Shares declined 0.7% after the quarter, reflecting investor caution despite stable growth, driven by modest volatility pressures and a cautious outlook on near-term market conditions.

• Client assets reached BRL 2.1 trillion, up 21% year-over-year, supported by a 2% increase in active clients to 4.8 million.
• Gross revenues and EBT both grew 8% year-over-year, with net income rising 7%.
• Diluted EPS grew 9%, slightly outpacing net income growth.
• Market volatility, particularly widening spreads in March and April, created a temporary slowdown in growth momentum, despite management’s view that the impact was external and should diminish.
• Retail net new money remained robust at BRL 19 billion, offset by a BRL 4 billion outflow in corporate and institutional segments, totaling BRL 14 billion.