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% [2] - The return on average equity (ROAE) was 15.2%, exceeding the cost of capital for the first time in this quarter [2] Business Line Data and Key Metrics Changes - Digital retail clients increased 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 segment saw an upgrade for over 3.1 million clients, with expectations to reach 4.7 million clients by the end of 2026 [8][9] - 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 BRL 11 billion, 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 and operational efficiency over a five-year period [3][4] - Investments in technology grew by 22% in 2025 compared to 2024, with a strong emphasis on AI and digital solutions to improve client engagement and operational efficiency [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and the ability to maintain growth despite market challenges, emphasizing a disciplined approach to capital management and risk-adjusted returns [19][66] - The company expects to continue growing its loan portfolio and maintain a CET1 ratio around 11% throughout 2026, despite potential regulatory adjustments [61][64] 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 technology [24][44] - 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 highlighted that the NII remains focused on secured products, with expectations for growth in line with operational performance [31][33] Question: Clarification on restructuring expenses and growth expectations - Management explained that restructuring expenses are aimed at enhancing operational efficiency and that they expect to grow expenses in line with inflation while continuing to invest in technology [40][42] Question: Strategy for Cielo integration and expectations for payroll loans - Management confirmed ongoing integration efforts with Cielo and expressed optimism about growing market share in payroll loans, particularly in the private sector [51][72] Question: Capital outlook and CET1 expectations - Management indicated that CET1 is expected to remain around 11%, with careful monitoring of capital allocation and growth strategies [63][66]