Good afternoon, everyone, and welcome to AG's Third Quarter 2026 Earnings Conference Call. Today's conference call is being recorded. At this time, I would like to turn the call over to Felipe Gaspar Oliveira, Head of Investor Relations. Please go ahead.

Hello, everyone, and welcome to AG's Third Quarter 2026 Earnings Conference Call. Thank you for joining us. I'm Felipe, Head of Investor Relations. Joining me today are Marciano Testa, founder and CEO of Age Inc., and Marcelo Dubeux, our CFO and Investor Relations Officer. Before we begin, I'd like to highlight what makes this quarter especially important from an investor perspective. Throughout 2026, we have been focused on improving our operating platform, accelerating our commercial momentum, and expanding our sources of revenue. This quarter provides important evidence of that progress. We are seeing stronger credit origination, increasing customer engagement, growing through revenues, and improvement in profitability and operating efficiency. These developments are particularly relevant because they reinforce the scalability and diversification of our business model. Throughout this conference call, we will be presenting certain non-FRS financial measures. These are important measures for AGES management but should not be considered in isolation or as a substitute for IFRS measures and may not be comparable to similarly titled measures reported by the other companies. Reconciliations between non-IFRS and IFRS measures are available at our earnest release. Unless otherwise noted, all figures discussed today are presented in Brazilian VIs. I'd also like to remind everyone that today's discussion may include forward-looking statements, which are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These statements are not guarantees of future performance. This outlook reflects management's current expectations and assumptions, including, among others, assumptions regarding the trajectory of Brazil's benchmark interest rates, The pace of credit originations, the regulatory environment governing payroll-linked lending, and general macroeconomic conditions in Brazil, and is not guarantee of future performance. The outlook is only effective as of the date given and should not be considered updated or affirmed unless and until we do so publicly. Moving to today's agenda, we have three main topics. First, Marciano will share a strategic update on how we are building an AI-driven banking platform. Second, he will discuss the rapid growth of AgiPlus and how it's creating new opportunities for recurring revenues. And finally, Marcello will walk us through our third quarter results, highlighting our growth momentum, operating performance, and profitability. With that, let me hand it over to Marciano. Marciano, over to you.

Good afternoon, everyone. I am excited to begin this quarter of 2026 earnings call with a positive news. We are going to show you our platform engine is fully normalized. In this quarter, we grew over 63% in earnings before tax and around 40% in net income quarter required. This is the best quarter results of this year, despite the market economy scenario in Brazil. All of these results and the normalization phase of growth are based on the three anchor principles that guide our strategy decision for the long term. First, we live for the customer, which means that we prioritize client value when we make all of our decisions. Second, we win with technology, so we continuously enhance our technology capabilities, especially with AI or another new technology solution to serve and operate in a better way. And third, we promote an entrepreneurial culture to figure out new perspectives of the business, diversify and grow while maintaining disciplined focus on long-term return for our shareholders. In this slide, you can see that Agile is one platform with many engines. Our business units face the customer one proprietary foundation, tech-tech, data and intelligence, with AI embedded throughout powering them all. We build once and share across every business unit. Every line of our customer base improves as we grow. Customer acquisition, customer service, funding, and especially cost of credits. That is the architecture behind our operating leverage. As I said in our second principle, to continue to enhance our technology platform and attract new talents to join us, therefore, it is my pleasure to announce our new partner, Rafael Siqueira, the previous Latin AI leader in McKinsey, who is an important resource to drive our platformization technology. Thanks to the integration of AI to support all of our business units. We keep pushing hard to become fully AI driven in the next few months. We are already seeing very good signs in terms of gain efficiency ratio and scalability at the same time improving customer experience. But I believe the biggest positive impact will come from the data science by crowd models. that will become much more precise especially in the prediction model to predict new developments and adjust in real time while you visualize the variables changes. Deploying credit in different challenges cycle of the economy and maintain the cost of credit under control is a strong capability that we have in our organization. Proven by over 10 years good long-term track record. But now, in the AI era, we can boost the scalability even further. Even though the macroeconomy scenario will be more challenging, we see ourselves as an ethical business. Now, I would like to highlight the bank by subscription. We had impressive results in the finishing statement with our subscription program called Agi+. We have just begun collecting the results of this amazing project to diversify and increase the revenues with assets like capital allocation. We launched the pilot project at the end of the second quarter, and now, four months later, we reached over 700,000 subscribers, growing by close to 200% quarter-over-quarter. That is a powerful, predictable revenue model going forward. Also, it is a function as a sticker tool to keep our customer base highly engaged in our platform, while it enjoys all benefits as a member of Agi+. Here you can see some examples of the benefits, such as prioritized exclusive access to the e-learning platform or Bioswap Hub, The streaming platform also exclusive network of medical consultations and top of that exclusive access to the pharmacy network with the higher discount medicines and other important benefits tailor made for our customer base. As a result, we achieved 78.8 APS, one of the highest of the industry in Brazil. The improvements and the customer satisfaction that I mentioned translating our numbers. As you can see here, we grew almost 10% our customer base quarter over quarter. Our credit origination grew over 40% in quarter over quarter. With that, we surpassed our milestone by over 10% of market share in the payroll credit of INSS. Such as Max Cher plays Aguiar in the top five payroll lending bank as the biggest payroll ecosystem in the Latin America. Also, another impressive milestone in the fee side, over $244 million in fee revenues in this quarter. And finally, we achieved $276 million in net income in the third quarter. Before I hand over to Marcelo, I would like to comment on the share repurchase program we announced on October 27, authorizing the repurchase of up to 3 million Class A shares over the next 12 months. On behalf of the Board and the management team, this reflects our conviction in the long-term value of IG and the strength of our business model. It is also a better decision. Our capital position is over 18% capital at that consideration. Allow us to return value to shareholders while preserving the capital we need to fund customer growth and the technology. Any repurchase will be made at the managing discretion. Our priority is growing the business with disciplined returns. With that, it's over to Marcelo and Felipe to cover the figures in details. Thank you.

Thank you, Marciano, and good afternoon, everyone. In the third quarter, the groundwork we laid in the first half began to show in our numbers. Record customer additions, our strongest origination in more than a year, a recovery in fee revenues and higher earnings. We made further progress against our core strategic priorities, maintaining our position among Brazil's most efficient and trusted financial institutions. On today's call, I will walk you through our third quarter results and details behind them. In the third quarter, we saw the momentum built in the first half of 2026 translating into growth and results. We delivered our strongest quarterly credit origination in over a year, at 10.2 billion reais, up 77% year-over-year and 43% quarter-over-quarter. Private payroll loans reached 2.3 billion reais, up 130% year-over-year and 61% quarter-over-quarter, with first payment defaults continuing to improve in every cohort. Fee revenues were R$244 million in the third quarter, up 30% year-over-year and 80% quarter-over-quarter, led by insurance, brokerage, and AgiPlus subscriptions. Finally, net income was R$276 million, of 31% year-over-year and 38% quarter-over-quarter with net margin of 107 bps year-over-year and 226 bps quarter-over-quarter. Taking a closer look at customer growth as seen on slide 10, total active clients count increased 29% in the third quarter compared to the prior year period and 9% quarter-over-quarter. We reached 8.3 billion active customers as of the end of the third quarter of 2026, which we define as those with at least one active product at quarter end, a 43% CAGR over the past six years. We believe this growth demonstrates The resilience of our acquisition channels and success in customer satisfaction and retention, as earlier explained by Marciano. Turning to our credit portfolio on slide 11, total loan balances grew 12% year-over-year and 5% quarter-over-quarter in the third quarter of 2026 to R$38.8 billion. Our credit portfolio maintains a healthy mix. with secured loans representing 88% of total or 34.3 billion reais and unsecured loans representing 12% or 4.5 billion reais. We believe this mix brings sustainable balance of profitability, credit quality, and focus on long-term relationships with our clients. Unsecured lending, which is restricted to customers who maintain Primary relationships with AGI grew to 4.5 billion reais in third quarter, reflecting the short-term duration of this portfolio. In the third quarter, we continue to grow our base of clients with principality, reaching approximately 1.7 million clients who receive their pensions or benefits in their AGI checking accounts. Year-to-date, AGI has added more of these clients than any other financial institution in Brazil. Within INSS payroll credit, we continue to successfully execute against our strategy of being the disruptor of this segment in Brazil, as you can see on slide 12. Based on our strong positioning with the INSS and leveraging our competitive advantages in this segment, our market share in Q3 reached 10%. AGI's first ever two-digit market share in loans, an increase of 100 bits year over year. It is worth mentioning that we were able to expand our market share by 40 bits just in the third quarter, after overcoming the recent periods of regulatory turmoil. In private payroll credit on slide 13, our portfolio has grown to 2.3 billion reais, An increase of 61% quarter over quarter and 130% year over year. It is worth mentioning that our appetite for origination of this product continues strong, with incremental enhancements to its credit model and observing good evolution in its credit quality, especially with first payment defaults of new cohorts showing signs of improvements. As a result, Monthly Origination sustained between 250 and 300 million reais in the quarter. With regards to credit quality of the overall portfolio on slide 14, non-performing loans exceeding 90 days increased in the third quarter to 3.5%, up 20 bps quarter over quarter. Nevertheless, NPLs for the overall portfolio remain comfortably below the average for consumer credit in Brazil of 6.2%, which increased 70 dips only in this quarter. That demonstrates how AGI's credit strategy is structurally resilient even in challenging macro environments such as what is currently seen in Brazil. It is worth mentioning that short-term quality indicators we monitor internally continue to reflect stability and low risk profile of our portfolios. Moving to slide 15, cost of risk last 12 months was 6.1%, up 20 bps quarter over quarter and 70 bps year over year, reflecting both our portfolio mix and the faster pace of our credit origination. as provisions for expected losses are recognized upfront on new vintages. INSS payroll loans remain the anchor of our portfolio, stable at 72.3%, while private payroll loans, a currently fast-growing product, more than doubled their share in the portfolio to 5.8% from 2.8% a year ago. At the same time, unsecured loans represented 11.6% of the portfolio and other secured loans 10.2%. The coverage ratio was 157% at the end of September, down from 183% in June, as a result of the provisions balance divided by NPLs over 90 days, a level which we consider adequate for a portfolio that is 88% secured. Turning to our revenues on slide 16. In the third quarter, we delivered a total revenue of 3.2 billion reais, an increase of 15% year over year, favored by a growing credit portfolio as well as growing in fee revenues, which represented 8% of the total in the quarter. Up from 4% in the previous quarter. On slide 17, we see net interest income of 1.3 billion reais in the quarter, up 10% year over year and 1% quarter over quarter. The slight decline in NIM is primarily to asset mix, as the share of secure loans reached 88.4% of the portfolio, up from 86.2% a year ago. with a lower relative contribution from personal loans. Analyzed NIM was 11.8%, down 20 bps quarter over quarter, while NIM after provisions was 6.3%, compressing 50 bps on a quarterly basis, reflecting the faster pace of credit origination in the quarter. Peer revenues on slide 18 reached 244 million reais in the third quarter, Up 30% year-over-year and 80% quarter-over-quarter. Such growth was driven by insurance brokerage as well as the first quarter with revenues from AgiPlus subscriptions. Now going to efficiency on slide 19, which highlights the operating leverage embedded in our unique and highly scalable business model. Our operating efficiency ratio improved to 44.2%. 470 basis points better than the second quarter and 340 basis points better than a year ago. Our operating efficiency ratio is calculated as operating and personal expenses divided by NII plus fee revenues net of tax expenses. This improvement mainly reflects NII plus fees growing 9% quarter over quarter while operating Net income in the third quarter was R$276 billion, an increase of 38% over the previous quarter and 31% year-over-year, representing annualized ROE of 22.4%, more than 500 bps up from the 16.9% in the second quarter. This is the best level of quarterly profitability year-to-date. Supported by the growth of 63% on earnings before taxes in this third quarter. Now, on to our funding approach on slide 21. As a regular debt issuer, AGI maintains established relationship with Brazil's credit markets, diversifying funding sources to support portfolio expansion. As a result, total funding reached 40.3%. An increase of 15% from the third quarter of 2025. Institutional counterparties now represent 64% of total funding, while retail sources account for 36%. In August, AG also received its most recent credit rating upgrades from S&P Global, who raised the bank's credit rating from AA- to AA. So, all three agencies now rate the bank at the AA level. We consider these upgrades as a significant demonstration of confidence in Agibank's business model. On slide 22, we can see that our total assets have grown to R$54.6 billion in the quarter, an increase of 22% year-over-year, with return on assets Over the last 12 months of 1.8% up 10 bps quarter over quarter driven by higher profitability in the periods. Moving to equity on slide 23 shareholders equity reached 5.1 billion reais up 64% year over year reflecting the IPO proceeds added in February of 2026 and Up 5% quarter over quarter now driven by retained earnings. Lastly, our capital adequacy ratio consolidated at the holding level was 18.1% in the third quarter, down 60 bps in the quarter and up 440 bps year over year. Tier 1 capital ratio stood at 17.2%, also reflecting the receipt of the net proceeds from the IPO. We understand that these levels of capital adequacy allow us to continue investing in customer growth and technology while maintaining focus on long-term returns. To close, the third quarter gave us evidence and origination in fees and in earnings that the inflection we described last quarter is underway. We enter the fourth quarter with that momentum and remain focused on execution. On behalf of AGI, thank you for your interest and support. And now, we would like to open the call for the Q&A session. Operator?

Thank you. We are going to start a question and answer session for investors and analysts. If you would like to ask a question, please click on raise hand. Our first question is from Tita Labarca with Goldman Sachs.

Hi, good evening. Thank you for the call and taking my questions. Congratulations on the strong results. Good to see the INSS loans growing again. So my question, how do you think about loan growth from here, right now that you're growing INSS loans again do you think I mean just probably getting started there should we see a big acceleration into next year and then also yeah on the other hand the personal loans still didn't really grow that much but you know on that side you probably have to worry a bit about the the macro environment the credit cycle which there's a lot of concerns in the market about that so How do you think about both INSS loans, but also unsecured personal loans and the growth outlook for that, and then maybe some of the other private payroll continuing to grow? Thank you.

Thank you, Tito. Good to talk to you. Thank you for the question. So regarding, I'll break up the question in our portfolios. So regarding growth for the next quarter and next year and the environment as well. So first of all, in terms of the INSS portfolio, we continue to see space to continue to increase our market share. So one thing that is important to remember, we reached 10% market share. It's an important mark for us this quarter. We grew only this quarter 40 bits in terms of market share. and we see space to continue occupying these markets and growing going forward. So INSS, yes, will continue to be a big driver of our growth going forward. Then, going to the private payroll loans, that was not part of your question, but I think is also important to mention. We had a 60% growth in this portfolio this quarter, and continue in the pace that we've been mentioning, that we have appetite to growth from 250 to 300 million reais a month. In terms of origination, we see demand for that. We see the operation of the product improving consistently over time. And we have the appetite to continue to have this part of the portfolio growing and occupying some space in our growth. And then finally, the unsecured loans. The good news is that this portfolio stabilized this quarter. So it was the first quarter where we saw That portfolio is not reducing, right? So the portfolio is growing. And from now on, we expect this portfolio to have more participation. It is a portfolio that has higher yields in our portfolio, and we expect that to have more participation, continue to grow over time. One thing also that is important to talk about is that In the beginning of the year, we had all these disruptions derived from last year, and we did not take advantage of the increase of the minimum wages that happened in the beginning of the year, so we still have this effect to happen in the beginning of the year and could be another factor of growth that will be seen only in the first quarter next year, but it's still also another boost for our growth.

Great, thanks Marcelo. And maybe just one quick follow-up, I guess, now that you're growing INSS homes again, so a big jump in team, should that also accelerate from here, only because how big the jump was, or was there anything one time on the fees to think about?

No, regarding the NSS, we had an acceleration this quarter. A smaller portion of this acceleration was due the month of September that we had the expiration of the provisional measure that had an impact on the demand on the space that the clients had to lend against their salary, right? Remember, we had a 5% reduction in the space of where the clients could lend against So that had a big impact in the month of September, but that has been normalized for the month of October, and will probably have a growth in the fourth quarter, but not as the same as the third quarter, probably is more normalized this quarter. And on top of that, we were able and continue to be able to see fees Contributing for the revenues in this fourth quarter going forward.

Okay, and just on the fee income that jumped, does that also accelerate from here or is it just the one time because you started to accelerate the quarter?

No, no, the fee income is, so I'll break down that for you also. So the fee income is one hand brokers, insurance brokers that is due to the business model that we have, that we can be together with the client, in front of the client, so as we grow the portfolio, we have the cross-sell opportunities to sell insurance. So that will continue, so it's not a one-time thing. Remember, in the beginning of the year, we redesigned the journey of selling insurance, and that has been in full effect and operating. So, this is the first quarter where we could see really growing this line. And on top of that, the AgiPlus started to contribute this quarter. It will be a more recurring revenue going forward in the fourth quarter. So, adding up to the number that we already showed this quarter. So, it's not a one-time. and the fee business will continue to grow from the number that we are seeing this third quarter.

Okay, great. Thanks, Marcelo. Thank you, Tito.

The next question comes from Ricardo Botchepigo with BPG Pactual.

Hi, everyone, and thank you for the opportunity of making questions. Over the past 12 months we have seen several changes in the INSS regulation with stricter authentication requirements, more restrictions on what can be offered to customers and how. So it seems that from the last couple of results that this disruption seems to be easing and the impact seems to be reducing. So I wanted to understand whether do you think any of these changes that happened had any Thank you, Ricardo, for the question. Marcello here.

We don't see some concern about the new regulation, especially in the INSS. When you're looking ahead, we see the regulatory environment as a business as usual. All banks in tax and financial institutions operate on the regulatory environment. It's our job to be compliant quickly and offer the customer the best experience as you can. So, as a When you're thinking what happened in NSS last year, as a low probability and high impact, as one-off situation in the social security administration, in the truth, we do not see probable risks to something happening again in the coming years. And in terms of the new regulatory, specifically, we see... These improvements in the sector relate to the customer protections. For example, new biometric, we see this positive giving us of our business model opportunity to continue growth based on our hybrid model that we can advise the customers and continue growth. Marcello can complement.

Yeah, Ricardo. So in terms of the growth that you asked in the end, yes, we are, as you saw in this third quarter, our earnings before taxes already demonstrating strength to growth, growing more than 60%. So we are on our path to show operational leverage. So you see our efficiency ratio going down more than 400 bits. and we believe we have space to continue to do that. So gradually, the return on equity will continue to grow as we've been mentioning in the previous quarters. So we are confident that we are in position to, as we grow the portfolio, maintaining growing the margins that we expect to grow as we continue to work with products with higher margins as the unsecured loans As we continue to grow fee business and we see the operational expenses controlled, we don't see this necessity to add headcount in the corporate levels, for example, due to high intensity investments in AI and technology. So the operational leverage, we have a setup to see that happening going forward over the next quarters.

Thank you. That's clear. Just one quick follow-up. I think an important part of the equation for the outreach to improve meaningfully with a normalized tax rate is the unsecured lending, right? So if you could elaborate on if in Q4 already you're seeing any improvement here would be also helpful.

Sure. I think so unsecured loans First of all, we saw impacts throughout the year. So we saw that we have been working with the unsecured loans with a shorter duration type of portfolio. And because of that and the interruptions that we've gone through over the last year, we saw that we're reducing over time and we said that that would stabilize as we grew more and that's what happened. So the product is already stabilized and started to grow. So as we continue to produce more and originate more credit in this type of loan, that will show growth. And how do we show growth, right? How do we elaborate that? We are the financial institution in Brazil that in percentage terms grew the most in terms of new beneficiaries of the NSS in the base this year. So we've reached 1.7 million clients with principalities that receive their benefits In their RG accounts. And based on that, we are able to accurately price what we can offer to them in terms of unsecured loans and have that in a controlled NPL way. So we focus on that to continue to grow this portfolio. And on top of that, all of these events that happened at the beginning of the year that I mentioned, such as the increase in the minimum wage, also impacts The possibility of cross-selling with unsecured loans. And more than that, we will continue to work with this product to have more participation in the, I mean, not percentage way, but growing in a stable way to maintain this participation that we have in the mix of the portfolio. That's it. Okay. Thank you.

The next question comes from Pedro Leduc with Itaú BBA.

Hi, everybody. Thanks so much for the call, taking the question. Congrats on reigniting their origination and the service fees. One last missing link that we're looking for is the NII performance. Maybe it's because you originated towards the end of the quarter. You already mentioned mix, but you also mentioned that in September a lot came in. So I'm just trying to put it together here, the timing difference. And then I know in the fourth quarter the yield curve again went up, but maybe you guys hedged. Just trying to see how NIMS could perform now that Origination is back on track. Thank you.

Thank you for the question. Yes, you're correct. I mean, we still could not have the time for the portfolio to age enough to show the impact on the NIMS, but we are already seeing that in the month of October. As our portfolio continues to grow in all of the projects that we mentioned here, be it the NSF, be it the private payroll, or the unsecured, and the memes are happening. So we will certainly see Nimes now in a different trend in this fourth quarter in line with the mix that we have. In line, you know, although we have a challenging macro scenario going forward next year, but we did see a slight decrease in the interest rates in this third quarter. Now we probably won't see that anymore for the rest of the year, but also contributes a few bips also in the names for the rest of the year. Felipe will complement here.

Yes, just to complement, Marcelo, in terms of asset and liability management, we are very conservative on that, so it helps as well to protect in terms of macro backdrops that we could see ahead.

Thank you, Felipe and Marcelo. Congrats again. Thank you, Edu.

I would like to remind you that to ask your question you need to click on raise hand. Our next question comes from Marcelo Mizrahi with Bradesco BBI.

Hello everyone, thanks for the opportunity. My question is regarding the new reality of the cost of funding that we are seeing right now. So, my question is At those levels of cost of funding, if it still makes sense to maintain the new outstanding credit to origination of the pensioners, so the payroll to pensioners at these interest rates, makes sense to maintain the origination right now and how do you guys are dealing with these interest rates, the future interest rates on the funding side of your thing right now? Thank you.

Hi, Mizari. Thanks for the question. So, Mizari, that's a great question and important for us to clarify, again, our business model, right? We don't see the INSS payroll as a product itself. We see that, we see the client as a potential portfolio of products. We see our long-term relationship with this client as what generates yield and returns For the company. So the INSS payroll lending, it is a very powerful tool of CAC, of cross-selling, of long-term relationship of sickness with the client. So we navigated with higher rates than that. Remember that in these last 12 months, if you remember one year ago, rates were higher than we are now. And we saw, we did see other financial institutions Not providing these products for the client, but we did because we really believe in the business model that we have and how we can cross-sell and offer the unsecured, offer the fee business and maintain a relationship with the long-term. So we will see us continue to improve in market share and the presence in the market. With that, I'll pass to Marciano to also complement my question.

Thank you, Marcelo. So just to complement here, our business model, we can navigate in this macroeconomy scenario better than other competitors, especially on the assets side, because part of the government spending flow through our platform into our client checking accounts, also increasing the minimum wage Anri represents a massive opportunity to expand our credit portfolio across our entire customer base. As I said in the call before, ultimately, we have a lower exposure to the unemployment risk based on our customer profile. Of course, the cost of funding is a challenge for everyone, but in that case, we will Thank you.

With no further questions, AGE's conference is now closed. We thank you for participating and wish you a nice evening.