Banco Bradesco (BBDC4) investor relations material

Executive summary

• Recurring net income was R$7.109bn, up 14.6% YoY; ROAE was 15.6%, or 16.1% excluding the capital increase.

• Revenue growth and expense discipline supported earnings, while higher credit costs and a deteriorating macro backdrop kept risk management cautious.

Financial highlights

• 3Q26 total revenue was R$38.0bn, up 8.4% YoY; net interest income was R$21.372bn, up 14.2% YoY and 2.4% QoQ.

• Fee and commission income reached R$10.924bn, up 3.1% YoY; insurance, pension and capitalization income was R$5.590bn, down 2.0% YoY.

• Expanded loan-loss provisions were R$10.6bn, up 24.3% YoY; NII after provisions was R$10.7bn, up 5.7% YoY but down 1.4% QoQ.

• Operating expenses were R$16.316bn, down 1.0% YoY; cost-to-income improved 3.5 p.p. YoY.

Outlook and guidance

• FY26 NII after provisions guidance remained R$42bn–48bn, with performance at the lower end; management expected a somewhat better Q4 outcome and higher Q4 NIM and client NII.

• Lending priorities remained collateralized credit, stronger-rated clients, risk-adjusted returns and growth in non-credit revenues; credit-related revenue growth was expected to slow.

• Management expected efficiency gains of 40 points over 2–3 years through productivity, procurement, technology and footprint adjustments.

• Management saw macroeconomic improvement emerging more toward late 2027 and 2028; lower interest rates could support borrowers, with credit-risk relief expected to lag.