Q4 2025 Inter & Co Inc Earnings Call

February 11, 2026

Rafaela Vitória: Hi everyone. I'm Rafaela Vitória, IR Officer at Inter & Co, and I would like to welcome all to Inter & Co's Fourth Quarter 2025 Earnings Conference Call. First of all, some instructions. This call is also available in Portuguese. To access it, press the globe icon on the lower right side of your Zoom screen, then select the Portuguese room. Please be advised that all participants will be in listen-only mode and that the conference is being recorded. You may submit online questions at any time today using the Q&A box on the webcast. A replay will be available at the company's IR website. With me on today's call are João Vitor Menin, Inter's Global CEO, Alexandre Riccio, Brazil CEO, and Santiago Stel, Senior Vice President and CFO. Throughout this conference call, we'll be presenting non-IFRS financial information.

Speaker #2: I'm Rafa Vitoria, IR officer at Inter & I would like to welcome all to Inter & Co's fourth quarter 2025 earnings conference call. First of all, some instructions.

Speaker #2: This call is also available for watching. To access it, press the globe icon on the lower right side of your Zoom screen, then select the Portuguese room.

Rafaela Vitória: Please be advised that all participants will be in listen-only mode and that the conference is being recorded. You may submit online questions at any time today using the Q&A box on the webcast. A replay will be available at the company's IR website. With me on today's call are João Vitor Menin, Inter's Global CEO, Alexandre Riccio, Brazil CEO, and Santiago Stel, Senior Vice President and CFO. Throughout this conference call, we'll be presenting non-IFRS financial information.

Speaker #2: Please be advised that all participants will be in listen-only mode and that the conference is being recorded. You may submit online questions at any time today using the Q&A box on the webcast.

Speaker #2: A replay will be available at the company's IR website. With me on today's call are João Vitor Menin, Inter's Global CEO; Alexandre Rício, Brazil CEO; and Santiago Stel, Senior Vice President and CFO.

Speaker #2: Throughout this conference call, we'll be presenting non-IFRS financial information. These are important financial measures for the company, but are not financial measures as defined by IFRS.

Rafaela Vitória: These are important financial measures for the company but are not financial measures as defined by the IFRS. Reconciliations to the IFRS financial information are available in our earnings release and earnings presentation appendix. I would also like to remind everyone that today's discussion might include forward-looking statements, which are not guarantees of future performance. Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation. Today, João will discuss Inter's strategy and business overview. After that, Alexandre and Santiago will take you through our financial and operating results in more detail. We'll then open the call for questions. I will now turn the call over to João. João, please go ahead.

Speaker #2: Reconciliations to the IFRS financial information are available in our earnings release and earnings presentation appendix. I would also like to remind everyone that today's discussion might include forward-looking statements, which are not guarantees of future performance.

Rafaela Vitória: Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation. Today, João will discuss Inter's strategy and business overview. After that, Alexandre and Santiago will take you through our financial and operating results in more detail. We'll then open the call for questions. I will now turn the call over to João. João, please go ahead.

Speaker #2: Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation. Today, João will discuss Inter's strategy and business overview. After that, Alexandre and Santiago will take you through our financial and operating results in more detail.

Speaker #2: We'll then open the call for questions. I will now turn the call over to João. João, please go

Speaker #2: ahead. Thank you,

João Vitor Menin: Thank you, Rafa. Hello everyone. I am excited to share that we have accomplished yet another quarter of growth while we continue to build Inter for the future. I want to emphasize during this session four topics that I have been working hard, especially during 2025, which are: 1. Innovation: pushing the boundaries in everything we do. 2. Branding: we focus on strong connections with our clients. 3. Global expansion: setting the foundations to replicate our model across borders. And last, building a strong team with direction, alignment, and commitment. To begin, I would like to quickly recap the key platform improvements we achieved in 2025. As you know, we are always pushing the boundaries and expanding the horizons of our products and services. With a client-centric approach, we design our platform to make our clients' lives smarter and simpler.

Speaker #3: Rafa. Hello, everyone. I am excited to share that we have accomplished yet another quarter of growth while we continue to build Inter for the future.

Speaker #3: I want to emphasize during this session four topics that I have been working hard. Especially during 2025. Which are: one, innovation. Pushing the boundaries in everything we do.

Speaker #3: Two, branding. We focus on strong connections with our clients. Three, global expansion—setting the foundations to replicate our model across borders. And last, building a strong team.

João Vitor Menin: 3. Global expansion: setting the foundations to replicate our model across borders. And last, building a strong team with direction, alignment, and commitment. To begin, I would like to quickly recap the key platform improvements we achieved in 2025. As you know, we are always pushing the boundaries and expanding the horizons of our products and services. With a client-centric approach, we design our platform to make our clients' lives smarter and simpler.

Speaker #3: With direction, alignment, and commitment. To begin, I would like to quickly recap the key platform improvements we achieved in 2025. As you know, we are always pushing the boundaries and expanding the horizons of our products and services.

Speaker #3: With a client-centric approach, we design our platform to make our clients' lives smarter and simpler. I would like to share four major launches that represent these.

João Vitor Menin: I would like to share four major launches that represent this. At the end of March, we launched the private payroll product as soon as the national payroll platform became available. Months of preparation ensured our systems were ready from day one, allowing us to hit the ground running. Since its launch, the product has been a tremendous success. Today, we have served nearly 500,000 clients and have built a BRL 2 billion portfolio, fully digital and scalable. In April, we introduced our own social media platform called Forum. This space fosters engagement where clients, journalists, and specialists can share thoughts on investment products, economic trends, tips on Inter's offerings, and more. It is a large investment community filled with shared knowledge and interaction. As of December, we had 18 million users, and this number is growing daily.

Speaker #3: At the end of March, we launched the private the national payroll platform became payroll product, as soon as available. Months of preparation ensured our systems were ready from day one.

Speaker #3: Allowing us to hit the ground running. Since its launch, the product has been a tremendous success. Today, we are at serve nearly 500,000 clients.

Speaker #3: And have built a $2 billion portfolio. Fully digital and scalable. In April, we introduced our own social media platform called Forum. This space fosters engagement.

João Vitor Menin: In April, we introduced our own social media platform called Forum. This space fosters engagement where clients, journalists, and specialists can share thoughts on investment products, economic trends, tips on Inter's offerings, and more. It is a large investment community filled with shared knowledge and interaction. As of December, we had 18 million users, and this number is growing daily.

Speaker #3: Where clients journalists and specialists can share thoughts, on investment products, economic trends, tips on Inter's offerings, and more. It is a large investment community.

Speaker #3: Filled with shared knowledge and interaction. As of December, we—and this number is growing daily. In July, we enhanced My Big Bank, enabling clients to set specific goals for their investments.

João Vitor Menin: In July, we enhanced My PiggyBank, enabling clients to set specific goals for their investments. This UX improvement made investing easier, embodying the core of our customer-centric DNA. Today, we have 1.5 million active users leveraging this feature, driving strong activation in our investments vertical. Finally, in December, we rolled out My Credit Journey to our entire client base. This new feature recorded 3 million unique accesses in a few weeks, offering our clients smart credit solutions by combining financial education with advanced internal modeling processes. While I have shared four examples here, 2025 was a remarkable year of innovation across our platform. Beyond these four products, we also launched over 10 new features, including, for instance, the new Taskbar, our AI solution to help our clients navigate through our super app. This progress is evident through the brand recognition we received, which I will deep dive on the next page.

Speaker #3: This UX improvement made investing easier. Embodying the core of our customer-centric DNA. Today, we have 1.5 million active users leveraging this feature. Driving strong activation in our investments vertical.

Speaker #3: Finally, in December, we rolled out My Credit Journey. To our entire client base. This new feature recorded 3 million unique access in a few weeks.

Speaker #3: Offering our clients smart credit solutions. By combining financial education with advanced internal modeling process. While I have shared four examples here, 2025 was a remarkable year of innovation across our platform.

João Vitor Menin: While I have shared four examples here, 2025 was a remarkable year of innovation across our platform. Beyond these four products, we also launched over 10 new features, including, for instance, the new Taskbar, our AI solution to help our clients navigate through our super app. This progress is evident through the brand recognition we received, which I will deep dive on the next page.

Speaker #3: Beyond these four products, we also launched over 10 new features, including, for instance, the new taskbar—our AI solution to help our clients navigate through our super app.

Speaker #3: This progress is evident through the brand recognition we received. Which I will deep dive on the next page. Bringing new solutions like the ones I just mentioned.

João Vitor Menin: Bringing new solutions like the ones I just mentioned keeps us closely connected to our clients' needs. This connection translates into recognition and increased engagement. During 2025, we were proud to be ranked as the seventh most powerful brand in Brazil and the third most mentioned brand on social media in Brazil. We also achieved another milestone, being ranked as the number one bank brand among Gen Z. These clients are a key focus for us as we offer products and services tailored to meet their needs. Last but not least, our clients placed Inter as the number one rated financial app in both Apple Store and Google Play. These achievements are clear evidence of the trust and appreciation people have for Inter. They also highlight the power of word-of-mouth and member-get-member approaches, which continue to drive our brand awareness and engagement.

Speaker #3: Keep us closely connected to our clients' needs. This connection translates into recognition and increased engagement. During 2025, we were proud to be ranked as the seventh most powerful brand in Brazil.

Speaker #3: And the third most mentioned brand on social media in Brazil. We also achieved another milestone. Being ranked as the number one bank brand among Gen Z.

João Vitor Menin: These clients are a key focus for us as we offer products and services tailored to meet their needs. Last but not least, our clients placed Inter as the number one rated financial app in both Apple Store and Google Play. These achievements are clear evidence of the trust and appreciation people have for Inter. They also highlight the power of word-of-mouth and member-get-member approaches, which continue to drive our brand awareness and engagement.

Speaker #3: These clients are a key focus for us. As we offer products and services tailored to meet their needs. Last but not least, our clients placed Inter as the number one rated financial app in both Apple Store and Google Play.

Speaker #3: This achievements are clear evidence of the trust and appreciation people have for Inter. They also highlight the power of word of the mouth and member get member approach.

Speaker #3: Which continue to drive our brand awareness and engagement. During 2025, we hosted for the first time an event dedicated to our investment clients. Who now total 9 million people.

João Vitor Menin: During 2025, we hosted for the first time an event dedicated to our investment clients, who now total 9 million people. It was a Saturday filled with incredible content where investment specialists shared their knowledge and insights with over 6,000 clients attending. We firmly believe that a strong brand is built through daily, consistent interactions like these, where our commitment to delivering the best experience is the foundation of everything we do. Another topic I have been focused on, our global expansion, reached important milestones as well. Since 2022, we have been focused on building a strong foundation in the US to offer USD accounts and solutions globally. In 2023, we launched US Markets designed for Brazilians seeking to buy a second home in the US, a segment underserved by the US banking system. Then we introduced Inter Securities, allowing clients to diversify their investments in US markets.

Speaker #3: was a Saturday filled with It incredible content where investment specialists shared their knowledge and insights with over 6,000 clients. Attending. We firmly believe that a strong brand is built through daily, consistent interactions like these.

Speaker #3: Where our commitment to delivering the best experience is the foundation of everything we do. Another topic I have been focused on. Our global expansion.

João Vitor Menin: Another topic I have been focused on, our global expansion, reached important milestones as well. Since 2022, we have been focused on building a strong foundation in the US to offer USD accounts and solutions globally. In 2023, we launched US Markets designed for Brazilians seeking to buy a second home in the US, a segment underserved by the US banking system. Then we introduced Inter Securities, allowing clients to diversify their investments in US markets.

Speaker #3: Reached important milestones as well. Since 2022, we have been focused on building a strong foundation in the US. To offer USD accounts and solutions globally.

Speaker #3: In 2023, we launched US markets. Designed for Brazilians seeking to buy a second home in the US. A segment underserved by the US banking system.

Speaker #3: Then we introduced Inter Securities. Allowing clients to diversify their investments in US markets. In 2024, we reached a major milestone by securing our Cayman Branch license.

João Vitor Menin: In 2024, we reached a major milestone by securing our Cayman branch license, bringing efficiency to our international operations. In 2025, we launched USD credit cards and announced the partnership with Bind to bring our solutions to Argentinian clients. We are in the final stage of testing and will soon roll out these offerings fully. While delivering these milestones, we have also been working behind the scenes on obtaining approval for our US bank license. In January 2026, a few weeks ago, we just achieved this goal. This will unlock significant benefits: lower operational costs, giving us greater independence from US partners to deliver products directly. Reduced funding costs, allowing us to direct our US deposit base, which stands at $320 million, to fund credit operations like mortgage and USD credit cards. Also, the ability to offer our products and services across geographies.

Speaker #3: Bringing efficiency to our international operations. In 2025, we launched USD credit cards. And announced the partnership with Bind. To bring our solutions to Argentinian clients.

Speaker #3: We are in the final stage of testing and will soon roll out these offerings fully. While delivering these milestones, we have also been working behind the scenes on obtaining approval for our U.S. bank license.

João Vitor Menin: In January 2026, a few weeks ago, we just achieved this goal. This will unlock significant benefits: lower operational costs, giving us greater independence from US partners to deliver products directly. Reduced funding costs, allowing us to direct our US deposit base, which stands at $320 million, to fund credit operations like mortgage and USD credit cards. Also, the ability to offer our products and services across geographies.

Speaker #3: In January 2026, a few weeks ago, we just achieved this goal. This will unlock significant benefits. As lower operational costs. Giving us greater independence from US partners to deliver products directly.

Speaker #3: Reduced funding costs. Allowing us to direct our US deposit base which stands at 320 million. To fund credit operations like mortgage and USD credit cards.

Speaker #3: Also, the ability to offer our products and service across geographies. This is a major step forward. Transforming our global vision into reality. To make everything possible, 2025 was marked by the consolidation of our C-level leadership.

João Vitor Menin: This is a major step forward, transforming our global vision into reality. To make everything possible, 2025 was marked by the consolidation of our C-level leadership. Over the past few years, we brought in key talent, whose leadership continues to make an impact. In 2025, we brought two new additions to the team: Marco Araújo, our new Chief Legal and Compliance Officer; and Marcos Araújo, our new CRO with years of experience in the industry. In addition, we implemented our new leadership framework called DAC: Direction, Alignment, and Commitment. This was done with the support of our Board of Directors and external advisors of Howard Guttman and Nicola Calicchio. This combination of expertise and cultural alignment positioned us to build a dynamic, forward-thinking environment and execution, ultimately propelling Inter's long-term success. Now, I would like to pass the mic to Santiago, who will walk you through our business highlights.

Speaker #3: Over the past few years, we brought in key talent whose leadership continues to make an impact. In 2025, we brought two new additions to the team.

Speaker #3: Marco Araújo, our new Chief Legal and Compliance Officer, and Marlos Araújo, our new CRO, both have years of experience in the industry. In addition, we implemented our new leadership framework.

Speaker #3: Called DAC. Direction Alignment and Commitment. This was done with the support of our board of directors and external advisors of Howard Gutman and Nicola Calicchio.

João Vitor Menin: This was done with the support of our Board of Directors and external advisors of Howard Guttman and Nicola Calicchio. This combination of expertise and cultural alignment positioned us to build a dynamic, forward-thinking environment and execution, ultimately propelling Inter's long-term success. Now, I would like to pass the mic to Santiago, who will walk you through our business highlights. Thank you very much.

Speaker #3: This combination of expertise and cultural alignment. Positioned us to build a dynamic, forward-thinking environment and execution. Ultimately propelling Inter's long-term success. Now, I would like to pass the mic to Shanji.

Speaker #3: Who will walk you through our business highlights. Thank you very

João Vitor Menin: Thank you very much.

Speaker #3: much. Thank you,

Alexandre Riccio de Oliveira: Thank you, João. Hello everyone. It's always a pleasure to be here and present the achievements of the quarter. We're proud to share another outstanding year of growth and profitability. Once again, we were the fastest-growing financial institution in Brazil among those with over 20 million clients. This reinforces the strength of our brand and the attractiveness of our platform. Beyond attracting clients, we've seen them deepen their relationship with us. In December, we recorded over 21.5 million daily logins. That's nearly 15,000 per minute, a significant increase compared to last December's 17 million logins per day. Additionally, we processed 32,000 financial transactions per minute, totaling almost 1 billion transactions during the month of December. This exceptional level of client engagement highlights how well our platform performs.

Speaker #2: Joao. Hello, everyone. It's always a pleasure to be here and present the achievements of the quarter. We're proud to share another outstanding year of growth and profitability.

Speaker #2: Once again, we were the fastest-growing financial institution in Brazil among those with over 20 million clients. This reinforces the strength of our brand and the attractiveness of our platform.

Speaker #2: Beyond attracting clients, we've seen them deepen their relationship with us. In December, we recorded over 21.5 million daily logins. That's nearly 15,000 per minute.

Alexandre Riccio de Oliveira: In December, we recorded over 21.5 million daily logins. That's nearly 15,000 per minute, a significant increase compared to last December's 17 million logins per day. Additionally, we processed 32,000 financial transactions per minute, totaling almost 1 billion transactions during the month of December. This exceptional level of client engagement highlights how well our platform performs.

Speaker #2: A significant increase compared to less December's 17 million logins per day. Additionally, we processed 32,000 financial transactions per minute. Totaling almost 1 billion transactions during the month of December.

Speaker #2: This exceptional level of client engagement highlights how well our platform performs. With a sustained NPS of 85 points over several years, it also reinforces the value created by the synergy between our seven seamless experience for our users.

Alexandre Riccio de Oliveira: With a sustained NPS of 85 points over several years, it also reinforces the value created by the synergy between our seven verticals, delivering a seamless experience for our users. Throughout the year, we delivered a record-breaking performance in both welcoming new clients and activating them. We welcomed 7 million new clients, our best annual performance ever. This is an important achievement given Brazil's mature market, where most people are already bank-arrived. Our focus on quality remains strong. Of these new clients, 4.4 million became active, bringing our overall activation rate to 58% and our total active client base to 25 million. These results are driven by continuous improvements in our super app. From enhancing the onboarding process and client services to refining communication strategies, targeting, and hyper-personalization, we've worked to deliver a seamless and engaging experience for our clients.

Speaker #2: Throughout the year, we delivered a record-breaking performance in both welcoming new clients and activating them. We welcomed 7 million new clients—our best annual performance ever.

Speaker #2: This is an important achievement given Brazil's mature market. Where most people are already bankrupt. Our focus on quality remains strong. Of these new clients, 4.4 million became active.

Alexandre Riccio de Oliveira: Our focus on quality remains strong. Of these new clients, 4.4 million became active, bringing our overall activation rate to 58% and our total active client base to 25 million. These results are driven by continuous improvements in our super app. From enhancing the onboarding process and client services to refining communication strategies, targeting, and hyper-personalization, we've worked to deliver a seamless and engaging experience for our clients.

Speaker #2: Bringing our overall activation rate to 58%, and our total active client base to 25 million. These results are driven by continuous improvements in our super app.

Speaker #2: From enhancing the onboarding process. And client services to refining communication strategies targeting and hyper-personalization. We've worked to deliver a seamless and engaging experience for our clients.

Speaker #2: These higher activation rates are driving significant increases in transaction volumes. In the fourth quarter, our TPV grew 27%, reaching R$1.8 trillion in run rate.

Alexandre Riccio de Oliveira: These higher activation rates are driving significant increases in transaction volumes. In Q4, our TPV grew 27%, reaching BRL 1.8 trillion in run rate. Transactions made through Pix totaled around BRL 1.5 trillion for the year, leading our Pix market share to 8.5%. Additionally, our transaction mix continues to evolve, with credit card volume outpacing debit card transactions for many quarters in a row. This shift positively contributes to higher interchange fee income. Importantly, our TPV levels across cohorts show consistent improvement as newer clients demonstrate increased activity, transacting faster and more frequently than other cohorts. On credit, before Shanji deep dives on specific metrics, I want to highlight three main topics: portfolio growth, private payroll loans, and credit cards.

Speaker #2: Transactions made through picks totaled around 1.5 trillion reais for the year. Leading our picks market share to 8.5%. Additionally, our transaction mix continues to evolve.

Speaker #2: With credit card volume outpacing many quarters in a row. This shift positively contributes to higher interchange fee income. Importantly, our TPV levels across cohorts.

Alexandre Riccio de Oliveira: This shift positively contributes to higher interchange fee income. Importantly, our TPV levels across cohorts show consistent improvement as newer clients demonstrate increased activity, transacting faster and more frequently than other cohorts. On credit, before Shanji deep dives on specific metrics, I want to highlight three main topics: portfolio growth, private payroll loans, and credit cards.

Speaker #2: Show consistent improvement. As newer clients demonstrate increased activity. Transacting faster and more frequently than other cohorts. On credit, before Santy deep dive on specific metrics.

Speaker #2: I want to highlight three main topics. Portfolio growth, private payroll loans, and credit cards. First, on our portfolio, we achieved a remarkable 36% annual growth.

Alexandre Riccio de Oliveira: First, on our portfolio, we achieved a remarkable 36% annual growth, being diligent with ROE targets and maintaining a balanced ratio of secured and unsecured loans, roughly 2/3 secured, 1/3 unsecured. Second, on private payroll loans, this has been the main highlight of the year, and we keep a positive view on the product. We reached a portfolio of nearly BRL 2 billion with around 500,000 clients. This shows the strength of our digital distribution and our ability to scale a new product quickly. Third, on credit cards, we're making good progress in moving clients from being pure transactors to our interest-earning portfolio, a process we call reshaping. IEPs, or interest-earning products, now represent over 23% of our credit card portfolio, up from 19% last year. Four-quarter dynamics of more liquidity in the market brought stability to the reshaping process.

Speaker #2: Being diligent with ROE targets and maintaining a balanced ratio of secured and unsecured loans. Roughly two-thirds secured, one-third unsecured. Second, on private payroll loans.

Speaker #2: This has been the main highlight of the year. And we keep a positive view on the product. We reached a portfolio of near 2 billion reais with around 500,000 clients.

Alexandre Riccio de Oliveira: This shows the strength of our digital distribution and our ability to scale a new product quickly. Third, on credit cards, we're making good progress in moving clients from being pure transactors to our interest-earning portfolio, a process we call reshaping. IEPs, or interest-earning products, now represent over 23% of our credit card portfolio, up from 19% last year. Four-quarter dynamics of more liquidity in the market brought stability to the reshaping process.

Speaker #2: This shows the strength of our digital distribution. And our ability to scale a new product quickly. Third, on credit cards, we're making good progress in moving clients from being pure transactors to our interest earning portfolio.

Speaker #2: A process we call reshaping. IEPs or interest earning products now represent over 23% of our credit card

Speaker #1: , up Portfolio . Dynamics more for liquidity in the 19% last year from market . of quarter Brought reshaping stability to the process .

Alexandre Riccio de Oliveira: Nevertheless, there is a lot of space to maintain the evolution we saw in 2025. Santiago will provide more details on our strong loan book performance. Moving to the next page, we see another quarter of remarkable market share gains delivered. Our goal of replicating Pix's success in other products is underway, with home equity already ahead of Pix. This quarter, the progress is evident. Market share is expanding consistently across all of our businesses. I am confident that we'll continue strengthening our market position, with more products surpassing the growth benchmark set by Pix. To finish, I want to highlight that these outstanding results are driven by our seven verticals and our ongoing commitment to continuous innovation. Each vertical plays a crucial role in fueling our growth, working seamlessly and interconnected to enhance client value and compound profitability.

Speaker #1: mix of , there Nevertheless is a liquidity in more the market . Broad stability to the reshaping process . Nevertheless , there is a lot of space to maintain the evolution saw we in 2025 .

Speaker #1: 30 . Will more details on our strong loan book performance . Moving to the next page , we see another quarter of remarkable market share gains delivered .

Speaker #1: Our goal of replicating Pixie's success in other products is underway, with home equity already picking up ahead of this quarter. The progress is evident.

Alexandre Riccio de Oliveira: I am confident that we'll continue strengthening our market position, with more products surpassing the growth benchmark set by Pix. To finish, I want to highlight that these outstanding results are driven by our seven verticals and our ongoing commitment to continuous innovation. Each vertical plays a crucial role in fueling our growth, working seamlessly and interconnected to enhance client value and compound profitability. This powerful ecosystem is what sets Inter apart and propels us forward. Now, I'll hand it over to Santiago, who will guide us through our financial results. Thank you.

Speaker #1: Market is share expanding consistently across across am that this position our driven our to finish , . highlight by seven verticals vertical by businesses I want our market our in .

Speaker #1: Market is share expanding consistently across across am that this position our driven our to finish , . highlight by seven verticals vertical by businesses crucial outstanding ongoing benchmarks that we will Each role confident to fueling growth our .

Alexandre Riccio de Oliveira: This powerful ecosystem is what sets Inter apart and propels us forward. Now, I'll hand it over to Santiago, who will guide us through our financial results. Thank you.

Speaker #1: Working seamlessly and interconnected to enhance client value and compound profitability, this powerful ecosystem is what sets Inter apart and propels us forward.

Speaker #1: Now I'll hand it over to Santi , who will guide us through our financial results . Thank you . Thank you and good morning , everyone .

Santiago Stel: Thank you, Shanji, and good morning, everyone. I'm excited to highlight what has been one of the year's biggest achievements: our loan growth. It grew 36% year-over-year, with quarterly growth accelerating to 10% or 40% on an annualized basis. Now, breaking down by segments. First, on the real estate side, mortgages grew 48% year-over-year, while home equity loans grew 35%. On private payrolls, we reached BRL 2 billion, up from nearly zero at the beginning of the year. And third, on credit cards, we grew 29% with solid risk management and continued progress from the reshaping strategy driving monetization and profitability. Overall, our intention has been to deepen credit penetration and, as a result, continue increasing monetization. Here, I'd like to highlight the evolution of our asset quality metrics, which reflects how we are driving the outcome in terms of credit underwriting strategy.

Speaker #1: I'm excited to highlight what has been one of the year's biggest achievements: our loan growth. It grew 36% year on year, with quarterly growth accelerating to 10%, or 40% on an annualized basis.

Speaker #1: Now breaking down by segments . First , on the real estate side , mortgages grew 48% year on year , while home equity loans grew 35% on private We payrolls .

Santiago Stel: On private payrolls, we reached BRL 2 billion, up from nearly zero at the beginning of the year. And third, on credit cards, we grew 29% with solid risk management and continued progress from the reshaping strategy driving monetization and profitability. Overall, our intention has been to deepen credit penetration and, as a result, continue increasing monetization. Here, I'd like to highlight the evolution of our asset quality metrics, which reflects how we are driving the outcome in terms of credit underwriting strategy.

Speaker #1: reached 2 billion reais , up from nearly zero at the beginning of the year . And third , on credit cards , we grew 29% with solid risk management and continued progress from the reshaping strategy .

Speaker #1: Driving monetization and profitability . Overall , our intention to deepen credit penetration and as a result , continue increasing monetization . Here , I'd like to highlight the evolution of our asset quality metrics , which reflects how we are driving the outcome in terms of credit underwriting .

Santiago Stel: The 15- to 90-day NPL ratio improved 10 basis points by decreasing from 4.1% to 4.0%, while the 90-day past-due loan portfolio increased from 4.5% to 4.7%, mainly as a consequence of the dynamics with the Private Payroll product, in which the earlier cohorts have passed the 90-day mark and now appear in the metric. We anticipated this dynamic by upfronting provisions, which took our Coverage Ratio from 136% to 146% in the first nine months of the year. Looking specifically at credit cards, NPLs continue to perform well, validating the continued improvements in our underwriting and collection models. Finally, NPL formation and Stage Three formation were also impacted by the Private Payroll portfolio, which began appearing in these stages as expected. Our Cost of Risk closed the year at 5.3%, reflecting 10 basis points improvement, mainly led by a strong performance of our credit card portfolio.

Speaker #1: The strategy NPL ratio improved ten basis points by decreasing from 4.1 to 4.0% , while the 90 day past due loan portfolio increased from 44.5% to 4.7% , mainly as consequence of the dynamics with the private payroll product in which the earlier cohorts have passed the 90 day mark and now appear in the metric , we anticipate this dynamic by upfront provisions , which took our coverage ratio from 136 to 146% in the first nine months of the year .

Santiago Stel: Looking specifically at credit cards, NPLs continue to perform well, validating the continued improvements in our underwriting and collection models. Finally, NPL formation and Stage Three formation were also impacted by the Private Payroll portfolio, which began appearing in these stages as expected. Our Cost of Risk closed the year at 5.3%, reflecting 10 basis points improvement, mainly led by a strong performance of our credit card portfolio.

Speaker #1: Looking specifically at .

Speaker #2: Credit card members .

Speaker #1: Continue to perform well , validating the continued improvements in our underwriting and collection models . Finally , NPL formation and stage three formation were also impacted by the private payroll portfolio , which began appearing in these expected stages as cost .

Speaker #1: Our out-of-risk closed the year at 5.3%, reflecting a ten basis point improvement, mainly led by strong performance of our credit card portfolio.

Santiago Stel: Moving here to our funding franchise, we deliver another strong quarter of growth, increasing 32% year-over-year and 7% quarter-over-quarter, reaching nearly BRL 73 billion and an average balance of BRL 2.1 thousand per active client. This growth throughout the year was driven primarily by time deposits, given the high level of the Selic rate, and the ongoing success of My PiggyBank account, our product that simplifies fixed income investing for clients. On the transactional deposits, we had a great quarter, increasing 10% and passing the BRL 20 billion mark. In terms of loans to deposit, this quarter we were able to deploy more capital than the funding growth, thus resulting in an increase in our loans to deposit ratio from 64% to 66%, still having lots of room to put our excess liquidity to work.

Speaker #1: Moving here to our funding franchise, we delivered another strong quarter of growth, increasing 32% year on year and 7% quarter on quarter, reaching nearly $73 billion at a balance average of $2.1 thousand per active client.

Speaker #1: This growth throughout the year was driven primarily by time deposits . Given the high level of the rate and the ongoing success of my piggy bank account .

Santiago Stel: On the transactional deposits, we had a great quarter, increasing 10% and passing the BRL 20 billion mark. In terms of loans to deposit, this quarter we were able to deploy more capital than the funding growth, thus resulting in an increase in our loans to deposit ratio from 64% to 66%, still having lots of room to put our excess liquidity to work.

Speaker #1: Our product that simplifies fixed income investing for clients on transactional deposits . We had a the great quarter increasing 10% and passing the 20 billion mark in terms of loans to deposit this quarter , we were more the funding than deploy able to capital growth .

Speaker #1: Thus resulting in an increase in our loans to deposit ratio from 64 to 66% . Still , having lots of room to put our excess liquidity to work .

Santiago Stel: Our healthy funding mix continues to translate into a key competitive advantage: our low cost of funding, which remains an industry-leading metric among Brazilian banks and fintechs. This quarter, our cost of funding stood at 65.6% of CDI, an improvement from the 68.2% of the prior quarter. What's notable is how this advantage has persisted even with the Selic rate remaining at high record levels for an extended period of time. This resilience showcases the strength of our funding strategy and reinforces our ability to operate efficiently across different macro and monetary conditions. Jumping into revenues, we delivered strong performance in 2025, with total gross revenues reaching BRL 15 billion, marking an impressive 45% year-on-year growth. This magnitude highlights the scale and momentum of our business as we continue to expand. Net revenues also showed significant results, growing 31% year-on-year and reaching BRL 8.4 billion.

Speaker #1: Our healthy funding mix continues to translate into a key competitive advantage. Our low cost of funding, which remains an industry-leading metric among Brazilian banks and fintechs, this quarter.

Speaker #1: Our cost of funding stood at 65.6% of CDI and improvement from 68.2% of the the prior quarter was . Notable is how this advantage has persisted , even with the rate select remaining record at high .

Santiago Stel: This resilience showcases the strength of our funding strategy and reinforces our ability to operate efficiently across different macro and monetary conditions. Jumping into revenues, we delivered strong performance in 2025, with total gross revenues reaching BRL 15 billion, marking an impressive 45% year-on-year growth. This magnitude highlights the scale and momentum of our business as we continue to expand. Net revenues also showed significant results, growing 31% year-on-year and reaching BRL 8.4 billion.

Speaker #1: time extended This period of strength of resilience funding levels for an showcases the strategy our and reinforces our to ability operate efficiently across different macro and monetary conditions .

Speaker #1: Jumping into revenues , we strong delivered performance in 2025 , with total gross revenues reaching 15 billion , marking an impressive 45% year on year growth .

Speaker #1: This magnitude highlights the scale and momentum of our business as we continue to expand net revenues also showed significant results , growing 31% year on year and reaching 8.4 billion .

Santiago Stel: The standout driver behind this growth was our credit portfolio, which led to net interest income to increase 41% year-over-year. This acceleration was fueled by strong performance in payroll loans, credit cards, mortgages, and home equity loans, all key segments where we have built significant scale and efficiency. On the fee side, net fee revenues grew 9% during the year. This growth was moderated by changes in accounting rules at the beginning of the year and increased monetization of some fee lines like Inter Shop through net interest income by the introduction of the Buy Now Pay Later product. Jumping here to the unit economics side, higher client engagement is driving faster monetization across our cohorts, especially through private payroll loans, the reshaping of our credit card portfolio, and the higher transactional volumes. As a result, our net RPAC reached 35.1, our highest level on record.

Speaker #1: The standout driver behind this growth was our credit portfolio , which led to net interest income to increase 41% year on year . This acceleration was fueled by strong performance in payroll loans , credit cards , mortgages and home equity loans , all key segments where we have built significant scale and efficiency .

Santiago Stel: This growth was moderated by changes in accounting rules at the beginning of the year and increased monetization of some fee lines like Inter Shop through net interest income by the introduction of the Buy Now Pay Later product. Jumping here to the unit economics side, higher client engagement is driving faster monetization across our cohorts, especially through private payroll loans, the reshaping of our credit card portfolio, and the higher transactional volumes. As a result, our net RPAC reached 35.1, our highest level on record.

Speaker #1: On the east side . Net revenues grew 9% during the year . This growth was moderated by changes in accounting rules at the beginning of the year , and increased monetization some of lines like Intershop through interest income .

Speaker #1: the By introduction of the buy now , pay later product . Jumping here to the unit economics side , higher client engagement is driving faster monetization across our especially to private payroll loans .

Speaker #1: The reshaping of our credit card portfolio and the higher transactional volumes as a result , our net rpac reached 35.1 . Our highest level on record .

Santiago Stel: Our mature clients demonstrate even greater potential, generating BRL 91 in net RPAC, further underscoring the opportunity ahead. By combining this strong monetization with our low cost to serve of just BRL 13.8, we achieved our best-ever gross margin per active client, reaching BRL 21.2 this quarter. Now, let's deep dive into our net interest margins. Both our NIM 1.0 and NIM 2.0, which excludes the non-interest residuals of credit cards, are consistently showing growth quarter after quarter and achieving new record levels. We have improved our risk-adjusted NIM by an average of 15 basis points quarter after quarter. This particular quarter, our NIMs were positively impacted by two key drivers: first, private payrolls, which was the biggest contributor to its growth; and second, credit cards, which also performed well, as the reshaping strategy continues to show its results.

Speaker #1: Our mature clients demonstrate even greater potential , generating 91 in net rpac further underscoring the opportunity ahead by combining these strong monetization with our low cost to serve of just 13.8 , we achieved our best ever gross margin per active client , reaching 21.2 .

Santiago Stel: Both our NIM 1.0 and NIM 2.0, which excludes the non-interest residuals of credit cards, are consistently showing growth quarter after quarter and achieving new record levels. We have improved our risk-adjusted NIM by an average of 15 basis points quarter after quarter. This particular quarter, our NIMs were positively impacted by two key drivers: first, private payrolls, which was the biggest contributor to its growth; and second, credit cards, which also performed well, as the reshaping strategy continues to show its results.

Speaker #1: This quarter, now let's dive into our net interest margins. Both our NIM 1.0 and NIM 2.0, which excludes the non-interest results of credit cards, are consistently showing growth quarter after quarter and achieving new record levels.

Speaker #1: We have improved our risk adjusted Nim by an average of 15 basis points , quarter after quarter . This particular earnings were positively impacted by two key drivers .

Speaker #1: First , private payrolls , which was the biggest contributor to its growth , and second , credit cards , which also performed well as a reshaping strategy , continues to show its results .

Santiago Stel: However, we also faced a few headwinds this quarter, the first one being lower inflation, which impacted our real estate portfolio income, and second, a higher number of business days, which increased our funding expenses. With all these results combined, our NIM expanded at twice the level of the prior quarters, showcasing how consistency in our credit underwriting strategy is paying off by allowing us to extract an increasing amount of value from our balance sheet. Finally, our assets-to-equity ratio, which increased from 7.9 to 9.4, showcases the optimization of our capital structure, which is still highly underlevered. Moving to the expenses side, total expenses rose 25% on a year-over-year basis. On the quarterly comparison, we had three dynamics playing out. First, on the administrative expenses, it rose 8% quarter-over-quarter and 19% year-over-year, reflecting higher transactional volumes as our super app continues to scale.

Speaker #1: However, we also faced a few headwinds this quarter. The first one being lower inflation, which impacted our real estate portfolio income.

Speaker #1: And second , a higher number of business days , which increased our funding expenses . With all these results combined , expanded at our Nim twice the level of the prior quarters , showcasing how consistency in our underwriting credit strategy is paying off by allowing us to extract an increasing amount of value from our balance sheet .

Santiago Stel: Finally, our assets-to-equity ratio, which increased from 7.9 to 9.4, showcases the optimization of our capital structure, which is still highly underlevered. Moving to the expenses side, total expenses rose 25% on a year-over-year basis. On the quarterly comparison, we had three dynamics playing out. First, on the administrative expenses, it rose 8% quarter-over-quarter and 19% year-over-year, reflecting higher transactional volumes as our super app continues to scale.

Speaker #1: Finally , our assets to equity ratio , which increased from 7.9 to 9.4 . Showcases the optimization of our capital structure , is which still highly underleveled .

Speaker #1: Moving to the expenses side , total expenses rose 25% on a year on year basis on the quarterly comparison , we had three dynamics playing out .

Speaker #1: First , on the administrative expenses , it rose 8% quarter on quarter and 19% year on year , reflecting higher transactional volumes . As our super app continues to scale as our business expands rapidly , we remain focused on renegotiating contracts with major vendors to further reduce transaction improve costs and efficiency .

Santiago Stel: As our business expands rapidly, we remain focused on renegotiating contracts with major vendors to further reduce transaction costs and improve efficiency. Second, on personal expenses, it increased due to seasonal impacts from profit-sharing provisions and the annual collective agreement, as well as due to the seniorization of our team. Despite these increases, headcount remained stable at around 4,100 employees through 2025. And third, depreciation and amortization, which grew 33% quarter-over-quarter or 85% year-over-year, driven primarily by one-off impairment related to POS terminals. When we look at operational leverage, we had another year of progress. As a result, our efficiency ratio decreased from 48.4% to 45.5%, representing a nearly 300 basis points improvement within the year. These efficiency gains are a result of our digital approach, process optimization, and disciplined cost initiatives.

Speaker #1: Second, on personal expenses, it increased due to seasonal impacts from profit sharing provisions and the annual collective agreement, as well as due to the resizing of our team.

Santiago Stel: And third, depreciation and amortization, which grew 33% quarter-over-quarter or 85% year-over-year, driven primarily by one-off impairment related to POS terminals. When we look at operational leverage, we had another year of progress. As a result, our efficiency ratio decreased from 48.4% to 45.5%, representing a nearly 300 basis points improvement within the year. These efficiency gains are a result of our digital approach, process optimization, and disciplined cost initiatives.

Speaker #1: Despite these increases , headcount remained stable at around 4.1 thousand employees through 2025 . And third , depreciation and amortization , which grew 33% quarter on quarter , or 85% year on year , driven primarily by one of impairment related to POS terminals .

Speaker #1: When we look at operational had leverage , we another year of progress . As a result , our efficiency ratio decreased from 48.4% to 45.5% , representing a nearly 300 basis points improvement within the year .

Speaker #1: This efficiency gains are a result of our digital approach process disciplined optimization and cost initiatives , and last but not least , I'm truly thrilled about the progress we've made on our journey towards increasing profitability .

Santiago Stel: Last but not least, I'm truly thrilled about the progress we've made on our journey towards increasing profitability. As you can see on the page, this year we reached BRL 1.3 billion in net income and surpassed a remarkable milestone of 15% ROE in the last quarter. What stands out even more is the consistency of our performance, which is clearly reflected in the chart. It's an accomplishment that fills us with pride and demonstrates the strength of everything we've worked on, with discipline and consistency always in the pursuit of excellence. With our platform running better than ever before and our virtual cycle growing stronger and larger, we're very excited about the future that's around the corner. Now, Joao Souza will take the stage for the final remarks. Thank you all.

Speaker #1: As you can see on the page . This year we reached 1.3 billion in net income and surpassed our remarkable milestone of 15% ROE in the last quarter .

Santiago Stel: It's an accomplishment that fills us with pride and demonstrates the strength of everything we've worked on, with discipline and consistency always in the pursuit of excellence. With our platform running better than ever before and our virtual cycle growing stronger and larger, we're very excited about the future that's around the corner. Now, Joao Souza will take the stage for the final remarks. Thank you all.

Speaker #1: What stands out even more is the consistency of our performance, which is clearly reflected in the chart. It's an accomplishment that fills us with pride and demonstrates the strength of everything we've worked on, with discipline and consistency, always in the pursuit of excellence. With our platform running better than ever before, the virtuous cycle is growing stronger and larger. We're very excited about the future that's around the corner.

[Company Representative] (Inter & Co): I would like to thank the team for the support on this journey and the immense effort they put day in, day out, that made these results possible. I firmly believe our platform is at the best moment ever, which gives me a lot of confidence that 2026 will be another excellent year for Inter. Now, I will hand it over to Rafa to open the Q&A session. Thank you very much.

Speaker #1: Now Joe will stage take the for the final remarks . Thank you all . I would like .

Speaker #3: To thank the team for the support on this journey and the immense effort they put in day out that made these possible results .

Speaker #3: I firmly believe our platform is at the best moment ever , which gives me a lot of confidence that 2026 will be another excellent year for Inter .

[Company Representative] (Inter & Co): Before opening the Q&A session, I'd like to invite everyone here to join us in New York City for our Investor Day on 11 May. It will be an exciting opportunity to reflect on our incredible journey and share insights into the future we are building together. An RSVP will be sent by email. For those who can't attend in person, the event will be broadcast live. Hope to see you all there. Now, let's start the Q&A session. Our first question comes from Mário Pierry. Mário, please go ahead.

Rafaela Vitória: Before opening the Q&A session, I'd like to invite everyone here to join us in New York City for our Investor Day on 11 May. It will be an exciting opportunity to reflect on our incredible journey and share insights into the future we are building together. An RSVP will be sent by email. For those who can't attend in person, the event will be broadcast live. Hope to see you all there. Now, let's start the Q&A session. Our first question comes from Mário Pierry. Mário, please go ahead.

Speaker #3: Now I will hand it over to Hafa to open the Q&A session . Thank you very much .

Speaker #4: Before opening the Q&A session, I'd like to invite everyone here to join us in New York City for our Investor Day on May 11.

Speaker #4: It will be an exciting opportunity to reflect on our incredible journey and share insights into the future we are building together on . RSVP will be sent by email .

Speaker #4: For those who can't attend in person, the event will be broadcast live. Hope to see you all there. Now, let's start the Q&A session.

Mario Pierry: Good morning, everybody. Congrats on the results. João, let me ask you a question. To take advantage, right, this is like annual results. This is your second year following the guidance that you gave, the 60/30/30 guidance. When we look at the numbers, right, for the first two years, the ROE is halfway there, 15%. You're guiding for 30% by 2027. The number of clients also, you are halfway there as well. However, when I look at the efficiency ratio, I haven't seen or I was expecting faster progress on efficiency. In this quarter, right, when we look, efficiency deteriorated. So let me ask you, like, how are you feeling about your 60/30/30 plan? Do you anticipate making any changes on this guidance on this Investor Day that you just announced on 11 May 2026?

Speaker #4: Our first question comes from Mario . Mario , please go ahead .

Speaker #5: morning everybody . Congrats Good results on the . Joao , let me ask you a question . And to take advantage . Right .

Speaker #5: This is like an annual results . This is your second year following the guidance that you gave the 60 , 30 , 30 guidance .

Speaker #5: When we look at the numbers right , for the first two years , the ROE is halfway there . 15% . You're guiding for 30 by 2027 .

Mario Pierry: The number of clients also, you are halfway there as well. However, when I look at the efficiency ratio, I haven't seen or I was expecting faster progress on efficiency. In this quarter, right, when we look, efficiency deteriorated. So let me ask you, like, how are you feeling about your 60/30/30 plan? Do you anticipate making any changes on this guidance on this Investor Day that you just announced on 11 May 2026? And what can you do on efficiency to make sure that it starts heading in the right direction? Because that's the main pushback I get from investors, is this low progress in the efficiency ratio. Thank you.

Speaker #5: The number of clients also you are halfway there as well . However , when I look at the efficiency ratio , I haven't seen or was expecting faster progress on efficiency in this quarter , right ?

Speaker #5: When we look efficiency deteriorated . So let me ask you like , how are you feeling about your 60 , 30 , 30 plan ?

Speaker #5: Do you you know , do you anticipate making any changes on this guidance on on this Investor Day ? They just announced on May 11th ?

Mario Pierry: And what can you do on efficiency to make sure that it starts heading in the right direction? Because that's the main pushback I get from investors, is this low progress in the efficiency ratio. Thank you.

Speaker #5: And what can you do on efficiency to to make sure that it's it starts heading in the right direction because that's the main pushback I get from investors .

João Vitor Menin: Okay, Mário, thank you for the question. I will try to answer everything. So first of all, important to mention, we unveiled our 60/30/30 plan 3 years ago. It was still a 5-year plan. We're happy that these first 3 years were a tremendous success. Just to recap what we just said, moving from 0% ROE to 15% today. From 25 million clients back then to 43 million clients today. The efficiency started at 73%. Today we're at 45%. Also important to mention, since then, Mário, we more than doubled our credit portfolio from BRL 22 billion to 48 billion. That said, we are convinced here at Inter that the digital banking model, which, by the way, we invented 10 years ago, is ready to produce growth, ROE, and efficiency according to the goals of this plan. This is very important to highlight.

Speaker #5: Is this low progress in the efficiency ratio? Thank you.

Speaker #3: Okay , Mario , thank you for the question . I'll try to to answer everything . So first of all , important to mention we unveiled our 630 plan three years ago .

Speaker #3: It was a still a five year plan . And we're happy that this first three years were a tremendous success . Just to recap what we just said , moving from 0% to 15% today , from 25 million clients back then to 40 , 43 million clients today , the efficiency started at 73% today , right at 45% .

João Vitor Menin: The efficiency started at 73%. Today we're at 45%. Also important to mention, since then, Mário, we more than doubled our credit portfolio from BRL 22 billion to 48 billion. That said, we are convinced here at Inter that the digital banking model, which, by the way, we invented 10 years ago, is ready to produce growth, ROE, and efficiency according to the goals of this plan. This is very important to highlight.

Speaker #3: And also to mention important since then , Mario , we more than doubled our credit portfolio from 22 billion to 48 billion . That said , we are convinced here at Intel that the digital banking model , which by the way , we invented ten years ago , is ready to produce growth .

João Vitor Menin: I also believe that on our fourth year of the plan, 2026, will be a great year in the direction of getting closer to these KPIs. We're very committed to that. Regarding the time when and how we'll get into each of these specific targets, clients, efficiency, and ROE, we will go to a deep dive and to explore that more on our Investor Day in New York, which I take this opportunity here to invite everyone to attend, there in NASDAQ or digitally. Connecting to your other question about efficiency, what do we see that could help us on that topic? We mentioned in our earnings on the presentation, the deck, some efforts in terms of technology, in terms of innovation, and in terms of AI.

Speaker #3: ROE and efficiency , according to the goals of this plan . This is very important to highlight . I also believe that on our fourth year of the plan , 2026 would be a great year in the direction of getting these closer to KPIs .

Speaker #3: very We're to committed that . Regarding the the time , when and how we will get into each of these specific targets , clients efficiency and ROE , we will go to deep dive into more on explore our that Investor New York , which I take this opportunity here to invite everyone to attend there in or digitally connecting to your other question about efficiency , what do we see that could help us on that topic ?

João Vitor Menin: Connecting to your other question about efficiency, what do we see that could help us on that topic? We mentioned in our earnings on the presentation, the deck, some efforts in terms of technology, in terms of innovation, and in terms of AI. We do believe that Inter is very well prepared, Mário, to get all the benefits from these new things in technology and innovation that are jumping in. We believe that we have all the data, we have all the backend, all the cutting-edge technology to help us on the expense side.

Speaker #3: And we mentioned in the in our earnings on the presentation , the deck , some efforts in terms of technology , in terms of innovation and in terms of AI , we do believe that is very well it prepared , to get all the benefit from this new things in technology and innovation that are jumping in .

João Vitor Menin: We do believe that Inter is very well prepared, Mário, to get all the benefits from these new things in technology and innovation that are jumping in. We believe that we have all the data, we have all the backend, all the cutting-edge technology to help us on the expense side. And last but not least, as Santiago always likes to say, our goal is to always grow our expenses. We are still a growth company, just remember, but we will grow our expenses less than our revenues producing operational lever. Thank you very much, Mário.

Speaker #3: We believe that all we have the data , we have all the the back end , cutting edge technology . how the to Technology help us on the on the expense side .

João Vitor Menin: And last but not least, as Santiago always likes to say, our goal is to always grow our expenses. We are still a growth company, just remember, but we will grow our expenses less than our revenues producing operational lever. Thank you very much, Mário.

Speaker #3: And last but not least , as Santiago is like to say , our goal is to always grow our expenses . We are still a growth company , just remember .

Speaker #3: But we will grow our expenses less than our our revenues producing operational leverage very much . . Thank you I .

Mario Pierry: Thanks, João. Let me follow up just on what you said at the end, right? You are a growth company. So let me and you continue to consume capital. So let me ask about the strategy of paying dividends and why I know you paid last year as well, but how do you look at dividend payments given the capital levels that you have today? And right, if you're growing your loan book 36%, your ROE is running at 15%, right? It means that you should continue to consume capital. So can you let us know what to expect in terms of future dividend payments? Thank you.

Speaker #5: Joel . Thanks , let me Let me Just follow up . on what you said at the end . Right . You are a growth company .

Speaker #5: let So me and you continue to consume So capital . let ask about the strategy of paying me dividends . Why why ? I know you paid last year as well , but how do you look at dividend payments ?

Speaker #5: given the capital And levels that you have today right , ? And if you're growing your loan book 36% , your ROE is running at 15% , right ?

Speaker #5: means that you should It consume continue to capital . So can you let us know ? Like what to expect in terms of dividend future payments ?

João Vitor Menin: Well, Mário, that's an excellent question. So just to recap, we have been paying dividends on a 20% payout ratio for the past three years in a row. We believe that this should be the trend going forward, as long as it does not impact the execution plan and the growth of the business. Regarding the capital, I'm going to pass the mic to Santiago that will cover how we balance growth, portfolio, dividends, and capital at the bank level and at the holding level to keep running the business. Santiago, please, if you could jump in.

Speaker #5: Thank you

Speaker #5: .

Speaker #3: That's an excellent

Speaker #3: Just to recap, we have been paying dividends on a 20% payout ratio for the past three years in a row.

Speaker #3: We believe that this should be the trend going forward as long as it does execution not impact the plan and the growth of the business .

Speaker #3: Regarding the capital , I'm going to to pass the mic to to such that we'll cover how we balance growth portfolio , dividends and capital at the bank level and at the holding level to keep running the business .

Santiago Stel: Thank you, João. Good morning, Mário. So on the capital, just to reiterate, we have two levels of capital, the bank and the holding. At the bank level, we have 14.4%. And this past year, in 2025, we were able to optimize that capital structure through the issues of tier ones and tier twos, which are a more evolved version of working with our capital structure. On top of that, we have around BRL 2 billion of excess capital at the holding level, which is around 4.5 percentage points of CT1, which combined with the local CT1 that we have at the bank, that gets us a CT1 of roughly 19%. So we are still in the phase where we consume capital. We agree with that statement, Mário, but it is at a lower pace quarter by quarter. And we are closer to reaching the capital neutrality.

Speaker #3: Please, if you could jump in. Thank you, Joel.

Speaker #1: Good morning . Mario from capital the just to to reiterate , we have capital the bank and the holding . At the bank level .

Speaker #1: We have 14.4% . And this past year , in 2025 , we were able to optimize that capital structure through the issuance of tier one and tier two , which are a more evolved version of working with our capital structure .

Santiago Stel: On top of that, we have around BRL 2 billion of excess capital at the holding level, which is around 4.5 percentage points of CT1, which combined with the local CT1 that we have at the bank, that gets us a CT1 of roughly 19%. So we are still in the phase where we consume capital.

Speaker #1: On top of that , we have around 2 billion of excess capital holding at the level , which is around 4.5 percentage points of Cdt1 , which combined with the local Cet1 that we have at the bank , that gives us a cdt1 of roughly 19% .

Santiago Stel: We agree with that statement, Mário, but it is at a lower pace quarter by quarter. And we are closer to reaching the capital neutrality. We want to move the excess capital from the OPCO to the HOLCO, given that it's more profitable to have it at the holding level. That was done by design back in 2022 when the holding was created. It's moving as planned. Thank you.

Speaker #1: So we are still in the in the phase where we consume capital . We agree with that statement . Mario . But it is at a lower pace .

Santiago Stel: We want to move the excess capital from the OPCO to the HOLCO, given that it's more profitable to have it at the holding level. That was done by design back in 2022 when the holding was created. It's moving as planned. Thank you.

Speaker #1: Quarter by quarter , and we are reaching we're closer to reaching the capital neutrality . But we want to move the capital from the Opco to the Hulk .

Speaker #1: Given that it's more profitable to have it at the holding level, and that was done by design back in 2022 when the holding was created.

Mario Pierry: Thank you.

Speaker #1: it's So moving as planned . Thank you .

Operator: Our next question comes from Tito Labarta. Tito, please go ahead.

Speaker #5: Thank you .

Tito Labarta: Hi. Good morning. Thanks for the call and taking my question. Maybe following up a little bit on Mário's question because, yeah, I mean, I think efficiency is sort of one of the key question marks we get also, particularly, I guess, on fee income. I know for the full year, you had the Interpag consolidation, right? But if we look on a year-over-year basis for the quarter, that should be behind. Yet fees did not really grow significantly. We do see fee expenses have been a bit of a headwind. Just to understand why sort of that spike in fee expenses, what should we expect on fee income from here? When do you think it starts to grow back in line more with loan growth? Why are we still seeing some headwinds there? Thank you.

Speaker #4: Our next question comes from Quito , . Lobato's Quito . Please go ahead .

Speaker #6: Hi . Good morning . Thanks for the call . And taking my question . Maybe following up a on Mario's question because mean , I , I think efficiency is one of the key question marks we get .

Tito Labarta: But if we look on a year-over-year basis for the quarter, that should be behind. Yet fees did not really grow significantly. We do see fee expenses have been a bit of a headwind. Just to understand why sort of that spike in fee expenses, what should we expect on fee income from here? When do you think it starts to grow back in line more with loan growth? Why are we still seeing some headwinds there? Thank you.

Speaker #6: Also , particularly , I guess , on fee income , I know for the year you had the inter pack consolidation , right .

Speaker #6: But if we look now on a year over year basis for the that should be behind , you know , yet fees did not really grow significantly .

Speaker #6: We do see fee have been a expenses bit of a headwind just to you understand , know what . Why sort of that spike in fee expenses .

Speaker #6: What should we expect on fee income from here ? You know , when do you think it starts to grow back in line ?

Alexandre Riccio: Hi. Thanks for the question. This is Shandy speaking. So on fee, I think there are a few topics to talk about, right? First, the fee income ratio itself finished at 25% last year. That's a compression compared to the 30% of 2024. In a way, I see it as a good problem to have. NII expanded a lot. We had 45% growth in the NII part. That ended up compressing a little bit the fee income ratio. As we move to the nominal numbers in fee income, what we saw in Q4 was a solid quarter at BRL 579 million. With a few positives, cards TPV for the year grew at more than 15%. The investments business was strong. We have 27% growth in AUC, 8.7 million active clients, more than 10 million insurance contracts.

Speaker #6: More with loan growth . We're still seeing some headwinds there . Thank you .

Speaker #7: Hi . Hi . Thanks for the question . This is Sean speaking . So on fee , that there are a few topics to talk about .

Speaker #7: Right ? First is the fee income ratio itself finished at 25% last year . So that's a compression compared to the 30% of 2024 .

Speaker #7: And it's in a way I see it good problem to have . So NII expanded a lot . We had 45% growth in the in the NII part .

Alexandre Riccio: As we move to the nominal numbers in fee income, what we saw in Q4 was a solid quarter at BRL 579 million. With a few positives, cards TPV for the year grew at more than 15%. The investments business was strong. We have 27% growth in AUC, 8.7 million active clients, more than 10 million insurance contracts.

Speaker #7: And that ended up compressing a little bit the fee income ratio as we move to the nominal numbers in fee income. So what we saw in the fourth quarter was a solid quarter at $5.79 million.

Speaker #7: And and with a few positives . So cards , TPV for the year grew at like more than more than 15% . The investments business was strong .

Speaker #7: So we have 27% growth in AUC , 8.7 million . Active clients , more than 10 million insurance contracts . So the insurance business also coming .

Alexandre Riccio: So the insurance business also coming good. So these are positive highlights. And as headwinds, we did have some. So Inter Shop was, in a way, under pressure given everything that the Chinese players are doing in the Brazilian market. So that was a pressure. Although, despite that, we saw a positive number in terms of active clients. We see Inter Shop a lot as an engagement engine for clients to bring primary bank accounts through Inter Shop. So it's very important for us. And we did see a 3% increase in active clients despite the pressure on the revenue side on Inter Shop. As we think about the overall numbers, we saw last year a growth of about 9% in the nominal total fee income revenue.

Speaker #7: Good . So these are positive highlights . And as headwinds , we did have some . So was in a way Intershop under pressure given all the everything that the Chinese players are doing in the Brazilian market .

Alexandre Riccio: We see Inter Shop a lot as an engagement engine for clients to bring primary bank accounts through Inter Shop. So it's very important for us. And we did see a 3% increase in active clients despite the pressure on the revenue side on Inter Shop. As we think about the overall numbers, we saw last year a growth of about 9% in the nominal total fee income revenue.

Speaker #7: So that was a pressure . Although despite that , we saw a positive number in terms of active clients , we see intershop a lot as an engagement engine for clients to bring primary bank accounts through Intershop .

Speaker #7: So it's very important for us . And we did see a 3% increase in active clients in the despite the pressure on the revenue side on Intershop , as we as we think about the overall numbers , we saw a last year .

Speaker #7: A growth of about 9% in the in the nominal total fee income , revenue . If we take a few one offs that we had .

Alexandre Riccio: If we take a few one-offs that we had, so we had a few one-offs related to capital gains in 2024 and 2025, that would add about 3 percentage points in the number. So that would bring us back to around close to 13. And if we add back resolution 4966 from the central bank, the changes that we had to implement on that, we would be back to a 15% growth, which would be much better. So this would kind of normalize the growth in 2025 to the 15%. And what we're doing is many, many initiatives to engage clients more with the different products. So we're going to go back to hyper-personalization. We're implementing different solutions to do conversational sales, both in-app and out of the app, thinking app solutions like WhatsApp, so that we can sell more fee income-related products and reestablish growth.

Speaker #7: So, we had a few related to capital gains in 2024 and 2025. That would add about three percentage points in the number.

Speaker #7: So that would bring us back to around close to 13 . And if we add back resolution for nine , six , six from the central bank , the changes that we had to implement on that , we would back to be back to like a 15% growth , which would better .

Alexandre Riccio: And what we're doing is many, many initiatives to engage clients more with the different products. So we're going to go back to hyper-personalization. We're implementing different solutions to do conversational sales, both in-app and out of the app, thinking app solutions like WhatsApp, so that we can sell more fee income-related products and reestablish growth. We see good perspectives here thinking about 2026. Thank you.

Speaker #7: So these would like kind of normalize the growth in 2025 to the 15% . And what we're doing is many , many initiatives to to engage clients more with the different products .

Speaker #7: So we're going to go back to like hyper personalization . We're implementing different solutions to do conversational sales , both in-app and out of the app .

Speaker #7: And thinking app solutions like WhatsApp, so that we can sell more fee income related products and reestablish growth. We see good perspectives here.

Alexandre Riccio: We see good perspectives here thinking about 2026. Thank you.

Tito Labarta: Thanks, Andy. No, very helpful. Just a follow-up there, just because if we look at, I guess, the InterLOOP expenses and expenses from services, commissions, right? I mean, those were a bit of a headwind, right? One was up 34% in the quarter, and the expenses from services and commissions up 10% in the quarter. And is that where you're seeing sort of that pressure from the Chinese players from an Inter Shop? And just how should we think about that growth in fee expenses from here? Is there room to improve that?

Speaker #7: Thinking about 2026 . Thank you .

Speaker #6: Very helpful . Andy . Thanks , Maybe just a follow there . Just because up if we look at , I guess , the interloop expenses and expenses from services , commissions , right ?

Speaker #6: those are a I mean , bit of a headwind , right ? One was up 34% in the quarter . And the expenses from commissions up quarter .

Speaker #6: those are a I mean , bit of a headwind , right ? One was up 34% in the quarter . And the expenses from commissions up quarter . 10% in the is that And where you're seeing sort of that pressure Chinese from the players from an inter shop and just how should we think about that growth in fee expenses from here ?

Alexandre Riccio: So, Tito, a lot of that is related to, we see it as a good expense. For example, Loop is a big engagement power that we're using with our clients, a lot of campaigns to activate and bring primary bank accounts. Also, in many ways, we're using cashback to incentivize the sale of credit. So this is to say that we do keep an eye on the number, on the expenses themselves that are related to fees. But we are optimizing, in the end, for net income to use the tools that we have to sell more and expecting a better bottom line in the end of the equation. So that's a little bit about what we see there. And specifically on Loop, it's something that we are very enthusiastic about because it's one of the main; it is our loyalty program that it's evolving a lot.

Speaker #6: Is there room to improve that ?

Speaker #7: So Tito , a lot of that is is related to to it . We say we see it as a good expense . For example , loop is a big engagement power that we're using with our clients .

Speaker #7: A lot of campaigns to activate and bring primary bank accounts are also in place in many ways. We're using cashback to incentivize the sale of credit.

Speaker #7: So to say that we do keep an eye on the number on the expenses themselves that are related to fees , but we are optimizing in the end for net income to use the tools that we have to sell more .

Alexandre Riccio: But we are optimizing, in the end, for net income to use the tools that we have to sell more and expecting a better bottom line in the end of the equation. So that's a little bit about what we see there. And specifically on Loop, it's something that we are very enthusiastic about because it's one of the main; it is our loyalty program that it's evolving a lot.

Speaker #7: expecting And a better bottom line in the end of in the end of the equation . So that's a little bit about what we see there .

Speaker #7: And specifically on loop is something that we are very enthusiastic about because it's one of the main , it is our it our is loyalty program that it's evolving a lot .

Alexandre Riccio: We're bringing a lot of clients in the base to use it. And as they use it, they typically use us as their primary banking relationship. So that's our view on that number. So to summarize, we do keep an eye on it. We'll keep it under control, but we'll keep using it to optimize sales and growth in the different products.

Speaker #7: We're bringing a lot of clients into the base to use it. And as they use it, they typically use us as their primary banking relationship.

Speaker #7: So that's our view on that number . So to summarize , we are we do keep an eye on it . We'll keep it under control .

Tito Labarta: Okay. No, very helpful. Thanks, Andy, for the call.

Speaker #7: But we'll keep using it to optimize And sales . and growth in the different products okay .

Speaker #6: Not very helpful. Thanks, Sandy, for the color.

Operator: Our next question comes from Yuri Fernandes. Yuri, please go ahead.

João Vitor Menin: Thank you, Rafa. And congrats, João, Shandy, Santiago, for the step-by-step, like the improvement of margins, ROE. I would like to ask a little bit about maybe the elephant in the room, at least from my conversations here with investors, regarding provisioning. And I know provisions versus bad loan formations, Stage Three or NPL, they can be volatile, right? And what we did here was to try to look by product, just to see which product Stage Three formation is worsening, how you are building provisions for those products. And it was not credit cards that usually, I would say, is the bad guy, is the villain from a little bit of the past quarters. This quarter was a little bit personal loans.

[Analyst 1]: Thank you, Rafa. And congrats, João, Shandy, Santiago, for the step-by-step, like the improvement of margins, ROE. I would like to ask a little bit about maybe the elephant in the room, at least from my conversations here with investors, regarding provisioning. And I know provisions versus bad loan formations, Stage Three or NPL, they can be volatile, right?

Speaker #4: Our next question comes from Yuri Fernandez. Yuri, please go ahead.

Speaker #8: you . Hello . Thank And congrats to all for the the Sandy step like the improvement of margins . Roe , I would like I would like to ask a little bit about maybe the elephant in the room , at least from my , my conversations here with investors provisioning .

Speaker #8: And I know provisions versus bad loans formations . Stage three or NPL . They can be volatile right . And there I think was a usage of coverage this quarter that may have helped your your ET .

[Analyst 1]: And what we did here was to try to look by product, just to see which product Stage Three formation is worsening, how you are building provisions for those products. And it was not credit cards that usually, I would say, is the bad guy, is the villain from a little bit of the past quarters. This quarter was a little bit personal loans.

Speaker #8: And what we did here was to try to look by products just to see which products. Stage three formation is worsening. How you are building provisions products for those.

Speaker #8: And it credit cards was not that usually I would say is the bad guy is the villain for from from a little bit of the past quarters , this quarter was a little bit personal loans .

João Vitor Menin: We saw an increase in Stage Three formation for personal loans. Also, you're building a little bit of less provisions for this product. The same is true for real estate. Real estate also was low. This is not new, but I think you have collaterals there. So I think it's a, let's say, a safer product. So if you can explain what happened with the formation this quarter, how should we see the Cost of Risk? How should we think about coverage? Just trying to understand because I think a little bit of the pushback is that you did less provisions versus formation. And my answer here has been that you did more in Q2 and Q3. So just trying to understand the moving parts here. Thank you very much.

[Analyst 1]: We saw an increase in Stage Three formation for personal loans. Also, you're building a little bit of less provisions for this product. The same is true for real estate. Real estate also was low. This is not new, but I think you have collaterals there. So I think it's a, let's say, a safer product. So if you can explain what happened with the formation this quarter, how should we see the Cost of Risk?

Speaker #8: We saw an increase in stage three formation for personal loans . Also , you building a little bit of less provisions for this product .

Speaker #8: And the same is true for real estate and real estate . Also was was low . This is not new , but I think you have collaterals there .

Speaker #8: So I think it's it's it's a let's say a safer product . So if you can explain what happened with the formation this quarter , how should we see the cost of risk , how you how should we think about coverage .

[Analyst 1]: How should we think about coverage? Just trying to understand because I think a little bit of the pushback is that you did less provisions versus formation. And my answer here has been that you did more in Q2 and Q3. So just trying to understand the moving parts here. Thank you very much.

Speaker #8: Just trying to understand, you know, because I think like a little bit of the pushback is that you did less provisions versus formation.

Speaker #8: And my answer here has been that you did more in the second quarter and the third quarter . So just trying to understand the moving parts here .

Santiago Stel: Good morning, Yuri. Thank you for the question. This is Andy. I'll take that one. And I'll answer it in more general terms, touching the points that you touched on. So first of all, the asset quality of our loan book is performing as planned and consistent with the great underwriting strategy that we are executing. So when we look at the mix, we look at the growth levels and how it evolved quarter by quarter, the picture that we see on asset quality now is exactly the one that we anticipated. Going now portfolio by portfolio, I mean, by private payroll, they are the initial cohorts of these products are starting to mature, and they passed the 90-day mark. And that explains how they came into NPL, increasing, and also on the NPL formation, Stage Three formation ratios as well.

Speaker #8: Thank you very much .

Speaker #1: Good morning , Yuri , thank you for This is that Andy . one and I'll answer it I'll take in more on general terms , touching the the points that you , you you touched on .

Speaker #1: So first of all , the asset quality of our loan book is performing as planned . And consistent with the credit underwriting strategy that we are executing .

Speaker #1: So when we look at the mix , we look at the growth levels and how it evolves quarter by quarter . The picture that we see on asset quality now is exactly the one that we anticipated .

Santiago Stel: Going now portfolio by portfolio, I mean, by private payroll, they are the initial cohorts of these products are starting to mature, and they passed the 90-day mark. And that explains how they came into NPL, increasing, and also on the NPL formation, Stage Three formation ratios as well.

Speaker #1: No going now portfolio by portfolio by private payroll . They are the initial cohorts of these products are starting to mature . And they passed the 90 day mark .

Speaker #1: And that explains how they came into the into NPL increasing . And also the NPL formation stage formation ratios as well . The performance or the the monetization of this product more than compensates this level of delinquency .

Santiago Stel: The performance or the monetization of this product more than compensates this level of delinquency. So we're happy with the ROEs that we're seeing there, but it does take a toll when you look specifically at these credit quality metrics for this product. On credit cards, as you mentioned correctly, the performance was actually pretty good in Q4. It typically is good in Q4 with more liquidity in the hands of the clients that have these products. And they tend to get a bit more up-to-date in Q4. So performance there was pretty good. SMEs, no material change. Quarter by quarter, this portfolio is mostly invoice discounting. So it's quite steady through time. No material change. On mortgages and home equity, you flagged it well.

Speaker #1: So we're happy with the ROE that we're seeing . there But it does take a toll . you look at You know , when specifically this credit quality metrics for this product on credit cards , as you as you mentioned correctly , the the performance was actually pretty good on the fourth quarter .

Santiago Stel: It typically is good in Q4 with more liquidity in the hands of the clients that have these products. And they tend to get a bit more up-to-date in Q4. So performance there was pretty good. SMEs, no material change. Quarter by quarter, this portfolio is mostly invoice discounting. So it's quite steady through time. No material change. On mortgages and home equity, you flagged it well.

Speaker #1: typically is It good on the fourth quarter with more liquidity in the hands of of of the clients that have these products , and they tend to get a bit more up to date on the fourth quarter .

Speaker #1: So performance there was good was pretty No , no quarter change by material quarter . You SMEs . know , this portfolio invoice discounting .

Speaker #1: is mostly So it's steady quite through time . No material changes on mortgages and home equity . You flagged it well and we had there an increase on stage three balances due to a more conservative and integrated view of our clients .

Santiago Stel: We had there an increase on Stage Three balances due to a more conservative and integrated view of our clients. Let me explain that, what I mean. Until Q3, we did keep mortgage loans that were paid on time in their respective stage, not considering credit deterioration events concerning the same client and different products. Starting in Q4, if a client has a performing mortgage but has more than 90 days overdue in other credit lines, we also migrated the mortgage portfolio loan to Stage Three. This change was made in a cumulative manner, accounting for the full balance during this single Q4, and resulting in an extra BRL 140 million of Stage Three balance on this real estate portfolio.

Speaker #1: Let me explain that . What I mean . But until the third quarter , we did keep mortgage loans that were paid on time in the respective stage , not considering credit deterioration events concerning the same client at different products , but starting in the fourth quarter , if a client has a performing mortgage but has more than 90 days overdue in other credit lines , we also migrated the mortgage portfolio loan to stage three .

Santiago Stel: Starting in Q4, if a client has a performing mortgage but has more than 90 days overdue in other credit lines, we also migrated the mortgage portfolio loan to Stage Three. This change was made in a cumulative manner, accounting for the full balance during this single Q4, and resulting in an extra BRL 140 million of Stage Three balance on this real estate portfolio.

Speaker #1: This change was made in a cumulative manner , accounting for the full balance . Between this single fourth quarter and resulting in an extra 140 million of stage three balance on this real estate portfolio .

Santiago Stel: This is a catch-up that we did in accordance with having the best practices in place and in line with a series of initiatives that we are implementing with our new CRO that has been helping us in this front. If we would have adjusted this Stage Three formation factor from the mortgages, the formation would have been 1.65%, which is flat versus the prior quarter. Now, going into 2026, to answer your question on how should we see cost of risk, we continue evolving with a credit mix in line with the one that we had in 2025, which is something that we will see because we try to capitalize on the opportunities as they come along. But the way we're seeing it, it shouldn't be too different in terms of credit mix in 2026 versus what it was in 2025.

Speaker #1: This is a catch-up that we did in accordance with practices in place and in line with a series of initiatives that we are implementing with our new CRO, who has been helping us in front.

Speaker #1: this If we would have adjusted this stage three formation factor from the mortgages , the formation would have been 1.65% , which is flat versus the prior quarter .

Santiago Stel: Now, going into 2026, to answer your question on how should we see cost of risk, we continue evolving with a credit mix in line with the one that we had in 2025, which is something that we will see because we try to capitalize on the opportunities as they come along. But the way we're seeing it, it shouldn't be too different in terms of credit mix in 2026 versus what it was in 2025.

Speaker #1: Now , going into into 2026 . To to answer your question , on on , how should we see cost of risk continue evolving with a mix , a credit mix in line with the one that we had in in 2025 , which is something that we will see because we try to capitalize on the opportunities as they come along .

Santiago Stel: We'll be operating with a cost of risk, which should be between 5.5% and 6%, depending on how the things play out. There are general expectations that asset quality in the industry as a whole would have a bit of a pressure. That would take us maybe closer to a 6%. If that doesn't play out with a lot of intensity, it could be closer to the 5.5%. And again, as we always say, the goal that we have is to maximize the risk-adjusted NIM, not to minimize the delinquency levels. And to do that by offering products that are healthy for the clients too. And with that, we don't need to churn the clients very fast over time. We have a product that adds value to the economy, to them, and to us as well, given that the ROE of these products is very accretive.

Speaker #1: But the way we're seeing it , it shouldn't be too different in terms of credit mix in 26 versus what it was in 2025 would be operating with a cost of risk , which is which should be between 5.5% and 6% , depending on how the the things play out .

Speaker #1: is a There general expectation that asset quality in the industry as a whole would have a bit of a pressure that would take us maybe closer to 6% , if that doesn't play out in with a lot of intensity , which could be closer to the And 5.5% .

Santiago Stel: And again, as we always say, the goal that we have is to maximize the risk-adjusted NIM, not to minimize the delinquency levels. And to do that by offering products that are healthy for the clients too. And with that, we don't need to churn the clients very fast over time. We have a product that adds value to the economy, to them, and to us as well, given that the ROE of these products is very accretive. I hope I answered. Was it a bit longer?

Speaker #1: again , as we always say , the goal that we have is to maximize the risk adjusted Nim , not to minimize the delinquency levels , and to do that by offering products that are healthy for the clients , too .

Speaker #1: And with that , we don't need to churn the clients very fast . Over time , we have a product that adds value to the economy and to them , and to us as well .

Santiago Stel: I hope I answered. Was it a bit longer?

João Vitor Menin: It was a very good, Santiago. Thank you very much. I think I would just repeat and make sure I got it all right. So the 5.5 to 6, I think it's in line with expectations. I think the company has been saying those numbers in the past. Regarding the quarter per se, there was a one-time impact on real estate portfolio. Without this impact on this adjustment of risk models, your stage three would be mostly stable on a quarter-over-quarter, and this should help on the formation. On a general view, you are not concerned about asset quality. 50 to 90 days, the delinquency is improving. And basically, risk-adjusted margins, I think it's a good metric. They should also behave well. Is this a good summary, Santiago? Am I missing something here?

Speaker #1: that the ROE these very of products accretive , Given I hope I answered . It was a bit longer .

Speaker #8: a very It was good thank you very I think like I would just repeat and make sure I got it all right . So the 5.5 to 6 , I think it's in line with expectations .

Speaker #8: I think the company has been saying those those numbers in the past . Regarding the quarter per se , there was a one time impact on real estate portfolio .

Speaker #8: Without this impact on this adjustment of risk models , your stage three would be mostly stable on a quarter over quarter , and this should help on the formation on a general view , you are not concerned about asset quality .

João Vitor Menin: On a general view, you are not concerned about asset quality. 50 to 90 days, the delinquency is improving. And basically, risk-adjusted margins, I think it's a good metric. They should also behave well. Is this a good summary, Santiago? Am I missing something here?

Speaker #8: 50 to 90 days delinquency are improving and basically risk adjusted margins . That I think is a good metric . They should also behave well .

Santiago Stel: Excellent. Spot on. Thank you, Yuri.

João Vitor Menin: No. Thank you, Santiago.

[Analyst 1]: No. Thank you, Santiago.

Speaker #8: Is this a good summary ? I sent you ? Am I missing something here ?

Operator: Our next question comes from Pedro Leduc. Leduc, please go ahead.

Speaker #1: Excellent spot on . Thank you Judy .

Speaker #8: No thank you Sandy .

Santiago Stel: Thank you so much for taking the question. Congratulations on the year's achievements, everybody. On private payroll, if I may dig deeper into it now, BRL 1.9 billion, also very good number. The first part of the question is if you can help us understand where this growth is coming from, how it's been changing since the beginning in terms of channel, kind of tickets, rate ranges, if you expect essentially this origination pace to continue or change in 2026. Then the second part, also related to private payroll, I think there's a comment about a high single-digit, 10% NPL ratio to a press earlier. If this is more the levels that you're seeing in Q1 or was it in Q4, which harvests are this? And if it's aligned and if you're making any adjustments there. Thank you.

[Analyst 2]: Thank you so much for taking the question. Congratulations on the year's achievements, everybody. On private payroll, if I may dig deeper into it now, BRL 1.9 billion, also very good number. The first part of the question is if you can help us understand where this growth is coming from, how it's been changing since the beginning in terms of channel, kind of tickets, rate ranges, if you expect essentially this origination pace to continue or change in 2026.

Speaker #4: question comes from Pedro Our next Leduc . Please go ahead .

Speaker #9: Thank you so much for for taking the question and congratulations on the years achievements . Everybody . And on private payroll , if I may dig deeper into it now , 1.9 billion also very good number .

Speaker #9: And the first part of the question is if you can help us understand where this growth is coming from , how it's been changing since the beginning in terms of channel kind of tickets , rate ranges , if you expect essentially this origination pace to continue or change in 2026 .

[Analyst 2]: Then the second part, also related to private payroll, I think there's a comment about a high single-digit, 10% NPL ratio to a press earlier. If this is more the levels that you're seeing in Q1 or was it in Q4, which harvests are this? And if it's aligned and if you're making any adjustments there. Thank you.

Speaker #9: And then the second part, also related to private payroll, I think there's a comment about, like, a high single-digit to 10% NPL ratio, to a press earlier.

Speaker #9: If this is more the levels that you're seeing in in one . Q or was it in for Q , which harvests are this ?

Speaker #9: And if it's a line and if you're making any adjustments there . Thank you .

Tito Labarta: Hi, Pedro Leduc. Thank you for the question. This is Santiago speaking. So when we look at the Private Payroll Loans, I think it was a new product that we had that the market had. We're obviously very, very happy with our execution in 2025. We're positioned to be one of the winners, for sure, in the market. So as you mentioned, around BRL 2 billion in credit portfolio, 500,000 clients, average ticket about BRL 4,000, in the ballpark of BRL 4,000. Interest rates are relatively stable since the beginning at 3.7% on average. And usually, on average, clients are taking their credit to pay in 20 installments. Market share, we're at about 5%. We do see room to increase on that. But this share is very aligned with our strategy. And we've been saying this since the beginning. We want to see the product mature. We are getting maturity in the product.

Speaker #7: Hi . Thank you for the question . This is Sean speaking . So , so when we look at the private payroll loans , I think it was a new product that we had and the market had .

Speaker #7: We're obviously very, very happy with our execution in 2025. We were positioned to be one of the winners for sure in the market.

Speaker #7: So as you mentioned , around 2 billion in credit portfolio , 500,000 clients , average ticket about 4000 in the ballpark of 4000 .

Tito Labarta: Interest rates are relatively stable since the beginning at 3.7% on average. And usually, on average, clients are taking their credit to pay in 20 installments. Market share, we're at about 5%. We do see room to increase on that. But this share is very aligned with our strategy. And we've been saying this since the beginning. We want to see the product mature. We are getting maturity in the product.

Speaker #7: Interest rates are relatively stable since the beginning at 3.7% on average . And usually on average . Clients taking the credit for to pay 20 installments .

Speaker #7: Market share . We're at about 5% . We do see room to increase on that , but but this share is very aligned with our strategy .

Speaker #7: We want to, and we've been saying this since the beginning. We want to see the product mature. We are getting maturity in the product.

Tito Labarta: We know that there are many, many steps that Dataprev, who kind of controls the product, still needs to implement. We want to see this development to increase our originations. This is the overall view. The product, just a couple of points to add, has been bringing a lot of clients that we already had in the base that were inactive. They're back to active. The RPAC that we see on these clients is about three times the average RPAC of the company, so very positive as well. And it's also bringing cross-selling, right? The cross-selling index that we measure is 20% higher on these products. From looking at the channels, it is evolving. For now, we are operating the two channels.

Speaker #7: We know that there are many , many steps that dataprep who kind of controls the product still needs to implement . So we want to see this development to , to increase our originations .

Speaker #7: So this is the overall view . The product just a couple points to add has been bringing a lot of clients that we already had in the base that were inactive .

Tito Labarta: The RPAC that we see on these clients is about three times the average RPAC of the company, so very positive as well. And it's also bringing cross-selling, right? The cross-selling index that we measure is 20% higher on these products. From looking at the channels, it is evolving. For now, we are operating the two channels.

Speaker #7: They're back to active . The pack that we see on these clients is about three times the average pack of the company . So very positive as well .

Speaker #7: And it's also bringing cross-selling , right . So the cross-selling index that we measure is 20% higher on this products from looking at the channels , it is evolving .

Tito Labarta: One is the CTPS app, which is the government app where clients can look for the different options and take the one they prefer, and sales through our own app. In the beginning, we saw a lot of volume coming from CTPS, less volume coming from the app. Right now, we're at about 50/50. We believe we're going to keep gaining share against CTPS. So the channel that belongs to Inter is going to become more and more the preferred channel for clients, especially when people start to do the refinancing process and other movements. We're also adding, probably in Q1, the conversational channels also. So we're going to be selling Private Payroll Loans through WhatsApp and other conversational channels, including our own conversational environment inside the app. That's on that.

Speaker #7: So for now , we are operating the two channels . One is the app , which is the the government app , where clients can can look for the different options and take the one they prefer and sales through our own app .

Speaker #7: In the beginning , we saw a lot of volume coming from Ctps less volume coming from the app . Right now we're at about 5050 and we believe we're going to keep gaining share against Ctps .

Tito Labarta: So the channel that belongs to Inter is going to become more and more the preferred channel for clients, especially when people start to do the refinancing process and other movements. We're also adding, probably in Q1, the conversational channels also. So we're going to be selling Private Payroll Loans through WhatsApp and other conversational channels, including our own conversational environment inside the app. That's on that.

Speaker #7: So the channel that belongs to Inter is going to become more and more the preferred channel for clients , especially when people start to do refinancing .

Speaker #7: The refinancing process and other movements . And we're also adding in probably in the first quarter , the conversational channels So we're also .

Speaker #7: be selling private payroll loans through WhatsApp and other conversational channels , including our own our own conversational environment inside the app . That's that's on that .

Tito Labarta: Thinking about delinquency, what we're seeing, and we've discussed this several times in the earnings call since we started the product, we planned initially for a delinquency that should go up to about 15%. We don't see that. We see a lower delinquency than that. But we do see delinquency converging to higher than 10%. How do we bring it back to 6, 7, 8%? By seeing the introduction of all the collection solutions that are in the original design of the product. So it's going to be very important to see this development in the upcoming months. And if that happens, not only we're going to see the reduction in the NPLs, but we're also going to see an increase in the volumes underwritten by the market. We're going to see reduction in rates.

Speaker #7: And thinking about the link , what we're seeing and we've discussed this several times in the earnings call . Since we started the product , we planned initially for around for a delinquency that should go up to about 15% .

Speaker #7: We don't see that . We see a lower delinquency than that , but we do see delinquency converging to higher than 10% . How do we bring it back to six , seven , 8% ?

Tito Labarta: By seeing the introduction of all the collection solutions that are in the original design of the product. So it's going to be very important to see this development in the upcoming months. And if that happens, not only we're going to see the reduction in the NPLs, but we're also going to see an increase in the volumes underwritten by the market. We're going to see reduction in rates. So, it's going to be, I'd say, that it's already a good product, but it can be a much better one for the Brazilians.

Speaker #7: By seeing the introduction of all the collection solutions that are in the original design of the product . So it's going to be very important to see this development in the upcoming months .

Speaker #7: And I see and if that happens , not only we're going to see the the reduction like the , reduction in the in the NPLs , but we're also going to see an increase in the volumes underwritten by the We're going to see market .

Tito Labarta: So, it's going to be, I'd say, that it's already a good product, but it can be a much better one for the Brazilians.

Speaker #7: in rates . So it's going to be I'd say that it's already a good product , but it can be a much better one for the Brazilians .

Santiago Stel: Very complete. Thank you, Shandy.

Operator: Our next question comes from Gustavo Schröding. Gustavo, please go ahead.

Speaker #9: Very complete. Thank you.

Speaker #4: Our next question comes from Gustavo . Gustavo , please go ahead .

Tito Labarta: Hello. Good afternoon, everybody. Congrats on the recent achievements, I mean, the last three years. So my question is regarding some expectations for 2026. Santiago already anticipated, in terms of a cost of risk, something around 5.5% to 6%. If you could give us any color regarding loan growth, net interest margin, and efficiency ratio performance for 2026, I mean, should we continue seeing this loan growth around the 30%, 35%? Net interest margin still has room to expand in 2026. And if that is what you'd expect in terms of efficiency ratio improvement in 2026. Thank you.

[Analyst 3]: Hello. Good afternoon, everybody. Congrats on the recent achievements, I mean, the last three years. So my question is regarding some expectations for 2026. Santiago already anticipated, in terms of a cost of risk, something around 5.5% to 6%. If you could give us any color regarding loan growth, net interest margin, and efficiency ratio performance for 2026, I mean, should we continue seeing this loan growth around the 30%, 35%? Net interest margin still has room to expand in 2026. And if that is what you'd expect in terms of efficiency ratio improvement in 2026. Thank you.

Speaker #10: Hello . Good afternoon everybody . Congrats on the recent mean , the last So is , is regarding some expectations for 2026 already terms of a anticipated in cost of risk , something around the 5.5 to 6% .

Speaker #10: If you could give us any color regarding a loan growth , net interest margin and efficiency ratio performance in for for 2026 . I mean , should we continue ?

Speaker #10: Seeing this loan growth around the 3,035% net interest margin is has room to to expand in 26 . And and if there is , what should I expect in terms of ratio efficiency improvement in in 2026 .

Santiago Stel: Hi, Gustavo. So first, I'll say that we don't give guidance. We don't provide guidance. So that's important to be on the record. What I can talk is about general trends. So first, before going to 2026, looking at 2025, there are a few things that we are particularly proud of. One is loan growth. We have been saying to the market that we were selling for 25 to 30, and we closed at 36. This was a consequence of chasing the opportunities that came along. And we did that with a lot of enthusiasm, and the results were pretty good. And the other one would be NIM expansion or risk-adjusted NIM expansion with a very good performance throughout the year, and particularly in this Q4.

Speaker #10: Thank you .

Speaker #1: Gustavo . So first I'll say that we don't give guidance . We don't provide guidance . So that's important to to be on the record .

Speaker #1: What I can talk about is general trends. So first, before going to '26, looking at '25, there are a few things that we are particularly proud of.

Santiago Stel: This was a consequence of chasing the opportunities that came along. And we did that with a lot of enthusiasm, and the results were pretty good. And the other one would be NIM expansion or risk-adjusted NIM expansion with a very good performance throughout the year, and particularly in this Q4.

Speaker #1: One is loan growth. We have been saying to the market that we were showing for 25 to 30, and we closed at 36.

Speaker #1: This was a consequence of chasing the opportunities that came along, and we did that with a lot of enthusiasm, and the results pretty much were good.

Speaker #1: be And the other one would Nim expansion or risk adjusted Nim expansion with a very good performance throughout the year , and particularly in this fourth quarter .

Santiago Stel: The consequence of those two together is that credit penetration of our clients went up from 1,700 HIs on average to 1,900 HIs on average. And that's very important for our pattern monetization of the clients. So that's how we are finishing 2025. For 2026, in terms of loan growth, we still think that 25% to 30% is a reasonable target for us to be chasing. The base is bigger. And private payroll, which was something that came from zero, is not present. We're going to be starting with a balance close to BRL 2 billion. We hope to be on the high end of the range of that 25% to 30%, and hopefully, even beyond as we did in 2025. But we will see as we go along.

Speaker #1: And the consequence of those two together is the credit penetration of our clients went up from 1.7 thousand on average to 1.9 thousand on average .

Speaker #1: And that's very important for our monetization of the client . So that's how we're finishing 2625 for 26 . In terms of loan growth .

Santiago Stel: The base is bigger. And private payroll, which was something that came from zero, is not present. We're going to be starting with a balance close to BRL 2 billion. We hope to be on the high end of the range of that 25% to 30%, and hopefully, even beyond as we did in 2025. But we will see as we go along.

Speaker #1: We still think that 25 to 30 is reasonable a target for us to be chasing . And the base is bigger and private payroll , which was something that that came from zero , is not present .

Speaker #1: to be We're going starting with a balance close to 2 billion , and we hope to be on the high end of the range of that 25 to 30% .

Santiago Stel: In terms of NIM expansion, the fact that we continue to reprice the backbook of the portfolio and that we are on the margin allocating more credit towards private payroll and credit cards, that could have a further expansion on the NIMs trends that we have been seeing. So we continue to see risk-adjusted NIM moving in the same direction, which is in line with what João mentioned for 2026 in his opening remarks. And then on efficiency, this is a core goal for us. A point to highlight is that in 2025, when you see the delta of growth in revenues versus the delta of growth in expenses, we had close to 10 percentage points when you take out Interpac from 2024. Remember that we integrated Interpac in the middle of 2024. Therefore, for the annual comparison, you need to clean up a bit the numbers to make it fair.

Speaker #1: And hopefully even beyond , as we did in 25 . But we will see as we go along in terms of expansion , the fact that we continue to reprice the back book of the on the margin and that we portfolio allocating more credit towards private payroll and credit cards that could have a further expansion on on the Nims trends that we have been seeing .

Speaker #1: So we continue to see risk adjusted Nim moving in the same direction , which is in line with what Joel mentioned for 2026 .

Santiago Stel: A point to highlight is that in 2025, when you see the delta of growth in revenues versus the delta of growth in expenses, we had close to 10 percentage points when you take out Interpac from 2024. Remember that we integrated Interpac in the middle of 2024. Therefore, for the annual comparison, you need to clean up a bit the numbers to make it fair.

Speaker #1: In his opening remarks... And then on efficiency, this is a core goal for us, and a point to highlight is that in '25, when you see the delta of growth in revenues versus the delta of growth in expenses, we had close to ten percentage points.

Speaker #1: When you take out Interpark from 2024, remember that we integrated Interpark in the middle of 2024. Therefore, the annual, to clean comparison, you need up a bit.

Santiago Stel: With that cleanup, we have 10 percentage points of additional growth in net revenues over growth in expenses, therefore resulting in the operational leverage improvement. We see that playing out again in 2026. We'll see what the level of top-line growth is. But we should have a similar delta in terms of growth in revenues versus growth in expenses, and therefore continue improving our efficiency ratio in line with what we had before. There are several efficiencies in AI that are still early stage. And those could give us some upside. Those are present in CX, customer experience, in fraud, in credit underwriting, and in coding. So approximately 80% of the AI improvements that we've had so far on cost, but a lot more there is to come. And we're a bit earlier in the cycle with the revenue increase as a consequence of AI.

Speaker #1: The numbers to make it fair . And with that clean up , we have ten percentage points of additional growth in net revenues over growth in , therefore expenses resulting in in the operational leverage improvement , we see that playing out again in 26 .

Speaker #1: We'll see what the level of of top line growth is . But we should have a similar delta in terms of growth in revenues versus growth in expenses .

Santiago Stel: There are several efficiencies in AI that are still early stage. And those could give us some upside. Those are present in CX, customer experience, in fraud, in credit underwriting, and in coding. So approximately 80% of the AI improvements that we've had so far on cost, but a lot more there is to come. And we're a bit earlier in the cycle with the revenue increase as a consequence of AI.

Speaker #1: And therefore continue improving our efficiency ratio in in line with what we have before . There are several efficiencies in AI that are still early stage , and those could give us some upside .

Speaker #1: And those are present in customer experience, in fraud, in credit underwriting, and in coding. So, approximately 80% of the AI improvements that we've had so far.

Speaker #1: And on cost , but a lot more there is to come and we're a bit earlier in the in the cycle with with the revenue increase as a consequence of AI .

Santiago Stel: But we have several initiatives that are getting us very excited. One is hyper-personalization of pricing, which is a very tailored pricing on a per-client basis, hyper-personalization of the app, which we mentioned in our tech day back in 2024. Now it's a lot more evolved. And the Taskbar, which is a different way to communicate with our clients and increases the cross-selling of our clients. So a lot going on in terms of optimizing AI in the spirit of having more operational leverage. But the trend, as João mentioned in the beginning, is a continuation of the NIM expansion, a continuation of the improvement in efficiency. And therefore, there we continue to move in the same direction.

Speaker #1: But we have several initiatives that are getting us very excited . And one is hyper personalization of pricing , which is a very tailored pricing per for client .

Speaker #1: Hyperpolarization of the app , which we mentioned in our investor , in our tech day back in 2024 . a lot Now it's evolved , and the taskbar , which is a way to different with our communicate clients and increases the cross-selling of our clients .

Santiago Stel: So a lot going on in terms of optimizing AI in the spirit of having more operational leverage. But the trend, as João mentioned in the beginning, is a continuation of the NIM expansion, a continuation of the improvement in efficiency. And therefore, there we continue to move in the same direction.

Speaker #1: So a lot going on in terms of optimizing AI in the spirit of having more operational leverage . But the trend , as Joe mentioned at the beginning , is a continuation of the of the new expansion , a continuation of the improvement in efficiency and therefore the ROI continue to move in the same direction .

Tito Labarta: Great, Santiago. Great. It's super helpful. And if I may, just a follow-up on Leduc's question regarding private payroll loan. It is more on the competition front, right? Because although we recognize that it is a, I mean, there is a lot of room to grow in this segment. It's a large market or addressable market here. But we've seen, at the same time, I mean, I would say most of the banks that we talk to, listed and non-listed, they are, I mean, super aggressive in this segment, right? So maybe exclude one or two, but most of them, they are aggressive. So my question here is, what is the competitive advantage of Inter? How to compete in this segment? And I mean, how to, let's say, keep growing at the same pace without any, let's say, impacts on prices or delinquency ratio? Thank you.

[Analyst 3]: Great, Santiago. Great. It's super helpful. And if I may, just a follow-up on Leduc's question regarding private payroll loan. It is more on the competition front, right? Because although we recognize that it is a, I mean, there is a lot of room to grow in this segment. It's a large market or addressable market here. But we've seen, at the same time, I mean, I would say most of the banks that we talk to, listed and non-listed, they are, I mean, super aggressive in this segment, right?

Speaker #10: , great Great . It's a it's a super helpful . And if I may , just a follow up on the on the question regarding private payroll , it is more on the competition front .

Speaker #10: Right . Because although we recognize that it is a I mean , there is a lot of room to grow in the segment is a large market or addressable market here , but we've seen at the time same , I of the mean , I would say most banks that we talk to listen and Non-listed , they are , I mean , super this in aggressive in this segment .

[Analyst 3]: So maybe exclude one or two, but most of them, they are aggressive. So my question here is, what is the competitive advantage of Inter? How to compete in this segment? And I mean, how to, let's say, keep growing at the same pace without any, let's say, impacts on prices or delinquency ratio? Thank you.

Speaker #10: Right ? So maybe excluding 1 or 2 , but most of them , they are aggressive . So my my question here is what is the competitive advantage of Inter .

Speaker #10: How to compete in this segment . And I mean how to let's say keep growing same at the pace without any let's say impacts on prices or or delinquency ratio .

Santiago Stel: Gustavo, João Vitor here. I'll take this one. So first of all, about the competitive advantage that you mentioned, we have always been saying that Inter, we have, first of all, a lot of clients, digital clients. Therefore, our distribution channel is always an edge. Also, we have the best funding cost in the industry, also a very important competitive advantage. And last but not least, on that front, the private payroll, we are not cannibalizing other revenues or the portfolios that we have. So again, this is also an opportunity for Inter. Talking about the pace of growth and how aggressive it's going to be throughout 2026 and 2027, you all know, for ones that follow Inter for a while, we have this call. We always want to grow fast, but we want to see how collateralized a portfolio is, how the delinquency will play out.

João Vitor Menin: Gustavo, João Vitor here. I'll take this one. So first of all, about the competitive advantage that you mentioned, we have always been saying that Inter, we have, first of all, a lot of clients, digital clients. Therefore, our distribution channel is always an edge. Also, we have the best funding cost in the industry, also a very important competitive advantage.

Speaker #10: Thank you .

Speaker #3: Gustavo I'll take this one . So first of all , about the competitive advantage that you mentioned . We have always been saying that that we have , first of all , a lot of clients , digital clients .

Speaker #3: Therefore , our distribution channel is always an edge . Also , we have the best funding costs in the industry . Also a very important competitive advantage .

João Vitor Menin: And last but not least, on that front, the private payroll, we are not cannibalizing other revenues or the portfolios that we have. So again, this is also an opportunity for Inter. Talking about the pace of growth and how aggressive it's going to be throughout 2026 and 2027, you all know, for ones that follow Inter for a while, we have this call. We always want to grow fast, but we want to see how collateralized a portfolio is, how the delinquency will play out.

Speaker #3: And last but not least , on that front , the private payroll . We are not cannibalizing other revenues . Other portfolios that we have .

Speaker #3: So again , this is also an opportunity for Inter talking about the pace of growth and how aggressive is going to be throughout 2026 and 2020 .

Speaker #3: You all know for ones that follow Inter for a while , we have this , this , this always want to grow fast , but we want to see how collateral , how collateralized a portfolio is , how the delinquency will play out as such as Shunji mentioned , we want to see how the improvements from data to make sure that we have the collateral of the of the future flow of of of payroll of specific clients .

Santiago Stel: As Shandy mentioned, we want to see all the improvements from Dataprev to make sure that we have the collateral of the future flow of payroll of these specific clients. So we are proceeding with caution. Always like to enter into a new segment, to a new market, to a new loan portfolio. And I believe that this is the right approach. And that said, because of the first part of the question, our competitive advantage, we have been able to produce a BRL 2 billion portfolio in one semester of 2025. That's how I see our ambitions and our comfort and our expectations and excitement with this product. And last thing, just to recap everyone and to emphasize, we do love what we call the Inter by design concepts. So that bring the best price, the best collateral. So it's a win-win situation. It's good for the clients.

João Vitor Menin: As Shandy mentioned, we want to see all the improvements from Dataprev to make sure that we have the collateral of the future flow of payroll of these specific clients. So we are proceeding with caution. Always like to enter into a new segment, to a new market, to a new loan portfolio. And I believe that this is the right approach.

Speaker #3: So we are proceeding with caution . I always like to enter , to to into a new segment , to a new new market , to a loan portfolio .

João Vitor Menin: And that said, because of the first part of the question, our competitive advantage, we have been able to produce a BRL 2 billion portfolio in one semester of 2025. That's how I see our ambitions and our comfort and our expectations and excitement with this product. And last thing, just to recap everyone and to emphasize, we do love what we call the Inter by design concepts. So that bring the best price, the best collateral. So it's a win-win situation. It's good for the clients.

Speaker #3: And we believe that this is the right approach . And that said , because of the of the first part of the question , our competitive have been advantage , we able to produce it .

Speaker #3: 2 billion portfolio in one semester of 2025 . That's how I see the the , our our ambitions and our comfort and our , our expectations .

Speaker #3: And excitement with this product last thing , just to to recap everyone into and to emphasize we do love what we call the inter by design concepts so that bring the best price , the best collateral .

Santiago Stel: It's good for our balance sheet. It's good for the economy. It's good for the regulators. So we do put private payroll on that specific, in this very nice niche as we speak, okay? So that's how we see the product going forward. Very excited with it.

João Vitor Menin: It's good for our balance sheet. It's good for the economy. It's good for the regulators. So we do put private payroll on that specific, in this very nice niche as we speak, okay? So that's how we see the product going forward. Very excited with it.

Speaker #3: So it's a win win situation . It's good for the client , it's good for our , our , our our balance sheet .

Speaker #3: It's good for , for for the for the economy's good for the regulators . So we do put a private payroll on that specific on this very nice niche as as we speak okay .

Tito Labarta: All right. Great. Great, João. And congrats again.

Speaker #3: So that's how we see the product going forward. Very excited with it.

Operator: Our next question comes from Neha Agarwala. Neha, please go ahead.

Speaker #10: All right . Great great John . And congrats again .

Alexandre Riccio: Hi. Congratulations on the steady progress. Just a few questions. Sorry, but I would like to go back to the Private Payroll question and ask it maybe slightly differently. In the last six months, you've seen strong growth in your portfolio. But now, since the beginning of this year, end of last year, we are seeing the other incumbent banks being more interested and active in this portfolio. Has that impacted, say, your January originations at all in terms of the amount of origination or the rates? And the takers of this portfolio are mostly your own clients. So is the growth coming mostly from cross-selling, or are you going more to the open market and acquiring customers using this product? If you can give us a breakdown, that would be helpful for us to understand how long and at what rate can this growth be sustained.

[Analyst 4]: Hi. Congratulations on the steady progress. Just a few questions. Sorry, but I would like to go back to the Private Payroll question and ask it maybe slightly differently. In the last six months, you've seen strong growth in your portfolio. But now, since the beginning of this year, end of last year, we are seeing the other incumbent banks being more interested and active in this portfolio.

Speaker #4: next Our question comes from Neha Agarwal . Neha , please go ahead .

Speaker #11: Hi . Congratulations on the steady progress . Just a few questions . Sorry , but I would like to go back to the private payroll question and ask it .

Speaker #11: Maybe slightly differently . In the last six months you've seen strong growth in your portfolio , but now , since the beginning of this year , end of last year , we are seeing the other incumbent banks being more interested and active in this portfolio .

[Analyst 4]: Has that impacted, say, your January originations at all in terms of the amount of origination or the rates? And the takers of this portfolio are mostly your own clients. So is the growth coming mostly from cross-selling, or are you going more to the open market and acquiring customers using this product? If you can give us a breakdown, that would be helpful for us to understand how long and at what rate can this growth be sustained. I'll ask my next question.

Speaker #11: Has that impacted ? Say your January originations at all in terms of the amount of origination or the rates and the the takers of this portfolio are mostly your own clients .

Speaker #11: So growth is the coming most from mostly from cross-selling , or are you going ? Up more to the open market and acquiring customers using this product ?

Alexandre Riccio: I'll ask my next question.

Speaker #11: If you can give us a breakdown , that would be helpful for us to understand how how much , long and at what rate can this growth be And then I'll ask sustained ?

Alexandre Riccio: Hi, Neha. This is Shandy speaking. Thank you for the question. We keep seeing interest. The year began. It's a good year. Clients are learning how to use it. This product is for sure going to be in the culture of the Brazilians, of the Brazilians that work in private businesses. You know that public employees already had one. Private employees did not have one. Now they have. It is the lowest-cost option for whoever needs credit. The beginning of the year, we see volumes growing. Very good beginning of the year. As we mentioned already, we're going to keep our appetite. It's going to evolve as we see improvements coming from Dataprev. Thinking about the distribution channel, where it's coming from, what types of clients, we do see a mix of everything. But it's a very nice mix.

Alexandre Riccio: Hi, Neha. This is Xandre speaking. Thank you for the question. We keep seeing interest. The year began. It's a good year. Clients are learning how to use it. This product is for sure going to be in the culture of the Brazilians, of the Brazilians that work in private businesses. You know that public employees already had one. Private employees did not have one.

Speaker #11: my next question .

Speaker #12: Hi .

Speaker #7: This is Sean speaking . Thank you for the question . So we're seeing so we keep seeing interest . So the year began .

Speaker #7: a good It's year . Clients are learning how to use it . This product is for sure going to be in the culture of the Brazilians , of the Brazilians , in the that work in the private , in private businesses .

Alexandre Riccio: Now they have. It is the lowest-cost option for whoever needs credit. The beginning of the year, we see volumes growing. Very good beginning of the year. As we mentioned already, we're going to keep our appetite. It's going to evolve as we see improvements coming from Dataprev. Thinking about the distribution channel, where it's coming from, what types of clients, we do see a mix of everything. But it's a very nice mix.

Speaker #7: So , you know that public employees already had one . Private employees did not have one . Now they have . And it is the lowest cost option for whoever needs a credit .

Speaker #7: So the beginning of the year we see volumes growing . So very good . Beginning of the year . And as we mentioned already , we're going to keep our appetite going to evolve as and it's we see improvements coming from Dataprep thinking about the distribution channel , where it's coming from , what types of clients we do see a mix of everything , but it's a very nice mix .

Alexandre Riccio: Why do we see a mix? First, say, if we divide it into three parts, we see about 1/3 coming from active clients where we're cross-selling and selling them the private payroll loans. Then we have another 1/3 that we are taking inactive clients and activating them through private payroll loans. And then we have another roughly 1/3 of the base of originations that are new clients. So they come to Inter, and most of them open an account and become an active client, not only in the private payroll but also in other products. So it's great. It's a great mix. And we see it as a healthy one also because our channel is working, our clients are engaged. So it's important to see that happening. We can re-engage clients. Also important to see that happening.

Speaker #7: do we Why see a mix first ? Say about if we divide it into three parts , we see about one third coming from active clients where we're cross-selling and selling them the private payroll loans .

Speaker #7: Then we have another third that we are taking inactive clients and activating them through private payroll loans . And then we have another roughly one third of the base of originations that are new clients .

Alexandre Riccio: So they come to Inter, and most of them open an account and become an active client, not only in the private payroll but also in other products. So it's great. It's a great mix. And we see it as a healthy one also because our channel is working, our clients are engaged. So it's important to see that happening. We can re-engage clients. Also important to see that happening.

Speaker #7: So they come to enter and most of them open an account and become an active client , not only in the private payroll , but also in other products .

Speaker #7: So it's it's great . It's a great mix . And we see it as a healthy one . Also because because our channels working , our clients are engaged .

Alexandre Riccio: A lot of times, people may think, "Oh, you have a lot of clients, and the activation is around 60% of the total clients. What do you do with the other 40%?" These types of things. So selling payroll loans is one of them. And we have private payrolls as a new way, as a new CAC, as a new way of bringing clients in, which is great. So did I cover everything?

Speaker #7: So it's important to see that happening . We can re-engage . Clients . Also important to see that happening . A lot of times people may think , oh , you have a lot of a lot of clients .

Speaker #7: the And activation 60% of around 60% of the total clients . What do you do with the other 40% ? These types of things .

Speaker #7: So selling payroll loans is one of them . And have private payrolls as a as a new way , as a new as a new way of bringing clients in , which is great .

Alexandre Riccio: Yes. Yes, you did. And it was very clear. Thank you so much, Alexandre. Now, my next question is on if you can briefly talk about what would be the impact of lower rates and how could this impact different loan segments that you have, not numbers, but just trend-wise, if lower rates would help you boost growth in any particular lending segment towards the second half of this year and any impact on margins from that. And last question is more for João about the global expansion. You talked about the license being approved. Could you give us a bit more details on what license is this? How should we see this global expansion manifesting on the P&L? Which lines would we see the impact, especially that some of your other peers are also looking to go into the US market? How do you see competition evolving?

[Analyst 4]: Yes. Yes, you did. And it was very clear. Thank you so much, Alexandre. Now, my next question is on if you can briefly talk about what would be the impact of lower rates and how could this impact different loan segments that you have, not numbers, but just trend-wise, if lower rates would help you boost growth in any particular lending segment towards the second half of this year and any impact on margins from that.

Speaker #7: So everything ? did

Speaker #11: Yes , yes , you did . And it was very clear . Thank you so much , Alessandra . Now , my next question is on .

Speaker #11: If you can briefly talk about what would be the impact of lower rates and how would this impact different loan segments that you have ?

Speaker #11: Not numbers , but just trend wise , if lower a rates would help you boost growth in any particular lending segment towards the second half of this year and any impact on margins from that and last question is more for Joao about the global expansion .

[Analyst 4]: And last question is more for João about the global expansion. You talked about the license being approved. Could you give us a bit more details on what license is this? How should we see this global expansion manifesting on the P&L? Which lines would we see the impact, especially that some of your other peers are also looking to go into the US market? How do you see compettion evolving? How is your strategy different from the others? Any color on that would be helpful. Thank you so much.

Speaker #11: You talked about the license being approved . Could you give us a bit more details on what licenses this ? How should we see this global expansion manifesting on the PNL , which lines would we see ?

Speaker #11: The impact , especially that some of your other peers also looking to go into the US market ? How do you see competition evolving ?

Alexandre Riccio: How is your strategy different from the others? Any color on that would be helpful. Thank you so much.

Speaker #11: How is your strategy different from the others? Any color on that would be helpful. Thank you so much.

Santiago Stel: Neha, hi, Santiago. I'll answer the one on rate sensitivity and pass it to João to cover the one on global part. So on ALM and interest rate sensitivity, our goal has been to decrease volatility of the P&L. So we manage ALM with the intention of decreasing volatility and letting the NIM evolve as we deploy capital in the portfolios as we have been doing. So this is something that we know we're very good at, and we know what we don't want to be good at or we don't have expertise. And taking directional bets on interest rates is something that we prefer not to do. So we try to keep the volatility to the minimum.

Speaker #1: Nihar . Hi . I'll answer the one on rate sensitivity and pass it to Joao to cover the the one on global part .

Speaker #1: So on arm an interest rate sensitivity . Our goal has been to decrease volatility of the PNL . So we manage ARM with intention of decreasing volatility and and letting the Nim evolve as we deploy capital in the portfolios that as we have been doing .

Speaker #1: So this is something that we we know very good what we're at . And we know what we don't want to be good at or we don't have an expertise .

Speaker #1: And taking directional bets on interest rates is something that we prefer not to do . So we try to keep the volatility to the minimum in the short term , a reduction in interest rate would be positive for us because more we have liabilities that are short attached to CDI than what we have on the asset side .

Santiago Stel: In the short term, a reduction in the interest rate would be positive for us because we have more liabilities that are short attached to CDI than what we have on the asset side. So in the first 6 to 9 months, we would have a positive impact. But then that would catch up given that the loans get repriced. And also, we have a loan growth of 25 to 30, hopefully even more than that. And all of the new loans would be originated at the new level of interest rates, which would be lower than the current one. So that initial positive effect would then be compensated by some compression thereafter. And therefore, we would be converging to the new rate. So all in, we think we are neutral to interest rate sensitivity. By design, we have hedged the longer portfolios to get to this neutrality.

Speaker #1: So in the first 6 to 9 months , we would have a positive impact . But then that would catch up . Given that the loans get get repriced .

Santiago Stel: And all of the new loans would be originated at the new level of interest rates, which would be lower than the current one. So that initial positive effect would then be compensated by some compression thereafter. And therefore, we would be converging to the new rate. So all in, we think we are neutral to interest rate sensitivity. By design, we have hedged the longer portfolios to get to this neutrality.

Speaker #1: And also we have a long growth of 25 to 30 . Hopefully more than that . And all of the new loans would be originated at the new level of interest rates , which would be lower the current one .

Speaker #1: So that that effect would that initial positive be effect compensated by some compression thereafter , and therefore we would be converting to to the new rate .

Speaker #1: So, all in all, we think we are neutral to interest rate sensitivity by design. We have hedged the longer portfolios to get to this neutrality.

Santiago Stel: So, what is long in terms of inflation and fixed rates, we make our gaps or our risk factors neutral. And therefore, we can continue seeing the evolution that we have on the NIMs, more of a consequence of how we deploy capital than from the macro movements on interest rates. I'll pass it to João for the second one. Neha. So João is speaking here. Regarding the branch that was approved a few weeks ago, first of all, we're very happy and proud of that. We have been working for more than a year on that for more than one year on that license. As you asked, it's a branch license approved both by the Fed, Federal Reserve, and the OFR, the Florida banking regulator here in the state of Florida.

Speaker #1: So what is long in terms of inflation and and fixed rates . We we we make our gaps or risk factors and neutral .

Speaker #1: And therefore we can continue seeing the evolution that we have on the names . More of a consequence of how we deploy capital than from the macro movements on interest rates .

João Vitor Menin: Neha. So João is speaking here. Regarding the branch that was approved a few weeks ago, first of all, we're very happy and proud of that. We have been working for more than a year on that for more than one year on that license. As you asked, it's a branch license approved both by the Fed, Federal Reserve, and the OFR, the Florida banking regulator here in the state of Florida.

Speaker #1: I'll pass it to Joao for the second one .

Speaker #3: So John is speaking here regarding the the branch that was approved a few weeks ago . First of all , we're very proud of happy and that .

Speaker #3: We have been working for more than a year on that , far more than one year on that license , as you ask .

Speaker #3: a It's branch license both by approved Federal the fed , Reserve and the Offr . The Florida Banking regulator here on the state of Florida , with that in place , we will no longer rely on a bank as a service approach to offer checking account , investment account here in the US .

Santiago Stel: With that in place, we will no longer rely on a bank-as-a-service approach to offer a checking account, investment account here in the US. With that in place, Neha, I would say that we open the room for us to grow, I like to say, from the inside out. We have been building our platform, our ecosystem in the US for 2 or 2.5 years. So with the remittance, investments, checking account, debit cards, credit cards, commerce, loyalty. And with the branch in place, we can really also mortgage, I forgot, real estate products. We can really offer these 5, 6 different products, different verticals to millions of clients in different geographies. So for Brazilians, for Argentines that are launching, also for Americans and other geographies. So it's really an important milestone on our global expansion front.

João Vitor Menin: With that in place, we will no longer rely on a bank-as-a-service approach to offer a checking account, investment account here in the US. With that in place, Neha, I would say that we open the room for us to grow, I like to say, from the inside out. We have been building our platform, our ecosystem in the US for 2 or 2.5 years. So with the remittance, investments, checking account, debit cards, credit cards, commerce, loyalty.

Speaker #3: With that in place , I would say that we open the room for us to grow . I like to say from the inside out .

Speaker #3: We have been building our our platform , our ecosystem in the US for 2 or 2 and a half years . So with the remittance investment , checking account , debit cards , cards credit , commerce , loyalty and with the branch in place , we can really also mortgage .

João Vitor Menin: And with the branch in place, we can really also mortgage, I forgot, real estate products. We can really offer these 5, 6 different products, different verticals to millions of clients in different geographies. So for Brazilians, for Argentines that are launching, also for Americans and other geographies. So it's really an important milestone on our global expansion front.

Speaker #3: I forgot the real estate products . We can really offer this five . Six different products , different verticals to millions of clients in different geographies .

Speaker #3: So for Brazilians , for Argentina's , that are launching also for Americas and other geographies . other So it's really important milestone on our global global expansion front .

Santiago Stel: I do expect a lot more volumes, fees coming from our global expansion front going forward. Very happy with that. I'm sure that Inter, as a very innovative platform, will be able to deliver these many different features and products to millions of clients across the globe. Thank you very much for the question on that matter, Neha.

João Vitor Menin: I do expect a lot more volumes, fees coming from our global expansion front going forward. Very happy with that. I'm sure that Inter, as a very innovative platform, will be able to deliver these many different features and products to millions of clients across the globe. Thank you very much for the question on that matter, Neha.

Speaker #3: And I do expect a lot more volumes fees coming from global our expansion front going forward . Very happy with that . And I'm sure that it has a as a very innovative platform , you'll be able to deliver this this many different features and products to millions of clients across the globe .

Alexandre Riccio: Thank you so much, João. That is very clear. Just to clarify, the focus and the user base that you have right now is mostly focused on the Latinos, like the Brazilians, Argentines that you mentioned. There probably may be some Americans, but that's not the key focus segment, at least as of now.

[Analyst 4]: Thank you so much, João. That is very clear. Just to clarify, the focus and the user base that you have right now is mostly focused on the Latinos, like the Brazilians, Argentines that you mentioned. There probably may be some Americans, but that's not the key focus segment, at least as of now.

Speaker #3: Thank you very much for , for , for for the question on that matter . Yeah .

Speaker #11: you so Thank much . That is very clear . Just to clarify , the focus and the user base that you have right now is mostly focused on the on the Latinos , like the Argentines that you mentioned .

Speaker #11: There are probably maybe some Americans, but that's not the key focus segment, at least as of now.

Santiago Stel: Neha, as I mentioned, with that in place, with the branch and then with all the products, all the foundation that we have built, we can serve millions of clients, international clients, with all this full stack of products. But also, at the end of the day, we can also serve Americans that live and have business here in the US. So it's not one client, one segment or the other. It's just a matter of we believe that the pain point that we saw with this super app approach in a USD-dominated account, we can serve more of immigrants, Latinos, and Latin American clients than US-based clients. But again, the US-based, they will also be able to use our platform. They are able to use our platform as we speak today. Okay?

João Vitor Menin: Neha, as I mentioned, with that in place, with the branch and then with all the products, all the foundation that we have built, we can serve millions of clients, international clients, with all this full stack of products. But also, at the end of the day, we can also serve Americans that live and have business here in the US. So it's not one client, one segment or the other.

Speaker #3: Yeah . As I mentioned , with that in place with the branch other and with products , how the foundation that we have built , we can serve millions of clients , international clients with all these full stack of , of of of products .

Speaker #3: But also at the , at the end of the day , we can also serve . Americans that live in and have business here in the US .

João Vitor Menin: It's just a matter of we believe that the pain point that we saw with this super app approach in a USD-dominated account, we can serve more of immigrants, Latinos, and Latin American clients than US-based clients. But again, the US-based, they will also be able to use our platform. They are able to use our platform as we speak today. Okay?

Speaker #3: So it's not one client , one segment or the other . It's just a matter of we believe that the pain point that we saw with this , this super app approach in the US dollar denominated account , we can serve more of of immigrants and Latinos and Latin American clients .

Speaker #3: Then US based clients . But again , the US based , they will also be able to our use platform . They are able to use our platform as we speak today .

Santiago Stel: So this is the target and the type of clientele we think that we'll be serving at first, okay?

Speaker #3: So this is the target. And the type of clientele we think that we will be serving at first. Okay.

Operator: We have time for one more question. Our last question comes from Marcelo Mizrahi. Marcelo, please go ahead. Marcelo, your mic is open.

Speaker #4: We have time for one more question . Our question comes last from Marcelo Mizrahi . Marcelo , please go ahead . Marcelo , your mic is open .

Marcelo Mizrahi: Hello, hello, hello. Are you listening to me?

Operator: Yes. Please go ahead.

Marcelo Mizrahi: Okay. Great. Thank you. I have two questions. So first is regarding the investments outside Brazil. How does investments already impact the expenses? I mean, how many points could be better in terms of efficiency without that? Or another way to ask that is, where are Inter now in terms of the offer of products? So the account in the US is already open, and it's possible to the clients to use. How ready is this account, this product, to start to believe revenues in the US? First question. And the other question is regarding the growth of the portfolio. I mean, so you guys were adjusting the models in credit cards. So we were seeing recently an acceleration in credit card. Just to understand how comfortable you guys are now to the pace of the growth of the credit card, especially. So we were seeing better numbers recently.

Speaker #8: Hello, hello, hello. Are you listening?

Speaker #13: Me ?

Speaker #4: Yes, please go ahead.

Speaker #13: Okay . Great . Thank you . My . I have two questions . So first is regarding the investments outside Brazil . How these investment is already impacting the expenses .

Speaker #13: I mean , if you how many points could be better in terms of efficiency without that or another way to to ask that is .

Speaker #13: Where our internal now in terms of the offer of So products . in account the the is already open , it's possible to the clients to use how ready is this account .

Speaker #13: This product to , to , to start to , to believe revenues in us . First question . And the other question is regarding the the growth of the portfolio .

Speaker #13: I mean , so you guys were adjusting the models in credit cards . So we were seeing recently an acceleration in credit card just to understand how comfortable you guys comfortable you guys are .

Speaker #13: Now to to the pace of the growth of the credit card especially . So we were seeing better numbers recently . So if it is possible to see an acceleration of the growth of credit the card , which is was this year , last year was 29% of growth , higher than 2024 .

Marcelo Mizrahi: So, if it's possible to see an acceleration of the growth of the credit card, which was this year last year was 29% of growth, higher than 2024. So, just to understand the strategy looking forward. Thank you.

Santiago Stel: Marcelo, thank you. João Vitor speaking. I'm going to cover the first one, the first part from the international expansion. Then Santiago will cover the credit card business. So as I mentioned before, Marcelo, we have been working for the past 2, 2.5 years to implement in our platform the remittance product, the checking account product, the broker dealer, the investment product through the broker dealer, the mortgage and home equity product to our mortgage lending, our commerce solution through our Inter Shop US, and our loyalty program here. That said, we are almost ready to offer everything that we offer for Brazilians there with our Super App here in the US for Americans, for Latinos. And also, the most important, we are ready to start offering this full solution, this comprehensive banking financial solution to millions of clients in different geographies.

Speaker #13: So just to understand the strategy , looking Thank you forward . .

Speaker #3: Marcelo . Thank you Jean , for speaking . I'm going to cover the first one . The first part from on the international expansion .

Speaker #3: Then we will cover the credit card business . So as I mentioned before Marcelo , we have been working for the past two , two and a half years to implement in our platform the remittance product , the checking account product , the broker dealer , the investment product through the broker dealer , the mortgage and home equity product to our mortgage lending , our commerce solution through our Intershop us and our loyalty program here .

Speaker #3: That said , we are almost ready to offer everything that we offer for Brazilians . There with our super app here in US for Americans , for Latinos , and also the most important , we are ready to start offering this full solution .

Speaker #3: This comprehensive banking , financial solution to millions of clients in different geographies . Important to mention that with our super onboarding . So it's easy for people in different countries to embrace and to open an account and start using our products , who can really grow fast in other countries , not only in in US , Brazil and Argentina , without deploying a bank license , without deploying capital over there .

Santiago Stel: Important to mention that with our super onboarding, so it's easy for people in different countries to embrace and to open an account and start using our products. We can really grow fast in other countries, not only in the US, Brazil, and Argentina, without deploying a bank license, without deploying capital over there. So it's just doing the soliciting of these clients that are there and want to have this US-based account for investments, transactions, and payments, and so on. Regarding the expenses that we have to implement this foundation in the US and how much it does impact our efficiency, of course, it does impact because we are growing, we are innovating, and that's how Inter likes to think. We always want to be cautious on the returns that we have, but we also want to keep building the future of the business.

Speaker #3: So it's just doing the soliciting of these clients that are there and wants to have this us based account for investments , transactions and payments and so on .

Speaker #3: Regarding the the expenses that we had to implement this , this foundation in us and how much it does impact our efficiency . Of course , it does impact because we're growing .

Speaker #3: We innovating . And that's how impact likes to think . We always want to be cautious on the on the on the returns that we have .

Santiago Stel: This is exactly what we did with our global expansion in these last 2, 2.5 years. Most of it, we had already gone through that. So the expenses are almost there. We don't have a lot to build, a lot more to build. Now on, it's just a matter of how much you want to spend in CAC, in acquisition of clients, compared to how much these clients will be generating revenue for us. So it's expenses that will grow accordingly to the volume of revenue that you'll be bringing from these clients going forward, okay? And now Santiago will talk about the credit card business.

Speaker #3: But we also want to keep building the future of , of the business . And this is exactly what we did with our global expansion in this last two , two and a half years .

Speaker #3: Most of it we have . We had gone through that . So the expenses are almost there . We don't have a lot to to , to build a lot more to build .

Speaker #3: Now on . It's just a matter of how much you want to spend in kak in exhibition of clients compared to how much these clients will be generating revenue for us .

Speaker #3: So it's expenses that will grow accordingly to the volume of revenue that will be , that you'll be bringing , that will bring from this , this , this , this clients going forward .

Santiago Stel: Thank you, João. And thank you, Marcelo, for the question. So when we think about credit cards, the strategy we decided to execute, make it a profitable and maybe a very profitable business, is the reshaping. So it's all about improving the risk-reward equation, right? And to improve the risk-reward equation, part of it is increase the interest-earning portfolio. What we saw in 2025 was a very good evolution. So we see, let's say, a first year of the mission accomplished. So the interest-earning portfolio grew by 4 percentage points in 12 months and increased with that a lot, the interest income from the product by about 35%. One thing we expected to see was that as we helped clients serve the debt when they had problems through installments, we expected to see better delinquency. And we did see that.

Speaker #3: Okay. And now you talk about the credit card business.

Speaker #7: Thank you . And thank you , Marcelo , for the for the question . So when we think about credit cards , the strategy .

Speaker #7: We decided to execute, it may be a very profitable business, it's the reshaping. So it's all about improving the risk-reward equation.

Speaker #7: Right . And to improve the risk reward equation , part of it is increase the interest earning portfolio . What we saw in 2025 was , was a very good evolution .

Speaker #7: So we see, let's say, the first year of the mission accomplished. So the interest-earning portfolio grew by four percentage points in 12 months.

Speaker #7: And increased with that . A lot . The the interest income from the products about by about 35% . One thing we expected to see was that as we helped clients serve the debt , when they when they have when they had problems through installments , we expected to see better delinquency .

Santiago Stel: So our delinquency levels for credit cards alone was about 10% better than what we expected internally. So it was a good number there, a good evolution there. And as we move forward to 2026, we want to see continuity. So we want to continue this process. It decelerated in Q4 because we have a lot of liquidity in the system. So it's natural for us that that happened. And the year started well. And 2026 has everything to be better than 2025. Why is that? So the key reason is that most of the products we had to launch to make it happen were launched through 2025. So we start the year with the products launched and getting mature. So these are key reasons to believe that we're going to have a better year. Finally, from a growth perspective, we were not yet increasing the risk appetite.

Speaker #7: And we did see that . So our delinquency levels for credit cards alone was about 10% better than what we expected internally . So so it was it was a good number .

Speaker #7: There , a good evolution there . And as we move forward to 2026 , we want to see continuity . So we want to continue this process .

Speaker #7: It decelerated in the fourth quarter for because we have a lot of liquidity in the system . So it's a natural for us that that happened .

Speaker #7: And the year started well . And 2026 has everything to be better than 2025 . Why is that so the key reason is that most of the products we had to launch to make it happen were launched through 2025 .

Speaker #7: So we the start year , the year with the products launched and getting mature . So that's that . These are key reasons to believe that we're going to have a better year from .

Santiago Stel: We're still executing at the same risk appetite, but improving modeling, improving the onboarding models, improving the behavior models that we use, and also through the My Credit Journey that João talked earlier. So let's call this three strategies. So onboarding new clients, improving approvals on behavior clients. And My Credit Journey is our strategy. So the appetite is defined, and it's all going to be a matter of good execution through the year, a lot of growth strategies, a lot of conversational sales, as I talked earlier about other products. That's going to be the strategy. We should see good growth from the credit card portfolio in 2026. And to your point, 2025 was better than 2024. We should see 2026 in line with 2025 or better. Thank you.

Speaker #7: And finally , from a growth perspective , we were not yet increasing the risk appetite . We're still executing at the same risk appetite , but improving onboarding models , improving the the models behavior that we use , and also through the my credit journey John talked that earlier .

Speaker #7: So these three let's call these three strategy . So onboarding new clients , improving approvals on behavior clients . And my credit journey is our strategy .

Speaker #7: So the appetite is defined, and it's all going to be a matter of good execution through the year. A lot of growth strategies, a lot of conversational sales.

Speaker #7: As I talked earlier about other products , that's going to be the strategy we should see good growth from the credit card portfolio in 2026 .

Speaker #7: And to your point , 2025 was better than 24 . We should see 2026 in line with 2025 or better . Thank you

Alexandre Riccio: This concludes our earnings conference call. I'll pass it to João for his final remarks.

Speaker #4: concludes This our earnings conference call . I'll pass it to John for his final remarks .

Santiago Stel: Thank you, Rafa. I'd like to thank all the employees at Inter working hard, harder every single day to help us to achieve our goals, to improve our platform, to improve our business. Also, I'd like to thank all the shareholders that have been supporting us for a while on this amazing journey. Thank you very much, and hope to see you all in our Investor Day in New York City. Thank you. Bye-bye.

Speaker #3: Thank you . I would like to thank all the employees at Inter working hard , harder every single day to help us to achieve our goals , to improve our platform , to improve our business .

Speaker #3: Also, I'd like to thank all the shareholders that have been supporting us for a while on this amazing journey. Thank you very much and hope to see you all at our Investor Day in New York City.

Alexandre Riccio: Goodbye.

Q4 2025 Inter & Co Inc Earnings Call

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