Welcome in another earnings conference call of our Banco BMG. My name is Danilo Herculano, and joining me is Felix Cardamone, Flavio Consiglio, and Flávio Guimarães. Together we are going to conduct the earnings conference call for the second quarter of 2026. After the presentation, we will hold a Q&A session. The questions can be asked by using the Q&A icon, sending your question and your company. At the end, it will be a pleasure for us to answer your questions. I would like to invite Felix to start the presentation. Welcome. Thank you, Danilo. Good morning, everyone. Today, we are beginning a new format of giving this presentation. It is always challenging, but I hope that you will all enjoy it, because at least I like the result. We reached 15.2% of ROAE, R-O-A-E, in this half of the year, showing the positive evolution in the past three years. One of the pillars on which we have been working is that we have a group which is closer to our clients. We want to bring digitalization and technology ever closer to our clients to meet not only the demands of our clients, but also to bring more efficiency. Lastly, to be more profitable, because I believe this number shows that we are on the right track. Moving on with our presentation, this is what I would like to share with you. We created the 2030 plan. What is it? 2030 is the year of the centenarian of the bank, and we developed this plan because we want to leverage the strengths of the bank. We have a long-lasting tradition in the market with underserved population, with products and services that clients like and they also recognize. We also have an addressable market of more than 100 million people, so that can work with them. This is very significant. We have lots of raw material to work with. On the other hand, we also have an omni-channel, which is very powerful. More than 1,000 help stores and many electronic channels. This can only be possible when we have a high-performing team to coordinate all the structure and a technological platform which is modern, scalable, that can support our growth by bringing more efficiency and low cost. In the 2030 plan, we have an ambition, which is to deliver financial solutions so that we can live our old age very well. This is what the public is looking for. It is life quality and financial health so that they can live well day in, day out. We have lots of narrations from our clients. This is what is important to say. Not only do we want the public to live well in the old age, but we work with a lot of transparency with all those clients. These are needy clients. Oftentimes they are illiterate, and we have to be very careful. We have to be very cautious in whatever we do with them. We have to have lots of responsibility. I am going to show you a video that we implemented as of 2023, when all the operations are recorded. What do I mean by that? The client will go to a store, he does the transactions, he signs all the contracts, and then he receives a link. Then with an independent area, the recording will be made. There is an artificial intelligence that will check to see if the transactions have been well made. Let me show you the video so that you can understand what I mean. At BMG, we confirm the contracted credit by a video call. This is a simple procedure, and it is very safe and secure and provides more transparency to the client and to the bank. After the contracting operation, the client will receive a link in order to check the proposal and do all the confirmations. Following the app's instructions, they identify the identity and a very quick video call to confirm the transaction. You made one agreement of this amount to be paid in the certain installments, and the installments will be discounted from your credit. Do you confirm that you had this credit contracted with BMG? It is so good, isn't it? We make it a point to maintain it to all the transactions that we make. We also have been collecting some other evidence. We received 91% of satisfaction in our services, and we maintain for a long time the Selo RA1000, showing that we are on the right track, and we are going to continue evolving to meet the needs of our clients. Another important point is the diversity of channels. We try to be ever more integrated. Today we have about 1,000 Help! stores, and they are established across the country. Last week, me and some other directors had the chance to go to Belém, Manaus, Macapá, Parintins, and we could see the characteristic of each public, each audience. Our intention is to offer physical channel to our clients to bring an app which is specialized in the underserved population. Evermore, we have been developing this along this path, and also WhatsApp, which is where everybody goes. Just to give you an example, which I thought to be very interesting, I just learned as I went to the north visit, everybody has Starlink in the northeastern part of Brazil, but they do not have cellphone. If I do not have WhatsApp, I cannot talk to them. These are learnings that we have collected, me and my team, and we have been working on this in addition to the surveys and data analytics so that we can offer more products, the right products, using the right channel to the right client. This is how we imagine we are going to grow evermore, and we are going to bring relationships, long-term relationships, with our bank. In addition to the channels, we also have to think about the financial education of our audience. Today, we have products which have the lowest rates in the market, which are the payroll loan products, and we work intensively to promote financial education, not only to our employees but also to our clients. If the client has a financial education, which is basic, he will have more satisfaction, less default rates, and the client will be able to organize their personal life, which is good for the client and for the bank. Another point I would like to point out is the inclusion. Also in the area of assistance and insurance, we have a Bmg Med, which is a product that offers the client medical assistance, where they can have medical appointments by using telemedicine. The client would also save a lot of time because he needs to schedule an appointment at the basic universal system. In Brazil, it will take time, and maybe he will not get a prescription. So we are trying to find ways to shorten this path so that the medical service can be decent and the client health will be even better. This is only possible thanks to a technology platform which is very modern and that we have developed in the past few years. I am very proud to share with you some of the initiatives that we had related to artificial intelligence. As for legal analysis, all the part of registration, interpretations, and defenses, we managed to increase by 98% our assertiveness. Another important example is the contract analysis we automated. We automated by using agents and reduced by 91% the time we took for doing the analysis. That means less time and less amounts and more assertiveness. Another important point is that 100% of our services are analyzed by using artificial intelligence. That makes us able to correct products, we can improve trainings, and we can also recognize any errors that we made during those services, and we can make adjustments as soon as possible. As for system development, we have already been able to reduce by 65% the time we take to do all those activities. We received AWS award, which was the infrastructure agent. What does it mean when we mean agent? We developed some agents that would identify all the problems that we have in the systems, and they do their diagnosis, and within 15 minutes, they already implement a correction. This case is something that we are going to present at AWS in Las Vegas in the next months. That shows that the human warmth from the bank to provide good service to the population, there is a concern that this client should be ever more served. We have a technology platform that would provide not only more efficiency, but a group of service interaction of services showing the market differentiator. To end my part, I would like to say that this is a result of everything that we have been doing so far. The result does not come by chance. The result is a result of everything that we have been doing. This is the 5.2 of ROAE that I showed in the beginning of the presentation, and the evolution on the second quarter of 2026, when we reached BRL 157 of income and 15.5 of ROAE. We are on the right path. We have been working consistently without any shortcuts in a market which is very tough, but we have a very engaged team, as I said, with the correct strategy, with the ambition, with the clear vision, as I have already mentioned, and we are getting there. Now, I would like to turn the call to João Consiglio, our VP, so that he can continue the presentation. Thank you, Felix. It is a pleasure to be here with you once again. It is good to have this new format. It is always complex for us who work in the financial market. It is difficult to speak live to you, but this is something important for us. As we had this attention to change the format, we have this imitation with our clients with sales confirmations by using the video calls. We were one of the first ones who had this initiative, and this is something we are very proud of. There is a number of other initiatives that I am going to share with you to show how we welcome our clients, how transparent we are, and how we provide services to our clients. When we look at this chart, it is important to review the journey that we have made so far in all our processes. This makes the clients' lives easier, it makes them more easy to understand, and everything gets simpler. We have a new sales platform. To all our consultants and for all of those who have interactions with our clients, this platform has brought more assertiveness, more productivity, and a better sale in terms of quality. This is something that we have been observing, including in the video calls that we have been making. With all this, we had the privilege to be operating in a market which is bigger, the addressable market. The public is a bit different since the bank has started working with a private payroll loan, and this addressable market starts to bring clients who are younger and also more digitalized. The result of this effort has been a significant growth in the self-contracting journey, and we saw that we reached 49% of our sales by the client themselves. They used the self-contracting system, and they understood everything that was being offered to the client and how they should get in touch with the bank by means of the WhatsApp or by the app itself. We place the bank at another level following our purpose of being more digitalized every day and bring all this to our clients. When we talk about origination, our mix has been growing in new products and in new publics. As we can observe here, the private payroll loan has been responsible for a very relevant growth in 2026, and this has been bringing better profitability per client, reaching BRL 56 per month with an increase of 13% when compared to the previous year. Now, going into detail. When we look at the payroll product. As for the pay loan, which is the entry point for our clients, it is the cheapest product that this client has access to, and this is where we bring more clients to the bank. In 2026, we can see that the origination has been quite significant. Unfortunately, due to journeys changes and regulatory changes made by the Ministry of Social Security led to a lower origination. Anyhow, this is the main way of providing for the needs of our clients, the retirees, especially. Now, talking about the payroll card. It becomes very clear when we look at this chart that this is a product that clients have been using evermore on their daily purchases. If you go into detail, 84% of our origination is made by purchase using credit cards, considering that the clients understood that this is a means of payment product, payment solutions, so they make purchases at the supermarket, at retailers, at drugstores. 25% comes from digital purchases, and the public has been having this need of making digital purchases. This is often the only credit card which is available to our client. There is something new I would like to share with you. With the change of the brand and the introduction of bandeira Elo, we have been bringing a number of new benefits to our clients who use our credit cards. We have been offering discounts when they purchase gas. We are bringing credits and top-ups of cell phones as well as discount at drugstores, et cetera. This is all offered to our clients. It is also important to point out that regulatory changes that happened in the second quarter prevented us from issuing new cards in the end of the quarter. This is something we have been reviewing. At a certain moment in time, we are going to resume the growth of our base again. When we talk about personal credit, this is the emergency credit we are talking about. This credit is used when the client needs something for a specific purpose. At that moment, it is in an emergency, and we are always paying attention to how we are going to bring this client to the cheaper product, and products that the client would be able to afford. Now, looking at our new public and the new products, the private payroll loan has been the element that has been growing the fastest in 2026. It has reached an origination of nearly BRL 200 million per month. The private payroll loan, we had to exclude some publics from this product, and we are making adjustments to the offer. We are making adjustments to the way we work, and the physical entries that we made in the second quarter is likely to bring an important growth because we have almost 1,000 stores working on this new product. In addition to the stores, we also have all our partners for the origination that bring in new operations, and we have been working so that we can have high quality in the process and also bring new clients to the bank. Of course, with a new bandeira Elo cards, and with everything that we have been doing, we will have a cross-sell potential, which is very significant with the public that is just coming in with this new product. Now, speaking a little bit about insurance, our purpose is basically to offer protection for those who do not have protection. We have an important share in this market of Class C, D, and E. Now our focus is on the access to telemedicine, life insurance, and also financial protection to the worker, together with the private payroll loan. In this process, we believe that telemedicine that is offered by Bmg Med will be essential to provide access to anyone who didn't have a quick access to a medical appointment. Now, talking about our corporate business, wholesale. We had a growth in our operations, so wholesale has been showing relevant results and very healthy results as well. We see here that we are able to have non-credit revenues, which is constant, in spite of all difficulties that working with structured operations impose. I finish my part here. I would call Flávio to talk about assets and liabilities. Thank you, João. Good morning, everyone. It is a pleasure to be here in another earnings conference call of BMG. We are going to start today talking about our assets and liabilities. Talking about assets, what have we been doing? We have been looking at reducing our dependence on INSS loan. How have we been doing this? We have origination, which is more contained, and also portfolio assignment. We have been trying to increase the origination of more profitable products, namely personal credit and the private payroll loan. These are the products that today have the highest margins that would make us a more diversified balance sheet and more robust, more resilient, allowing us to grow the business in a very safe and sustainable way. When we look at the portfolios, this is what we see. We saw that the portfolio ended the second quarter of 2026 at a stable level of BRL 24.1 billion. I would like to draw your attention to the two products that we said we have been growing with, which is the private payroll loan and the personal credit. The two of them together already account for about 13% of our portfolio against 6% that we had some time ago. That shows that we have been able to execute this strategy in a very effective way. On the other hand, what happens with our NPL? We understand that the market has been facing a very challenging moment when it comes to the indebtedness of families. It is the highest level ever reached for a long time in Brazil. Even so, in spite of this high level of indebtedness of the families and considering the fact that we have products with higher expenses but with higher profitability, we managed to reduce our provision expense of net recovery. Other indicators, such as the NPL over 90, had a slight hike. NPL stage 3 also showed an increase. This is a reflex of the change in the mix at the portfolio of Banco BMG. Banco BMG has been working with safe portfolios, and as the share of those portfolios are decreased, when we replace with more profitable portfolios, it is expected to have this kind of misalignment. Let us talk about the liabilities. When we look at those two indicators, in fact, they make us very proud of what we have been doing, and which are those? The liquidity coverage ratio, LCR, short-term, higher than 400%, and net stable funding, which is also higher than 124. So working with this level makes us very comfortable knowing that Banco is very far from facing any liquidity issue. As an evidence of what I said, we have our fundings, we have the maturities of securities. We can see that our securities are different from our liabilities, and we feel very comfortable with working with those numbers on a daily basis. Where are the fundings coming from? About BRL 34 billion is the total of funding that we have. Out of this total, we have 36% that come from institutional clients. The funding is of a high quality. We are talking about different entities which are looking at our numbers every quarter. They are placing their orders in our issuances. We became a recurring issuer, both of financial and securitizations, and this gained a relevance which is very essential in our funding. Another important indicator that I would like to mention is the RCR, which is how much of your funding is exposed to the FGC. Our indicator is close to 50%, and we understand that this indicator, if it reaches 6%, we will still be comfortable so that we can access the platform at any time, and the limit is very large, which has not been used. In terms of liquidity management, this also contributes to our comfort. Let's talk about capital management. In this quarter, we have been presenting a Basel ratio of 13.3% and a tier of 10.1%. These are the highest level we have ever reached in the last quarters. More important than everything is the fact that we also have many cards to put on the table so that we can manage the capital. What are those? Without any doubt, we are talking about internal capital generation. We have been able to generate strong results quarter over quarter, allowing us to grow our bases. In addition to that, we have net portfolios where we can work with assignments of credit. This quarter, for example, we had an assignment of payroll loans. We have the tax credit consumption, and this makes us use ever more profitable assets in our balance sheet. What we can also do is to recapitalize the interest on shareholders' equity as we have done before, so that we can always have a robust capital structure. Thank you very much, and I will invite Daniel to continue the presentation. Thank you, Flávio. Well, it's a pleasure to be here once again with you to continue the presentation about the financial part of the bank. We are going to talk about the financial margin. We reached BRL 1 billion, 512 million this quarter, a percentage of 90%. This was driven of the remix of assets, as we have seen with Flávio. This has been propelled the profitability of the bank. The maintenance of provision expenses made our financial margin, and after the cost credit would grow 6.2%, reaching BRL 905 million with a percentage of 11.1%. It's important to mention again, when we look at this, the cost structure of the bank. The look for automation and better processes is fundamental for the bank to grow with efficiency. When we observe here the cost structure of the bank, we can see that there has been an annual growth higher than inflation. The bank is growing efficiency, and we can see this in the percentage in the level of efficiency that reached 52.4% in the last quarter, moving towards our 50%. That is according to our expectation. There is something that I would like to leave with you as a message. When Felix Cardamone mentions the video call, there's an important part in this. It's very relevant to operation and for the transparency, but there is a very important point to it. Measure of operating provisions is related to the lawsuits that are filed against us. When we observe the lawsuits that we received, which has a formalization via video calls, we have high levels of success in those lawsuits. So video calls are important for the transparency during the sale, but it also mitigates the expenses that impact our balance sheet. The more origination that we have in the future, and the more the portfolio has this validation via video calls. We expect to have expenses which are much lower than those that you can see here. How can we translate all this in the appreciation of our shares? This is a history track since January 2023. Our shares appreciated at levels which were much higher than the financial level, especially when we look at the dividends that were paid. This is something for us to reflect. Our average profitability is very close to the average profitability of the mid-sized banks and listed banks. Our dividend yield is much higher than those banks. In spite of all this, our P/BV is still lower. I would like to turn the floor to Felix for his final remarks. Felix, you have the floor. We came to the end of our presentation, and I hope you have enjoyed our new format, but especially of the results that we presented. I would like to make the final remarks by first mentioning the issues related to our profitability, the financial resilience, and the risk management, which is very balanced considering the tough market we have been facing. I am sure that we are always going to be working with consistency, and we are going to always be conservative. Another point that I would like to point out is the relevant change that we have been doing in the mix of our portfolios. Accelerating the private payroll loans, being conservative at all times. Wholesale has been performing well, so I think it is something nice that we are reaching a balance. There is a lot of room to evolve in other portfolios, insurers, but everything has been going according to the 2030 plan. Growth comes with quality, so it is no use accelerating the speed if we are not sure that we are working with good quality. We are still developing new products. We have already offered some products. They are on the shelf, but we know that we can fill up all our shelves with more products to be offered to our public. We know we have this room to grow and focus on the client. We had clear evidence that we have been searching for a simple, transparent experience. Channel is something that we have explored a lot, and we have also modernized our technology platform. We have been investing a lot in the past few years, and we have already reaping the benefits of all those efforts. The client is always the center of our strategy. Client is our biggest asset. Through a happy client, our profitability will grow. Once again, I would like to thank everyone for having attended our conference call. Now we are going to open the Q&A session. Take care of people is to be present at all moments. I have been a client of BMG for a while now. Every time I come here, I am welcome. I have a very good relationship with Banco BMG. I really recommend it without a doubt. Sometimes I just come here to visit everyone here. Everybody is prepared. They provide confidence, whatever they say, and you start to trust them. There is a lot of credibility involved. BMG always try to simplify, and they always try to help us in the most practical way. The team at the store is very well prepared, and they always satisfy the client. The service is quick. I always leave the floor very happy. I thank everyone who worked at the BMG bank. We are now going to start our Q&A session. To start with, we have the first question, Pedro Leduc with Itaú BBA. Could you mention the perspective of the private payroll portfolio? João, could you help us with the answer? Yes, a pleasure. This private payroll loan portfolio has been growing at a very accelerated pace. In the beginning, we had some questions about the operating procedures, if everything would work, but we can see that everything has been improving quite a bit, and we started using this product with a lot of confidence. Obviously, there are many changes going on in the operational dimension every day in the modeling aspect, and we have been evolving a lot, and we are confident that we are going to place this product and this new public as an important part of our mix in the portfolio and public, where we will be able to make other operations with the same public. Thank you for the answer. The other question comes from João Vicente. In spite of the increase of the income, operating result dropped in comparison to the half of last year. Flávio, could you help us with this answer? Thank you, João Vicente, for the question. Okay, here we go. When we look at the operating result and compare with six months ago, the main factor that dropped the result is the cost of credit are less profitable. We have been looking at private payroll loan, and this has more profitability even after the expenses. This is a dynamic that we have been using since last year. There is an expected loss that we provision right at the start. That impacts the operating result. On the other hand, when you look at the net income, the net income has a benefit in the line of taxes. If you look at the tax line, it is a line which has been very low, and this is likely to continue like this in the next quarters because of dynamics of 4966. Today we have the loss provision that expected, and this is deductible, and you have all the inventory of tax credits, and the bank has a relevant tax inventory, and this is deducted from time to time. These combined factors make the net income to advance and the operating result should have a little drop. I skipped a question by Pedro Leduc. I will go back to his question. In relation to the benefits of the video calls we saw in the cost, but what is the horizon for the respective reductions? I think you can continue answering, Flávio. Yes, I will continue. In relation to the video call, I think Felix mentioned this very clearly, and he gave very good examples during his presentation. What has been happening so far? Since we have been able to reduce the cost of the video calls, the number of lawsuits being filed has not been reduced yet. But as we have been able to win the lawsuits, and we have been having the video calls for about three years, and the rate of success has been able to reach nearly 100%. We believe that in the future, the numbers are likely to be reduced. We cannot be precise in defining what would be the right time. But this is something that we have been going very hard in order to make this number drop. We have another question from Marcos Ferreira, manager. The payroll card is still suspended. Do you have any idea when you are going to go back to operating with this product? The payroll cards, it is important to mention that the current payroll card portfolio is still operational, although the clients continue using the product as they used to do. The second point is in relation to the social impact of this product. It is a credit that has a very low interest rate. It is a card that is used by underserved population, even those with their names in the negative list. So it is a product that provides dignity to the underserved population. They can go to the supermarket, they can go to drugstore, and make their purchases. This is a product we believe in a lot. Even though it has been suspended by means of Febraban and BBC, we have been working with the regulators so that the product would suffer some adjustments and go back to be offered to this public. So at this time, the product is suspended, but we believe that in the next few months, we will have this product back to the shelves because this product requires some adjustments. After that, it will be very useful to our population, not only to BMG clients, but to the market at large. We are working on that. There is another question from Wagner with Genial, and he says, "Good morning. Congratulations on the results. Could you provide an overview of what we can expect of the payroll cards, especially the benefit payroll card?" Thank you for the question. This is what I said. We have been doing work to give good service to our current clients. This is a very relevant portfolio. We have been investing so that we can improve the product. As João mentioned in his presentation, we are migrating to the Elo banner that is bringing some nice benefits to the underserved population, such as the gas voucher and others. So we have been investing in this portfolio. As soon as the product is approved, for sure we are going to resume selling or commercializing this product because we believe that demand is very high and the product can grow even further in general terms. Thank you, Felix. The next question comes from Rafael Reis with BB Research. The expansion of the private payroll loan seems to be the main driver of growth for the bank, and the expense margin has been improving. At which stage do you believe that this portfolio is today in terms of maturation? Can we say the current level of profitability captures the risk associated, or is there any important adjustments for the next cohorts, considering that it has not reached the ceiling for NPL? According to the Central Bank. Flávio, can you help us answer this question? Yes. I would like to go back a little bit to talk about the payroll cards. We have a very large portfolio for payroll cards, and it continues to be active because all the clients who have the card continues using them for their purchases, and the limit is still valid. The only difference is that we are not issuing new cards. So it is still a very relevant dimension because, as I said, 84% of the origination comes from purchases. So this is a very relevant figure. Now, going back to the private payroll loans, we have made a lot of progress in the modeling process. We have made a lot of progress in the formula of reaching those clients. I believe there is a lot of things happening, or which is about to happen in the private payroll dimension, be it from the viewpoint of the way we approve the operations and transactions and how we evolve in the way we originate the product, or from the viewpoint of knowledge that the client has of the product. So I believe there is a lot to happen yet because there are many clients that could be having a transaction that would be much cheaper using the private payroll loan, and they are in special line or in the overdraft for their bank account, and they could use this private payroll loan. I think this is part of the financial education and how we reach the client with a proposal that has value to the client. Flávio, would you like to complement? Yes. From the viewpoint of profitability, it's important to say that up to the last quarter, this was a product that was still under the water, considering its growth dynamics. So the provision that it generated was higher than the margin that the product would generate. For the first time ever in this quarter, we had the positive contribution, the result. Of course, it's still little, but it's positive anyway. So we believe that we are going to have a growing trend for the future. So in terms of the portfolio quality, which I think is important to mention, what we have been noticing cohort after cohort is the continuous improvement. The cohort in the beginning of the year had a different quality compared to the most recent cohort. So I would link it to two points. The first one, obviously, there is a gain of experience. So there is a gain. As much as we operate, the more we learn, the more we know, and the more we can make adjustments to the policy so that we can make something that works better for the bank and for the client. But on the other hand, there is the dynamic of rate ceiling, as João mentioned during his presentation, that made us more selective in the past few months since the product ceiling was implemented. Thank you, João. Thank Flávio for the answer. Our next question comes from [Henrique Souza] from HK. Congratulations on the result. The net operational provision was in line with the first quarter and higher than the previous quarter. Can we expect the maintenance of this level, or do you expect any significant reduction in the next quarters? Flávio, I think I have already started talking about this topic. If you could provide my caller. Yes, I mentioned that some questions ago. I touched upon this topic. This is connected with the lawsuits, and I am repeating what I have already mentioned. What we have seen is the following. The cost has been dropping per lawsuit. There is a reduction, but the volume of lawsuits filed is still very large, and we believe that the video calls are the main drivers for us to invert this curve, considering that today we have a successful rate, which is very high, especially in operations that involve video calls. So this is growing. It's important to mention that. We expect that at a certain moment in time, and we believe in the short term, we are going to discourage this industry of filing lawsuits against our product. We end the Q&A session. We'd like to thank everyone for attending our earnings conference call of Banco BMG. The IR team is at your service at the IR website or by means of our direct contacts. Thank you very much.