The results were in line with the trends we had covered in August 2025 , i.e., a more moderate expansion of the loan book (with callouts for SMEs andLong-only investment, evaluating companies from an operational, buy-and-hold perspective.Quipus Capital does not focus on market-driven dynamics and future price action. Instead, our articles focus on operational aspects, understanding the long-term earnings power of companies, the competitive dynamics of the industries where they participate, and buying compan ...

Banco Santander (Brasil) (NYSE:BSBR) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Company ParticipantsCamila Toledo - Head of Investor RelationsGustavo Alejo Viviani - CFOMario Roberto Opice Leão - CEOMatheus Guimarães - Equity Research AnalsytYuri Fernandes - Equity Research AnalsytConference Call ParticipantsBrian Flores - Equity Research AnalystCarlos Gomez - Senior Equity Research AnalystDaniel Vaz - Lead Research AnalystEduardo Nishio - Senior Equity AnalystEduardo Rosman - Senior AnalystMarcelo ...

Banco Santander (Brasil) (NYSE:BSBR) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Company ParticipantsCamila Toledo - Head of Investor RelationsGustavo Alejo Viviani - CFOMario Roberto Opice Leão - CEOMatheus Guimarães - Equity Research AnalsytYuri Fernandes - Equity Research AnalsytConference Call ParticipantsBrian Flores - Equity Research AnalystCarlos Gomez - Senior Equity Research AnalystDaniel Vaz - Lead Research AnalystEduardo Nishio - Senior Equity AnalystEduardo Rosman - Senior AnalystMarcelo ...

Banco Santander (Brasil) (NYSE:BSBR) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Speaker3Good morning, everyone. Thank you for joining us for our fourth quarter 2025 earnings video conference call. We are live from our headquarters in São Paulo, and we will divide this event into three parts. First, Mário Leão will address the main highlights of the quarter and the directions for our growth in the coming periods. Next, Gustavo Alejo will provide a detailed analysis of our performance, and finally, w ...

Earnings Presentation February 4 th, 2026 4Q25 BRGAAP Disclaimer This presentation may contain certain forward-looking statements and information pertaining to Banco Santander (Brasil) S.A. ("Santander Brasil") and its subsidiaries, which reflect the current views and / or expectations of Santander Brasil and its management regarding its business performance and future events. Forward-looking statements include, without limitation, any statement that may predict, forecast, suggest or imply future results, p ...

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Core Insights - Investors interested in undervalued bank stocks may consider Banco Santander-Brazil (BSBR) and Erste Group Bank AG (EBKDY) as potential options [1] Valuation Metrics - BSBR has a forward P/E ratio of 7.59, while EBKDY has a forward P/E of 11.01 [5] - BSBR's PEG ratio is 0.67, indicating a more favorable valuation compared to EBKDY's PEG ratio of 0.83 [5] - BSBR's P/B ratio stands at 0.96, compared to EBKDY's P/B of 1.08, suggesting BSBR is more undervalued relative to its book value [6] Investment Outlook - Both BSBR and EBKDY currently hold a Zacks Rank of 2 (Buy), indicating a positive earnings outlook due to favorable analyst estimate revisions [3] - BSBR has a Value grade of B, while EBKDY has a Value grade of C, further supporting the notion that BSBR is the superior value option at this time [6]

Financial Data and Key Metrics Changes - The company reported a net profit of BRL 4 billion for the quarter, marking a nearly 10% increase quarter-on-quarter and year-on-year, with a profitability ratio of 17.5% [4][27] - Expenses grew by only 0.2% quarter-on-quarter and decreased by 0.5% year-on-year, indicating effective expense management [6][27] - The efficiency ratio increased slightly but remains at a better level, with a year-on-year improvement of 140 basis points [6][27] Business Line Data and Key Metrics Changes - Client net interest income (NII) increased by 2.7% quarter-on-quarter and 11.1% year-on-year, while market NII dropped due to market conditions [5][23] - Fees grew by 6.7% quarter-on-quarter, with strong diversification across different fee lines [5][25] - Consumer finance continues to grow at double digits annually, with a 43% year-on-year growth in fees, particularly in insurance [15][16] Market Data and Key Metrics Changes - The total customer base exceeded 73 million, reflecting a 7% year-on-year growth [8] - The company reported a significant increase in active customer engagement, with a record individual NPS of 61 points and a corporate NPS of 52 points [8] Company Strategy and Development Direction - The company aims to build a more diversified and resilient operation, focusing on customer-centricity and digital transformation [7][14] - The "One App" initiative is a key strategic focus, designed to enhance customer experience and streamline interactions [12][36] - The company is committed to disciplined capital management and credit portfolio diversification to achieve higher profitability [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate short-term volatilities and maintain sustainable profitability [28][30] - The macroeconomic environment remains challenging, with expectations of continued high interest rates impacting funding [52][78] - The company is focused on improving customer satisfaction and maintaining a disciplined approach to credit origination [30][50] Other Important Information - The company has implemented AI-driven initiatives to enhance customer interactions and improve operational efficiency [10][31] - There is a strong emphasis on hyper-personalization in customer service, with over half of digital interactions now being personalized [9][10] Q&A Session Summary Question: Expected effects of the One App implementation - Management believes the One App will significantly enhance customer experience and reduce costs through more digital interactions [34][35] Question: Cost of risk and credit quality - Management confirmed no changes in credit policies and emphasized a disciplined approach to managing the loan portfolio [41][42] Question: Risk appetite and portfolio growth expectations - Management indicated a focus on growing in high-profitability segments while maintaining a disciplined approach to credit risk [48][50] Question: Market NII sensitivity and future expectations - Management acknowledged the impact of fewer business days and high interest rates on market NII, with expectations for gradual improvement [81][85]

Financial Data and Key Metrics Changes - The company achieved a net profit of BRL 4 billion in the quarter, marking a nearly 10% increase quarter-on-quarter and year-on-year, with a profitability rate of 17.5% [4][27] - Expenses grew by only 0.2% quarter-on-quarter and decreased by 0.5% year-on-year, indicating effective expense management [6][27] - The efficiency ratio increased slightly but remains at a better level, with a year-on-year improvement of 140 basis points [6][27] Business Line Data and Key Metrics Changes - Net interest income (NII) dropped quarter-on-quarter, particularly in market NII, while client NII increased by 2.7% quarter-on-quarter and 11.1% year-on-year [5][23] - Fees grew by 6.7% quarter-on-quarter, with strong diversification among different fee line items [5][25] - Consumer finance continues to grow at double digits annually, attracting 1 million new clients and achieving a 43% year-on-year growth in fees [15][16] Market Data and Key Metrics Changes - The company reported a stable performance in the individual's mass income segment, with a focus on reducing exposure to higher risk profiles [22] - The corporate segment showed positive evolution, maintaining price discipline despite market challenges [22] Company Strategy and Development Direction - The company aims to build a more solid and resilient operation, focusing on diversification and predictability in its customer franchise [7][14] - The "One App" initiative is a key strategic focus, designed to enhance customer experience and streamline interactions [12][35] - The company is committed to a disciplined capital management approach, emphasizing value creation and modernization [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory towards sustainable profitability, despite macroeconomic challenges [28][30] - The focus remains on improving customer satisfaction and maintaining a disciplined approach to credit origination [30][52] Other Important Information - The company is leveraging AI to enhance customer interactions and improve operational efficiency [10][31] - The introduction of the "One App" is expected to significantly impact customer experience and operational costs [35] Q&A Session Summary Question: Expected effects of the One App implementation - Management believes the One App will primarily enhance customer experience and enable better cross-selling opportunities, while also contributing to cost reduction [34][35] Question: Changes in cost of risk and credit quality - Management confirmed no changes in policies or management regarding cost of risk, emphasizing a disciplined approach to loan origination and recovery [42][43] Question: Risk appetite and credit growth expectations - Management indicated a focus on growing in high-profitability sub-segments while maintaining a disciplined approach to credit risk [50][52] Question: Market NII performance and future expectations - Management acknowledged the impact of fewer business days and high interest rates on market NII, with expectations for improvement as the portfolio stabilizes [81][84]

Financial Data and Key Metrics Changes - The company reported a net profit of BRL 4 billion for Q3 2025, marking a nearly 10% increase quarter-on-quarter and year-on-year, with a return on equity (ROE) of 17.5% [4][26] - Net interest income (NII) decreased quarter-on-quarter, particularly in market NII, while client NII increased by 2.7% quarter-on-quarter and 11.1% year-on-year [5][21] - Expenses grew by only 0.2% quarter-on-quarter and decreased by 0.5% year-on-year, indicating effective expense management [6][26] - The efficiency ratio increased slightly but remained at a better level, with a year-on-year improvement of 140 basis points [6][26] Business Line Data and Key Metrics Changes - Consumer finance continues to grow at a double-digit rate annually, with a 43% year-on-year growth in fees, particularly in insurance [15][16] - The SME business has seen revenue growth and diversification, with a significant increase in the number of field experts [16] - The mass income segment has experienced a 14% increase in deposit volume, despite a 6% reduction in the loan book [18][20] Market Data and Key Metrics Changes - The company has a market share close to 30% in home equity, indicating strong performance in real estate credit [35] - The percentage of the portfolio in arrears from 15 to 90 days decreased to 3.9%, reflecting improved credit quality [25] Company Strategy and Development Direction - The company aims to build a more diversified and resilient operation, focusing on customer-centricity and digital transformation [6][14] - The "One App" initiative is a key strategic focus, designed to enhance customer experience and streamline interactions [32][34] - The company is committed to disciplined capital management and credit portfolio diversification to enhance profitability [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate short-term volatilities and maintain sustainable profitability [26][28] - The macroeconomic environment remains challenging, with expectations of continued high interest rates impacting funding [45][46] - The company is focused on maintaining a disciplined approach to credit origination and risk management [42][44] Other Important Information - The company has successfully integrated AI into its operations, enhancing customer interactions and internal processes [10][12] - The customer base has grown to over 73 million, with a 7% year-on-year increase [7] Q&A Session Summary Question: Expected effects of the One App implementation - Management believes the One App will significantly enhance customer experience and reduce costs through more digital interactions [30][32] Question: Impact of regulatory changes on funding - Management views regulatory changes positively, particularly in real estate credit, and expects to continue growing in this area [35] Question: Clarification on cost of risk and provisions - Management confirmed no changes in policy or management regarding cost of risk, emphasizing a focus on new loan originations and portfolio quality [37][38] Question: Future credit appetite and growth expectations - Management indicated a disciplined approach to credit growth, focusing on high profitability cohorts while managing risk [42][44] Question: Strategy for PIX in installments - Management is advocating for a seamless customer journey in PIX transactions and believes the regulatory framework should support this [46][52]