BB Seguridade Participações (BBSE3) investor relations material

Executive summary

• Achieved record recurring managerial net income of BRL 9.1 billion in 2025, up 11.4% year-over-year, with a 96% payout ratio and BRL 8.7 billion in dividends distributed.

• Operating result reached BRL 7.0 billion, up 2.1%, with the loss ratio at a historical low.

• Customer experience improved, with NPS up 3.6–4 points, complaints down 20%, and churn down 5%.

• Significant portfolio improvements and new product launches, including credit life insurance for micro and small businesses and private payroll loans.

• Extraordinary events included a BRL 216.7 million supplementary coverage provision at Brasilprev and a BRL 129.0 million reversal of judicial claims provision at Brasilseg.

Financial highlights

• Recurring managerial net income rose 11% to BRL 9,145 million in 2025 compared to 2024.

• Net investment income increased 61% to BRL 2.1 billion in 2025, with Q4 up 80% year-over-year.

• Dividend payout reached BRL 8.7 billion, a 5.4% increase, equating to approximately BRL 4.5 per share.

• General and administrative expenses for 2025 increased 25.3% year-over-year to BRL 28.7 million.

• Operational profit growth driven by retained earned premium, especially credit life, and improved loss ratio.

Outlook and guidance

• 2026 guidance: Pension plan reserves expected to grow 8–11%, premiums written to vary from -3% to +2%, and non-interest operating result projected to decrease by 7% to 3%.

• 2025 performance: Pension reserves grew 9.3%, above target; premiums written fell 8.8%, below guidance.

• Conservative approach to guidance due to uncertainties in interest rates, credit origination, and climate impacts.

• Sensitivity: 1 percentage point change in Selic impacts net income by BRL 100 million; IGP-M and IPCA changes also quantified.

• Forward-looking statements subject to risks from market, macroeconomic, regulatory, and international factors.