lower spreads when compared to credit cards, at the same time, the risk-adjusted margins are much better. Tarciana said that we are focusing on growth. Now, looking at future issues, we are not contemplating that in the budget, but we are working with a Selic 15 until the end of the period. We also have a bonus in terms of funding. When you look at the reduction in interest rates, this can favor us when it comes to funding. There is a figure in our SG&A that despite the growth of Selic, the cost of funding, not only do we improve liquidity, but at the same time, we are able to reduce funding costs. This demonstrates the strength of our network and the trust that our clients have in the bank that allows us to reduce the average cost of our funding despite a high Selic rate. You also talked about so many things. You refer to micro and SME. You put that number from 0-3 because, just like other banks, we are participating. We are present in the majority of large companies. We are here to assist our clients, especially the good payers. In the micro and SMEs segment, we have a margin in two digits because we have the negotiated portfolio. If you look at the new cohorts, the number is lower. In an environment with a high Selic rate, the situation is more aggravated with these clients. There is a network effect. We try to focus in markets that, in our view, will be less exposed to margin compressions or lines that have mitigating risk. Also, the cash flow of our clients under control. This is also part of our strategy when we decided to delist Cielo. Now, we want to add Cielo input. I think it's also important to say that we will not stop lending to small and micro companies. What we're doing now is just selecting these companies once we grant them credit. We are educating the ones that are in our portfolio on how they should manage their companies to prevent delinquency. There is a new cohort that already comes with controlled delinquencies within that scenario of, you know, a 15% Selic rate. We will continue to invest in the program called Acredita. We will continue to grant loans that have collaterals. We will try to get guarantees of receivables. Together with Cielo, we will have further possibilities to seek for that. Certainly, we will never stop lending to micro and small companies, but we will be more selective. This is contemplated in our resilience matrix. When we say that we will go from 0-3 ee, probably you may have a reading that we will only work with large corporate. We do have a flow of MSMEs that we have maturities every month. Growing from zero to three means that we will grow. At the same time, we will continue, we will grow, and we will continue to lend to these companies, but with a very strong consulting service. We will be very selective in terms of when and how much loan we will grant to these companies. Since you're looking at the June numbers, maybe you got the impression that we would be, you know, changing our exposure to SMEs by wholesale portfolios. There were just opportunities that appear at the end of the half year because our clients have to, you know, close their balance sheet. Opportunities pop up all the time. We are taking this opportunity because we see that we see a possibility of getting this spread once these companies become healthier. I mean, the balance of the portfolio is maintained. What changes is the origination quality for micro and SMEs and the security of the credit line, the credit facilities that we work with our clients. Still talking about cure and agro, you talked about NII. I have about approximately BRL 37 billion in operations that are non-delinquent. Because of the Resolution 4966, and they are seen as a problematic asset, I'm not accruing. I did not accrue BRL 2 billion in the margin because of that. Tarsi, we are engaged in many conversations with Febraban. We are also saying that there are other banks. There are issues that affect Banco do Brasil the most when compared to other banks. We are talking to Febraban because this is not a situation that only affects Banco do Brasil. It affects us the most because we have the largest portfolio. We have the largest number of clients, and our agro portfolio is very spread around. I know that whoever works with agribusiness and has agribusiness in the portfolio at any percent maybe is not so meaningful in the final result, but they are going through the same situation. We ran a study of the agribusiness cycle. For us, this is a year of adjustments because now we can see the end of the crop year in this delinquency cycle that we have never experienced before. In September, we conclude the maturities of the 2024-2025 crop year. We will be able to have a much better reading about the days of the clients. As I said, there are 20,000 clients right now. We still have maturities until the end of September. I just wanted to be very transparent when I said that maybe the third quarter will also be stressed because I do not think it is up to us to bring you some expectations that will then be frustrated down the road. Since we did not have any reading of this delinquency right now, we have to monitor things on a day-by-day basis to see what will happen in the third quarter. After the end of the crop year, we will be able to give the regulators some more effective data of what happened in this cure period because this is a period where I am also renegotiating several transactions. We are working with a more conservative scenario. We are working the way our risk models are telling us to operate. Once the cycle is concluded and once we see what is the percentage of the portfolio that was renegotiated and what revenues we are not getting and what we will be able to deliver to the regulators, I am sure that we will deliver a database that takes into account the interest rate accrual that we are not receiving due to the cure period. In some situations, it does not mean that the client is not paying, but it is just a period that has to do with the agribusiness cycle. Like I grant credit in the beginning of the year, but if they are delinquent, I will only know that at the end of the cycle or the crop year. With this level of delinquency, we will only be able to see that 36 months down the road. We already talked to the regulators about that. We show them this stress level that comes to my result when I do not accrue interest because we already have a negotiated base to take to the regulator. We have to wait until the end of the harvest plant to have something more concrete to deliver to the regulators. Now we are in the process of taking the data and talking about a possible change in the regulation. Maybe not a change, but some adjustments to the regulation so that they can also contemplate this cure period in the agro portfolio, taking into account the longer 36-month period. To conclude, Tarciana, we do not contemplate this in our guidance. That's obvious. Perfect. Thank you for that very encompassing answer. Thank you. Our next question comes from Antônio Ruette. [Foreign language] Thank you for taking my question. I would like to go back to Schroder's question, which is a bit challenging for us to understand the provisions guidance in particular. I think one point that draws my attention, that drew my attention during Tarciana's remarks, is the potential worsening of delinquency and the collections that you still have to do until the end of September on the agro portfolio. I understand that it's not just what you will spend in provisions, but this is a reflection of Resolution 4966, and expected losses. I would just like to understand how you are seeing these receivables and what you think in terms of short-term results looking at, you know, June, July, and August. The challenge for us is like if we have a bottom line, so much under pressure like this, or even worse, as we've seen, maybe what is implicit is an impressive improvement in the fourth quarter. I would just like to get a better understanding of what is more comfortable for you in that provisions guidance, considering a possible deterioration in the agro portfolio, and what would lead the result to improve substantially in the fourth quarter. What really drew my attention looking at the agro portfolio was the capacity of payment of farmers because they are very much leveraged, not only with you, but with other banks. As Tarciana was saying, they're doing barters, and they are looking for other types of funding. That's why it's difficult for us to have visibility in terms of the farmers' preference and, you know, who they would choose to pay first. Maybe in terms of provision in the third and fourth quarter, we could probably be discussing something which would be above the guidance. Perfect, Riti. I think you answered most part of your question. I mean, the receivables in the agro portfolio continue to be pressured. The different thing is that we are one of the very few players that have the conditions to give them another full support for the next crop year. A lot of the customers and all their other companies are hurt with the situation, but we have a very good relationship with our clients. It's a long-standing relationship. We want them to take advantage of the resources available for the next crop year. I think that we will be able to look at delinquency in more details. In terms of ALL, the worsening of the risk is already captured in that evolution from BRL 10 billion in the first quarter to BRL 16 billion in the second quarter. If you add those periods, we come to BRL 26 billion. If we look at the average part of the guidance, we will be delivering BRL 28 billion in the second quarter. We are getting prepared to a forthcoming risk scenario. Our balance sheet is robust, and we are not denying that the risk still exists. That's why credit risk will remain under pressure, and it will probably be higher than the one that we delivered in the first half of the year. Provisions are no longer necessarily linked to late payments, but they reflect the management of the entire portfolio using, I mean, under the mechanism of expected loss. That's why I anticipate future risk, and the rest is performance. Performance that you must have, that we must have, to make improvements in the credit risk. There's no secret. Anticipation of risk, better origination, and total focus on receivables, recovery, and collection. There is probably a hidden information, but you can tell that this entire collection strategy is already reflected in the performance of the second quarter. We resumed our historical levels of BRL 2 billion of loss recoveries. There is another interesting piece of information, and this is very much in line with this new strategy because for the first time, we surpassed by far half of that recovery in cash. In the past, we would recover half in cash and half installments. In the second quarter, not only we recovered that BRL 2 billion, we also recovered 65% of it in cash. There is a lot of strategy that dialogues with the guidance of the credit risk. Prince, I think it's also important that we talk about proximity with our clients. Agro is a very unique thing because it is very different from delinquency of individuals. I mean, the agribusiness client is not going to take their farm and take it someplace else. I mean, he is delinquent to the bank, but he continues to plant. We have a colleague that serves that client in the branch so that 20,000, when again I said 74%, they never, they were never delinquent until 2023. The fact that they didn't pay for that transaction, it doesn't mean that they are not, they are no longer subjective because they are paying. We already announced a record crop year for 2025-2026, this current crop year. If this is materialized and with price improvements, you know, with better commodity prices, we have this forecast. Once we give the possibility for farmers to renegotiate, we see a very good possibility of payment recovery. We are working side by side with clients because we want to bring them back to this cycle when they will be able to pay their debt to the bank. Clients are still producing. They are still planting. He's just delinquent. We are just trying to recover that credit, I mean, to the breadth of their payment capacity. For the end of 2025 and early 2026, I think by then, we will see an improvement in terms of receiving the transactions and increase in the renegotiated portfolio. I would just like to clarify one point. I think you mentioned during your remarks a potential probably worsening in the third quarter. Here, are you referring to the results for the bank or just the agro portfolio? I just want to take a closer look at the guidance. From what you've seen so far, considering July and, you know, the first two weeks of August, did you see a worsening result? This is all I have. Thank you. You always have this eagerness to look at, you know, the next quarter. What we are saying is that 2025 is a year of adjustment. We are taking all necessary measures that on the one hand, we want to react, you know, in the business to cover delinquency and to control the delinquency and to improve collections. That's why I'm saying that you shouldn't expect an improvement in the third quarter because the situation is still very aggravated, but almost 97% of the clients are paying. You have to bear that in mind. 96.51% of the clients are paying on time. What Prince is saying is that because of the delay of last year's crop, there are some maturities that are coming in July, August, and September. Therefore, you should expect similar behavior when compared to the second half. That's when the maturities happen. We are not just sitting and waiting in the branch. We are going after every case. We have strategies out in the field, several initiatives in an attempt to control the situation. We have to look at that first, and then we will talk about improvements. What do we mean by that? We mean that you will still see a third quarter that we carry over that behavior that we see today. A new cycle is just beginning. Therefore, we are saying 2025 is a year of adjustment. We will resume things starting 2026. You shouldn't expect profitability close to what we delivered in 2024. We are talking about low teens profitability for 2025. Starting in 2026, we will aim at mid to high teens. This is what is being translated in our guidance. Just to conclude, we are being very explicit, not implicit. In the second quarter, we have an amount of maturities where we notice an aggravation of delinquency. What we're anticipating for the third quarter is something similar to the second quarter. For the third quarter, we have maturities that come from clients that presented the same delinquency characteristics. Credentially speaking, we are anticipating that. In the guidance, we already contemplate that deterioration for the third quarter. We are working hard, right? What is very different from the third and the second? Now in the third quarter, there will be the beginning of a new crop year, and we have to do disbursements. You know, and God doesn't wait. The rain will come. You'll have to plant. The third quarter may be even better than the second because it's the beginning of a new crop year. That's why now we see a better negotiation power in the third quarter when compared to the second. We are now being more cautious, more conservative, even because that was a very bold decision. We needed to review the guidance, to reanalyze it, and see exactly what is our delivery capacity. Thank you. Thank you very much for your time. Thank you. Thank you. The next question is from Marcelo Mizrahi at Bradesco. Thanks for the opportunity. I’ll just ask one question. Though I have more, I’ll respect the time limit. Looking at provisions in the agribusiness portfolio, you break out the extended portfolio, and I’d like to take a closer look at that. The extended portfolio today represents about 16% of the agribusiness book, almost BRL 58 billion. You also provide a breakdown of provisions for this extended portfolio, and we see that NPL has risen from around 4% to roughly 6%. At the same time, provisions for the extended portfolio have risen from 8%-16% of the portfolio over the last two quarters. So, the main driver of the increase in provisions has been the performance of this extended portfolio. In fact, apart from portfolio delays, this has been the key factor behind agribusiness growth. When it comes to the increased extensions you mentioned, I agree that, looking at NPL creation, provisions next quarter should stay around the same level. But if we look at the extended portfolio and the agribusiness NPLs over 30 days past due, which went from just over 4%-5.5%, it looks like provisions on that extended portfolio could go higher. And it feels like any relief on provisions will really depend on a solid improvement in the fourth quarter. So my question is: how confident are you in the extended portfolio? I understand it’s structured before maturity and classified as Stage 1 rather than Stage 2 or 3. But given the size of this book, any deterioration has a major effect on the indicators. So what can we expect? Why are you confident in recovery or in NPL coming down, to allow improvement in the fourth quarter and achievement of the year’s guidance ranges? Thank you. Right, Mizrahi. First, I don’t think “comfort” is the right word at this point. We’re obviously quite concerned about the extended portfolio and are working very hard to mitigate the risks. And it’s important to understand what this extended portfolio actually is. This portfolio is unlike anything else in the market. Extensions are granted only under strict criteria, mainly linked to edaphoclimatic events or other events that resulted in material losses for the producer. When we grant an extension, we confirm that their repayment capacity has been restored. That’s the foundation of the extended portfolio. Of course, when these edaphoclimatic factors are combined with leverage in the field, whether through new instruments or rising interest rates, it creates an additional layer of risk for the extended portfolio. That’s why we’ve been monitoring it closely and, in fact, provisioning quite early for the risks that are materializing there. You can only make sense of the third and fourth quarters if you keep in mind that we already did this in the second. Our management approach remains the same. If needed, and if risk continues to materialize at this level, even in the extended portfolio, we’ll continue building expected loss provisions at the same scale. And that means expense. The expense we incurred in the second quarter builds a reserve that strengthens our protection in the quarters ahead. At no point have we suggested an improvement; the guidance makes that very clear in terms of our expected loss volumes. On the contrary: it was 26 in the first quarter, and I’m looking at no less than 28 in the second. That’s the dynamic. Where could there be upside? Exactly in recovery and collections, including maturities within this extended portfolio, the same points Geovanne made earlier apply here as well. Because it’s not that producers don’t have repayment capacity today. At the time the extension was granted, they didn’t have it, and that was due to clearly adverse events. Now the challenge is improving timeliness. What’s been troubling us is the volume of missed payments in these portfolios, which is why provisioning is higher, even ahead of actual NPL. And we're collecting, right? That's right. The farmer has to pay. Great. So, is the idea that the extended portfolio will keep growing in the coming quarters? It will likely keep growing, especially because there are measures already in place, including some approved by the National Monetary Council, that allow us to grant extensions. But always under strict criteria and we’re audited on this. There has to be an adverse event, and we have to prove that the client’s repayment capacity has been restored. Now, if the scenario unfolds as projected and the Selic rate continues to ease, by the second quarter of 2026 we might enter a cycle of reducing this extended portfolio, similar to what we saw in 2022. Thank you. Thank you. For our next question, I’ll turn it over to Eduardo Rosman from BTG. Hi, good morning, everyone. My question is about economic plans. These expenses have been ongoing for years, and now this nonrecurring item has become significant, accounting for roughly 20% of adjusted net income. So I’d like to know: how long should we expect to keep seeing these economic plan expenses? Thank you. Hi, Rosman. Thanks for the question. This has been a process led by Febraban, together with our legal counsel. Recently, the Supreme Court ruled on the constitutionality of the economic plans, and that’s critical for us to finally resolve all the reimbursement cases involving savings account holders who had been contesting this. A new deadline was set, giving us two more years to conclude the process. So our expectation is to reach a final resolution within that timeframe. Isn’t that right, Prince? That’s right, Geovanne. And why are these expenses rising, Rosman? Because now is the moment to resolve this issue once and for all. With constitutionality confirmed, the deadline was extended by two years, with no further extensions, under the agreement between Febraban and the savings account holder associations. So we have a two-year window to close this chapter, and that’s why you’ll continue to see these numbers accelerate. Our goal is to deliver a bank fully free of this legal matter, which has been ongoing for more than 40 years. We’re moving quickly to settle these agreements so that all claims are resolved, and this item is removed from our balance sheet by no later than May 2027. But our strategy is to resolve this ahead of the deadline. Thank you. Thank you. Thank you, Rosman. The next question is from Pedro Leduc, Itaú. Hi, good morning, everyone, thanks for the call and for taking my question. Moving a bit away from agribusiness to the Individual and Corporate segments, we’ve also noticed some portfolio deterioration. But unlike agribusiness, here provisions haven’t been covering NPL formation. Coverage has been around 70%-80% for a few quarters now. So my question is whether, in this new provisions guidance you’ve provided, you are already considering corporate and individual provisions aligning a bit more closely with NPL formation? And secondly, many of the loans currently in short-term arrears should soon migrate to Stage 3, either in the second, third, or fourth quarter. Stage 3 has hardly moved. Are you already considering that impact on NII in the new guidance? Thanks. Pedro, great to see you here, thanks for the question. First, regarding the individual portfolio, we see it on a very positive trajectory. NPL is mostly concentrated in non-payroll-deductible credit lines, where we’ve been carrying out a strong cleanup effort, including offering worker credit to help regularize that NPL. So we’re quite confident this portfolio is on a positive path and non-payroll-deductible loans, in fact, are the ones that deliver the best risk-adjusted return. We’ve been working hard on this. In other lines, in cards we’re the bank that has gained the most market share, with NPL levels below those of the system. And in payroll-deductible loans, performance has been, as you’ve seen, quite satisfactory. So, because this cleanup process is ongoing, and because most of this portfolio is anchored in secured lines, provisions are based on expected-loss models. That results in coverage below the punctual NPL that has emerged in non-payroll- deductible loans, but we’ve been able to regularize those quickly. As for micro and small enterprises, that requires a bit more detail. Why? Because part of the expected loss is offset by Pronampe guarantees. Each quarter, we’ve had roughly BRL 600 million covered by the FGO. So, while NPL initially shows up on our balance sheet, it is later offset by the guarantee fund. That explains the gap you’ve been seeing in MSE. And this whole framework is already incorporated into our guidance, including our margin guidance. Geovanne, would you like to add anything? No, I think you covered it all. That's exactly it. Now, let's go to our next question from Yuri Fernandes with JP Morgan. Thank you, and congratulations on your transparency. My question is on Holders'. Equity, but less on the capital angle because that's understood. I wanted to know something about equity. There was a drop. I think you're paying less dividends. I think that the growth of shareholders' equity should have been higher. There was something like BRL 3 million of adjustments and benefits, and I think in my view, it should be Previ. My question is whether this is, in fact, what happened and how should I have a reading for the impacts going forward? With a different discount rate, the impact should be maybe, you know, more challenging growth of shareholders' equity and maybe the results from Previ. I don't know whether you already have results for Previ, but Previ accounted for about 20% of the total numbers. I would just like to know something around that concerning Previ. Okay, Yuri. In this next half year, we are already considering a higher discount rate. This is already reflected in the current value of liabilities. The main element that led to this reduction in equity came from actuarial, mainly Previ and some healthcare plans. We are already expecting a lower contribution. When we look at the effect on the P&L, we usually give you a soft guidance for the next quarter, looking at the half-year recognition of that accrual. Maybe BRL 880 million last quarter. I think it was BRL 980 million, but for this one, BRL 880 million. That's very clear. Thank you very much. Our next question is from Natália Corfield with JP Morgan. Thank you for taking my question. I'm asking about capitalization. I think you already know what my question is. I didn't see any announcement about your PERPs. I would just like to know if you made any decision about, I mean, the possible fall of this PERPs in October. Thank you. This is Geovanne. Thank you for your question. No, we haven't yet made a decision. We are still evaluating, and we are also taking into account opportunities. One thing that is important to highlight is that if you look at it, if you look at our market NII, it was down mostly due to our institutional capitalization. I have a market of financial notes or letras financeiras that has allowed us to expand that funding that could possibly replace our PERPs. We are analyzing it, and we are looking to see what would be the best model, given the current moment and where we could possibly make improvements to our NII. That's why we are taking that into account. We are checking the possibility of calling the PURPS, but we haven't made that decision yet. First of all, I have to be sure that I have a mechanism to replace these two levels of capital. Giovanni, you also have to ask the Central Bank for permission. I thought that given the fact that you need permission, since the call is in October, we need a month before to announce it. We are still within that timeframe. Thank you. [Foreign language] Natália, thank you for joining us. Certainly. My pleasure. We conclude our Q&A session. Thank you so much for those who joined us today. I would like to invite you to take a look at our materials that are available in the IR website. Thank you so much. I hope to see you soon. Thank you all and have a very good day.