Good evening, everyone. I'm Andre Parize, Investor Relations Officer at XP, Inc. Welcome and thank you for joining us for our second quarter 26 earnings call. Today's presentation will be delivered by our CEO Thiago Maffra and our CFO Gustavo Alejo. Right after the presentation, they will be both available for the Q&A session. To ask a question during Q&A, Your questions in the order they are received. Live translation in Portuguese is available. You can enable it by clicking the button below. Before we begin, please take a moment to reveal the legal disclaimer on page 2 of today's presentation, which addresses forward-looking statements. The full presentation is available for download on our Investor Relations website, and you will find additional materials in the SEC filings Now, I hand it over to Thiago Maffra. Good evening, Maffra.

Thank you, Andre. Good evening, everyone, and thank you for joining our second quarter 2026 earnings call. I would like to begin by welcoming Gustavo Alejo, our new CFO. He joins us At an exciting time, just after the biggest export in our history, an event that showed how far we have come and how much further we aim to go. Now, let's dive into our second quarter 2026 numbers. Beginning with the key highlights of the quarter, client assets, combining AUM and AOA, reached 2.2 trillion, representing a 17% year-over-year growth. We ended the period with 18.4 thousand advisors, up 1% year-over-year, while our active client base totaled 4.8 million, a 1% increase year-over-year. Gross revenues amounted to $5.1 billion this quarter, up 8% from the same period last year. EBT advanced 15% to $1.6 billion, while net income came to $1.4 billion, rising 5% year over year. In terms of profitability, our ROE increased 80 bps sequentially to 22.5%. Our capital ratio stood at a comfortable 20.3%, reflecting our ability to grow while maintaining disciplined capital and risk management. Also, our EPS grew 9% year-over-year, stronger than our net income growth thanks to our capital management and payout strategy. The second quarter of 2026 was again marked by ongoing global geopolitical tensions and residual market volatility. While these headwinds materialized with less intensity than in the previous quarter, they still impacted our results, particularly through the widening of credit spreads and a reduction in primary GCM offerings. Without these effects, Thank you very much. We began to see signs of normalization across markets, along with a gradual recovery in the fixed income pipeline. We expect this pipeline to materialize into primary offerings over the coming quarters, depending on the market dynamics. That said, depending on how these dynamics evolve, we continue to target double-digit growth throughout 2026. This quarter, we continue to launch products for both individuals and businesses, and our ecosystem is becoming more complete every day. We have a clear ambition to be the investment leader in Brazil by 2033, but that leadership will come hand in hand with increasing completeness in everything we offer to our clients. This next growth phase is built on personalized service with a focus on financial, tax and succession planning. Our goal is simple, to be our client's CFO, covering their full spectrum of financial service needs. Moving on to the next slide, let's take a look at client assets. During the second quarter of 2026, our total client assets, combined with assets under management from our asset management business and AOA from our fund administration business, total approximately 2.2 trillion, representing 17% growth year over year. On the right side of the slide, you can see how Net New Money has evolved. In the second quarter of 2026, We again met our soft target of 20 billion in retail net new money, while corporate and institutional inflows came in at 8 billion. Altogether, net new money amounted to 28 billion for the period. While we posted positive results and met our soft guidance, we continued to navigate a challenging environment in 2026. We are constantly improving our investment platform and, as we have mentioned, enhancing the client experience through numerous initiatives. This combination reinforced our confidence in achieving our ambition of roughly 20 billion in retail net new money per quarter on average. Related to that, it's worth mentioning that our NPS ended the second quarter at 66 points. As mentioned in your previous earnings call, we are on a consistent recovery path from the one-off events that impact us in former quarters. This demonstrates the strength of our brand and the trust clients place in our platform, and it gives us an indication that we will return to historical levels over the next quarters. With that, let's now take a deeper dive into the strategic drivers that are shaping our next growth phase. Our comprehensive financial ecosystem is built around long-term relationships. We provide service and personalized advice with excellence across every aspect of our clients' financial lives, from investments to banking solutions. Many of our clients have needs well beyond investments, and our mission is to provide them with complete solutions. Under this model, the focus shifts from product distribution to building a personalized financial strategy for each investor. Looking ahead, we see the role of the investment advisor at XP undergoing a profound transformation. The professional is no longer just an intermediary of financial products, but is taking on a role closer to that of a wealth consultant Broadly accompanying clients throughout their financial journey. Given this context, it's crucial to understand personal and family goals, such as retirement and long-term wealth building. The same client-centricity logic that guides us on offerings from individuals also extends to our corporate clients. We have recently launched new initiatives targeting the business segment, Always focus on delivering financial management solutions. We already have a very robust corporate segment, and now we are expanding our offering, particularly for a small and medium-sized enterprise. As we have said over the past few quarters, XP is uniquely positioned for this new market environment. We have the largest and most qualified advisor network in Brazil, along with a trusted brand and an innovative DNA, a combination that enables our tech lead scaling and keeps us ahead of the market. On the next slide, we share further details on our strategy. Across every client segment we serve, our ambition is to deepen relationships, enhance the completeness of our product offering and fully meet all of our clients' financial needs. On the individual side, our focus remains on investments. We continue to deepen our segmentation, offering a specific value proposition for each client layer. We were the first to address a latent market demand and offer a truly model agnostic approach. Today, we have evolved this concept into a comprehensive wealth planning model, One that allow us to cover our clients across all their financial needs, from investment allocation to estate planning, succession, and beyond. Under this model, the charging structure naturally aligns as a fee-based, which continues to gain traction. We already have slightly more than 26% of our clients' assets under this framework. On top of that, we are expanding our offshore investment capabilities. and making continued progress on new product launch, including ETFs and managed portfolios, all fully aligned with our way of serving clients. At the same time, we are adding credit to a solutions shelf that has already expanded meaningfully over the past few years, during which we introduced numerous innovations in banking and insurance. I would like to emphasize that this expansion is the continuation of a well-planned strategy, one that has been consistently executed over the years with the addition of services and solutions. For businesses, the same logic holds true, and this is where we see the greatest opportunity, since these companies and their founders have long been underserved by traditional players. We plan to change that by delivering a complete, modern and scalable offering. Just as we transformed the investment landscape for individuals, we are now about to do the same for businesses. We will introduce a new standard of high-quality advice, supported by technology and a complete range of products and services. Thank you very much. and a credit card geared toward small and medium-sized enterprises. These are natural extensions of our franchise and a continuation of our strategy that has been underway since 2019, when we obtained our banking license. Finally, I want to emphasize that we execute this strategy with the utmost discipline. ensuring that every step we take remains firmly aligned with our capital ratios and conservative risk approach. With that, I will now hand the call over to Alejo to cover the financial section on the presentation.

Thank you, Maffra. It's a pleasure to be here with all of you today. I would like to begin by expressing my sincere appreciation for the warm welcome since joining XP. I'm thrilled to be part of this journey, and I'm looking forward to contributing to our next chapter of growth. Now, let me walk you through our financial performance for the quarter. Total gross revenue in the second quarter of 2026 reached 5.1 billion reais, up 8% year-over-year and 3% quarter-over-quarter. Retail growth In the quarter was driven by equities, funds platform, new verticals, and other retail, which expanded at a rapid pace year over year. The wholesale bank division also delivered consistent growth, led by solid performance of our corporate segments. Now, let's move on to retail revenue. Retail revenue totaled 3.9 billion reais in the quarter, representing An 8% growth year-over-year and a 3% growth quarter-on-quarter. Reflecting the impact of fixed income corporate credit in Brazil, already explained. Excluding this market-to-market effect, retail revenues would have grown 15% in the first half of 2026, when compared to the same period last year. showing a resilient underlying momentum. Even with the lower ADTV of equities and futures in the second quarter, equities revenue increased 11% when compared to the same period of last year, reaching almost 1.1 billion reais. Sequentially, Equities revenue dropped 2%, while ADTV fell approximately 8% in the same period. Funds Platform also posted a strong performance disorder, growing 23% year-over-year and 7% sequentially. Due to the booking of management and performance fees disorder. Also, retail annual performance benefited from stronger contributions from new verticals and different revenue lines included in other retail, like Float, International Platform, and FX. Now, let's move on to the next slide, where we'll cover how our wholesale bank is evolving. Our wholesale segment, including corporate, issuer services, and institutional revenues, grew 32% year-over-year and 3% sequentially. The market deterioration that began in March and prevailed through April, combined with the lower risk appetite for investors, led to a sharp decrease in the number of new fixed income offerings, particularly tax-exempt fixed income instruments. The reduction in fixed income offerings weighed directly on our issuer services segments, resulting in lower revenues versus both prior year and the previous quarter. Despite this reduced number of offerings, the corporate segment posted another strong result, with revenues growing 117% year-over-year and 22% Our ability to cross-sell and deliver a broader set of solutions to our corporate clients, such as derivatives, effects, and credits, continued to support our revenue growth. Finally, our institutional business grew year over year and was relatively flat sequentially. Like retail equities, the segment reflects lower trading volumes Now let's shift our focus to SG&A and efficiency ratios. Our SG&A totaled 1.6 billion reais in the second quarter, increasing 5% year-over-year and 2% quarter-over-quarter. On the right-hand side of the slide, our last 12 months efficiency ratio stood at 34.3%, an increase of Thank you very much. We continue to closely monitor the pace of our investments, and we still target to deliver a flat-ish efficiency ratio on a year-over-year basis for full year. Moving to earnings before taxes now, our adjusted earnings before taxes totaled R$1.6 billion in the second quarter of 2026, Up 15% year-over-year and 10% quarter-over-quarter. We delivered a 32% adjusted EBT margin, expanding on both a quarterly and a yearly basis. Lower market-to-market impacts, positive performance across several of our segments, and controlled expenses all contributed to operating leverage, which resulted in a higher EBT and On the next slide, we present our net income. Adjusted net income reached R$1.4 billion in the second quarter, representing a 5% increase compared with both the prior year and the prior quarter periods. Net margin was 28.3% in the second quarter of 2026, up around 50 basis points sequentially and down around 100 basis points year-over-year. And our tax rate for the quarter was sequentially higher due to the mix of results. Stronger performance results from the corporate line and less negative mark-to-market impacts from the warehousing book. Now, let's move on to the next slide to talk about our earnings per shares and returns. Our adjusted diluted earnings per shares increased by approximately 9% year-over-year at a faster pace than our net income growth, reflecting the execution of our share-by-back program. On the right-hand side of the slide, you can see our adjusted annualized return on tangible equity and return on equity. Given our lower bezel ratio sequentially, Both metrics are higher this quarter when compared to the previous one. With that, I move on to the next slide to talk about our capital management strategy. During the second quarter, we continued executing our share buyback program. As of the end of June, we have executed R$1 billion and closed the previous buyback program. We still have another open program of R$1 billion, which we continue to execute strategically. Combining the two buyback programs and approximately R$500 million in dividends distributed in June, we reached nearly R$2.5 billion in capital distribution already announced in 2026. Additionally, I would also like to announce that we will be canceling approximately 11.8 million treasury shares. We present roughly 2.3% of our total outstanding shares, further reinforcing our commitment to discipline, capital location, and returning value to our shareholders. Now, let's move on to the second part of our capital management strategy on the next slide. I'd like to turn to our capital ratio and risk-weighted assets. We close the quarter with a Basel ratio of 20.3% and a CT1 ratio of 17.1%. As mentioned in our previous earnings calls throughout 2026, we will operate the business with a high Basel ratio. However, We are comfortable bringing it down to our target range of 16% to 19% while still maintaining comfortable capital birth. On the right-hand side of the slide, we show our RWA. The main growth driver was credit RWA, mostly associated with our corporate business. It's worth noting that while total RWAs grew around 26% year over year, Our corporate revenues expanded 117% over the same period. This shows that we will continue to evaluate and seize growth opportunities as they arise, while maintaining our focus on risk return criteria. And with that, we can move on to the Q&A section. Thank you.

Daniel, please go on.

Hi, guys. Good night. And Maffra, Alejo and Parize, thank you for taking my question. Alejo, welcome aboard. I hope you're the most successful in XP. I'd like to hear a little bit more about volatility. and I guess we're heading into an election period and I'll be curious to hear what your expectations for the volatility and your revenues mostly if you could break down into the retail revenues and also for the corporate because corporate we are seeing a very strong first half you delivered close to 1.1 billion so trying to understand whether that's a level on the corporate side that could even go higher compared to the first half of the year as you have More opportunities for maybe self-hedging derivatives effects and also protection for rates ahead of the October and November election period. And also, so breaking down in retails and corporates would be very good to hear about that. Thank you.

Thank you for your question, Vaz. This is Thiago. Yes, about volatility, it's important to mention that usually when we have A high volatility, it's positive in terms of volumes and revenues for some businesses, especially when we look at the institutional desks or retail trading clients. If volumes pick up, as we have for most of the markets, between 30% and 50% market share, if volumes pick up, we make more money. So yes, When you look, especially just two business lines, institutional and retail traders, we expect higher revenues on the second semester. About corporate revenues, I believe we have been investing on this business since 2021. So the business has been growing year over year on a very conservative way. So, for example, we had this year a lot of credit events. We didn't have any exposure for these names. So, we have a very high-quality credit portfolio. The derivative business is growing. Energy among FX and a lot of other business, they are growing. So, we believe this level of corporate business, it's a normal level for the future, okay? I know it was very strong, but we expect the Q3 also strong for corporate, so it's part of the business that's growing, okay? So it's a normal level looking forward.

All right, thank you. All right, thank you.

Okay, next question is from Eduardo Rosman from BTG. Rosman, you can go on.

Hi, hi everyone. I have a couple of questions here about the wholesale banking business. If you can share with us, you know, your expectations on how relevant this business could become within XP as a whole over the next few years. If you think you already have the right teams and all the alignment in place, you know, to expand the lending business, you know, if not, you know, what's still needed, you know, to get there. And finally, if you could share your view about, you know, Thank you for the question, Rosman. Taking the first question about the wholesale,

We don't have any change in strategy, the strategy that we started four years, five years ago. So we will continue to grow step by step on the business. So we received a lot of questions. If Gustavo Alejo was coming here, like to do a, because we are planning a shift on credit business, but that's not the case. Of course, he has great background on different areas of banking, including the wholesale, but also retail. As you can see, all the, I would say, banking business for both individuals and companies, they're growing in the past years, insurance as well. So, the strategy is to complete the ecosystem and to serve our clients as a whole, and we'll continue to do that. So, you guys probably saw that we announced that we are launching a platform for SMEs. It's going live on September 1st, with cards, acquiring, credit with collateral, and so on, a lot of different products. So it's part of the evolution of the business. So there's no big shift in strategy. There's no big shift on credit. We are not going to start to grow the credit portfolio in a very different pace. So it's, I would say, more of the same. Of course, when we compare ourselves with the other banks, we still have a lot of room to build new business lines, to grow, but it's going to be step by step. Always being cautious on credit, always being cautious on risk. And about people, I would say that we have most of the people that we need, most of the capabilities. Of course, as you know very well the company, we were born as a broker-dealer, focused on individuals, focused on investments. So it took us, I would say, four or five years to get to this point. Thank you very much. Yes, I believe we are ready to grow and to execute the strategy that we have been executing in the past years. I'm not sure if you want to share something, Alejo. I'm saying that today he's here listening, but next time he will be up to speed. And it has been two weeks with us, and it has been great. A lot of good discussions already, so I'm happy to have you here.

Hi, I hope you are doing well. It's a real pleasure to reconnect with you. Well, I'm entering my third week, so it is a great company. So I'm energized and genuinely pleased to be part of such a remarkable Wolf story. So the strategy is written. We are not changing the strategy. I'm just... will be part of this growth story, so part of the team. I saw a very strong team, focused team, and very strong metrics in terms of credit. So we have all set to keep growing at a good pace and with good profitability. Very good to talk to you again.

And take your second question about payout. As we mentioned, we have a guidance to get our BIS ratio between 16 and 19. Today we are above 20, meaning that we will have like to distribute more capital throughout the year. We already executed a billion buyback. We have another billion open that we are executing at these levels. We already execute 500 million in dividends, so totaling and assuming that we execute the billion that's open, 2.5, I believe this year we are going to be higher than 50% for sure, otherwise we don't get below 19, so you can expect more buybacks or more dividends throughout the year. Depending on the price that we have during the year. At this price, of course, we lean towards buybacks more than dividends, so that's the idea today. Thank you. Thank you both. Thanks a lot.

Okay, next question is from Mario Pierre from Bank of America. Mario, you may proceed.

Hey, guys. Good evening. Thanks for taking my question. Alejo, welcome. Good luck to you. It's nice to be talking to you again. Let me ask you a question on what you talked about. The retail revenues would have increased 15%, excluding the impact of the mark-to-market. So we are estimating that's about Thiago Maffra, Guilherme Dias Fernandes Benchimol, Thiago Maffra,

Yes, your math is right. It was around 420 million reais. I would say it was below 300 million on the first quarter and the other part on the second. So, I would say 100, 150, 160 on the second quarter. Okay. So, those are the numbers.

Thanks. That's clear. So, Maffra, then, when we look, I would imagine, right, this was an impact on your fixed income revenues. So, when I look at your fixed income fees, I get an average of about 89 basis points, first half of 26, down from 99 basis points, first half of last year. So, this drop is primarily because of changing it.

There are two effects there, okay? The first one is what you mentioned, mix. We have never seen a mix so much concentrated on SELIC post-fixed instruments and with very short term duration, mostly on daily liquid products, so that's one of the biggest problems with fixed income revenues today but there's also when we say that we lost more than 400 million on mark to market it's mainly on the the book from our investment banking okay and if you take into consideration that there was almost no market for GCM for that capital markets on second quarter. There was also a huge impact on the primary market fees. So the impact on the second quarter was almost the same of the same quarter if you consider the revenue we lost on primary market and the market on the secondary market. It was a very low volume. We have done less in a quarter than we do in a month when you compare Q2 with Q1. So it was a huge drop on primary market. We are seeing that stabilizing again on Q3 on a lower level than in the past, but better than Q2. So, those are the impacts when you look, because remember there is revenue split between primary market on retail and investment banking, and that's why the market is there. So, there are two impacts here.

Okay, and just a clarification on the daily liquidity products, what percentage does it represent? of your assets today, your fixed income assets, roughly.

Yeah, we don't open the mix by type of product, but today, out of everything that we sell on the fixed income platform, I would say that almost 70% is on daily liquidity products, 70%, okay, 70%. So that number was 30, I would say, three quarters ago, four quarters ago, okay? So that's the, it's a huge change on mix. And remember that when we sell a daily liquid CG or this kind of product, we get a daily accrual on a very low take rate. So you have two effects here. When you sell corporate bond, You make a duration times spread upfront. When you sell daily liquid product, you get a daily accrual on a lower level. So it's a double impact here.

Okay. You're not seeing any changes in the mix in the short term?

Not yet. If you look at the fund platform, we start to see... Thank you very much.

Okay, next question is from Tito Labarda from Goldman Sachs. Tito, you may proceed.

Okay, thanks, Parice. Good evening. Maffra, Alejo, also welcome. Good to see you here. A couple questions also. I guess following up on Mario's question on the mark-to-market, right? Do you expect any more impact going forward? Do you think we're at a point that we can see retail revenues growing around that 15% level going forward? Or could there still be more impact? Just to understand what is the real underlying growth of the retail revenues that we can kind of factor in going forward. And then the second question, there was a bit of a jump on the JV and Associates. It was like about $30 million in Thank you for your question, Chito.

About your first question, we have reduced a lot our books because, remember, it's mainly from the primary book from investment banking and also from what we call facilitation, the secondary books. We have a trading flow book for retail clients and institutional clients. So we have reduced a lot the book during the first half of the year, but it's part of the business. We still have a big book. Remember, we have 30 to 40% market share here on this kind of instrument. We always keep a book. If we see another spread widening the same size as happened in the past, we are going to lose less than we lost in the first half because the book is smaller today, but we are going to lose something. We are not seeing the spreads there. At the same level for, I would say, two months. It opens and closes 5 bps, 10 bps, so that's not much, okay? But you're seeing a stable level right now. Let's see if there's no big change, you should expect no mark-to-market provisions in the future. But again, the book's smaller, but it's part of the business, so I cannot guarantee that we are not going to lose or make money in the future, okay? Your second question was?

And the share of profit from JD and Associates had like a 32 million thread in the quarter before?

Yeah, remember that we have invested a lot of money on IFAs, on asset managers and some other businesses in the past. Most of these businesses, they are growing, so you should expect this line to grow year over year. And there is a seasonality, because remember, part of these business, they are asset managers. Usually you have performance fees at the end of the semesters. So that's what explain. Most of the increase there, but again, we put a lot of money on this business. They should grow over the years. Okay.

Great. Thank you, Maffra.

Okay, next question from Niha Argala from HSBC. Niha, you may proceed.

Hi. Thank you for taking my question. This quick classification on the cost side, you've shown very good control over costs, both in COGS and OPEX. Can we just dig a bit deeper to understand what are the key levers that you're using and what can we expect in 27? Where do you see additional room for optimization? If any, I'd be more revenue play in 27. Thank you.

Thank you for your question, Neha. When we think about our SG&A for the future, remember that at the beginning of the year we said that you should expect a flat-ish efficiency ratios, compensation ratios for the year. That's the case so far. Remember that there is a seasonality historically on our revenues. The second half of the year is usually stronger than the first half, meaning that if we keep the same efficiency ratios, you should expect SG&A to grow in nominal terms on the second half of the year. So, on top of that, on Q3, we have EXPR, so it's a big cost for us. So you should expect costs to pick up a little bit on second half, but again, you can expect flat-ish efficiency ratios and compensation ratios.

And how should we think about 27 in terms of further room for cost optimization? Should cost efficiency continue to remain flat-ish going into 27, or do you see room for it to come down?

I would say Fletch is a good assumption, but remember that we are building a lot of new business lines, new channels, growing, so it's not a commitment that we will gain efficiency or be Fletch, but I would say Fletch is a good assumption.

Super clear. Thank you so much.

Okay, next question is from Marcelo Mizai from Bradesco. Marcelo, please, you can make your question.

Hello, everyone. Congratulations for the results and thanks for the opportunity. So my question is regarding the margin, the gross margins. Also to understand, so the dynamic has been changing, so gaining margin on the fees, on the repays, which is a dynamic of the channels. But we are seeing the gross margins pretty stable, so this quarter was pretty strong. Can we expect going forward these gross margins going up in the next quarters with the dynamics of the mix that we, probably the company will have in the next quarters? Thank you.

Yeah, we have a lot of operational leverage when we think about the business and it's the same case when we think about the channels, okay, so When we look on the long run, you could expect gross margins to improve. But remember that the market-to-market also impacts this kind of ratios because when we have more than 400 million reais on our top line, that there is no correlation to our sales channels or to IFAs. It distorts a little bit the ratios, the commission ratios and so on. So that's the main explanation.

Okay, next question is from Pedro Leduc from Itaú. Leduc, you may proceed.

Thanks, everyone. Congrats on navigating this challenging quarter. I want to go back a little bit to the SG&A side. I know you've been very clear about the seasonality in the second half. We can clearly see you investing here more behind people. But then I go back to a conversation we had earlier in the year that you are looking to revamp Your tech-based client facing, especially for the massified or the base of the clients and where you were maybe losing a little bit of traction. And when I think about this flat efficiency and you're paying up for more people, but you also have to boost the tech slash AI investment deck. So question is, are you being able to accommodate both here in these figures that you're talking about? And where are you in this upgrade that you meant to do in the base, you know, channel, service-facing technology? Thank you.

Yeah, great question. When you look, especially when you look the first half of the semester, you see known people, SG&A, growing a little bit more. and it's mainly technology okay uh so technology is growing uh a lot and it's mainly concentrated on on ai on servers cloud and so on so we have been able to manage uh investing on this new technology while maintaining the efficiency ratios and about the the segment that you mentioned we always talk about or when we simplify in three segments the digital retail segment the affluent clients and the private bank clients and you are right we have been creating a value proposition for this retail digital clients in the past I would say more than a year we are about to launch an AI I would say this month or beginning of next month because today as we have a more complete shelf of products including banking and insurance and so on we are able to provide a good service and have a good unit economics which is smaller ticket size clients So you can expect, especially in 2027, the number of clients coming from this segment to accelerate. So I would say 2027, it's a good year to take a look on this segment.

Amazing. Thank you for the update and talk soon.

Okay, next question is from Arnaud Shirazi from Citi. Arnaud, you may proceed. Hi, all. Good evening. My question is true on expenses. When analyzing people's expenses, I can see that salary has been increasing 23% year over year, while they had count 13%. There's any change in compensation recently? Also, we see a lower magnitude of share-based compensation. Just trying to see the moving pieces here. Thank you.

It's hard to segregate salaries from the bonds and total compensation and so on. So I would say the best way of looking is the composition ratio because the mix of people is very different that we are hiring and so on. So look at the total composition. I would say that's the best way of analyzing people costs, including also the RSUs and so on.

Okay, got it. Thanks. Okay, next question is from Guilherme Grispan from JP Morgan. Grispan, you can go on.

Thank you, Parize. Good evening, Maffra, Gustavo. Thank you for the presentation. Two quick follow-ups on our side, Maffra. First, just confirming issuer services. I think you mentioned that primary market has rebounded a little bit versus the second quarter, but still it's very stable. Thank you very much. The working capital, it's going to be with collateral or not? Do you plan to do government-related programs? Just want to understand the mindset for lending specifically. Thank you.

Thank you for the question. About the first question, yes, you're right. Q3, when we think about, again, we are talking about debt capital markets, GCM, okay? If you look, funds and other products, they are performing well. well okay so but when we look GCM that's a big chunk of our issuer service it's better than Q2 but softer than the recent past okay or especially when we compare to 2025 that the volumes were all time high so it's recovering but at a softer level okay the second part Yes, the strategy when we go to credit here remember that we are not aggressive even on corporate clients so as we are going down it's we are going to be even more conservative okay so it's always with collateral yes we are joining some government programs Other credits with collateral, from cards, from other receivables. So, it's always going to have some collateral, okay? Of course, we can have very small revolving lines, but the main part here is with collateral and very low risk. So, that's the strategy when we think about credit for these segments here. So, not big risks, not clean. So, we are going to go step by step here. That's clear. Thank you.

Okay. Thank you, everyone. So here is the time that we're going to finish the call. Thank you for joining us today. We're going to keep in touch. Any further questions, the IR team is more than happy to address. And see you next quarter. Thank you.