BB Seguridade Participações S A : Comunicado ao Mercado

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#interna #Pública 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 5 th , 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 [email protected] 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 Summary 4 Investees Performance 9 Brasilseg 9 Brasilprev 25 Brasilcap 37 Brasildental 48 BB Corretora 50 Information in IFRS 17 56 Business Overview 62 Definitions 66 BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q26 3 ‌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 2,240 2,436 2,315 2,220 2,286 2,190 BB Corretora 29 (29) (80) Brasilseg Brasilprev Brasilcap Other 13.4 3.1 1.8 1.7 0.6 0.2 18.2 37.4 42.5 41.3 126 1Q25 2Q25 3Q25 4Q25 1Q26 Net income IGP-M lag Normalized net income¹ Brasildental 0.3 1Q26 1Q25 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 Table 5 - Breakdown of the shareholders' base Shareholders Shares Participation Banco do Brasil 1 1,325,000,000 68.3% Free Float 609,160 616,248,544 31.7% Foreign investors 908 362,027,314 18.6% Companies 3,336 36,924,903 1.9% Individuals 604,916 217,296,327 11.2% Total (ex-treasury stocks) 609,161 1,941,248,544 100.0% Treasury Stocks 1 151,456 - Total stocks issued 609,162 1,941,400,000 - ‌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.) % 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Performance ratios Loss ratio 26.1 20.6 23.9 (2.2) 3.3 Commission ratio 30.4 31.0 32.4 2.1 1.4 G&A ratio 10.4 12.3 10.7 0.3 (1.6) Combined ratio 66.9 64.0 67.1 0.2 3.1 Other ratios Expanded combined ratio 62.0 58.6 62.2 0.1 3.5 Income tax rate 23.9 20.7 23.4 (0.5) 2.7 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 3,616 3,965 4,388 793 4,413 3,732 365 3,822 361 194 3,371 4,048 3,628 5,181 3,752 460 3,292 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. % R$ thousand 1Q25 Part. % 4Q25 Part. % 1Q26 Part. % On 1Q25 On 4Q25 Life 909,959 22.5 890,415 23.3 865,003 21.9 (4.9) (2.9) Credit Life 804,118 19.9 577,757 15.1 753,039 19.1 (6.4) 30.3 Mortgage Life 88,389 2.2 87,201 2.3 87,530 2.2 (1.0) 0.4 Rural 1,973,390 48.9 2,060,944 53.9 1,942,501 49.3 (1.6) (5.7) Crop 399,518 9.9 220,945 5.8 288,143 7.3 (27.9) 30.4 Rural lien 650,771 16.1 643,232 16.8 558,190 14.2 (14.2) (13.2) Credit life for farmers 881,020 21.8 1,154,629 30.2 1,051,330 26.7 19.3 (8.9) Others 42,080 1.0 42,139 1.1 44,838 1.1 6.6 6.4 Home 124,869 3.1 116,202 3.0 151,786 3.8 21.6 30.6 Commercial lines 128,472 3.2 83,371 2.2 134,262 3.4 4.5 61.0 Large risks 6,740 0.2 5,529 0.1 7,317 0.2 8.6 32.3 Other 545 0.0 597 0.0 1,498 0.0 175.1 151.0 Total 4,036,481 100.0 3,822,017 100.0 3,942,936 100.0 (2.3) 3.2 Table 9 - Brasilseg | Breakdown of retained premiums Quarterly Flow Chg. % R$ thousand 1Q25 Part. % 4Q25 Part. % 1Q26 Part. % On 1Q25 On 4Q25 Life 908,188 25.1 889,110 24.5 865,701 24.0 (4.7) (2.6) Credit Life 803,536 22.2 579,077 16.0 751,717 20.8 (6.4) 29.8 Mortgage Life 82,362 2.3 86,926 2.4 82,430 2.3 0.1 (5.2) Rural 1,567,023 43.3 1,867,747 51.5 1,625,167 45.0 3.7 (13.0) Crop 56,518 1.6 49,820 1.4 45,708 1.3 (19.1) (8.3) Rural lien 614,250 17.0 641,243 17.7 515,146 14.3 (16.1) (19.7) Credit life for farmers 879,425 24.3 1,154,467 31.8 1,049,887 29.1 19.4 (9.1) Others 16,831 0.5 22,217 0.6 14,426 0.4 (14.3) (35.1) Home 121,819 3.4 116,202 3.2 149,697 4.1 22.9 28.8 Commercial lines 125,812 3.5 82,770 2.3 128,935 3.6 2.5 55.8 Large risks 6,736 0.2 5,447 0.2 7,284 0.2 8.1 33.7 Other 544 0.0 597 0.0 1,346 0.0 147.3 125.5 Total 3,616,022 100.0 3,627,876 100.0 3,612,277 100.0 (0.1) (0.4) R E T A I N E D E A R N E D P R E M I U M S Table 10 - Brasilseg | Breakdown of retained earned premiums Quarterly Flow Chg. % R$ thousand 1Q25 Part. % 4Q25 Part. % 1Q26 Part. % On 1Q25 On 4Q25 Life 913,273 25.5 919,681 24.6 871,765 24.3 (4.5) (5.2) Credit Life 701,385 19.6 796,253 21.3 770,710 21.5 9.9 (3.2) Mortgage Life 86,180 2.4 88,137 2.4 84,941 2.4 (1.4) (3.6) Rural 1,683,241 47.1 1,721,283 46.1 1,642,401 45.8 (2.4) (4.6) Crop 125,641 3.5 75,526 2.0 70,823 2.0 (43.6) (6.2) Rural lien 601,585 16.8 623,138 16.7 588,937 16.4 (2.1) (5.5) Credit life for farmers 925,674 25.9 993,509 26.6 956,428 26.6 3.3 (3.7) Others 30,342 0.8 29,109 0.8 26,214 0.7 (13.6) (9.9) Home 105,018 2.9 117,858 3.2 123,669 3.4 17.8 4.9 Commercial lines 81,096 2.3 86,849 2.3 89,551 2.5 10.4 3.1 Large risks 4,446 0.1 5,444 0.1 5,568 0.2 25.2 2.3 Other 597 0.0 557 0.0 1,228 0.0 105.7 120.7 Total 3,575,236 100.0 3,736,062 100.0 3,589,833 100.0 0.4 (3.9) R E T A I N E D C L A I M S Figure 17 - Brasilseg | Retained claims 27.2 26.1 21.5 19.8 21.5 22.1 23.9 20.6 913 749 703 934 790 820 771 860 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Retained claims (R$ million) Loss ratio (%) QUARTERLY ANALYSIS In 1Q26 , the loss ratio decreased 2.2 p.p. YoY to 23.9%, mainly driven by: 49.0 p.p. decline in crop , reflecting reductions in both filed claims frequency and severity during the summer grain harvest; 4.5 p.p. reduction in credit life , driven by lower claim frequency and growth in retained earned premiums, as well as the reversal of the Provision for Technical Surplus and a lower constitution of provisions for Incurred but Not Reported claims (IBNR); 2.2 p.p. contraction in rural lien , due to reduced claim frequency; and reduction in home insurance loss ratio (-4.7 p.p.), driven by lower claim severity and growth in retained earned premiums. On the other hand, the loss ratio was negatively affected by: 3.4 p.p. increase in term life , resulting from higher claim severity, combined with the fact that the 1Q25 was benefited from an IBNR reversal totaling R$11.0 million; and higher loss ratios due to increased claim severity in credit life for farmers (+1.0 p.p.), mortgage life (+8.7 p.p.) and commercial lines (+2.3 p.p.). Figure 18 - Life | Loss ratio (%) Figure 19 - Credit life | Loss ratio (%) 41.0 40.9 23.7 26.0 24.3 20.8 23.3 22.1 24.1 20.5 34.6 36.6 32.4 35.7 35.2 32.2 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Figure 20 - Mortgage life | Loss ratio (%) Figure 21 - Home | Loss ratio (%) 36.3 25.0 25.2 21.3 16.4 11.8 13.1 4.0 45.1 42.5 42.6 51.7 38.3 36.6 42.9 47.0 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Figure 22 - Commercial lines | Loss ratio (%) Figure 23 - Rural | Loss ratio (%) 3.4 10.3 16.6 15.3 22.6 30.9 18.9 17.4 16.1 15.5 16.2 16.6 18.5 19.7 17.0 15.2 15.1 15.2 23.2 24.0 -247.0 10.8 10.4 11.9 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q24 3Q24 4Q24 Rural | To 1Q25 tal 2Q25 3Q25 Rural | 4Q25 Total 12M 1Q26 Figure 24 - Crop | Loss ratio (%) Figure 25 - Credit life for farmers and rural lien | Loss ratio (%) 66.7 39.9 102.1 37.2 28.9 36.5 21.7 31.7 39.3 21.3 53.1 20.2 21.6 13.5 16.0 10.5 14.0 20.0 14.5 16.9 12.6 15.6 13.3 17.8 16.2 15.5 -23.1 0.9 11.2 6.4 8.6 7.6 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Crop Crop 12M 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Credit life for farmers Rural lien R E T A I N E D A C Q U I S I T I O N C O S T S Figure 26 - Brasilseg | Retained acquisition costs 28.7 29.9 30.2 30.4 31.2 31.1 31.0 32.4 963 1,039 1,071 1,086 1,148 1,157 1,160 1,164 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Retained acquisition costs (R$ million) Commission ratio (%) Table 11 - Brasilseg | Retained acquisition costs Quarterly Flow Chg. % R$ thousand 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Acquisition costs (1,209,276) (1,271,142) (1,237,306) 2.3 (2.7) Commission charged on premiums written (1,301,279) (1,165,155) (1,262,744) (3.0) 8.4 Revenue with reinsurance commission 123,290 111,492 72,979 (40.8) (34.5) Commissions recovered - Coinsurance 7,261 6,261 2,893 (60.2) (53.8) Change in deferred acquisition costs 157,312 (42,201) 92,898 (40.9) - Other acquisition costs (72,570) (70,048) (70,354) (3.1) 0.4 Retained acquisition costs (1,085,986) (1,159,651) (1,164,327) 7.2 0.4 U N D E R W R I T I N G R E S U L T Figure 27 - Brasilseg | Breakdown of underwriting result by segment (%) Rural Term Life Credit Life Mortgage Life Commercial lines Home Other 2.8 3.4 2.5 2.4 1.8 1.2 0.2 0.3 10.3 8.3 20.6 23.9 61.7 60.6 1Q26 1Q25 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 28 - Brasilseg | G&A expenses 10.9 10.7 11.8 10.4 10.5 10.2 12.3 10.7 147 13 220 196 38 140 227 41 151 149 367 372 419 373 388 380 459 385 191 202 33 131 145 36 26 208 40 137 278 30 151 212 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: the recognition of a provision for profit sharing payments to the sponsor of credit life insurance policies; higher spending on brokerage advisory services, related to fees paid to the broker that supported Brasilseg's reinsurance panel negotiations; increased customer acquisition costs, corresponding to indirect commercial expenses associated with new business; and an increase in the provision for losses in premiums receivable, with a negative impact of R$3.1 million. These effects were partially offset by lower endomarketing expenses (-R$11.7 million), reflecting reduced spending on mobilization campaigns and sales incentive. Tax expenses declined 2.0% (-R$2.8 million), due to the lower taxable revenues base recorded in 1Q26. Table 12 - Brasilseg | General & Administrative expenses Quarterly Flow Chg. % R$ thousand 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Administrative expenses (195,647) (277,827) (207,728) 6.2 (25.2) Personnel (86,636) (87,879) (88,829) 2.5 1.1 Outsourcing (82,471) (104,184) (80,887) (1.9) (22.4) Location and operation (23,630) (49,916) (35,588) 50.6 (28.7) Institutional advertisement and publicity (1,764) (5,640) (1,430) (18.9) (74.6) Publications (387) (6) (491) 26.7 - Other administrative expenses (760) (30,202) (503) (33.8) (98.3) Other operating income (expenses) (37,550) (30,307) (39,938) 6.4 31.8 Charging expenses (1,432) (1,445) (1,367) (4.5) (5.4) Civil contingencies (3,040) (3,683) (3,198) 5.2 (13.2) Expenses with events (65) (934) (109) 68.0 (88.3) Endomarketing (24,423) 4,760 (12,711) (48.0) - Impairment (5,030) (2,969) (8,145) 61.9 174.3 Other operating income (expenses) (3,561) (26,036) (14,407) 304.6 (44.7) Tax expenses (139,795) (150,594) (136,966) (2.0) (9.0) COFINS (116,783) (126,223) (114,407) (2.0) (9.4) PIS (19,234) (20,606) (18,659) (3.0) (9.4) Inspection fee (2,598) (2,598) (2,598) - (0.0) Other tax expenses (1,181) (1,168) (1,302) 10.2 11.4 G&A (372,993) (458,728) (384,631) 3.1 (16.2) N E T I N V E S T M E N T I N C O M E 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 expenses 1 Quarterly Flow Chg. % R$ thousand 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Adjusted interest revenues 332,490 370,018 351,931 5.8 (4.9) Revenues with mark to market financial investments 314,250 347,418 328,311 4.5 (5.5) Judicial deposits 8,462 9,463 9,876 16.7 4.4 Receivables from insurance and reinsurance operations 9,779 13,138 13,745 40.6 4.6 Adjusted interest expenses (41,042) (47,843) (59,923) 46.0 25.3 Pending claims - Administrative 173 (32) 49 (71.9) - Pending claims - Judicial (30,386) (37,176) (46,216) 52.1 24.3 Judicial provisions (9,836) (10,634) (12,152) 23.6 14.3 Obligations with insurance and reinsurance operations (993) (1) (1,603) 61.5 - Net interest income 291,448 322,176 292,008 0.2 (9.4) 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 (%) Earning assets Mark to Market financial investments 10,348 314 13.2 9,948 328 14.4 Judicial deposits 863 8 4.1 890 10 4.7 Receivables from insurance and reinsurance operations 509 10 8.2 342 14 17.7 Total 11,720 332 12.3 11,179 352 13.7 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 (%) Interest bearing liabilities Pending claims - Administrative 1,415 0 (0.1) 1,207 0 (0.0) Pending claims - Judicial 1,071 (30) 11.2 1,089 (46) 16.4 Judicial provisions 795 (10) 5.0 831 (12) 5.9 Obligations with insurance and reinsurance operations 306 (1) 1.3 305 (2) 2.2 Total 3,588 (41) 4.6 3,431 (60) 7.0 Table 16 - Brasilseg | Financial investment portfolio Balance Chg. % R$ thousand Mar/25 Dec/25 Mar/26 On Mar/25 On Dec/25 Trading 7,388,541 7,732,541 7,790,467 5.4 0.7 Pre-fixed 320,465 228,922 167,154 (47.8) (27.0) Floating 7,000,384 7,491,617 7,616,717 8.8 1.7 Other 22,029 12,001 6,596 (70.1) (45.0) Available for sale 2,709,296 2,488,363 1,884,443 (30.4) (24.3) Pre-fixed 1,756,375 1,918,084 1,304,731 (25.7) (32.0) Inflation 952,921 570,279 579,712 (39.2) 1.7 Total 10,097,837 10,220,904 9,674,911 (4.2) (5.3) Figure 30 - Brasilseg | Breakdown of financial investments by index (%) Figure 31 - Brasilseg | Breakdown of trading investments by index (%) 0.2 0.4 12.1 71.3 16.2 0.2 70.0 20.8 0.2 63.9 26.9 9.9 69.3 20.6 0.2 5.6 9.0 8.9 15.2 78.7 6.0 0.1 21.0 73.3 5.6 0.1 24.5 69.8 5.5 0.2 21.4 72.8 0.5 0.3 92.2 7.0 4.3 94.7 0.6 0.3 2.1 97.8 0.1 6.5 3.6 3.6 8.2 3.0 96.0 0.3 91.5 0.3 96.9 0.2 0.3 93.2 0.3 96.1 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. % R$ thousand Mar/25 Dec/25 Mar/26 On Mar/25 On Dec/25 Brasilseg Companhia de Seguros Adjusted shareholders' equity (a) 2,275,571 2,273,565 2,149,398 (5.5) (5.5) Minimum capital required (b) 1,869,024 1,752,004 1,728,451 (7.5) (1.3) Additional capital for underwritting risk 1,684,043 1,586,316 1,566,594 (7.0) (1.2) Additional capital for credit risk 208,729 165,670 161,928 (22.4) (2.3) Additional capital for market risk 35,632 63,897 63,897 79.3 - Additional capital for operating risk 61,797 58,869 57,098 (7.6) (3.0) Benefit of correlation between risks (121,177) (122,748) (121,067) (0.1) (1.4) Capital adequacy (a) - (b) 406,547 521,561 420,946 3.5 (19.3) Solvency ratio (a) / (b) - % 121.8 129.8 124.4 2.6 p.p. -5.4 p.p. Aliança do Brasil Seguros Adjusted shareholders' equity (a) 238,476 265,368 245,540 3.0 (7.5) Minimum capital required (b) 151,964 171,814 174,903 15.1 1.8 Additional capital for underwritting risk 139,955 158,812 160,305 14.5 0.9 Additional capital for credit risk 10,070 9,212 10,613 5.4 15.2 Additional capital for market risk 6,179 7,850 7,850 27.0 - Additional capital for operating risk 4,995 6,013 6,844 37.0 13.8 Benefit of correlation between risks (9,236) (10,072) (10,708) 15.9 6.3 Capital adequacy (a) - (b) 86,511 93,554 70,637 (18.3) (24.5) Solvency ratio (a) / (b) - % 156.9 154.5 140.4 -16.5 p.p. -14.1 p.p. Total Brasilseg Adjusted shareholders' equity (a) 2,514,046 2,538,933 2,394,938 (4.7) (5.7) Minimum capital required (b) 2,020,988 1,923,818 1,903,354 (5.8) (1.1) Additional capital for underwritting risk 1,823,999 1,745,128 1,726,899 (5.3) (1.0) Additional capital for credit risk 218,799 174,882 172,541 (21.1) (1.3) Additional capital for market risk 41,811 71,747 71,747 71.6 - Additional capital for operating risk 66,792 64,881 63,942 (4.3) (1.4) Benefit of correlation between risks (130,413) (132,820) (131,774) 1.0 (0.8) Capital adequacy (a) - (b) 493,058 615,115 491,584 (0.3) (20.1) Solvency ratio (a) / (b) - % 124.4 132.0 125.8 1.4 p.p. -6.1 p.p. 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. % R$ thousand 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Total revenue from pension and insurance 13,385,912 8,387,210 14,601,988 9.1 74.1 Provision for benefits to be granted (13,382,060) (8,383,330) (14,597,921) 9.1 74.1 Net revenue from pension and insurance 3,852 3,879 4,067 5.6 4.8 Management fee 920,367 997,227 977,585 6.2 (2.0) Variation of other technical reserves (24,829) (21,729) (24,959) 0.5 14.9 Expenses with benefits, redemptions and claims 2,025 (10,796) (12,380) - 14.7 Acquisition costs (201,586) (195,852) (197,708) (1.9) 0.9 Retained earned premiums 57,196 54,307 54,841 (4.1) 1.0 Administrative expenses (110,440) (134,309) (104,293) (5.6) (22.3) Tax expenses (72,686) (80,783) (79,954) 10.0 (1.0) Other operating income (expenses) (13,142) (21,246) (17,531) 33.4 (17.5) Gains or losses on non-current assets (0) 77 1 - (98.6) Non-interest operating result 560,756 590,775 599,669 6.9 1.5 Net investment income 37,254 145,353 304,128 - 109.2 Financial income 11,863,592 15,144,937 14,282,939 20.4 (5.7) Financial expenses (11,826,339) (14,999,584) (13,978,811) 18.2 (6.8) Earnings before taxes and profit sharing 598,010 736,128 903,797 51.1 22.8 Taxes (236,235) (221,186) (359,027) 52.0 62.3 Profit sharing (5,627) (4,682) (6,657) 18.3 42.2 Managerial net income 356,147 510,259 538,113 51.1 5.5 Table 20 - Brasilprev | Comprehensive income Quarterly Flow Chg. % R$ thousand 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Managerial net income 356,147 510,259 538,113 51.1 5.5 Other comprehensive income (108,382) 29,630 (129,664) 19.6 - Goodwill of assets (AfS Investments + Impairment) 8,524 4,958 (109,024) - - PCC (116,906) 24,671 (20,640) (82.3) - Comprehensive income 247,765 539,889 408,449 64.9 (24.3) 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.) % 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Commission ratio 1.5 2.3 1.4 (0.2) (1.0) Management fee 0.88 0.85 0.85 (0.03) (0.00) Redemption ratio 11.6 10.0 7.9 (3.7) (2.0) Portability ratio 1.5 2.9 0.6 (0.9) (2.3) Cost to income ratio 40.5 40.9 38.5 (2.0) (2.4) Income tax rate 39.5 30.0 39.7 0.2 9.7 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 4.5 0.3 0.4 0.3 0.5 5.8 0.4 0.6 12.0 0.3 93.7 87.4 95.8 3.8 95.0 4.6 95.7 3.9 92.2 7.4 95.7 4.0 69.3 30.7 68.6 31.4 68.1 31.9 67.6 32.4 67.2 32.8 66.6 33.4 66.3 33.7 65.6 34.4 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 86.5 3.8 3.6 3.6 3.6 3.4 3.2 3.2 3.0 10.8 10.7 10.6 10.5 10.5 10.5 10.6 10.5 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 51 362 377 386 368 46 350 44 16 402 396 48 419 484 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. % R$ thousand 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Management fee 920,367 997,227 977,585 6.2 (2.0) Average volume of reserves 434,484,518 462,387,588 476,532,830 9.7 3.1 Working days 61 64 61 0 w.d. -3 w.d. Annualized average management fee (%) 0.88 0.85 0.85 (0.03) p.p. (0.00) p.p. Management fee annualized considering the total of 252 working days. 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. % R$ thousand 1Q25 4Q25 1Q26 On 1Q25 On 4Q25 Adjusted interest revenues 671,577 500,246 529,122 (21.2) 5.8 Revenues with trading financial investments 182,741 163,639 129,652 (29.1) (20.8) Revenues with available for sale financial investments 488,836 336,608 399,470 (18.3) 18.7 Adjusted interest expenses (634,324) (354,895) (224,994) (64.5) (36.6) Interest accrual on technical reserves (614,913) (331,453) (203,155) (67.0) (38.7) Interest accrual on debentures (19,411) (23,441) (21,839) 12.5 (6.8) Net investment income 37,253 145,352 304,128 - 109.2 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$120.0 million stemmed from a reduction in the average yield of financial assets. This movement is largely explained by the decline in the inflation rates linked to inflation protected securities available for sale, reflecting lower readings for both IGP-M (1Q26: +0.2% vs. 1Q25: +1.0%) and IPCA (1Q26: +1.9% vs. 1Q25: +2.0%). Table 25 - Brasilprev | Quarterly figures - Earning assets - average balance and interest rates¹ 1Q25 1Q26 R$ million Average Interest Annualized Average Interest Annualized balance revenues rate (%) balance revenues rate (%) Earning assets Trading financial investments 4,665 183 17.2 4,227 130 13.3 Available for sale financial investments 20,351 489 10.3 19,771 399 8.6 Total 25,017 672 11.6 23,998 529 9.4 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 1Q25 1Q26 R$ million Average Interest Annualized Average Interest Annualized balance expenses rate (%) balance expenses rate (%) Interest bearing liabilities Technical reserves 20,959 (615) 11.6 19,648 (203) 4.2 Debentures 549 (19) 13.8 566 (22) 15.0 Total 21,508 (634) 11.6 20,214 (225) 4.5 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. % R$ thousand Mar/25 Dec/25 Mar/26 On Mar/25 On Dec/25 Available for sale 20,330,511 20,908,808 18,633,248 (8.3) (10.9) Inflation 20,330,511 20,908,808 18,633,248 (8.3) (10.9) Trading 4,476,555 4,296,372 4,157,184 (7.1) (3.2) Pre-fixed 91,778 1,818 1,851 (98.0) 1.8 Floating 2,249,494 2,360,926 2,379,892 5.8 0.8 Inflation 2,135,282 1,933,629 1,775,441 (16.9) (8.2) Total 24,807,065 25,205,181 22,790,433 (8.1) (9.6) 7.3 0.4 9.1 0.4 Figure 47 - Brasilprev | Financial investments breakdown by index - except PGBL and VGBL funds (%) Figure 48 - Brasilprev | Assets allocation (%) 0.1 9.8 90.1 88.7 11.2 0.1 90.6 9.4 0.01 88.5 11.5 0.01 90.6 9.4 0.01 89.5 10.4 0.01 82.0 4.4 3.4 10.2 81.7 4.8 3.5 10.1 82.5 4.7 3.8 9.1 83.3 4.1 3.8 8.8 84.0 3.8 3.8 8.4 82.8 4.1 3.9 9.2 82.0 4.3 4.0 9.7 82.2 4.6 3.8 9.4 92.3 90.6 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. % R$ thousand Mar/25 Dec/25 Mar/26 On Mar/25 On Dec/25 Adjusted shareholder's equity (a) 4,289,528 4,889,826 4,809,054 12.1 (1.7) Minimum capital requirement (b) 3,014,759 2,838,834 2,823,424 (6.3) (0.5) Additional capital for underwritting risk 2,141,436 2,023,506 2,010,709 (6.1) (0.6) Additional capital for credit risk 114,790 116,861 117,739 2.6 0.8 Additional capital for market risk 1,038,014 886,518 854,987 (17.6) (3.6) Additional capital for operating risk 351,452 373,199 387,351 10.2 3.8 Correlation risk reduction (630,931) (561,251) (547,362) (13.2) (2.5) Capital adequacy (a) - (b) 1,274,768 2,050,993 1,985,630 55.8 (3.2) Solvency ratio (a) / (b) - % 142.3 172.2 170.3 28.0 p.p. -1.9 p.p. 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 1,849 559 1,194 558 1,251 616 1,233 613 1,236 1,659 599 1,060 1,490 1,441 628 1,156 1,785 561 929 613 828 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 (%) 37.7 62.3 31.9 68.1 30.9 69.1 36.1 63.9 33.2 66.8 33.3 66.7 42.6 57.4 35.2 64.8 45.7 54.3 45.1 54.9 50.3 49.7 52.1 47.9 52.3 47.7 52.5 47.5 53.9 46.1 49.0 51.0 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 Attention : This is an excerpt of the original content. 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