Earnings release
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Press Release • Recurring net income grows 16.2 % y / y , and continuing a ten - quarter track record of consistent improvement . Highlights 2Q26 • Resilient revenues despite the macroeconomic outlook and controlled expenses ⚫ The loan portfolio continues to grow with moderate risk appetite and prioritizing collateralized lending with attractive returns Non - performing loans showed a slight increase , in line with our expectations ⚫ Consistent results from our insurance business , claims ratio under control alongside a strong financial performance • Accelerated transformation to ensure the sustainability of business operations and earnings Bradesco capitalized on good business opportunities , delivering its tenth straight quarter of rising net income and expanding ROAE . Our revenues have been more resilient to the macro environment and our operating expenses remain under control . Our transformation plan is making our Organization more competitive . Even with a moderate risk appetite , we have continued to see strong commercial traction . Revenues ' resilience to the macro environment reflects three main drivers : ( i ) diversified revenue streams , with meaningful contributions from businesses such as high income , consortia and insurance ; ( ii ) transformation efforts increasing competitiveness ; ( iii ) credit origination prioritizing lines with collateral and good risk- adjusted returns . Our loan portfolio continued to deliver consistent growth , supported by an increasing share of secured lending . Notable growth came from collateralized working capital , private payroll - deductible loans , auto loans , wholesale agribusiness lending , securities ( TVMS ) , and guarantees and sureties . The delinquency indicators are within our expectations . In line with the previous quarter , the Micro , Small , and Medium - sized Enterprises ( MSME ) segment saw an increase in over - 90 - day NPL , reflecting the time gap between delinquency and collateral realization on working capital operations . Short - term delinquency indicators were impacted by secured working capital lines and the seasonal nature of John Deere Bank's operations , whose maturities are concentrated in 2Q26 . For the expanded loan portfolio , the share of Stage 3 remained stable during the quarter . We increased renegotiations under the scope of the new Desenrola Brasil program , though the restructured portfolio's share of total loan book held steady . The cost of risk remained stable for the quarter . Coverage for Stage 3 transactions exceeded 100 % during the first half of the year . Notwithstanding the indicators and comments above , it is well known that risks in the country have deteriorated , as the Central Bank's periodic reports on the Brazilian market have been pointing out . The interest rate , kept at an elevated level by monetary policy , has held inflation in check , but has impacted a range of companies of different sizes . The rising income commitment of households is another indicator that warrants close monitoring alongside developments in the global macroeconomic environment . The net interest income rose during the quarter . Market NII posted a solid performance despite challenging macro conditions , driven by disciplined risk management and the successful monetization of key opportunities in client derivatives and structured products . Client NII increased , reflecting higher loan volumes and spread expansion , with solid contribution from fund margin performance . Fee and commission income benefited from strong contributions from asset management , custody and brokerage services , card revenue , and consortia . Insurance operating income posted another strong performance . The industrial segment benefited from claims ratio under control and good commercial traction . The financial results showed steady growth driven by a larger asset base and more favorable yields . Operating expenses remain under control , despite investments in the transformation agenda . Personnel and administrative expenses grew below inflation , excluding PLR ( profit sharing ) . Administrative expenses declined across footprint - related categories ( e.g. , transportation and facilities ) while rising in technology expenditures and investments . Our efficiency ratio continues to trend downward . We stand firm in our commitment to further enhancing the Organization's efficiency . We allocated R $ 4 billion in interest on capital in 2Q26 , maintaining capital ratios comfortably above both regulatory requirements and our management targets . Our transformation plan is moving forward at an accelerated pace . We have become more competitive in many business lines , including M & A , DCM , the energy trading desk , structured products to corporate clients , and auto financing , making our revenue streams more resilient . For SME clients , we added new features to the app , including investment solutions and cash management initiatives that delivered additional benefits to our funding margin . In our high - income segment , we increased our funding and opened more offices . We have more than 30 million fully digital clients that are increasing efficiency in digital sales , and we continue to adjust our footprint . We continue to advance our sustainable business strategy , supporting clients in their transition to a more inclusive , resilient , low - carbon economy , while monitoring the risks and opportunities that are associated with this shift . In June , we reached 92.5 % of our corporate goal of allocating R $ 450 billion to sectors and activities with social and environmental benefits by December 2026 . Strengthening our leadership in mobilizing capital for sustainable development , we have been selected in every Eco InvestBrasil auction conducted until now . In May , we also took part in the fourth round of the program , ensuring almost 12 % of the resources available , enhancing our ability to finance projects and initiatives that support the sustainable transition of the Brazilian economy . The following information provides detailed insights on our performance in 2Q26 , including the results , balance sheet and key performance indicators . Bradesco | Economic and Financial Analysis Report Consolidated Recurring Net Income R $ 7.1 bi ROAE 16.2 % ▲ 3.5 % q / q ▲ 16.2 % y / y Total Revenue R $ 37.6 bi A 2.1 % q / q ▲ 10.3 % y / y Total Net Interest Income A 4.1 % q / q ▲ 15.7 % y / y Fee and Commission Income ▲ 1.1 % q / q A 1.7 y / y Insurance , Pension Plans and Capitalization Bonds ▼ 4.2 % q / q ▲ 8.3 % y / y Personnel + Administrative Expenses R $ 13.1 bi ▲ 4.0 % q / q ▲ 5.0 % y / y Operating Efficiency Ratio 46.5 % ▼ 0.4 % p.p. q / q ▼ 3.4 p.p. y / y Expanded Loan Portfolio R $ 1.137 bi ▲ 4.3 % q / q ▲ 11.6 % y / y A 1.2 % q / q Individuals ▲ 8.4 % y / y ▲ 6.7 % 9/9 Companies ▲ 14.1 % y / y Over 90 days ratio 4.3 % ▲ 0.1 p.p. q / q ▲ 0.2 p.p. y / y Insurance Group Recurring Net Income R $ 2.9 bi ▼ 6.7 % q / q A 28.3 % y / y ROAE 22.8 %
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Recurring Net Income Statement (1) It covers the following effects: (i) payment of the IR/CS (Income Tax/Social Contribution) debt of the years 2014 and 2015 with the benefits brought by Law No. 14,689/2023, (ii) effects of joining the Comprehensive Transaction Program (PTI) and (iii) other tax provisions. Recurring Net Income Movement in the Quarter | R$ Million (1) Tax Expenses, Equity in the Earnings of Affiliates, Non-Operating Income, Income Tax/Social Contribution and Minority Shares. ROAE Quarterly and Year-to-Date Operating Efficiency Ratio / Risk – Adjusted ER R$ million 2Q26 1Q26 2Q25 1H26 1H25 2Q26 vs. 1Q26 2Q26 vs. 2Q25 1H26 vs. 1H25 \\ Net Interest Income 20,872 20,051 18,044 40,923 35,277 4.1 15.7 16.0 Client NII 20,199 19,498 17,756 39,697 34,527 3.6 13.8 15.0 Market NII 673 553 288 1,226 750 21.7 - 63.5 \\ Expenses with Expanded Loan Loss Provisions (9,985) (9,667) (8,142) (19,652) (15,784) 3.3 22.6 24.5 \\ NII Net of Provisions 10,887 10,384 9,902 21,271 19,493 4.8 9.9 9.1 \\ Client NII Net of Provisions 10,214 9,831 9,614 20,045 18,743 3.9 6.2 6.9 Income from Insurance, Pension Plans and Capitalization Bonds 6,119 6,384 5,650 12,502 10,953 (4.2) 8.3 14.1 Fee and Commission Income 10,486 10,373 10,307 20,859 20,076 1.1 1.7 3.9 Operating Expenses (16,436) (16,178) (15,898) (32,614) (30,904) 1.6 3.4 5.5 Personnel Expenses (7,219) (7,019) (6,852) (14,238) (13,557) 2.8 5.4 5.0 Other Administrative Expenses (5,896) (5,592) (5,639) (11,488) (10,904) 5.4 4.6 5.4 Other Income / (Operating Expenses) (3,321) (3,567) (3,407) (6,888) (6,443) (6.9) (2.5) 6.9 Tax Expenses (2,293) (2,369) (2,289) (4,662) (4,454) (3.2) 0.2 4.7 Results derived from investments in controlled companies 166 73 132 239 182 - 25.8 31.3 \\ Operating Income 8,929 8,667 7,804 17,596 15,346 3.0 14.4 14.7 Non-Operating Income 13 5 9 18 74 - 44.4 (75.7) Income Tax / Social Contribution (1,734) (1,760) (1,638) (3,494) (3,260) (1.5) 5.9 7.2 Non-controlling interests in subsidiaries (158) (101) (108) (259) (229) 56.4 46.3 13.1 \\ Recurring Net Income 7,050 6,811 6,067 13,861 11,931 3.5 16.2 16.2 Non-Recurring Events - (1,781) - (1,781) (62) - - - PTI Adherence / Tax Provisions (1) - (1,781) 495 (1,781) 433 - - - Labor Contingency - - (495) - (495) - - - Book Net Income 7,050 5,030 6,067 12,080 11,869 40.2 16.2 1.8 Variation % 6,811 7,050 701 120 (732) 414 (265) 113 (258) 146 Net Income 1Q26 Client NII Market NII Mass-Market Wholesale Income from Insurance Fee and Commission Income Operating Expenses (Personnel + Administrative + Others) Others Net Income 2Q26 Expanded LLPNet Interest Income ▲ 821 ▲ (318) 16.2 15.8 15.2 14.714.6 16.0 15.8 14.8 14.614.6 2Q1Q264Q3Q2Q25 Quarterly Year-to-Date % (1) 46.546.950.150.149.9 48.449.250.0 50.751.2 2Q1Q264Q3Q2Q25 75.575.775.7 76.076.1% Quarterly 12-month 12-month risk-adjusted