Institutional Presentation 4Q25 We Stand For People An Empowered Team Results-Driven Together We Evolve We Stand for Customers Challenge Oriented I AM BRADESCO Translation | Corporate Profile / ESG | 3-19 | | --- | --- | | Transformation Plan | 20-31 | | 4Q25 Numbers | 32-54 | | Main Banking Businesses | 55-65 | | Insurance Group | 66-79 | | Valuation and selected Bradesco stock data | 80-86 | | Adjusting the Economic Policy Mix | 87-94 | | GDP Growth Cycle | 95-102 | | Credit Cycle | 103-113 | 2 02/10/2026 ...

Core Insights - Banco Bradesco, based in Osasco, Brazil, has seen a remarkable share price increase of nearly 80% over the past twelve months, indicating strong market performance [1] Group 1: Company Performance - The latest operating data suggests that Banco Bradesco is performing well, attracting significant attention from investors [1]

Core Insights - Telstra is expected to cut more than 200 jobs as it implements AI capabilities and shifts some roles to India through a joint venture with Accenture valued at $700 million [1][2][3] - The joint venture aims to enhance efficiency, modernization, and productivity, leveraging Accenture's global capabilities and AI expertise [2][5] - Telstra's CEO, Vicki Brady, emphasized that AI will significantly enhance workforce capabilities, with autonomous AI working alongside staff [4][5] Job Cuts and Workforce Changes - A total of 209 jobs are anticipated to be eliminated, following a previous announcement in 2024 regarding the reduction of 2,800 jobs in Telstra's enterprise business [3] - Affected employees will be offered assistance in finding new positions within Telstra or Accenture, along with access to career transition programs and retrenchment benefits [2][3] Future Outlook - The implementation of AI efficiencies is expected to lead to improved cost efficiencies and a better customer experience for Telstra [3] - The joint venture is part of Telstra's strategy to modernize its data and AI platforms and embed responsible AI practices [5]

Banco Bradesco (NYSE:BBD) Q4 2025 Earnings call February 06, 2026 08:30 AM ET Company ParticipantsAndré Carvalho - Investor Relations OfficerCarlos Gomez-Lopez - Head of Latin America Financial ResearchCassiano Scarpelli - EVP and CFOMarcelo de Araújo Noronha - CEOConference Call ParticipantsAndrew Garrity - AnalystDaniel Vaz - AnalystEduardo Nishio - AnalystGustavo Schroden - AnalystHenrique Navarro - AnalystMario Pierry - AnalystMatheus Guimarães - AnalystPedro Leduc - AnalystRenato Meloni - AnalystThiago ...

Financial Data and Key Metrics Changes - The company reported a recurring net income of BRL 6.5 billion for Q4 2025, representing a year-on-year growth of 20.6%, and a full-year net income of BRL 24.7 billion, reflecting a growth of 26.1% [2] - The return on average equity (ROAE) reached 15.2%, exceeding the cost of capital for the first time in this quarter [2] - Total revenue growth was driven by an increase in net interest income (NII) and fee and commission income, with a growth of 5.5% when excluding the Cielo tender offer [19] Business Line Data and Key Metrics Changes - Digital retail client base grew to 19 million, with a target of approximately 40 million by 2026, and the direct cost to serve these clients was reduced by 40 times [6][7] - The affluent client segments saw an upgrade to over 3.1 million clients, with expectations to reach 4.7 million clients by the end of 2026 [8] - The SME segment's market share increased from 14.3% to 16.6%, with a robust digital model and new value propositions introduced [11][12] Market Data and Key Metrics Changes - The company reported a loan portfolio of nearly BRL 1.1 billion, with micro, small, and medium-sized companies growing by 21.3% [20] - The insurance operations grew by 16.1%, exceeding guidance expectations [25] - Capital markets experienced a 29.2% increase compared to the previous year, attributed to structural changes and investments in the investment banking sector [23] Company Strategy and Development Direction - The company is focused on a transformation plan initiated in February 2024, aiming to enhance competitiveness through technology and operational efficiency [3][4] - Investments in technology grew by 22% in 2025 compared to 2024, with a strong emphasis on AI and digital solutions [16][17] - The company aims to maintain a disciplined approach to capital management while expanding its loan portfolio and improving risk-adjusted returns [69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, emphasizing that there will be no settling year and that they will continue to invest in competitiveness [80] - The company anticipates maintaining a CET1 ratio around 11% throughout 2026, despite potential regulatory adjustments [68] - Management highlighted the importance of maintaining a high degree of engagement and quality in the credit portfolio, with expectations for continued growth in payroll loans and other segments [39][76] Other Important Information - The company has reduced its operational footprint by closing 2,800 points over the past two years, while continuing to invest in new branches and refurbishments [24][48] - The engagement survey showed an increase in employee engagement from 74% in 2024 to 84% in 2025, indicating a committed workforce [15] Q&A Session Questions and Answers Question: Insights on underlying business trends and NII guidance - Management indicated that NII remains focused on secured products, with expectations for growth in line with operations and a maintained average rate [34][36] Question: Clarification on restructuring expenses and growth expectations - Management acknowledged an additional BRL 700 million in restructuring expenses, emphasizing ongoing investments in technology and footprint adjustments [43][45] Question: Strategy for integrating Cielo and expectations for large accounts - Management confirmed that Cielo is undergoing significant transformation, with a focus on improving logistics and maintaining profitability while growing in the SME segment [57][59] Question: Capital outlook and CET1 expectations - Management expects CET1 to remain around 11%, with careful monitoring of capital allocation and growth in the loan portfolio [67][69] Question: Expectations for payroll loans and market share - Management expressed optimism about growing market share in both public and private payroll loans, leveraging competitive models and technology [76][78]

Financial Data and Key Metrics Changes - The recurring net income for Q4 2025 was BRL 6.5 billion, representing a year-on-year growth of 20.6%, and for the full year, it reached BRL 24.7 billion, a growth of 26.1% [1] - The return on average equity (ROAE) was 15.2%, exceeding the cost of capital for the first time in this quarter [1] Business Line Data and Key Metrics Changes - Digital retail clients increased to 19 million, with a target of approximately 40 million by the end of 2026, and the direct cost to serve these clients was reduced by 40 times [5][6] - The affluent client segment saw an upgrade for over 3.1 million clients, with expectations to reach 4.7 million clients by the end of 2026 [8] - The SME segment's market share increased from 14.3% to 16.6%, with a robust digital model and new value propositions introduced [11][12] Market Data and Key Metrics Changes - The loan portfolio reached almost BRL 11 billion in December 2025, with micro, small, and medium-sized companies growing by 21.3% [20] - The net interest income (NII) increased by 17.4%, and credit income grew by 14.4% [22] Company Strategy and Development Direction - The company is focused on a transformation plan initiated in February 2024, aiming to enhance competitiveness through technology and customer engagement [2][3] - Investments in technology grew by 22% in 2025 compared to 2024, with a strong emphasis on AI and digital solutions [17][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, expecting continued growth in ROE and net income, despite potential macroeconomic volatility due to elections [54][55] - The company aims to maintain a CET1 ratio around 11% throughout 2026, with a focus on disciplined capital management [49][50] Other Important Information - The company has reduced its operational footprint by closing 2,800 points and plans to open approximately 50 new offices in 2026 [24][39] - The insurance operations reported a growth of 16.1%, exceeding guidance expectations [25][26] Q&A Session Summary Question: Insights on underlying business trends and NII guidance - Management indicated that the NII remains focused on secured products, with expectations for growth in line with operations and a maintained average rate [30][31] Question: Clarification on restructuring expenses and growth expectations - Management acknowledged an additional BRL 700 million expense for restructuring, emphasizing continued investment in technology and footprint adjustments [34][39] Question: Expectations for payroll loans and market share - Management expressed optimism about growing market share in payroll loans, particularly in the private sector, leveraging competitive models [52] Question: Capital outlook and CET1 expectations - Management expects CET1 to remain around 11%, with fluctuations possible due to regulatory measures, but overall confidence in capital management was reiterated [47][49]

Financial Performance - Banco Bradesco reported a net income of R$23.9 billion for 2025, representing a year-over-year increase of 36.4%[16] - Net income for 2025 reached R$23,924,636, a significant increase of 36.2% compared to R$17,542,153 in 2024[78] - Total comprehensive income for 2025 was R$24,979,324, compared to R$14,131,735 in 2024, showing an increase of 76.5%[78] - Basic earnings per common share improved to R$2.13 in 2025, up from R$1.55 in 2024, reflecting a growth of 37.4%[76] - Net interest income rose to R$73,269,592 in 2025, a 8.6% increase from R$67,454,564 in 2024[76] - Fee and commission income increased to R$31,073,646 in 2025, up 9.2% from R$28,336,487 in 2024[76] - The insurance services result improved to R$11,331,343 in 2025, up from R$8,942,260 in 2024, indicating a growth of 26.7%[76] Asset and Liability Management - Total assets increased to R$2,330,327,216 in 2025, up from R$2,069,484,362 in 2024, representing a growth of 12.6%[75] - Total liabilities increased to R$2,151,378,586 in 2025, compared to R$1,900,541,870 in 2024, marking a rise of 13.2%[75] - Deposits from customers increased to R$721,274,151 in 2025, up 12.0% from R$644,338,463 in 2024[75] - Total deposits amounted to R$728.0 billion, reflecting a 12.2% increase year-over-year[17] Capital and Equity - The bank's Tier I capital ratio improved to 13.2%, up by 0.8% from the previous year[16] - The organization employed 82,095 individuals, maintaining a stable representation of women in leadership roles at 18.2%[32] - The company acquired treasury shares amounting to R$222,621 thousand in 2025, reflecting a strategic move to manage equity[81] - Interest on equity payments totaled R$14,499,273 thousand in 2025, consistent with the company's commitment to return value to shareholders[81] Technology and Innovation - The implementation of technology initiatives led to a 43% reduction in lead time and a 118% increase in productivity in product deliveries[18] - The bank's digital platform BIA Clients achieved an 87% resolution rate in chat interactions, enhancing customer service efficiency[19] - The company was awarded the Gold category in the Digital Transformation Brazil Award for its case on AI and customer centrality[71] Social Responsibility and Sustainability - Bradesco allocated R$381.9 billion to socio-environmental sectors, surpassing its goal of R$350 billion by 109% for the 2021-2025 period[37] - In 2025, Bradesco invested R$1.4 billion in social projects, with R$1.2 billion for activity expenses and R$258 million for infrastructure and educational technology[65] - Over 42,000 students will benefit from Bradesco's school network, which spans from early childhood education to high school and technical professional education[66] - Bradesco's sustainability efforts have been recognized in major national and international indexes, including the Dow Jones Sustainability Index[39] - The company has established Ecora, a carbon credit certification initiative, to enhance Brazil's carbon market infrastructure[38] Market Position - The bank's market value stood at R$178.7 billion as of the end of 2025[16] - Bradesco's shares accounted for 3.9% of Ibovespa as of December 31, 2025, indicating strong market presence[50] - Bradesco Asset Management was recognized as the best fund manager for the sixth time, highlighting its leadership in the investment sector[68] Regulatory Compliance and Governance - The organization is listed in Level 1 of Corporate Governance of B3, reflecting its commitment to good governance practices[46] - The consolidated financial statements were approved by the Board of Directors on February 04, 2026, indicating ongoing compliance with regulatory requirements[90] Financial Instruments and Risk Management - Financial assets are classified into three categories: measured at amortized cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVTPL)[123] - Expected credit losses on loans and advances decreased from R$30,176,989 thousand in 2023 to R$28,677,857 thousand in 2025, indicating improved asset quality[83] - The Organization expects no credit losses for Brazilian government bonds over the next 12 months, indicating a strong credit risk assessment[160] - The effective interest rate method is used to recognize income from financial assets and costs from liabilities, incorporating all relevant transaction costs[167]

operational highlights in 2025 Net income increases by 26%, evolving in all quarters Revenues grow by 13.2%, being the main driver of higher profitability We Stand For People An Empowered Team Results -Driven Together We Evolve We Stand for Customers Challenge Oriented I AM BRADESCO our evolving culture Translation Profitability continues to improve in a gradual and safe way, driven by revenues, and in the last quarter exceeded the cost of capital R$6.5 bn 4Q25 recurring net income 4Q25 vs. 3Q25 (q/q) 4Q25 ...

Core Viewpoint - The current stance on Banco Bradesco (BBD) is HOLD, indicating a cautious approach towards the stock at this time [1]. Company Analysis - The investment strategy focuses on wealth preservation, income generation, and long-term appreciation [1]. - The national portfolio consists of carefully selected Brazilian stocks and real estate funds, while the international portfolio includes ETFs that provide global coverage [1].

Core Insights - Banco Bradesco's stock rose by 4.28% to $4.14, likely driven by expectations of interest rate cuts in Brazil, with current rates near 15% and a central bank meeting scheduled for January 28th [1][3] - The trading volume for Banco Bradesco reached 60.8 million shares, significantly above its three-month average of 34.5 million shares, indicating strong investor interest [1] - The bank's share price has increased by approximately 115% year-on-year, and it plans to strengthen its fixed income team to capture more market share [4] Market Performance - The S&P 500 index rose by 0.41% to close at 6,978.60, while the Nasdaq Composite increased by 0.91% to 23,817.10, reflecting overall market strength [2] - Other Brazilian banks also saw gains, with Itaú Unibanco up 4.65% to $8.78 and Banco Santander rising 4.57% to $7.10, indicating a positive trend across the banking sector [2] Economic Context - Brazil's inflation data for January was slightly below expectations, leading economists to predict a reduction in the Selic rate from 15% to 12.25% by the end of the year, with easing expected to begin in March [3]