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    Gustavo Schroeder

    Director and Equity Research Analyst at Citigroup

    Gustavo Schroeder is a Director and Equity Research Analyst at Citigroup, specializing in Latin American industrials and infrastructure, with primary coverage on major companies including Embraer, Gol Linhas Aéreas, Azul, Rumo, and CCR. Schroeder's research has consistently positioned him in the top tier among his peers, with strong performance metrics recognized by the Institutional Investor survey and high ratings on research platforms, reflecting a track record of insightful recommendations and market returns. He joined Citi in 2014 after previous research roles at firms such as Banco Santander, where he gained experience covering a range of industrial and transportation companies. Schroeder holds key FINRA registrations and securities analyst credentials vital for his role and is recognized for his expertise in Latin American market dynamics.

    Gustavo Schroeder's questions to BANK BRADESCO (BBD) leadership

    Gustavo Schroeder's questions to BANK BRADESCO (BBD) leadership • Q2 2025

    Question

    Gustavo Schroeder of Citigroup questioned the timeline for efficiency improvements to be reflected in the bank's financial results and asked if the market NII could surpass the BRL 1 billion mark for the year.

    Answer

    Executive Cassiano stated that while the efficiency ratio has already improved, more significant gains are expected from 2026 onwards as the transformation plan matures. For market NII, he confirmed the soft guidance is now between BRL 700 million and BRL 1 billion, acknowledging the next two quarters will be challenging but supported by a good strategy. CEO Marcelo Morojin added that competitiveness is the priority, even if it requires more expense in the short term.

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    Gustavo Schroeder's questions to BANK BRADESCO (BBD) leadership • Q2 22025

    Question

    Asked about the timeline for seeing efficiency improvements in the financial results and whether the market NII could exceed the top end of its guidance for the year.

    Answer

    The soft guidance for market NII is now between BRL 700 million and BRL 1 billion. Significant efficiency improvements are expected to materialize more in 2026 and 2027, as per the long-term plan. The current expense levels reflect heavy but necessary investments in transformation to ensure long-term competitiveness, and the efficiency ratio is not seen as a rigid paradigm.

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    Gustavo Schroeder's questions to Banco Santander (Brasil) (BSBR) leadership

    Gustavo Schroeder's questions to Banco Santander (Brasil) (BSBR) leadership • Q2 2025

    Question

    Gustavo Schroeder from Citigroup questioned the drivers behind the increase in Stage 2 and 3 loan exposures. He also asked for clarification on the bank's write-off policy, which appears more aggressive than peers.

    Answer

    VP & IR Gustavo Alejo Viviani explained that the increase in Stage 3 provisions was mainly due to court reorganizations in the large corporate and agribusiness portfolios. CEO Mario Roberto Opice Leão added that the bank's write-off policy is intentionally proactive, accelerated by a requirement for a cash component in all renegotiations, which helps clean the portfolio of low-recovery assets more quickly.

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