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BB Seguridade Participações S.A. | Análise do Desempenho 1T21

1

• P R E S E N T A T I O N

  The Management Discussion and Analysis - MD&A presents the economic and financial status of BB Seguridade Participações S.A. (BB Seguridade). Directed to financial analysts, shareholders and investors, this quarterly report provides an analysis of economic and financial indicators of BB Seguridade, stocks' performance and other aspects considered relevant for the assessment of the company's achievements.

  The consolidated financial statements were prepared in compliance with the International Financial Reporting Standards - IFRS.

  On the other hand, the analysis provided on this report are based on the accounting standards adopted by insurance regulators in Brazil -

  Susep and ANS -, except when otherwise mentioned.

• ON - L I N E A C C E S S

This MD&A is available at BB Seguridade's IR website, where additional information about the Company is also available such as: corporate structure, corporate governance, historical data, among other important information for shareholders and investors. The company's website can be accessed through https://www.bbseguridaderi.com.br/en.

This report makes references and statements about expectations, expected synergies, growth estimates, earnings forecasts and future strategies regarding BB Seguridade. Such statements are based on current expectations, estimates and projections of the Management about future events and financial trends that may affect the businesses that the company is involved in.

These forward looking statements are not guarantee of future performance and involve risks and uncertainties that could overextend the control of the management, and thus can result in balances and values different from those anticipated and discussed in this report. The expectations and projections depend on market conditions (technological changes, competitive constraints on products, prices, etc.), on the country's macroeconomic performance (interest and exchange rates, political and economic changes, inflation, changes in tax rules, etc.) and on international markets.

Future expectations based on this report should consider the risks and uncertainties that involve BB Seguridade's businesses. BB Seguridade has no responsibility to update any estimate contained either in this report or in previously published reports.

Tables and charts in this report show, in addition to the accounting balances, financial and managerial figures. The relative variation rates are calculated before the rounding procedure in R$ million. The rounding method used follows the rules established by Resolution 886/66 of IBGE's Foundation: if the decimal number is equal or greater than 0.5, it increases by one unit, if the decimal number is less than 0.5, there is no increase.

The Brazilian Securities and Exchange Commission - CVM Rule No. 42/2021 made it mandatory for Brazilian Public-held companies the adoption of the principles of IFRS 17 standards for the recognition, measurement, presentation, and disclosure of insurance contracts as of January 1, 2023. Thus, since the 1Q23, the audited financial statements of BB Seguridade follows the new accounting standards of IFRS 17, particularly regarding the recognition of the equity investment balance and results arising from Brasilseg, Brasilprev and Brasildental that operate insurance contracts within the new accounting standards.

On the other hand, the Brazilian insurance regulators, namely Superintendência de Seguros Privados - Susep and National Supplementary Health Insurance Agency - ANS, have not adopted the IFRS 17 for their sectors and, therefore, the insurance and health insurance companies shall comply with the former standard (IFRS 4), both for recognition, measurement, presentation, and disclosure of financial information, as well as for provisions, liquidity and capital management, including the regulatory capital, that weigh the shareholders' remuneration policies.

For the reason set forth herein, except when otherwise mentioned, the analysis on this report are based on managerial information prepared according to IFRS 4, which are not audited at the holding level. For information purposes, Chapter 3 of this document presents the audited financial statements in accordance with IFRS 17 of the holding co., Brasilseg and Brasilprev so that the stakeholders can get used to the new reporting models. This information does not rule out the need of reading the explanatory notes to the audited financial statements to understand the accounting practices and impacts on the transition and on the recognition of insurance contracts' income.

Finally, it should be noted that, due to operational issues, as of January 2023, the accounting recognition of the investment in Brasildental will be carried out with a delay of one month. Thus, the 1Q25 and 1Q26 equity income contains information related to December, January and February.

BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 2

Virtual meeting for earnings presentation May 5th, 2026

Portuguese with simultaneous translation into English

Time: 11:00 AM (Brasilia time) 10:00 AM (EST)

To register for the event and receive the connection information click here or access the investor relations website https://www.bbseguridaderi.com.br/en

Contacts

Investor Relations

+55 (11) 4297-0730

ri@bbseg.com.br

IR Website: https://www.bbseguridaderi.com.br/en

Rua Alexandre Dumas, 1671 - Térreo - Ala B Chácara Santo Antônio - São Paulo - SP CEP: 04717-903

Index

1. Summary 4

2. Investees Performance 9

   Brasilseg 9

   Brasilprev 25

   Brasilcap 37

   Brasildental 48

   BB Corretora 50

3. Information in IFRS 17 56

4. Business Overview 62

5. Definitions 66

BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 3

1. ‌S U M M A R Y

   • M A N A G E R I A L N E T I N C O M E A N A L Y S I S

     Table 1 - Holding's managerial income statement

     Quarterly Flow Chg. %

     R$ thousand	1Q25	4Q25	1Q26	On 1Q25 On 4Q25
     Equity income	1,998,877	2,253,652	2,209,946	10.6 (1.9)
     Underwritting and accumulation businesses	1,133,787	1,412,743	1,307,177	15.3 (7.5)
     Brasilseg	824,549	959,708	829,479	0.6 (13.6)
     Brasilprev	267,464	383,040	403,929	51.0 5.5
     Brasilcap	36,059	66,145	69,858	93.7 5.6
     Brasildental	5,715	3,850	3,910	(31.6) 1.6
     Distribution businesses	849,248	859,075	875,626	3.1 1.9
     Other	15,841	(18,166)	27,143	71.3 -
     G&A expenses	(10,087)	(6,999)	(11,849)	17.5 69.3
     Net investment income	7,035	58,405	25,313	259.8 (56.7)
     Earnings before taxes and profit sharing	1,995,824	2,305,058	2,223,410	11.4 (3.5)
     Taxes	163	(19,255)	(3,497)	- (81.8)
     Managerial net income	1,995,987	2,285,803	2,219,913	11.2 (2.9)

     In 1Q26, BB Seguridade's managerial net income reached R$2.2 billion, an increase of R$223.9 million compared to the same period

     Figure 1 -Quarterly net income breakdown

     24 5

     2,220

     of 2025 (+11.2%). The main factors that contributed to this growth

     were:

   • Brasilprev (+R$136.5 million): supported by stronger net investment income, reflecting lower liability costs, alongside improved operational efficiency;

   • Brasilcap (+R$33.8 million) and holdings (+R$11.3 million): both underpinned by higher net investment income;

   • BB Corretora (+R$26.4 million): driven by the expansion of net investment income and growth in brokerage revenue; and

   • Brasilseg (+R$4.9 million): reflecting stable retained premiums

     1,996

     26

     34

     136

     
     
     

     (2)

     and an improvement in the loss ratio.

     1Q25

     Net income

     Brasilprev Brasilcap BB Corretora Holdings¹ Brasilseg Brasildental 1Q26

     Net income

     1. Individuals revenues and expenses from BB Seguridade and BB Seguros.

     Figure 2 - Normalized net income (R$ million) Figure 3 -Earnings breakdown¹ (%)

     39.4

     2,562

     1,996

(78)

2,074

2,320

2,436

2,315 2,220

2,190

BB Corretora

Brasilseg Brasilprev Brasilcap Other

13.4

3.1

1.8

1.7

0.6

0.2

18.2

37.4

42.5

41.3

1Q25 2Q25 3Q25 4Q25 1Q26

Net income IGP-M lag Normalized net income¹

Brasildental

0.3

1Q26 1Q25

1. Net income excluding the impacts of the one-month lag in the IGP-M accrual on liabilities.

   1. Does not consider the individual results from BB Seguridade, BB Seguros and the investees when negative.

   • C O M B I N E D N E T I N V E S T M E N T I N C O M E

     Figure 4 - Combined net investment income In 1Q26, the combined net investment income of BB Seguridade

     and its investees reached R$507.1 million, net of taxes, growing

     16.0

     20.7

     714

     
     
     

     27.9 25.3 22.8

     577

     58.5% YoY. This performance was mainly driven by the increase in the average Selic rate and the reduction in Brasilprev's liability cost, the latter benefiting from the one month lagged IGP-M deflation (1Q26: -0.3% | 1Q25: +2.3%).

     464

     507

     320

     1Q25 2Q25 3Q25 4Q25 1Q26

     Net investment income (R$ million)

     % Net income
     
     

     Figure 5 - Inflation rate (%) Figure 6 - Average Selic rate (%) Figure 7 - Forward yield curve (%)

     2.3

     1.9

     12.95

     14.48 14.90 14.90 14.86

     15.89 15.85 15.71

     14.93

     15.58 15.42

     dec/24

     2.0

     14.11

     14.73 14.72 14.81 14.86 mar/25

     13.77 13.73 13.78 13.83

     0.9

     0.6

     0.6

     0.2

     1.0

     -0.6

     0.3

     0.01

     -0.1

     -0.3

     -1.9

     -2.1

     13.80

     13.17 13.18 13.33 13.45

     mar/26

     dec/25

     1Q25 2Q25 3Q25 4Q25 1Q26

     IPCA IGP-M IGP-M (lagged)¹
     
     

     1. IGP-M with a lag of one month.

     1Q25 2Q25 3Q25 4Q25 1Q26

     DI1F27 DI1F28 DI1F29 DI1F30 DI1F31

     Figure 8 - Financial investments (%) Figure 9 - Financial investments by

     index (%)

     Figure 10 - Trading portfolio by index (%)

     Mar/26

     Dec/25

     10.6

     50.5

     9.3

     38.5

     10.8

     38.7

     52.2

     Mar/26

     Dec/25

     0.1

     0.03

     13.0

     38.5

     0.1

     14.7

     39.5

     45.6

     48.4

     Mar/26

     Dec/25

     0.1

     1.0

     6.1
     
     

     0.2

     90.2

     0.2

     3.0

     6.6

     92.8

     Mar/25

     Held to maturity

     Available for sale
     
     Trading
     
     

     42.4

     47.0

     Mar/25

     15.5

     Other

     Pre-fixed
     
     Inflation
     
     Floating
     
     

     43.1

     41.3

     Mar/25

     3.4

     8.5

     Other

     Pre-fixed
     
     Inflation
     
     Floating
     
     

     87.8

   • H O L D I N G ' S G E N E R A L A N D A D M I N I S T R A T I V E E X P E N S E S

     Figure 11 - General and administrative expenses (R$ million)

     12

     10

     7 7

     6 5

     5 5

     2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

     Table 2 -General and administrative expenses

     Quarterly Flow Chg. %

     R$ thousand	1Q25	4Q25	1Q26	On 1Q25	On 4Q25
     Administrative expenses	(1,782)	(1,197)	(1,929)	8.2	61.2
     Specialized technical services	(69)	(102)	(68)	(1.6)	(33.9)
     Location and operation	(212)	(196)	(287)	35.5	46.4
     Communication	(13)	(11)	(21)	62.7	84.6
     Other administrative expenses	(1,489)	(887)	(1,554)	4.3	75.1
     Personnel expenses	(2,904)	(3,130)	(3,059)	5.3	(2.3)
     Compensation	(1,468)	(1,701)	(1,661)	13.2	(2.4)
     Welfare benefits	(953)	(893)	(863)	(9.4)	(3.3)
     Other compensation	(218)	(209)	(252)	15.9	20.7
     Benefits	(266)	(327)	(283)	6.3	(13.5)
     Tax expenses	(4,881)	(2,712)	(6,531)	33.8	140.8
     COFINS	(4,186)	(2,327)	(5,604)	33.9	140.8
     PIS/PASEP	(695)	(378)	(925)	33.1	145.0
     IOF	(0)	(5)	(0)	(20.9)	(98.9)
     Other	(0)	(3)	(2)	-	(15.5)
     Other operating income (expenses)	(520)	39	(330)	(36.5)	-
     G&A expenses	(10,087)	(6,999)	(11,849)	17.5	69.3

   • 20 2 6 G U I D A N C E

     In 1Q26, the premiums written of Brasilseg and PGBL and VGBL pension plans reserves of Brasilprev changed in line with the intervals of the 2026 Guidance projected for the year.

     As for the non-interest operating result (ex-holding), performance exceeded the estimated range due to a: i) better-than-expected loss ratio, especially in the crop insurance; ii) mix of premiums written more concentrated in short-term products with higher risk retention, contributing to above-projected retained earned premiums; and iii) higher-than-expected volume of pension contributions, leading to an outperformance of growth projections for brokerage revenues.

     Figure 12 - 2026 observed

     PGBL and VGBL pension plans reserves of Brasilprev

     Observed 2026

     10.9% 8% 11%

     Percentage variation of PGBL and VGBL pension plans reserves, adjusted by extraordinary events, as released by the company on its quarterly MD&A.

     -2.3%

     Premiums written of Brasilseg

     -3% 2%

     Observed 2026

     Percentage variation of the premiums written reported by Brasilseg, adjusted by extraordinary events, as released by the company on its quarterly MD&A

     1.3%

     Non-interest operating result (ex-holding)

     -7% -3%

     Observed 2026

     Percentage variation of the combined recurring non-interest operating results of Brasilseg, Brasilprev, Brasilcap, Brasildental and BB Corretora, according to accounting standards adopted by Susep and ANS, weighted by the equity stake held in each company and adjusted by extraordinary events, as released by the company on its quarterly MD&A.

     Table 3 - Breakdown of the non-interest operating result by company

     Quarterly Flow Chg. %

     R$ thousand	1Q25	4Q25	1Q26	On 1Q25	On 4Q25
     Non-interest operating result	2,477,105	2,467,862	2,509,386	1.3	1.7
     Brasilseg	883,582	977,599	884,371	0.1	(9.5)
     Brasilprev	420,539	443,052	449,722	6.9	1.5
     Brasilcap	9,353	(15,131)	(1,353)	-	(91.1)
     Brasildental	5,115	5,394	3,637	(28.9)	(32.6)
     BB Corretora	1,158,516	1,056,948	1,173,009	1.3	11.0

   • H O L D I N G 'S B A L A N C E S H E E T

     Table 4 - Balance sheet

     Balance Chg. %

     R$ thousand	Mar/25	Dec/25	Mar/26	On Mar/25 On Dec/25
     Assets	10,630,428	14,087,404	11,261,825	5.9 (20.1)
     Cash and cash equivalents	43,546	1,595,350	572,331	- (64.1)
     Financial assets marked to market	28,148	28,738	28,139	(0.0) (2.1)
     Investments	10,392,592	8,366,710	10,484,502	0.9 25.3
     Current tax assets	24,274	2,828	37,651	55.1 -
     Deferred tax assets	122,718	125,826	124,110	1.1 (1.4)
     Dividends receivable	-	3,952,102	-	- -
     Other assets	16,578	13,942	13,400	(19.2) (3.9)
     Intangible	2,572	1,908	1,692	(34.2) (11.3)
     Liabilities	17,965	4,971,798	17,265	(3.9) (99.7)
     Provision for fiscal, civil and tax contingencies	2,321	2,704	2,990	28.8 10.6
     Statutory obligation	384	4,950,458	485	26.3 (100.0)
     Current tax liabilities	257	2,037	1,466	470.4 (28.0)
     Other liabilities	15,003	16,599	12,324	(17.9) (25.8)
     Shareholders' equity	10,612,463	9,115,606	11,244,560	6.0 23.4
     Capital	6,269,692	6,269,692	6,269,692	- -
     Reserves	4,219,152	4,643,858	2,782,228	(34.1) (40.1)
     Treasury shares	(1,868,914)	(1,868,914)	(4,815)	(99.7) (99.7)
     Other accumulated comprehensive income	(2,796)	70,970	(21,184)	- -
     Retained earnings	1,995,329	-	2,218,638	11.2 -

   • S H A R E H O L D E R ' S B A S E

1. ‌I N V E S T E E S P E R F O R M A N C E

   
   
   

   ‌B R A S I L S E G

   The table below presents a managerial income statement considering the reallocation of the reinsurance result to the other lines that comprise the income statement. This reallocation enables the analysis of the performance indicators net of reinsurance coverage.

   Table 6 - Brasilseg | Managerial income statement

   Quarterly Flow Chg. %

   R$ thousand	1Q25	4Q25	1Q26	On 1Q25	On 4Q25
   Premiums written	4,036,481	3,822,017	3,942,936	(2.3)	3.2
   Premiums ceded to reinsurance	(420,459)	(194,141)	(330,659)	(21.4)	70.3
   Retained premiums	3,616,022	3,627,876	3,612,277	(0.1)	(0.4)
   Changes in technical reserves - premiums	(40,786)	108,186	(22,444)	(45.0)	-
   Retained earned premiums	3,575,236	3,736,062	3,589,833	0.4	(3.9)
   Retained claims	(934,002)	(771,012)	(859,707)	(8.0)	11.5
   Retained acquisition costs	(1,085,986)	(1,159,651)	(1,164,327)	7.2	0.4
   Underwriting result	1,555,248	1,805,400	1,565,799	0.7	(13.3)
   Administrative expenses	(195,647)	(277,827)	(207,728)	6.2	(25.2)
   Tax expenses	(139,795)	(150,594)	(136,966)	(2.0)	(9.0)
   Other operating income (expenses)	(37,550)	(30,307)	(39,938)	6.4	31.8
   Equity income	(4,112)	(2,046)	(1,750)	(57.4)	(14.5)
   Gains or losses on non-current assets	123	(40,986)	(99)	-	(99.8)
   Non-interest operating result	1,178,266	1,303,639	1,179,319	0.1	(9.5)
   Net investment income	282,518	339,083	285,358	1.0	(15.8)
   Financial income	326,913	388,781	382,611	17.0	(1.6)
   Financial expenses	(44,395)	(49,698)	(97,253)	119.1	95.7
   Earnings before taxes and profit sharing	1,460,784	1,642,722	1,464,676	0.3	(10.8)
   Taxes	(349,759)	(339,662)	(342,784)	(2.0)	0.9
   Profit sharing	(5,805)	(17,603)	(9,801)	68.8	(44.3)
   Managerial net income	1,105,220	1,285,457	1,112,092	0.6	(13.5)

   Retained premiums = Premiums written + premiums ceded to reinsurance

   Changes in technical reserves - premiums = Changes in technical provisions + changes in technical provisions on reinsured operations

   Retained claims = Incurred claims - recovery of indemnity claims - recovery of claims expenses - changes in provisions for claims IBNR - salvages and reimbursed assets - changes in provision for claims IBNER provisions for claims to be settled - changes of expenses related to IBNR - changes in estimates for salvages and reimbursed assets - provisions for claims to be settled

   Retained acquisition costs = acquisition costs - commission return + revenue with reinsurance commissions

   • M A N A G E R I A L N E T I N C O M E

In 1Q26, managerial net income from the insurance business increased 0.6% compared to 1Q25, reflecting: (i) an expansion in net

Figure 13 - Brasilseg | Recurring managerial net income (R$ million)

investment income (+1.0%), supported by the higher Selic rate; and

(ii) growth in the non-interest operating result (+0.1%), with an improvement in the loss ratio (-2.2 p.p.), mainly for rural and credit life segments.

Premiums written declined 2.3% YoY, impacted by: (i) crop (-27.9% vs. 1Q25); (ii) rural lien (-14.2% vs. 1Q25), due to lower sales volume, besides to a reduction in the average insured amount;

(iii) credit life (-6.4% vs. 1Q25) reflecting lower premiums in the individuals segment, partially offset by reduced cancellations and growth in corporate segment premiums, supported by the

1,003

1,187

1,262

1,105

1,258 1,272 1,285

1,112

expansion of the addressable credit portfolio, with new credit lines adding R$181.9 million in 1Q26; and (iv) term life (-4.9% vs. 1Q25).

On the other hand, premiums written expanded in credit life for farmers (+19.3% vs. 1Q25), driven by higher sales and lower

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Figure 14 - Brasilseg | Key performance indicators

Chg. On 1Q25

cancellations, as well as in home (+21.6% vs. 1Q25), reflecting

increased sales allied with higher share of comprehensive plans, which carry a higher average ticket.

The retained premium remained stable compared to the same period of the previous year, while retained earned premiums grew 0.4%.

The general and administrative ratio increased 0.3 p.p., impacted by a 6.2% rise in administrative expenses, largely driven by higher amortization expenses.

Breakdown of premiums written

Rural (1.6%)

Term Life (4.9%)

Credit Life (6.4%)

Others 21.0%

Performance ratios

Loss ratio

Commission ratio G&A ratio Combined ratio

(2.2 p.p.)

2.1 p.p.

0.3 p.p.

0.2 p.p.

Figure 15 - Brasilseg | Solvency¹ (R$ million)

124.4 132.0 125.8

2,514 2,539 2,395

2,021

1,924

1,903

Mar/25 Dec/25 Mar/26

Adjusted shareholders' equity (a)

Minimum capital required (b)

Solvency ratio (a) / (b) - %

¹ Information based on the accounting principles adopted by SUSEP.

Table 7 - Brasilseg | Managerial performance ratios¹

Quarterly Flow Chg. (p.p.)

1. Performance ratios calculated based on the managerial income statement, considering the reinsurance effects.

   • P R E M I U M S W R I T T E N

     Figure 16 - Brasilseg | Premiums written

     87.7 84.7 91.8 89.6 90.3 91.7 94.9 91.6

     4,317

     352

     4,036

     420

     3,943

     331

     3,612

793

5,181

3,752

460

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Retained premiums (R$ million) Premiums ceded (R$ million) Retention rate (%)

Table 8 - Brasilseg | Breakdown of premiums written

Quarterly Flow Chg. %

Table 9 - Brasilseg | Breakdown of retained premiums

Quarterly Flow Chg. %

367 372 419 373 388 380

459

385

191

36

26

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Tax expenses (R$ million)

Other operating income (expenses) (R$ million) Administrative expenses (R$ million)

G&A ratio (%)

QUARTERLY ANALYSIS

In 1Q26, the G&A ratio increased 0.3 p.p. compared to 1Q25.

The administrative expenses advanced 6.2% (+R$12.1 million), largely driven by a R$12.0 million rise in location and operating expenses, reflecting higher amortization of software and strategic projects.

Meanwhile, the negative balance of other operating income and expenses increased 6.4%, due to the following factors:

Figure 29 - Brasilseg | Net investment income (R$ million)

339

325

311

283 285

266

215 215

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Table 13 - Brasilseg | Financial income and expenses1

Quarterly Flow Chg. %

1. Managerial view.

QUARTERLY ANALYSIS

In 1Q26, net interest income totaled R$292.0 million (+0.2%).

Adjusted interest income grew 5.8% (+R$19.4 million), explained by the higher average yield of mark to market investments and insurance and reinsurance receivables, led by the increase of Selic rate, an effect partially offset by the decline in the average balance of earning assets.

Adjusted interest expenses rose 46.0% (+R$18.9 million), impacted by 2.4 p.p. increase in the average yield on interest bearing liabilities, mainly due to the higher Selic rate. It is worth noting that, in 1Q25, adjusted interest expenses were favorably affected by the changes introduced by Law 14,905/24, which resulted in a R$19.7 million reversal of the Provision for Judicial Claims (PSLJ), following the change in monetary update indexes (previously INPC | currently IPCA) and interest calculation (previously fixed | currently Selic net of IPCA).

Table 14 - Brasilseg | Quarterly figures - Earning assets - average balance and interest rates

1Q25 1Q26 R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%)

Table 15 - Brasilseg | Quarterly figures - Interest bearing liabilities - average balance and interest rates

1Q25 1Q26 R$ million Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%)

Table 16 - Brasilseg | Financial investment portfolio

Balance Chg. %

Figure 30 - Brasilseg | Breakdown of financial investments by index (%)

Figure 31 - Brasilseg | Breakdown of trading investments by index (%)

5.6

9.0

8.9

78.7

6.0

73.3

69.8

5.5

0.5

0.3

92.2

94.7

0.6

2.1

0.3

0.3

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

Pre-fixed Floating Inflation Other

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

Pre-fixed Floating Inflation Other

• B A L A N C E S H E E T

  Table 17 - Brasilseg | Balance sheet

  Balance Chg. %

  R$ thousand	Mar/25	Dec/25	Mar/26	On Mar/25	On Dec/25
  Assets	26,508,238	26,260,013	25,875,264	(2.4)	(1.5)
  Cash	3,208	7,848	5,431	69.3	(30.8)
  Financial assets	10,097,837	10,220,904	9,674,911	(4.2)	(5.3)
  Receivables from insurance and reinsurance operations	5,606,503	5,828,523	5,822,196	3.8	(0.1)
  Reinsurance and retrocession - technical reserves	1,662,462	963,106	1,079,194	(35.1)	12.1
  Securities and credits receivable	1,314,284	1,311,180	1,307,698	(0.5)	(0.3)
  Other	245,335	220,899	211,145	(13.9)	(4.4)
  Prepaid expenses	31,798	31,437	33,906	6.6	7.9
  Deferred costs	6,708,119	6,850,085	6,942,983	3.5	1.4
  Investments	316,953	385,342	375,091	18.3	(2.7)
  Fixed assets	35,585	32,614	30,575	(14.1)	(6.3)
  Intangible	486,154	408,073	392,135	(19.3)	(3.9)
  Liabilities	23,172,979	22,910,902	22,691,480	(2.1)	(1.0)
  Accounts payable	544,279	1,126,114	541,551	(0.5)	(51.9)
  Obligations with insurance and reinsurance operations	2,974,622	3,138,824	3,265,151	9.8	4.0
  Technical reserves - insurance	18,536,084	17,495,715	17,773,726	(4.1)	1.6
  Third party deposits	10,251	13,797	7,779	(24.1)	(43.6)
  Other liabilities	1,107,743	1,136,452	1,103,273	(0.4)	(2.9)
  Shareholders' equity	3,335,258	3,349,111	3,183,784	(4.5)	(4.9)
  Capital	1,469,848	1,469,848	1,469,848	-	-
  Reserves	852,601	1,937,015	669,120	(21.5)	(65.5)
  Equity valuation adjustments	(86,606)	(57,752)	(44,641)	(48.5)	(22.7)
  Accumulated profits and losses	1,099,415	-	1,089,457	(0.9)	-

• S O L V E NC Y

Table 18 - Brasilseg | Solvency¹

Balance Chg. %

1. Information based on the accounting principles adopted by SUSEP.

   
   
   

   ‌B R A S I L P R E V

   In order to better reflect the changes in technical provisions for benefits to be granted and benefits granted ("PMBAC" and "PMBC"), the

   following reallocations were made in the income statement starting from 1Q25:

   • Cancellation due to death of participant and supplementation for surviving: from "other operating income and expenses" to

     "variation of other technical reserves"; and

   • Supplementary Coverage Provision ("PCC"): from "variation of other technical reserves" to "financial expenses".

Table 19 - Brasilprev | Managerial income statement

Quarterly Flow Chg. %

Table 20 - Brasilprev | Comprehensive income

Quarterly Flow Chg. %

• M A N A G E R I A L N E T I N C O M E

In 1Q26, managerial net income from the pension plans operation increased 51.1% compared to the same period of 2025, totaling R$538.1 million. This performance was mainly driven by net investment income, which improved by R$266.9 million, largely reflecting a reduction in liability costs following the deflation of the one month lagged IGP-M (1Q26: -0.3% | 1Q25: +2.3%), which is used to adjust most part of the technical provisions for defined benefit plans.

Figure 32 - Brasilprev | Recurring managerial net income (R$ million)

709

596

510 538

416

The non-interest operating result grew 6.9% YoY, supported by

2.0 p.p. improvement in the cost to income ratio.

Management fee revenue was up 6.2%, reflecting the increase in the average volume of reserves. Conversely, the annualized average management fee declined 0.03 p.p. YoY, due to a higher

347

366 356

share of low-risk funds within total reserves.

Pension contributions rose 9.1% in 1Q26, reaching R$14.6 billion. Growth was concentrated in sporadic contribution plans, driven by both a higher number of plans sold and an increase in the average ticket.

Regarding outflows, the redemption ratio improved significantly, reaching 7.9% (-3.7 p.p. vs. 1Q25), the lowest level in the past five years. The portability ratio stood at 0.6% (-0.9 p.p. vs. 1Q25). The combination of higher contributions and lower outflows (redemptions plus portability) resulted in a positive net inflow of R$3.9 billion (vs. -R$1.5 billion in 1Q25).

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Figure 33 - Brasilprev | Solvency¹ (R$ million)

172.2 170.3

142.3

4,290

3,015

4,890 4,809

2,839

2,823

Mar/25 Dec/25 Mar/26

Adjusted shareholder's equity (a) Minimum capital requirement (b)

Solvency ratio (a) / (b) - %

¹ Information based on the accounting principles adopted by SUSEP.

Table 21 - Brasilprev | Performance ratios

Quarterly Flow Chg. (p.p.)

• C O N T R I B U T I O N S

  Figure 34 - Brasilprev | Contributions (R$ million) Figure 35 - Brasilprev | Net inflows and redemption ratio

  16,394

  12,466

  13,223

  7.9

  13,386

  13,290

  14,602

  10.1

  11.2 11.6 11.6 10.6 11.4

  10.0

  9,773

  8,387

  2,578

  3,940

  (255)

  (1,025) (1,523)

  (3,687) (3,890)

  (6,253)

  2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

  2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

  Net inflows¹ (R$ million)

  Annualized redemption ratio (%)
  
  

  1. Source: Quantum Axis

  Figure 36 - Brasilprev | Contributions breakdown (%) Figure 37 - Brasilprev | Pension plans outstanding (%)

  0.4

  95.1

0.3

0.4

0.3

0.5

5.8

0.4

0.6

12.0

0.3

93.7

3.8

3.9

4.0

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

VGBL PGBL Traditional

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

Periodic contribution Sporadic contribution

Figure 38 - Brasilprev | Plans (thousand) Figure 39 - Brasilprev | CPFs (thousand)

3,180 3,166 3,147 3,113 3,084 3,068 3,043 3,051

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

2,592 2,581 2,563 2,535 2,513 2,499 2,479 2,484

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

• T E C H N I C A L R E S E R V E S

  Figure 40 - Brasilprev | Technical reserves (R$ billion) Figure 41 - Brasilprev | Technical reserves (%)

  85.7

  85.7

  85.8

  86.0

  86.2

  86.2

  85.4

19.9 18.9 17.6 16.2 15.5 15.5 15.6 15.8

410

423

15 45

429

16

439

16 46

449

15

47

459

15

466

15

50

15 51

362

377

386

350

44

484

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

Traditional PGBL VGBL

% of multimarket funds (on P/VGBL AuM)

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

VGBL PGBL Traditional

• M A N A G E M E N T F E E

Figure 42 - Brasilprev | Management fee

0.92 0.91 0.90 0.88 0.87 0.86 0.85 0.85

939 995 953 920 928 1,021 997 978

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Management fee (R$ million)

Management fee (%)

Table 22 - Brasilprev | Management fee breakdown¹,²

Quarterly Flow Chg. %

1. Management fee annualized considering the total of 252 working days.

2. Working days calculated based on the holidays table provided by ANBIMA.

   • G E N E R A L & A D M I N I S T R A T I V E E X P E N S E S

     Figure 43 - Brasilprev | G&A expenses and cost to income ratio

     39.1 39.4 39.6 40.5 41.3 38.0 40.9 38.5

     10

     195

     215 200 196 205 213

     236

     202

     15

     74

     106

     13

     73

     110

     19

     74

     111

     18

     80

     104

     90

     116

     0.2

     76

     124

     16

     85

     113

     21

     81

     134

     2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

     Other operating income (expenses) (R$ million)

     Tax expenses (R$ million) Administrative expenses (R$ million) Cost to income (%)

     QUARTERLY ANALYSIS

     In 1Q26, general and administrative expenses increased 2.8% compared to the same period of 2025, while the cost to income ratio improved by 2.0 p.p., reflecting higher revenues and a decline in administrative expenses.

     Administrative expenses fell 5.6% compared to 1Q25, mainly driven by:

   • lower marketing expenses, primarily reflecting reduced spending on tax-incentivized sponsorships; and

   • a decrease in location and operation expenses, driven by lower amortization of software-related projects and systems development, as well as reduced travel and transportation expenses.

     The negative balance of other operating income and expenses increased 33.4%, totaling R$17.5 million, mainly impacted by:

   • higher other operating expenses, which amounted to R$5.6 million, due to losses arising from operational incidents; and

   • increased contingency expenses, resulting from both the filing of new civil lawsuits and the reclassification of loss probability.

     On the other hand, charges on contributions related to the maintenance of periodic plans declined 15.6%, reflecting lower sales volumes of this product in recent quarters.

     Tax expenses rose 10.0% compared to 1Q25, in line with the expansion of the taxable revenues base.

     Table 23 - Brasilprev | G&A expenses

     Quarterly Flow Chg. %

     R$ thousand	1Q25	4Q25	1Q26	On 1Q25	On 4Q25
     Administrative expenses	(110,440)	(134,309)	(104,293)	(5.6)	(22.3)
     Personnel	(52,944)	(50,069)	(52,833)	(0.2)	5.5
     Outsourcing	(28,663)	(35,196)	(28,887)	0.8	(17.9)
     Location and operation	(20,793)	(19,674)	(19,671)	(5.4)	(0.0)
     Marketing	(7,584)	(25,173)	(3,030)	(60.0)	(88.0)
     Other	(456)	(4,198)	129	-	-
     Other operating income (expenses)	(13,142)	(21,246)	(17,531)	33.4	(17.5)
     Expenses on sales incentive	(4,913)	(13,881)	(4,164)	(15.2)	(70.0)
     Charging expenses	(7,581)	(6,797)	(6,397)	(15.6)	(5.9)
     Contingencies	39	(4,347)	(1,393)	-	(67.9)
     Provision for losses on receivables	(221)	602	38	-	(93.6)
     Other operating income (expenses)	(466)	3,177	(5,614)	-	-
     Tax expenses	(72,686)	(80,783)	(79,954)	10.0	(1.0)
     Federal and municipal taxes	(18,787)	(20,281)	(19,917)	6.0	(1.8)
     COFINS	(44,830)	(50,656)	(50,286)	12.2	(0.7)
     PIS/PASEP	(7,285)	(8,232)	(8,171)	12.2	(0.7)
     Inspection fee	(1,497)	(1,497)	(1,497)	-	-
     Other tax expenses	(287)	(117)	(83)	(71.0)	(29.2)
     General and administrative expenses	(196,269)	(236,338)	(201,778)	2.8	(14.6)

   • N E T I N V E S T M E N T I N C O M E

Figure 44 - Brasilprev | Net investment income (R$ million) Figure 45 - Brasilprev | Inflation rates (%)

379

1

-66

144

37

512

145

304

2.0

1.7

3.5

2.3

1.9

1.1

0.7

1.5

2.0

0.9

-0.6

0.6

0.6

0.2

0.8

1.5

1.0

0.3

0.01

-0.1

-0.3

3.8

-1.9

-2.1

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

IPCA IGP-M IGP-M (lagged)¹

Source: IBGE and FGV.

1. Considering the IGP-M with a lag of one month, which is the average to accrual the

interest bearing liabilities of Brasilprev's defined benefit plans.

Table 24 - Brasilprev | Financial income and expenses

Quarterly Flow Chg. %

Figure 46 - Brasilprev | Quarterly variation of supplementary coverage provision - PCC (R$ thousand) PCC-PMBAC PCC-PMBC

- 20,477 - -

13,923

-

Initia I baIance

(20,477)

P&L OCI FinaI baIance

Initia I baIance

(13,923)

P&L OCI FinaI baIance

QUARTERLY ANALYSIS

In 1Q26, the net investment income totaled R$304.1 million (vs. R$37.3 million in 1Q25). The nearly tenfold increase was mainly driven by the reduction in liability costs, which led to a R$409.3 million decline in adjusted interest expenses, benefiting from the deflation of the one month lagged IGP-M (1Q26: -0.3% | 1Q25: +2.3%), which adjusts most defined benefit plan provisions.

On the other hand, adjusted interest revenues declined by R$142.5 million during the period. Of this amount, R$120.0 million stemmed from a reduction in the average yield of financial assets. This movement is largely explained by the decline in the inflation rates linked to inflation protected securities available for sale, reflecting lower readings for both IGP-M (1Q26: +0.2% vs. 1Q25: +1.0%) and IPCA (1Q26: +1.9% vs. 1Q25: +2.0%).

Table 25 - Brasilprev | Quarterly figures - Earning assets - average balance and interest rates¹

1. Guaranteeing assets and free assets of Traditional plans and guaranteeing assets of the P/VGBL plans in the granting stage.

Table 26 - Brasilprev | Quarterly figures - Interest bearing liabilities - average balance and interest rates¹

1. Technical reserves of Traditional and P/VGBL plans in the granting stage.

Table 27 - Brasilprev | Financial investments portfolio breakdown (except PGBL and VGBL funds)

Balance Chg. %

0.4

Figure 47 - Brasilprev | Financial investments breakdown by index - except PGBL and VGBL funds (%)

Figure 48 - Brasilprev | Assets allocation (%)

0.1

9.8

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

Inflation Floating Pre-fixed

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

Stocks/Other Debentures and commercial papers

CDBs, DPGEs, CRIs, FDICs, LHs and LFs Government bonds

• B A L A N C E S H E E T

  Table 28 - Brasilprev | Balance sheet

  Balance Chg. %

  R$ thousand	Mar/25	Dec/25	Mar/26	On Mar/25 On Dec/25
  Assets	445,664,716	473,503,727	490,845,344	10.1 3.7
  Cash and cash equivalents	145,830	26,491	67,232	(53.9) 153.8
  Financial assets	443,450,726	471,562,521	488,813,311	10.2 3.7
  Receivables from insurance and reinsurance operations	16,190	8,638	8,266	(48.9) (4.3)
  Securities and credits receivable	174,665	209,672	239,734	37.3 14.3
  Prepaid expenses	20,980	9,781	18,351	(12.5) 87.6
  Deferred costs	1,614,902	1,466,830	1,488,701	(7.8) 1.5
  Credits from private pension transactions	-	845	497	- (41.2)
  Other	27,329	23,014	21,924	(19.8) (4.7)
  Fixed assets	7,975	7,087	6,470	(18.9) (8.7)
  Intangible	206,119	188,848	180,859	(12.3) (4.2)
  Liabilities	440,554,850	468,183,142	485,616,310	10.2 3.7
  Accounts payable	434,910	1,008,872	550,735	26.6 (45.4)
  Debentures	549,432	555,367	577,206	5.1 3.9
  Obligations with insurance and reinsurance operations	11,598	8,449	8,764	(24.4) 3.7
  Debts from private pension transactions	2,204	5,072	2,167	(1.7) (57.3)
  Third party deposits	191,065	52,882	235,542	23.3 345.4
  Technical reserves - insurance	377,110,506	402,184,398	418,784,556	11.1 4.1
  Technical reserves - private pension	62,204,283	64,313,916	65,403,653	5.1 1.7
  Other liabilities	50,854	54,187	53,688	5.6 (0.9)
  Shareholders' equity	5,109,867	5,320,585	5,229,034	2.3 (1.7)
  Capital	3,529,257	3,529,257	3,529,257	- -
  Reserves	1,172,775	1,674,215	1,174,215	0.1 (29.9)
  Equity valuation adjustments	(334,528)	(529,590)	(638,614)	90.9 20.6
  Other comprehensive income	386,215	646,703	626,063	62.1 (3.2)
  Accumulated profits and losses	356,147	-	538,113	51.1 -

• S O L V E N C Y

Table 29 - Brasilprev | Solvency¹

Balance Chg. %

1. Information based on the accounting principles adopted by SUSEP.

   
   
   

   ‌B R A S I L C A P

   The table below shows a managerial view built from the reallocation of expenses relates to the formation of lottery and bonus provisions. This reallocation aims to isolate and present the revenue with load fee, which is the source used to cover general & administrative expenses and acquisition costs.

   Table 30 - Brasilcap | Managerial income statement

   Quarterly Flow Chg. %

   R$ thousand	1Q25	4Q25	1Q26	On 1Q25 On 4Q25
   Premium bonds collection	1,659,054	1,440,874	1,784,528	7.6 23.9
   Changes in provisions for redemption	(1,463,400)	(1,284,115)	(1,580,809)	8.0 23.1
   Changes in provisions for lottery and bonus	(20,300)	(19,560)	(22,773)	12.2 16.4
   Revenue with load fee	175,354	137,200	180,946	3.2 31.9
   Result with lottery	4,575	3,270	3,460	(24.4) 5.8
   Acquisition costs	(149,570)	(131,022)	(163,175)	9.1 24.5
   Administrative expenses	(27,515)	(38,437)	(29,443)	7.0 (23.4)
   Tax expenses	(11,499)	(9,397)	(11,232)	(2.3) 19.5
   Other operating income (expenses)	22,597	15,312	17,418	(22.9) 13.7
   Equity income	66	413	-	- -
   Non-interest operating result	14,008	(22,662)	(2,026)	- (91.1)
   Net investment income	73,456	154,080	140,942	91.9 (8.5)
   Financial income	349,704	379,734	350,679	0.3 (7.7)
   Financial expenses	(276,248)	(225,655)	(209,736)	(24.1) (7.1)
   Earnings before taxes and profit sharing	87,465	131,418	138,916	58.8 5.7
   Taxes	(31,793)	(29,287)	(54,261)	70.7 85.3
   Profit sharing	(1,665)	(3,063)	(3,336)	100.3 8.9
   Net income	54,006	99,068	81,320	50.6 (17.9)

   • N E T I N C O M E

     In 1Q26, net income from the premium bonds operation was up 50.6% YoY to R$81.3 million. This performance was driven by strong net investment income, supported by a 2.1 p.p. expansion in the net interest margin and growth in the volume of financial investments. It is worth noting that, in 1Q25, the average yield on assets was negatively affected by a negative hedge adjustment totaling R$50.9 million, resulting from the flattening of the forward yield curve. Excluding this effect, the improvement in the net interest margin would have been 0.4 p.p., reflecting the higher Selic rate.

     Premium bond collection increased 7.6% YoY, driven by higher sales of single-payment bonds in the traditional modality and a larger number of active monthly payment bonds.

     On the other hand, revenues with load fee grew at a slower pace than collection (+3.2%), due to a 0.4 p.p. contraction in the average load fee for the quarter. This dynamic largely reflects the lower share of first monthly installments in total collection, which carry a higher average load fee than both recurring installments of monthly bonds and single payment bonds.

     Figure 49 - Brasilcap | Net income (R$ million)

     99

     91

     81

     70 70 70 74

     54

     2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

     Figure 50 - Brasilcap | Key performance indicators

     Chg. On 1Q25

     Premium bonds collection

     
     
     

     Unique payment 9.1%

     Monthly payment 4.8%

     First Installments (22.2%)

     Recurring Installments 6.8%

     Average quotes

     
     
     

     Reserve quote 0.4 p.p.

     Lottery quote 0.1 p.p.

     Load fee quote (0.4 p.p.)

     Other ratios

     Technical reserves

     3.5%

     Net interest margin

     2.1 p.p.

     
     
     

     Figure 51 - Brasilcap | Solvency¹ (R$ million)

     331.6

     252.2

     732

     149.9

     567

     95

     263

     221

     22

     3

     5

     Mar/25 Dec/25 Mar/26

     Adjusted shareholders' equity (a) Minimum capital required (b)

     Solvency ratio (a) / (b) - %
     
     

     ¹ Information based on the accounting principles adopted by SUSEP.

     Table 31 - Brasilcap | Performance ratios

     Quarterly Flow Chg. (p.p.)

     %	1Q25	4Q25	1Q26	On 1Q25	On 4Q25
     Average quotes
     Reserve quote	88.2	89.1	88.6	0.4	(0.5)
     Lottery quote	1.2	1.4	1.3	0.1	(0.1)
     Load fee quote	10.6	9.5	10.1	(0.4)	0.6
     Financial
     Net interest margin (p.p.)	2.5	4.7	4.6	2.1	(0.1)
     Other
     Premium bonds margin	7.2	(14.5)	(1.0)	(8.2)	13.5
     Income tax rate	36.3	22.3	39.1	2.7	16.8

   • P R E M I U M B O N D S C O L L E C T I O N

Figure 52 - Brasilcap | Collection (R$ million)

1,753 1,809 1,849 1,849

1,659

1,490

1,441

1,785

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Monthly payment Unique payment

Figure 53 - Brasilcap | Collections by product (%) Figure 54 - Brasilcap | Bonds outstanding by product (%)

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Monthly payment Unique payment

Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 Mar/26

Monthly payment Unique payment