Earnings QualityEarnings quality was below expectations, with an 8% EBT miss to our numbers and weak retail net inflow of R$16bn.
Retail Net InflowsRetail net new money fell to its lowest level since 1Q24 and was below management’s soft guidance.
Revenue GrowthGross revenues growth decelerated, running well below guidance, negatively impacted by the decline of issuer revenues on tough comps.