Banco Bradesco S.A. - ADR (Ord)

Strong Recurring Income Growth: Bradesco achieved a recurring net income of BRL 6.5 billion for Q4 2025, a 20.6% year-on-year (YOY) increase, resulting in a full-year income of BRL 24.7 billion, up 26.1% YOY. This increase has supported an ROAE of 15.2%, exceeding the cost of capital for the first time.

Transformation Plan Execution: Since the launch of its transformation plan in February 2024, Bradesco has made significant strides in digital retail, now serving 19 million fully digital clients, with plans to expand to approximately 40 million by 2026. The direct cost to serve these clients has been reduced by 40 times, showcasing improved efficiency.

Expansion in Affluent and SME Segments: Bradesco upgraded over 3.1 million clients in the affluent sector and increased their private banking client base by launching 50 new offices, targeting significant growth in this segment. They aim to grow SME lending by 21.3% YOY, simultaneously increasing market share from 14.3% to 16.6%.