Morning, everyone. Welcome to BMG Bank's earnings conference call for Q3 of 2025. I am Danielle Erculandon. I'm responsible for IRMA and institutional distributions area. Joining us today are Felix Cardomo our CEO, as well as VP Flavio Neto and João Consiglio. Please note that this video conference is being recorded and will be made available on our investor relations website. All participants will be on listen-only mode during the presentation. After we will begin a Q&A session. Questions may be submitted in writing at any moment through the Q&A icon located on the bottom bar of your screen. Please remember to include your name and company. The earnings material in both Portuguese and English is available for download on our website in the Results Center section. Before we continue, we'd like to point out that any forward-looking statements made during the video conference related to the bank's business outlook should be treated as projections. Investors and analysts should understand that general conditions, industry conditions, and other operational factors may affect the bank's future results and may lead to results that differ from those expressed in such forward-looking statements. I would like to turn it over now to Felix that will begin the presentation. Please, Felix, you may begin. [F] Good morning to everyone. I thank all of you that are following our presentation. [F] If we could go to our first slide, please. I would like to start. [F] I would like to initiate strengthening the consistency of our result deliveries. The ROAE was 16.6% during Q3. This is a very significant figure, but I would like to underscore the accumulated ROAE that was around 14%. This demonstrates an interesting consistency. See, if we compare it to the end of the year of 2024, where we ended with 10.7, now we're around 14% and 16.6%. It demonstrates the capacity that the bank has. Now we are working in order to achieve this figure in a recurrent fashion. [F] Our profit compared to the same period last year grew 27%. All of this reflects our execution discipline, the concern of creating a sound portfolio to build a technological platform in the bank that will allow us to grow significantly with flexibility. Digitalization, that is something that we have been conducting. We will show this in the future. [F] Mainly our team, our team that has strongly dedicated itself in order to build this bank and put our bank in a different level. This result is a result of an effort of 2,000 employees that we have. Therefore, in the beginning, I would like to thank my marvelous team for everything that they're doing. Now, going to our next slide. When we see things in detail, here I would like to underscore the improvement of our asset quality. We were able to improve 0.8 percentage points in our over 90. The good balance between assets and liabilities. Therefore, we are working in a very conservative fashion when it comes to managing our liquidity. As we committed ourselves in the beginning of the year, we are taking great strides to reduce the non-strategic assets like the purchase of the payroll portfolio of the United States. This has dropped as we communicated to the market. Last but not least, our capital strengthening. We are ending at 13.1, our Basel, and there was an increase of capital of almost BRL 50 million. This is practically a result of our shareholders' commitment in order to strengthen the bank's capital. We want this strategic item that is stronger because we want a sustainable growth. Now, when we go to our next slide, slide number four, here you can see a number of very important indicators that we follow regarding the cycle of life of our customers. The bank has focused more on the customer centrality so that we can become a service reference and a reference for our target as a safe bank, as a welcoming bank. Here there are a number of points that are worthwhile highlighting. One would be the reduction of the core product origination. This is a result of the macro scenario that we have been facing in the payroll market. The second point that is very important would be to optimize our customer relationship. We increased 21% in the origination via self-contracting, be it through app, through digital channels, or card. Our customers self-service themselves, you know, getting loans, purchasing, because this shows greater engagement from our customer and a lower cost to serve. At last, the evolution of the net revenue per client that went from 47.9 last year to BRL 50. This is a combination of a sounder mix of channels, more engaged customers, and the operational efficiency that we have been implementing in the bank through a technological platform, which is more robust and more flexible. Now, when we go to our next slide, slide number five, here we have very relevant points for us. It's important to highlight this shows our diversification and once again, multi-channel customer focus. First, we started in a very conservative fashion, as we mentioned during last quarter, in the origination of the private payroll customer. We believe that this is a relevant portfolio with excellent potential, but we also know that this presents risk and there is a learning curve, be it in pricing, credit modeling, industry options. We have been growing during the last quarter. We will accelerate even more, but we have been growing in a conservative fashion and we have been learning a lot through these customers. This is one of our bets for the future. The other business where we're growing a lot is the public payroll loan. Here we have a market quota, which is below our quota. We have space. This is a public that we know that we master. Through new agreements, new approaches, new commercial approaches, the influence of our digital channel, we have been seeing good results with a growth of 43%. We believe that these two portfolios are strategic portfolios that present more margins. This way we will be able to grow, increasing our revenue. As I mentioned during our past slide, our origination in digital channels increased 54%. Our network, our help stores, at the end of the quarter, we had increased by 82 stores. In actual numbers, we have 99 stores. I believe that by the end of the year, we will have 900 stores. The interactions between the digital channels and our brick-and-mortar channels certainly will provide a much better experience to our customers, greater principality and more business generation. Strategically, this is a very important pillar, and we have to focus on this pillar. Now, speaking about efficiency, we continue with a high level of success in our civil lawsuits, which are at 74% of success. This is a matter that affects Banco BMG, but it also affects the entire market by and large. We are finding pathways in order to minimize this subject or the effects of this subject, which is something that concerns us. I believe we're reaping good fruits. One of the things that we have been doing is using AI to help us not only in matters regarding better management of share portfolio, but other initiatives that I will show them in detail in the upcoming slides. The AI initiatives are always focused on improving the operational efficiency of the bank and our safety so that we can work in a preventive fashion. Another point, going back to customers, here we have the cross-sell indicator product per customers. Here we increased 13%. We went from 2.01 to 2.3. All of this is because we have been reviewing the profile of products. With this, our customers meet their needs in the bank, and they buy more products so we can better service them. When we go to slide number six, something that I would like to underscore is that we are ending a very important effort that took around two years in order to have a technological platform focused in microservice, which is more stable through the efficiency using cloud. Therefore, we have been investing over BRL 250 million a year in our platform so that it is stable, it is flexible, it's scalable. Within digitalization of operational stability and systemic flexibility, we need important pillars like the digital transformation and data-based decisions. We are focusing because we want one only registry organizing the entire database of the bank so that we can use in the most efficient way the AI solutions. We know how to launch new products, we know how to optimize sales processes so they become more efficient. Regarding a number of initiatives regarding Gen AI, we have a co-pilot on WhatsApp with our customers, initiatives with insurance. Our ombudsman is improving the service. As I mentioned in our legal side, 70-time reduction in defense production and also in technology within our development area, we have been capturing good results. The combination of focus on the client, a technological platform that is modern, good data organization, the application of good solutions, and everything together with a highly prepared, trained, and engaged team is allowing us to obtain these excellent results. In addition to this, what is even more important for the sustainability of the business is to increase our client satisfaction. During the next slide, you will see important data regarding this point, which would be precisely this. Our position in consumidor.com, Procom, Reclame Aqui, customer satisfaction survey. This is a macro panel that all banks follow and that we monitor. We monitor complaint statements for our customers, and we use all these data to feedback our processes to improve our products, our services, our controls, always focused on our customer satisfaction. Our ambition is to be the best bank that services a public above 50. We are pursuing this in an accurate way. According to these indicators, everything shows us that we're on the right pathway. I will give the floor to Flavio so he can continue with the presentation. Thank you, Felix. Good morning to everyone. Can we go to slide number nine, please? Now, slide number nine, we're going to talk about our credit portfolio, and we have evolved according to what we expected. This means that we have been able to grow the most strategic and more interesting products as we diminish the products that present less revenue. Here, if we see our payroll products, we have been maintaining a constant growth of our payroll credit cards and payroll loan. On the other side, although origination during the last quarter, we sold, we went to BRL 4.3 billion to BRL 3.7 billion. Now, when we also see personal credit, which is an extremely interesting strategic portfolio with attractive revenue, we grew almost BRL 100 million. Now, FGTS Advance, I believe that many of you followed this product, went through a number of changes because of the product legislation, and this made the product a bit less attractive. The demand for the product dropped, and due to regulatory changes, there was a slowdown, but we started working with private payroll. This is a product that we started operating with during the past quarter, and this will gain more relevance amongst our balance. Now, regarding our here, the most relevant here we have the U.S. payroll. We're reducing this portfolio. This portfolio in the beginning of the year was above BRL 4 billion, and now it's about around BRL 1.8 billion during the last quarter because of the runoff of the portfolio. Basically, this was a reduction because of the portfolio's runoff. Our next slide, slide 10. Here we go, slide 10. Here you see the quality of our credit portfolio. As you can see, these indicators are relatively stable. Our NPL over 90 is at 3.9%. I believe it's at one of the best levels during the past times. Also, coverage ratio is at a highly satisfactory level, around 200%, with a slight drop. Our stage three portfolio had a slight high. It is at 6.4% stage three, according to the new resolution 466. This is BRL 1.5 billion of provisions, expenses, net of recovery. It is at a low level, around 4%. This is mainly due to lower origination during the quarter because with 496 in, we created a more robust provision when we created the portfolio. Now, our next slide, slide number 11. Here you can see our retail insurance. Here we are focused on providing protection with a public that is set aside by most of the insurance companies, and in terms of premiums sold or premiums issued by our insurance company. In both, we presented a slight drop. Nonetheless, the main highlight is in the net income of the operation. We achieved the highest level in our history together with BMG Corretora and insurance. The result was BRL 45 million here. We have shares of our partners. Now, if we see BMG shares in the result, nonetheless, we can see that we added BRL 38 million, and there is a punctual effect here. During this quarter, we approved the purchase of BMG Insurance. We had a partner that had a relevant share, so we bought the share of our partner. Now, we have 100% as this operation was closed during Q2. Nonetheless, it was only approved during Q3. We captured during Q3 the share of the share of gain of all this period once the price was already prefixed. This also demonstrates how relevant the insurance business is and reminding you that we are trying to offer products where the customers receive benefits in life, like BMG Med, that offers medical appointments, online medical appointments, and medications. With this, I will give the floor to João so he can continue with the presentation. Thank you, Claudio. Good morning to everyone. [F] Now, speaking about our payroll products, INSS, mainly we have a ceiling rate, which is not adequate. We had to select the different publics, the ones that present less risk. Unfortunately, we cannot service all the publics that we would love to service with this product that would be payroll credit card or payroll products. This is a product that provides us profit when we believe that it is the entry of customers. Here we have originated the same thing as during Q2. During the third quarter, we recovered the volumes that we did not make before. We are working on operational efficiency that for customers that are needed. The credit portfolio presented a drop, and it is within the levels that we imagine. Now, for public payroll, we've increased origination, and its addressable market, and we will work more intensively with them. Now, if we go to page 13, please, we will talk about payroll credit card and benefit payroll card. Our participation in the market is relevant. We're one of the main players. This portfolio provides us excellent revenues, and we have been changing in an intense expansion the way we originate. This portfolio, almost more than two-thirds of our origination is done directly through our customer, via self-hiring using the card. With this approach, it's more to our customer, more efficiency with the product, and more profitability in terms of operation. We have been encouraging more and more the use of this product as a means of payment to our customers. With this, we've seen excellent results. In our payroll credit card, we have an excellent share. The benefit payroll card, we still had a lower share. I believe we're growing in an accelerated fashion with a growth of almost 19% a year in the benefit payroll card. The credit portfolio of payroll credit cards and benefit payroll cards, this has been growing consistently. I believe this is the main portfolio of the bank. Within payroll cards, there is an important share of public agreements, and we are reorganizing and reactivating a number of them because this is part of the new addressable market. If we go to page number 14, here are retail or individuals that are products that are not connected to INSS or public agreements. We have grown with personal credit. This is a very profitable portfolio. Here we have used the proximity with the customers and the interaction of our stores with digital origination in order to service our customers in their personal loan needs. Here you can verify that the FGTS Advance is a portfolio that was commented by Flavio, and he said that we changed this product throughout this year. The profit of this product stopped being as interesting as it was. There was a major assignment during Q2 and a new assignment during Q3. I believe that this portfolio will remain stable at lower levels and mainly will be replaced by the private payroll, where we started operating very conservatively during Q3. Here we saw a bit of origination during Q3, but if we see the future in October, our origination is higher than all the portfolio of Q3. Private payroll is a product that we believe a lot in. This is opening the way to an addressable market with registered labor customers that will have more products and needs met by the bank. We do believe that this portfolio will increase in a significant way during the upcoming quarters. If we go to page 15, here you can see our wholesale. Our wholesale accounts for 10% of our credit exposure. This is more or less the size that a credit exposure should have within the bank for these customers. Nonetheless, we are very fortunate when it comes to the use of this exposure and the relationship that we have with these customers in order to produce non-credit revenues, be it derivatives, derivative structured operations, and operations carried out together with Araújo Fontes or Investi. This is a portfolio that is a lever for the non-credit revenues, and it's a highly profitable segment where we have been gaining highlight without increasing our exposure, our credit exposure. Here, during the last nine months up till Q3, we participated in BRL 800 million offers in the capital market with 32 offers as a coordinator, advisory on 7 M&A operations, and 28 as leaders. This is an operation that we're growing, and I believe that this non-credit revenue will be very profitable for us. Now, I would like to hand it over to Danilo. Thank you, João. If we could go to slide 17, please. Now, we will talk about our financial margin during the quarter that was impacted by the spread compression, the limitation of the consigned ceiling, and interest rates were the main factors, as Flavio mentioned, due to the reduction of credit portfolio that has changed its mix and to prioritize more sounder products. These sounder products, I would like to highlight on the right-hand side, it would be NIM after the cost of credit provision expenses and commissions. This margin increased 8% year-on-year, driven mainly by the improvement of the provision expenses and commission. It went from BRL 891 million, it went from BRL 881 million, or 10.7% to 10.6%. The mix of portfolio has been very sound for the sustainable generation of results. Now, on slide 18, now the bank continues working efficiently in terms of cost. This is deeply rooted within our management culture. I wanted to present the cost of service that encompasses all the personal, administrative, operational costs and operationals, although legally within the nine months. Here, in addition to cleaning our customer base, something that we do in a recurrent fashion. During the quarter, and João presented, here we had the assignment of the FGTS Advance portfolio. The efficiency index was impacted by the drop of the payroll portfolio of the United States. We did not capture the provision expenses and asset, but we would lose it in provision expenses. This impacts the efficiency index. As you can see here, we have personal, administrative, and operational expenses were stable. When we talk about net operating provision expenses, here we have followed a challenging environment of the INSS. Despite this, we continue with 74% of our success rate. Nonetheless, the provision expenses were impacted by a higher volume of these actions. Now, when we go to slide 19, it's interesting to see what the bank has done throughout the past three years. Since 2023, we had a new administration that has been implementing the growth of financial margin after the cost of credit and maintaining expenses at lower levels. With this, we have a gain of scale. Sometimes from one quarter to another, you don't notice the evolution, but the bank is stronger and more profitable. Now, on slide 20, I would like to talk about liquidity. Here we have the short-term, we have net stable funding rate, and the NSFR, which is a mid-long term above the regulatory requirement. This is the accounting LM. When I see a payroll operation, it goes to the end of the deadline, and then we go to refinancing. When we see our maturity flow, it is adequate for our management. For the generation. Another point that I would like to highlight here is broadening and proximity with institutional investors. We grew 40% when we compare this year-on-year, and this represents 38% of our total funding. This is according to the reduction in the share of time deposits and the reduction in reference value subject to the FGC, and this has been dropping since 2023. Here you can see the figures. The growth of the institutional investor, the reduction of the exposure to the reference value of the FGC shows us how the investor is assuming risks at the bank. Now, when we go to slide number 21, I would like to point out capital points. Felix mentioned their improvement with the Basel Index. We reached 13.1%. Our indicator went at 9.1. The figures of Q3 do not see the capital increase that was approved here. We have increased, we achieved 100% of level one. That was 0.17, that is from October. Our main lever is internal capital generation, consumption of tax credit that precisely comes from the internal generation of capital credit assignment and interest on shareholders and equity recapitalization. To end the presentation, I would like to go to slide 22. Here you can see for the first time during the video conference call the evolution of BMGB4 action. It is above the small cap index, the financial index, but it does not reflect the turnaround moment of the bank. The ROE is growing and high throughout the nine months. It is around 13.6%. Here we also give a dividend above the average of the banks. These are the medium-sized listed banks. Here we have 0.6% compared to 1.5 and 1.8 times the BV. After the end of this presentation, we can start a Q&A session. I would like to remind you that your questions can be sent through our Q&A icon on the bottom part of our bar, just telling us your name and company. Bom, e a nossa primeira pergunta vem. Your first question from Luis Antonio. What is the bank's strategy and private payroll? I've seen other banks that are very optimistic from this product. What can I expect from this line in the bank? Felix, could you start? Okay, Luis Antonio, thank you very much for your question. We do understand that the private payroll product, well, this represents a promising market. There's a customer base above 90 million. This is an extremely interesting addressable market, and we are strongly investing, be it in models, be it in pricing, or be it in honing our channels so that we can grow in a sustainable fashion when we think about this product. Therefore, this product is considered strategic. It is a product that will help BMG Bank to diversify even more the revenue result and portfolio. This in comparison to the INSS payroll products. On the other side is also a product under development. The bank is being very conservative. We are learning. We are monitoring each action so that we are able to increase this portfolio with quality and to improve our margin, the credit margin. Thank you, Felix. Hi, here I am following. I believe that we have no further questions from our investors. Bringing the Q&A session to an end. Felix, I would like to pass it over to you for your final words. I would like to thank my colleagues. I would like to thank my entire team for the excellent result that we achieved and that we presented during Q3. This demonstrates, you know, how sound we have been in our journey because we want to put the bank at another level. I would also like to highlight that we are facing a challenging market with high interest rates, and this compresses the margins of payroll products. This directly affects the NPS and the purchase power of our customers. We also have capital and funding discipline, which is extremely stringent, and both are evolving at excellent levels. Our costs are under control, and we are going through a portfolio transition, as we mentioned, with the FGTS and the portfolio that we would buy from the United States and creating a new portfolio. This creates a value that affects temporarily the margin and also our efficiency index. We are aware that in the mid-run, with this, the bank will have a sounder portfolio. At last, I would like to strengthen that we do believe that this market, that after it goes through this transformation, it will be more transparent, it will be more ethic, it will be a new customer level. We are prepared for it as the bank is focused on satisfying more the customer. At last, I would like to thank all the participants, our business partners, our correspondents, our franchisees, our employees, our board, and our controlling shareholders that have been strongly supporting us throughout this journey. I wish everyone an excellent week. Thank you, Felix. We also thank everyone for participating in our earnings conference call. Our entire RI is at your disposal, and have an excellent day. Thank you very much.