Financial Data and Key Metrics Changes - The company reported a net income of R11.5 billion, representing a 3.4% increase quarter over quarter and a 14.3% increase year over year [5] - The consolidated Return on Equity (ROE) reached 23.3%, expanding both quarter over quarter and year over year, with Brazil's ROE at 24.4% [6] - Net Interest Income (NII) with clients increased by 3.1% over the previous quarter and 15.4% year over year, while the Net Interest Margin (NIM) expanded to 9.2% on a consolidated basis [7][20] Business Line Data and Key Metrics Changes - The individual loan book grew by 8.0% year over year and 0.7% in the quarter, with credit card loans increasing by 1.6% quarterly [9] - The mortgage loan book grew by 2.1% in the quarter and 17.2% year over year, while the SME loan portfolio grew by 0.8% in the quarter [13] - The finance credit card portfolio grew by 5.4% in the quarter and 6.1% year over year, with 100% of annual growth coming from the Uniclass and Personality segments [15] Market Data and Key Metrics Changes - The total credit portfolio grew by 0.4% in the quarter, and excluding foreign exchange impacts, it would have grown by 1.3% [14] - The loan book in Brazil grew by 1%, while in Latin America, the portfolio declined by 2.3% due to the appreciation of the Brazilian real against other currencies [13] Company Strategy and Development Direction - The company is focused on digital acceleration and the One Itau initiative, with over 10 million clients migrated to the platform and a Net Promoter Score (NPS) of 80 points [44] - The strategy emphasizes a holistic view of client relationships rather than merely increasing market share, focusing on delivering value through personalized offerings [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's ability to generate capital organically and maintain strong credit quality despite potential increases in non-performing loans (NPL) [32] - The company reaffirmed its guidance for credit portfolio growth and updated expectations for NII with clients' growth to between 11% and 14% [41][42] Other Important Information - The company reported an 8.7% increase in non-interest expenses in Brazil compared to the previous year, with personnel and transactional expenses well controlled [37] - The efficiency ratio improved to 36.4% in Brazil for the first half of 2025, down from 37% in 2024, indicating better operational efficiency [39] Q&A Session Summary Question: Discussion on market share and strategy - Management emphasized that market share is a consequence of focusing on the right clients and providing a holistic view of relationships rather than a primary objective [60] Question: Initiatives for finance credit portfolio growth - Management highlighted the importance of product offerings and client journey improvements, noting that the finance credit card portfolio is expanding due to personalized offerings [66] Question: Extraordinary expenses and efficiency targets - Management clarified that the extraordinary expenses were non-recurring and part of a broader strategy to improve efficiency and digital transformation [75] Question: Stabilization of checking account revenue - Management acknowledged the decline in checking account revenue but emphasized strong transactionality in retail and the need to re-signify service packages [86] Question: Profitability of wholesale vs retail segments - Management noted that retail profitability is improving due to better credit management and digital initiatives, while wholesale profitability remains strong [99]

Group 1: Digital Acceleration - Digital acceleration remains a major trend for the mining industry in 2025, driven by the need to improve exploration and development efficiency through digital applications [1][4] - Artificial intelligence (AI) is expected to be a key driver for the next leap in productivity, although the mining industry faces challenges in implementing and regulating digital transformation [4][5] - A survey indicated that 81% of employees in major global mines believe AI will significantly impact their operations in the next decade, with half of the respondents expecting effects within 1-5 years [5] Group 2: Energy Transition - The mining industry plays a crucial role in the energy transition by producing key raw materials essential for renewable energy and batteries, enhancing the sector's attractiveness [6] - The mining sector, responsible for 7% of global carbon emissions, aims for net-zero emissions by 2050, with some companies planning to achieve this goal sooner [6] - Government policies and incentives are necessary for mining companies to meet their emission reduction targets, and the involvement of Middle Eastern countries in mining is expected to increase [10][12] Group 3: Responsible Mining - Responsible mining focuses on minimizing environmental impact and ensuring local communities benefit from mining activities, a trend expected to continue through 2025 [7][9] - The theme of responsible mining was highlighted at the "Resourcing Tomorrow" conference, emphasizing carbon neutrality, natural capital, and safety [8][9] Group 4: Government Intervention - Government intervention in the mining and metals industry is anticipated to increase, with more strategic partnerships between private companies and governments [10] - Governments can play a significant role in facilitating partnerships by supporting initiatives and providing open data [10][12]