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    Enrique Navarro

    Director and Equity Research Analyst at Santander

    Enrique Navarro is a Director and Equity Research Analyst at Santander Corporate & Investment Banking, specializing in the coverage of Spanish-listed companies within sectors such as consumer, retail, and infrastructure. He has provided in-depth research on prominent firms including Inditex, Repsol, Ferrovial, and Aena, with his investment recommendations recognized for their accuracy and strong contribution to client portfolios. With a career at Santander beginning in 2016 following previous experience at BBVA and N+1, Enrique Navarro has developed a reputation for disciplined analysis, demonstrated by a high hit ratio on published calls and consistent outperformance relative to sector benchmarks. He holds multiple professional certifications in finance, is a registered investment adviser with Spanish regulatory authorities, and is frequently recognized in institutional investor surveys as a leading European equities analyst.

    Enrique Navarro's questions to Itau Unibanco Holding (ITUB) leadership

    Enrique Navarro's questions to Itau Unibanco Holding (ITUB) leadership • Q2 2025

    Question

    Enrique Navarro from Santander Brasil asked about the drivers of the corporate portfolio's growth, given headwinds from the IOF tax and currency appreciation, and questioned if it stemmed from more aggressive policies.

    Answer

    President & CEO Milton Maluhy Filho clarified that the growth was diversified across segments like agribusiness and middle-market companies, and was achieved without changing the bank's risk appetite. He stressed that the bank maintains strong price discipline and would rather lose market share than profitability, attributing the performance to a consistent, long-term portfolio management strategy.

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    Enrique Navarro's questions to BANK BRADESCO (BBD) leadership

    Enrique Navarro's questions to BANK BRADESCO (BBD) leadership • Q2 2025

    Question

    Enrique Navarro from Santander asked about the potential for ROE expansion in 2026, questioning if it could return to 2017-2018 levels given improving market conditions and the bank's transformation.

    Answer

    CEO Marcelo Morojin declined to provide a specific ROE target, reiterating the bank's 'step-by-step' approach focused on consistent improvement in profitability, revenue, and portfolio quality. He noted that the operating result is the best snapshot of progress. Management added that the short-term goal is to reach the cost of capital, while long-term competitiveness requires continued investment in the bank's transformation.

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    Enrique Navarro's questions to BANK BRADESCO (BBD) leadership • Q2 2025

    Question

    Inquired about the potential for ROE expansion in 2026, considering improved market conditions and the bank's transformation, and whether a return to historical levels of 2017-2018 is feasible.

    Answer

    The bank declined to provide a specific ROE target, reiterating its commitment to a 'step-by-step' improvement in profitability each quarter. The short-term goal is to reach the cost of capital, while the long-term strategy involves continued investment to ensure competitiveness. They expressed high confidence in their execution plan.

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