[Interpreted] Hello. Good morning, everyone. My name is Gustavo, and it is a pleasure to have you joining us for our Third Quarter of 2025 Earnings Video Conference. As always, Milton will walk you through our performance. [Operator Instructions] Before handing over to Milton, I would like to share a few instructions to help you make the most of today's event. For those accessing this video conference via our website, there are three audio options available on your screen. The entire content in Portuguese, the entire content in English or the original audio. The first two options offer simultaneous translation to select your preferred option, simply click on the flag icon in the upper left corner of your screen. Questions can also be submitted via WhatsApp to the number displayed on your screen. Today's presentation is available for download on the hot site and as always, on our Investor Relations website. With that, I'll now hand over to Milton, and I'll see you again shortly for the Q&A session. Milton, over to you.

[Interpreted] Good morning, everyone. Welcome. It is a pleasure to be here with you once again to present our third quarter 2025 results. Thank you, Gustavo. In a moment, I will join Gustavo and Gabriel for our Q&A session. The objective of this presentation, as always, is to share with you an executive and objective overview so that we have quality time for discussion afterwards. I believe it is important to have a Q&A session with adequate time and depth. Let's move on to the numbers. I will begin with the main highlights. I will cover results, ROE, capital, services and insurance, the loan portfolio and long-term delinquency. The first highlight is that we closed the quarter with very strong net income BRL 11.9 billion, representing growth of 3.2% compared to the second quarter of 2025 and 11.3% compared to the third quarter of 2024. Therefore, we continue to expand our bottom line. Just as important as the bottom line is profitability. On a consolidated basis, our ROE reached 23.3%, and in Brazil, ROE was 24.2%. So we posted a profitability expansion compared to the previous quarter. But what I always like to emphasize, and we include this in the footnotes for you is the capital adjustment. As you saw on the first slide, in terms of capital, we closed the quarter at 13.5% of CET1. Adjusting the capital for our Board's approved risk appetite or to the CET1 level we have seen in the market, we are running at 25.4% ROE on a consolidated basis and in Brazil at 26.7% for the period. This is a very strong profitability level, reaching almost 27% of ROE in Brazil. How did we achieve this result? First, capital showed significant expansion in the quarter with growth of 40 basis points. Compared to…

[Interpreted] Thank you for the presentation, Milton. Now we have also Gabriel with us to start the Q&A. Well, let's remind you, this is a two-language session. We're going to answer the questions in the language that they are asked. Should you need any support with the translation, please, choose your audio -- preferred audio, English or Portuguese. Where you can submit the questions via WhatsApp. With that, let's go to the first question. Bernardo Guttmann from XP.

[Interpreted] Congratulations on the results. We're getting close to the end of the year. The bank should get into that phase of the discussing -- discussion of the scenario for 2026 and the scenario macro is mixed. The activity is firm, but with the high interest rates and the credit market that is more selective. I wanted to understand how that context affects your strategic decisions for the bank for next year, specifically in the growth of portfolio, efficiency and capital allocation. Itau gets at a turning point of the cycle with discipline and profitability but maybe now the challenge is to balance, to grow in an efficient way and calibrated way in an environment that still demands caution. How would you do this balance today?

[Interpreted] Thank you, Bernardo. Thank you for your participation in our call. Let me start by saying by having a strong discipline of not anticipating the guidance for 2026 because we are building the numbers in an advanced phase, I would say, but there are still some stages that we need to do. Directionally speaking, we have found opportunities to grow. I think that regardless of the scenario, the scenario, as you said, it has its challenges. The challenges are more because of the uncertainty, because -- and not so much the uncertainty. We -- it's difficult to have absolute conviction in an uncertain scenario. So a few elements that are important. First, opportunities. They exist. We will continue to strengthen our franchises in all the segments that we want to grow with quality in a long-term vision with the portfolio management. Our capacity of reaction today, it's much larger than it was before. So we're going to get into 2026. I can guarantee that with a balance that is extremely robust, very well provisioned and with strength and capacity, a solid capital base and with an inertia that is very favorable, that really helps. So our capacity to react regardless of the scenario, whether if it's an adverse scenario or a scenario that is more positive is enormous. This is important. This is key because evidently in the past, with a legacy system, you made a few credit decisions and risks, and that took some time to get into production, given the times of implementation. With all the modernization of the bank, the decisions are daily and the implementation is immediate. So every decision for -- is done in the day. We don't have to wait 24 hours for a decision, a reaction. The guidance will be based on the best information available at the moment that I present the guidance for you. And evidently, the guidance is not written in stone. We need to give a great predictability for the market. We could be very predictable through the market and showing a lot of consistency in the guidance with the discipline of execution that I judge very well. And the guidance is the best information of the guidance at the time of the publication. And depending with the year and with more challenges, the reactions can be different than what was planned. And we will let you know as soon as the information is available. And we've discussed this with the Itau Day. We are rethinking the businesses up ahead. Businesses with a maturity level, with great maturity, but it's the strength of the all that gives us a lot of strength to quality -- to grow with quality and capital discipline, bringing good returns to the shareholders.

[Interpreted] Now we go to the second question that comes from Renato Meloni from Autonomous.

[Interpreted] Congratulations on the results. And I would like to talk about the segment of these small companies, specifically in the line government. So I wanted to understand, how do you see the trajectory? Can you grow at the same level, or are you going to see some limitations whether if it's government risk? And how do you see the trajectory of the NPLs as these are expiring?

[Interpreted] Very good, Renato. Thank you for the opportunity. Thank you for being with us. Thank you for the report. All of us spent many, many hours reading our reports last night. So we are very firm in the wholesale companies, in the retail. So we have an important rhythm of growth with the governmental programs. We've grown with a lot of quality, good capital allocation and management choosing the right client and the right way of growing within a value proposition that is unified. So we could assume a role of leadership that is important since the inception of these programs. And we've learned to manage these programs in an intelligent way. It's important. Of course, it depends on the program. And we've heard a lot about the perennity of the program. It has a role that is very important, specifically in those clients of small size, and we have the budget discussions, is it going to exist in the way that it was. Well, there was the exchanges as we call it in the market. We seized the first loss because we had more space to leverage and then returned about BRL 100 billion to the market. So it's a process that is very important. And now it will depend a lot from the standpoint of the government with the allocation of resources and the lines, these are the most efficient allocation, and it generates leverage. And the multiplicator on the first loss is a high level -- expected level of clients in this program. So our operation, we need to have a capacity of growing with the segment, always delivering the same product for the client, and it's a governmental product. We are going to see -- we're going to provide services for the client, the government…

[Interpreted] Now we go to the third question. We have Gustavo Schroden from Citi.

[Interpreted] Congratulations on the results and the consistency, it's impressive. I wanted to hear from you about the client margin. Let's just call it an accommodation vis-a-vis the dynamic that has happened. We had some effects of spreads that contributed negatively. There is also the issue of Latin America. I wanted to understand if -- that's the level of mean with the -- that it's reasonable with the client that we're going to work from now on? Or do you think that there is an issue that is specific for the third quarter to interrupt that trajectory of growth and maybe reaching stability. I wanted to understand the margin expanded so much. We've discussed a few points last year. Someone to understand is there anything else more that we should get in terms of expansion, or do we get to a level that is more stable with the client?

[Interpreted] Well, great to see you, Gustavo. And I'm going to give you two results -- two answers. First is in regards to the mean of this quarter. It's important to highlight a few issues. In the last quarter, you remember that we discussed that we have a strong NIM, very good expansion. The NIM itself has also a balance that is very important when we look at the effect of the second quarter to the third quarter, from the first to the second. So this big jump, so to speak, it has some explanations when we look at the third quarter. The first is that in the past quarter, there was an increase -- important increase in the financing in the world of credit cards, and that generates a seasonality that is more of a conflict of a calendar than anything else. There was the effect that was favorable towards NIM and the NII of the last quarter. So there is a second aspect given the level of profitability that we have today and the level of margin that we've reached, we have the expansion level. We realized that a few operations are more apparent. The volatility is more perceived. So in the last quarter, we anticipated a few results of the wholesale structured operations that would have happened in the third and fourth quarter, and that happened to -- that broaden into this threshold. There was an acceleration of the previous NIM that would have been softer if it happened this quarter. So there is a caps issue as well. The caps are important, specifically in two portfolios, the INSS portfolio and the [indiscernible], the check. And given -- and the credit card, also the interest rate is higher. The liabilities are higher. This generates an effect in…

[Interpreted] Now the question of Marcelo Mizrahi from Bradesco BBI.

[Interpreted] Congratulations on the results, very solid. I guess the question goes along the way of capital. An organic generation of capital very positive in the quarter with an equity 13.5%. So the question of last year, the threshold that the bank was after the profit sharing was 12.3%. When we look at the perspective of growth from now on, and we have the other challenges, I wanted you to discuss, and you always discussed that threshold of 11.5% and 12%, which would be the level that you're feeling comfortable, keeping that threshold. How it would be this threshold now that will the NIM of the bank that we will keep after the dividend distribution payout.

[Interpreted] So thank you, Marcelo. Thank you for the opportunity. Thank you for the initial words. Now the central point of the capital is to reinforce a few points for you. First, our policy for the profit sharing, the payout didn't change. So we are faithful to our policy. Of course, there is some subjectivity because there's a lot of analysis that we do before the decision-making process of how much dividend will be distributed. Of course, we only reinforcing. We work with the risk appetite at the threshold at the level of the Board with the appetite of not working with less than 11.5% with CET1. This is what is define at the Board of the bank. We, from the Board, we work with the buffer of half a percent. So we will go to 12% because we never want to work close to the minimum because in those situations, you are at risk of losing good opportunities of growing, investing, making decisions that at that time can consume capital in a more accelerated way, regardless of the capacity that is very strong of the bank of generating capital. So if you look and we discussed in the presentation, in this quarter, we got 0.8 of CET1 before the provision of the repurchasing of shares and the profit sharing. So what do I see up ahead? Our objective is not retaining the excess of capital, but I -- we don't have an objective of dividends. We have an objective of capital allocation. With the discipline of allocation, the expectation of creation of value and making decisions on the long term, always strengthening and always growing the organization. So we are looking at the future. We are seeing what is budget, our capacity of growth, the credit risk, the market…

[Interpreted] Next question, Eduardo Rosman.

[Interpreted] In the Investor Day, you discussed that you want to improve the efficiency of the bank. Well, in a material way, the whole -- the retail, you're going to forego a few revenues to grow more. So I wanted to know the opinion of Milton, do you think that this movement is a defense or attack movement?

[Interpreted] Hi, Rosman. Great to see you. Thank you for the wonderful words. I read your report. Thank you for the quality and depth of the report that you just published yesterday. Let me tell you. At the beginning of the year, I discussed this at the presentation, and I wouldn't bring you a clear vision of how our efficiency level is composed because we tend to oversimplify the vision of cost of DNDJ of the bank, of the expenses that do not stem from interest rates. So we simplify when we try to do comparisons with other players that are more specific in specific segments. So first, the bank is a portfolio of businesses that is very relevant. So every one with the level of maturity at a different industry level, some with strong investments, other with an efficiency agenda that is deeper and so on. So it's important to understand the whole. So because of a number, we do not make precipitous conclusions. But our responsibility is to demonstrate this to you. In the way that we publish, we break down the retail wholesale bank. You can see in the MD&A, that vision for the best breakdown is there, but we need to be more precise showing you the strategic way up ahead. Gabriel has been the leader of an important work of efficiency in the bank. And efficiency is something that we need to do every day. It's not a responsibility neither of the area of Gabriel in an isolated way or the commitment of a specific area. No, everybody in their own circumstances, everybody in the bank has to look every day and seek the efficiency level, the evolution that we've had throughout the time shows our discipline with the generation of top line and the…

[Interpreted] Next question, we have Daniel Vaz from Safra Bank.

[Interpreted] So a follow-up on the question of massified and the capital and dividends. The year, if we consider the generation of capital in the fourth quarter and the adjustments that are based in January 1st of operational risk [ 4.99, ] it should be close to the 13.5 threshold of now Tier 1. We're going to the end of the year, and there are a few companies listed -- that are listed on the taxation of dividends, there is the discussions of the shareholder of anticipating the payout. So you can do a timing -- anticipating the timing and the excess capital can be serviced better. Given your excellence in the profitability and consequently, the generation of the capital of the bank, it's the only thing that will generate a debate. So how do you think about this issue? Could it be -- make sense to anticipate the statement for the Brazilian IRS effort and to seize this opportunity.

[Interpreted] Well, thank you, Daniel. And thank you for the comments. Great to see you. In fact, you discussed the point that we know, and we've been following this discussion of the legislative taxation changes, the payout changes or issues being discussed, we are following very closely. And of course, we have a fiduciary profile that we see the changes in regulatory context changes. We will see the evolution should we have any relevant new facts, certainly, we will do our analysis, we will make our decisions, and we will inform the market as soon as the decision is made by the Board of Directors of the bank. Let's follow this closely. The policy of dividends still there -- is still here. We will fulfill our fiduciary duties. And if there is any changes in the natural course of what we are used to doing because of any new facts, we will take it to the Board, and we will deliberate and once it's celebrated, we will communicate to the market. We will follow very closely the regulatory evolution of the legislative changes.

[Interpreted] Now the next question Yuri Fernandes, JPMorgan.

[Interpreted] Congratulations on the results. I want to ask you about the growth of retail and getting into the Investor Day, seem you discussed there that you expected that the retail portfolio can double over the next 5 years. And we see a growth that is timid 1% quarter-on-quarter, but it's timid growth that has a lot of nuances. If we look at -- in the class, personal credit cards are growing well, some segments of consumer finance that are growing well and some lines such as INSS kind of weaker. So Milton, when should we see an acceleration in the portfolio of retail. I know it's not immediate. There is the issue of doubling, but we're not going to see the portfolio that get into what is implied. So if you can comment on growth for retail, that would be great.

[Interpreted] Great to see you once again. Thank you for the question. We still are firm. Our purpose and ambition in retail and individuals and the companies, well, I told you that is an aspiration, it's not a guidance. It's an aspiration that is present. The ambition of growing, we have a lot of opportunities for growth, specifically for the more resilient publics where we have the growth in quality. That's why we opened the numbers of Uniclass and Personnalite Digital so you can have a vision of how we grew strongly in the high income. The derisking in the portfolios that are less resilient, a great deal of it was concluded and now what we have is more of a dynamic that is natural of making choices. Where do we grow and where do we reduce? This is of the nature of credit itself. You are choosing credit, you are choosing where you're going to grow with quality and which segment do you see more concerns or signs of warning that you can reduce. In the aggregate, there are still opportunities for growth in the retail, both individuals and companies. We will translate that into numbers once we bring to the guidance and you all could be up ahead. We are very excited with the acquisition. It's evident that there is a scenario of more uncertainties next year. We're never going to get the ambition aspiration before a good risk management and capital allocation. So we have a tradition of good navigation, sailing through turbulent waters if they come up. And our portfolio has never been so resilient to face all the challenges. So once the opportunities are clear, and we understand that they are, we're going to grow with quality in these segments. There are lot of spaces…

[Interpreted] Now the next question, Eduardo Nishio, Genial.

[Interpreted] Congratulations on the results. I have a follow-up of Rosman in regards to efficiency in the massified. The mass that after the neobanks, it became a segment that is very challenging. So I wanted to understand what motivated Itau to get into this segment in a more aggressive way now in the tech mode. Was it the younger target audience? What do you see that is different now from a few years back that saying no to that segment was more obvious? And now also continuing, the efficiency. As you said, you have the smallest level of the banks. Can you improve that level? You're getting into a journey of cost cutting, so to speak. Can you get to a level of 30%, how long it would take? And how does that discuss -- how can you work with the massified journey that is challenging?

[Interpreted] Thank you for the initial words. Great to see you once again. Look, I'm going to try and rephrase your question because I think it needs context. We never renounced effectively a segment of low income. We always found mechanisms to service these clients in different formats from what we see today. In the past, how do we service this products through the partnerships with the retailers. We've grown because here, there is a value proposition that is adequate with a cost of service that is adequate and a risk that is palatable to be assumed and sustainable throughout time. We have a volume that is relevant of clients that are considered massified, specifically when you recalibrate the incomes within our portfolio, it's millions and millions of clients that are serviced by the bank, but could be better serviced, whether from the standpoint of experience in the digital channels with the super app or credit. So we service these clients. We have a relationship with these clients. When we stratify by income, I always say that there are clients that are massified that are target for the bank because they are stable, they are resilient in cycles. There are several profiles of our personas and its public that are very resilient, and these are clients that we really focus. The retirees, for example, of INSS, have lower incomes, but it's a very stable product or public for the long term. Our INSS portfolio is one of the biggest one in the market. This is one example. And it shows that there was a process of digitalization that was relevant of the clients through the years. And the new technology allows to service these clients in a different way with things that we couldn't do in the past now. And…

For the next question, we are going to switch to English as we have Carlos Gomez-Lopez from HSBC.

Thank you, as always, for the consistency in the results. You make our work very easy. I have a question about taxes. So we have a situation in which because of the high IOC, many of the banks are reporting very low effective tax rates. Actually, Itau is the honorable exception. On top of that, we're going to have the accelerated amortization of the deferred tax assets starting next year. Are you concerned that at some point, there could be a public policy reaction and try to increase even more the taxation that the banks have in order to increase the cash revenues that they can get from the banking sector?

Thank you, Carlos. Good to see you. I will start with -- thank you for the compliments. Thank you. We take that very seriously. Well, I'll first start talking about your second aspect of your question, which is if we expect to have any change or any increase in taxations for the banks. No, we don't. Of course, there is an important discussion today if there is some asymmetries, fiscal asymmetries between banks and companies that do exactly the same thing. So if there is any change, for payment institutions, we have hedge. If there is for financial companies, nonbanking financial companies, we have our vehicles. So on a marginal basis, we might see if there is any change in regulation, but not in a very consolidated basis due to the level of taxes that we pay today. So we don't expect any major change. We might see smaller changes, but in aggregated view, we won't see a relevant impact in our corporate tax rate. We don't expect that for two reasons. First of all, it's the segment in Brazil that mostly have the most relevant corporate tax. And when we compare ourselves to any other economy around the globe, you will see that Brazil, it's different from the other ones, and we have 45% of corporate taxes, and it's very relevant. The government knows that. And I heard the Minister of Finance saying more than once that he knows that the level of taxation of the industry is very high. So I don't expect major changes. But talking about the tax, the effective rate, let me -- jump in, Gabriel, if you can talk a little bit about our figures, I think it would be nice to share.

Carlos, thank you for your question. As Milton mentioned, the effective tax rate that we had at the beginning of the year, and we mentioned that was around 31.5%, and we mentioned that it would converge to the guidance that we have for the year. That's the expectation that you have. As you mentioned, the major effect towards the marginal rate that we have in Brazil of 45% to the effective tax rate that we see, it's the interest on capital and also some geographies of how the result is among all the different companies that we have. Those are the two major effects. But at the end of the day, we are going through the guidance that we had before, and we are converging to that.

[Interpreted] Next question, we have Antonio Ruette from Bank of America.

[Interpreted] Congratulations on the predictability. I wanted to explore a theme that we've discussed with the acquiring business. It was very important because of the pressure of the NIM. So what I want to ask you is we see the volumes growing in double digits. It certainly is above any player indicating market share that is increasing sequentially for some time. So what I wanted to understand is what are the main drivers? Where are you growing? What are the segments? And how -- more important, how can you earn this market share in acquiring? Do you have an influence of [ ITAUX ]? Or is it too soon to tell?

[Interpreted] Antonio, great to see you. You discussed a point that is very relevant, consistency. The predictability for us has a big value in the way that we see the future, we project our results, and we try to control the levers. Discussing acquiring business. I mean the result of this was an integration that was very well done in our company business. We closed the capital of Rede in 2012. 13 years later, it's longer than the integration, we can see the results of an operation that is very integrated in the bank. There is a specific segment? No. We've grown in the wholesale and the retail, we see share in both. What is the strategy? The strategy is the bundle to be able to service the client in the best way possible, not with a vision product, but with a flow, payment and receivable and Rede is part of the value proposition. And for us to stop seeing Rede as an independent business or a specific product where the price has to be done isolatedly. Now regardless of this comment, we are very disciplined to look at the vision of the client and to take care of not renting market share. As you know, I was the CEO of Rede 2013, '14, '15, and we know that a great deal of the invoicing that really moves the point of the share is concentrated in the big client. So it's not difficult to be more aggressive in the pricing, pricing below your minimum price of exchange. And then you have a marginal cost that is negative and then renting market share, that's not sustainable because in the first renewal of the contract, you're going to have to review the price and the market share goes away. Market share, we're…

[Interpreted] And now the last question, Henrique Navarro, Santander.

[Interpreted] Congratulations on the results. [ 23% of ROE ] is brilliant. My question is about the soft guidance for 2030. We've discussed this, very strong numbers, and to deliver Itau should start now next year. So my question is, how is your mind for the year '26? You mentioned that Itau will deliver something 7%, 8% of growth of portfolio. Do you see a possibility of that growth of portfolio being double considering a credit cycle that is better? How is your mind for 2026?

[Interpreted] Henrique, thank you for the initial words. We're very, very happy with the profitability level. Given the capital base of the bank, this has an important effect. We are very happy. We closed with the ROI in Brazil and this is very comparable that we see in the industry as a whole. So we are very excited. But once again, we have all the challenges up ahead. A lot of humility, foot on the ground, the past result is not a guarantee of the future. And these cannot generate a future accommodation. So this is our motto in the bank. About 2026, I'm going to do a few remarks that are important. And our responsibility is to communicate this better. I'm not transferring this responsibility to anybody. It's mine above all. So what we discussed in Itau Day is more aspirational than soft guidance. It's important to do this, to record this because every conversation that we're going to have, everybody is going to look at doubling the portfolio in 2030. So every time that you do a strategic review of the business, regardless of the business, you have an ambition. You set the bar and you say, if everything goes perfectly as I would love to and the price to perfection happens, I'm going to get to this. Can we do it? The levers exist, yes. But it depends on a plethora of circumstances, the capacity of execution of plan, value proposition change, everything has to be perfect. So that's the first point, the first statement. The second statement is telling you the following. We're still not going to anticipate the growth in portfolio, but specifically in a year such as 2026 with uncertainties, I can guarantee that we're not going to show you a portfolio that is…

[Interpreted] Thank you, Navarro, and thank you to all of you that took part of our earnings. Well, we finish the Q&A and our conference call of the third quarter of 2025. Thank you very much. Thank you, Milton. Thank you, Gabriel. And I'll give the floor to Milton to close the session.

[Interpreted] Thank you. I would like to thank you for your presence. Thank you to my friend, Gabriel, CFO of the bank; Gustavo, the IR Director. It's a privilege to have you with me in this discussion with the market. And to tell you that we are very satisfied with the evolution and maybe going back to the original point. At the beginning of the call, I will tell you at the end of my presentation that the numbers at the end of the day, they are a consequence of a work that is done with a lot of dedication, a lot of energy, with a lot of capacity and a deep knowledge of our operations of business with a lot of will to continue to grow and evolve, but above all, with a lot of humility. So we are certain that the results are solid, that the return is strong, but we are aware of the challenges up ahead. And in no way I want you to have a feeling that we are getting complacent. In the bank, we always every day want to do the best thing. And we want to ensure the clients and have the obsession by the client, getting into this era of the hyper personalization that is perfect to make decisions that were important in the past and that are being very assertive in the result in regards to the results that are being delivered. Our capacity of competing in every niche, in every market, in every segment was never so strong, and we are very excited with the opportunities in the future. Foot on the ground, capital allocation, creation of value efficiency, the execution model that is constant and above all, a long-term view. We will never let the future go, taking short-term decisions so that the results of the next quarter are a bit better than the expectation, no. We think that corrections need to be structural. We do not want -- the action doesn't -- the action -- the shares go up with the consistency and quality. So thank you very much for your role, the investors, analysts that bring feedback, that talk to us every day and that ask difficult questions. You have the provocations and that makes us improve. We don't know everything, it's in our culture. So thank you once again, and I hope that we have the next quarter. See you next time. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]