Earnings release
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Earnings Release 3 rd quarter 2026 (BRGAAP) https://www.santander.com.br/ri/en/ https://www.santander.com.br/ri/en/
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Performance analysis 3 Strategy progress 4 Customer centricity 4 Executive summary 5 Income Statement and Balance Sheet Analysis 6 Managerial income statement 6 Net interest income 7 Fees 8 Result from loan losses and cost of risk 10 NPL Formation, write - off and renegotiated loan portfolio 11 Asset quality 12 Expenses 13 Other Operating Income and Expenses 14 Balance sheet 14 Loan portfolio 15 Funding 18 Capital 19 Reconciliation of accounting and managerial results 20 Third quarter 2026 Index 3rd quarter 2026 Earnings Release 2
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3 rd quarter 2026 Earnings release (BRGAAP) In 3 Q 26 , we continued to make progress in consolidating an increasingly diversified business model supported by stronger long - term relationships with our customers . We continued to strengthen primary relationships, while maintaining discipline in balance sheet and risk management amid a credit environment that remains challenging . In this context, strategic businesses maintained their growth trajectory, with Large Corporate standing out this quarter . The expanded loan portfolio grew 4 . 7 % YoY and 0 . 9 % QoQ, ending the period at R $ 721 , 264 million . Yearly, growth was driven by Large Corporate, SMEs and Consumer Finance, while Large Corporate stood out in the quarter . In Individuals, solid performance in cards and mortgages within high income clients was more than offset by lower exposure to the mass - market segment . We maintained our discipline in capital allocation, focused on strategic businesses, portfolio risk management and profitability . Funding from clients reached R $ 701 , 316 million, up 6 . 3 % YoY and 1 . 9 % QoQ, maintaining our pursuit of a more balanced mix between Individuals and Companies, with Individuals representing 51 % of the funding mix, up 3 p . p . YoY . Within Individuals, Select also stood out, with deposits growing 16 % YoY, while in the mass - market segment, the greater focus on primary relationships and transactionality contributed to 18 % YoY growth in deposits . In terms of results, we recorded recurring managerial net profit of R $ 2 . 9 billion in the quarter, down 4 . 3 % QoQ and 28 . 0 % YoY . Annualized recurring ROAE stood at 11 . 9 % . Net interest income reached R $ 14 , 958 million in 3 Q 26 , declining 2 . 5 % QoQ and 1 . 6 % YoY . In Client NII, the decline in both bases of comparison mainly reflects the mix effect, with lower exposure to the mass income segment . Market NII losses increased 24 . 7 % QoQ, while on an annual basis, Market NII improved significantly by 33 . 6 % , reflecting lower sensitivity to interest rates . Fees totaled R $ 5 , 417 million in the quarter, increasing 1 . 6 % QoQ, reflecting our focus on revenue diversification, with an increasingly balanced contribution between credit and services . Insurance and cards stood out . On an annual basis, fees declined 2 . 4 % , mainly reflecting lower revenues from securities brokerage and placement, partially offset by growth in asset management, funds and pension plans, cards and insurance . The managerial result from loan losses totaled R $ 7 , 460 million, down 2 . 5 % QoQ and up 14 . 4 % YoY . We continue to operate with prudence and discipline in risk management, while building a portfolio that is more resilient to macroeconomic cycles . Expenses remained under strict control, down 3 . 0 % QoQ and 0 . 6 % compared to 3 Q 25 , well below inflation observed during the period, totaling R $ 6 , 383 million . We remain committed to efficient cost management and the intensive use of technology to simplify processes and maximize productivity . We remain committed to delivering sustainable long - term results, supported by a solid and diversified balance sheet, driven by our constant pursuit of excellence in customer experience . Quarterly Highlights Client NII R$ 15.9 billion Market NII R$ - 0.9 billion Cost of risk 3.89% Efficiency ratio 38.8% Recurring ROAE 11.9% Funding from clients R$ 701 billion Recurring Managerial net p rofit R$ 2.9 billion Expanded loan portfolio R$ 721 billion 3 - 4.3 % QoQ - 28.0 % YoY + 0.9 % QoQ + 4.7 % YoY + 1.9 % QoQ +6.3% YoY - 1 .3 % QoQ - 4.2 % YoY +24.7 % QoQ - 33.6 % YoY +0.1 p.p . QoQ stable YoY - 0 .4 p.p. QoQ +1.3 p.p. YoY - 0.6 p.p. QoQ - 5.6 p.p . YoY 3rd quarter 2026 Earnings Release
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Technological evolution to serve our customers where, how and when they desire Customer Centricity Integrated customer perspective Focus on the complete experience We continued to make progress toward becoming the primary bank in our customers’ lives . Our customer - centric strategy combines scale, data and technology to expand primary relationships, increase satisfaction and capture greater customer value . In 3 Q 26 , our base reached 77 . 1 million customers, up 6 % YoY, and 34 . 6 million active customers, up 3 % YoY, reinforcing the reach of our platform and the potential to deepen primary relationships . The evolution of our business model is oriented toward simpler, integrated and personalized journeys, with offerings better aligned with each customer’s profile and life moment . We will remain focused on the three pillars of primacy : transactionality , credit and investments, to increase engagement, enhance the quality of the base and support the evolution of profitability . We seek the continuous evolution of our offerings and customer service, combining human interaction with the digital environment to deliver the best experience across all touchpoints with the bank . Hyper - personalization remains a central lever of the strategy, with interactions based on customer behavior, life moment and customer needs, increasing relevance, interest and conversion . We also accelerated the use of artificial intelligence in business and customer journeys, with solutions at global scale that increase our ability to anticipate needs, prioritize opportunities and make critical processes more agile and effective . In digital channels, we continue to make technological progress, with increasingly simple and comprehensive journeys . In assisted channels, which include our physical and remote channels, our service model positions the branch as a convenience channel and part of the complete multichannel offering . Our efforts are reflected in the improvement in customer satisfaction in recent years, demonstrating our commitment to delivering solutions that meet our customers’ needs with excellence in service and experience . Santander Rewards 4 Santander Rewards Transforming relationships into recognition In line with our customer - centric strategy, Santander Rewards strengthens our value proposition in cards by recognizing primacy . The program combines relationship, points and experiences, offering the best points - earning rate for each customer’s profile and encouraging a greater presence of Santander in customers’ daily lives . 3rd quarter 2026 Earnings Release
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Executive summary (1) E xcludes 100 % of the goodwill balance (net of amortization), which amounted to R $ 1 , 694 million in September 2026 , R $ 1 , 746 million in June 2026 and R $ 1 , 838 million in September 2025 . (2) Efficiency Ratio : General Expenses over Net Interest Income + Fees + Tax Expenses + Other Operating Income/Expenses + Investments in Affiliates and Subsidiaries . (3) Coverage ratio : stage 3 provision under stage 3 portfolio . (4) Including private securities and guarantees (mortgage receivables certificates - "CRI", agricultural receivables certificates - "CRA", credit rights investment funds - "FIDC", and rural product bonds - "CPR", in addition to debentures, promissory notes, commercial papers, eurobonds and floating rate notes) . (5) Including Savings, Demand Deposits, Time Deposits, Repos backed by debentures, Agribusiness Credit Notes - "LCA", Mortgage Credit Notes - "LCI", Financial Bills, Certificates of Structured Operations - "COE", and Secured Mortgage Notes - "LIG" . (6) Number of shares representing the outstanding share capital, excluding treasury shares . (7) Sep/26: distribution of IoC in the amount of R$ 2,000 million, approved on July 10th, 2026; Jun/26: distribution of IoC in the amount of R$ 2,000 million, approved on April 10th, 2026; Sep/25: distribution of IoC in the amount of R$ 2,000 million, approved on July 10th, 2025. R$ million Results Accounting and managerial Results reconciliation 3Q26 2Q26 3Q26 x 2Q26 3Q25 3Q26 x 3Q25 Recurring managerial net profit 2,885 3,014 -4.3% 4,009 -28.0% Performance indicators Recurring managerial return on average equity 1 - annualized 11.9% 12.5% -0.6 p.p. 17.5% -5.6 p.p. Recurring managerial return on average assets 1 - annualized 0.9% 0.9% 0.0 p.p. 1.3% -0.4 p.p. Efficiency ratio 2 38.8% 39.3% -0.4 p.p. 37.5% 1.3 p.p. NPL ratio (15 to 90 days) 3.2% 3.3% -0.1 p.p. 3.1% 0.0 p.p. NPL ratio (over 90 days) 3.4% 3.3% 0.1 p.p. 2.8% 0.6 p.p. Coverage ratio of stage 3 loan portfolio 3 65.5% 65.0% 0.5 p.p. 66.2% -0.8 p.p. Balance sheet Sep/26 Jun/26 Sep/26 x Jun/26 Sep/25 Sep/26 x Sep/25 Total assets 1,312,193 1,285,987 2.0% 1,253,877 4.7% Total expanded loan portfolio 4 721,264 714,769 0.9% 688,801 4.7% Funding from clients 5 701,316 688,514 1.9% 659,479 6.3% Equity 99,219 98,210 1.0% 94,171 5.4% BIS ratio 15.1% 15.3% -0.2 p.p. 15.2% -0.1 p.p. CET1 ratio 10.9% 11.2% -0.3 p.p. 11.7% -0.8 p.p. Share indicators 3Q26 2Q26 3Q26 x 2Q26 3Q25 3Q26 x 3Q25 Market cap (R$ million) 107,500 100,292 7.2% 110,580 -2.8% Recurring managerial net profit per unit (R$) - annualized 3.08 3.22 -4.3% 4.29 -28.2% Accounting net profit per unit (R$) - annualized 3.03 2.85 6.2% 4.22 -28.3% Total shares by the end of the period - million 6 7,488 7,488 - 7,471 17 Book value per unit (R$) 26.05 25.77 1.1% 24.72 5.4% IoC and dividends 7 (R$ million) 2,000 2,000 - 2,000 - Other data Sep/26 Jun/26 Sep/26 x Jun/26 Sep/25 Sep/26 x Sep/25 Employees 45,782 47,327 (1,545) 51,747 (5,965) Stores 827 858 (31) 961 (134) Points of sale 727 731 (4) 828 (101) Own ATMs 5,583 5,693 (110) 6,285 (702) Shared ATMs 28,074 27,771 303 25,497 2,577 5 3rd quarter 2026 Earnings Release
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- 5.6 p.p. - 0.6 p.p. ROAE and recurring managerial net profit R$ million ROAE 4,009 4,086 3,788 3,014 2,885 17.5% 17.6% 16.0% 12.5% 11.9% 3Q25 4Q25 1Q26 2Q26 3Q26 Managerial Income Statement R$ million Results Accounting and managerial Results reconciliation 3Q26 2Q26 3Q26 x 2Q26 3Q25 3Q26 x 3Q25 Net interest income 14,958 15,341 -2.5% 15,208 -1.6% Client NII 15,853 16,058 -1.3% 16,556 -4.2% Market NII (895) (718) 24.7% (1,348) -33.6% Fees 5,417 5,334 1.6% 5,552 -2.4% Total revenue 20,375 20,675 -1.4% 20,760 -1.9% Result from loan losses (7,460) (7,654) -2.5% (6,524) 14.4% Provision for loan Losses (8,212) (8,260) -0.6% (7,510) 9.4% Recovery of loans written-off as losses 752 607 24.0% 986 -23.7% General expenses (6,383) (6,578) -3.0% (6,423) -0.6% Personnel expenses (2,879) (2,995) -3.9% (3,005) -4.2% Administrative expenses (3,505) (3,583) -2.2% (3,419) 2.5% Tax expenses (1,526) (1,453) 5.0% (1,420) 7.4% Investments in affiliates and subsidiaries 82 70 18.3% 98 -15.9% Other operating income/expenses (2,485) (2,534) -2.0% (2,298) 8.1% Operating income 2,603 2,525 3.1% 4,192 -37.9% Non operating income 85 12 n.a. 97 -12.2% Managerial profit before tax 2,689 2,537 6.0% 4,289 -37.3% Income tax and social contribution 305 584 -47.8% (190) n.a. Minority interest (108) (107) 0.9% (90) 19.8% Recurring managerial net profit 2,885 3,014 -4.3% 4,009 -28.0% Managerial net profit 2,885 2,723 5.9% 4,009 -28.0% Accounting net profit 2,833 2,667 6.2% 3,944 -28.2% 6 3rd quarter 2026 Earnings Release
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3Q26 2Q26 3Q26 x 2Q26 3Q25 3Q26 x 3Q25 Client NII 15,853 16,058 -1.3% 16,556 -4.2% Product NII 14,880 15,115 -1.6% 15,452 -3.7% Volume 630,461 627,032 0.5% 598,959 5.3% Spread (p.a.) 9.70% 10.03% -0.33 p.p. 10.63% -0.94 p.p. Working capital 973 944 3.1% 1,104 -11.8% Market NII (895) (718) 24.7% (1,348) -33.6% NII 14,958 15,341 -2.5% 15,208 -1.6% In the quarter, Client NII declined 1 . 3 % , reflecting lower exposure to the mass - market segment and the sale of the Consumer Finance loan portfolio, which pressured spreads due to the product mix . Partially offsetting these effects, average volumes grew slightly, supported by growth in strategic products and segments . Year on year, Client NII decreased 4 . 2 % , benefiting from volume growth but affected by spread compression, particularly in the mass - market segment . Spreads were also negatively affected by higher deferrals of fees paid to banking correspondents, which are deducted from NII, and by lower funding income resulting from the decline in interest rates during the period . Market NII recorded a seasonal increase in losses in the quarter, resulting in a loss of R $ 895 million, compared with a loss of R $ 718 million in the previous quarter . The performance was impacted by the higher number of business days and lower accrual income from inflation - linked securities, reflecting the decline in the inflation index during the period, partially offset by stronger treasury results . Yearly, Market NII improved driven by the portfolio’s maturation, partially offset by lower treasury results . Evolution of net interest income Spread (p.a.) Market NII Client NII R$ million NII Net interest income reached R $ 14 , 958 million in 3 Q 26 , down 2 . 5 % in three months . Client NII reached R $ 15 , 853 million, decreasing 1 . 3 % QoQ, mainly due to the credit mix effect, with a lower contribution from the low - income segment, partially offset by a higher number of business days . Meanwhile, Market NII deteriorated, with losses increasing 24 . 7 % . In the annual comparison, net interest income decreased 1 . 6 % , reflecting the change in mix and lower spreads due to reduced exposure to the mass - market segment . Nevertheless, average balances continued to grow, particularly in mortgages and cards . In addition, Market NII losses narrowed by 33 . 6 % YoY . (1,348) (1,486) (771) (718) (895) 16,556 16,818 16,584 16,058 15,853 15,208 15,332 15,812 15,341 14,958 10.63% 10.46% 10.41% 10.03% 9.70% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% (2,000) 3,000 8,000 13,000 18,000 23,000 28,000 3Q25 4Q25 1Q26 2Q26 3Q26 - 0.94 p.p. - 0.33 p.p. Net Interest Income R$ million Results Accounting and managerial Results reconciliation 7 3rd quarter 2026 Earnings Release
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- 2.4% 1.6% Fees totaled R $ 5 , 417 million in 3 Q 26 , up 1 . 6 % QoQ, mainly driven by higher revenues from : (i) insurance, reflecting campaigns and a concentration of renewals ; (ii) other fees, driven by higher revenues from services provided to third parties ; and (iii) cards, supported by higher turnover . These effects were partially offset by lower revenues from securities brokerage and placement, reflecting less favorable capital market conditions . Yearly, fees declined 2 . 4 % , reflecting lower revenues from securities brokerage and placement, current accounts and other fees, partially offset by growth in asset management fees . Evolution of total fees R$ million Card revenues R$ million Turnover and average spending 1 R$ billion Cards Card fees totaled R $ 1 , 695 million in 3 Q 26 , increasing 3 . 5 % QoQ and 8 . 1 % YoY, reflecting higher credit card turnover, driven by increased spending and average ticket, as well as an improved mix, with a higher share of high - income customers . 5,552 5,754 5,435 5,334 5,417 3,000 3,500 4,000 4,500 5,000 5,500 6,000 3Q25 4Q25 1Q26 2Q26 3Q26 76.4 82.1 74.7 76.1 76.6 24.8 26.9 22.8 24.0 24.2 101.2 109.1 97.5 100.1 100.8 100 109 103 107 112 (20) - 20 40 60 80 100 120 10.0 30.0 50.0 70.0 90.0 110.0 130.0 150.0 170.0 190.0 3Q25 4Q25 1Q26 2Q26 3Q26 Credit Debit Average spending (base 100) 1,568 1,680 1,560 1,638 1,695 500 700 900 1,100 1,300 1,500 1,700 1,900 3Q25 4Q25 1Q26 2Q26 3Q26 (1) Credit Spending. Fees R$ million Results Accounting and managerial Results reconciliation 3Q26 2Q26 3Q26 x 2Q26 3Q25 3Q26 x 3Q25 Cards 1,695 1,638 3.5% 1,568 8.1% Insurance fees 1,189 1,063 11.8% 1,125 5.6% Current account 791 825 -4.0% 892 -11.3% Credit operations 490 443 10.6% 522 -6.0% Asset management 599 581 3.1% 484 23.7% "Consórcios" 352 348 1.3% 291 20.8% Asset management and pension funds 247 234 5.8% 193 28.0% Securities brokerage and placement 228 406 -43.9% 426 -46.5% Collection services 269 290 -7.1% 283 -5.0% Others 156 88 76.8% 252 -38.0% Total fees 5,417 5,334 1.6% 5,552 -2.4% 8 3rd quarter 2026 Earnings Release
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193 257 220 234 247 291 288 305 348 352 484 547 525 581 599 3Q25 4Q25 1Q26 2Q26 3Q26 Asset management and pension funds "Consórcios" 892 889 854 825 791 48.5 49.4 50.2 50.9 51.3 (10.0) - 10.0 20.0 30.0 40.0 50.0 60.0 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 3Q25 4Q25 1Q26 2Q26 3Q26 Current Account Account holders (million) 426 408 477 406 228 3Q25 4Q25 1Q26 2Q26 3Q26 1,125 1,125 1,117 1,063 1,189 3Q25 4Q25 1Q26 2Q26 3Q26 Asset management revenues R$ million Securities brokerage and placement fees totaled R $ 228 million in 3 Q 26 , declining 43 . 9 % QoQ and 46 . 5 % YoY, reflecting lower capital market activity . Securities brokerage and placement Securities brokerage and placement revenues R$ million Current account fees totaled R $ 791 million in 3 Q 26 , declining 4 . 0 % QoQ and 11 . 3 % YoY . We continue to prioritize comprehensive customer relationships, with a focus on transactionality and primary relationships, offering greater fee waivers, particularly for Individuals and SMEs . Current account Asset management fees totaled R $ 599 million in 3 Q 26 , increasing 3 . 1 % QoQ and 23 . 7 % YoY, driven by the performance of funds and “consórcios” . “Consórcios” fees increased 1 . 3 % QoQ and 20 . 8 % YoY, supported by stronger commercial activity, an expanded product offering and greater specialization of the sales force . Current account revenues R$ million Insurance fees totaled R $ 1 , 189 million in 3 Q 26 , increasing 11 . 8 % QoQ, mainly reflecting the seasonal concentration of renewals of the card protection insurance product . YoY, revenues increased 5 . 6 % , reflecting solid performance in credit - linked insurance, particularly cards and payroll loans . Insurance revenues R$ million Insurance Credit operations fees totaled R $ 490 million in 3 Q 26 , increasing 10 . 6 % QoQ, driven by higher revenues from guarantees provided, and declining 6 . 0 % YoY, reflecting greater selectivity and lower origination of credit lines that generate these fees . Collection and payment processing fees totaled R $ 269 million in the period, declining 7 . 1 % QoQ and 5 . 0 % YoY . Credit operations and collection s ervices Asset management Results Accounting and managerial Results reconciliation 9 3rd quarter 2026 Earnings Release
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(986) (664) (483) (607) (752) 7,510 6,768 6,827 8,260 8,212 6,524 6,105 6,344 7,654 7,460 3.86% 3.76% 3.73% 3.81% 3.89% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% (1,000) 1,000 3,000 5,000 7,000 9,000 11,000 13,000 15,000 3Q25 4Q25 1Q26 2Q26 3Q26 Provision for loan losses declined 0 . 6 % QoQ, but remained pressured by the macroeconomic environment, with high interest rates and elevated household indebtedness particularly impacting the mass income segment, as well as effects from specific wholesale cases . On an annual basis, provision expenses increased 9 . 4 % , also reflecting a more challenging macroeconomic environment . Revenue from recovery of loans written off as losses totaled R $ 752 million in 3 Q 26 , increasing 24 . 0 % QoQ, mainly driven by the sale of a Large C orporate loan portfolio, and declining 23 . 7 % YoY . We remain committed to operating with excellence, supported by the intensive use of technology and data, enabling a more timely and accurate understanding of our customers’ life moments . However, we have been more restrictive in recoveries, requiring a down payment in 100 % of recovery agreements . The managerial result from loan losses totaled R $ 7 , 460 million in 3 Q 26 , down 2 . 5 % QoQ, with an improvement in SMEs partially offset by deterioration in the agribusiness and Large Corporate segments . YoY, the result increased 14 . 4 % , reflecting a still challenging credit environment, with effects more concentrated in specific portfolios, particularly the mass income segment, as well as certain one - off effects from additional provisions for wholesale cases . The 12 - month annualized cost of risk reached 3 . 89 % , increasing 0 . 1 p . p . in the quarter . The quarterly deterioration reflects pressures in specific portfolios, particularly the mass income segment and companies, as previously mentioned . Yearly, the ratio is broadly stable . (1) 12M annualized cost of risk. Provision for loan losses Recovery of loans written - off as losses Cost of risk 1 Result from loan losses and cost of risk R$ million Results Accounting and managerial Results reconciliation 10 3rd quarter 2026 Earnings Release
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At the end of 3 Q 26 , the renegotiated loan portfolio totaled R $ 46 . 7 billion, declining 2 . 3 % QoQ and increasing 3 . 3 % YoY . The coverage ratio for this portfolio ended the quarter at 43 . 7 % , compared to 43 . 3 % in the previous quarter . The restructured portfolio totaled R $ 21 . 9 billion at the end of the period, declining 1 . 9 % QoQ and 3 . 4 % YoY . The ratio of the restructured portfolio to the renegotiated portfolio increased 0 . 2 p . p . QoQ and declined 3 . 3 p . p . YoY . 6,915 6,676 7,186 7,022 7,204 1.02% 0.97% 1.01% 1.00% 1.01% 3Q25 4Q25 1Q26 2Q26 3Q26 Write - offs totaled R $ 6 , 036 million in 3 Q 26 , declining 13 . 9 % QoQ and increasing 20 . 8 % YoY . The quarterly decline reflects the lower impact from the implementation of the revised methodology for determining write - off timing, which had resulted in a higher volume of write - offs in the previous quarter . On a yearly basis, the increase continues to reflect write - off criteria that are more closely aligned with the expected recoverability of the loans . Write - off Renegotiated loan portfolio 4,997 4,177 5,508 7,009 6,036 0.73% 0.60% 0.78% 0.99% 0.84% 3Q25 4Q25 1Q26 2Q26 3Q26 Write - off (R$ million) Write - off over total loan portfolio 2 NPL Formation totaled R $ 7 , 204 million in 3 Q 26 , increasing 2 . 6 % QoQ and 4 . 2 % YoY . The ratio of NPL Formation to the loan portfolio reached 1 . 01 % in the period, remaining broadly stable both quarterly and yearly, increasing 0 . 01 p . p . and declining 0 . 02 p . p . , respectively . NPL formation (R$ million) NPL formation over total loan portfolio 1 (1) NPL formation is calculated as the sum of loans written off during the period and the change in the balance of loans more th an 90 days past due, divided by the previous quarter’s expanded loan portfolio, excluding renegotiated loans. (2) Average expanded loan portfolio balance for the last two quarters. Renegotiated portfolio Restructured portfolio Coverage ratio Restructured / Renegotiated portfolio R$ billion NPL Formation 1 Results Accounting and managerial Results reconciliation 45.2 49.4 50.1 47.8 46.7 22.7 24.0 23.6 22.3 21.9 45.2% 44.9% 44.6% 43.3% 43.7% 50.2% 48.6% 47.1% 46.7% 46.9% Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 11 3rd quarter 2026 Earnings Release
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1.4% 1.6% 1.8% 1.6% 1.5% 4.2% 4.6% 4.9% 5.1% 5.5% 2.8% 3.1% 3.3% 3.3% 3.4% Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 1.4% 1.6% 1.6% 1.5% 1.3% 4.9% 5.0% 5.2% 5.3% 5.2% 3.1% 3.3% 3.4% 3.3% 3.2% Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 4.7% 4.9% 4.8% 4.5% 4.1% 0.1% 0.3% 0.2% 0.2% 0.2% Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 The 15 - to - 90 - day NPL ratio for Individuals ended 3 Q 26 at 5 . 2 % , remaining broadly stable QoQ ( - 0 . 05 p . p . ) and increasing 0 . 3 p . p . compared to 3 Q 25 . We remain disciplined in origination, with a focus on profitability, although we observed some pressure in the agribusiness and low - income segments . For Large Corporate and SMEs, the ratio ended the period at 1 . 3 % , declining 0 . 2 p . p . QoQ and 0 . 1 p . p . YoY . For SMEs, the ratio declined 0 . 4 p . p . QoQ and 0 . 7 p . p . YoY, reaching 4 . 1 % at the end of 3 Q 26 . For Large Corporate, the ratio remained stable QoQ and increased 0 . 1 p . p . YoY, remaining at 0 . 2 % in the period . The 15 - to - 90 - day NPL ratio ended the quarter at 3 . 2 % , declining 0 . 1 p . p . QoQ, with improvements across all segments, and increasing slightly by 0 . 04 p . p . YoY, despite a more challenging macroeconomic environment . Performance reflects greater selectivity in origination and active portfolio management . 15 - to - 90 - day NPL ratio Total Individuals Large Corporate and SMEs Large Corporate SMEs 4.8% 5.5% 6.0% 5.3% 5.0% 0.2% 0.1% 0.2% 0.2% 0.2% Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 The over - 90 - day NPL ratio reached 3 . 4 % in 3 Q 26 , increasing 0 . 1 p . p . QoQ and 0 . 6 p . p . YoY . The quarterly increase reflected higher NPLs in Individuals, particularly in the low - income and agribusiness segments, amid a still challenging macroeconomic environment and elevated household indebtedness, partially offset by an improvement in SMEs . In Individuals, the over - 90 - day NPL ratio increased by 0 . 4 p . p . QoQ and 1 . 3 p . p . YoY . In both periods, there was an increase in the lower - income and agribusiness segments, amid an economic environment that remains challenging and high levels of indebtedness . In Large Corporate and SMEs, the ratio declined 0 . 1 p . p . QoQ and increased 0 . 1 p . p . YoY . In SMEs, the ratio declined 0 . 3 p . p . QoQ to 5 . 0 % , partially influenced by the higher volume of write - offs in the previous quarter resulting from the implementation of revised recoverability criteria . On an annual basis, the ratio increased 0 . 2 p . p . In Large Corporate, the ratio remained at 0 . 2 % , broadly stable, up 0 . 1 p . p . QoQ and 0 . 03 p . p . YoY . Over - 90 - day NPL ratio Asset quality As of 1 Q 26 , delinquency indicators began to be reported in line with the expanded portfolio concept, which includes securities and guarantees in addition to the loan portfolio . We have adjusted 2025 to the same methodology in order to have a comparable basis . Results Accounting and managerial Results reconciliation 12 3rd quarter 2026 Earnings Release Total Individuals Large Corporate and SMEs Large Corporate SMEs
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3,005 3,044 3,050 2,995 2,879 2,575 2,743 2,694 2,711 2,622 843 846 888 872 883 6,423 6,633 6,633 6,578 6,383 3Q25 4Q25 1Q26 2Q26 3Q26 Personnel Expenses Administrative Expenses Depreciation and Amortization General expenses totaled R $ 6 , 383 million in 3 Q 26 , declining 3 . 0 % QoQ and 0 . 6 % YoY, reflecting our continued discipline in expense management . In the quarter, personnel expenses decreased 3 . 9 % , in line with our efficiency agenda, with efficiency gains more than offsetting the impact of the 2026 collective bargaining agreement . Administrative expenses also declined 3 . 3 % , excluding depreciation and amortization, mainly due to lower technology expenses . YoY, total expenses decreased 0 . 6 % , significantly below inflation observed during the period . Efficiencies from footprint and workforce optimization more than offset higher technology investments . The efficiency ratio reached 38 . 8 % in 3 Q 26 , declining 0 . 4 p . p . QoQ and increasing 1 . 3 p . p . YoY, reflecting a more pressured revenue base . We remain committed to efficient cost management and the intensive use of technology to simplify processes and maximize productivity . R$ million 37.5% 38.8% 37.7% 39.3% 38.8% 3Q25 4Q25 1Q26 2Q26 3Q26 (1) Excluding 100% of goodwill amortization expense, which amounted to R$ 52 million in 3Q26, R$ 56 million in 2Q26 and R$ 64 mi llion in 3Q25. (2) Includes profit sharing. General expenses Efficiency ratio R$ million Expenses Results Accounting and managerial Results reconciliation 3Q26 2Q26 3Q26 x 2Q26 3Q25 3Q26 x 3Q25 Outsourced services, transports, security and financial system Services (955) (926) 3.2% (971) -1.6% Advertising, promotions and publicity (119) (137) -13.4% (116) 2.7% Data processing (962) (1,022) -5.9% (825) 16.6% Communications (58) (60) -2.5% (58) 0.8% Rentals (92) (100) -8.0% (127) -27.4% Maintenance and conservation of assets (59) (62) -5.0% (69) -15.4% Water, electricity and gas (36) (38) -5.8% (37) -3.9% Material (24) (25) -6.7% (14) 72.8% Other (318) (341) -6.8% (359) -11.5% Subtotal (2,622) (2,711) -3.3% (2,575) 1.8% Depreciation and amortization 1 (883) (872) 1.2% (843) 4.7% Total administrative expenses (3,505) (3,583) -2.2% (3,419) 2.5% Compensation 2 (1,940) (1,993) -2.7% (2,033) -4.6% Charges (514) (557) -7.8% (517) -0.7% Benefits (412) (428) -3.7% (439) -6.1% Training (12) (16) -24.4% (15) -19.9% Other 0 (0) n.a. 0 -99.3% Total personnel expenses 2 (2,879) (2,995) -3.9% (3,005) -4.2% Administrative + personnel expenses (excludes depreciation and amortization) (5,500) (5,706) -3.6% (5,580) -1.4% Total general expenses (6,383) (6,578) -3.0% (6,423) -0.6% Employees 45,782 47,327 (1,545) 51,747 (5,965) Stores and points of sale 1,554 1,589 (35) 1,789 (235) 13 3rd quarter 2026 Earnings Release
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Total assets and liabilities reached R $ 1 , 312 billion in September 2026 , up 2 . 0 % over three months and 4 . 7 % compared to the same period of the previous year . Stockholders’ equity reached R $ 99 , 219 million in the period, increasing 1 . 0 % over three months and 5 . 4 % over twelve months . Other operating income and expenses totaled an expense of R $ 2 , 485 million in 3 Q 26 , down 2 . 0 % QoQ, mainly due to a lower contribution from monetary adjustment . On an annual basis, the expense increased 8 . 1 % , driven by higher provisions for contingencies and card - related expenses . Balance sheet R$ million Other operating income and expenses R$ million Results Accounting and managerial Results reconciliation 3Q26 2Q26 3Q26 x 2Q26 3Q25 3Q26 x 3Q25 Results from credit cards (520) (564) -7.8% (476) 9.2% Provisions for contingencies (1,144) (1,199) -4.6% (957) 19.6% Other (820) (770) 6.5% (865) -5.2% Other operating income (expenses) (2,485) (2,534) -2.0% (2,298) 8.1% Sep/26 Jun/26 Sep/26 x Jun/26 Sep/25 Sep/26 x Sep/25 Current assets and long-term assets 1,296,051 1,269,993 2.1% 1,238,630 4.6% Cash and cash equivalents 8,631 8,092 6.7% 10,739 -19.6% Financial assets measured at fair value through profit or loss 279,196 240,898 15.9% 263,599 5.9% Financial assets measured at fair value through other comprehensive income 62,270 60,393 3.1% 66,711 -6.7% Interbank investments measured at amortized cost 50,903 67,173 -24.2% 29,764 71.0% Securities financial instruments measured at amortized cost 127,934 129,525 -1.2% 124,346 2.9% Lending operations 416,510 417,312 -0.2% 410,844 1.4% Other assets measured at amortized cost, other assets and tax assets 350,608 346,599 1.2% 332,628 5.4% Permanent assets 16,141 15,994 0.9% 15,247 5.9% Temporary assets 2,700 2,706 -0.2% 2,966 -9.0% Fixed assets 5,329 5,125 4.0% 4,438 20.1% Intangibles 8,112 8,163 -0.6% 7,843 3.4% Total assets 1,312,193 1,285,987 2.0% 1,253,877 4.7% Current liabilities and long-term liabilities 1,210,077 1,185,104 2.1% 1,157,491 4.5% Financial liabilities at fair value through profit or loss 24,082 22,386 7.6% 48,435 -50.3% Deposits 512,558 504,489 1.6% 491,640 4.3% Money market funding 174,397 166,838 4.5% 158,330 10.1% Borrowings 116,470 115,615 0.7% 109,168 6.7% Domestic onlendings - official institutions 10,604 9,712 9.2% 9,740 8.9% Funds from acceptance and issuance of securities 194,369 190,876 1.8% 179,741 8.1% Other financial liabilities measured at amortized cost, other liabilities and tax liabilities 177,596 175,187 1.4% 160,437 10.7% Minority interest 2,897 2,672 8.4% 2,214 30.8% Equity 99,219 98,210 1.0% 94,171 5.4% Total liabilities 1,312,193 1,285,987 2.0% 1,253,877 4.7% 14 3rd quarter 2026 Earnings Release
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Sep/26 Jun/26 Sep/26 x Jun/26 Sep/25 Sep/26 x Sep/25 Individuals 261,808 263,424 -0.6% 264,317 -0.9% Consumer finance 97,147 100,766 -3.6% 89,008 9.1% SMEs 96,618 95,957 0.7% 89,022 8.5% Large Corporate 265,690 254,623 4.3% 246,454 7.8% Total 721,264 714,769 0.9% 688,801 4.7% The expanded loan portfolio reached R $ 721 , 264 million in September 2026 , up 0 . 9 % QoQ . Performance was driven by growth in Large Corporate (+ 4 . 3 % ), especially foreign trade, working capital and guarantees . In Consumer Finance, the 3 . 6 % decline in the period reflected the portfolio sale through a FIDC . In Individuals, reductions in payroll loans and personal loans/other, aligned with our strategy of reducing exposure to the mass - market segment, were partially offset by increases in cards and mortgages, with the high - income segment standing out . On a year - on - year basis, the loan portfolio increased 4 . 7 % , reflecting good performance in Large Corporate (+ 7 . 8 % ), followed by Consumer Finance (+ 9 . 1 % ) and SMEs (+ 8 . 5 % ) . In Individuals, cards and mortgages stood out . Excluding the FX variation effect, the total portfolio would have increased 5 . 0 % . Excluding the Consumer Finance portfolio sale through a FIDC, the Consumer Finance portfolio would have grown by 1 . 4 % QoQ and 14 . 8 % YoY, while the total portfolio would have grown by 1 . 6 % QoQ and 5 . 4 % YoY . (1) Including mortgage receivables certificates - "CRI", agricultural receivables certificates - "CRA", credit rights investmen t funds - "FIDC", and rural product bonds - "CPR", in addition to debentures, promissory notes, commercial papers, eurobonds and floating rate notes. Results Accounting and managerial Results reconciliation Expanded loan portfolio R$ million Sep/26 Jun/26 Sep/26 x Jun/26 Sep/25 Sep/26 x Sep/25 Individuals 261,808 263,424 -0.6% 264,317 -0.9% Leasing / auto loan 4,017 5,075 -20.8% 7,258 -44.6% Credit card 65,733 65,198 0.8% 59,863 9.8% Payroll loans 54,623 56,131 -2.7% 63,235 -13.6% Mortgages 79,213 77,214 2.6% 71,841 10.3% Agricultural loans 7,522 8,377 -10.2% 9,253 -18.7% Personal loans / other 33,219 34,293 -3.1% 37,574 -11.6% Private securities 1 16,658 16,429 1.4% 14,649 13.7% Guarantees 823 708 16.2% 643 27.9% Consumer finance 97,147 100,766 -3.6% 89,008 9.1% Individuals 81,003 84,115 -3.7% 75,013 8.0% Companies 16,145 16,650 -3.0% 13,995 15.4% Large Corporate and SMEs 362,309 350,580 3.3% 335,476 8.0% Leasing / auto loan 2,511 2,695 -6.8% 3,217 -21.9% Mortgages 4,555 4,444 2.5% 4,132 10.2% Trade finance 96,105 91,704 4.8% 91,996 4.5% On-lending 9,481 8,868 6.9% 8,361 13.4% Agricultural loans 10,411 10,630 -2.1% 11,566 -10.0% Working capital / others 99,561 98,708 0.9% 92,957 7.1% Private securities 1 61,869 62,259 -0.6% 54,066 14.4% Guarantees 77,817 71,271 9.2% 69,182 12.5% Expanded loan portfolio 721,264 714,769 0.9% 688,801 4.7% Expanded loan portfolio by product R$ million 15 3rd quarter 2026 Earnings Release
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The Individuals expanded loan portfolio totaled R $ 261 , 808 million in September 2026 , down 0 . 6 % QoQ and 0 . 9 % YoY, mainly explained by the decline in the mass - market segment, especially in payroll loans and personal loans/other . The credit card portfolio reached R $ 65 , 733 million, growing 0 . 8 % QoQ and 9 . 8 % YoY, reinforcing our focus on transactionality and primary relationships . The mortgage portfolio maintained solid performance, growing 2 . 6 % QoQ and 10 . 3 % YoY, supported by a comprehensive offering aligned with customer needs . As a result, mortgages accounted for 30 . 3 % of the individual customer loan portfolio, up 308 bps YoY . Payroll loans totaled R $ 54 , 623 million, down 2 . 7 % over three months and 13 . 6 % over twelve months, mainly due to the reduction in INSS payroll loans, in line with our focus on higher - return products . The balance of personal loans/other, including renegotiated operations, declined 3 . 1 % QoQ and 11 . 6 % YoY, totaling R $ 33 , 219 million, mainly reflecting the mass - market segment, with a greater focus on transactionality and a material reduction in exposure to the segment . Individuals expanded loan portfolio mix Individuals loan portfolio (1) Data as of August 2026. The consumer finance portfolio totaled R $ 97 , 147 million , mostly comprising vehicle operations, down 3 . 6 % QoQ, reflecting the portfolio sale through a FIDC, and up 9 . 1 % YoY, driven by new vehicles, particularly hybrid and electric vehicles . Excluding the FIDC, the portfolio would have increased 1 . 4 % QoQ and 14 . 8 % YoY . The total Individuals vehicle portfolio, which includes both operations carried out by Consumer Finance and the bank’s distribution channels, reached R $ 80 , 116 million in September 2026 , declining 4 . 4 % QoQ and increasing 2 . 5 % over twelve months . Portfolio LTV reached 54 . 7 % as of September 2026 , down 2 . 6 p . p . QoQ and 2 . 9 p . p . YoY, reflecting our disciplined approach to portfolio management and quality . Consumer finance portfolio mix R$ million Consumer finance Auto loan origination Portfolio LTV ( Sep /26 ): R$ million Our competitive advantage remains anchored in credit expertise, with Consumer Finance as one of the main highlights . Cross - sell initiatives and the strengthening of strategic partnerships with 6 of the country’s 10 largest automakers continue to advance, contributing to consistent portfolio expansion and maintaining leadership in the Individuals vehicle portfolio, with 21 % market share 1 . 54.7% Results Accounting and managerial Results reconciliation 23.9% 21.3% 20.9% 27.2% 29.3% 30.3% 22.6% 24.8% 25.1% 14.2% 13.0% 12.7% 5.8% 6.5% 6.7% 3.5% 3.2% 2.9% 2.7% 1.9% 1.5% Sep/25 Jun/26 Sep/26 Leasing/ Auto Loan Agribusiness Securities and guarantees Personal Loan/ Other Credit Card Mortgages Payroll Loans 88% 86% 87% 12% 14% 13% 89,008 100,766 97,147 Sep/25 Jun/26 Sep/26 Vehicles Goods & Services 12,705 13,191 13,584 3Q25 2Q26 3Q26 16 3rd quarter 2026 Earnings Release
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Expanded large corporate and SMEs loan portfolio mix by segment R$ million Expanded large corporate and SMEs loan portfolio mix by instrument The expanded Large Corporate and SMEs loan portfolio totaled R $ 362 , 309 million, up 3 . 3 % over three months and 8 . 0 % over twelve months . In September 2026 , guarantees and private securities represented 38 . 6 % of the expanded Large Corporate and SMEs portfolio (+ 0 . 5 p . p . QoQ and + 1 . 8 p . p . YoY) . The expanded Large Corporate loan portfolio totaled R $ 265 , 690 million, up 4 . 3 % QoQ, driven by increases in the loan portfolio (+ 3 . 4 % ), mainly in foreign trade and working capital, and guarantees (+ 9 . 6 % ) . Yearly, the expanded loan portfolio increased 7 . 8 % , mainly driven by working capital, in addition to growth in private securities (+ 14 . 5 % ), particularly debentures and CPR, and guarantees (+ 13 . 1 % ) . Excluding the FX variation effect, the expanded Large Corporate portfolio would have increased 8 . 5 % YoY . The expanded SMEs portfolio totaled R $ 96 , 618 million, up 0 . 7 % QoQ and 8 . 5 % YoY, reflecting the evolution of the offering to the segment and the focus on strengthening the primary relationship . 38.6% 61.4% Private Securities and guarantees Loan portfolio In Sep / 26 , only 18 . 2 % of our credit exposure was concentrated in the 100 largest borrowers . (1) Including: the credit installments pending disbursement to construction companies/real estate developers, holdings in deb ent ures, promissory notes, and mortgage receivables certificates (CRI). Results Accounting and managerial Results reconciliation 73% 73% 73% 27% 27% 27% 335,476 350,580 362,309 - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 0% 20% 40% 60% 80% 100% 120% 140% Sep/25 Jun/26 Sep/26 Large Corporate SMEs Exposure Largest debtor 6,017 10 largest debtors 36,988 20 largest debtors 56,686 50 largest debtors 97,346 100 largest debtors 133,213 Exposure / Loan portfolio 0.8% 5.1% 7.8% 13.3% 18.2% Large corporate and SMEs loans Loan concentration 1 R$ million – Sep /26 17 3rd quarter 2026 Earnings Release
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Sep/26 Jun/26 Sep/26 x Jun/26 Sep/25 Sep/26 x Sep/25 Demand deposits 37,990 38,743 -1.9% 42,930 -11.5% Savings deposits 49,985 51,234 -2.4% 52,776 -5.3% Time deposits 420,157 406,226 3.4% 391,572 7.3% Repo products 1 20,651 22,549 -8.4% 10,497 96.7% Mortgage (LCI) and agribusiness (LCA) credit notes 92,047 90,482 1.7% 84,876 8.4% Financial bills and others 2 80,486 79,280 1.5% 76,828 4.8% Funding from clients (A) 701,316 688,514 1.9% 659,479 6.3% (-) Reserve Requirements (93,163) (90,532) 2.9% (92,432) 0.8% Funding net of reserve requirements 608,153 597,982 1.7% 567,047 7.2% Borrowing and onlendings 11,481 10,575 8.6% 10,034 14.4% Subordinated debts 33,130 31,862 4.0% 24,943 32.8% Offshore funding 132,579 131,123 1.1% 125,178 5.9% Total funding (B) 785,343 771,542 1.8% 727,203 8.0% Assets under management 3 459,339 444,474 3.3% 441,129 4.1% Total funding and asset under management 1,244,682 1,216,016 2.4% 1,168,332 6.5% Total credit from clients 4 (C) 642,625 642,790 0.0% 618,976 3.8% C/B (%) 81.8% 83.3% -1.5 p.p. 85.1% -3.3 p.p. C/A (%) 91.6% 93.4% -1.7 p.p. 93.9% -2.2 p.p. Funding from clients totaled R $ 701 , 316 million in September 2026 , up 1 . 9 % QoQ, driven by an increase in time deposits, and 6 . 3 % YoY, mainly driven by time deposits, debenture - backed repo products, LCI and financial bills . We remain focused on optimizing our funding mix, increasing the share of Individuals, reducing the Bank’s funding cost while maintaining optimized liquidity indicators . The Individuals segment accounted for 51 % of total deposits, stable over three months and up 3 p . p . over twelve months . In Select, deposits grew 16 % YoY, while in the mass income segment, the greater focus on primary relationships and transactional activity, despite a more selective approach to credit origination, contributed to an 18 % YoY increase in deposits . (1) Backed by debentures. (2) Includes notes secured by real estate and COE. (3) According to ANBIMA criteria. (4) Disregardi ng guarantees. Considering private securities. Funding R$ million Results Accounting and managerial Results reconciliation 18 3rd quarter 2026 Earnings Release
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The BIS ratio reached 15 . 1 % , down 0 . 2 p . p . in the quarter, reflecting growth in risk - weighted assets (RWA) . Compared with the same period last year, the ratio decreased by 0 . 1 p . p . , as RWA growth outpaced capital growth . The Common Equity Tier 1 (CET 1 ) ratio reached 10 . 9 % , down 0 . 3 p . p . in the quarter and 0 . 8 p . p . over the last 12 months . Capital R$ million Results Accounting and managerial Results reconciliation Sep/26 Jun/26 Sep/26 x Jun/26 Sep/25 Sep/26 x Sep/25 Tier I capital 94,148 94,594 -0.5% 92,862 1.4% CET1 86,327 86,475 -0.2% 85,070 1.5% Additional tier I 7,821 8,120 -3.7% 7,792 0.4% Tier II capital 25,662 24,103 6.5% 17,396 47.5% Adjusted capital (tier I and II) 119,810 118,698 0.9% 110,258 8.7% Risk weighted assets (RWA) 791,206 773,911 2.2% 724,933 9.1% Credit risk capital requirement 649,310 640,241 1.4% 617,085 5.2% Market risk capital requirement 46,170 40,838 13.1% 32,741 41.0% Operational risk capital requirement 95,725 92,832 3.1% 75,106 27.5% Basel ratio 15.1% 15.3% -0.2 p.p. 15.2% -0.1 p.p. Tier I (%) 11.9% 12.2% -0.3 p.p. 12.8% -0.9 p.p. CET1 (%) 10.9% 11.2% -0.3 p.p. 11.7% -0.8 p.p. Additional tier I (%) 1.0% 1.0% -0.1 p.p. 1.1% -0.1 p.p. Tier II (%) 3.2% 3.1% 0.1 p.p. 2.4% 0.8 p.p. 19 3rd quarter 2026 Earnings Release
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For a better understanding of BRGAAP results, the reconciliation between the accounting result and the managerial result is presented below . (1) Currency Hedge : under Brazilian tax rules, gains (losses) on foreign currency investments derived from exchange rate fluctuations are not taxable (deductible) for PIS/COFINS purposes . This tax treatment results in exchange rate exposure to taxes . A currency hedge position was established with the objective of protecting the net profit from the impact of exchange rate fluctuations associated with this exposure arising from overseas investments (branches and subsidiaries) ; (2) Credit Recovery : includes Net Interest Income and Allowance for Loan Losses : reclassification referring to credit recovery ; (3) Discounts Granted : includes Net Interest Income and Allowance for Loan Losses : reclassification referring to discounts granted . Other Operating Income and Expenses and Allowance for Loan Losses : reclassification referring to the provision of guarantees provided ; (4) Amortization of Goodwill : reversal of goodwill amortization expense ; (5) Other events : includes reclassifications from Other Operating Income/Expenses to Net Interest Income, Fees, and General Expenses . Net Interest Income and Allowance for Loan Losses : reclassification referring to asset valuation adjustments . Reconciliation of accounting and managerial results Resultados Reconciliação dos resultados contábil e gerencial Accounting and managerial Results reconciliation Results 20 3rd quarter 2026 Earnings Release 3Q26 Reclassifications 3Q26 R$ million Accounting Exchange Hedge1 Credit Recovery2 Discounts Granted3 Amort. of goodwill4 Profit Sharing FX Effects (net) Other events5 Recurring Managerial Net Interest Income 13,834 3 (752) 1,927 - - (32) (21) 14,958 Result from Loan Losses (6,137) - 752 (1,940) - - - (136) (7,460) FX Effects (net) (32) - - - - - 32 - - Net Interest Income After Loan Losses 7,664 3 - (13) - - - (157) 7,498 Fees 5,737 - - - - - - (320) 5,417 General Expenses (5,676) - - - 52 (701) - (58) (6,383) Personnel Expenses (2,211) - - - - (701) - 34 (2,879) Administrative Expenses (3,465) - - - 52 - - (91) (3,505) Tax Expenses (1,523) (3) - - - - - - (1,526) Investments in Affiliates and Subsidiaries 82 - - - - - - - 82 Other Operating Income/Expenses (3,032) - - 13 - - - 534 (2,485) Operating Income 3,252 - - 0 52 (701) - - 2,603 Non Operating Income 85 - - - - - - - 85 Net Profit Before Tax 3,338 - - 0 52 (701) - - 2,689 Income Tax and Social Contribution 305 - - - - - - - 305 Profit Sharing (701) - - - - 701 - - - Minority Interest (108) - - - - - - - (108) Net Profit 2,833 - - 0 52 - - - 2,885