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 3Q26 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 Brasilseg, 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 3Q25 and 3Q26 include information relating to June, July and August.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 November 4th, 2026 Portuguese with simultaneous translation into English Time: 11:00 AM (Brasilia time) 09:00 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 3Q26 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Equity income 2,532,237 2,116,878 2,363,938 (6.6) 11.7 6,769,128 6,690,763 (1.2) Underwritting and accumulation businesses 1,547,148 1,227,311 1,446,153 (6.5) 17.8 3,985,691 3,980,642 (0.1) Brasilseg 949,795 919,292 848,574 (10.7) (7.7) 2,713,384 2,597,345 (4.3) Brasilprev 532,432 253,430 533,416 0.2 110.5 1,111,925 1,190,774 7.1 Brasilcap 61,037 49,878 60,476 (0.9) 21.2 146,286 180,212 23.2 Brasildental 3,885 4,712 3,687 (5.1) (21.7) 14,096 12,310 (12.7) Distribution businesses 943,027 858,405 884,168 (6.2) 3.0 2,676,053 2,618,199 (2.2) Other 42,062 31,163 33,617 (20.1) 7.9 107,384 91,923 (14.4) G&A expenses (7,045) (6,899) (9,740) 38.3 41.2 (21,737) (28,487) 31.1 Net investment income 49,597 59,258 111,753 125.3 88.6 63,343 196,323 209.9 Earnings before taxes and profit sharing 2,574,789 2,169,238 2,465,951 (4.2) 13.7 6,810,734 6,858,599 0.7 Taxes (12,860) (17,535) (33,853) 163.2 93.1 (12,725) (54,885) 331.3 Recurring managerial net income 2,561,929 2,151,702 2,432,098 (5.1) 13.0 6,798,009 6,803,714 0.1 Quarterly Flow Chg. % 9 Months Flow In 3Q26, BB Seguridade's recurring managerial net income reached R$2.4 billion, down 5.1% YoY (-R$129.8 million). The main factors behind the decline were: ▪ Brasilseg (-R$101.2 million) : impacted by lower earned premiums, a higher combined ratio and decline in net investment income; and ▪ BB Corretora (-R$58.9 million ): due to the decrease of brokerage revenues from insurance and premium bonds segments and a decline in net investment income. On the other hand, these effects were partially offset by higher net investment income at the BB Seguridade holding company, supported by an increase in the average balance of financial investments. In 9M26, recurring managerial net income totaled R$6.8 billion, remaining virtually stable, as the increase in BB Seguridade holding company’s net investment income offset the decline in the investees’ results. Year-to-date, the R$78.4 million decline in the investees’ contribution was concentrated in Brasilseg and BB Corretora, as detailed in the quarterly analysis. However, this effect was partially offset by Brasilprev’s performance, supported by higher management fee revenues and an improvement in the cost -to- income ratio, and by Brasilcap, driven by a higher spread. Figure 1 –Quarterly net income breakdown ¹Individuals revenues and expenses from BB Seguridade and BB Seguros. Figure 2 –Year-to-date net income breakdown ¹Individuals revenues and expenses from BB Seguridade and BB Seguros. Figure 3 –Normalized net income (R$ million) 2,562 2,152 2,432 6,798 6,804 2,436 2,215 2,312 6,830 6,717 3Q25 2Q26 3Q26 9M25 9M26 Net income IGP-M lag Normalized net income¹ 126 (63) 120 (32) 87 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 3Q26 5 ▪ E X T R A O R D I N A R Y E V E N T S The following adjustments were made to calculate the recurring managerial net income (Susep accounting standards): Table 2 – Recurring managerial net income Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Recurring managerial net income 2,561,929 2,151,702 2,432,098 (5.1) 13.0 6,798,009 6,803,714 0.1 Extraordinary events - - - - - 61,575 - - Brasilseg: reversal of provision for judicial claims (PSLJ) - - - - - 61,575 - - Managerial net income 2,561,929 2,151,702 2,432,098 (5.1) 13.0 6,859,584 6,803,714 (0.8) Quarterly Flow Chg. % 9 Months 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 plus the INPC. With the enactment of the new law and based on existing case la w, 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 restatement 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 3Q26 6 ▪ E A R N I N G S B R E A K D O W N Figure 4 –Earnings breakdown¹ (%) 0.2 2.4 2.8 20.8 37.1 36.8 0.2 2.5 4.2 21.9 34.9 36.4 Brasildental Brasilcap Other Brasilprev Brasilseg BB Corretora 3Q26 3Q25 0.2 2.2 2.0 16.4 39.9 39.4 0.2 2.6 3.0 17.5 38.2 38.5 Brasildental Brasilcap Other Brasilprev Brasilseg BB Corretora 9M26 9M25 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 3Q26 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 3Q26, the combined net investment income of BB Seguridade and its investees reached R$655.7 million, net of taxes, down 8.3% compared to the same period of 2025. The main factors contributing to the decline were: (i) the 4.9% reduction in the Group’s average balance of financial investments; (ii) lower average Selic rate; and (iii) higher liability costs at Brasilprev, reflecting both the one-month-lagged IGP-M variation (3Q26: - 1.9% | 3Q25: -2.1%) and the constitution of a Supplementary Coverage Provision (PCC) totaling R$65.6 million, compared with a reversal of R$43.6 million in 3Q25, following a review of assumptions used in the liability adequacy test. In 9M26, combined net investment income grew 4.4%, reaching R$1.6 billion after taxes, as higher yields more than offset the 1.5% decline in the Group’s average consolidated financial investment balance. The increase in asset returns was supported by: (i) a higher average Selic rate; (ii) more favorable inflation dynamics affecting Brasilprev’s earning assets (IPCA: +4.0% in 9M26 vs. +3.6% in 9M25 | IGP -M: +3.5% in 9M26 vs. -0.9% in 9M25); and (iii) positive mark -to-market effects totaling R$23.5 million, compared with R$8.4 million in 9M25. 715 386 656 1,498 1,565 27.9 17.9 27.0 22.0 23.0 3Q25 2Q26 3Q26 9M25 9M26 Net investment income (R$ million) % Net income Figure 6 – Inflation rate (%) Figure 7 – Average Selic rate (%) Figure 8 – Forward yield curve (%) 0.6 1.4 0.6 3.6 4.0 0.01 3.1 0.2 -0.9 3.5 -2.1 4.1 -1.9 -0.4 1.8 3Q25 2Q26 3Q26 9M25 9M26 IPCA IGP-M IGP-M (lagged)¹ 14.90 14.44 13.96 14.13 14.41 3Q25 2Q26 3Q26 9M25 9M26 14.10 13.25 13.07 13.11 13.17 14.08 13.38 13.26 13.36 13.45 13.56 13.58 13.79 13.92 13.96 14.00 14.02 14.12 14.19 14.21 DI1F27 DI1F28 DI1F29 DI1F30 DI1F31 jun/25 sep/26 sep/25 jun/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 (%) 49.8 51.6 52.1 40.4 37.9 37.3 9.8 10.5 10.6 Sep/25 Jun/26 Sep/26 Held to maturity Available for sale Trading 45.3 45.7 47.7 40.5 39.2 38.4 14.1 15.0 13.9 0.1 0.1 0.04 Sep/25 Jun/26 Sep/26 Other Pre-fixed Inflation Floating 90.9 88.6 91.5 6.7 7.2 6.8 2.2 4.1 1.7 0.2 0.1 0.1 Sep/25 Jun/26 Sep/26 Other Pre-fixed Inflation Floating
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 10 5 7 7 12 7 10 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Table 3 –General and administrative expenses Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Administrative expenses (1,028) (879) (1,152) 12.1 31.1 (3,789) (3,960) 4.5 Specialized technical services (101) (139) (67) (33.5) (51.7) (272) (274) 0.6 Location and operation (216) (251) (268) 24.1 7.1 (634) (806) 27.1 Communication (13) (16) (40) 202.4 144.3 (39) (77) 97.5 Other administrative expenses (697) (473) (776) 11.4 64.3 (2,844) (2,803) (1.5) Personnel expenses (3,016) (3,413) (3,157) 4.7 (7.5) (9,140) (9,629) 5.3 Compensation (1,614) (1,982) (1,692) 4.8 (14.7) (4,951) (5,335) 7.8 Welfare benefits (829) (875) (892) 7.5 1.9 (2,605) (2,630) 1.0 Other compensation (205) (256) (251) 22.5 (2.2) (678) (759) 11.9 Benefits (368) (299) (323) (12.2) 8.0 (907) (905) (0.2) Tax expenses (2,403) (2,883) (5,309) 120.9 84.1 (7,735) (14,723) 90.3 COFINS (2,057) (2,391) (4,556) 121.5 90.5 (6,543) (12,551) 91.8 PIS/PASEP (341) (389) (750) 120.0 92.7 (1,084) (2,064) 90.4 IOF (1) (10) (0) (91.0) (99.4) (11) (10) (8.5) Other (5) (93) (2) (49.5) (97.5) (98) (97) (0.5) Other operating income (expenses) (599) 276 (121) (79.7) - (1,072) (175) (83.7) G&A expenses (7,045) (6,899) (9,739) 38.2 41.2 (21,737) (28,486) 31.0 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 9 ▪ 20 2 6 G U I D A N C E In the year-to-date period through September 2026 , the non-interest operating result (ex-holding) and PGBL and VGBL pension plans reserves of Brasilprev indicators exceeded the guidance ranges for the year. Meanwhile, premiums written of Brasilseg performed below the projected range. The reasons for these deviations are presented below: ▪ Non-interest operating result (ex-holding): performance exceeded the range, mainly driven by a better -than-expected loss ratio in the insurance operation and higher management fee revenues in the pension plans business. ▪ Premiums written of Brasilseg: year-to-date performance through September was below projections, impacted by the rural, credit life and term life insurances. ▪ PGBL and VGBL pension plans reserves of Brasilprev: growth exceeded the guidance range, driven by higher-than-projected net inflows and returns on reserves. Considering the most recent performance and expectations for the remainder of the year, the Company decided to revise the guidance range for premiums written of Brasilseg, as detailed below: Figure 13 – 2026 observed Previous Estimates Revised Estimates PGBL and VGBL pension plans reserves of Brasilprev 11%8% 12.6% Observed 9M26 Maintained 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% -9.2% Observed 9M26 -3% -11%-15% 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% -1.2% Observed 9M26 -7% Maintained 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Non-interest operating result 2,699,771 2,559,149 2,617,503 (3.0) 2.3 7,779,557 7,686,039 (1.2) Brasilseg 1,014,005 968,931 922,909 (9.0) (4.7) 2,911,272 2,776,211 (4.6) Brasilprev 476,531 460,747 524,018 10.0 13.7 1,310,759 1,434,486 9.4 Brasilcap (12,707) (4,035) (2,249) (82.3) (44.3) (822) (7,637) 828.7 Brasildental 5,456 6,387 5,180 (5.1) (18.9) 16,909 15,204 (10.1) BB Corretora 1,216,485 1,127,120 1,167,645 (4.0) 3.6 3,541,439 3,467,774 (2.1) 9 Months FlowQuarterly Flow Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 11,770,639 13,300,996 12,144,911 3.2 (8.7) Cash and cash equivalents 1,547,526 1,953,445 2,372,245 53.3 21.4 Financial assets marked to market 28,321 29,243 29,554 4.4 1.1 Investments 10,037,152 8,264,234 9,586,185 (4.5) 16.0 Current tax assets 18,007 1,208 6,683 (62.9) 453.2 Deferred tax assets 125,724 145,278 135,468 7.8 (6.8) Dividends receivable - 2,896,031 - - - Other assets 11,802 10,084 13,494 14.3 33.8 Intangible 2,107 1,473 1,282 (39.2) (13.0) Liabilities 18,814 3,865,898 19,660 4.5 (99.5) Provision for fiscal, civil and tax contingencies 2,787 2,667 2,742 (1.6) 2.8 Statutory obligation 427 3,850,524 515 20.6 (100.0) Current tax liabilities 3,546 690 4,391 23.8 - Other liabilities 12,054 12,017 12,012 (0.3) (0.0) Shareholders' equity 11,751,825 9,435,098 12,125,251 3.2 28.5 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 42,963 (132,298) 125,714 192.6 - Retained earnings 3,089,207 520,291 2,952,431 (4.4) 467.5 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 633,262 616,248,544 31.7% Foreign investors 944 364,512,970 18.8% Companies 3,376 33,136,043 1.7% Individuals 628,942 218,599,531 11.3% Total (ex-treasury stocks) 633,263 1,941,248,544 100.0% Treasury Stocks 1 151,456 - Total stocks issued 633,264 1,941,400,000 -
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Premiums written 4,413,124 3,549,917 3,573,654 (19.0) 0.7 12,181,295 11,066,507 (9.2) Premiums ceded to reinsurance (364,724) (204,007) (236,490) (35.2) 15.9 (1,145,746) (771,156) (32.7) Retained premiums 4,048,400 3,345,910 3,337,163 (17.6) (0.3) 11,035,549 10,295,350 (6.7) Changes in technical reserves - premiums (333,796) 290,443 209,975 - (27.7) (63,982) 477,974 - Retained earned premiums 3,714,604 3,636,354 3,547,138 (4.5) (2.5) 10,971,567 10,773,325 (1.8) Retained claims (819,940) (791,875) (797,932) (2.7) 0.8 (2,544,413) (2,449,514) (3.7) Retained acquisition costs (1,156,993) (1,190,888) (1,160,136) 0.3 (2.6) (3,390,600) (3,515,352) 3.7 Underwriting result 1,737,671 1,653,591 1,589,070 (8.6) (3.9) 5,036,554 4,808,460 (4.5) Administrative expenses (222,142) (211,834) (209,607) (5.6) (1.1) (629,938) (629,169) (0.1) Tax expenses (146,577) (148,328) (136,949) (6.6) (7.7) (435,701) (422,243) (3.1) Other operating income (expenses) (13,296) 2,102 (6,312) (52.5) - (77,239) (44,148) (42.8) Equity income (3,465) (2,441) (2,584) (25.4) 5.8 (11,568) (6,775) (41.4) Gains or losses on non-current assets (4) (1,009) (2,909) - 188.3 106 (4,017) - Non-interest operating result 1,352,187 1,292,080 1,230,709 (9.0) (4.7) 3,882,213 3,702,108 (4.6) Net investment income 327,114 285,369 268,827 (17.8) (5.8) 920,178 839,554 (8.8) Financial income 385,755 370,772 346,172 (10.3) (6.6) 1,067,237 1,099,556 3.0 Financial expenses (58,641) (85,403) (77,345) 31.9 (9.4) (147,059) (260,001) 76.8 Earnings before taxes and profit sharing 1,679,301 1,577,449 1,499,536 (10.7) (4.9) 4,802,391 4,541,662 (5.4) Taxes (392,201) (330,333) (350,148) (10.7) 6.0 (1,135,898) (1,023,264) (9.9) Profit sharing (14,863) (15,259) (11,834) (20.4) (22.4) (31,140) (36,894) 18.5 Recurring managerial net income 1,272,236 1,231,857 1,137,555 (10.6) (7.7) 3,635,353 3,481,504 (4.2) One-off events - - - - - 82,110 - - Reversal of Provision for Judicial Claims (PSLJ) - - - - - 128,965 - - Reversal of PSLJ - tax expenses (PIS/COFINS) - - - - - (5,644) - - Reversal of PSLJ - taxes (IR/CSLL) - - - - - (41,211) - - Managerial net income 1,272,236 1,231,857 1,137,555 (10.6) (7.7) 3,717,463 3,481,504 (6.3) Quarterly Flow Chg. % 9 Months 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 3Q26 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 The recurring managerial net income from the insurance business declined 10.6% YoY, impacted by: (i) 4.5% decrease in retained earned premiums; (ii) higher commission ratio (+1.6 p.p.), reflecting a mix more concentrated in products with higher commission rates , and lower reinsurance commission revenue, which offsets acquisition costs, due to the lower volume of premiums ceded; and (iii) a higher loss ratio (+0.4 p.p.). The 17.8% reduction of net investment income also weighed on earnings, explained by the lower average Selic rate and the contraction in the average balance of financial investments, as well as higher interest expenses and monetary adjustments on provisions for judicial claims. Premiums written declined 19.0% compared with 3Q25, reflecting lower volumes from credit related insurances, and 8.9% decline in term life insurance premiums. On the other hand , home insurance increased 28.6%, driven by a higher participation of policies with greater added value in the sales mix. In 9M26, recurring managerial net income decreased 4.2%, reflecting lower retained earned premiums ( -1.8%) and higher commission ratio (+1.7 p.p.), partially offset by the all-time low loss ratio ( -0.5 p.p.). The n et investment income negatively impacted earnings as well (-8.8%), affected by higher financial expenses related to interest accrual on judicial claims and a reduction in the average balance of mark -to-market investments. However, part of these negative effects was offset by a 1.1 p.p. decrease in the effective income tax rate, due to the recognition of R$29.4 million in tax credits related to “Lei do Bem” in 2Q26. Premiums written decreased 9.2% year-to-date, mainly impacted by declines in crop (-34.3%), rural lien (-16.9%), credit life (-10.3%) and term life (-6.5%), partially offset by 25.0% growth in home premiums. Figure 14 – Brasilseg | Recurring managerial net income (R$ million) 1,262 1,105 1,258 1,272 1,285 1,112 1,232 1,138 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Figure 15 – Brasilseg | Key performance indicators Premiums written Rural (24.3%) (13.0%) Term Life (8.9%) (6.5%) Credit Life (26.9%) (10.3%) Home 28.6% 25.0% Mortgage life (0.5%) (0.5%) Commercial lines (9.4%) (2.9%) Others 52.9% 39.4% Performance ratios Loss ratio 0.4 p.p. (0.5 p.p.) Commission ratio 1.6 p.p. 1.7 p.p. G&A ratio (0.3 p.p.) (0.2 p.p.) Combined ratio 1.6 p.p. 1.0 p.p. Chg. On 3Q25 Chg. On 9M25 Figure 16 – Brasilseg | Solvency¹ (R$ million) 2,502 2,459 2,368 1,969 1,885 1,878 127.1 130.5 126.1 Sep/25 Jun/26 Sep/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 3Q26 13 Table 8 – Brasilseg | Managerial performance ratios¹ Chg. (p.p.) % 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Performance ratios Loss ratio 22.1 21.8 22.5 0.4 0.7 23.2 22.7 (0.5) Commission ratio 31.1 32.7 32.7 1.6 (0.0) 30.9 32.6 1.7 G&A ratio 10.3 9.8 9.9 (0.3) 0.1 10.4 10.2 (0.2) Combined ratio 63.5 64.4 65.1 1.6 0.8 64.5 65.5 1.0 Other ratios Expanded combined ratio 58.4 59.7 60.6 2.2 0.9 59.5 60.8 1.3 Income tax rate 23.4 20.9 23.4 (0.0) 2.4 23.7 22.5 (1.1) Quarterly Flow Chg. (p.p.) 9 Months 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 3Q26 14 ▪ P R E M I U M S W R I T T E N Figure 17 – Brasilseg | Premiums written 3,965 3,616 3,371 4,048 3,628 3,612 3,346 3,337 352 420 361 365 194 331 204 236 4,317 4,036 3,732 4,413 3,822 3,943 3,550 3,574 91.8 89.6 90.3 91.7 94.9 91.6 94.3 93.4 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Retained premiums (R$ million) Premiums ceded (R$ million) Retention rate (%) Table 9 – Brasilseg | Breakdown of premiums written Chg. % R$ thousand 3Q25 Part. % 2Q26 Part. % 3Q26 Part. % On 3Q25 On 2Q26 9M25 Part. % 9M26 Part. % On 9M25 Life 948,835 21.5 808,667 22.8 864,608 24.2 (8.9) 6.9 2,714,557 22.3 2,538,279 22.9 (6.5) Credit Life 921,278 20.9 833,532 23.5 673,187 18.8 (26.9) (19.2) 2,519,003 20.7 2,259,757 20.4 (10.3) Mortgage Life 88,580 2.0 86,748 2.4 88,161 2.5 (0.5) 1.6 263,870 2.2 262,439 2.4 (0.5) Rural 2,219,684 50.3 1,552,997 43.7 1,680,182 47.0 (24.3) 8.2 5,946,511 48.8 5,175,680 46.8 (13.0) Crop 419,701 9.5 238,878 6.7 284,195 8.0 (32.3) 19.0 1,234,868 10.1 811,216 7.3 (34.3) Rural lien 675,565 15.3 530,893 15.0 509,220 14.2 (24.6) (4.1) 1,922,849 15.8 1,598,303 14.4 (16.9) Credit life for farmers 1,055,536 23.9 732,989 20.6 836,161 23.4 (20.8) 14.1 2,609,071 21.4 2,620,481 23.7 0.4 Others 68,882 1.6 50,237 1.4 50,607 1.4 (26.5) 0.7 179,723 1.5 145,681 1.3 (18.9) Home 132,914 3.0 143,195 4.0 170,976 4.8 28.6 19.4 372,876 3.1 465,957 4.2 25.0 Commercial lines 94,923 2.2 109,826 3.1 85,977 2.4 (9.4) (21.7) 339,862 2.8 330,065 3.0 (2.9) Large risks 6,223 0.1 10,322 0.3 7,240 0.2 16.3 (29.9) 22,624 0.2 24,878 0.2 10.0 Other 687 0.0 4,630 0.1 3,323 0.1 383.8 (28.2) 1,994 0.0 9,451 0.1 373.9 Total 4,413,124 100.0 3,549,917 100.0 3,573,654 100.0 (19.0) 0.7 12,181,295 100.0 11,066,507 100.0 (9.2) Quarterly Flow Chg. % 9 Months Flow Table 10 – Brasilseg | Breakdown of retained premiums Chg. % R$ thousand 3Q25 Part. % 2Q26 Part. % 3Q26 Part. % On 3Q25 On 2Q26 9M25 Part. % 9M26 Part. % On 9M25 Life 949,050 23.4 809,173 24.2 864,417 25.9 (8.9) 6.8 2,715,829 24.6 2,539,290 24.7 (6.5) Credit Life 919,860 22.7 833,112 24.9 673,028 20.2 (26.8) (19.2) 2,516,433 22.8 2,257,857 21.9 (10.3) Mortgage Life 88,286 2.2 86,632 2.6 88,019 2.6 (0.3) 1.6 257,481 2.3 257,081 2.5 (0.2) Rural 1,856,897 45.9 1,350,730 40.4 1,448,586 43.4 (22.0) 7.2 4,818,094 43.7 4,424,483 43.0 (8.2) Crop 97,249 2.4 57,545 1.7 80,389 2.4 (17.3) 39.7 248,409 2.3 183,642 1.8 (26.1) Rural lien 675,528 16.7 532,651 15.9 506,757 15.2 (25.0) (4.9) 1,886,285 17.1 1,554,555 15.1 (17.6) Credit life for farmers 1,054,794 26.1 732,876 21.9 835,896 25.0 (20.8) 14.1 2,608,357 23.6 2,618,658 25.4 0.4 Others 29,325 0.7 27,658 0.8 25,544 0.8 (12.9) (7.6) 75,043 0.7 67,627 0.7 (9.9) Home 132,478 3.3 143,195 4.3 170,976 5.1 29.1 19.4 370,269 3.4 463,867 4.5 25.3 Commercial lines 94,956 2.3 110,325 3.3 86,147 2.6 (9.3) (21.9) 336,149 3.0 325,407 3.2 (3.2) Large risks 6,187 0.2 10,070 0.3 4,169 0.1 (32.6) (58.6) 19,300 0.2 21,523 0.2 11.5 Other 687 0.0 2,674 0.1 1,821 0.1 165.2 (31.9) 1,994 0.0 5,841 0.1 193.0 Total 4,048,400 100.0 3,345,910 100.0 3,337,163 100.0 (17.6) (0.3) 11,035,549 100.0 10,295,350 100.0 (6.7) Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 3Q25 Part. % 2Q26 Part. % 3Q26 Part. % On 3Q25 On 2Q26 9M25 Part. % 9M26 Part. % On 9M25 Life 928,651 25.0 853,857 23.5 841,319 23.7 (9.4) (1.5) 2,751,942 25.1 2,566,941 23.8 (6.7) Credit Life 758,928 20.4 784,111 21.6 775,679 21.9 2.2 (1.1) 2,200,794 20.1 2,330,499 21.6 5.9 Mortgage Life 85,068 2.3 84,519 2.3 86,798 2.4 2.0 2.7 255,720 2.3 256,257 2.4 0.2 Rural 1,737,684 46.8 1,680,830 46.2 1,610,602 45.4 (7.3) (4.2) 5,166,920 47.1 4,933,832 45.8 (4.5) Crop 101,943 2.7 63,993 1.8 60,494 1.7 (40.7) (5.5) 340,465 3.1 195,310 1.8 (42.6) Rural lien 634,281 17.1 594,489 16.3 566,193 16.0 (10.7) (4.8) 1,855,237 16.9 1,749,619 16.2 (5.7) Credit life for farmers 971,968 26.2 994,247 27.3 962,969 27.1 (0.9) (3.1) 2,885,670 26.3 2,913,644 27.0 1.0 Others 29,491 0.8 28,100 0.8 20,946 0.6 (29.0) (25.5) 85,548 0.8 75,259 0.7 (12.0) Home 112,308 3.0 130,809 3.6 133,138 3.8 18.5 1.8 329,053 3.0 387,615 3.6 17.8 Commercial lines 86,076 2.3 95,145 2.6 92,579 2.6 7.6 (2.7) 250,427 2.3 277,275 2.6 10.7 Large risks 5,222 0.1 6,121 0.2 5,784 0.2 10.8 (5.5) 14,667 0.1 17,473 0.2 19.1 Other 666 0.0 963 0.0 1,241 0.0 86.3 28.9 2,045 0.0 3,432 0.0 67.8 Total 3,714,604 100.0 3,636,354 100.0 3,547,138 100.0 (4.5) (2.5) 10,971,567 100.0 10,773,325 100.0 (1.8) Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 16 ▪ R E T A I N E D C L A I M S Figure 18 – Brasilseg | Retained claims 703 934 790 820 771 860 792 798 19.8 26.1 21.5 22.1 20.6 23.9 21.8 22.5 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Retained claims (R$ million) Loss ratio (%) QUARTERLY ANALYSIS In 3Q26, the loss ratio reached 22.5%, up 0.4 p.p. YoY. Among the business lines that recorded loss ratios deterioration, the highlights were: ▪ crop (+33.8 p.p.), as the 3Q25 loss ratio benefited from a higher volume of reversals of provisions for pending claims due to improved crop productivity, which increased claim denials in that period. Among the climate events in 3Q26, it is worth to note the higher frequency of claims resulting from droughts in Goiás, Sergipe and Bahia, affecting corn crops, as well as frost and excessive rainfall in Rio Grande do Sul, affecting canola, barley and wheat crops; ▪ rural lien (+1.4 p.p.), due to higher claim severity and frequency; ▪ credit life for farmers (+1.9 p.p.), due to higher claim severity; ▪ term life (+0.9 p.p.), as retained earned premiums declined and claim severity increased; and ▪ home (+6.1 p.p.), due to higher claim frequency. These impacts were partially offset by lower loss ratios in credit life (-6.6 p.p.), reflecting lower claim frequency, and mortgage life (-0.6 p.p.), with retained claims virtually stable and earned premiums increasing. YEAR-TO-DATE ANALYSIS In 9M26, the loss ratio reached 22.7%, down 0.5 p.p., driven by: ▪ 9.4 p.p. improvement in crop, reflecting declines in both claim frequency and severity; ▪ decreases of 2.4 p.p. in credit life and 0.9 p.p. in credit life for farmers, due to lower claim frequency; and ▪ 2.2 p.p. decrease in home, due to lower severity and growth in retained earned premiums. On the other hand, the following segments recorded higher loss ratios: ▪ term life (+1.9 p.p.), reflecting higher severity and lower retained earned premiums; ▪ rural lien (+0.7 p.p.), due to the constitution of R$9.4 million in Incurred But Not Reported provisions; and ▪ mortgage life (+6.1 p.p.) and commercial lines (+2.0 p.p.), due to higher claim severity.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 17 Figure 19 – Life | Loss ratio (%) Figure 20 – Credit life | Loss ratio (%) 24.3 20.8 23.3 22.1 20.5 24.1 24.7 23.0 22.0 23.9 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 34.6 36.6 32.4 35.7 35.2 32.2 36.2 29.2 34.9 32.5 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 Figure 21 – Mortgage life | Loss ratio (%) Figure 22 – Home | Loss ratio (%) 11.8 16.4 13.1 25.0 21.3 25.2 23.4 24.4 18.2 24.3 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 42.6 51.7 38.3 36.6 42.9 47.0 30.0 42.7 42.0 39.8 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 Figure 23 – Commercial lines | Loss ratio (%) Figure 24 – Rural | Loss ratio (%) 10.3 16.6 15.3 22.6 30.9 18.9 19.3 22.6 18.2 20.3 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 10.4 24.0 15.5 15.1 11.9 18.5 13.0 17.2 18.1 16.216.1 17.0 15.2 16.2 16.6 15.2 14.6 15.1 16.2 15.1 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 Rural | Total Rural | Total 12M Figure 25 – Crop | Loss ratio (%) Figure 26 – Credit life for farmers and rural lien | Loss ratio (%) 0.9 102.1 11.2 6.4 21.3 53.1 6.7 40.2 43.3 33.928.9 36.5 21.7 31.7 39.3 20.2 20.7 30.4 31.7 30.4 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 Crop Crop 12M 8.6 14.5 16.9 13.3 7.6 15.5 11.5 15.3 15.0 14.1 14.0 20.0 12.6 15.6 16.2 17.8 15.5 17.0 16.0 16.7 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 Credit life for farmers Rural lien
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 1,071 1,086 1,148 1,157 1,160 1,164 1,191 1,160 30.2 30.4 31.2 31.1 31.0 32.4 32.7 32.7 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Retained acquisition costs (R$ million) Commission ratio (%) Table 12 – Brasilseg | Retained acquisition costs Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Acquisition costs (1,261,710) (1,259,480) (1,237,290) (1.9) (1.8) (3,728,804) (3,734,077) 0.1 Commission charged on premiums written (1,410,436) (1,176,547) (1,134,798) (19.5) (3.5) (3,877,640) (3,574,088) (7.8) Revenue with reinsurance commission 104,717 68,592 77,154 (26.3) 12.5 338,204 218,725 (35.3) Commissions recovered - Coinsurance 9,946 2,604 3,055 (69.3) 17.3 28,878 8,552 (70.4) Change in deferred acquisition costs 216,055 (3,956) (876) - (77.8) 341,479 88,066 (74.2) Other acquisition costs (77,274) (81,582) (104,671) 35.5 28.3 (221,521) (256,606) 15.8 Retained acquisition costs (1,156,993) (1,190,888) (1,160,136) 0.3 (2.6) (3,390,600) (3,515,352) 3.7 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 2.1 2.0 2.5 8.2 21.2 63.8 0.2 2.1 2.5 2.9 10.9 20.0 61.3 Other Home Commercial lines Mortgage Life Credit Life Term Life Rural 3Q26 3Q25 0.2 1.8 2.2 3.0 8.6 21.5 62.7 0.2 2.2 2.5 2.8 9.6 19.7 62.8 Other Home Commercial lines Mortgage Life Credit Life Term Life Rural 9M26 9M25
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 227 196 212 222 276 208 212 210 41 38 26 13 30 40 -2 6 151 140 149 147 151 137 148 137 419 373 388 382 457 385 358 353 11.8 10.4 10.5 10.3 12.2 10.7 9.8 9.9 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Tax expenses (R$ million) Other operating income (expenses) (R$ million) Administrative expenses (R$ million) G&A ratio (%) QUARTERLY ANALYSIS In 3Q26, the G&A ratio reached 9.9%, down 0.3 p.p. YoY. Administrative expenses decreased by R$12.5 million, driven by a R$14.7 million reduction in location and operati on expenses, considering that in 3Q25 this line was negatively impacted by a R$14.0 million intangible assets write-off related to the sublease of a property below the amount established in the right -of-use agreement. The decline in location expenses was partially offset by higher outsourcing expenses (+R$3.7 million), reflecting greater use of cloud infrastructur e and expenses related to digital channels in 3Q26. The negative balance of other operating income and expenses decreased by R$7.0 million in 3Q26, reflecting a R$ 23.1 million reversal of provisions for sales incentives, recorded under internal marketing expenses but not used in 2026, as well as a R$10.6 million reduction in commercial campaign expenses, due to the postponement of these expenditures following sales performance below expectations. Tax expenses decreased 6.6%, reflecting lower taxable income in 3Q26. YEAR-TO-DATE ANALYSIS In 9M26, the G&A ratio decreased 0.2 p.p. YoY. Administrative expenses were virtually flat. The R$5.9 million reduction in location and operation expenses, mainly explained by the intangible asset write-off in 3Q25, was partially offset by the R$4.8 million increase in outsourcing expenses, reflecting greater use of cloud services and spending on digital channels. The negative balance of other operating income and expenses decreased by R$33.1 million, mainly due to lower internal marketing expenses, particularly reflecting the reversal of provisions for mobilization and sales incentives. This improvement was partially offset by a lower reversal of impairment provisions (3Q26: R$12.6 million | 3Q25: R$22.8 million) and an increase in other operating expenses (+R$6.8 million). Tax expenses declined 3.1%, in line with the reduction in the taxable income.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 21 Table 13 – Brasilseg | General & Administrative expenses Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Administrative expenses (222,142) (211,834) (209,607) (5.6) (1.1) (629,938) (629,169) (0.1) Personnel (84,074) (84,618) (83,497) (0.7) (1.3) (254,953) (256,945) 0.8 Outsourcing (82,909) (89,455) (86,636) 4.5 (3.2) (252,145) (256,977) 1.9 Location and operation (50,131) (35,150) (35,414) (29.4) 0.8 (112,007) (106,152) (5.2) Institutional advertisement and publicity (4,017) (1,829) (3,143) (21.7) 71.8 (8,004) (6,402) (20.0) Publications (10) (4) (33) 243.2 - (406) (528) 30.2 Other administrative expenses (1,002) (777) (884) (11.8) 13.7 (2,424) (2,164) (10.7) Other operating income (expenses) (13,296) 2,102 (6,312) (52.5) - (77,239) (44,148) (42.8) Charging expenses (1,458) (1,207) (1,474) 1.2 22.2 (4,392) (4,048) (7.8) Civil contingencies (2,983) (4,531) (3,921) 31.5 (13.4) (8,880) (11,650) 31.2 Expenses with events (110) (55) (174) 57.5 215.6 (335) (338) 0.7 Endomarketing (24,266) (16,804) 10,534 - - (71,493) (18,980) (73.5) Impairment 19,376 12,047 8,714 (55.0) (27.7) 22,844 12,616 (44.8) Other operating income (expenses) (3,855) 12,651 (19,991) 418.6 - (14,984) (21,748) 45.1 Tax expenses (146,577) (148,328) (136,949) (6.6) (7.7) (435,701) (422,243) (3.1) COFINS (122,811) (124,129) (114,618) (6.7) (7.7) (365,630) (353,154) (3.4) PIS (20,027) (20,383) (18,722) (6.5) (8.1) (58,455) (57,764) (1.2) Inspection fee (2,598) (2,598) (2,598) - (0.0) (7,793) (7,793) - Other tax expenses (1,141) (1,219) (1,011) (11.4) (17.0) (3,823) (3,532) (7.6) G&A (382,015) (358,060) (352,868) (7.6) (1.5) (1,142,879) (1,095,560) (4.1) Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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) 266 283 311 327 337 285 285 269 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Table 14 – Brasilseg | Financial income and expenses1 Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Adjusted interest revenues 370,436 341,267 329,731 (11.0) (3.4) 1,038,195 1,022,929 (1.5) Revenues with mark to market financial investments 352,082 305,559 304,021 (13.7) (0.5) 985,610 937,890 (4.8) Judicial deposits 10,464 9,595 9,533 (8.9) (0.6) 28,278 29,003 2.6 Receivables from insurance and reinsurance operations 7,889 26,113 16,177 105.0 (38.1) 24,308 56,035 130.5 Adjusted interest expenses (36,879) (49,391) (54,195) 47.0 9.7 (93,686) (163,509) 74.5 Pending claims - Administrative 266 (68) (77) - 12.7 203 (96) - Pending claims - Judicial (25,729) (37,334) (41,037) 59.5 9.9 (66,437) (124,587) 87.5 Judicial provisions (10,185) (10,668) (11,697) 14.9 9.7 (21,920) (34,517) 57.5 Obligations with insurance and reinsurance operations (1,231) (1,321) (1,384) 12.4 4.8 (5,533) (4,308) (22.1) Net interest income 333,557 291,876 275,535 (17.4) (5.6) 944,509 859,420 (9.0) Quarterly Flow Chg. % 9 Months Flow 1. Managerial view. QUARTERLY ANALYSIS In 3Q26, net interest income reached R$275.5 million, down 17.4% from 3Q25. Adjusted i nterest income decreased 11.0% ( -R$40.7 million). Of this amount, R$19.4 million resulted from the 0.5 p.p. decline in the average rate, impacted by the lower Selic rate. The reduction in the average balance of financial investments negatively impacted interest income by R$21.3 million. Adjusted interest expenses increased 47.0% (+R$17.3 million). The higher average rate on liabilities, particularly provisions for judicial claims, following the increase in the legal interest rate (TLM), contributed R$15.2 million to the increase in expenses, while growth in the average balance of these liabilities added R$2.1 million. YEAR-TO-DATE ANALYSIS In 9M26, net interest income decreased by R$85.1 million (-9.0%). Adjusted interest income declined by R$15.3 million. The reduction in the average volume of interest-earning assets lowered revenues by R$43.6 million, an effect largely offset by a 0.4 p.p. increase in the average rate, w hich had a positive impact of R$28.3 million . This increase was mainly driven by the recognition of monetary adjustments on tax credits
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 23 related to Lei do Bem in 2Q26 (R$16.0 million), as well as by higher interest and monetary adjustments on reinsurance judicial claims. Adjusted interest expenses increased by R$69.8 million, mainly explained by the higher average cost of liabilities. Table 15 – Brasilseg | Quarterly figures - Earning assets - average balance and interest rates R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earning assets Mark to Market financial investments 10,003 352 14.1 9,361 304 13.2 Judicial deposits 877 10 4.6 908 10 4.1 Receivables from insurance and reinsurance operations 396 8 7.8 321 16 21.0 Total 11,276 370 13.1 10,591 330 12.6 3Q25 3Q26 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 1,296 0 (0.1) 1,181 (0) 0.0 Pending claims - Judicial 988 (26) 9.6 1,186 (41) 12.8 Judicial provisions 807 (10) 4.7 853 (12) 5.2 Obligations with insurance and reinsurance operations 279 (1) 1.7 286 (1) 1.9 Total 3,370 (37) 4.1 3,506 (54) 5.9 3Q25 3Q26 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 10,360 986 13.0 9,875 938 13.0 Judicial deposits 869 28 4.4 899 29 4.4 Receivables from insurance and reinsurance operations 335 24 9.8 318 56 24.4 Total 11,565 1,038 12.2 11,092 1,023 12.6 9M25 9M26 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 1,176 0 (0.0) 1,189 (0) 0.0 Pending claims - Judicial 1,027 (66) 8.6 1,134 (125) 14.5 Judicial provisions 801 (22) 3.7 842 (35) 5.5 Obligations with insurance and reinsurance operations 290 (6) 2.5 282 (4) 2.1 Total 3,294 (94) 3.8 3,448 (164) 6.3 9M25 9M26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 24 Table 19 – Brasilseg | Financial investment portfolio R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Trading 7,714,113 7,248,832 8,138,667 5.5 12.3 Pre-fixed 630,476 319,599 244,159 (61.3) (23.6) Floating 7,062,268 6,753,928 7,894,659 11.8 16.9 Inflation - 168,353 - - - Other 21,370 6,952 (151) - - Available for sale 2,408,431 1,944,650 1,389,761 (42.3) (28.5) Pre-fixed 1,852,475 1,344,729 1,341,111 (27.6) (0.3) Inflation 555,956 599,921 48,650 (91.2) (91.9) Total 10,122,544 9,193,483 9,528,428 (5.9) 3.6 Balance Chg. % Figure 31 – Brasilseg | Breakdown of financial investments by index (%) Figure 32 – Brasilseg | Breakdown of trading investments by index (%) 26.9 20.6 21.4 24.5 21.0 15.2 18.1 16.6 63.9 69.3 72.8 69.8 73.3 78.7 73.5 82.9 8.9 9.9 5.6 5.5 5.6 6.0 8.4 0.50.2 0.2 0.2 0.2 0.1 0.1 0.1 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Pre-fixed Floating Inflation Other 3.6 4.3 3.6 8.2 3.0 2.1 4.4 3.0 96.0 94.7 96.1 91.5 96.9 97.8 93.2 97.0 0.6 2.3 0.3 0.3 0.3 0.3 0.2 0.1 0.1 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Pre-fixed Floating Inflation Other
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 25 ▪ B A L A N C E S H E E T Table 20 – Brasilseg | Balance sheet R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 26,644,062 25,285,869 26,139,960 (1.9) 3.4 Cash 9,697 4,530 2,698 (72.2) (40.4) Financial assets 10,122,544 9,193,483 9,528,428 (5.9) 3.6 Receivables from insurance and reinsurance operations 6,074,475 5,818,751 6,051,263 (0.4) 4.0 Reinsurance and retrocession - technical reserves 1,132,307 917,335 890,785 (21.3) (2.9) Securities and credits receivable 1,318,542 1,396,723 1,745,658 32.4 25.0 Other 196,238 204,937 198,942 1.4 (2.9) Prepaid expenses 39,984 31,973 30,821 (22.9) (3.6) Deferred costs 6,892,286 6,939,027 6,938,151 0.7 (0.0) Investments 363,458 372,772 364,901 0.4 (2.1) Fixed assets 31,808 29,063 27,357 (14.0) (5.9) Intangible 462,723 377,274 360,955 (22.0) (4.3) Liabilities 23,292,657 22,283,699 23,224,501 (0.3) 4.2 Accounts payable 1,015,850 699,886 1,616,656 59.1 131.0 Obligations with insurance and reinsurance operations 3,369,608 3,127,220 3,193,918 (5.2) 2.1 Technical reserves - insurance 17,788,223 17,319,944 17,249,529 (3.0) (0.4) Third party deposits 10,893 18,768 30,130 176.6 60.5 Other liabilities 1,108,083 1,117,881 1,134,268 2.4 1.5 Shareholders' equity 3,351,406 3,002,170 2,915,459 (13.0) (2.9) Capital 1,469,848 1,469,848 1,469,848 - - Reserves 293,970 293,970 293,970 - - Equity valuation adjustments (65,958) (39,427) (34,936) (47.0) (11.4) Accumulated profits and losses 1,653,546 1,277,779 1,186,578 (28.2) (7.1) Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 26 ▪ S O L V E NC Y Table 21 – Brasilseg | Solvency¹ R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Brasilseg Companhia de Seguros Adjusted shareholders' equity (a) 2,248,121 2,156,250 2,074,786 (7.7) (3.8) Minimum capital required (b) 1,804,012 1,705,699 1,697,033 (5.9) (0.5) Additional capital for underwritting risk 1,634,543 1,534,475 1,502,738 (8.1) (2.1) Additional capital for credit risk 177,996 168,650 162,868 (8.5) (3.4) Additional capital for market risk 48,908 86,703 171,761 251.2 98.1 Additional capital for operating risk 60,145 55,488 53,245 (11.5) (4.0) Benefit of correlation between risks (117,580) (139,618) (193,579) 64.6 38.6 Capital adequacy (a) - (b) 444,109 450,551 377,753 (14.9) (16.2) Solvency ratio (a) / (b) - % 124.6 126.4 122.3 -2.4 p.p. -4.2 p.p. Aliança do Brasil Seguros Adjusted shareholders' equity (a) 254,278 302,808 293,397 15.4 (3.1) Minimum capital required (b) 164,973 179,248 180,900 9.7 0.9 Additional capital for underwritting risk 152,094 164,633 166,689 9.6 1.2 Additional capital for credit risk 9,737 11,422 11,364 16.7 (0.5) Additional capital for market risk 6,953 7,672 6,149 (11.6) (19.8) Additional capital for operating risk 5,853 6,479 6,562 12.1 1.3 Benefit of correlation between risks (9,664) (10,958) (9,864) 2.1 (10.0) Capital adequacy (a) - (b) 89,305 123,560 112,496 26.0 (9.0) Solvency ratio (a) / (b) - % 154.1 168.9 162.2 8.1 p.p. -6.7 p.p. Total Brasilseg Adjusted shareholders' equity (a) 2,502,398 2,459,058 2,368,183 (5.4) (3.7) Minimum capital required (b) 1,968,985 1,884,947 1,877,934 (4.6) (0.4) Additional capital for underwritting risk 1,786,637 1,699,108 1,669,427 (6.6) (1.7) Additional capital for credit risk 187,733 180,073 174,232 (7.2) (3.2) Additional capital for market risk 55,861 94,375 177,910 218.5 88.5 Additional capital for operating risk 65,998 61,966 59,807 (9.4) (3.5) Benefit of correlation between risks (127,244) (150,575) (203,442) 59.9 35.1 Capital adequacy (a) - (b) 533,414 574,111 490,249 (8.1) (14.6) Solvency ratio (a) / (b) - % 127.1 130.5 126.1 -1.0 p.p. -4.4 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 3Q26 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Total revenue from pension and insurance 13,289,654 10,166,135 13,908,151 4.7 36.8 36,448,169 38,676,274 6.1 Provision for benefits to be granted (13,285,778) (10,162,659) (13,904,714) 4.7 36.8 (36,436,562) (38,665,294) 6.1 Net revenue from pension and insurance 3,876 3,475 3,437 (11.3) (1.1) 11,607 10,980 (5.4) Management fee 1,021,038 997,288 1,080,764 5.8 8.4 2,868,909 3,055,637 6.5 Variation of other technical reserves (21,472) (25,714) (29,210) 36.0 13.6 (80,173) (79,883) (0.4) Expenses with benefits, redemptions and claims (12,432) (7,673) (7,807) (37.2) 1.7 (1,728) (27,860) - Acquisition costs (198,172) (196,876) (195,454) (1.4) (0.7) (599,895) (590,037) (1.6) Retained earned premiums 55,507 51,357 51,884 (6.5) 1.0 163,276 158,081 (3.2) Administrative expenses (112,686) (112,856) (103,336) (8.3) (8.4) (334,449) (320,485) (4.2) Tax expenses (84,717) (80,849) (85,431) 0.8 5.7 (231,868) (246,234) 6.2 Other operating income (expenses) (15,522) (13,782) (16,134) 3.9 17.1 (47,877) (47,447) (0.9) Gains or losses on non-current assets (5) - 22 - - (5) 24 - Non-interest operating result 635,417 614,370 698,737 10.0 13.7 1,747,796 1,912,776 9.4 Net investment income 511,968 (49,454) 456,426 (10.8) - 693,030 711,100 2.6 Financial income 14,417,651 13,834,849 16,739,508 16.1 21.0 40,502,942 44,857,295 10.8 Financial expenses (13,905,683) (13,884,303) (16,283,082) 17.1 17.3 (39,809,912) (44,146,195) 10.9 Earnings before taxes and profit sharing 1,147,385 564,916 1,155,163 0.7 104.5 2,440,826 2,623,876 7.5 Taxes (433,016) (222,575) (439,554) 1.5 97.5 (944,124) (1,021,156) 8.2 Profit sharing (4,907) (4,908) (4,835) (1.5) (1.5) (15,522) (16,400) 5.7 Managerial net income 709,461 337,434 710,774 0.2 110.6 1,481,180 1,586,320 7.1 Quarterly Flow Chg. % 9 Months Flow Table 23 – Brasilprev | Comprehensive income Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Managerial net income 709,461 337,434 710,774 0.2 110.6 1,481,180 1,586,320 7.1 Other comprehensive income (233,613) (152,119) 338,045 - - (72,586) 56,263 - Goodwill of assets (AfS Investments + Impairment) (239,400) (185,712) 298,683 - - (191,496) 3,947 - PCC 5,787 33,593 39,362 - 17.2 118,910 52,315 (56.0) Comprehensive income 475,848 185,315 1,048,819 120.4 466.0 1,408,594 1,642,583 16.6 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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.) % 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Commission ratio 1.5 1.9 1.4 (0.1) (0.5) 1.6 1.5 (0.1) Management fee 0.86 0.84 0.83 (0.03) (0.01) 0.87 0.84 (0.03) Redemption ratio 11.4 8.3 8.5 (2.9) 0.2 11.2 8.3 (2.9) Portability ratio 3.5 0.7 0.8 (2.7) 0.2 2.1 0.7 (1.4) Cost to income ratio 38.0 38.4 35.2 (2.8) (3.2) 39.9 37.3 (2.5) Income tax rate 37.7 39.4 38.1 0.3 (1.3) 38.7 38.9 0.2 Quarterly Flow Chg. (p.p.) 9 Months Flow In 3Q26, managerial net income from pension plan business totaled R$710.8 million, up 0.2% YoY. The non-interest operating result posted robust growth of 10.0% compared to the same period of 2025, with 2.8 p.p. improvement in the cost-to-income ratio. This performance reflected a 5.8% increase in management fee revenues, driven by growth in reserves, partially offset by a decline in the annualized average management fee (-0.03 p.p.), as well as a significant 8.3% decrease in administrative expenses. Pension contributions increased 4.7% in 3Q26, totaling R$13.9 billion. Growth was concentrated in sporadic plans. Outflows continued to consistently post their best indicators in the last five years, with the redemption ratio declining 2.9 p.p. and the portability ratio decreasing 2.7 p.p. compared to the same period last year. This performance contributed to net inflows of R$1. 7 billion, compared with net outflows of R$3.9 billion in 3Q25. Net investment income totaled R$456.4 million in the quarter, representing a strong recovery from 2Q26 but a 10.8% decline compared with 3Q25. The year-over-year reduction was mainly due to the increase in interest expenses, reflecting: (i) the constitution of supplementary coverage provision (PCC), compared with a reversal in 3Q25; and (ii) lower deflation in the one -month-lagged IGP-M (3Q26: -1.9% | 3Q25: -2.1%), affecting liability costs. Year-to-date, managerial net income increased 7.1%, driven by 9.4% growth in the non-interest operating result , with a 6.5% increase in management fee revenues followed by lower administrative expenses, resulting in a 2.5 p.p. improvement in the cost-to-income ratio . Net investment income increased 2.6%, largely explained by the higher average yield on assets. Net inflows totaled R$4.5 billion, compared with net outflows of R$9.1 billion in the first nine months of 2025, reflecting the 6.1% increase in contributions and dec lines in redemption ratio (-2.9 p.p.) and portability ratio (-1.4 p.p.). Figure 33 – Brasilprev | Managerial net income (R$ million) 366 356 416 709 510 538 337 711 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Figure 34 – Brasilprev | Solvency¹ (R$ million) 4,677 4,521 5,421 2,889 2,890 2,868 161.9 156.4 189.0 Sep/25 Jun/26 Sep/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 3Q26 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 13,223 13,386 9,773 13,290 8,387 14,602 10,166 13,908 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 (1,025) (1,523) (3,687) (3,890) (6,253) 3,940 (1,133) 1,651 11.6 11.6 10.6 11.4 10.0 7.9 8.3 8.5 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net inflows¹ (R$ million) Annualized redemption ratio (%) 1. Source: Quantum Axis Figure 37 – Brasilprev | Contributions breakdown (%) Figure 38 – Brasilprev | Pension plans outstanding (%) 92.2 95.7 93.7 95.0 87.4 95.8 93.9 95.2 7.4 3.9 5.8 4.6 12.0 3.8 5.6 4.5 0.4 0.3 0.5 0.4 0.6 0.3 0.4 0.3 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 VGBL PGBL Traditional 68.1 67.6 67.2 66.6 66.3 65.6 65.1 64.1 31.9 32.4 32.8 33.4 33.7 34.4 34.9 35.9 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Periodic contribution Sporadic contribution Figure 39 – Brasilprev | Plans (thousand) Figure 40 – Brasilprev | CPFs (thousand) 3,147 3,113 3,084 3,068 3,043 3,051 3,044 3,032 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 2,563 2,535 2,513 2,499 2,479 2,484 2,478 2,488 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 (%) 368 377 386 396 402 419 430 446 46 46 47 48 50 51 52 53 16 16 15 15 15 15 15 15429 439 449 459 466 484 496 514 17.6 16.2 15.5 15.5 15.6 15.8 15.2 15.0 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Traditional PGBL VGBL % of multimarket funds (on P/VGBL AuM) 85.7 85.8 86.0 86.2 86.2 86.5 86.5 86.8 10.6 10.5 10.5 10.5 10.6 10.5 10.4 10.3 3.6 3.6 3.4 3.2 3.2 3.0 3.0 2.9 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 VGBL PGBL Traditional ▪ M A N A G E M E N T F E E Figure 43 – Brasilprev | Management fee 953 920 928 1,021 997 978 997 1,081 0.90 0.88 0.87 0.86 0.85 0.85 0.84 0.83 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Management fee (R$ million) Management fee (%) Table 25 – Brasilprev | Management fee breakdown¹,² Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Management fee 1,021,038 997,288 1,080,764 5.8 8.4 2,868,909 3,055,637 6.5 Average volume of reserves 455,092,716 491,055,216 505,607,092 11.1 3.0 444,751,494 491,209,919 10.4 Working days 66 61 65 -1 w.d. 4 w.d. 188 187 -1 w.d. Annualized average management fee (%) 0.86 0.84 0.83 (0.03) p.p. (0.01) p.p. 0.87 0.84 (0.03) p.p. Quarterly Flow Chg. % 9 Months 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 3Q26 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 124 110 111 113 134 104 113 103 76 73 74 85 81 80 81 85 0.2 13 19 16 21 18 14 16 200 196 205 213 236 202 207 205 39.6 40.5 41.3 38.0 40.9 38.5 38.4 35.2 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Other operating income (expenses) (R$ million) Tax expenses (R$ million) Administrative expenses (R$ million) Cost to income (%) QUARTERLY ANALYSIS In 3Q26, the cost-to-income ratio improved by 2.8 p.p., reflecting both revenue growth and lower expenses. General and administrative expenses decreased 3.8% compared with the same period of 2025, mainly explained by 8.3% reduction in administrative expenses, resulting from: ▪ lower personnel expenses, explained by the usage of tax credits to compensate social security expenses; ▪ lower spending on technology projects, partially offset by higher cloud services and data storage expenses; and ▪ lower marketing expenditures, due to reduced spending on sponsorships and tax - incentivized donations compared with the same period of the previous year. The negative balance of other operating income and expenses increased 3.9% YoY, mainly due to higher sales incentive expenses, reflecting greater spending on sales campaigns and internal marketing initiatives. This movement was partially offset by lower contingency expenses and other operating expenses in the quarter. Tax expenses increased 0.8% compared with 3Q25. Despite higher revenues, which resulted in higher ISS expenses, PIS and COFINS expenses decreased 0.6%, mainly reflecting higher deductions from the tax base in the period, particularly expenditures with PCC provisions. YEAR-TO-DATE ANALYSIS Year-to-date, G&A expenses were flat compared with the same period of the previous year, while the cost-to-income ratio improved by 2.5 p.p., due to revenue growth. Administrative expenses declined 4.2% in the period, mainly reflecting decreases in personnel expenses (-3.7%), advertising and publicity (-25.8%) and outsourcing (-3.9%). The negative balance of other operating income and expenses decreased 0.9%, mainly explained by lower sales incentive expenses ( -8.6%) and billing collection expenses (-11.1%), in line with the lower volume of periodic plans. This movement was partially offset by higher contingency expenses and growth in other operating expenses. Tax expenses increased 6.2%, in line with the growth in taxable revenues.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 32 Table 26 – Brasilprev | G&A expenses Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Administrative expenses (112,686) (112,856) (103,336) (8.3) (8.4) (334,449) (320,485) (4.2) Personnel (49,904) (53,195) (44,210) (11.4) (16.9) (155,956) (150,238) (3.7) Outsourcing (36,714) (31,754) (33,979) (7.4) 7.0 (98,496) (94,621) (3.9) Location and operation (19,868) (20,329) (20,053) 0.9 (1.4) (60,222) (60,053) (0.3) Marketing (6,307) (7,081) (4,361) (30.9) (38.4) (19,513) (14,472) (25.8) Other 107 (498) (733) - 47.0 (262) (1,102) 320.5 Other operating income (expenses) (15,522) (13,782) (16,134) 3.9 17.1 (47,877) (47,447) (0.9) Expenses on sales incentive (4,287) (7,382) (8,358) 95.0 13.2 (21,786) (19,904) (8.6) Charging expenses (6,868) (6,307) (6,418) (6.6) 1.8 (21,501) (19,122) (11.1) Contingencies (2,486) (875) (1,015) (59.1) 16.0 (2,537) (3,284) 29.4 Provision for losses on receivables 258 350 32 (87.6) (90.8) 753 421 (44.1) Other operating income (expenses) (2,139) 432 (375) (82.5) - (2,806) (5,557) 98.0 Tax expenses (84,717) (80,849) (85,431) 0.8 5.7 (231,868) (246,234) 6.2 Federal and municipal taxes (20,963) (20,665) (22,086) 5.4 6.9 (59,156) (62,668) 5.9 COFINS (53,209) (50,374) (52,897) (0.6) 5.0 (144,084) (153,557) 6.6 PIS/PASEP (8,646) (8,186) (8,596) (0.6) 5.0 (23,414) (24,953) 6.6 Inspection fee (1,497) (1,497) (1,497) - - (4,490) (4,490) - Other tax expenses (402) (127) (356) (11.5) 180.9 (724) (566) (21.9) General and administrative expenses (212,924) (207,487) (204,900) (3.8) (1.2) (614,194) (614,165) (0.0) Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 (%) -66 37 144 512 145 304 -49 456 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 1.5 2.0 0.9 0.6 0.6 1.9 1.4 0.6 3.8 1.0 -1.9 0.01 -0.1 0.2 3.1 0.2 3.5 2.3 -0.6 -2.1 0.3 -0.3 4.1 -1.9 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Adjusted interest revenues 438,093 871,213 537,790 22.8 (38.3) 1,468,513 1,938,125 32.0 Revenues with trading financial investments 119,519 105,400 198,452 66.0 88.3 501,089 433,504 (13.5) Revenues with available for sale financial investments 318,574 765,813 339,338 6.5 (55.7) 967,425 1,504,621 55.5 Adjusted interest expenses 73,876 (920,668) (81,363) - (91.2) (775,483) (1,227,025) 58.2 Interest accrual on technical reserves 97,544 (904,353) (81,363) - (91.0) (710,714) (1,188,871) 67.3 Interest accrual on debentures (23,668) (16,315) - - - (64,769) (38,154) (41.1) Net investment income 511,969 (49,455) 456,427 (10.8) - 693,030 711,101 2.6 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 3Q26, net investment income reached R$456.4 million (-10.8% YoY). Adjusted interest income increased by R$99.7 million, up 22.8% compared with 3Q25. Of this amount, R$160.3 million resulted from the higher average interest rate of financial assets, partially offset by the reduction in the average balance of financial investments, which had a negative impact on revenues of R$60.6 million. The increase in the average rate mainly reflected the positive mark -to-market effect on the inflation -protected trading portfolio (+R$75.7 million in 3Q26 vs. -R$45.8 million in 3Q25). To a lesser extent, the interest accrual on inflation-protected financial assets classified as available for sale also contributed to higher interest income, reflecting changes in inflation, particularly IGP -M (3Q26: +0.2% | 3Q25: 0.0%). The negative balance of adjusted interest expenses totaled R$81.4 million, compared with a positive balance of R$73.9 million in 3Q25, representing a R$155.2 million increase in these expenses. Of this amount, R$163.6 million resulted from the higher average rate on interest-bearing liabilities, partially offset by the lower average volume, which had a positive impact on interest expenses of R$8.4 million. The higher average rate mainly reflected the behavior of the one -month-lagged IGP -M, which is pegged to a significant portion of defined benefit plan provisions and showed less pronounced deflation in the period (3Q26: -1.9% | 3Q25: -2.1%). In addition, the review of actuarial assumptions resulted in the constitution of PCC in 3Q26, compared with a reversal in 3Q25, contributing to the increase in financial expenses. YEAR-TO-DATE ANALYSIS Year-to-date, net investment income totaled R$711.1 million, an increase of 2.6% compared with the same period of 2025. Adjusted i nterest income increased by R$469.6 million (+32.0%), mainly reflecting a R$573.8 million increase resulting from the higher average interest rate of financial assets, particularly the positive variations in the inflation rates pegged to these assets, especially IGP-M (9M26: +3.5% | 9M25: -0.9%), which adjusts a significant portion of the assets backing defined benefit plans. This effect was partially offset by the lower volume of financial investments, which had a negative R$104.2 million impact on interest income. Adjusted interest expenses increased by R$451.5 million (+58.2%), mainly explained by the higher average rate on interest-bearing liabilities, which contributed R$531.4 million to the increase in expenses, reflecting the positive variation in the one -month-lagged IGP-M (9M26: +1.8% | 9M25: -0.4%) used to adjust defined benefit plans. This effect was partially
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 35 offset by the reduction in the average volume of interest -bearing liabilities, which had a positive R$79.8 million impact on interest expenses. Table 28 – Brasilprev | Quarterly figures - Earning assets - average balance and interest rates¹ R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earning assets Trading financial investments 4,700 120 10.1 3,998 198 20.7 Available for sale financial investments 20,980 319 5.9 19,081 339 7.1 Total 25,679 438 6.7 23,079 538 9.3 3Q25 3Q26 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 20,963 98 (1.8) 19,519 (81) 1.6 Debentures 566 (24) 15.0 - - Total 21,530 74 (1.3) 19,519 (81) 1.6 3Q25 3Q26 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 4,863 501 14.0 4,282 434 13.9 Available for sale financial investments 20,626 967 6.3 19,907 1,505 10.3 Total 25,489 1,469 7.8 24,189 1,938 10.9 9M25 9M26 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 20,912 (711) 4.5 19,886 (1,189) 8.0 Debentures 564 (65) 15.1 278 (38) 18.1 Total 21,476 (775) 4.8 20,164 (1,227) 8.1 9M25 9M26 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 3Q26 36 Table 32 – Brasilprev | Financial investments portfolio breakdown (except PGBL and VGBL funds) R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Available for sale 20,879,950 19,256,492 18,905,901 (9.5) (1.8) Inflation 20,879,950 19,256,492 18,905,901 (9.5) (1.8) Trading 4,872,440 3,728,118 4,267,297 (12.4) 14.5 Pre-fixed 1,764 1,890 1,968 11.5 4.1 Floating 2,951,671 1,824,431 2,353,142 (20.3) 29.0 Inflation 1,919,004 1,901,797 1,912,188 (0.4) 0.5 Total 25,752,390 22,984,610 23,173,198 (10.0) 0.8 Balance Chg. % Figure 49 – Brasilprev | Financial investments breakdown by index - except PGBL and VGBL funds (%) Figure 50 – Brasilprev | Assets allocation (%) 88.7 90.6 90.6 88.5 90.6 89.5 92.1 89.8 11.2 9.1 9.4 11.5 9.4 10.4 7.9 10.2 0.1 0.4 0.01 0.01 0.01 0.01 0.01 0.01 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Inflation Floating Pre-fixed 82.8 84.0 83.3 82.5 81.7 82.0 85.0 83.6 4.1 3.8 4.1 4.7 4.8 4.4 3.5 3.3 3.9 3.8 3.8 3.8 3.5 3.4 2.5 2.4 9.2 8.4 8.8 9.1 10.1 10.2 9.0 10.6 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/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 3Q26 37 ▪ B A L A N C E S H E E T Table 33 – Brasilprev | Balance sheet R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 465,843,311 502,720,459 521,397,152 11.9 3.7 Cash and cash equivalents 124,421 65,216 118,736 (4.6) 82.1 Financial assets 463,725,158 500,647,753 519,397,141 12.0 3.7 Receivables from insurance and reinsurance operations 8,784 8,466 7,830 (10.9) (7.5) Securities and credits receivable 198,384 338,241 213,991 7.9 (36.7) Prepaid expenses 13,147 17,339 10,377 (21.1) (40.1) Deferred costs 1,546,036 1,442,594 1,457,102 (5.8) 1.0 Credits from private pension transactions 845 497 1,535 81.5 208.7 Other 24,452 20,462 19,000 (22.3) (7.1) Fixed assets 7,566 7,188 6,576 (13.1) (8.5) Intangible 194,517 172,703 164,864 (15.2) (4.5) Liabilities 460,312,615 497,869,747 515,497,620 12.0 3.5 Accounts payable 939,341 1,164,468 998,059 6.3 (14.3) Debentures 578,054 - - - - Obligations with insurance and reinsurance operations 6,362 3,141 8,928 40.3 184.2 Debts from private pension transactions 2,217 1,902 2,020 (8.9) 6.2 Third party deposits 167,385 155,198 269,776 61.2 73.8 Technical reserves - insurance 395,509,874 429,679,494 446,276,942 12.8 3.9 Technical reserves - private pension 63,056,882 66,813,653 67,891,397 7.7 1.6 Other liabilities 52,500 51,890 50,498 (3.8) (2.7) Shareholders' equity 5,530,696 4,850,712 5,899,531 6.7 21.6 Capital 3,529,257 3,529,257 3,529,257 - - Reserves 932,775 846,394 846,394 (9.3) - Equity valuation adjustments (534,549) (824,326) (525,643) (1.7) (36.2) Other comprehensive income 622,032 659,656 699,018 12.4 6.0 Accumulated profits and losses 981,180 639,731 1,350,505 37.6 111.1 Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 38 ▪ S O L V E N C Y Table 34 – Brasilprev | Solvency¹ R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Adjusted shareholder's equity (a) 4,676,734 4,521,066 5,420,633 15.9 19.9 Minimum capital requirement (b) 2,888,686 2,890,228 2,868,096 (0.7) (0.8) Additional capital for underwritting risk 2,042,872 2,069,209 2,031,699 (0.5) (1.8) Additional capital for credit risk 130,969 118,525 121,821 (7.0) 2.8 Additional capital for market risk 938,755 857,854 852,800 (9.2) (0.6) Additional capital for operating risk 366,853 397,195 411,335 12.1 3.6 Benefit of correlation between risks (590,762) (552,554) (549,559) (7.0) (0.5) Capital adequacy (a) - (b) 1,788,048 1,630,838 2,552,537 42.8 56.5 Solvency ratio (a) / (b) - % 161.9 156.4 189.0 27.1 p.p. 32.6 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 3Q26 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Premium bonds collection 1,848,610 1,618,455 1,760,732 (4.8) 8.8 5,356,719 5,163,715 (3.6) Changes in provisions for redemption (1,649,953) (1,441,104) (1,577,621) (4.4) 9.5 (4,751,584) (4,599,534) (3.2) Changes in provisions for lottery and bonus (23,461) (22,255) (21,598) (7.9) (3.0) (68,637) (66,627) (2.9) Revenue with load fee 175,196 155,095 161,513 (7.8) 4.1 536,499 497,554 (7.3) Result with lottery 1,848 1,871 1,840 (0.4) (1.6) 12,299 7,171 (41.7) Acquisition costs (170,852) (138,944) (148,087) (13.3) 6.6 (487,381) (450,206) (7.6) Administrative expenses (32,985) (33,892) (31,650) (4.0) (6.6) (91,931) (94,985) 3.3 Tax expenses (11,273) (10,095) (10,721) (4.9) 6.2 (34,744) (32,048) (7.8) Other operating income (expenses) 19,035 19,920 23,737 24.7 19.2 63,968 61,075 (4.5) Equity income - 1 - - - 58 1 (98.3) Non-interest operating result (19,030) (6,044) (3,368) (82.3) (44.3) (1,232) (11,438) - Net investment income 166,827 132,112 153,911 (7.7) 16.5 363,598 426,966 17.4 Financial income 391,488 342,870 369,644 (5.6) 7.8 1,084,970 1,063,193 (2.0) Financial expenses (224,661) (210,757) (215,733) (4.0) 2.4 (721,371) (636,227) (11.8) Earnings before taxes and profit sharing 147,796 126,068 150,543 1.9 19.4 362,367 415,528 14.7 Taxes (52,333) (48,430) (56,252) 7.5 16.1 (133,726) (135,633) 1.4 Profit sharing (4,047) (2,935) (3,715) (8.2) 26.6 (9,545) (9,986) 4.6 Net income 91,416 74,703 90,576 (0.9) 21.2 219,096 269,909 23.2 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 40 ▪ N E T I N C O M E In 3Q26, net income from the premium bonds operation reached R$90.6 million, down 0.9% YoY. Performance was pressured by a 7.7% decline in net investment income, reflecting the 0.3 p.p. reduction in the spread, largely explained by the lower Selic rate, and a 2.0 p.p. increase in the effective tax rate, due to the increase in CSLL from 15.0% to 17.5% and a lower amount of benefits recognized under “Lei do Bem”. Premium bond collections decreased 4.8% compared with 3Q25, due to a lower number of bonds sold and a decline in the average ticket. Revenue with load fee decreased 7.8%, impacted by lower collections and a 0.3 p.p. reduction in the average load fee, driven by the higher participation of shorter-term unique payment bonds and recurring installments of monthly payment bonds. In 9M26, net income from the premium bonds operation increased 23.2%. It is worth noting that in December 2025 Brasilcap updated tax credits resulting from the change in the CSLL rate from 15.0% to 17.5%, established by Complementary Law No. 224/2025, with a positive impact of R$23.3 million on tax expenses . However, this effect was recognized in BB Seguridade’s equity income only in January 2026. To maintain consistency with equity income, net income from the premium bonds business in 1Q26 was revised, as detailed on the previous page. Excluding this effect, net income would have increased 12.6%, driven by highe r net investment income, reflecting a 0.6 p.p. expansion in the spread and an increase in the average asset balance. Premium bond collections decreased 3.6% year-to-date, reflecting lower sales and a lower average ticket. Revenue with load fee fell more sharply than collections (-7.3%), with a 0.4 p.p. decrease in the average load fee, driven by the same factors discussed in the quarterly analysis. Figure 51 – Brasilcap | Net income (R$ million) 70 54 74 91 99 105 75 91 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Figure 52 – Brasilcap | Key performance indicators Premium bonds collection Unique payment (7.5%) (6.7%) Monthly payment 0.7% 2.4% First Installments (8.9%) (15.0%) Recurring Installments 1.0% 3.3% Reserve quote 0.3 p.p. 0.4 p.p. Lottery quote (0.04 p.p.) 0.01 p.p. Load fee quote (0.3 p.p.) (0.4 p.p.) Technical reserves (1.1%) Net interest margin (0.3 p.p.) 0.6 p.p. Chg. On 9M25 Average quotes Chg. On 3Q25 Other ratios - Figure 53 – Brasilcap | Solvency¹ (R$ million) 700 660 699 242 210 209 289.7 315.1 335.0 Sep/25 Jun/26 Sep/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 3Q26 41 Table 36 – Brasilcap | Performance ratios Chg. (p.p.) % 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Average quotes Reserve quote 89.3 89.0 89.6 0.3 0.6 88.7 89.1 0.4 Lottery quote 1.3 1.4 1.2 (0.0) (0.1) 1.3 1.3 0.0 Load fee quote 9.5 9.6 9.2 (0.3) (0.4) 10.0 9.6 (0.4) Financial Net interest margin (p.p.) 5.0 4.4 4.6 (0.3) 0.3 3.5 4.1 0.6 Other Premium bonds margin (9.6) (3.4) (1.8) 7.7 1.6 (0.2) (2.0) (1.8) Income tax rate 35.4 38.4 37.4 2.0 (1.1) 36.9 32.6 (4.3) Quarterly Flow Chg. (p.p.) 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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) 558 599 613 616 613 628 625 620 1,251 1,060 1,236 1,233 828 1,156 994 1,141 1,809 1,659 1,849 1,849 1,441 1,785 1,618 1,761 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Monthly payment Unique payment Figure 55 – Brasilcap | Collections by product (%) Figure 56 – Brasilcap | Bonds outstanding by product (%) 30.9 36.1 33.2 33.3 42.6 35.2 38.6 35.2 69.1 63.9 66.8 66.7 57.4 64.8 61.4 64.8 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Monthly payment Unique payment 50.3 52.1 52.3 52.5 53.9 49.0 54.3 54.4 49.7 47.9 47.7 47.5 46.1 51.0 45.7 45.6 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Monthly payment Unique payment
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 43 ▪ A C Q U I S I T I O N C O S T S Figure 57 – Brasilcap | Acquisition costs 156 150 167 171 131 163 139 148 89.1 85.3 89.8 97.5 95.5 90.2 89.6 91.7 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Acquisition costs (R$ million) Load fee consumption by acquisition costs (%) QUARTERLY ANALYSIS In 3Q26, acquisition costs fell 13.3% YoY. The decline, which exceeded the 4.8% decrease in collections, mainly reflected: (i) a lower average brokerage rate, associated with a change in the collection mix, with a higher share of recurring installments from monthly payment bonds, which have lower commission rates than unique payment bonds; and (ii) lower sales incentive campaigns in the banking channel. It is also worth noting that, as of January 2026, the allocation of costs between brokerage expenses paid to BB Corretora and sales cost, which includes remuneration paid to Banco do Brasil for banking services, was adjusted, with no change in the overall remuneration percentage. As a result of this change, brokerage expenses declined 27.1%, while sales costs increased 46.5% compared with the same period of 2025. This increase was partially offset by lower sales incentives campaigns in the banking channel. YEAR-TO-DATE ANALYSIS Year-to-date, acquisition costs declined 7.6%, while collections decreased 3.6%. The sharper decline in costs mainly reflected the lower average brokerage rate associated with the change in the collection mix. The period also reflected the change in the allocation of acquisition costs between brokerage expenses and sales cost, as detailed in the quarterly analysis, which largely explains the 26.3% decline in brokerage expenses and the 120.3% increase in sales costs. The latter was limited by lower sales campaigns in the banking channel. Table 37 – Brasilcap | Changes in acquisition costs Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Acquisition costs 170,852 138,944 148,087 (13.3) 6.6 487,381 450,206 (7.6) Brokerage 138,888 96,380 101,257 (27.1) 5.1 425,263 313,370 (26.3) Sales cost 31,964 42,564 46,830 46.5 10.0 62,118 136,836 120.3 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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) 34 28 31 33 38 29 34 32 11 11 12 11 9 11 10 11 -25 -23 -22 -19 -15 -17 -20 -24 20 16 21 25 33 23 24 19 11.2 9.4 11.3 14.4 23.7 12.9 15.5 11.5 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Other operating income (expenses) Tax expenses Administrative expenses G&A ratio (%) QUARTERLY ANALYSIS In 3Q26, G&A expenses decreased 26.1% compared with the same period of 2025, resulting in a 2.9 p.p. reduction in the G&A ratio. Administrative expenses fell 4.0%, mainly due to lower advertising and publicity expenses. This movement was partially offset by higher location and operating expenses, reflecting increased software amortization expenses, as well as higher personnel expenses due to the collective bargaining agreement. The positive balance of other operating income and expenses increased 24.7% compared with the same period of 2025, driven by a 76.0% increase in revenue from expired premium bonds, partially offset by lower revenues from early redemptions, which are recorded under other operating income and expenses. Tax expenses decreased 4.9%, in line with the contraction in the taxable base. YEAR-TO-DATE ANALYSIS In 9M26, G&A expenses increased 5.2%. This movement, combined with the 7.3% reduction in load fee revenue, resulted in a 1.6 p.p. increase in the G&A ratio year-to-date. Administrative expenses increased 3.3%, mainly reflecting higher expenses related to: ▪ personnel, due to the collective bargaining agreement and lower vacancies in executive positions; ▪ outsourcing, due to higher technology expenses and consulting and advisory expenditures; and ▪ location and operation, explained by higher software amortization expenses, partially offset by lower travel expenses. On the other hand , lower advertising and publicity expenses limited the increase in administrative expenses. The positive balance of other operating income and expenses decreased 4.5%, in line with lower revenues from early redemptions. Tax expenses decreased 7.8%, due to a lower taxable base.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 45 Table 38 – Brasilcap | General & Administrative expenses Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Administrative expenses (32,985) (33,892) (31,650) (4.0) (6.6) (91,931) (94,985) 3.3 Personnel (19,212) (20,566) (19,447) 1.2 (5.4) (55,504) (58,777) 5.9 Location and operation (1,905) (2,190) (2,150) 12.9 (1.8) (5,563) (6,496) 16.8 Outsourcing (9,430) (10,457) (9,478) 0.5 (9.4) (25,665) (27,865) 8.6 Institutional advertisement and publicity (2,031) (391) (293) (85.6) (24.9) (4,305) (935) (78.3) Leasing (11) (6) (11) 3.5 80.6 (33) (26) (21.5) Other (395) (282) (270) (31.7) (4.4) (862) (887) 2.9 Other operating income (expenses) 19,036 19,920 23,737 24.7 19.2 63,969 61,075 (4.5) Legal provisions (72) 26 (7) (90.3) - (15) 10 - Other operating income (expenses) 10,948 8,827 9,379 (14.3) 6.3 32,211 29,326 (9.0) Revenue with premium bonds prescription 8,160 11,066 14,365 76.0 29.8 31,773 31,739 (0.1) Tax expenses (11,273) (10,095) (10,721) (4.9) 6.2 (34,744) (32,048) (7.8) COFINS (9,073) (7,973) (8,513) (6.2) 6.8 (27,927) (25,429) (8.9) PIS/PASEP (1,474) (1,296) (1,383) (6.2) 6.8 (4,538) (4,132) (8.9) Inspection fee (650) (748) (748) 15.2 - (2,048) (2,245) 9.6 Other tax expenses (75) (78) (76) 1.4 (1.8) (230) (242) 5.0 G&A Expenses (25,222) (24,067) (18,634) (26.1) (22.6) (62,706) (65,958) 5.2 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 108 73 123 167 154 141 132 154 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 5.5 6.2 6.8 6.3 6.6 6.4 6.5 6.1 3.5 2.5 4.2 5.0 4.7 4.6 4.4 4.6 9.0 8.7 11.0 11.3 11.3 11.1 10.8 10.8 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Interest revenues 390,168 341,662 367,410 (5.8) 7.5 1,003,065 1,056,953 5.4 Results with trading financial investments 222,201 181,607 200,501 (9.8) 10.4 525,395 574,538 9.4 Revenues with available for sale financial investments - - - - - 192 - - Revenues with held to maturity financial investments 165,461 158,654 165,795 0.2 4.5 473,325 479,319 1.3 Interest accrual on judicial deposits 2,507 1,401 1,114 (55.6) (20.5) 4,154 3,096 (25.5) Interest expenses (220,066) (206,453) (210,259) (4.5) 1.8 (630,102) (620,613) (1.5) Interest accrual on technical reserves (213,387) (205,235) (209,155) (2.0) 1.9 (600,646) (617,198) 2.8 Loans (5,314) - - - - (25,733) - - Other (1,365) (1,218) (1,104) (19.2) (9.4) (3,723) (3,415) (8.3) Net interest income 170,102 135,209 157,151 (7.6) 16.2 372,963 436,340 17.0 Quarterly Flow Chg. % 9 Months Flow QUARTERLY ANALYSIS In 3Q26, net interest income decreased 7.6% compared with the same period of 2025, with the net interest margin contracting 0.3 p.p. Interest income declined 5.8% due to the lower average yield on assets, pressured by the lower Selic rate. Interest expenses decreased 4.5% (-R$9.8 million), almost entirely due to a lower average rate on liabilities, following the settlement in 3Q25 of the bank loan contracted to temporarily restore the coverage level of regulatory reserves, as well as lower adjustment rates on technical provisions due to the decline in the TR rate during the period. YEAR-TO-DATE ANALYSIS Year-to-date, net interest income increased 17.0%, with a 0.6 p.p. expansion in the net interest margin. Interest income increased by R$53.9 million (+5.4%). Of this amount, R$42.0 million resulted from the higher average yield on assets, as 1Q25 results included a negative R$50.9 million hedge adjustment. Growth in the average asset balance contributed an additional R$11.9 million to interest income. Interest expenses, in turn, decreased by R$9.5 million (-1.5%), reflecting a lower average rate on interest-bearing liabilities. The prepayment of the bank loan contributed to a R$25.7 million reduction, partially offset by a R$10.9 million increase resulting from the higher
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 47 average rate on premium bond technical provisions following the increase in the TR rate. In addition, the expansion in the balance of interest -bearing liabilities added R$3.6 million to interest expenses. Table 40 – Brasilcap | Quarterly figures – Earning assets – average balance and interest rates R$ thousand Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%) Earnings assets Trading financial investments 6,006,902 222,201 14.9 5,738,367 200,501 14.2 Held to maturity financial investments 6,337,981 165,461 10.3 6,532,237 165,795 10.2 Judicial deposits 1,370,106 2,507 0.7 1,465,917 1,114 0.3 Total 13,714,989 390,168 11.3 13,736,520 367,410 10.8 3Q25 3Q26 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 11,461,247 (213,387) 6.9 11,501,466 (209,155) 6.9 Other 1,353,048 (1,365) 0.4 1,452,588 (1,104) 0.3 Loans 126,869 (5,314) 15.1 - - - Total 12,941,164 (220,066) 6.3 12,954,054 (210,259) 6.1 3Q25 3Q26 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 5,026,232 525,395 14.3 5,845,756 574,538 13.5 Available for sale financial investments 404,864 192 0.1 (0) - - Held to maturity financial investments 6,778,492 473,325 9.5 6,423,344 479,319 10.2 Judicial deposits 1,347,147 4,154 0.4 1,441,672 3,096 0.3 Total 13,556,736 1,003,065 10.0 13,710,772 1,056,953 10.5 9M25 9M26 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 11,331,706 (600,646) 7.0 11,436,037 (617,198) 7.2 Other 1,333,036 (3,723) 0.4 1,428,514 (3,415) 0.3 Loans 125,703 (25,733) 26.4 - - - Total 12,790,444 (630,102) 6.5 12,864,551 (620,613) 6.4 9M25 9M26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 48 Table 44 – Brasilcap | Financial investments portfolio breakdown R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Trading 6,081,047 5,647,304 5,829,430 (4.1) 3.2 Floating 6,040,619 4,656,108 5,549,675 (8.1) 19.2 Pre-fixed - 964,140 253,733 - (73.7) Equity funds 1,103 948 988 (10.4) 4.2 Short-terms funds 39,326 26,108 25,033 (36.3) (4.1) Held to maturity securities 6,372,842 6,596,059 6,468,415 1.5 (1.9) Pre-fixed 6,372,842 6,596,059 6,468,415 1.5 (1.9) Total 12,453,889 12,243,363 12,297,845 (1.3) 0.4 Balance Chg. % Figure 61 – Brasilcap | Asset allocation (%) Figure 62 – Brasilcap | Financial investments breakdown by index (%) 1.5 1.7 1.7 1.7 1.8 1.3 1.3 1.2 0.7 0.8 0.6 0.7 0.7 0.6 0.5 0.6 0.2 0.3 0.2 0.3 0.1 0.5 0.2 0.2 97.2 96.7 97.2 96.9 97.1 96.9 96.2 97.5 0.3 0.4 0.4 0.3 0.4 0.7 1.8 0.5 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Time deposits and other Debentures and commercial papers Short-terms funds Government bonds Repo + cash Equity funds 12.7 9.8 9.1 - 1.7 12.6 17.1 4.4 86.8 89.4 90.5 99.3 98.1 86.3 82.4 95.2 0.04 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.5 0.7 0.4 0.6 0.1 1.1 0.5 0.4 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Pre-fixed Floating Equity funds Other
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 49 ▪ B A L A N C E S H E E T Table 45 – Brasilcap | Balance sheet R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 14,175,606 14,009,955 14,135,070 (0.3) 0.9 Cash and cash equivalents 24 504 978 - 94.0 Financial assets 12,453,889 12,243,363 12,297,845 (1.3) 0.4 Securities and credits receivable 1,684,565 1,719,534 1,785,760 6.0 3.9 Prepaid expenses 5,006 4,771 4,070 (18.7) (14.7) Investments 481 481 481 - - Fixed assets 14,786 12,846 12,796 (13.5) (0.4) Intangible 9,664 18,756 21,518 122.7 14.7 Other assets 7,191 9,700 11,622 61.6 19.8 Liabilities 13,152,656 13,049,365 13,161,915 0.1 0.9 Accounts payable 120,494 101,237 168,121 39.5 66.1 Premium bonds operations debts 13,486 7,851 9,384 (30.4) 19.5 Technical reserves - premium bonds 11,643,197 11,491,935 11,510,998 (1.1) 0.2 Other liabilities 1,375,480 1,448,342 1,473,413 7.1 1.7 Shareholders' equity 1,022,950 960,589 973,155 (4.9) 1.3 Capital 354,398 403,000 403,000 13.7 - Capital increase pending approval 48,602 - - - - Reserves 400,852 401,567 401,567 0.2 - Intermediary dividends - - (78,011) - - Accumulated profits and losses 219,097 156,022 246,598 12.6 58.1 Balance Chg. % ▪ S O L V E N C Y Table 46 – Brasilcap | Solvency¹ R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Adjusted shareholders' equity (a) 700,428 660,243 699,036 (0.2) 5.9 Minimum capital required (b) 241,785 209,523 208,675 (13.7) (0.4) Additional capital for underwritting risk 42,004 39,223 38,861 (7.5) (0.9) Additional capital for credit risk 55,683 44,850 50,062 (10.1) 11.6 Additional capital for operating risk 35,097 32,293 32,043 (8.7) (0.8) Additional capital for market risk 165,611 141,902 138,179 (16.6) (2.6) Benefit of correlation between risks (56,610) (48,745) (50,470) (10.8) 3.5 Capital adequacy (a) - (b) 458,643 450,720 490,361 6.9 8.8 Solvency ratio (a) / (b) - % 289.7 315.1 335.0 45.3 p.p. 19.9 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 3Q26 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 3Q25 and 3Q26 include information relating to June, July and August. Table 47 – Brasildental | Income statement Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Gross operating revenues 30,454 31,179 30,882 1.4 (1.0) 81,612 82,242 0.8 Taxes on revenues (1,166) (1,220) (1,181) 1.3 (3.2) (3,211) (3,227) 0.5 Net operating revenues 29,288 29,959 29,701 1.4 (0.9) 78,400 79,015 0.8 Cost of services (15,104) (14,586) (15,255) 1.0 4.6 (38,302) (38,786) 1.3 Gross income 14,183 15,373 14,446 1.9 (6.0) 40,098 40,229 0.3 Acquisition costs (2,411) (1,894) (1,325) (45.0) (30.1) (5,270) (4,263) (19.1) Administratives expenses (5,105) (5,671) (6,542) 28.1 15.4 (13,517) (17,251) 27.6 Tax expenses (3) (56) (91) - 63.6 (24) (191) - Other revenues (expenses) 610 764 419 (31.4) (45.2) 1,259 1,749 38.9 Earnings before interest and taxes 7,275 8,516 6,907 (5.1) (18.9) 22,546 20,273 (10.1) Net investment income 775 1,011 856 10.4 (15.4) 1,919 2,331 21.5 Financial income 1,051 1,320 1,164 10.8 (11.8) 2,702 3,148 16.5 Financial expenses (275) (309) (309) 12.1 0.0 (783) (817) 4.3 Earnings before taxes and profit sharing 8,050 9,528 7,763 (3.6) (18.5) 24,465 22,604 (7.6) Taxes (2,722) (3,392) (2,569) (5.6) (24.3) (8,248) (7,729) (6.3) Profit sharing (148) 148 (277) 87.6 - (267) (289) 8.0 Net income 5,180 6,283 4,917 (5.1) (21.7) 15,949 14,585 (8.5) Quarterly Flow Chg. % 9 Months Flow Table 48 – Brasildental | Performance ratios Chg. (p.p.) % 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Performance ratios Loss ratio 51.6 48.7 51.4 (0.2) 2.7 48.9 49.1 0.2 Comission ratio 8.2 6.3 4.5 (3.8) (1.9) 6.7 5.4 (1.3) G&A ratio 15.4 16.6 20.9 5.6 4.4 15.7 19.9 4.2 EBITDA margin 24.8 28.4 23.3 (1.6) (5.2) 28.8 25.7 (3.1) Quarterly Flow 9 Months FlowChg. (p.p.)
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 51 ▪ B A L A N C E S H E E T Table 49 – Brasildental | Balance sheet R$ thousand Aug/25 May/26 Aug/26 On Aug/25 On May/26 Assets 37,412 36,595 38,414 2.7 5.0 Cash and cash equivalents 644 1,204 1,163 80.6 (3.4) Financial assets 28,503 27,249 29,321 2.9 7.6 Receivables from insurance and reinsurance operations 5,727 6,774 6,399 11.7 (5.5) Tax assets 1,704 866 992 (41.8) 14.6 Other assets 834 502 539 (35.4) 7.3 Liabilities 22,698 21,652 22,455 (1.1) 3.7 Technical reserves 11,982 11,625 11,769 (1.8) 1.2 Tax liabilities 846 1,168 1,192 40.8 2.0 Other liabilities 9,870 8,859 9,494 (3.8) 7.2 Shareholders' equity 14,714 14,943 15,959 8.5 6.8 Capital 9,500 9,500 9,500 - - Reserves 3,965 3,874 3,874 (2.3) - Retained earnings 1,249 1,569 2,585 107.0 64.8 Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 52 B B C O R R E T O R A Table 50 – BB Corretora | Income statement Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Brokerage revenues 1,480,640 1,371,128 1,408,534 (4.9) 2.7 4,291,366 4,199,654 (2.1) Administrative expenses (62,202) (53,808) (51,387) (17.4) (4.5) (170,570) (160,183) (6.1) Personnel expenses (18,056) (19,856) (18,579) 2.9 (6.4) (54,901) (56,675) 3.2 Other operating income (expenses) (7,000) (7,674) (3,633) (48.1) (52.7) (13,258) (13,793) 4.0 Tax expenses (180,095) (164,640) (169,260) (6.0) 2.8 (519,440) (506,771) (2.4) Equity income 3,199 1,969 1,971 (38.4) 0.1 8,244 5,542 (32.8) Earnings before interest and taxes 1,216,485 1,127,120 1,167,645 (4.0) 3.6 3,541,439 3,467,774 (2.1) Net investment income 206,871 168,107 171,120 (17.3) 1.8 502,394 489,988 (2.5) Financial income 207,029 168,274 171,365 (17.2) 1.8 539,053 550,822 2.2 Financial expenses (158) (167) (245) 54.8 47.0 (36,659) (60,834) 65.9 Earnings before taxes 1,423,356 1,295,227 1,338,765 (5.9) 3.4 4,043,833 3,957,762 (2.1) Taxes (480,329) (436,822) (454,597) (5.4) 4.1 (1,367,780) (1,339,563) (2.1) Net income 943,027 858,405 884,168 (6.2) 3.0 2,676,053 2,618,199 (2.2) Chg. % Quarterly Flow 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 53 ▪ N E T I N C O M E Table 51 – BB Corretora | Managerial performance ratios Chg. (p.p.) % 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 G&A expenses 18.1 17.9 17.2 (0.8) (0.7) 17.7 17.6 (0.1) Tax expenses 12.2 12.0 12.0 (0.1) 0.0 12.1 12.1 (0.0) EBIT margin 82.2 82.2 82.9 0.7 0.7 82.5 82.6 0.05 Income tax rate 33.7 33.7 34.0 0.2 0.2 33.8 33.8 0.0 Net margin 63.7 62.6 62.8 (0.9) 0.2 62.4 62.3 (0.02) Quarterly Flow Chg. (p.p.) 9 Months Flow In 3Q26, BB Corretora’s net income totaled R$884.2 million, down 6.2% compared with the same period of 2025. The decline was driven by a 4.9% decrease in brokerage revenues and a 17.3% reduction in net investment income. The decrease in brokerage revenues mainly reflected two factors: (i) a 3.8% decline ( -R$46.1 million) in commissions from the insurance segment, due to lower recognition of deferred commissions from prior periods; and (ii) a 28.6% decline ( -R$38.8 million) in commissions from the premium bonds business, impacted by lower collections and a lower average brokerage rate, as well as the change in the allocation of acquisition costs between brokerage expenses and sales costs, as disclosed in the related -party transaction notice released on December 19, 2025 and available on BB Seguridade’s Investor Relations website. These effects were mitigated by a 6.7% increase (+R$9.5 million) in commissions received from the pension business, explained by the 4.7% growth in contributions and the higher share of sporadic contributions in inflows, as this modality carries a higher b rokerage percentage than recurring installments from periodic plans, whose participation declined. EBIT margin increased by 0.7 p.p., reflecting a 9.2% decrease in G&A expenses, which outpaced the decline in brokerage revenues. Net margin, however, decreased by 0.9 p.p., explained by lower net investment income due to the lower Selic rate during the period and, to a lesser extent, a reduction in the average balance of these assets. In 9M26, BB Corretora’s net income declined 2.2%, mainly explained by the 2.1% decrease (-R$91.7 million) in brokerage revenues. The decline in brokerage revenues primarily reflected lower commission revenues from the premium bonds ( -27.3%) and insurance (-0.8%) businesses, for the same reasons detailed in the quarterly analysis. These effects were partially offset by higher commissions from the pension business (+11.1%), reflecting the 6.1% increase in contributions and a lower volume of commission reimbursements to Brasilprev, resulting from fewer redemptions occurring within 12 months of the sale. Figure 63 – BB Corretora | Net income (R$ million) 858 849 884 943 859 876 858 884 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Figure 64 – BB Corretora | Key performance indicators Insurance (3.8%) (0.8%) Pension plans 6.7% 11.1% Premium bonds (28.6%) (27.3%) Other¹ 53.7% 39.7% EBIT Margin 0.7 p.p. 0.05 p.p. Net Margin (0.9 p.p.) (0.02 p.p.) Performance ratios Chg. On 3Q25 Chg. On 9M25 Breakdown of brokerage revenues ¹ Including dental plans and other revenues
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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) 1,404 1,401 1,410 1,481 1,352 1,420 1,371 1,409 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Table 52 – BB Corretora | Brokerage revenues breakdown Chg. % R$ thousand 3Q25 Part. % 2Q26 Part. % 3Q26 Part. % On 3Q25 On 2Q26 9M25 Part. % 9M26 Part. % On 9M25 Insurance 1,196,802 80.8 1,161,851 84.7 1,150,750 81.7 (3.8) (1.0) 3,480,994 81.1 3,453,175 82.2 (0.8) Pension plans 142,433 9.6 106,636 7.8 151,945 10.8 6.7 42.5 378,808 8.8 421,039 10.0 11.1 Premium bonds 135,456 9.1 94,410 6.9 96,694 6.9 (28.6) 2.4 414,368 9.7 301,417 7.2 (27.3) Dental plans 1,213 0.1 1,173 0.1 1,185 0.1 (2.2) 1.1 3,632 0.1 3,546 0.1 (2.4) Other 4,737 0.3 7,058 0.5 7,960 0.6 68.0 12.8 13,563 0.3 20,478 0.5 51.0 Total 1,480,640 100.0 1,371,128 100.0 1,408,534 100.0 (4.9) 2.7 4,291,366 100.0 4,199,654 100.0 (2.1) Quarterly Flow Chg. % 9 Months Flow Figure 66 – BB Corretora | Unearned commissions (R$ billion) Figure 67 – BB Corretora | Unearned commissions breakdown (%) 6.0 6.1 6.1 6.3 6.2 6.3 6.2 6.1 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 1.1 1.0 1.1 1.1 1.2 1.1 1.1 1.1 76.9 77.8 79.3 79.5 78.2 78.2 79.6 79.2 17.2 16.2 14.4 14.2 15.4 15.3 13.8 12.8 2.7 2.9 3.0 3.0 2.9 3.2 3.3 4.6 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.3 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Custom Life Rural P&C Auto
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 284 246 245 267 296 249 246 243 20.3 17.5 17.4 18.1 21.9 17.5 17.9 17.2 8.0 5.5 5.3 5.9 9.7 5.3 5.9 5.2 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 G&A Expenses (R$ million) G&A ratio (%) G&A ratio ex-taxes (%) QUARTERLY ANALYSIS In 3Q26, the G&A ratio reached 17.2%, down 0.8 p.p. compared with 3Q25. Administrative expenses decreased by R$10.8 million (-17.4%), explained by: ▪ R$8.1 million reduction in product administrative costs, due to the lower number of transactions carried out during the period; and ▪ R$2.0 million decrease in other administrative expenses, reflecting, among other factors, lower spending on sales incentives and banking correspondents. The negative balance of other operating income and expenses decreased by R$3.4 million (-48.1%), due to lower provisions for civil lawsuits, as well as lower spending on sponsorships and tax-incentivized donations. Tax expenses decreased by R$10.8 million (-6.0%), in line with the contraction in taxable revenues. YEAR-TO-DATE ANALYSIS Year-to-date, the G&A ratio reached 17.6%, flat YoY. Personnel expenses increased by R$1.8 million (+3.2%), mainly impacted by the collective bargaining agreement. Administrative expenses decreased 6.1% (-R$10.4 million), reflecting: ▪ lower product administrative costs ( -R$6.1 million), for the reasons detailed in the quarterly analysis; and ▪ an R$8.8 million decrease in other administrative expenses, mainly reflecting lower spending on banking correspondents, together with reductions in brand promotion events and sales incentives. These effects were partially offset by: (i) higher information technology expenses, due to increased system development and maintenance costs; and (ii) higher operating support expenses, due to greater use of Banco do Brasil’s infrastructure year-to-date. Tax expenses decreased 2.4%, in line with the contraction in taxable revenues.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 56 Table 53 – BB Corretora | General & Administrative expenses Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Personnel expenses (18,056) (19,856) (18,579) 2.9 (6.4) (54,901) (56,675) 3.2 Administrative expenses (62,202) (53,808) (51,387) (17.4) (4.5) (170,570) (160,183) (6.1) Administrative cost of products (32,220) (23,657) (24,097) (25.2) 1.9 (80,763) (74,707) (7.5) Operational support (9,402) (9,642) (8,472) (9.9) (12.1) (26,139) (28,021) 7.2 Information technology (6,824) (8,495) (7,033) 3.1 (17.2) (20,714) (23,324) 12.6 Other (13,755) (12,013) (11,785) (14.3) (1.9) (42,955) (34,130) (20.5) Other operating income (expenses) (7,000) (7,674) (3,633) (48.1) (52.7) (13,258) (13,793) 4.0 Tax expenses (180,095) (164,640) (169,260) (6.0) 2.8 (519,440) (506,771) (2.4) PIS/PASEP (25,709) (23,653) (24,309) (5.4) 2.8 (74,071) (72,742) (1.8) COFINS (120,502) (110,639) (113,694) (5.6) 2.8 (346,601) (340,597) (1.7) ISS (33,884) (30,348) (31,257) (7.8) 3.0 (98,768) (93,431) (5.4) G&A Expenses (267,354) (245,978) (242,859) (9.2) (1.3) (758,170) (737,422) (2.7) Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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) 144 127 169 207 205 151 168 171 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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 5,385,840 202,899 15.2 5,202,236 167,730 13.1 Other assets 260,566 4,130 6.2 251,240 3,635 5.7 Current tax assets 4,711 - - 4,858 - - Total 5,651,116 207,029 14.7 5,458,333 171,365 12.7 3Q25 3Q26 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 (1) 0.8 499 (11) 8.2 Total 867,013 (1) 0.0 867,515 (11) 0.0 3Q25 3Q26 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 5,574,588 527,774 12.9 5,561,395 539,619 13.3 Other assets 256,931 11,279 5.9 247,582 11,178 6.1 Current tax assets 4,573 - - 4,783 26 0.7 Total 5,836,092 539,053 12.6 5,813,761 550,822 13.0 9M25 9M26 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 860,201 (36,214) 5.6 901,051 (40,171) 6.0 Other liabilities 543,253 (1) 0.0 572,767 (20,102) 4.7 Total 1,403,454 (36,215) 3.4 1,473,818 (60,273) 5.5 9M25 9M26
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 58 ▪ B A L A N C E S H E E T Table 58 – BB Corretora | Balance sheet R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 8,276,652 8,686,355 7,937,033 (4.1) (8.6) Cash and cash equivalents 5,144,839 5,541,538 4,869,046 (5.4) (12.1) Equity investments 20,175 24,469 26,440 31.1 8.1 Current tax assets 31,215 29,885 29,553 (5.3) (1.1) Commission receivable 2,814,856 2,815,922 2,782,500 (1.1) (1.2) Other assets 265,567 274,540 229,495 (13.6) (16.4) Liabilities 7,327,617 8,680,347 7,046,857 (3.8) (18.8) Dividends payable - 1,734,031 - - - Provision 52,972 53,277 54,276 2.5 1.9 Current tax liabilities 892,085 554,715 739,252 (17.1) 33.3 Unearned commissions 6,255,610 6,232,726 6,134,984 (1.9) (1.6) Other liabilities 126,950 105,599 118,345 (6.8) 12.1 Shareholders' equity 949,035 6,008 890,176 (6.2) - Capital 1,000 1,000 1,000 - - Reserves 5,175 5,175 5,175 - - Other accumulated comprehensive income (167) (167) (167) - - Retained earnings 943,027 - 884,168 (6.2) - Chg. % Balance
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Equity income 2,304,653 2,377,908 2,265,162 (1.7) (4.7) 6,622,490 6,772,540 2.3 Underwritting and accumulation businesses 1,319,564 1,488,341 1,347,377 2.1 (9.5) 3,839,053 4,062,419 5.8 Brasilseg 957,123 918,778 847,257 (11.5) (7.8) 2,740,899 2,578,541 (5.9) Brasilprev 296,851 513,615 436,159 46.9 (15.1) 936,859 1,292,329 37.9 Brasilcap 61,037 49,878 60,476 (0.9) 21.2 146,286 180,212 23.2 Brasildental 4,553 6,070 3,484 (23.5) (42.6) 15,009 11,337 (24.5) Distribution businesses 943,027 858,405 884,168 (6.2) 3.0 2,676,053 2,618,199 (2.2) Other 42,062 31,163 33,617 (20.1) 7.9 107,384 91,923 (14.4) G&A expenses (7,045) (6,899) (9,740) 38.3 41.2 (21,737) (28,487) 31.1 Net investment income 49,597 59,258 111,753 125.3 88.6 63,343 196,323 209.9 Earnings before taxes and profit sharing 2,347,205 2,430,267 2,367,175 0.9 (2.6) 6,664,096 6,940,376 4.1 Taxes (12,860) (17,535) (33,853) 163.2 93.1 (12,725) (54,885) 331.3 Recurring net income 2,334,345 2,412,732 2,333,322 (0.0) (3.3) 6,651,372 6,885,491 3.5 One-off events - - - - - 63,154 - - Brasilseg: reversal of provision for judicial claims (PSLJ) - - - - - 63,154 - - Net income 2,334,345 2,412,732 2,333,322 (0.0) (3.3) 6,714,526 6,885,491 2.5 Quarterly Flow Chg. % 9 Months Flow 2,562 7 (2 6) 2, 4 0 500 ,000 ,500 2,000 2,500 ,000 8. % 4. % 2,4 2 ( ) ( 7) 2, 0.2 0 500 ,000 ,500 2,000 2,500 ,000 ( 75) 6,65 6,7 8 28 0 ,000 2,000 ,000 4,000 5,000 6,000 7,000 2.2% + .2% 6,804 ( ) 02 ( ) 6,885 0 ,000 2,000 ,000 4,000 5,000 6,000 7,000
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 60 Table 61 – BB Seguridade | Balance sheet R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 12,888,655 14,756,243 13,498,245 4.7 (8.5) Cash and cash equivalents 1,547,526 1,953,445 2,372,245 53.3 21.4 Financial assets marked to market 28,321 29,243 29,554 4.4 1.1 Investments 11,155,168 9,719,481 10,939,519 (1.9) 12.6 Current tax assets 18,007 1,208 6,683 (62.9) 453.2 Deferred tax assets 125,724 145,278 135,468 7.8 (6.8) Dividends receivable - 2,896,031 - - - Other assets 11,802 10,084 13,494 14.3 33.8 Intangible 2,107 1,473 1,282 (39.2) (13.0) Liabilities 18,814 3,865,898 19,660 4.5 (99.5) Provision for fiscal, civil and tax contingencies 2,787 2,667 2,742 (1.6) 2.8 Statutory obligation 427 3,850,524 515 20.6 (100.0) Current tax liabilities 3,546 690 4,391 23.8 - Other liabilities 12,054 12,017 12,012 (0.3) (0.0) Shareholders' equity 12,869,841 10,890,345 13,478,585 4.7 23.8 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 (517,184) (552,768) (297,892) (42.4) (46.1) Retained earnings 2,946,445 702,169 3,035,533 3.0 332.3 Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 61 ▪ B R A S I L S E G Table 62 – Brasilseg | Income statement Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Insurance contracts results 4,458,952 4,163,818 4,091,319 (8.2) (1.7) 13,197,987 12,402,774 (6.0) BBA contracts results 1,151,293 1,128,156 1,153,194 0.2 2.2 3,239,663 3,387,340 4.6 CSM release 301,557 206,277 205,102 (32.0) (0.6) 918,885 658,105 (28.4) Risk adjustment release 11,889 21,390 21,548 81.2 0.7 25,072 54,005 115.4 Risk adjustment 11,389 - - - - 38,181 - - Expected expenses 826,459 900,488 926,544 12.1 2.9 2,257,525 2,675,230 18.5 PPA contracts results 3,307,659 3,035,662 2,938,126 (11.2) (3.2) 9,958,324 9,015,434 (9.5) Insurance expenses (2,397,952) (2,286,949) (2,375,508) (0.9) 3.9 (7,564,540) (7,191,850) (4.9) Loss component 2,608 2,450 (3,351) - - 754 (13,991) - Realized expenses (2,400,561) (2,289,399) (2,372,157) (1.2) 3.6 (7,565,294) (7,177,858) (5.1) Insurance margin 2,061,000 1,876,869 1,715,811 (16.7) (8.6) 5,633,448 5,210,924 (7.5) Reinsurance results (307,881) (213,917) (134,227) (56.4) (37.3) (603,632) (460,077) (23.8) Insurance and reinsurance margin 1,753,119 1,662,952 1,581,584 (9.8) (4.9) 5,029,816 4,750,847 (5.5) Net investment income 242,655 203,468 187,000 (22.9) (8.1) 705,360 592,938 (15.9) Financial revenues 347,883 319,735 308,413 (11.3) (3.5) 976,705 956,833 (2.0) Financial expenses (105,228) (116,267) (121,414) 15.4 4.4 (271,345) (363,895) 34.1 Non-attributable expenses (297,294) (301,972) (276,883) (6.9) (8.3) (856,169) (866,105) 1.2 Other revenues and expenses (4,025) (4,047) (5,748) 42.8 42.0 (13,394) (12,395) (7.5) Earnings before taxes and profit sharing 1,694,455 1,560,400 1,485,953 (12.3) (4.8) 4,865,613 4,465,285 (8.2) Taxes (397,583) (329,227) (350,154) (11.9) 6.4 (1,162,428) (1,008,857) (13.2) Profit sharing (14,863) - - - - (31,140) - - Recurring net income 1,282,009 1,231,172 1,135,799 (11.4) (7.7) 3,672,045 3,456,428 (5.9) One-off events - - - - - 84,217 - - Reversal of pending claims provisions - Judicial (PSLJ) - - - - - 131,936 - - Reversal of PSLJ - tax expenses (PIS/COFINS) - - - - - (5,782) - - Reversal of PSLJ - taxes (IR/CSLL) - - - - - (41,937) - - Net income 1,282,009 1,231,172 1,135,799 (11.4) (7.7) 3,756,262 3,456,428 (8.0) Quarterly Flow Chg. % 9 Months Flow Table 63 – Brasilseg | Comprehensive income Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Net income 1,282,009 1,231,172 1,135,799 (11.4) (7.7) 3,756,262 3,456,428 (8.0) Other comprehensive income 11,321 5,213 4,491 (60.3) (13.9) 26,163 22,815 (12.8) Net investment income 6,984 1,258 (1,504) - - (14,799) 6,080 - Other 4,337 3,956 5,995 38.2 51.5 40,962 16,735 (59.1) Comprehensive result 1,293,330 1,236,386 1,140,290 (11.8) (7.8) 3,782,425 3,479,244 (8.0) Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 62 Table 64 – Brasilseg | Balance sheet R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 13,481,073 12,386,628 13,082,972 (3.0) 5.6 Cash and equivalent of cash 9,697 4,530 2,698 (72.2) (40.4) Receivables 116,772 97,625 568,662 387.0 482.5 Financial investments 10,122,544 9,193,483 9,528,428 (5.9) 3.6 Insurance and reinsurance contracts 840,128 728,983 692,142 (17.6) (5.1) Current tax asset 109,206 164,492 117,850 7.9 (28.4) Deferred tax assets 291,867 266,936 263,805 (9.6) (1.2) Other 1,114,971 1,141,484 1,140,973 2.3 (0.0) Intangible and fixed assets 494,530 406,337 388,312 (21.5) (4.4) Equity investment 381,358 382,757 380,102 (0.3) (0.7) Liabilities 10,129,668 9,384,458 10,167,513 0.4 8.3 Insurance and reinsurance contracts 8,068,800 7,633,677 7,486,254 (7.2) (1.9) Dividends payable - - 782,000 - - Payable accounts 243,690 211,767 190,725 (21.7) (9.9) Current tax liabilities 709,095 421,133 574,266 (19.0) 36.4 Other 1,108,083 1,117,881 1,134,268 2.4 1.5 Equity 3,351,406 3,002,170 2,915,459 (13.0) (2.9) Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 63 ▪ B R A S I L P R E V Table 65 – Brasilprev | Income statement Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Result with insurance contract 1,110,640 1,178,115 1,204,724 8.5 2.3 3,341,180 3,544,029 6.1 Result with contracts BBA 176,534 187,320 191,817 8.7 2.4 561,818 576,671 2.6 CSM release 40,084 36,329 35,996 (10.2) (0.9) 125,654 110,688 (11.9) Risk adjustment release 178 170 167 (6.1) (1.6) 548 510 (7.0) Expected expenses 136,272 150,821 155,654 14.2 3.2 435,616 465,473 6.9 Result with contracts VFA 934,106 990,795 1,012,908 8.4 2.2 2,779,362 2,967,358 6.8 CSM release 686,426 717,429 732,231 6.7 2.1 2,062,285 2,144,378 4.0 Expected expenses 247,680 273,366 280,677 13.3 2.7 717,078 822,980 14.8 Insurance expenses (735,600) (401,827) (266,590) (63.8) (33.7) (1,665,867) (1,085,156) (34.9) Loss component (341,010) (1,090) 150,338 - - (548,851) 151,199 - Realized expenses (394,590) (400,737) (416,928) 5.7 4.0 (1,117,016) (1,236,355) 10.7 Insurance margin 375,040 776,288 938,134 150.1 20.8 1,675,313 2,458,873 46.8 Reinsurance margin (43) 54 (11,220) - - 61 (11,103) - Result with insurance services 374,997 776,342 926,914 147.2 19.4 1,675,374 2,447,770 46.1 Net investment income 271,320 389,867 35,981 (86.7) (90.8) 438,877 471,155 7.4 Financial revenues 15,589,556 14,986,484 18,005,479 15.5 20.1 43,790,553 48,399,552 10.5 Financial expenses (15,318,236) (14,596,617) (17,969,498) 17.3 23.1 (43,351,676) (47,928,398) 10.6 Non-attributable expenses (22,475) (23,065) (23,895) 6.3 3.6 (62,481) (69,380) 11.0 Other revenues and expenses (5) - 22 - - (5) 24 - Earnings before taxes and profit sharing 623,837 1,143,144 939,023 50.5 (17.9) 2,051,764 2,849,569 38.9 Taxes (223,597) (453,866) (353,098) 57.9 (22.2) (788,499) (1,111,433) 41.0 Profit sharing (4,907) (4,908) (4,835) (1.5) (1.5) (15,522) (16,400) 5.7 Net income 395,333 684,371 581,090 47.0 (15.1) 1,247,743 1,721,736 38.0 Quarterly Flow Chg. % 9 Months Flow Table 66 – Brasilprev | Comprehensive income Chg. % R$ thousand 3Q25 2Q26 3Q26 On 3Q25 On 2Q26 9M25 9M26 On 9M25 Net income 395,333 684,371 581,090 47.0 (15.1) 1,247,743 1,721,736 38.0 Other comprehensive income 43,850 (423,031) 335,441 - - 279,540 54,020 (80.7) Net investment income 275,673 (164,671) 79,353 (71.2) - 550,200 159,436 (71.0) Goodwill of assets (AfS Investments + Impairment) (239,400) (185,712) 298,683 - - (191,496) 3,947 - Other 7,577 (72,648) (42,595) - (41.4) (79,164) (109,363) 38.1 Comprehensive result 439,183 261,339 916,531 108.7 250.7 1,527,283 1,775,756 16.3 Quarterly Flow Chg. % 9 Months Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 64 Table 67 – Brasilprev | Balance sheet R$ thousand Sep/25 Jun/26 Sep/26 On Sep/25 On Jun/26 Assets 464,678,476 501,717,636 520,379,821 12.0 3.7 Cash and cash equivalents 124,421 65,216 118,736 (4.6) 82.1 Financial investments 463,725,158 500,647,753 519,397,141 12.0 3.7 Operationg receivables 588,466 786,230 662,410 12.6 (15.7) Deferred reinsurance and retrocession assets 747 745 716 (4.1) (3.8) Prepaid expenses 13,147 17,339 10,377 (21.1) (40.1) Other 24,452 20,462 19,000 (22.3) (7.1) Fixed assets 7,566 7,188 6,576 (13.1) (8.5) Intangible 194,517 172,703 164,864 (15.2) (4.5) Liabilities 457,643,781 494,921,257 512,666,910 12.0 3.6 Insurance and reinsurance contracts 452,863,713 490,185,892 507,812,605 12.1 3.6 Discounted cash flow 431,814,959 467,313,628 483,557,067 12.0 3.5 Contractual service margin (CSM) 20,967,371 22,784,133 24,163,280 15.2 6.1 Risk adjustment 81,383 88,131 92,258 13.4 4.7 Accounts payable 2,922,809 2,381,223 2,382,977 (18.5) 0.1 Obligations with insurance and reinsurance operations 6,362 3,141 8,928 40.3 184.2 Debts from private pension transactions 2,217 1,902 2,020 (8.9) 6.2 Third party deposits 167,385 155,198 269,776 61.2 73.8 Other 52,500 51,890 50,498 (3.8) (2.7) Equity 7,034,695 6,796,380 7,712,911 9.6 13.5 Balance Chg. %
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BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q26 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 li fe 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 3Q26 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 of 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 3Q26 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 common 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 3Q26 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 partnership 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 3Q26 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 3Q26 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.