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]