Good morning, everyone. Welcome to Banco Pan's results conference call for discussing our results related to the first quarter of 2025. This conference call is being broadcast in Portuguese with simultaneous translation into English. To select your preferred language, click on "Interpretation" on the application's menu. This conference's audio and slides are being broadcast simultaneously on the internet on our company's IR website, www.bancopan.com.br/ri, and via Zoom. This event will also be available for download after its conclusion. We would like to inform everyone that this event is being recorded, and all participants will be in listen-only mode during the company's presentation. Once the bank's remarks are completed, there will be a question-and-answer session for participants when further instructions will be provided. Before proceeding, we shall inform you that statements that may be made during this conference call related to Banco Pan's forward-looking perspectives, projections, financial and operational goals are based on the beliefs and assumptions of the bank's management and on information currently available. Future-looking statements are no guarantee of future performance. This involves risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that general economic conditions, industry conditions, and other operating factors could also affect the bank's future results and could cause these results to differ materially from those expressed in such forward-looking statements. With us here today, we have Mr. André Luís Calabro, Banco Pan's Director-President, and Mr. Inácio Caminha, Head of Investor Relations. We will now give the floor to Mr. André Luís Calabro, who will begin today's presentation. Please, Mr. Calabro, you may proceed. Good morning, everyone. It's a pleasure to be here in this first earnings release of Banco Pan. In the year, as you know, I've been working here for 70 days. I have read some history at the group, at the BTG Pactual, and we are aligned with the perspectives of the bank, with the challenges. We have been working hard to improve even more the results. Beginning with the highlights of the first quarter of 2025, I'd like to highlight, as you can see on our material, in the credit portfolio, we had a growth of 4%, even with a reduction in the originations, mainly in vehicles, as happened in the market because of the seasonality. On the other hand, we were able to meet our target of reduction of the credit assignment. Relating to delinquency, we had a slight increase in the indicator due to the level of products and also to the impact of 4966, and due to the non-assignment of the portfolio NPL. Our margins are still strong due to assertive pricing per product. The economic results are relevant, and on efficiency, we have begun a process for reduction of admin and operational expenses, aligned with the integration of some platforms and the control area where we are in synergy with our controlling shareholder. Now, I give the floor to Inácio for next remarks. Okay, now on next slide, number three, we have closed the quarter with 32.1 million clients, a growth of 11% per year. Our credit portfolio closed on EUR 55 billion, 19% of growth in the year. Net income, EUR 230 million advanced in relation to last quarter and the last quarter of last year, and ROE evolving to 13.48%. When we look at the engagement data on slide number five, we observed 32.1 million clients evolving gradually, always preferring clients with a higher tendency to engage in and being very analytical in the marketing and in the time of searching for new clients. In the highlights here, we see the volume of the transaction volume. It increased 14% in the fourth quarter. It is always stronger. We expected this reduction in the first quarter of this year. We have an important agenda to increase engagement with clients. This is going to be visible along the year 2025 and also on 2026, connected with our integration and efficiency agenda, as Calabro mentioned, especially improving the experience of our customers and clients inside our app. Now let's talk about credit origination on slide six, impacted by INSS. Now, the quarter as a whole, you see it in the fourth quarter, we had already felt this reduction in December, but in this quarter, the three months had the same kind of results. We are working with other convenience, and the pricing of this product is kind of squeezed. Naturally, this justifies this type of movement. We are now relevant in the private payroll loans. Today, we had some material release regarding this, and this is going to help in the volume of origination of payroll loans as a whole. We are very excited about this, about vehicles. Now, we also have a natural movement that we have not observed in 2024, but always in the first quarters of the years, we feel this reduction. We observe, but we do not work on the market of new. When we observe the market of used cars and new motorcycles, we observe a reduction of 11%. This is very close to the movement of our origination. For the second quarter, we expect to pick up to higher levels. The market share is still relevant, both in vehicles and motorcycles, and the rates are higher naturally than other players have, mainly due to our pricing and profitability strategy. The other products continued stable. We have this gradual growth in the portfolio. Origination total was EUR 6.5 billion, EUR 4.3 billion vehicles, and EUR 1.4 billion payroll loans. Now, let's talk about credit portfolio. There was an important growth, as I have commented already, 4% in the quarter, and we had a lower assignment this quarter, only 1/3 of the last quarter. We have a fluctuation along the year in the volumes of the assignment of credit portfolio, but we expect something lower than what we've sold in 2024. So EUR 32 billion refers to vehicles that grew 7% in the quarter. Payroll plus FGTS was flat in 2019b, and the credit cards grew in percentage more, but it still is not that much. It was 6% of the total portfolio. In the next slide, number eight, we have delinquency data. We observed that a long time, the mix of products and clients has been increasing. This raises the delinquency rates of the bank as a whole. Now, we have a seasonality that impacts our business always. This has grew in March. In April, we have already the month closed. This returned, so we are not concerned about it. And 4966 brought a lot of changes in the accounting of assets. To compare with a historical series over 1990, we began doing an index considering a rate of credits above 160 days. This indicator is now 8.1. This raises related to the sales of NPL portfolio that we have been doing, and we are going to do this again. Most importantly here is that we are very comfortable with the pricing of the periods. We have been in this pace for two years, considering active rates, cost funding, the expected losses, and we still have a lot of appetite to originate and grow our portfolio. On slide nine, we show our clients with credit. We talk a lot about engagement, and credit is really important for this. Half of our clients have active credit. Besides the amount of 15.45 million clients with exposure to credit, we are also advancing our share of wallet in those clients. We are growing our clients' base, and consequently, the clients with credits. The amount these clients are loaning is advancing with the passing of time. Here, we have advanced on the number of new cards, considering the first quarter of 2025 compared to 2024. Of course, we have a seasonality in terms of TPV, but we still are growing this credit portfolio without necessarily growing the number, the amount of new plastics. We imagine to continue working with the clients that we already have, and this contributes to our strategy to credit clean, personal loan, everything combined. These are products that are gaining relevance. Here, insurance, n aturally, we always comment about the relation between vehicles and the sales of insurance. In the first quarter, we closed on EUR 220 million premiums, EUR 99 million in fees, and we have a stock of 4.1 million clients with effective policies. Now, let's talk about financial highlights on slide number 13. We grew our margins due to the growth of the portfolio, EUR 2.4 billion, even with a lower assignment of on-day credit. The credit cost, as expected, was impacted by the 4966 and also had the effects of the non-selling of the NPL credits. We see the margin of 19.7 with the credit cost growing to 8.9 and so the net margin goes to 7.9, is aligned with what we expected, and we continue expecting an improvement in the results along the year. Now continuing on slide 14, these results come from the better efficiency of the more efficient management, the integration, the reduction in the costs as well. We are consistent with the budget, not only the reduction of expenses related to origination. Of course, when they are reduced, we have lower expenses, but of course, in 4966, defined this type of expenses, but provisions expenses that was a strong topic last year show a reduction, and that means personal expenses also reduced. EUR 100 million were ex-origination expenses that we imagine that are going to go back, growing again. So fee revenue decreased as well in line with the vehicles movement, so fees related to insurance and credit, as we've seen. Also we have the Black Friday seasonality, in which we have less revenues in the marketplace, totaling EUR 1,400 million in this quarter. We have the profitability of the bank advancing to EUR 230 million net income with ROE of 13%. Now we have equity, we have very comfortable levels to continue growing our balance sheet. We have a shareholder equity of EUR 6.4 billion. Now with this, we've finished our slides and open for a Q&A. Ladies and gentlemen, we are now going to begin with the Q&A session. The floor is open now for questions for investors and analysts. If you have a question, click raise hand. The first question comes from Olavo Arthuzo from UBS. Hello, good morning, Calabro. Good morning, Inácio. Thank you for taking my question. I have two. The first one is about the topic of the private payroll loans. I would like to understand, because Inácio commented on the beginning that you reached the portfolio near EUR 150 million. This suggests a market share of 7% running today. Just to try to understand the potential of this product in the P&L of the bank, could you please give me an indication of what ROA are you running in this product? My second question is related to the vehicle segment. As you have shown, origination decreased 14% in the quarter in line with the system that already dropped in the quarter. Could you please give us a bit more detail about this? How do you see this origination from April? Are we going to have a pickup in May? Also, if you could, please give us some context, because we have seen in the press the government wanting to release, to launch a credit line for workers to change their motorcycles. Maybe this is positive, but can you please share? Have you done some simulation regarding the impact of it? This would help us to guide our accounts. Thank you, guys. Olavo, I did not quite understand the second question. Can you repeat, please? Yes, the second question, I would like to understand the details about the vehicles' origination. It dropped 14% quarter on quarter in line with what the system showed. In this context, I asked, please, could you give us what? Because we have seen on the press news about the intention of the government of launching a credit line for workers to buy or exchange their motorcycles. I see this as a positive thing, but if you could give us some simulation, have you done some simulations about the impact of a possible credit line in this segment? This would help us to make our contingencies. Hi, Olavo, Calabro here. Thank you for your question. Relating to the payroll loans for workers, we are very excited about it. It is a product that has a lot of appeal and a lot of demand for it. As it was said today, our portfolio is EUR 730 million. In terms of ROA, before, I would like to say that we are very aligned with all the determinations that are being published by the regulatory bodies and all the new modalities or improvements. We are already doing them, performing them, offering the product on channels. We are going to do portability, refinement, and operations. Regarding ROA, we are not going to break down ROA to you and disclose ROA, but I can tell you it is very high, it is very good, and we are following up some indexes related, for instance, to a potential delinquency and comparing these with our policies and credit models. We are very comfortable and happy with the results that we have been seeing in these first 45, 60, 50 days. Regarding motorcycles, we, as you know, are leaders in the market. We have a very substantial share in the market. This initiative is still at the beginning, in our opinion. It is difficult to make a prognosis. Inside our portfolio, we have already some audience related to this initiative. We are used already to working to this audience. Regarding prognosis, I think it is too early to say something. Thank you again for your question. Thank you. Next question comes from Antonio Romero from Bank of America. Good morning. Thank you for the space. You allow me to ask my question. I have two here. The first one is regarding delinquency. Could you please give us more details about the evolution quarter on quarter? The second one is strategic. You mentioned on the opening remarks that an important part to capture results would be integration to improve the user experience. When we look at the OpEx, we really see a relevant drop quarter on quarter. My second question goes in this sense, in this direction. What synergy can you still capture with the controller bank? Is there still work to be done? Directly, which areas do you see opportunities to be captured yet? Hi, Antonio. Thank you for your question. I'm going to begin with the second one, okay? Relating to the strategy of integration, we have been working hard on efficiency. We are working on the integration of some platforms, for instance, REPI, that we've made available to our clients. We are working in the direction of having one single app with different brands, different positionings, but this, we believe, is going to create a reduction in the costs. Besides, aligned with our strategy, we are working so that the controlling areas work in synergy to impact on the expenses, on the admin and personal expenses. A little bit of our efficiency strategy is connected to work in synergy with the controlling areas aligned with BTG Pactual. As I said, some integrations of technology platforms where we can have significant gains and reducing the costs, making the bank more agile. Regarding delinquency, as Inácio commented, we have here a change, let's say, in this first quarter where we have not done the assignments of the NPL portfolio. To understand the impact of 4966, for the future, we intend to resume our strategy if it is needed, if we understand that we have a good financial gain in this modality. We also have the impact of 4966. There is a new regulation, and we have adapted to it. This is why also the credit cost has increased. Regardless of this, why are we comfortable? We have been following our products period by period. We have been following all the portfolio indicators and indexes, and they are very stable. A little bit of the increase has also something to do with the mix of the portfolio. We have reduced payroll loans and increased vehicles. The indicator moves a little bit to this. Delinquency indexes and regarding these and regarding the portfolios, we are really comfortable looking at the macro scenario now and in the future. We believe that things are gonna go well. Thank you for your very detailed answer. Can you give me a follow-up about my first question? You mentioned a single application. Can you give us a little bit more detail about this? It's one app to brands. We know that value proposals and audiences are very different. How would this work? Do you have also timing for it? Thank you.' Okay. We are working on the concept of white label. As I said, and you also mentioned, do we have products and positioning that are very specific amongst the brands? Along the time, we are going to keep it. White label is a concept where in one single platform, we are able to put all the services profile to all the audiences with which BTG and the bank works. This is the aim, this is the focus. Regarding the timing, we do not determine the deadlines, but we are working hard to out to put it or to reach this goal as soon as possible, especially because regarding efficiency, there is also another question. We want to work hard on the improvement of the client experience. We believe that this is going to increase engagement, recurrence, and we are going to have this reinforcement of the Banco Pan's brand. These are the main aims when we talk about the integration of the platforms. Thank you. It is very clear. Next question comes from Mateus Raffaelli from Itaú Bank. G ood morning, André. Inácio, thank you for taking my question. Good luck, André. I would like to talk about the credit assignments topic that is in lower levels. I would like to understand what do you expect as a volume for assignment for the rest of the year, assuming that the cap is going to remain like this. Okay. And And what about the revenues with the 4966? Hi, Mateus. Thank you for your question. Regarding assignments of portfolio performing, we have considered a relevant reduction in our budget for 2025 because a long time the bank has gained this stability regarding the stability of our revenue. We put ourselves the challenge. In the first quarter, reduction of assignments, I said something different. In the first quarter, we have reached this goal, this aim. Assignments were below what we had expected and foreseen. We expect to remain like that to meet our budget targets. What about the second part, please? Repeat. What about the recognition of revenues of assignments with the 4966? We understand that some expenses were deferred, but how do you see now recognized the gain with the assignments? With the assignments of portfolio, nothing changed with 4966. Maybe you are talking about commissions deferral, especially for new credit. 4966 changes indeed deferral of commissioning, but regarding assignment of portfolio, nothing changes. Next question comes from Brian Flores from Citibank. Hello, André. Good luck in your new challenge. Inácio, thank you for taking my question. I have two. The first one is about the comment that you made regarding pricing. You said that you are comfortable with the pricing and with the expectations regarding the margins. When we look in IM, it seems to be a little bit unstable. It does not seem to be improving the net interest and margin. Which levers leave you comfortable? Do you think it is a kind of a stabilization, or are we going to have improvements? The second question, one of the biggest banks in Brazil said that they are monitoring the risks of subordination on the private payroll loans. I would like to know your opinion about it. How do you see this risk? If you have any other comments regarding private payroll loans, it would be great. Thank you. Hello, Brian. Regarding your question regarding the margin, how is it that we access, how we evaluate the accounting and our economic vision, a managerial vision where we base indeed to make the pricing? The accounting for new origination, we had an adjustment in the equity in the turn of the year for the periods in our balance sheet. From January on, this transits into the results. What do we mean by economic? The rates that we have been practicing compared to the funding costs and the expenses, the losses expected, and the performed losses, this is adherent. We have an expectation that the roles of our portfolios with time are going to be improved. They are going to be closer to the margin. We have been talking about this, the vehicles periods that have maturities of four years. When we look at the older periods, 2021, 2022, they had lower profitabilities than expected. We have substituted them for others with higher profitability, not only financial margin, but the cost of credit margin, what really matters to the bank. In this, we see an evolution of the index. You will see not necessarily as we are looking one quarter to the other, but these movements of substitution of periods, they are slower. When you look at the horizon, when we go one year back, you see the margin was 15 and went to 17.5x assignment. This is the type of movement that we mean, and this is what makes us comfortable. Brian, relating to the private payroll loans, your second question, I'm going to refer to our Epiclean portfolio. As said, we have a portfolio of approximately EUR 800 million. We began substituting, let's say, this portfolio of Epiclean for the EP private portfolio loan portfolio. We are going to bring this collateral to this portfolio. We are working on the segmentation of the Epiclean portfolio, offering the product, the private payroll loan product. In our platforms, we have 60% of our portfolio Epiclean. They are workers with contracts with their companies. We are sure that we are going to bring more color regarding this modality in the next quarter. This has just been released on the 6th of May, this possibility of portability to an own portfolio. This is very recent. Thank you so much. It was very clear. Next question comes from Neha Agarwala, HSBC. Hi. Apologies, but I would like to ask my question in English, if that's okay. My question is on the thank you, Inácio. My question is on the resolution 4966. Could you clarify, please, if you've changed your write-off policy for any part of the loan book and if that has had any impact on and if that's going to have any impact on your NPA ratio in the coming quarters and the write-off? My second question is on the private payrolls again. I think you mentioned that the portability was started earlier this week, right? I think you also gave the size of the private payroll loan portfolio. Was it EUR 730 million that you mentioned? How do you see yourself competing in that market? What is the advantage of Pan versus the other players, if you think there is one? If you can talk a bit more about the pricing that you are offering for the private payroll segment, roughly on average, how are you pricing these loans and what is the tenure of these loans? Do you see risk of cannibalization of personal loans given that you are now offering private payroll loans to some of your customers? Thank you so much. If I can just clarify, your write-off is now, say, 540 days for the entire book versus 360 previously? Very clear. Thank you. Do you see this product cannibalizing personal loans for any of your customers? Okay. You could cannibalize some of the other banks. You could potentially reach out to the other bank personal loan customers and offer them a private payroll. What did you mention about portability? Okay. This is a very small market right now, right? I mean, we just started to do private payrolls in an accelerated way after the change in the regulation in April. Do you disclose the size of this private payroll portfolio that you have? Okay. This is including the older originations under the previous rules as well as what you have originated in the last two months? Okay. Okay. Everything is in the last two months. Okay. In terms of going after the collateral, how secure do you think this is? Do you think that the system is robust enough for you to go after the collateral in case something goes wrong? Do you have enough connectivity with the employers to ensure that the payroll installment is directed before the payroll is disbursed? How do you find the current system or any deficiencies that you see which need to be addressed? That is why you are pricing it a bit lower than the personal, but higher than typical payroll loans. Perfect. I believe you are being very aggressive with this product, and it makes sense to capture the market early on before all the other banks go out with this particular product. I believe you would be aggressive. Given that you already have the capabilities, it would be an interesting product for you to kind of leverage on and gain more customers. Great. Thank you so much for taking my questions. Very helpful. There are no further questions. I would like to ask Mr. Calabro to please proceed with the final closing remarks. Again, we thank you all for your attendance, for your questions, for your interest in the results of our bank. We are at your disposition to answer any other questions along the day or in the future. As I mentioned at the beginning, we are very excited not only regarding the new product, the private payroll loan, but also regarding the products that we already operate. We are very resilient. We are having a growth, and the delinquencies are controlled. We are going to bring even more profitability to the bank. That is it. See you on the next quarter's conference calls. Thank you so much, and have a nice day. This concludes Banco Pan's conference call. We thank you for your attendance, and we wish you a nice day.