Earnings release
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BB Seguridade Participações S.A. | Análise do Desempenho 1T21 1 #interna #Pública
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 2 ▪ P R E S E N T A T I O N The Management Discussion and Analysis – MD&A presents the economic and financial status of BB Seguridade Participações S.A. (BB Seguridade). Directed to financial analysts, shareholders and investors, this quarterly report provides an analysis of economic and financial indicators of BB Seguridade, stocks’ performance and other aspects considered relevant for the assessment of the company’s achievements. The consolidated financial statements were prepared in compliance with the International Financial Reporting Standards – IFRS. On the other hand, the analysis provided on this report are based on the accounting standards adopted by insurance regulators in Brazil – Susep and ANS –, except when otherwise mentioned. ▪ ON - L I N E A C C E S S This MD&A is available at BB Seguridade’s IR website, where additional information about the Company is also available such as: corporate structure, corporate governance, historical data, among other important information for shareholders and investors. The company’s website can be accessed through www.bbseguridaderi.com.br/en. This report makes references and statements about expectations, expected synergies, growth estimates, earnings forecasts and future strategies regarding BB Seguridade. Such statements are based on current expectations, estimates and projections of the Management about future events and financial trends that may affect the businesses that the company is involved in. These forward looking statements are not guarantee of future performance and involve risks and uncertainties that could overextend the control of the management, and thus can result in balances and values different from those anticipated and discussed in this report. The expectations and projections depend on market conditions (technological changes, competitive constraints on produc ts, prices, etc.), on the country’s macroeconomic performance (interest and exchange rates, political and economic changes, inflation, changes in tax rules, etc.) and on international markets. Future expectations based on this report should consider the risks and uncertainties that involve BB Seguridade’s businesses. BB Seguridade has no responsibility to update any estimate contained either in this report or in previously published reports. Tables and charts in this report show, in addition to the accounting balances, financial and managerial figures. The relative variation rates are calculated before the rounding procedure in R$ million. The rounding method used follows the rules established by Resolution 886/66 of IBGE’s Foundation: if the decimal number is equal or greater than 0.5, it increases by one unit, if the decimal number is less than 0.5, there is no increase. The Brazilian Securities and Exchange Commission - CVM Rule No. 42/2021 made it mandatory for Brazilian Public-held companies the adoption of the principles of IFRS 17 standards for the recognition, measurement, presentation, and disclosure of insurance c ontracts as of January 1, 2023. Thus, since the 1Q23, the audited financial statements of BB Seguridade follows the new accounting sta ndards of IFRS 17, particularly regarding the recognition of the equity investment balance and results arising from Brasils eg, Brasilprev and Brasildental that operate insurance contracts within the new accounting standards. On the other hand, the Brazilian insurance regulators, namely Superintendência de Seguros Privados – Susep and National Supplementary Health Insurance Agency – ANS, have not adopted the IFRS 17 for their sectors and, therefore, the insurance and health insurance companies shall comply with the former standard (IFRS 4), both for recognition, measurement, presentation, and disclosure of financial information, as well as for provisions, liquidity and capital management, including the regulatory capital, that weigh the shareholders’ remuneration policies. For the reason set forth herein, except when otherwise mentioned, the analysis on this report are based on managerial informa tion prepared according to IFRS 4, which are not audited at the holding level. For information purposes, Chapter 3 of this document presents the audited financial statements in accordance with IFRS 17 of the holding co., Brasilseg and Brasilprev so that the stakeholders can get used to the new reporting models. This information does not rule out the need of reading the explanatory notes to the audited financial statements to understand the accounting practices and impacts on the transition and on the recognition of insurance contracts’ income. Finally, it should be noted that, due to operational issues, as of January 2023, the accounting recognition of the investment in Brasildental will be carried out with a delay of one month. Thus, the equity income of 2Q25 and 2Q26 include information relating to March, April and May.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 3 Virtual meeting for earnings presentation Index 1. Summary 4 2. Investees Performance 11 Brasilseg 11 Brasilprev 27 Brasilcap 39 Brasildental 50 BB Corretora 52 3. Information in IFRS 17 59 4. Business Overview 65 5. Definitions 69 August 4th, 2026 Portuguese with simultaneous translation into English Time: 11:00 AM (Brasilia time) 10:00 AM (EST) To register for the event and receive the connection information click here or access the investor relations website www.bbseguridaderi.com.br/en Contacts Investor Relations +55 (11) 4297-0730 ri@bbseg.com.br IR Website: www.bbseguridaderi.com.br/en Rua Alexandre Dumas, 1671 – Térreo – Ala B Chácara Santo Antônio – São Paulo – SP CEP: 04717-903
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 4 1. S U M M A R Y ▪ R E C U R R I N G M A N A G E R I A L N E T I N C O M E A N A L Y S I S Table 1 – Holding’s recurring managerial income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Equity income 2,238,014 2,209,946 2,116,878 (5.4) (4.2) 4,236,891 4,326,825 2.1 Underwritting and accumulation businesses 1,304,756 1,307,177 1,227,311 (5.9) (6.1) 2,438,543 2,534,488 3.9 Brasilseg 939,041 829,479 919,292 (2.1) 10.8 1,763,590 1,748,771 (0.8) Brasilprev 312,029 403,929 253,430 (18.8) (37.3) 579,493 657,359 13.4 Brasilcap 49,190 69,858 49,878 1.4 (28.6) 85,249 119,736 40.5 Brasildental 4,495 3,910 4,712 4.8 20.5 10,211 8,623 (15.6) Distribution businesses 883,778 875,626 858,405 (2.9) (2.0) 1,733,026 1,734,031 0.1 Other 49,481 27,143 31,163 (37.0) 14.8 65,322 58,305 (10.7) G&A expenses (4,605) (11,849) (6,899) 49.8 (41.8) (14,692) (18,747) 27.6 Net investment income 6,711 25,313 59,258 - 134.1 13,746 84,570 - Earnings before taxes and profit sharing 2,240,121 2,223,410 2,169,238 (3.2) (2.4) 4,235,945 4,392,648 3.7 Taxes (28) (3,497) (17,535) - 401.5 135 (21,032) - Recurring managerial net income 2,240,093 2,219,913 2,151,702 (3.9) (3.1) 4,236,080 4,371,616 3.2 Quarterly Flow Chg. % Half-Yearly Flow In 2Q26, BB Seguridade's recurring managerial net income was down 3.9% YoY, to R$2.2 billion. The main factors explaining the R$88.4 million decline in net income were: ▪ Brasilprev (-R$58.6 million ): due to lower net investment income, impacted by negative mark -to-market on government bonds and IGP-M increase that outpaced IPCA; ▪ BB Corretora (-R$25.4 million ): driven by lower brokerage revenues, mainly in premium bonds segment; and ▪ Brasilseg (-R$19.7 million ): reflecting lower earned premiums and higher financial expenses. These effects were partially offset by higher income from financial investments at the holding company, resulting from volume s expansion. In 1H26, recurring managerial net income totaled R$4.4 billion, representing an increase of R$135.5 million (+3.2%) compared to 1H25, supported mainly by: ▪ Brasilprev (+R$77.9 million): driven by the growth in revenues with management fee, improvement in the cost to income ratio, and stronger financial income; and ▪ Brasilcap (+R$34.5 million): supported by the expansion of the net interest margin. The holding company's net investment income also contributed to earnings growth, benefiting from higher returns and the expansion of average balance of financial investments. However, part of this increase was offset by the R$14.8 million decline in Brasilseg's earnings, reflecting lower earned premiums, higher acquisition costs and increased financial expenses. Figure 1 –Quarterly net income breakdown ¹Individuals revenues and expenses from BB Seguridade and BB Seguros. Figure 2 –Year-to-date net income breakdown ¹Individuals revenues and expenses from BB Seguridade and BB Seguros. Figure 3 –Normalized net income (R$ million) 2,240 2,220 2,152 4,236 4,372 2,320 2,190 2,215 4,394 4,405 2Q25 1Q26 2Q26 1H25 1H26 Net income IGP-M lag Normalized net income¹ (80) 29 (63) (158) (33) ¹Net income excluding the impacts of the one -month lag in the IGP -M accrual on liabilities.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 5 ▪ E X T R A O R D I N A R Y E V E N T S Accordingly, the following adjustments were made to calculate the recurring managerial net income (Susep accounting standards) for both investees — Brasilseg and Brasilprev — and for BB Seguridade, based on the adjustment of the equity income: Table 2 – Recurring managerial net income Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Recurring managerial net income 2,240,093 2,219,913 2,151,702 (3.9) (3.1) 4,236,080 4,371,616 3.2 Extraordinary events 61,575 - - - - 61,575 - - Brasilseg: reversal of provision for judicial claims (PSLJ) 61,575 - - - - 61,575 - - Managerial net income 2,301,667 2,219,913 2,151,702 (6.5) (3.1) 4,297,655 4,371,616 1.7 Quarterly Flow Chg. % Half-Yearly Flow 2Q25 Brasilseg: Reversal of Provision for Judicial Claims (“PSLJ”): On August 28, 2024, Law No. 14,905/2024 came into effect, establishing the IPCA as the official inflation index for monetary restatement of civil-related claims, and the Selic rate, net of IPCA-based inflation adjustment, as the default interest rate for updating such amounts. Until then, there was no standardization, and Brasilseg used, for the purposes of calculating and updating its legal provisions, the prevailing practice in Brazilian state courts, namely, a fixed simple interest rate of 1% per month p lus the INPC. With the enactment of the new law and based on existing case law, in addition to adopting the Selic and IPCA for updating amounts in new cases, Brasilseg reviewed its stock of PSLJ, resulting in a reversal of R$151.2 million in monetary resta tement and interest on provisions and R$22.2 million in monetary restatement and interest on reinsurance assets, totaling a positive impact of R$129.0 million on the company’s net investment income in 2Q25.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 6 ▪ E A R N I N G S B R E A K D O W N Figure 4 –Earnings breakdown¹ (%) 0.2 2.3 2.2 13.9 39.5 41.9 0.2 3.1 2.3 11.8 39.9 42.7 Brasildental Other Brasilcap Brasilprev BB Corretora Brasilseg 2Q26 2Q25 0.2 1.5 2.0 13.7 40.9 41.6 0.2 2.4 2.7 15.0 39.7 40.0 Brasildental Other Brasilcap Brasilprev BB Corretora Brasilseg 1H26 1H25 1. Does not consider the individual results from BB Seguridade and BB Seguros holdings and, when negative, the investees.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 7 ▪ C O M B I N E D N E T I N V E S T M E N T I N C O M E Figure 5 – Combined net investment income In 2Q26, the combined net investment income of BB Seguridade and its investees, net of taxes, was down 16.7% YoY, to R$386.2 million. This movement is largely explained by: (i) increase of the liabilities costs from the defined benefit pension plan at Brasilprev, reflecting the spike of the one-month-lagged IGP-M (2Q26: +4.1% | 2Q25: -0.6%); (ii) negative MtM of R$12.2 million in trading portfolios of all group companies (versus a positive MtM of R$33.6 million in 2Q25); and (iii) a 3.3% decrease in the average balance of combined financial investments. In 1H26, combined net investment income increased by 16.0%, reaching R$909.1 million. The performance was mainly driven by higher interest rates and favorable inflation dynamics affecting Brasilprev's interest -bearing assets (IPCA: +3.4% in 1H26 vs. +3.0% in 1H25 | IGP-M: +3.3% in 1H26 vs. -0.9% in 1H25). On the other hand, part of this growth was offset by a consolidated negative MtM result of R$18.0 million, compared to a positive MtM result of R$23.3 million in 1H25. 464 523 386 784 909 20.7 23.6 17.9 18.5 20.8 2Q25 1Q26 2Q26 1H25 1H26 Net investment income (R$ million) % Net income Figure 6 – Inflation rate (%) Figure 7 – Average Selic rate (%) Figure 8 – Forward yield curve (%) 0.9 1.9 1.4 3.0 3.4 -1.9 0.2 3.1 -0.9 3.3 -0.6 -0.3 4.1 1.7 3.8 2Q25 1Q26 2Q26 1H25 1H26 IPCA IGP-M IGP-M (lagged)¹ 14.48 14.86 14.44 13.71 14.65 2Q25 1Q26 2Q26 1H25 1H26 14.93 14.73 14.72 14.81 14.86 14.10 13.25 13.07 13.11 13.17 14.00 14.02 14.12 14.19 14.21 14.11 13.77 13.73 13.78 13.83 DI1F27 DI1F28 DI1F29 DI1F30 DI1F31 mar/25 jun/26 jun/25 mar/26 1. IGP-M with a lag of one month. Figure 9 – Financial investments (%) Figure 10 – Financial investments by index (%) Figure 11 – Trading portfolio by index (%) 50.1 50.5 51.6 40.3 38.7 37.9 9.6 10.8 10.5 Jun/25 Mar/26 Jun/26 Held to maturity Available for sale Trading 45.1 45.6 45.7 40.7 39.5 39.2 14.1 14.7 15.0 0.1 0.11 0.1 Jun/25 Mar/26 Jun/26 Other Pre-fixed Inflation Floating 90.0 90.2 88.6 7.2 6.6 7.2 2.6 3.0 4.1 0.1 0.2 0.1 Jun/25 Mar/26 Jun/26 Other Pre-fixed Inflation Floating
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 8 ▪ H O L D I N G ’ S G E N E R A L A N D A D M I N I S T R A T I V E E X P E N S E S Figure 12 – General and administrative expenses (R$ million) 5 5 10 5 7 7 12 7 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Table 3 –General and administrative expenses Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Administrative expenses (980) (1,929) (879) (10.3) (54.4) (2,762) (2,808) 1.7 Specialized technical services (103) (68) (139) 35.7 105.5 (171) (207) 20.7 Location and operation (206) (287) (251) 21.5 (12.6) (418) (537) 28.6 Communication (13) (21) (16) 25.2 (21.2) (26) (37) 43.8 Other administrative expenses (658) (1,554) (473) (28.1) (69.6) (2,147) (2,026) (5.6) Personnel expenses (3,221) (3,059) (3,413) 6.0 11.6 (6,125) (6,472) 5.7 Compensation (1,869) (1,661) (1,982) 6.0 19.4 (3,337) (3,643) 9.2 Welfare benefits (823) (863) (875) 6.4 1.5 (1,775) (1,738) (2.1) Other compensation (256) (252) (256) 0.1 1.5 (473) (508) 7.4 Benefits (273) (283) (299) 9.6 5.7 (539) (582) 8.0 Tax expenses (451) (6,531) (2,883) - (55.9) (5,332) (9,414) 76.5 COFINS (299) (5,604) (2,391) - (57.3) (4,485) (7,995) 78.2 PIS/PASEP (48) (925) (389) - (57.9) (743) (1,314) 76.8 IOF (10) (0) (10) (3.4) - (10) (10) (3.5) Other (93) (2) (93) (0.5) - (93) (95) 1.8 Other operating income (expenses) 46 (330) 276 495.5 - (473) (54) (88.6) G&A expenses (4,605) (11,849) (6,899) 49.8 (41.8) (14,692) (18,747) 27.6 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 9 ▪ 20 2 6 G U I D A N C E In 1H26, PGBL and VGBL pension plan reserves of Brasilprev grew in line with the upper end of the 2026 guidance range. For the non-interest operating result (ex-holding) indicator, performance outpaced the estimated range, mainly driven by a lower-than-expected loss ratio. Regarding the premiums written of Brasilseg, the guidance miss in the 1H26 is explained by rural, credit life and term life insurance segments. Figure 13 – 2026 observed PGBL and VGBL pension plans reserves of Brasilprev 11%8% 11.0% Observed 1H26 Percentage variation of PGBL and VGBL pension plans reserves, adjusted by extraordinary events, as released by the company on its quarterly MD&A. Premiums written of Brasilseg 2% -3.5% Observed 1H26 -3% Percentage variation of the premiums written reported by Brasilseg, adjusted by extraordinary events, as released by the company on its quarterly MD&A Non-interest operating result (ex-holding) -3% -0.2% Observed 1H26 -7% Percentage variation of the combined recurring non -interest operating results of Brasilseg, Brasilprev, Brasilcap, Brasildental and BB Corretora, according to accounting standa rds adopted by Susep and ANS, weighted by the equity stake held in each company and adjusted by extraordinary events, as released by the company on its quarterly MD&A. Table 4 – Breakdown of the non-interest operating result by company Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Non-interest operating result 2,602,681 2,509,386 2,559,149 (1.7) 2.0 5,079,787 5,068,536 (0.2) Brasilseg 1,013,685 884,371 968,931 (4.4) 9.6 1,897,266 1,853,302 (2.3) Brasilprev 413,690 449,722 460,747 11.4 2.5 834,229 910,469 9.1 Brasilcap 2,531 (1,353) (4,035) - 198.3 11,884 (5,388) - Brasildental 6,338 3,637 6,387 0.8 75.6 11,453 10,024 (12.5) BB Corretora 1,166,438 1,173,009 1,127,120 (3.4) (3.9) 2,324,954 2,300,129 (1.1) Half-Yearly FlowQuarterly Flow Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 10 ▪ H O L D I N G ’S B A L A N C E S H E E T Table 5 – Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 13,146,583 11,261,825 13,300,996 1.2 18.1 Cash and cash equivalents 1,046,377 572,331 1,953,445 86.7 241.3 Financial assets marked to market 27,831 28,139 29,243 5.1 3.9 Investments 9,176,860 10,484,502 8,264,234 (9.9) (21.2) Current tax assets 25,719 37,651 1,208 (95.3) (96.8) Deferred tax assets 124,907 124,110 145,278 16.3 17.1 Dividends receivable 2,733,026 - 2,896,031 6.0 - Other assets 9,526 13,400 10,084 5.9 (24.7) Intangible 2,337 1,692 1,473 (37.0) (12.9) Liabilities 3,784,772 17,265 3,865,898 2.1 - Provision for fiscal, civil and tax contingencies 2,233 2,990 2,667 19.4 (10.8) Statutory obligation 3,770,407 485 3,850,524 2.1 - Current tax liabilities 36 1,466 690 - (52.9) Other liabilities 12,096 12,324 12,017 (0.7) (2.5) Shareholders' equity 9,361,811 11,244,560 9,435,098 0.8 (16.1) Capital 6,269,692 6,269,692 6,269,692 - - Reserves 4,218,877 2,782,228 2,782,228 (34.1) - Treasury shares (1,868,914) (4,815) (4,815) (99.7) - Other accumulated comprehensive income 214,909 (21,184) (132,298) - - Retained earnings 527,247 2,218,638 520,291 (1.3) (76.5) Balance Chg. % ▪ S H A R E H O L D E R ’ S B A S E Table 6 – Breakdown of the shareholders’ base Shareholders Shares Participation Banco do Brasil 1 1,325,000,000 68.3% Free Float 571,701 616,248,544 31.7% Foreign investors 928 359,085,615 18.5% Companies 3,117 68,932,240 3.6% Individuals 567,656 188,230,689 9.7% Total (ex-treasury stocks) 571,702 1,941,248,544 100.0% Treasury Stocks 1 151,456 - Total stocks issued 571,703 1,941,400,000 -
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 11 2. I N V E S T E E S P E R F O R M A N C E B R A S I L S E G The table below presents a managerial income statement considering the reallocation of the reinsurance result to the other li nes that comprise the income statement. This reallocation enables the analysis of the performance indicators net of reinsurance coverage. Table 7 – Brasilseg | Recurring managerial income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Premiums written 3,731,690 3,942,936 3,549,917 (4.9) (10.0) 7,768,172 7,492,853 (3.5) Premiums ceded to reinsurance (360,563) (330,659) (204,007) (43.4) (38.3) (781,022) (534,666) (31.5) Retained premiums 3,371,127 3,612,277 3,345,910 (0.7) (7.4) 6,987,149 6,958,187 (0.4) Changes in technical reserves - premiums 310,600 (22,444) 290,443 (6.5) - 269,814 268,000 (0.7) Retained earned premiums 3,681,728 3,589,833 3,636,354 (1.2) 1.3 7,256,963 7,226,186 (0.4) Retained claims (790,471) (859,707) (791,875) 0.2 (7.9) (1,724,473) (1,651,582) (4.2) Retained acquisition costs (1,147,621) (1,164,327) (1,190,888) 3.8 2.3 (2,233,607) (2,355,215) 5.4 Underwriting result 1,743,636 1,565,799 1,653,591 (5.2) 5.6 3,298,883 3,219,389 (2.4) Administrative expenses (212,149) (207,728) (211,834) (0.1) 2.0 (407,796) (419,562) 2.9 Tax expenses (149,329) (136,966) (148,328) (0.7) 8.3 (289,124) (285,293) (1.3) Other operating income (expenses) (26,393) (39,938) 2,102 - - (63,943) (37,836) (40.8) Equity income (3,992) (1,750) (2,441) (38.8) 39.5 (8,104) (4,191) (48.3) Gains or losses on non-current assets (13) (99) (1,009) - - 110 (1,108) - Non-interest operating result 1,351,760 1,179,319 1,292,080 (4.4) 9.6 2,530,026 2,471,399 (2.3) Net investment income 310,546 285,358 285,369 (8.1) 0.0 593,064 570,727 (3.8) Financial income 354,568 382,611 370,772 4.6 (3.1) 681,482 753,383 10.6 Financial expenses (44,023) (97,253) (85,403) 94.0 (12.2) (88,418) (182,656) 106.6 Earnings before taxes and profit sharing 1,662,305 1,464,676 1,577,449 (5.1) 7.7 3,123,090 3,042,126 (2.6) Taxes (393,938) (342,784) (330,333) (16.1) (3.6) (743,697) (673,116) (9.5) Profit sharing (10,471) (9,801) (15,259) 45.7 55.7 (16,277) (25,060) 54.0 Recurring managerial net income 1,257,897 1,112,092 1,231,857 (2.1) 10.8 2,363,116 2,343,949 (0.8) One-off events 82,110 - - - - 82,110 - - Reversal of Provision for Judicial Claims (PSLJ) 128,965 - - - - 128,965 - - Reversal of PSLJ - tax expenses (PIS/COFINS) (5,644) - - - - (5,644) - - Reversal of PSLJ - taxes (IR/CSLL) (41,211) - - - - (41,211) - - Managerial net income 1,340,007 1,112,092 1,231,857 (8.1) 10.8 2,445,227 2,343,949 (4.1) Quarterly Flow Chg. % Half-Yearly Flow Retained premiums = Premiums written + premiums ceded to reinsurance Changes in technical reserves – premiums = Changes in technical provisions + changes in technical provisions on reinsured operations Retained claims = Incurred claims - recovery of indemnity claims - recovery of claims expenses - changes in provisions for claims IBNR - salvages and reimbursed assets - changes in provision for claims IBNER provisions for claims to be settled - changes of expenses related to IBNR - changes in estimates for salvages and reimbursed assets - provisions for claims to be settled Retained acquisition costs = acquisition costs – commission return + revenue with reinsurance commissions
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 12 ▪ R E C U R R I N G M A N A G E R I A L N E T I N C O M E In 2Q26, recurring managerial net income from the insurance business declined by 2.1% compared to 2Q25. The decrease in non-interest operating income (-4.4%) was the main factor behind the contraction in earnings, driven by: (i) 1.2% decline in retained earned premiums; and (ii) 1.6 p.p. increase in the commission ratio, explained by both the mix of premiums written more concentrated in products with higher commission s and the lower crop insurance premiums, resulting in a smaller volume of reinsurance commission income, which reduce acquisition costs. Net investment income also contributed to the negative variation of earnings, declining by 8.1%, largely explained by higher monetary adjustment and interest expenses related to judicial claims provisions (PSLJ). The factors that negatively impacted earnings growth were offset by a reduction in the effective tax rate (-2.8 p.p. ), driven by the recognition of tax credits amounting to R$29.4 million, related to Brazil’s Innovation Incentive Law (Lei do Bem). Premiums written declined by 4.9% compared to 2Q25, impacted by: (i) crop (-42.5%); (ii) rural lien (-11.0%), reflecting lower sales volumes and a decrease in the average insured amount of rural properties and livestock; and (iii) term life (-5.5%). On the other hand, it was registered premiums written growth from: (i) credit life for farmers (+9.0% vs. 2Q25), supported by a higher average ticket; (ii) credit life (+5.0% vs. 2Q25), due to growth in sales to both individual and corporate customers, due to new addressable credit lines added in 3Q25, as well as lower cancellation rates; and (iii) home (+24.4% vs. 2Q25), driven by a greater participation of more comprehensive policies in sales mix, which carry a higher average premium. Retained premiums slightly decreased 0.7%, a smaller reduction compared to premiums written contraction, due to an increase in the retention ratio (+3.9 p.p.). In 1H26, recurring managerial net income was down 0.8%, reflecting: (i) 2.3% decline in non-interest operating income, driven by lower earned premiums (-0.4%) and a higher commission ratio (+1.8 p.p.), partially offset by an improvement in the loss ratio (-0.9 p.p.); and (ii) 3.8% dec rease in net investment income, affected by higher financial expenses related to the monetary adjustment of PSLJ reserves and a lower average investment balance. Premiums written declined 3.5% year-to-date, mainly reflecting lower premiums from crop (-35.3%), rural lien (-12.7%) and term life (-5.2%). This performance was partially offset by higher premium volumes from credit life for farmers (+14.9%) and home (+22.9%). Figure 14 – Brasilseg | Recurring managerial net income (R$ million) 1,187 1,262 1,105 1,258 1,272 1,285 1,112 1,232 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Figure 15 – Brasilseg | Key performance indicators Breakdown of premiums written Rural (11.4%) (6.2%) Credit Life 5.0% (0.7%) Term Life (5.5%) (5.2%) Home 24.4% 22.9% Commercial lines (5.7%) (0.3%) Mortgage life (0.2%) (0.6%) Others 43.4% 34.2% Performance ratios Loss ratio 0.3 p.p. (0.9 p.p.) Commission ratio 1.6 p.p. 1.8 p.p. G&A ratio (0.7 p.p.) (0.2 p.p.) Combined ratio 1.2 p.p. 0.7 p.p. Chg. On 2Q25 Chg. On 1H25 Figure 16 – Brasilseg | Solvency¹ (R$ million) 2,613 2,395 2,459 2,009 1,903 1,885 130.1 125.8 130.5 Jun/25 Mar/26 Jun/26 Adjusted shareholders' equity (a) Minimum capital required (b) Solvency ratio (a) / (b) - % ¹ Information based on the accounting principles adopted by SUSEP.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 13 Table 8 – Brasilseg | Managerial performance ratios¹ Chg. (p.p.) % 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Performance ratios Loss ratio 21.5 23.9 21.8 0.3 (2.2) 23.8 22.9 (0.9) Commission ratio 31.2 32.4 32.7 1.6 0.3 30.8 32.6 1.8 G&A ratio 10.5 10.7 9.8 (0.7) (0.9) 10.5 10.3 (0.2) Combined ratio 63.2 67.1 64.4 1.2 (2.7) 65.0 65.7 0.7 Other ratios Expanded combined ratio 58.3 62.2 59.7 1.4 (2.5) 60.1 60.9 0.8 Income tax rate 23.7 23.4 20.9 (2.8) (2.5) 23.8 22.1 (1.7) Quarterly Flow Chg. (p.p.) Half-Yearly Flow 1. Performance ratios calculated based on the managerial income statement, considering the reinsurance effects.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 14 ▪ P R E M I U M S W R I T T E N Figure 17 – Brasilseg | Premiums written 4,388 3,965 3,616 3,371 4,048 3,628 3,612 3,346 793 352 420 361 365 194 331 204 5,181 4,317 4,036 3,732 4,413 3,822 3,943 3,550 84.7 91.8 89.6 90.3 91.7 94.9 91.6 94.3 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Retained premiums (R$ million) Premiums ceded (R$ million) Retention rate (%) Table 9 – Brasilseg | Breakdown of premiums written Chg. % R$ thousand 2Q25 Part. % 1Q26 Part. % 2Q26 Part. % On 2Q25 On 1Q26 1H25 Part. % 1H26 Part. % On 1H25 Life 855,763 22.9 865,003 21.9 808,667 22.8 (5.5) (6.5) 1,765,722 22.7 1,673,670 22.3 (5.2) Credit Life 793,606 21.3 753,039 19.1 833,532 23.5 5.0 10.7 1,597,725 20.6 1,586,571 21.2 (0.7) Mortgage Life 86,901 2.3 87,530 2.2 86,748 2.4 (0.2) (0.9) 175,290 2.3 174,278 2.3 (0.6) Rural 1,753,437 47.0 1,942,501 49.3 1,552,997 43.7 (11.4) (20.1) 3,726,826 48.0 3,495,498 46.7 (6.2) Crop 415,649 11.1 288,143 7.3 238,878 6.7 (42.5) (17.1) 815,167 10.5 527,021 7.0 (35.3) Rural lien 596,513 16.0 558,190 14.2 530,893 15.0 (11.0) (4.9) 1,247,284 16.1 1,089,083 14.5 (12.7) Credit life for farmers 672,514 18.0 1,051,330 26.7 732,989 20.6 9.0 (30.3) 1,553,535 20.0 1,784,319 23.8 14.9 Others 68,760 1.8 44,838 1.1 50,237 1.4 (26.9) 12.0 110,841 1.4 95,075 1.3 (14.2) Home 115,093 3.1 151,786 3.8 143,195 4.0 24.4 (5.7) 239,962 3.1 294,981 3.9 22.9 Commercial lines 116,467 3.1 134,262 3.4 109,826 3.1 (5.7) (18.2) 244,938 3.2 244,087 3.3 (0.3) Large risks 9,660 0.3 7,317 0.2 10,322 0.3 6.8 41.1 16,401 0.2 17,638 0.2 7.5 Other 763 0.0 1,498 0.0 4,630 0.1 - 209.0 1,307 0.0 6,129 0.1 368.7 Total 3,731,690 100.0 3,942,936 100.0 3,549,917 100.0 (4.9) (10.0) 7,768,172 100.0 7,492,853 100.0 (3.5) Quarterly Flow Chg. % Half-Yearly Flow Table 10 – Brasilseg | Breakdown of retained premiums Chg. % R$ thousand 2Q25 Part. % 1Q26 Part. % 2Q26 Part. % On 2Q25 On 1Q26 1H25 Part. % 1H26 Part. % On 1H25 Life 858,590 25.5 865,701 24.0 809,173 24.2 (5.8) (6.5) 1,766,778 25.3 1,674,873 24.1 (5.2) Credit Life 793,037 23.5 751,717 20.8 833,112 24.9 5.1 10.8 1,596,573 22.9 1,584,829 22.8 (0.7) Mortgage Life 86,833 2.6 82,430 2.3 86,632 2.6 (0.2) 5.1 169,195 2.4 169,062 2.4 (0.1) Rural 1,394,175 41.4 1,625,167 45.0 1,350,730 40.4 (3.1) (16.9) 2,961,198 42.4 2,975,897 42.8 0.5 Crop 94,642 2.8 45,708 1.3 57,545 1.7 (39.2) 25.9 151,160 2.2 103,253 1.5 (31.7) Rural lien 596,507 17.7 515,146 14.3 532,651 15.9 (10.7) 3.4 1,210,757 17.3 1,047,798 15.1 (13.5) Credit life for farmers 674,138 20.0 1,049,887 29.1 732,876 21.9 8.7 (30.2) 1,553,563 22.2 1,782,762 25.6 14.8 Others 28,888 0.9 14,426 0.4 27,658 0.8 (4.3) 91.7 45,718 0.7 42,083 0.6 (8.0) Home 115,972 3.4 149,697 4.1 143,195 4.3 23.5 (4.3) 237,792 3.4 292,892 4.2 23.2 Commercial lines 115,380 3.4 128,935 3.6 110,325 3.3 (4.4) (14.4) 241,193 3.5 239,260 3.4 (0.8) Large risks 6,378 0.2 7,284 0.2 10,070 0.3 57.9 38.2 13,114 0.2 17,354 0.2 32.3 Other 763 0.0 1,346 0.0 2,674 0.1 250.6 98.7 1,307 0.0 4,020 0.1 207.6 Total 3,371,127 100.0 3,612,277 100.0 3,345,910 100.0 (0.7) (7.4) 6,987,149 100.0 6,958,187 100.0 (0.4) Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 15 ▪ R E T A I N E D E A R N E D P R E M I U M S Table 11 – Brasilseg | Breakdown of retained earned premiums Chg. % R$ thousand 2Q25 Part. % 1Q26 Part. % 2Q26 Part. % On 2Q25 On 1Q26 1H25 Part. % 1H26 Part. % On 1H25 Life 910,019 24.7 871,765 24.3 853,857 23.5 (6.2) (2.1) 1,823,291 25.1 1,725,622 23.9 (5.4) Credit Life 740,480 20.1 770,710 21.5 784,111 21.6 5.9 1.7 1,441,865 19.9 1,554,821 21.5 7.8 Mortgage Life 84,472 2.3 84,941 2.4 84,519 2.3 0.1 (0.5) 170,652 2.4 169,460 2.3 (0.7) Rural 1,745,994 47.4 1,642,401 45.8 1,680,830 46.2 (3.7) 2.3 3,429,235 47.3 3,323,231 46.0 (3.1) Crop 112,881 3.1 70,823 2.0 63,993 1.8 (43.3) (9.6) 238,522 3.3 134,816 1.9 (43.5) Rural lien 619,371 16.8 588,937 16.4 594,489 16.3 (4.0) 0.9 1,220,955 16.8 1,183,426 16.4 (3.1) Credit life for farmers 988,028 26.8 956,428 26.6 994,247 27.3 0.6 4.0 1,913,702 26.4 1,950,675 27.0 1.9 Others 25,714 0.7 26,214 0.7 28,100 0.8 9.3 7.2 56,056 0.8 54,313 0.8 (3.1) Home 111,726 3.0 123,669 3.4 130,809 3.6 17.1 5.8 216,745 3.0 254,477 3.5 17.4 Commercial lines 83,255 2.3 89,551 2.5 95,145 2.6 14.3 6.2 164,350 2.3 184,696 2.6 12.4 Large risks 4,999 0.1 5,568 0.2 6,121 0.2 22.4 9.9 9,445 0.1 11,689 0.2 23.8 Other 782 0.0 1,228 0.0 963 0.0 23.1 (21.6) 1,379 0.0 2,191 0.0 58.9 Total 3,681,728 100.0 3,589,833 100.0 3,636,354 100.0 (1.2) 1.3 7,256,963 100.0 7,226,186 100.0 (0.4) Quarterly Flow Chg. % Half-Yearly Flow ▪ R E T A I N E D C L A I M S Figure 18 – Brasilseg | Retained claims 749 703 934 790 820 771 860 792 21.5 19.8 26.1 21.5 22.1 20.6 23.9 21.8 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Retained claims (R$ million) Loss ratio (%) QUARTERLY ANALYSIS In 2Q26, the loss ratio deteriorated 0.3 p.p. YoY, reaching 21.8%. Among the business lines that recorded higher loss ratio, the highlights were: ▪ 3.8 p.p. increase in credit life, due to higher claims severity and frequency, as well as a strengthening of incurred but not reported (IBNR) claims provisions. These effects were partially offset by the reversal of the technical surplus provision (PET) and the provisions for claims to be settled (PSL), the latter more concentrated in the corporate segment; ▪ 2.9 p.p. growth in rural lien, reflecting higher claims severity as well as an increase in IBNR provisions; ▪ 1.4 p.p. rise in term life, driven by a decline in retained earned premiums and higher claims severity; and ▪ increase in the loss ratio due to higher claims severity and frequency in mortgage life (+10.3 p.p.), and higher claims severity in commercial lines (+4.0 p.p.). Among the business lines that posted an improvement in the loss ratio, the main highlights were:
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 16 ▪ reduction in the loss ratio for credit life for farmers (-5.4 p.p.), due to lower frequency; ▪ decline in the loss ratio for home (-8.3 p.p.), driven by lower claims severity and growth in retained earned premiums; and ▪ 4.5 p.p. reduction in crop, reflecting decreases in both claims frequency and severity. YEAR-TO-DATE ANALYSIS In 1H26, the loss ratio improved by 0.9 p.p., mainly reflecting better performance in crop (-28.0 p.p.), credit life for farmers (-2.3 p.p.) and home (-6.6 p.p.), based on the same factors discussed in the quarterly analysis. On the other hand, the loss ratio for term life increased by 2.4 p.p. due to higher claims severity, combined with the fact that 1H25 benefited from a R$9.4 million reversal of IBNR provisions. Meanwhile, the increase in the loss ratio for mortgage life (+9.5 p.p.) is attributable to higher claims severity.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 17 Figure 19 – Life | Loss ratio (%) Figure 20 – Credit life | Loss ratio (%) 26.0 24.3 20.8 23.3 22.1 20.5 24.1 24.7 22.0 24.4 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 40.9 34.6 36.6 32.4 35.7 35.2 32.2 36.2 34.5 34.2 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Figure 21 – Mortgage life | Loss ratio (%) Figure 22 – Home | Loss ratio (%) 4.0 11.8 16.4 13.1 25.0 21.3 25.2 23.4 14.8 24.3 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 42.5 42.6 51.7 38.3 36.6 42.9 47.0 30.0 44.8 38.2 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Figure 23 – Commercial lines | Loss ratio (%) Figure 24 – Rural | Loss ratio (%) 3.4 10.3 16.6 15.3 22.6 30.9 18.9 19.3 15.9 19.1 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 10.8 10.4 24.0 15.5 15.1 11.9 18.5 13.0 19.7 15.717.4 16.1 17.0 15.2 16.2 16.6 15.2 14.6 15.2 14.6 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Rural | Total Rural | Total 12M Figure 25 – Crop | Loss ratio (%) Figure 26 – Credit life for farmers and rural lien | Loss ratio (%) -23.1 0.9 102.1 11.2 6.4 21.3 53.1 6.7 59.0 31.137.2 28.9 36.5 21.7 31.7 39.3 20.2 20.7 21.7 20.7 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Crop Crop 12M 10.5 8.6 14.5 16.9 13.3 7.6 15.5 11.5 15.8 13.5 16.0 14.0 20.0 12.6 15.6 16.2 17.8 15.5 16.3 16.6 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Credit life for farmers Rural lien
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 18 ▪ R E T A I N E D A C Q U I S I T I O N C O S T S Figure 27 – Brasilseg | Retained acquisition costs 1,039 1,071 1,086 1,148 1,157 1,160 1,164 1,191 29.9 30.2 30.4 31.2 31.1 31.0 32.4 32.7 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Retained acquisition costs (R$ million) Commission ratio (%) Table 12 – Brasilseg | Retained acquisition costs Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Acquisition costs (1,257,818) (1,237,306) (1,259,480) 0.1 1.8 (2,467,094) (2,496,787) 1.2 Commission charged on premiums written (1,165,924) (1,262,744) (1,176,547) 0.9 (6.8) (2,467,204) (2,439,291) (1.1) Revenue with reinsurance commission 110,197 72,979 68,592 (37.8) (6.0) 233,487 141,571 (39.4) Commissions recovered - Coinsurance 11,671 2,893 2,604 (77.7) (10.0) 18,932 5,497 (71.0) Change in deferred acquisition costs (31,888) 92,898 (3,956) (87.6) - 125,424 88,942 (29.1) Other acquisition costs (71,677) (70,354) (81,582) 13.8 16.0 (144,247) (151,936) 5.3 Retained acquisition costs (1,147,621) (1,164,327) (1,190,888) 3.8 2.3 (2,233,607) (2,355,215) 5.4 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 19 ▪ U N D E R W R I T I N G R E S U L T Figure 28 – Brasilseg | Breakdown of underwriting result by segment (%) 0.2 2.0 2.2 3.1 9.3 19.6 63.6 0.2 2.8 2.6 2.7 7.7 18.6 65.2 Other Home Commercial lines Mortgage Life Credit Life Term Life Rural 2Q26 2Q25 0.2 1.6 2.3 3.2 8.8 21.6 62.2 0.2 2.3 2.5 2.8 9.0 19.6 63.5 Other Home Commercial lines Mortgage Life Credit Life Term Life Rural 1H26 1H25
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 20 ▪ G E N E R A L & A D M I N I S T R A T I V E E X P E N S E S Figure 29 – Brasilseg | G&A expenses 191 227 196 212 222 276 208 212 36 41 38 26 13 30 40 -2 145 151 140 149 147 151 137 148 372 419 373 388 382 457 385 358 10.7 11.8 10.4 10.5 10.3 12.2 10.7 9.8 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Tax expenses (R$ million) Other operating income (expenses) (R$ million) Administrative expenses (R$ million) G&A ratio (%) QUARTERLY ANALYSIS In 2Q26, the G&A ratio decreased by 0.7 p.p. compared to 2Q25. Administrative expenses remained virtually stable, with R$3.1 million reduction in location and operations expenses, due to lower software amortization expenses, almost entirely offset by higher outsourcing expenses (+R$2.7 million), reflecting increased usage of cloud services and higher digital channel expenses. Meanwhile, other operating income and expenses recorded a positive balance of R$2.1 million in 2Q26, compared to R$26.4 million negative in 2Q25, mainly driven by: ▪ the R$14.8 million reversal of provision for profit-sharing payments to policyholders of credit life insurance; ▪ lower internal marketing expenses, reflecting reduced spending with commercial incentives and campaigns; and ▪ higher amount of reversal in provisions for insurance premiums receivable (2Q26: R$13 million | 2Q25: R$9 million). Tax expenses decreased by 0.7%, reflecting the lower taxable base in 2Q26. YEAR-TO-DATE ANALYSIS In 1H26, the G&A ratio declined by 0.2 p.p. Administrative expenses increased by 2.9% (+R$11.8 million), mainly driven by: (i) location and operations (+14.3% | +R$8.9 million), reflecting higher expenses with software amortization and strategic projects; (ii) personnel (+1.5% | +R$2.6 million), following the constitution of provision s related to the collective bargaining agreement; and (iii) outsourcing (+0.7% | +R$1.1 million), owing to increased usage of cloud services and higher digital channel expenses. The negative balance of other operating income and expenses decreased by R$ 26.1 million, mainly explained by: ▪ lower internal marketing expenses; and ▪ reversal of provision related to profit -sharing payments to policyholders of credit life insurance policies. These effects were partially offset by higher customer acquisition costs, corresponding to indirect commercial expenses associated with new business generation. Tax expenses declined by 1.3%, in line with the reduction in the taxable base.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 21 Table 13 – Brasilseg | General & Administrative expenses Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Administrative expenses (212,149) (207,728) (211,834) (0.1) 2.0 (407,796) (419,562) 2.9 Personnel (84,243) (88,829) (84,618) 0.4 (4.7) (170,879) (173,448) 1.5 Outsourcing (86,765) (80,887) (89,455) 3.1 10.6 (169,236) (170,342) 0.7 Location and operation (38,246) (35,588) (35,150) (8.1) (1.2) (61,876) (70,738) 14.3 Institutional advertisement and publicity (2,224) (1,430) (1,829) (17.7) 27.9 (3,988) (3,259) (18.3) Publications (9) (491) (4) (49.5) (99.1) (396) (495) 25.0 Other administrative expenses (662) (503) (777) 17.5 54.6 (1,421) (1,280) (9.9) Other operating income (expenses) (26,393) (39,938) 2,102 - - (63,943) (37,836) (40.8) Charging expenses (1,502) (1,367) (1,207) (19.7) (11.7) (2,934) (2,573) (12.3) Civil contingencies (2,857) (3,198) (4,531) 58.6 41.6 (5,897) (7,729) 31.1 Expenses with events (160) (109) (55) (65.6) (49.4) (225) (164) (27.2) Endomarketing (22,804) (12,711) (16,804) (26.3) 32.2 (47,227) (29,515) (37.5) Impairment 8,498 (8,145) 12,047 41.8 - 3,469 3,902 12.5 Other operating income (expenses) (7,568) (14,407) 12,651 - - (11,129) (1,757) (84.2) Tax expenses (149,329) (136,966) (148,328) (0.7) 8.3 (289,124) (285,293) (1.3) COFINS (126,036) (114,407) (124,129) (1.5) 8.5 (242,819) (238,536) (1.8) PIS (19,194) (18,659) (20,383) 6.2 9.2 (38,428) (39,042) 1.6 Inspection fee (2,598) (2,598) (2,598) - - (5,195) (5,195) - Other tax expenses (1,501) (1,302) (1,219) (18.8) (6.4) (2,682) (2,520) (6.0) G&A (387,871) (384,631) (358,060) (7.7) (6.9) (760,863) (742,692) (2.4) Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 22 ▪ N E T I N V E S T M E N T I N C O M E Figure 30 – Brasilseg | Net investment income (R$ million) 215 266 283 311 327 337 285 285 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Table 14 – Brasilseg | Financial income and expenses1 Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Adjusted interest revenues 335,270 351,931 341,267 1.8 (3.0) 667,760 693,198 3.8 Revenues with mark to market financial investments 319,278 328,311 305,559 (4.3) (6.9) 633,528 633,869 0.1 Judicial deposits 9,352 9,876 9,595 2.6 (2.8) 17,814 19,471 9.3 Receivables from insurance and reinsurance operations 6,640 13,745 26,113 293.3 90.0 16,418 39,858 142.8 Adjusted interest expenses (15,765) (59,923) (49,391) 213.3 (17.6) (56,807) (109,314) 92.4 Pending claims - Administrative (236) 49 (68) (71.1) - (63) (19) (69.2) Pending claims - Judicial (10,322) (46,216) (37,334) 261.7 (19.2) (40,708) (83,550) 105.2 Judicial provisions (1,899) (12,152) (10,668) 461.7 (12.2) (11,735) (22,820) 94.5 Obligations with insurance and reinsurance operations (3,309) (1,603) (1,321) (60.1) (17.6) (4,301) (2,924) (32.0) Net interest income 319,505 292,008 291,876 (8.6) (0.0) 610,953 583,884 (4.4) Quarterly Flow Chg. % Half-Yearly Flow 1. Managerial view. QUARTERLY ANALYSIS In 2Q26, net interest income amounted to R$291.9 million, declining 8.6% compared to the same period of 2025. Adjusted interest revenues increased by 1.8% (+R$6.0 million), supported by the higher average interest rate, which benefited from the recognition of monetary adjustment on tax credits related to the Lei do Bem totaling R$16.0 million, largely offset by the lower average balance of interest-earning assets. Adjusted Interest expenses increased by R$33.6 million. It is worth noting that, in 2Q25, interest expenses related to the monetary adjustment and interest on judicial claims loss reserve (PSLJ) were down due to lower inflation and interest rates. Additionally, in 2Q26, the probability of loss associated with lawsuits was reassessed, leading to risk re-rating and the consequent strengthening of provisions. YEAR-TO-DATE ANALYSIS In 1H26, net interest income decreased by R$27.1 million (-4.4%). Adjusted interest revenues rose by R$ 25.4 million, driven by higher Selic rate and the recognition of monetary adjustment on tax credits related to the Lei do Bem, effects that were partially offset by a lower average investment balance.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 23 Adjusted interest expenses increased by R$52.5 million, impacted by the higher average cost of liabilities, as detailed in the quarterly analysis. Table 15 – Brasilseg | Quarterly figures - Earning assets - average balance and interest rates R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earning assets Mark to Market financial investments 9,991 319 13.9 9,434 306 14.1 Judicial deposits 870 9 4.5 899 10 4.5 Receivables from insurance and reinsurance operations 570 7 4.9 345 26 35.2 Total 11,431 335 12.7 10,678 341 13.9 2Q25 2Q26 Table 16 – Brasilseg | Quarterly figures - Interest bearing liabilities - average balance and interest rates R$ million Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%) Interest bearing liabilities Pending claims - Administrative 1,535 (0) 0.1 1,198 (0) 0.0 Pending claims - Judicial 1,032 (10) 4.1 1,141 (37) 12.8 Judicial provisions 801 (2) 1.0 842 (11) 5.1 Obligations with insurance and reinsurance operations 296 (3) 4.5 308 (1) 1.8 Total 3,664 (16) 1.8 3,489 (49) 5.7 2Q25 2Q26 Table 17 – Brasilseg | Year-to-date figures - Earning assets - average balance and interest rates R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earning assets Mark to Market financial investments 10,241 634 13.2 9,707 634 14.0 Judicial deposits 867 18 4.3 895 19 4.5 Receivables from insurance and reinsurance operations 390 16 8.9 299 40 29.5 Total 11,498 668 12.4 10,902 693 13.6 1H25 1H26 Table 18 – Brasilseg | Year-to-date figures - Interest bearing liabilities - average balance and interest rates R$ million Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%) Interest bearing liabilities Pending claims - Administrative 1,247 (0) 0.0 1,120 (0) 0.0 Pending claims - Judicial 1,008 (41) 8.2 1,111 (84) 14.9 Judicial provisions 796 (12) 3.0 836 (23) 5.6 Obligations with insurance and reinsurance operations 298 (4) 3.0 304 (3) 2.0 Total 3,348 (57) 3.5 3,371 (109) 6.6 1H25 1H26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 24 Table 19 – Brasilseg | Financial investment portfolio R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Trading 7,487,448 7,790,467 7,248,832 (3.2) (7.0) Pre-fixed 268,562 167,154 319,599 19.0 91.2 Floating 7,197,588 7,616,717 6,753,928 (6.2) (11.3) Inflation - - 168,353 - - Other 21,298 6,596 6,952 (67.4) 5.4 Available for sale 2,396,738 1,884,443 1,944,650 (18.9) 3.2 Pre-fixed 1,842,168 1,304,731 1,344,729 (27.0) 3.1 Inflation 554,570 579,712 599,921 8.2 3.5 Total 9,884,186 9,674,911 9,193,483 (7.0) (5.0) Balance Chg. % Figure 31 – Brasilseg | Breakdown of financial investments by index (%) Figure 32 – Brasilseg | Breakdown of trading investments by index (%) 20.8 26.9 20.6 21.4 24.5 21.0 15.2 18.1 70.0 63.9 69.3 72.8 69.8 73.3 78.7 73.5 9.0 8.9 9.9 5.6 5.5 5.6 6.0 8.4 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Pre-fixed Floating Inflation Other 6.5 3.6 4.3 3.6 8.2 3.0 2.1 4.4 93.2 96.0 94.7 96.1 91.5 96.9 97.8 93.2 0.6 2.3 0.3 0.3 0.3 0.3 0.3 0.2 0.1 0.1 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Pre-fixed Floating Inflation Other
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 25 ▪ B A L A N C E S H E E T Table 20 – Brasilseg | Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 26,036,664 25,875,264 25,285,869 (2.9) (2.3) Cash 2,287 5,431 4,530 98.1 (16.6) Financial assets 9,884,186 9,674,911 9,193,483 (7.0) (5.0) Receivables from insurance and reinsurance operations 5,736,001 5,822,196 5,818,751 1.4 (0.1) Reinsurance and retrocession - technical reserves 1,327,199 1,079,194 917,335 (30.9) (15.0) Securities and credits receivable 1,303,929 1,307,698 1,396,723 7.1 6.8 Other 238,658 211,145 204,937 (14.1) (2.9) Prepaid expenses 23,285 33,906 31,973 37.3 (5.7) Deferred costs 6,676,231 6,942,983 6,939,027 3.9 (0.1) Investments 340,251 375,091 372,772 9.6 (0.6) Fixed assets 33,282 30,575 29,063 (12.7) (4.9) Intangible 471,356 392,135 377,274 (20.0) (3.8) Liabilities 22,631,589 22,691,480 22,283,699 (1.5) (1.8) Accounts payable 805,458 541,551 699,886 (13.1) 29.2 Obligations with insurance and reinsurance operations 3,043,775 3,265,151 3,127,220 2.7 (4.2) Technical reserves - insurance 17,644,458 17,773,726 17,319,944 (1.8) (2.6) Third party deposits 22,666 7,779 18,768 (17.2) 141.3 Other liabilities 1,115,231 1,103,273 1,117,881 0.2 1.3 Shareholders' equity 3,405,076 3,183,784 3,002,170 (11.8) (5.7) Capital 1,469,848 1,469,848 1,469,848 - - Reserves 293,970 669,120 293,970 - (56.1) Equity valuation adjustments (77,279) (44,641) (39,427) (49.0) (11.7) Accumulated profits and losses 1,718,537 1,089,457 1,277,779 (25.6) 17.3 Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 26 ▪ S O L V E NC Y Table 21 – Brasilseg | Solvency¹ R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Brasilseg Companhia de Seguros Adjusted shareholders' equity (a) 2,368,152 2,149,398 2,156,250 (8.9) 0.3 Minimum capital required (b) 1,850,479 1,728,451 1,705,699 (7.8) (1.3) Additional capital for underwritting risk 1,674,769 1,566,594 1,534,475 (8.4) (2.1) Additional capital for credit risk 188,358 161,928 168,650 (10.5) 4.2 Additional capital for market risk 48,908 63,897 86,703 77.3 35.7 Additional capital for operating risk 60,579 57,098 55,488 (8.4) (2.8) Benefit of correlation between risks (122,136) (121,067) (139,618) 14.3 15.3 Capital adequacy (a) - (b) 517,673 420,946 450,551 (13.0) 7.0 Solvency ratio (a) / (b) - % 128.0 124.4 126.4 -1.6 p.p. 2.1 p.p. Aliança do Brasil Seguros Adjusted shareholders' equity (a) 244,863 245,540 302,808 23.7 23.3 Minimum capital required (b) 158,472 174,903 179,248 13.1 2.5 Additional capital for underwritting risk 145,406 160,305 164,633 13.2 2.7 Additional capital for credit risk 10,446 10,613 11,422 9.3 7.6 Additional capital for market risk 6,953 7,850 7,672 10.3 (2.3) Additional capital for operating risk 5,629 6,844 6,479 15.1 (5.3) Benefit of correlation between risks (9,962) (10,708) (10,958) 10.0 2.3 Capital adequacy (a) - (b) 86,390 70,637 123,560 43.0 74.9 Solvency ratio (a) / (b) - % 154.5 140.4 168.9 14.4 p.p. 28.5 p.p. Total Brasilseg Adjusted shareholders' equity (a) 2,613,015 2,394,938 2,459,058 (5.9) 2.7 Minimum capital required (b) 2,008,951 1,903,354 1,884,947 (6.2) (1.0) Additional capital for underwritting risk 1,820,175 1,726,899 1,699,108 (6.7) (1.6) Additional capital for credit risk 198,804 172,541 180,073 (9.4) 4.4 Additional capital for market risk 55,861 71,747 94,375 68.9 31.5 Additional capital for operating risk 66,208 63,942 61,966 (6.4) (3.1) Benefit of correlation between risks (132,098) (131,774) (150,575) 14.0 14.3 Capital adequacy (a) - (b) 604,064 491,584 574,111 (5.0) 16.8 Solvency ratio (a) / (b) - % 130.1 125.8 130.5 0.4 p.p. 4.6 p.p. Chg. %Balance 1. Information based on the accounting principles adopted by SUSEP.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 27 B R A S I L P R E V In order to better reflect the changes in technical provisions for benefits to be granted and benefits granted (“PMBAC” and “PMBC”), the following reallocations were made in the income statement starting from 1Q25: ▪ Cancellation due to death of participant and supplementation for surviving: from “other operating income and expenses” to “variation of other technical reserves”; and ▪ Supplementary Coverage Provision (“PCC”): from “variation of other technical reserves” to “financial expenses”. Table 22 – Brasilprev | Managerial income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Total revenue from pension and insurance 9,772,603 14,601,988 10,166,135 4.0 (30.4) 23,158,515 24,768,123 7.0 Provision for benefits to be granted (9,768,725) (14,597,921) (10,162,659) 4.0 (30.4) (23,150,784) (24,760,580) 7.0 Net revenue from pension and insurance 3,879 4,067 3,475 (10.4) (14.5) 7,731 7,543 (2.4) Management fee 927,504 977,585 997,288 7.5 2.0 1,847,871 1,974,873 6.9 Variation of other technical reserves (33,872) (24,959) (25,714) (24.1) 3.0 (58,702) (50,673) (13.7) Expenses with benefits, redemptions and claims 8,679 (12,380) (7,673) - (38.0) 10,705 (20,053) - Acquisition costs (200,138) (197,708) (196,876) (1.6) (0.4) (401,724) (394,584) (1.8) Retained earned premiums 50,573 54,841 51,357 1.5 (6.4) 107,769 106,197 (1.5) Administrative expenses (111,323) (104,293) (112,856) 1.4 8.2 (221,763) (217,149) (2.1) Tax expenses (74,465) (79,954) (80,849) 8.6 1.1 (147,152) (160,803) 9.3 Other operating income (expenses) (19,213) (17,531) (13,782) (28.3) (21.4) (32,355) (31,313) (3.2) Gains or losses on non-current assets - 1 - - - (0) 1 - Non-interest operating result 551,623 599,669 614,370 11.4 2.5 1,112,379 1,214,039 9.1 Net investment income 143,809 304,128 (49,454) - - 181,062 254,674 40.7 Financial income 14,221,698 14,282,939 13,834,849 (2.7) (3.1) 26,085,291 28,117,787 7.8 Financial expenses (14,077,889) (13,978,811) (13,884,303) (1.4) (0.7) (25,904,228) (27,863,114) 7.6 Earnings before taxes and profit sharing 695,432 903,797 564,916 (18.8) (37.5) 1,293,441 1,468,713 13.6 Taxes (274,873) (359,027) (222,575) (19.0) (38.0) (511,108) (581,602) 13.8 Profit sharing (4,987) (6,657) (4,908) (1.6) (26.3) (10,614) (11,565) 9.0 Managerial net income 415,571 538,113 337,434 (18.8) (37.3) 771,719 875,547 13.5 Quarterly Flow Chg. % Half-Yearly Flow Table 23 – Brasilprev | Comprehensive income Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Managerial net income 415,571 538,113 337,434 (18.8) (37.3) 771,719 875,547 13.5 Other comprehensive income 269,409 (129,664) (152,119) - 17.3 161,027 (281,783) - Goodwill of assets (AfS Investments + Impairment) 39,380 (109,024) (185,712) - 70.3 47,904 (294,736) - PCC 230,029 (20,640) 33,593 (85.4) - 113,123 12,954 (88.5) Comprehensive income 684,981 408,449 185,315 (72.9) (54.6) 932,746 593,764 (36.3) Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 28 ▪ M A N A G E R I A L N E T I N C O M E Table 24 – Brasilprev | Performance ratios Chg. (p.p.) % 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Commission ratio 2.0 1.4 1.9 (0.1) 0.6 1.7 1.6 (0.1) Management fee 0.87 0.85 0.84 (0.02) (0.01) 0.87 0.85 (0.03) Redemption ratio 10.6 7.9 8.3 (2.3) 0.4 11.1 8.1 (3.0) Portability ratio 1.3 0.6 0.7 (0.7) 0.0 1.4 0.6 (0.8) Cost to income ratio 41.3 38.5 38.4 (2.8) (0.1) 40.9 38.5 (2.4) Income tax rate 39.5 39.7 39.4 (0.1) (0.3) 39.5 39.6 0.1 Quarterly Flow Chg. (p.p.) Half-Yearly Flow In 2Q26, managerial net income from the pension plan business declined 18.8% compared to 2Q25, totaling R$337.4 million. The performance was mainly affected by net investment income, which posted a negative result of R$49.5 million in the quarter (R$193.3 million lower than in 2Q25), driven by: (i) a negative MtM of R$50.2 million in 2Q26, resulting from the steepening of the forward yield curve, whereas in 2Q25 the MtM was positive by R$58.8 million; and (ii) the increase in the cost of liabilities reflecting the rise in the one- month-lagged IGP-M (2Q26: +4.1% | 2Q25: -0.6%). Net investment income was also negatively impacted by the increase in the IPCA, which adjusts a significant portion of financial assets, at a slower pace than the IGP -M, which indexes a large share of liabilities, thereby putting pressure on the net interest margin. On the other hand, non-interest operating result posted robust growth of 11.4% YoY, supported by a 2.8 p.p. improvement in the cost to income ratio, driven by the 7.5% growth in management fee revenues due to the increase in the average volume of pension reserves. Meanwhile, the annualized average management fee rate declined by 0.02 p.p., explained by the higher participation of low-risk funds in total pension reserves. Pension contributions increased 4.0% in 2Q26, reaching R$10.2 billion. The g rowth was concentrated in sporadic contributions , reflecting both an increase in the number of plans and a higher average ticket. The redemption ratio (8.3%) and the portability ratio (0.7%) declined significantly by 2.3 p.p. and 0.7 p.p., respectively, compared to 2Q25, contributing to a reduction in net withdrawals year over year (2Q26: -R$1.1 billion | 2Q25: -R$3.7 billion). In 1H26, managerial net income increased 13.5%, driven mainly by a 9.1% growth in non-interest operating income, supported by a 6.9% rise in management fee revenues and 2.4 p.p. improvement in the cost to income ratio, as well as by a 40.7% increase in net investment income, largely explained by higher average rate of financial assets. Net inflows amounted to R$2.8 billion, compared to net withdrawals of R$5.2 billion in 1H25, reflecting the 7.0% growth in contributions and the reduction in both the redemption ratio (-3.0 p.p.) and the portability ratio (-0.8 p.p.). The management fee revenues increased 6.9%, mainly supported by the 10.6% growth in pension reserves, which more than offset the 0.03 p.p. decline in the average fee. Figure 33 – Brasilprev | Managerial net income (R$ million) 596 366 356 416 709 510 538 337 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Figure 34 – Brasilprev | Solvency¹ (R$ million) 4,913 4,809 4,521 2,964 2,823 2,890 165.8 170.3 156.4 Jun/25 Mar/26 Jun/26 Adjusted shareholder's equity (a) Minimum capital requirement (b) Solvency ratio (a) / (b) - % ¹ Information based on the accounting principles adopted by SUSEP.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 29 ▪ C O N T R I B U T I O N S Figure 35 – Brasilprev | Contributions (R$ million) Figure 36 – Brasilprev | Net inflows and redemption ratio 16,394 13,223 13,386 9,773 13,290 8,387 14,602 10,166 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 2,578 (1,025) (1,523) (3,687) (3,890) (6,253) 3,940 (1,133) 11.2 11.6 11.6 10.6 11.4 10.0 7.9 8.3 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Net inflows¹ (R$ million) Annualized redemption ratio (%) 1. Source: Quantum Axis Figure 37 – Brasilprev | Contributions breakdown (%) Figure 38 – Brasilprev | Pension plans outstanding (%) 95.7 92.2 95.7 93.7 95.0 87.4 95.8 93.9 4.0 7.4 3.9 5.8 4.6 12.0 3.8 5.6 0.3 0.4 0.3 0.5 0.4 0.6 0.3 0.4 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 VGBL PGBL Traditional 68.6 68.1 67.6 67.2 66.6 66.3 65.6 65.1 31.4 31.9 32.4 32.8 33.4 33.7 34.4 34.9 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Periodic contribution Sporadic contribution Figure 39 – Brasilprev | Plans (thousand) Figure 40 – Brasilprev | CPFs (thousand) 3,166 3,147 3,113 3,084 3,068 3,043 3,051 3,044 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 2,581 2,563 2,535 2,513 2,499 2,479 2,484 2,478 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 30 ▪ T E C H N I C A L R E S E R V E S Figure 41 – Brasilprev | Technical reserves (R$ billion) Figure 42 – Brasilprev | Technical reserves (%) 362 368 377 386 396 402 419 430 45 46 46 47 48 50 51 5215 16 16 15 15 15 15 15423 429 439 449 459 466 484 496 18.9 17.6 16.2 15.5 15.5 15.6 15.8 15.2 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Traditional PGBL VGBL % of multimarket funds (on P/VGBL AuM) 85.7 85.7 85.8 86.0 86.2 86.2 86.5 86.5 10.7 10.6 10.5 10.5 10.5 10.6 10.5 10.4 3.6 3.6 3.6 3.4 3.2 3.2 3.0 3.0 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 VGBL PGBL Traditional ▪ M A N A G E M E N T F E E Figure 43 – Brasilprev | Management fee 995 953 920 928 1,021 997 978 997 0.91 0.90 0.88 0.87 0.86 0.85 0.85 0.84 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Management fee (R$ million) Management fee (%) Table 25 – Brasilprev | Management fee breakdown¹,² Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Management fee 927,504 977,585 997,288 7.5 2.0 1,847,871 1,974,873 6.9 Average volume of reserves 444,372,770 476,532,830 491,055,216 10.5 3.0 439,444,909 483,737,711 10.1 Working days 61 61 61 0 w.d. 0 w.d. 122 122 0 w.d. Annualized average management fee (%) 0.87 0.85 0.84 (0.02) p.p. (0.01) p.p. 0.87 0.85 (0.03) p.p. Quarterly Flow Chg. % Half-Yearly Flow 1. Management fee annualized considering the total of 252 working days. 2. Working days calculated based on the holidays table provided by ANBIMA.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 31 ▪ G E N E R A L & A D M I N I S T R A T I V E E X P E N S E S Figure 44 – Brasilprev | G&A expenses and cost to income ratio 116 124 110 111 113 134 104 113 90 76 73 74 85 81 80 81 10 0.2 13 19 16 21 18 14 215 200 196 205 213 236 202 207 39.4 39.6 40.5 41.3 38.0 40.9 38.5 38.4 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Other operating income (expenses) (R$ million) Tax expenses (R$ million) Administrative expenses (R$ million) Cost to income (%) QUARTERLY ANALYSIS In 2Q26, the cost-to-income ratio improved by 2.8 p.p., mainly driven by revenue growth. General and administrative expenses increased by 1.2% compared to the same period in 2025, driven by the 1.4% growth in administrative expenses, mainly due to: ▪ higher marketing expenses, primarily driven by greater spending on sponsor ships and marketing campaigns; and ▪ higher location and operation expenses, largely reflecting increased amortization expenses related to technology projects, as well as higher travel expenses during the period. These effects were partially offset by a 4.1% reduction in outsourcing expenses, due to lower spending on corporate projects. The negative balance of other operating income and expenses declined by 28.3%, mainly due to lower: (i) expenses on sales incentive, considering that the 2Q25 concentrated a significant portion of expenditures related to internal marketing campaigns; and (ii) charging expenses, reflecting the decline in periodic contribution plans. Tax expenses increased 8.6% compared to the same period of 2025, in line with the growth in taxable income. YEAR-TO-DATE ANALYSIS In 1H26, general and administrative expenses increased 2.0%, while the cost-to-income ratio improved by 2.4 p.p. Administrative expenses decreased 2.1% year-to-date, reflecting both lower spending on sponsorships in 1Q26 and the decline in outsourcing expenses in 2Q26. The negative balance of other operating income and expenses declined 3.2%, mainly due to lower expenses on sales incentive and charging fees. On the other hand, this effect was partially offset by higher contingency expenses and other operating expenses. Tax expenses increased 9.3%, following the growth in taxable revenues.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 32 Table 26 – Brasilprev | G&A expenses Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Administrative expenses (111,323) (104,293) (112,856) 1.4 8.2 (221,763) (217,149) (2.1) Personnel (53,108) (52,833) (53,195) 0.2 0.7 (106,052) (106,028) (0.0) Outsourcing (33,119) (28,887) (31,754) (4.1) 9.9 (61,783) (60,641) (1.8) Location and operation (19,561) (19,671) (20,329) 3.9 3.3 (40,354) (40,000) (0.9) Marketing (5,622) (3,030) (7,081) 25.9 133.7 (13,207) (10,111) (23.4) Other 87 129 (498) - - (369) (369) 0.1 Other operating income (expenses) (19,213) (17,531) (13,782) (28.3) (21.4) (32,355) (31,313) (3.2) Expenses on sales incentive (12,586) (4,164) (7,382) (41.3) 77.3 (17,498) (11,546) (34.0) Charging expenses (7,052) (6,397) (6,307) (10.6) (1.4) (14,633) (12,704) (13.2) Contingencies (90) (1,393) (875) - (37.2) (51) (2,268) - Provision for losses on receivables 716 38 350 (51.1) - 495 388 (21.5) Other operating income (expenses) (201) (5,614) 432 - - (667) (5,182) - Tax expenses (74,465) (79,954) (80,849) 8.6 1.1 (147,152) (160,803) 9.3 Federal and municipal taxes (19,406) (19,917) (20,665) 6.5 3.8 (38,193) (40,582) 6.3 COFINS (46,045) (50,286) (50,374) 9.4 0.2 (90,876) (100,660) 10.8 PIS/PASEP (7,482) (8,171) (8,186) 9.4 0.2 (14,767) (16,357) 10.8 Inspection fee (1,497) (1,497) (1,497) - - (2,993) (2,993) - Other tax expenses (35) (83) (127) 258.0 52.2 (322) (210) (34.9) General and administrative expenses (205,001) (201,778) (207,487) 1.2 2.8 (401,270) (409,264) 2.0 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 33 ▪ N E T I N V E S T M E N T I N C O M E Figure 45 – Brasilprev | Net investment income (R$ million) Figure 46 – Brasilprev | Inflation rates (%) 379 -66 37 144 512 145 304 -49 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 0.8 1.5 2.0 0.9 0.6 0.6 1.9 1.4 1.5 3.8 1.0 -1.9 0.01 -0.1 0.2 3.11.7 3.5 2.3 -0.6 -2.1 0.3 -0.3 4.1 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 IPCA IGP-M IGP-M (lagged)¹ Source: IBGE and FGV. 1. Considering the IGP -M with a lag of one month, which is the average to accrual the interest bearing liabilities of Brasilprev’s defined benefit plans. Table 27 – Brasilprev | Financial income and expenses Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Adjusted interest revenues 358,843 529,122 871,213 142.8 64.7 1,030,420 1,400,335 35.9 Revenues with trading financial investments 198,786 129,652 105,400 (47.0) (18.7) 381,570 235,052 (38.4) Revenues with available for sale financial investments 160,057 399,470 765,813 378.5 91.7 648,851 1,165,283 79.6 Adjusted interest expenses (215,035) (224,994) (920,668) 328.1 309.2 (849,359) (1,145,661) 34.9 Interest accrual on technical reserves (193,345) (203,155) (904,353) 367.7 345.2 (808,258) (1,107,508) 37.0 Interest accrual on debentures (21,690) (21,839) (16,315) (24.8) (25.3) (41,101) (38,154) (7.2) Net investment income 143,808 304,128 (49,455) - - 181,061 254,673 40.7 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 34 Figure 47 – Brasilprev | Quarterly variation of supplementary coverage provision – PCC (R$ thousand) PCC-PMBAC PCC-PMBC Figure 48 – Brasilprev | Year-to-date variation of supplementary coverage provision – PCC (R$ thousand) PCC-PMBAC PCC-PMBC QUARTERLY ANALYSIS In 2Q26, net investment income recorded a negative balance of R$49.5 million, compared to a positive R$143.8 million in 2Q25, representing a year -over-year reduction of R$193.3 million. The spread between asset and liability yields was negative in 2Q26, reflecting not only the timing mismatch arising from the use of the IGP-M to adjust assets (current month) and liabilities (one-month lagged), but also the fact that the IPCA, which indexes a significant portion of financial assets, increased at a slower pace than the IGP-M, which indexes a large share of liabilities. The higher cost of liabilities resulted in a R$705.6 million increase in adjusted interest expenses. This effect was primarily driven by the variation in the one -month-lagged IGP- M (2Q26: +4.1% | 2Q25: -0.6%), which is the inflation rate used to adjust a relevant portion of the defined-benefit plan provisions. On the other hand, adjusted interest income increased by R$512.4 million YoY. Out of this amount, R$600.6 million resulted from the higher average interest rate on financial assets, which was partially offset by a R$88.3 million reduction in the average volume of investments. The increase in average interest rate was largely driven by the rise in inflation rates used to adjust inflation-protected securities available for sale, with increases in both the IGP-M (2Q26: +3.1% vs. 2Q25: -1.9%) and the IPCA (2Q26: +1.4% vs. 2Q25: +0.9%). This effect was partially offset by R$50.2 million negative MtM on securities for trading, reflecting the steepening of the forward real yield curve. In 2Q25, the real yield curve flattened, generating positive MtM of R$58.8 million. YEAR-TO-DATE ANALYSIS In 1H26, net investment income totaled R$254.7 million, representing a 40.7% increase compared to the same period of 2025. Adjusted interest income increased 35.9%, largely driven by higher inflation rates used to update assets (IGP-M 1H26: +3.3% | 1H25: -0.9%; and IPCA 1H26: +3.4% | 1H25: +3.0%). This effect was partially offset by MtM loss of R$65.7 million in 1H26, whereas 1H25 recorded R$65.5 million gains. Adjusted i nterest expenses increased 34.9%, reflecting the higher average cost of interest-bearing liabilities, driven by the spike in the one -month-lagged IGP -M (1H26: +3.8% | 1H25: +1.7%).
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 35 Table 28 – Brasilprev | Quarterly figures - Earning assets - average balance and interest rates¹ R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earning assets Trading financial investments 4,502 199 19.5 3,943 105 11.5 Available for sale financial investments 20,705 160 3.2 18,945 766 17.8 Total 25,207 359 6.0 22,888 871 16.7 2Q25 2Q26 1. Guaranteeing assets and free assets of Traditional plans and guaranteeing assets of the P/VGBL plans in the granting stage. Table 29 – Brasilprev | Quarterly figures - Interest bearing liabilities - average balance and interest rates¹ R$ million Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%) Interest bearing liabilities Technical reserves 21,010 (193) 3.7 19,280 (904) 18.0 Debentures 552 (22) 15.3 289 (16) 21.4 Total 21,562 (215) 4.1 19,569 (921) 18.1 2Q25 2Q26 1. Technical reserves of Traditional and P/VGBL plans in the granting stage. Table 30 – Brasilprev | Year-to-date - Earning assets - average balance and interest rates¹ R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earning assets Trading financial investments 4,690 382 17.5 4,012 235 12.5 Available for sale financial investments 20,726 649 6.6 20,083 1,165 12.4 Total 25,416 1,030 8.6 24,095 1,400 12.4 1H25 1H26 1. Guaranteeing assets and free assets of Traditional plans and guaranteeing assets of the P/VGBL plans in the granting stage. Table 31 – Brasilprev | Year-to-date - Interest bearing liabilities - average balance and interest rates¹ R$ million Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%) Interest bearing liabilities Technical reserves 20,823 (808) 7.9 20,296 (1,108) 10.9 Debentures 552 (41) 14.8 278 (38) 26.3 Total 21,375 (849) 8.0 20,574 (1,146) 11.2 1H25 1H26 1. Technical reserves of Traditional and P/VGBL plans in the granting stage.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 36 Table 32 – Brasilprev | Financial investments portfolio breakdown (except PGBL and VGBL funds) R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Available for sale 21,079,192 18,633,248 19,256,492 (8.6) 3.3 Inflation 21,079,192 18,633,248 19,256,492 (8.6) 3.3 Trading 4,526,780 4,157,184 3,728,118 (17.6) (10.3) Pre-fixed 1,721 1,851 1,890 9.8 2.1 Floating 2,408,651 2,379,892 1,824,431 (24.3) (23.3) Inflation 2,116,407 1,775,441 1,901,797 (10.1) 7.1 Total 25,605,971 22,790,433 22,984,610 (10.2) 0.9 Balance Chg. % Figure 49 – Brasilprev | Financial investments breakdown by index - except PGBL and VGBL funds (%) Figure 50 – Brasilprev | Assets allocation (%) 90.1 88.7 90.6 90.6 88.5 90.6 89.5 92.1 9.8 11.2 9.1 9.4 11.5 9.4 10.4 7.9 0.1 0.1 0.4 0.01 0.01 0.01 0.01 0.01 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Inflation Floating Pre-fixed 82.0 82.8 84.0 83.3 82.5 81.7 82.0 85.0 4.3 4.1 3.8 4.1 4.7 4.8 4.4 3.5 4.0 3.9 3.8 3.8 3.8 3.5 3.4 2.5 9.7 9.2 8.4 8.8 9.1 10.1 10.2 9.0 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Stocks/Other Debentures and commercial papers CDBs, DPGEs, CRIs, FDICs, LHs and LFs Government bonds
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 37 ▪ B A L A N C E S H E E T Table 33 – Brasilprev | Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 456,319,699 490,845,344 502,720,459 10.2 2.4 Cash and cash equivalents 99,293 67,232 65,216 (34.3) (3.0) Financial assets 454,228,124 488,813,311 500,647,753 10.2 2.4 Receivables from insurance and reinsurance operations 10,293 8,266 8,466 (17.7) 2.4 Securities and credits receivable 177,403 239,734 338,241 90.7 41.1 Prepaid expenses 20,217 18,351 17,339 (14.2) (5.5) Deferred costs 1,549,410 1,488,701 1,442,594 (6.9) (3.1) Credits from private pension transactions - 497 497 - - Other 25,891 21,924 20,462 (21.0) (6.7) Fixed assets 8,115 6,470 7,188 (11.4) 11.1 Intangible 200,954 180,859 172,703 (14.1) (4.5) Liabilities 450,524,851 485,616,310 497,869,747 10.5 2.5 Accounts payable 735,935 550,735 1,164,468 58.2 111.4 Debentures 554,386 577,206 - - - Obligations with insurance and reinsurance operations 4,862 8,764 3,141 (35.4) (64.2) Debts from private pension transactions 2,005 2,167 1,902 (5.1) (12.2) Third party deposits 205,803 235,542 155,198 (24.6) (34.1) Technical reserves - insurance 386,205,644 418,784,556 429,679,494 11.3 2.6 Technical reserves - private pension 62,764,646 65,403,653 66,813,653 6.5 2.2 Other liabilities 51,571 53,688 51,890 0.6 (3.3) Shareholders' equity 5,794,848 5,229,034 4,850,712 (16.3) (7.2) Capital 3,529,257 3,529,257 3,529,257 - - Reserves 1,172,775 1,174,215 846,394 (27.8) (27.9) Equity valuation adjustments (295,149) (638,614) (824,326) 179.3 29.1 Other comprehensive income 616,245 626,063 659,656 7.0 5.4 Accumulated profits and losses 771,719 538,113 639,731 (17.1) 18.9 Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 38 ▪ S O L V E N C Y Table 34 – Brasilprev | Solvency¹ R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Adjusted shareholder's equity (a) 4,913,375 4,809,054 4,521,066 (8.0) (6.0) Minimum capital requirement (b) 2,963,572 2,823,424 2,890,228 (2.5) 2.4 Additional capital for underwritting risk 2,116,050 2,010,709 2,069,209 (2.2) 2.9 Additional capital for credit risk 116,308 117,739 118,525 1.9 0.7 Additional capital for market risk 977,173 854,987 857,854 (12.2) 0.3 Additional capital for operating risk 359,176 387,351 397,195 10.6 2.5 Benefit of correlation between risks (605,136) (547,362) (552,554) (8.7) 0.9 Capital adequacy (a) - (b) 1,949,803 1,985,630 1,630,838 (16.4) (17.9) Solvency ratio (a) / (b) - % 165.8 170.3 156.4 -9.4 p.p. -13.9 p.p. Balance Chg. % 1. Information based on the accounting principles adopted by SUSEP.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 39 B R A S I L C A P The table below shows a managerial view built from the reallocation of expenses relates to the formation of lottery and bonus provisions. This reallocation aims to isolate and present the revenue with load fee, which is the source used to cover general & administrative expenses and acquisition costs. In December 2025, Brasilcap recognized the remeasurement of tax credits arising from the increase in the CSLL tax rate from 1 5.0% to 17.5%, amounting to R$23.3 million. However, this effect was recorded in BB Seguridade's equity -accounted earnings in January 2026. Accordingly, a retroactive adjustment was made to Brasilcap's 1Q26 managerial income statement to allow for better alignment and comparability of results between the investee and the holding company Table 35 – Brasilcap | Managerial income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Premium bonds collection 1,849,055 1,784,528 1,618,455 (12.5) (9.3) 3,508,109 3,402,983 (3.0) Changes in provisions for redemption (1,638,231) (1,580,809) (1,441,104) (12.0) (8.8) (3,101,631) (3,021,913) (2.6) Changes in provisions for lottery and bonus (24,876) (22,773) (22,255) (10.5) (2.3) (45,176) (45,029) (0.3) Revenue with load fee 185,948 180,946 155,095 (16.6) (14.3) 361,303 336,041 (7.0) Result with lottery 5,876 3,460 1,871 (68.2) (45.9) 10,451 5,331 (49.0) Acquisition costs (166,959) (163,175) (138,944) (16.8) (14.8) (316,529) (302,118) (4.6) Administrative expenses (31,431) (29,443) (33,892) 7.8 15.1 (58,946) (63,335) 7.4 Tax expenses (11,972) (11,232) (10,095) (15.7) (10.1) (23,471) (21,327) (9.1) Other operating income (expenses) 22,336 17,418 19,920 (10.8) 14.4 44,933 37,337 (16.9) Equity income (7) - 1 - - 58 1 (98.3) Non-interest operating result 3,791 (2,026) (6,044) - 198.3 17,799 (8,070) - Net investment income 123,316 140,942 132,112 7.1 (6.3) 196,772 273,054 38.8 Financial income 343,778 350,679 342,870 (0.3) (2.2) 693,482 693,548 0.0 Financial expenses (220,462) (209,736) (210,757) (4.4) 0.5 (496,710) (420,494) (15.3) Earnings before taxes and profit sharing 127,106 138,916 126,068 (0.8) (9.2) 214,570 264,985 23.5 Taxes (49,600) (30,950) (48,430) (2.4) 56.5 (81,393) (79,381) (2.5) Profit sharing (3,833) (3,336) (2,935) (23.4) (12.0) (5,498) (6,271) 14.1 Net income 73,673 104,630 74,703 1.4 (28.6) 127,680 179,333 40.5 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 40 ▪ N E T I N C O M E In 2Q26, net income from premium bonds operation reached R$74.7 million, up 1.4% compared to the same period of 2025. The growth was driven by the 7.1% increase in net investment income, supported by the expansion of the net interest margin (+0.2 p.p.) and by a lower effective tax rate, reflecting the tax credits related to Brazil's Innovation Incentive Law (Lei do Bem). Premium bonds collections declined 12.5% YoY, due to lower sales of unique payment bonds in the traditional modality, an effect partially offset by the higher average ticket of these products. Revenues with load fee decreased at a faster pace than collections (-16.6%), reflecting a 0.5 p.p. reduction in the average load fee quote. This performance resulted mainly from collections mix more concentrated in payments with lower loading fees, driven by a lower share of longer -term unique payment bonds and a greater contribution from recurring installments of monthly payment bonds and shorter-term unique payment bonds. In 1H26, net income from the premium bonds operation increased 40.5%. It is worth noting that, in December 2025, Brasilcap recognized the reprecification of tax credits arising from the increase in the CSLL tax rate from 15.0% to 17.5%, as established by Complementary Law No. 224/2025, generating a positive impact of R$23.3 million on income taxes. However, this effect was only recognized in BB Seguridade's equity income in January 2026. To ensure consistency with the holding equity income, the premium bonds operation net income reported for 1Q26 was restated, as detailed on the previous page. Excluding this effect, net income would have increased 22.2%, driven by a 1.1 p.p. expansion in the net interest margin and growth in the average balance of invested assets. Premium bonds c ollections declined 3.0% compared to 1H25, reflecting lower sales volumes and a contraction in the average ticket of traditional unique payment bonds. Revenues with load fee decreased at a faster pace than collections ( -7.0%), while the average loading fee quote declined 0.4 p.p., reflecting changes in mix of collections, with a lower participation of unique payment bonds and a greater contribution from recurring installments of monthly payment bonds, which carry lower loading fees. Figure 51 – Brasilcap | Net income (R$ million) 70 70 54 74 91 99 105 75 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Figure 52 – Brasilcap | Key performance indicators Premium bonds collection Unique payment (19.6%) (6.3%) Monthly payment 1.9% 3.3% First Installments (8.1%) (17.2%) Recurring Installments 2.3% 4.5% Reserve quote 0.4 p.p. 0.4 p.p. Lottery quote 0.0 p.p. 0.0 p.p. Load fee quote (0.5 p.p.) (0.4 p.p.) Technical reserves 1.9% Net interest margin 0.2 p.p. 1.1 p.p. Other ratios - Chg. On 1H25 Average quotes Chg. On 2Q25 Figure 53 – Brasilcap | Solvency¹ (R$ million) 586 567 660 253 225 210 232.0 252.2 315.1 Jun/25 Mar/26 Jun/26 Adjusted shareholders' equity (a) Minimum capital required (b) Solvency ratio (a) / (b) - % ¹ Information based on the accounting principles adopted by SUSEP.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 41 Table 36 – Brasilcap | Performance ratios Chg. (p.p.) % 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Average quotes Reserve quote 88.6 88.6 89.0 0.4 0.5 88.4 88.8 0.4 Lottery quote 1.3 1.3 1.4 0.0 0.1 1.3 1.3 0.0 Load fee quote 10.1 10.1 9.6 (0.5) (0.6) 10.3 9.9 (0.4) Financial Net interest margin (p.p.) 4.2 4.6 4.4 0.2 (0.3) 3.1 4.2 1.1 Other Premium bonds margin 1.8 (1.0) (3.4) (5.2) (2.4) 4.4 (2.1) (6.5) Income tax rate 39.0 22.3 38.4 (0.6) 16.1 37.9 30.0 (8.0) Quarterly Flow Chg. (p.p.) Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 42 ▪ P R E M I U M B O N D S C O L L E C T I O N Figure 54 – Brasilcap | Collection (R$ million) 559 558 599 613 616 613 628 625 1,194 1,251 1,060 1,236 1,233 828 1,156 994 1,753 1,809 1,659 1,849 1,849 1,441 1,785 1,618 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Monthly payment Unique payment Figure 55 – Brasilcap | Collections by product (%) Figure 56 – Brasilcap | Bonds outstanding by product (%) 31.9 30.9 36.1 33.2 33.3 42.6 35.2 38.6 68.1 69.1 63.9 66.8 66.7 57.4 64.8 61.4 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Monthly payment Unique payment 45.1 50.3 52.1 52.3 52.5 53.9 49.0 54.3 54.9 49.7 47.9 47.7 47.5 46.1 51.0 45.7 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Monthly payment Unique payment
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 43 ▪ A C Q U I S I T I O N C O S T S Figure 57 – Brasilcap | Acquisition costs 150 156 150 167 171 131 163 139 99.7 89.1 85.3 89.8 97.5 95.5 90.2 89.6 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Acquisition costs (R$ million) Load fee consumption by acquisition costs (%) QUARTERLY ANALYSIS In 2Q26, acquisition costs were 16.8% lower than those recorded in the same period of 2025. The decline in acquisition costs at a faster pace than the reduction in collections mainly reflects changes in the composition of collected flows, with a greater concentration of recurring installments from monthly payment bonds, which carry lower commission rates than unique payment bonds. It is also worth noting that, as of January 2026, the allocation of costs between brokerage fees paid to BB Corretora and sales cost, which comprise the remuneration paid to Banco do Brasil for banking services rendered, was revised, with no change in the overall commission rate. As a result, brokerage expenses decreased 34.8%, while sales cost increased 123.4% compared to 2Q25. The decline in acquisition costs occurred broadly in line with the decrease in loading fee revenues ( -16.6%), leading to a slight 0.2 p.p. reduction in load fee consumption ratio compared to 2Q25. YEAR-TO-DATE ANALYSIS In 1H26, acquisition costs decreased 4.6% compared to 1H25, while collections declined 3.0%, reflecting changes in mix of collection. It should be noted that the year -to-date performance reflects the adjustments implemented in the allocation of costs between brokerage expenses and sales cost, as detailed in the quarterly analysis. This largely explains the 25.9% decline in brokerage and the 198.5% increase in sales costs, the latter also impacted by higher spending on sales incentives in the banking channel. As revenues with load fee declined at a faster pace (-7.0%) than acquisition costs (-4.6%), the load fee consumption ratio increased by 2.3 p.p. compared to 1H25. Table 37 – Brasilcap | Changes in acquisition costs Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Acquisition costs 166,959 163,175 138,944 (16.8) (14.8) 316,529 302,118 (4.6) Brokerage 147,904 115,733 96,380 (34.8) (16.7) 286,375 212,113 (25.9) Sales cost 19,055 47,441 42,564 123.4 (10.3) 30,154 90,005 198.5 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 44 ▪ G E N E R A L & A D M I N I S T R A T I V E E X P E N S E S Figure 58 – Brasilcap | G&A expenses (R$ million) 29 34 28 31 33 38 29 34 11 11 11 12 11 9 11 10 -20 -25 -23 -22 -19 -15 -17 -20 20 20 16 21 25 33 23 24 13.2 11.2 9.4 11.3 14.4 23.7 12.9 15.5 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Other operating income (expenses) Tax expenses Administrative expenses G&A ratio (%) QUARTERLY ANALYSIS In 2Q26, general and administrative expenses increased 14.2% compared to the same period of 2025. Combined with the decline in loading fee revenues, this movement resulted in 4.2 p.p. deterioration of the G&A ratio. Administrative expenses increased 7.8%, mainly driven by: ▪ higher expenses with outsourcing, due to the concentration of technology -related expenditures associated with projects initiated and executed throughout 2Q26, as well as higher consulting expenses; ▪ higher personnel expenses, reflecting the collective bargaining agreement, with impacts on the May payroll and retroactive effects to January, in addition to higher fees and severance-related expenses; and ▪ an increase in location and operat ion expenses, driven by software amortization expenses. On the other hand, lower institutional advertisement and publicity expenses partially mitigated the effects described above. The positive balance of other operating income and expenses was down 10.8% YoY, due to lower revenues from early redemptions and unclaimed premium bonds. Tax expenses decreased 15.7%, in line with the reduction in the taxable base. YEAR-TO-DATE ANALYSIS In 1H26, general and administrative expenses increased 26.3%, while the G&A ratio rose 3.7 p.p. compared to the same period of 2025. Administrative expenses increased 7.4%, mainly reflecting higher expenses related to: (i) personnel, due to the collective bargaining agreement adjustment and higher professional fees; (ii) outsourcing, driven by projects initiated in 2Q26 and higher consulting expenses; and (iii) location and operation expenses, reflecting higher amortization expenses. These effects were partially offset by lower advertising and marketing expenses. The positive balance of other operating income and expenses decreased 16.9%, reflecting lower revenues from early redemptions and unclaimed premium bonds. Tax expenses declined 9.1%, following the contraction in the taxable base.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 45 Table 38 – Brasilcap | General & Administrative expenses Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Administrative expenses (31,431) (29,443) (33,892) 7.8 15.1 (58,946) (63,335) 7.4 Personnel (19,336) (18,764) (20,566) 6.4 9.6 (36,292) (39,330) 8.4 Location and operation (1,925) (2,155) (2,190) 13.8 1.6 (3,658) (4,345) 18.8 Outsourcing (8,497) (7,930) (10,457) 23.1 31.9 (16,235) (18,387) 13.3 Institutional advertisement and publicity (1,468) (251) (391) (73.4) 55.6 (2,273) (641) (71.8) Leasing (11) (8) (6) (42.7) (25.0) (22) (15) (33.8) Other (194) (335) (282) 45.6 (15.7) (467) (617) 32.1 Other operating income (expenses) 22,336 17,418 19,920 (10.8) 14.4 44,933 37,337 (16.9) Legal provisions 133 (10) 26 (80.4) - 58 17 (71.2) Other operating income (expenses) 10,077 11,120 8,827 (12.4) (20.6) 21,263 19,947 (6.2) Revenue with premium bonds prescription 12,126 6,307 11,066 (8.7) 75.4 23,613 17,374 (26.4) Tax expenses (11,972) (11,232) (10,095) (15.7) (10.1) (23,471) (21,327) (9.1) COFINS (9,675) (8,943) (7,973) (17.6) (10.8) (18,854) (16,916) (10.3) PIS/PASEP (1,572) (1,453) (1,296) (17.6) (10.8) (3,064) (2,749) (10.3) Inspection fee (650) (748) (748) 15.2 - (1,398) (1,497) 7.0 Other tax expenses (75) (88) (78) 2.8 (11.9) (155) (166) 6.6 G&A Expenses (21,067) (23,258) (24,067) 14.2 3.5 (37,484) (47,325) 26.3 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 46 ▪ N E T I N V E S T M E N T I N C O M E Figure 59 – Brasilcap | Net investment income (R$ million) Figure 60 – Brasilcap | Annualized average interest rates and spread 115 108 73 123 167 154 141 132 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 5.4 5.5 6.2 6.8 6.3 6.6 6.4 6.5 3.7 3.5 2.5 4.2 5.0 4.7 4.6 4.4 9.0 9.0 8.7 11.0 11.3 11.3 11.1 10.8 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Yield on interest bearing liabilities (%) Net interest margin (p.p.) Yield on interest earnings assets (%) Table 39 – Brasilcap | Financial income and expenses Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Interest revenues 342,741 347,881 341,662 (0.3) (1.8) 612,897 689,544 12.5 Results with trading financial investments 190,708 192,430 181,607 (4.8) (5.6) 303,194 374,037 23.4 Revenues with available for sale financial investments - - - - - 192 - - Revenues with held to maturity financial investments 151,487 154,870 158,654 4.7 2.4 307,864 313,524 1.8 Interest accrual on judicial deposits 545 582 1,401 157.0 140.7 1,647 1,983 20.4 Interest expenses (216,427) (203,901) (206,453) (4.6) 1.3 (410,036) (410,354) 0.1 Interest accrual on technical reserves (204,313) (202,808) (205,235) 0.5 1.2 (387,259) (408,043) 5.4 Loans (10,806) - - - - (20,419) - - Other (1,308) (1,093) (1,218) (6.9) 11.4 (2,358) (2,311) (2.0) Net interest income 126,314 143,980 135,209 7.0 (6.1) 202,861 279,189 37.6 Quarterly Flow Chg. % Half-Yearly Flow QUARTERLY ANALYSIS In 2Q26, net interest income was 7.0% higher than that reported in the same period of 2025, with 0.2 p.p. expansion in the net interest margin. Interest revenues remained virtually stable. One hand, the reduction in the portfolio's average yield decreased revenues by R$5.4 million; on the other hand, the expansion of the average balance of financial assets contributed positively by R$4.3 million. Interest expenses declined 4.6% (-R$10.0 million). The reduction in the average yield on interest-bearing liabilities was responsible for a R$12.3 million decrease in expenses, driven by the settlement in 2Q25 of a bank loan used to temporarily restore the coverage level of regulatory reserves and by the lower updating rate of technical provisions, reflecting the increasing participation of more recently launched products in the portfolio. On the other hand, the growth in the average balance of interest-bearing liabilities, particularly premium bonds technical provisions, resulted in a R$2.4 million increase in interest expenses. YEAR-TO-DATE ANALYSIS In 1H26, net interest income increased 37.6%, with a 1.1 p.p. expansion in the net interest margin. Interest revenues grew by R$76.6 million (+12.5%). The main contribution came from the 1.1 p.p. increase in the average yield on financial assets, which added R$64.9 million to
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 47 revenues. This movement reflects the increase in the Selic rate and the fact that financial income in 1Q25 was impacted by a negative hedge adjustment of R$50.9 million. Additionally, the expansion of the average balance of financial assets contributed R$1 1.7 million to the growth in interest revenues. Interest expenses remained virtually stable. The increase in both the volume and the average remuneration rate of premium bonds technical provisions, the latter mainly driven by the higher TR (Reference Rate) during the period, was almost entirely offset by the prepayment of the bank loan, which reduced expenses by R$20.4 million. Table 40 – Brasilcap | Quarterly figures – Earning assets – average balance and interest rates R$ thousand Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earnings assets Trading financial investments 5,630,738 190,708 14.8 5,597,372 181,607 14.1 Available for sale financial investments - - - - - Held to maturity financial investments 6,403,826 151,487 10.1 6,516,731 158,654 10.4 Judicial deposits 1,348,873 545 0.2 1,441,584 1,401 0.4 Total 13,383,437 342,741 11.0 13,555,687 341,662 10.8 2Q25 2Q26 Table 41 – Brasilcap | Quarterly figures – Interest bearing liabilities – average balance and interest rates R$ thousand Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%) Interest bearing liabilities Technical reserves - premium bonds 11,130,011 (204,313) 7.4 11,430,313 (205,235) 7.2 Other 1,327,815 (1,308) 0.4 1,428,498 (1,218) 0.4 Loans 253,433 (10,806) 16.5 - - - Total 12,711,259 (216,427) 6.8 12,858,811 (206,453) 6.5 2Q25 2Q26 Table 42 – Brasilcap | Year-to-date figures – Earning assets – average balance and interest rates R$ thousand Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earnings assets Trading financial investments 4,952,088 303,194 13.1 5,754,693 374,037 13.9 Available for sale financial investments 404,864 192 0.1 - - Held to maturity financial investments 6,743,631 307,864 9.7 6,487,166 313,524 10.2 Judicial deposits 1,338,019 1,647 0.3 1,429,298 1,983 0.3 Total 13,438,602 612,897 9.6 13,671,157 689,544 10.7 1H25 1H26 Table 43 – Brasilcap | Year-to-date figures – Interest bearing liabilities – average balance and interest rates R$ thousand Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%) Interest bearing liabilities Technical reserves - premium bonds 11,149,756 (387,259) 7.0 11,426,505 (408,043) 7.2 Other 1,319,657 (2,358) 0.4 1,416,238 (2,311) 0.3 Loans 252,572 (20,419) 16.0 - - - Total 12,721,984 (410,036) 6.5 12,842,744 (410,354) 6.5 1H25 1H26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 48 Table 44 – Brasilcap | Financial investments portfolio breakdown R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Trading 5,932,757 5,547,439 5,647,304 (4.8) 1.8 Floating 5,368,400 4,787,341 4,656,108 (13.3) (2.7) Pre-fixed 540,496 700,205 964,140 78.4 37.7 Equity funds 1,288 996 948 (26.4) (4.8) Short-terms funds 22,574 58,897 26,108 15.7 (55.7) Held to maturity securities 6,303,119 6,437,404 6,596,059 4.6 2.5 Pre-fixed 6,303,119 6,437,404 6,596,059 4.6 2.5 Total 12,235,877 11,984,843 12,243,363 0.1 2.2 Balance Chg. % Figure 61 – Brasilcap | Asset allocation (%) Figure 62 – Brasilcap | Financial investments breakdown by index (%) 1.5 1.5 1.7 1.7 1.7 1.8 1.3 1.3 0.8 0.7 0.8 0.6 0.7 0.7 0.6 0.5 0.2 0.2 0.3 0.2 0.3 0.1 0.5 0.2 97.1 97.2 96.7 97.2 96.9 97.1 96.9 96.2 0.4 0.3 0.4 0.4 0.3 0.4 0.7 1.8 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Time deposits and other Debentures and commercial papers Short-terms funds Government bonds Repo + cash Equity funds 13.2 12.7 9.8 9.1 1.7 12.6 17.1 86.0 86.8 89.4 90.5 99.3 98.1 86.3 82.4 0.1 0.04 0.03 0.02 0.02 0.02 0.02 0.02 0.7 0.5 0.7 0.4 0.6 0.1 1.1 0.5 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Pre-fixed Floating Equity funds Other
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 49 ▪ B A L A N C E S H E E T Table 45 – Brasilcap | Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 13,902,523 13,784,042 14,009,955 0.8 1.6 Cash and cash equivalents 31 575 504 - (12.3) Financial assets 12,235,877 11,984,843 12,243,363 0.1 2.2 Securities and credits receivable 1,633,666 1,753,564 1,719,534 5.3 (1.9) Prepaid expenses 5,591 6,896 4,771 (14.7) (30.8) Investments 481 481 481 - - Fixed assets 14,536 13,557 12,846 (11.6) (5.2) Intangible 5,839 16,964 18,756 221.2 10.6 Other assets 6,502 7,161 9,700 49.2 35.5 Liabilities 12,970,990 12,898,155 13,049,365 0.6 1.2 Accounts payable 74,217 87,680 101,237 36.4 15.5 Loans 253,738 - - - - Premium bonds operations debts 15,417 16,184 7,851 (49.1) (51.5) Technical reserves - premium bonds 11,279,297 11,368,692 11,491,935 1.9 1.1 Other liabilities 1,348,321 1,425,599 1,448,342 7.4 1.6 Shareholders' equity 931,532 885,887 960,589 3.1 8.4 Capital 354,398 403,000 403,000 13.7 - Capital increase pending approval 48,602 - - - - Reserves 400,852 401,567 401,567 0.2 - Accumulated profits and losses 127,680 81,320 156,022 22.2 91.9 Balance Chg. % ▪ S O L V E N C Y Table 46 – Brasilcap | Solvency¹ R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Adjusted shareholders' equity (a) 586,144 567,412 660,243 12.6 16.4 Minimum capital required (b) 252,677 225,027 209,523 (17.1) (6.9) Additional capital for underwritting risk 41,957 43,505 39,223 (6.5) (9.8) Additional capital for credit risk 47,651 49,999 44,850 (5.9) (10.3) Additional capital for operating risk 35,835 33,867 32,293 (9.9) (4.6) Additional capital for market risk 181,294 151,326 141,902 (21.7) (6.2) Benefit of correlation between risks (54,060) (53,670) (48,745) (9.8) (9.2) Capital adequacy (a) - (b) 333,467 342,385 450,720 35.2 31.6 Solvency ratio (a) / (b) - % 232.0 252.2 315.1 83.1 p.p. 63.0 p.p. Balance Chg. % 1. Information based on the accounting principles adopted by SUSEP.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 50 B R A S I L D E N T A L Due to operational issues, as of January 2023, the accounting recognition of the investment in Brasildental will be carried out with a delay of one month. Thus, the 2Q25 and 2Q26 include information relating to March, April and May. Table 47 – Brasildental | Income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Gross operating revenues 30,948 20,180 31,179 0.7 54.5 51,158 51,359 0.4 Taxes on revenues (1,184) (825) (1,220) 3.1 47.8 (2,045) (2,045) 0.0 Net operating revenues 29,764 19,355 29,959 0.7 54.8 49,113 49,314 0.4 Cost of services (14,409) (8,945) (14,586) 1.2 63.1 (23,198) (23,531) 1.4 Gross income 15,355 10,410 15,373 0.1 47.7 25,915 25,783 (0.5) Acquisition costs (1,889) (1,044) (1,894) 0.3 81.5 (2,860) (2,938) 2.7 Administratives expenses (4,879) (5,037) (5,671) 16.2 12.6 (8,411) (10,709) 27.3 Tax expenses (4) (45) (56) - 24.6 (21) (100) 367.4 Other revenues (expenses) (132) 566 764 - 35.1 648 1,330 105.2 Earnings before interest and taxes 8,451 4,850 8,516 0.8 75.6 15,271 13,366 (12.5) Net investment income 698 464 1,011 44.9 118.0 1,144 1,475 29.0 Financial income 998 664 1,320 32.2 98.9 1,652 1,984 20.1 Financial expenses (300) (200) (309) 2.8 54.5 (508) (508) 0.1 Earnings before taxes and profit sharing 9,149 5,314 9,528 4.1 79.3 16,415 14,841 (9.6) Taxes (3,078) (1,768) (3,392) 10.2 91.8 (5,526) (5,160) (6.6) Profit sharing (76) (159) 148 - - (120) (12) (90.2) Net income 5,995 3,386 6,283 4.8 85.6 10,769 9,669 (10.2) Quarterly Flow Chg. % Half-Yearly Flow Table 48 – Brasildental | Performance ratios Chg. (p.p.) % 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Performance ratios Loss ratio 48.4 46.2 48.7 0.3 2.5 47.2 47.7 0.5 Comission ratio 6.3 5.4 6.3 (0.0) 0.9 5.8 6.0 0.1 G&A ratio 16.8 23.3 16.6 (0.3) (6.8) 15.9 19.2 3.4 EBITDA margin 28.4 25.1 28.4 0.0 3.4 31.1 27.1 (4.0) Quarterly Flow Half-Yearly FlowChg. (p.p.)
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 51 ▪ B A L A N C E S H E E T Table 49 – Brasildental | Balance sheet R$ thousand May/25 Feb/26 May/26 On May/25 On Feb/26 Assets 35,628 36,858 36,595 2.7 (0.7) Cash and cash equivalents 1,087 1,301 1,204 10.8 (7.4) Financial assets 27,140 27,240 27,249 0.4 0.0 Receivables from insurance and reinsurance operations 5,176 6,214 6,774 30.9 9.0 Tax assets 1,442 1,570 866 (40.0) (44.8) Other assets 782 534 502 (35.8) (6.0) Liabilities 20,294 21,998 21,652 6.7 (1.6) Technical reserves 11,632 12,428 11,625 (0.1) (6.5) Tax liabilities 1,074 1,066 1,168 8.8 9.5 Other liabilities 7,589 8,504 8,859 16.7 4.2 Shareholders' equity 15,334 14,860 14,943 (2.5) 0.6 Capital 9,500 9,500 9,500 - - Reserves 3,965 4,064 3,874 (2.3) (4.7) Retained earnings 1,869 1,296 1,569 (16.1) 21.1 Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 52 B B C O R R E T O R A Table 50 – BB Corretora | Income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Brokerage revenues 1,409,947 1,419,992 1,371,128 (2.8) (3.4) 2,810,725 2,791,120 (0.7) Administrative expenses (49,687) (54,988) (53,808) 8.3 (2.1) (108,368) (108,796) 0.4 Personnel expenses (19,321) (18,240) (19,856) 2.8 8.9 (36,845) (38,096) 3.4 Other operating income (expenses) (5,612) (2,485) (7,674) 36.7 208.8 (6,258) (10,160) 62.3 Tax expenses (170,449) (172,871) (164,640) (3.4) (4.8) (339,345) (337,511) (0.5) Equity income 1,561 1,602 1,969 26.2 23.0 5,045 3,571 (29.2) Earnings before interest and taxes 1,166,438 1,173,009 1,127,120 (3.4) (3.9) 2,324,954 2,300,129 (1.1) Net investment income 168,929 150,761 168,107 (0.5) 11.5 295,523 318,868 7.9 Financial income 169,064 211,183 168,274 (0.5) (20.3) 332,024 379,457 14.3 Financial expenses (135) (60,422) (167) 23.7 (99.7) (36,501) (60,589) 66.0 Earnings before taxes 1,335,367 1,323,770 1,295,227 (3.0) (2.2) 2,620,477 2,618,997 (0.1) Taxes (451,589) (448,143) (436,822) (3.3) (2.5) (887,451) (884,966) (0.3) Net income 883,778 875,626 858,405 (2.9) (2.0) 1,733,026 1,734,031 0.1 Chg. % Quarterly Flow Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 53 ▪ N E T I N C O M E Table 51 – BB Corretora | Managerial performance ratios Chg. (p.p.) % 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 G&A expenses 17.4 17.5 17.9 0.6 0.4 17.5 17.7 0.3 Tax expenses 12.1 12.2 12.0 (0.1) (0.2) 12.1 12.1 0.0 EBIT margin 82.7 82.6 82.2 (0.5) (0.4) 82.7 82.4 (0.3) Income tax rate 33.8 33.9 33.7 (0.1) (0.1) 33.9 33.8 (0.1) Net margin 62.7 61.7 62.6 (0.1) 0.9 61.7 62.1 0.5 Quarterly Flow Chg. (p.p.) Half-Yearly Flow In 2Q26, BB Corretora's net income totaled R$858.4 million, down 2.9% compared to 2Q25, impacted by a 2.8% decline in brokerage revenues. The decline in brokerage revenues was driven by a 34.7% decrease (-R$50.1 million) in commissions from the premium bonds business, affected both by lower collection volumes and by changes in the allocation of acquisition costs between brokerage expenses and sales support expenses, as esta blished in the related -party transaction notice disclosed on December 19, 2025, and available on BB Seguridade’s Investor Relations website. On the other hand, commissions from the pension plans segment grew 4.6% (+R$4.7 million), driven by higher contributions (+4.0%) and by an increase in the average commission rate, reflecting the greater share of first installments of periodic plans in the composition of collected volumes. These installments carry a higher commission percentage. Commission revenue from the insurance segment increased 0.4% (+R$4.2 million), supported by the recognition of deferred commissions from sales made in previous periods, as well as higher premiums written in credit life for farmers, home, and credit life insurance products. The EBIT margin contracted by 0.5 p.p., due to the increase in administrative expenses and higher other operating expenses. In 1H26, BB Corretora's net income remained virtually stable. The growth of 7.9% in net investment income, supported by the higher Selic rate and increased volumes, was offset by a 1.1% decline in operating result, reflecting a 0.7% reduction in brokerage revenue and a 0.8% increase in G&A expenses. The decline in brokerage revenues is explained by lower commission income from the premium bonds business ( -26.6%), due to the same factors discussed in the quarterly analysis. This dynamic was partially offset by higher commissions from: (i) pension plans (+13.8%), driven by contribution s growth (+7.0%) and lower commission reimbursements to Brasilprev as a result of fewer redemptions within 12 months of the plan sale; and (ii) insurance (+0.8%). Figure 63 – BB Corretora | Net income (R$ million) 863 858 849 884 943 859 876 858 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Figure 64 – BB Corretora | Key performance indicators Insurance 0.4% 0.8% Pension plans 4.6% 13.8% Premium bonds (34.7%) (26.6%) Other¹ 42.4% 32.3% EBIT Margin (0.5 p.p.) (0.3 p.p.) Net Margin (0.1 p.p.) 0.5 p.p. Performance ratios Chg. On 2Q25 Chg. On 1H25 Breakdown of brokerage revenues ¹ Including dental plans and other revenues
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 54 ▪ B R O K E R A G E R E V E N U E S Figure 65 – BB Corretora | Brokerage revenues (R$ million) 1,421 1,404 1,401 1,410 1,481 1,352 1,420 1,371 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Table 52 – BB Corretora | Brokerage revenues breakdown Chg. % R$ thousand 2Q25 Part. % 1Q26 Part. % 2Q26 Part. % On 2Q25 On 1Q26 1H25 Part. % 1H26 Part. % On 1H25 Insurance 1,157,692 82.1 1,140,574 80.3 1,161,851 84.7 0.4 1.9 2,284,192 81.3 2,302,425 82.5 0.8 Pension plans 101,976 7.2 162,459 11.4 106,636 7.8 4.6 (34.4) 236,375 8.4 269,095 9.6 13.8 Premium bonds 144,497 10.2 110,313 7.8 94,410 6.9 (34.7) (14.4) 278,913 9.9 204,723 7.3 (26.6) Dental plans 1,199 0.1 1,188 0.1 1,173 0.1 (2.2) (1.3) 2,419 0.1 2,360 0.1 (2.4) Other 4,583 0.3 5,459 0.4 7,058 0.5 54.0 29.3 8,826 0.3 12,517 0.4 41.8 Total 1,409,947 100.0 1,419,992 100.0 1,371,128 100.0 (2.8) (3.4) 2,810,725 100.0 2,791,120 100.0 (0.7) Quarterly Flow Chg. % Half-Yearly Flow Figure 66 – BB Corretora | Unearned commissions (R$ billion) Figure 67 – BB Corretora | Unearned commissions breakdown (%) 5.7 6.0 6.1 6.1 6.3 6.2 6.3 6.2 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 1.1 1.1 1.0 1.1 1.1 1.2 1.1 1.1 78.0 76.9 77.8 79.3 79.5 78.2 78.2 79.6 16.0 17.2 16.2 14.4 14.2 15.4 15.3 13.8 2.8 2.7 2.9 3.0 3.0 2.9 3.2 3.3 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.2 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Custom Life Rural P&C Auto
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 55 ▪ G E N E R A L A N D A D M I N I S T R A T I V E E X P E N S E S Figure 68 – BB Corretora | G&A expenses 255 284 246 245 267 296 249 246 18.0 20.3 17.5 17.4 18.1 21.9 17.5 17.9 6.0 8.0 5.5 5.3 5.9 9.7 5.3 5.9 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 G&A Expenses (R$ million) G&A ratio (%) G&A ratio ex-taxes (%) QUARTERLY ANALYSIS In 2Q26, the G&A ratio reached 17.9%, an increase of 0.6 p.p. YoY. Administrative expenses increased by R$4.1 million (+8.3%), mainly driven by: ▪ R$2.3 million increase in administrative cost of products, due to a higher volume of reimbursements related to the sale of products with higher unit costs; and ▪ R$1.8 million increase in information technology expenses, reflecting higher costs associated with system development and maintenance. The negative balance of other operating income and expenses increased by R$2.1 million, impacted by higher provisions for civil and labor lawsuits, as well as increased spending on sponsorships and tax-incentivized donations. Tax expenses decreased by 3.4%, in line with the contraction in taxable revenues. YEAR-TO-DATE ANALYSIS In 1H26, the G&A ratio increased by 0.3 p.p. Personnel expenses expanded by R$1.2 million (+3.4%), mainly affected by the collective bargaining agreement adjustment. Administrative expenses increased by 0.4% (+R$428 thousand), mainly reflecting higher operational support expenses (+R$2.8 million), increased information technology expenses (+R$2.4 million), and higher administrative cost of products (+R$2.1 million), as detailed in the quarterly analysis above. These effects were almost entirely offset by a decline in other administrative expenses (-R$6.9 million), due to lower spending on brand promotion events and lower expenses related to banking correspondents. The negative balance of other operating income and expenses increased by R$3.9 million (+62.3%), largely explained by higher spending on sponsorships and tax -incentivized donations. Meanwhile, tax expenses decreased by 0.5%, in line with the decline in taxable revenues.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 56 Table 53 – BB Corretora | General & Administrative expenses Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Personnel expenses (19,321) (18,240) (19,856) 2.8 8.9 (36,845) (38,096) 3.4 Administrative expenses (49,687) (54,988) (53,808) 8.3 (2.1) (108,368) (108,796) 0.4 Administrative cost of products (21,325) (26,953) (23,657) 10.9 (12.2) (48,543) (50,610) 4.3 Operational support (8,871) (9,907) (9,642) 8.7 (2.7) (16,736) (19,549) 16.8 Information technology (6,677) (7,796) (8,495) 27.2 9.0 (13,889) (16,292) 17.3 Other (12,813) (10,332) (12,013) (6.2) 16.3 (29,200) (22,345) (23.5) Other operating income (expenses) (5,612) (2,485) (7,674) 36.7 208.8 (6,258) (10,160) 62.3 Tax expenses (170,449) (172,871) (164,640) (3.4) (4.8) (339,345) (337,511) (0.5) PIS/PASEP (24,259) (24,780) (23,653) (2.5) (4.6) (48,362) (48,433) 0.1 COFINS (113,439) (116,264) (110,639) (2.5) (4.8) (226,099) (226,903) 0.4 ISS (32,751) (31,827) (30,348) (7.3) (4.6) (64,884) (62,175) (4.2) G&A Expenses (245,069) (248,585) (245,978) 0.4 (1.0) (490,816) (494,563) 0.8 Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 57 ▪ N E T I N V E S T M E N T I N C O M E Figure 69 – BB Corretora | Net investment income (R$ million) 134 144 127 169 207 205 151 168 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Table 54 – BB Corretora | Quarterly figures – Earning assets average balance and interest rates R$ thousand Average balance Revenues Annualized rate (%) Average balance Revenues Annualized rate (%) Earning assets Cash and financial instruments 5,045,965 165,270 14.2 5,031,802 164,533 14.2 Other assets 256,580 3,793 6.3 272,235 3,728 5.8 Current tax assets 4,483 - - 4,710 13 1.2 Total 5,307,027 169,064 13.8 5,308,747 168,273 13.8 2Q25 2Q26 Table 55 – BB Corretora | Quarterly figures – Interest bearing liabilities average balance and interest rates R$ thousand Average balance Expenses Annualized rate (%) Average balance Expenses Annualized rate (%) Interest bearing liabilities Dividends payable 866,513 - - 867,015 - - Other liabilities 499 - - 499 - - Total 867,013 - - 867,515 - - 2Q25 2Q26 Table 56 – BB Corretora | Year-to-date figures – Earning assets average balance and interest rates R$ thousand Average balance Revenues Annualized rate (%) Average balance Revenues Annualized rate (%) Earning assets Cash and financial instruments 5,818,679 324,875 11.9 5,897,583 371,888 13.5 Other assets 254,791 7,149 5.9 270,267 7,543 5.9 Current tax assets 4,467 - - 4,738 26 1.1 Total 6,077,937 332,024 11.6 6,172,589 379,457 13.1 1H25 1H26 Table 57 – BB Corretora | Year-to-date figures – Interest bearing liabilities average balance and interest rates R$ thousand Average balance Expenses Annualized rate (%) Average balance Expenses Annualized rate (%) Interest bearing liabilities Dividends payable 1,726,714 (36,214) 4.3 1,768,066 (40,171) 4.6 Other liabilities 543,253 - - 572,767 (20,091) 7.1 Total 2,269,968 (36,214) 3.3 2,340,833 (60,262) 5.2 1H25 1H26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 58 ▪ B A L A N C E S H E E T Table 58 – BB Corretora | Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 8,606,156 7,618,161 8,686,355 0.9 14.0 Cash and cash equivalents 5,632,945 4,528,265 5,541,538 (1.6) 22.4 Equity investments 16,976 22,500 24,469 44.1 8.8 Current tax assets 30,852 29,356 29,885 (3.1) 1.8 Commission receivable 2,664,117 2,766,977 2,815,922 5.7 1.8 Other assets 261,266 271,063 274,540 5.1 1.3 Liabilities 8,600,148 6,736,526 8,680,347 0.9 28.9 Dividends payable 1,733,026 - 1,734,031 0.1 - Provision 50,502 49,889 53,277 5.5 6.8 Current tax liabilities 627,816 314,901 554,715 (11.6) 76.2 Unearned commissions 6,081,089 6,268,634 6,232,726 2.5 (0.6) Other liabilities 107,715 103,102 105,599 (2.0) 2.4 Shareholders' equity 6,008 881,634 6,008 0.0 (99.3) Capital 1,000 1,000 1,000 - - Reserves 5,175 5,175 5,175 - - Other accumulated comprehensive income (167) (167) (167) - - Retained earnings - 875,626 - - - Chg. % Balance
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 59 3. I N F O R M A T I O N IN I F R S 1 7 ▪ B B S E G U R I D A D E – I F R S 4 VS I F R S 1 7 The information below presents a brief summary of the main impacts on the net income of BB Seguridade and investees, referring to the adoption of IFRS 17 as of January 1, 2023, not ruling out the need of reading the explanatory notes to the audited financi al statements for more information. Figure 59 – BB Seguridade | Impacts on the net income due to accounting standards difference (R$ million) Table 60 – BB Seguridade | Income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Equity income 2,350,680 2,129,470 2,377,908 1.2 11.7 4,317,838 4,507,378 4.4 Underwritting and accumulation businesses 1,417,421 1,226,701 1,488,341 5.0 21.3 2,519,490 2,715,042 7.8 Brasilseg 963,581 812,506 918,778 (4.6) 13.1 1,783,777 1,731,284 (2.9) Brasilprev 399,611 342,555 513,615 28.5 49.9 640,008 856,170 33.8 Brasilcap 49,190 69,858 49,878 1.4 (28.6) 85,249 119,736 40.5 Brasildental 5,039 1,782 6,070 20.5 240.6 10,456 7,852 (24.9) Distribution businesses 883,778 875,626 858,405 (2.9) (2.0) 1,733,026 1,734,031 0.1 Other 49,481 27,143 31,163 (37.0) 14.8 65,322 58,305 (10.7) G&A expenses (4,605) (11,849) (6,899) 49.8 (41.8) (14,692) (18,747) 27.6 Net investment income 6,711 25,313 59,258 - 134.1 13,746 84,570 - Earnings before taxes and profit sharing 2,352,786 2,142,934 2,430,267 3.3 13.4 4,316,892 4,573,202 5.9 Taxes (28) (3,497) (17,535) - 401.5 135 (21,032) - Recurring net income 2,352,758 2,139,437 2,412,732 2.5 12.8 4,317,027 4,552,169 5.4 One-off events 63,154 - - - - 63,154 - - Brasilseg: reversal of provision for judicial claims (PSLJ) 63,154 - - - - 63,154 - - Net income 2,415,912 2,139,437 2,412,732 (0.1) 12.8 4,380,181 4,552,169 3.9 Quarterly Flow Chg. % Half-Yearly Flow 2,2 0 25 88 2, 5 0 500 ,000 ,500 2,000 2,500 5.0 2. 2, 52 ( ) 260 2, 0 500 ,000 ,500 2,000 2,500 ,000 6 , ,2 6 20 0.2 0 ,000 2,000 ,000 ,000 5,000 6,000 ,000 . . , 2 ( ) ( ) ,552 0 ,000 2,000 ,000 ,000 5,000 6,000 ,000 8,000
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 60 Table 61 – BB Seguridade | Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 14,278,796 12,658,354 14,756,243 3.3 16.6 Cash and cash equivalents 1,046,377 572,331 1,953,445 86.7 241.3 Financial assets marked to market 27,831 28,139 29,243 5.1 3.9 Investments 10,309,073 11,881,031 9,719,481 (5.7) (18.2) Current tax assets 25,719 37,651 1,208 (95.3) (96.8) Deferred tax assets 124,907 124,110 145,278 16.3 17.1 Dividends receivable 2,733,026 - 2,896,031 6.0 - Other assets 9,526 13,400 10,084 5.9 (24.7) Intangible 2,337 1,692 1,473 (37.0) (12.9) Liabilities 3,784,772 17,265 3,865,898 2.1 - Provision for fiscal, civil and tax contingencies 2,233 2,990 2,667 19.4 (10.8) Statutory obligation 3,770,407 485 3,850,524 2.1 - Current tax liabilities 36 1,466 690 - (52.9) Other liabilities 12,096 12,324 12,017 (0.7) (2.5) Shareholders' equity 10,494,024 12,641,089 10,890,345 3.8 (13.8) Capital 6,269,692 6,269,692 6,269,692 - - Reserves 6,039,802 4,476,067 4,476,067 (25.9) - Treasury shares (1,868,914) (4,815) (4,815) (99.7) - Other accumulated comprehensive income (558,626) (239,341) (552,768) (1.0) 131.0 Retained earnings 612,070 2,139,486 702,169 14.7 (67.2) Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 61 ▪ B R A S I L S E G Table 62 – Brasilseg | Income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Insurance contracts results 4,412,309 4,147,637 4,163,818 (5.6) 0.4 8,739,035 8,311,454 (4.9) BBA contracts results 1,077,923 1,105,991 1,128,156 4.7 2.0 2,088,370 2,234,147 7.0 CSM release 309,241 246,726 206,277 (33.3) (16.4) 617,328 453,003 (26.6) Risk adjustment release 7,961 11,067 21,390 168.7 93.3 13,184 32,457 146.2 Risk adjustment 6,796 - - - - 26,792 - - Expected expenses 753,925 848,198 900,488 19.4 6.2 1,431,066 1,748,686 22.2 PPA contracts results 3,334,387 3,041,646 3,035,662 (9.0) (0.2) 6,650,666 6,077,308 (8.6) Insurance expenses (2,281,085) (2,529,393) (2,286,949) 0.3 (9.6) (5,166,587) (4,816,342) (6.8) Loss component 7,173 (13,091) 2,450 (65.8) - (1,854) (10,641) 473.9 Realized expenses (2,288,259) (2,516,302) (2,289,399) 0.0 (9.0) (5,164,733) (4,805,701) (7.0) Insurance margin 2,131,224 1,618,244 1,876,869 (11.9) 16.0 3,572,448 3,495,113 (2.2) Reinsurance results (347,825) (111,933) (213,917) (38.5) 91.1 (295,751) (325,850) 10.2 Insurance and reinsurance margin 1,783,399 1,506,311 1,662,952 (6.8) 10.4 3,276,697 3,169,263 (3.3) Net investment income 229,311 202,471 203,468 (11.3) 0.5 462,705 405,938 (12.3) Financial revenues 318,879 328,685 319,735 0.3 (2.7) 628,822 648,420 3.1 Financial expenses (89,569) (126,214) (116,267) 29.8 (7.9) (166,117) (242,481) 46.0 Non-attributable expenses (293,379) (287,250) (301,972) 2.9 5.1 (558,875) (589,222) 5.4 Other revenues and expenses (4,657) (2,599) (4,047) (13.1) 55.7 (9,369) (6,647) (29.1) Earnings before taxes and profit sharing 1,714,674 1,418,933 1,560,400 (9.0) 10.0 3,171,158 2,979,332 (6.0) Taxes (413,582) (329,476) (329,227) (20.4) (0.1) (764,845) (658,703) (13.9) Profit sharing (10,471) - - - - (16,277) - - Recurring net income 1,290,621 1,089,457 1,231,172 (4.6) 13.0 2,390,036 2,320,629 (2.9) One-off events 84,217 - - - - 84,217 - - Reversal of pending claims provisions - Judicial (PSLJ) 131,936 - - - - 131,936 - - Reversal of PSLJ - tax expenses (PIS/COFINS) (5,782) - - - - (5,782) - - Reversal of PSLJ - taxes (IR/CSLL) (41,937) - - - - (41,937) - - Net income 1,374,838 1,089,457 1,231,172 (10.4) 13.0 2,474,253 2,320,629 (6.2) Quarterly Flow Chg. % Half-Yearly Flow Table 63 – Brasilseg | Comprehensive income Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Net income 1,374,838 1,089,457 1,231,172 (10.4) 13.0 2,474,253 2,320,629 (6.2) Other comprehensive income 9,327 13,111 5,213 (44.1) (60.2) 14,842 18,325 23.5 Net investment income (11,560) 6,327 1,258 - (80.1) (21,783) 7,584 - Other 20,887 6,785 3,956 (81.1) (41.7) 36,625 10,740 (70.7) Comprehensive result 1,384,165 1,102,568 1,236,386 (10.7) 12.1 2,489,095 2,338,954 (6.0) Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 62 Table 64 – Brasilseg | Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 13,619,127 12,836,502 12,386,628 (9.0) (3.5) Cash and equivalent of cash 2,287 5,431 4,530 98.1 (16.6) Receivables 160,153 79,301 97,625 (39.0) 23.1 Financial investments 9,884,186 9,674,911 9,193,483 (7.0) (5.0) Insurance and reinsurance contracts 1,144,394 745,486 728,983 (36.3) (2.2) Current tax asset 110,851 116,065 164,492 48.4 41.7 Deferred tax assets 301,046 269,305 266,936 (11.3) (0.9) Other 1,136,666 1,137,974 1,141,484 0.4 0.3 Intangible and fixed assets 504,637 422,709 406,337 (19.5) (3.9) Equity investment 374,907 385,320 382,757 2.1 (0.7) Liabilities 10,214,052 9,652,718 9,384,458 (8.1) (2.8) Insurance and reinsurance contracts 8,352,584 8,071,380 7,633,677 (8.6) (5.4) Payable accounts 234,217 199,162 211,767 (9.6) 6.3 Current tax liabilities 512,020 278,904 421,133 (17.8) 51.0 Other 1,115,231 1,103,273 1,117,881 0.2 1.3 Equity 3,405,075 3,183,784 3,002,170 (11.8) (5.7) Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 63 ▪ B R A S I L P R E V Table 65 – Brasilprev | Income statement Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Result with insurance contract 1,113,282 1,161,190 1,178,115 5.8 1.5 2,230,540 2,339,304 4.9 Result with contracts BBA 187,370 197,534 187,320 (0.0) (5.2) 385,284 384,854 (0.1) CSM release 41,832 38,363 36,329 (13.2) (5.3) 85,570 74,692 (12.7) Risk adjustment release 182 173 170 (7.0) (1.9) 370 343 (7.4) Expected expenses 145,356 158,998 150,821 3.8 (5.1) 299,343 309,819 3.5 Result with contracts VFA 925,912 963,655 990,795 7.0 2.8 1,845,256 1,954,450 5.9 CSM release 688,088 694,718 717,429 4.3 3.3 1,375,858 1,412,147 2.6 Expected expenses 237,824 268,938 273,366 14.9 1.6 469,398 542,304 15.5 Insurance expenses (257,355) (416,739) (401,827) 56.1 (3.6) (930,267) (818,565) (12.0) Loss component 119,382 1,951 (1,090) - - (207,840) 861 - Realized expenses (376,736) (418,690) (400,737) 6.4 (4.3) (722,426) (819,427) 13.4 Insurance margin 855,928 744,451 776,288 (9.3) 4.3 1,300,273 1,520,739 17.0 Reinsurance margin 9 64 54 481.6 (16.1) 104 117 12.8 Result with insurance services 855,937 744,515 776,342 (9.3) 4.3 1,300,377 1,520,856 17.0 Net investment income 55,251 45,306 389,867 - - 167,556 435,174 159.7 Financial revenues 15,290,210 15,407,590 14,986,484 (2.0) (2.7) 28,200,997 30,394,074 7.8 Financial expenses (15,234,959) (15,362,283) (14,596,617) (4.2) (5.0) (28,033,440) (29,958,900) 6.9 Non-attributable expenses (21,119) (22,421) (23,065) 9.2 2.9 (40,006) (45,485) 13.7 Other revenues and expenses - 1 - - - (0) 1 - Earnings before taxes and profit sharing 890,069 767,401 1,143,144 28.4 49.0 1,427,927 1,910,546 33.8 Taxes (352,728) (304,469) (453,866) 28.7 49.1 (564,902) (758,335) 34.2 Profit sharing (4,987) (6,657) (4,908) (1.6) (26.3) (10,615) (11,565) 9.0 Net income 532,354 456,275 684,371 28.6 50.0 852,410 1,140,646 33.8 Quarterly Flow Chg. % Half-Yearly Flow Table 66 – Brasilprev | Comprehensive income Chg. % R$ thousand 2Q25 1Q26 2Q26 On 2Q25 On 1Q26 1H25 1H26 On 1H25 Net income 532,354 456,275 684,371 28.6 50.0 852,410 1,140,646 33.8 Other comprehensive income 238,662 141,610 (423,031) - - 235,690 (281,421) - Net investment income 239,901 244,754 (164,671) - - 274,527 80,083 (70.8) Goodwill of assets (AfS Investments + Impairment) 39,380 (109,024) (185,712) - 70.3 47,904 (294,736) - Other (40,619) 5,879 (72,648) 78.9 - (86,741) (66,768) (23.0) Comprehensive result 771,016 597,885 261,339 (66.1) (56.3) 1,088,100 859,225 (21.0) Quarterly Flow Chg. % Half-Yearly Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q26 64 Table 67 – Brasilprev | Balance sheet R$ thousand Jun/25 Mar/26 Jun/26 On Jun/25 On Mar/26 Assets 454,770,289 489,774,019 501,717,636 10.3 2.4 Cash and cash equivalents 99,293 67,232 65,216 (34.3) (3.0) Financial investments 454,228,124 488,813,311 500,647,753 10.2 2.4 Operationg receivables 186,956 665,054 786,230 320.5 18.2 Deferred reinsurance and retrocession assets 740 818 745 0.7 (8.9) Prepaid expenses 20,217 18,351 17,339 (14.2) (5.5) Other 25,891 21,924 20,462 (21.0) (6.7) Fixed assets 8,115 6,470 7,188 (11.4) 11.1 Intangible 200,954 180,859 172,703 (14.1) (4.5) Liabilities 447,434,777 482,675,342 494,921,257 10.6 2.5 Insurance and reinsurance contracts 443,728,389 478,097,801 490,185,892 10.5 2.5 Discounted cash flow 420,072,121 456,151,668 467,313,628 11.2 2.4 Contractual service margin (CSM) 23,564,650 21,863,341 22,784,133 (3.3) 4.2 Risk adjustment 91,618 82,792 88,131 (3.8) 6.4 Accounts payable 1,781,431 2,306,794 2,381,223 33.7 3.2 Obligations with insurance and reinsurance operations 4,862 8,764 3,141 (35.4) (64.2) Debts from private pension transactions 2,005 2,167 1,902 (5.1) (12.2) Third party deposits 205,803 235,542 155,198 (24.6) (34.1) Other 51,571 53,688 51,890 0.6 (3.3) Equity 7,335,512 7,098,677 6,796,380 (7.3) (4.3) Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 65 4. B U S I N E S S O V E R V I E W ▪ U N D E R W R I T I N G A N D A C C U M U L A T I O N ▪ B R A S I L S E G BB Seguridade offers life, mortgage life, rural, home and commercial lines insurance through its affiliate company Brasilseg, a company established under a 20 -year term partnership with MAPFRE, which started in 2011 and was restructured in 2018. BB Seguridade holds, through BB Seguros, a 74.99% economic stake in Brasilseg, composed of 100% of the preferred shares and 49.99% of the common shares. The segments in which Brasilseg operates is dominated by the Brazilian banks, what reflects the strong association of this kind of products with the bancassurance channel. The following items show a brief description of the main products offered by Brasilseg: a) Term life insurance is a product focused on individuals which assures financial protection to the beneficiaries, chosen by the policyholder, in case of death (natural or accidental), or permanent disability of the insured. If a claim occurs, the insurance company pays the amount agreed in the insurance policy to the beneficiary. Differently from the products sold in other countries, the life insurance sold by Brasilseg is a term life insurance without accumulation. If the customer fails to make the monthly payments, the coverage is suspended without any amount being reverted to the policyholder. b) Credit life insurance is a life insurance policy intended to pay off a borrower’s loan in case of death of the insured. This type of product is designed to protect both the lender and the insured dependents, preventing them to inherit this liability via property succession process. This product is already quite widespread in Brazil and it is expected to grow with the expans ion of the loan portfolio. The main beneficiary of this type of product is the lender. c) Mortgage life insurance is an insurance policy related to mortgage. In case of death or disability of the insured, the insurance policy guarantees the pre -payment of loan balance. A mortgage life insurance also protects against physical damage to the insured property. The premium is calculated on a monthly basis and varies according to the outstanding loan balance and the borrower’s age. d) Rural insurance encompasses a group of three main products: (i) the crop insurance, which protects the farmers from weather hazards and from the loss of revenue in cases of falling prices of the crop; (ii) the rural lien insurance, which protects the asset given as collateral for a rural loan; and (iii) the credit life for farmers insurance, which is an insurance designed for farmers intended to pay off the rural loan in case the insured dies. e) Home insurance encompasses a set of coverages intended for the protection of individual homes against damages caused by fire, lightning and explosion, and may also include additional coverages against theft, electric damage, physical damage to the property, windstorm, h ail rain, among others. This product can also include assistances and benefits according to the plan hired. f) Corporate/Commercial lines consist of products designed to protect the assets of companies against damage to the building and its contents, such as machinery, furniture, utensils, goods and raw materials, excluding large risks.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 66 ▪ B R A S I L P R E V BB Seguridade operates in the private pension plans segment through its affiliate Brasilprev in partnership with the American company Principal Financial Group (PFG). Brasilprev was established in 1993 as a partnership between Banco do Brasil and a group o f insurance companies. After going through a series of corporate restructuring, within 1999-2000, PFG, through its subsidiary in Brazil, Principal Financial Group do Brasil, acquired an economic stake in the company and established a partnership with Banco do Brasil. In 2010, Banco do Brasil, through BB Seguros, and PFG renewed their partnership, e xtending it for 23 years more. As a result of this new agreement, BB Seguros increased its stake in Brasilprev from 49.99% to 74.99%. Pension plans are growing in popularity in Brazil, due to increasing life expectancy, level of financial education, tax benefits and the pension reform held in 2019. Brasilprev has two main sources of revenue: the management fee on assets under management and the premiums paid to cover risks. The following topics provide a brief description of the products offered by Brasilprev: a) Free Benefit Generator Plan (PGBL) is recommended for people who fill their income tax statement in the complete form, as the contributions are tax deductible up to the limit of 12% of the annual gross taxable income. In this modality, in case of redemption or benefit received, income taxes are calculated on the amount redeemed or income received. In Brazil, there are two alternatives for an individual to present the tax statements, the simple form or the complete form. In the complete form, a Brazilian citizen can inform not only the income but also deductible expenses, such as expenses with healthcare, education, investments in PGBL, and other. In addition, the participant may choose to be taxed either in the progressiv e tax system or in the regressive tax system when buying a pension plan. In the progressive tax system, the annuity is taxed when money is received according to the “Tabela Progressiva Mensal” (Monthly Progressive Table) made available by the Brazilian Internal Revenue Service. The tax brackets can vary from zero to 27.5% according to the annual wages with adjustment in the income tax declaration. Redemptions are taxed at 15% in anticipation regardless the amount redeemed, with adjustment in the income tax statement according to the Monthly Progressive Table. In the regressive tax system, in the event of redemption or annuity received, tax is withheld and is definitive, with no possibility of adjustment in the annual tax statement. The rates are determined by the length of stay of each inflow in the plan, starting at 35%, with gradual reduction every two years, reaching a level of 10% after 10 years. b) Free Benefit Generator Life Plan (VGBL) is recommended for those who fill their income tax statement in the simplified form or is exempt, since the contributions are not tax deductible. As in PGBL, the customer can choose either the progressive or the regressive tax system. In VGBL, in case of redemption or annuity received, income tax will be charged on interest earned only. The main advantage of the VGBL is its simplicity of the process related to the inheritance transmission, being suitable for customers who wish to make a succession planning. In this product, the customer can determine who will be the beneficiaries after his death and, unlike other assets, funds invested in VGBL are not part of the inventory, which is a process with legal costs and attorney's fees that can consume from 6% to 20% of the wealth received by the heirs. c) Traditional Plan guarantees a fixed interest of 6% plus inflation (IGP -M) or Taxa Referencial (TR) per year. These plans are no longer sold.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 67 ▪ B R A S I L C A P BB Seguridade offers premium bonds through its affiliate company Brasilcap, in a partnership with Icatu and Aliança da Bahia. Premium bonds are very peculiar to the Brazilian market, but there are also quite similar products in United Kingdom and in other countries. Premium bonds are mainly sold through the bancassurance channel and it is an alternative way to accumulate reserves, with term and interest rate previously determined, entitling the bondholder to participate in lotteries. Premiums are distributed through periodic draws, being most frequent the usage of a combination of numbers in pre -determined series, based on the Brazilian Official Lottery. Depending on the type of premium bond and the payment method chosen, the load fee and lottery quotas can exceed 10% of the amount collected. The amount intended to cover lottery, administrative expenses, and operational and acquisition costs is covered by these quotas. In case of early redemption, the bondholder must obey a grace period (12 months in most products). Beyond the grace period, penalties will be applied if the bondholder decides for early redemption, which will decrease as the bond approaches to maturity. ▪ B R A S I L D E N T A L BB Seguridade offers dental insurance through its affiliate company Brasildental. The Company was established in 2014, by a 20 -year term partnership with Odontoprev. In this partnership BB Seguridade holds a 74.99% economic stake, being 49.99% of the commo n shares. Brasildental’s dental insurance plans are sold under the BB Dental brand, with exclusivity of the bancassurance channel of Banco do Brasil, to individuals and companies, and counts on a wide network of specialized clinics and professionals all over the country.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 68 ▪ D I S T R I B U T I O N The insurance intermediation in Brazil is not required by law, but the brokerage payment is mandatory for all insurance contracts, regardless the involvement of a broker. According to the law 6,317 as of 1975, in case no broker is involved, the amount supposed to be paid as brokerage shall be directed to the Fund for Developing the Insurance Culture, managed by the Foundation National Insurance School – FUNENSEG. At BB Seguridade the distribution of its affiliates’ products – Brasilseg, Brasilprev, Brasilcap and Brasildental – takes place through a fully owned broker named BB Corretora de Seguros e Administradora de Bens S.A. (“BB Corretora”), which intermediates the sales of insurance, pension plans, premium bonds and dental care plans pr edominantly at Banco do Brasil’s distribution network. BB Corretora is remunerated by the affiliates through the payment of commission per sale, and as a result of the usage of Banco do Brasil’s distribution network, including the workforce, IT solutions and facilities, it reimburses the costs incurred by the Bank during the selling and maintenance of insurance, pension plans, premium bonds and dental care products. This reimbursement done by BB Corretora to Banco do Brasil is governed by an agreement, which will be in force until 2033. Also, BB Corretora sells auto and large risk insurance products which are underwritten by MAPFRE Insurance Company, the partner of BB Seguridade in Brasilseg. This relation is established in a commercial agreement signed by BB Corretora within the partners hip reorganization, which provides exclusivity for MAPFRE to access the distribution channel. The brokerage business in the bancassurance channel is not a complex business model, as it does not incur in the underwriting risk and has low capital needs. In addition to these factors, it is worth mentioning the footprint and the strong franchise of Banco do Brasil, which provides competitive advantages to BB Seguridade. Additionally, seeking to expand the scope of its digital strategy and to explore new alternatives to offer products to the public that is currently unattended by Banco do Brasil, on September 10th 2018, BB Corretora started to hold equity interest in Ciclic Corretora de Seguros S.A., in a joint venture with PFG do Brasil 2 Participações, (a Principal Financial Group subsidiary), aiming to distribute insurance, pension plans and premium bonds through digital channels.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 69 5. D E F I N I T I O N S ▪ C O M M O N R A T I O S Quarterly adjusted ROAA annualized = (adjusted net income / average total assets) x 4; Average volume = net change - average rate; Average rate = (current period interest / average current period balance) x (average previous period balance) - (previous period interest); Net change = current period interest - previous period interest; Assets annualized rate = interest revenues / average earning assets balance; Liabilities annualized rate = interest expenses / average interest bearing liabilities. ▪ I N S U R A N C E Loss ratio = claims incurred / earned premiums; Commission ratio = retained acquisition costs / earned premiums; Technical margin = (earned premiums + policies issuance revenue + incurred claims + retained acquisition costs + result with reinsurance) / earned premiums; G&A ratio = (administrative expenses + tax expenses + other operating income (expenses)) / earned premiums; Combined ratio = (policies issuance revenue + incurred claims + retained acquisition costs + result with reinsurance + administrative expenses + tax expenses + other operating income (expenses)) / earned premiums; Expanded combined ratio = (policies issuance revenue + incurred claims + retained acquisition costs + result with reinsurance + administrative expenses + tax expenses + other operating income (expenses)) / (earned premiums + net investment income). ▪ I N S U R A N C E M A N A G E R I A L Earned premiums = premiums written – raw premiums ceded to reinsurance – changes in technical reserves – changes in expenses with reinsurance provisions; Retained claims = incurred claims – recovery of indemnity claims – recovery of claims expenses – changes in provisions for claims IBNR – salvages and reimbursed assets – changes in provision for claims IBNER provisions for claims to be settled – changes of expenses relat ed to IBNR – changes in estimates for salvages and reimbursed assets – provisions for claims to be settled; Retained acquisition costs = acquisition costs – commission return + revenue with reinsurance commissions Commission = acquisition costs – commission return; G&A expenses = administrative expenses + tax expenses + other operating income (expenses);
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BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 70 ▪ P E N S I O N P L A N S Quarterly adjusted ROAA annualized = (adjusted net income / average total assets ex - P/VGBL) x 4; Commission ratio = acquisition cost / income and premiums contributions Cost to income = (acquisition costs + administrative expenses + tax expenses + other operating income (expenses)) / (net revenues w ith contributions and VGBL premiums + revenues with management fee + earned premiums) ▪ P R E M I U M B O N D S Commission ratio = acquisition costs / revenue with load fee quote; G&A ratio = (administrative expenses + tax expenses + other operating income (expenses)) / revenue with load fee quote; Reserve quote = change in provision for redemption / premium bonds collection Lottery quote = expenses with constitution of provisions for lottery / premium bonds collection Bonus quote = expenses with constitution of provisions for bonus / premium bonds collection Load fee quote = revenue with load fee quote / premium bonds collection Premium bond margin = result with premium bonds / net revenue with premium bonds; Spread = average yield on interest earning assets – average yield on interest bearing liabilities ▪ B R O K E R A G E Adjusted operational margin = operational results / brokerage revenues; Adjusted net margin = adjusted net income / brokerage revenues.