Financial Data and Key Metrics Changes - The company reported gross revenues of BRL 4.9 billion, representing a 9% growth year over year and a 6% growth quarter over quarter [19] - Net income reached BRL 1.3 billion, a 12% growth year over year and a 1% increase quarter over quarter [23] - The return on equity (ROE) was 23%, flat year over year, while the capital ratio stood at 21.2%, an increase of 180 basis points quarter over quarter [7][24] Business Line Data and Key Metrics Changes - Retail revenues reached BRL 3.7 billion, representing 6% growth year over year and 4% growth quarter over quarter [19] - Corporate and industry services achieved a record performance of BRL 729 million, with 32% growth year over year and 33% growth quarter over quarter [21] - Life insurance retail premium posted a 25% growth year over year, while retirement plans client assets grew 15% year over year, reaching BRL 90 billion [14] Market Data and Key Metrics Changes - The company reported BRL 20 billion in retail net new money and BRL 9 billion in corporate and institutional, totaling BRL 5 billion lower than last year but three times higher than last quarter [8] - The company maintained a 10% market share in capital markets distribution, with a robust pipeline of fixed income offerings [15] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products, including a new app and credit card offerings [3][10] - The strategy includes democratizing access to high-quality wealth planning services, previously reserved for high-net-worth clients [10][12] - The company is focused on improving its investment platform and enhancing client experience through advisor initiatives [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but emphasized commitment to evolving the business for growth and profitability [4] - The outlook for the wholesale banking segment remains positive, with expectations for continued strong performance in Q4 [31] - Management indicated that while achieving the 10% revenue growth target for 2025 may be challenging, they remain optimistic about future growth [82] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new BRL 1 billion buyback program announced [24] - The company plans to pay a dividend of BRL 500 million in 2025, representing a 50% payout ratio based on net income [24] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects good performance in the wholesale banking segment for Q4, with a strong second half of the year compared to the first half [31][33] Question: Details on the strategy to increase the warehousing book - The strategy involves holding high-quality assets and increasing the warehouse book to sell to retail clients in the following year [33] Question: Clarification on corporate revenues and hedging strategy - Corporate revenues are tied to DCM activity, with hedging solutions being a significant driver [39] Question: Insights on fixed income revenue contraction despite AUC growth - The contraction in fixed income revenues is attributed to a shift in the mix towards lower take rates and shorter durations [46] Question: Impact of new hires on advisor numbers - The decrease in the number of advisors is due to the conversion of IFAs into employees and a focus on hiring higher-quality advisors [52] Question: Explanation for the reduction in financial expenses - The reduction in financial expenses is linked to a geographic shift in debt management, with cheaper bank debt replacing corporate debt [54] Question: Future guidance on EBIT margin - Management believes achieving the EBIT margin guidance is still possible, but it may take until the end of next year to realize [62]