Banco Bradesco S A : ESG Report (811a5b)
BBDC4.SA
Published on 04/30/2026 at 08:06 pm EDT
ESG Report 2025
Introduction
3
4
5
About the report Report center
Message from the CEO
Environmental
60
61
64
Eco-efficiency Operational emissions
Energy management
1 4 6
Water management
Waste management
Materials management
Governance
131 Corporate Governance
137 Ethics, integrity, and transparency
144 Information security and data privacy
149 Technology and innovation
About us
8
11
Bradesco Organization
Strategy
2 5
3
Sustainability
14 Sustainability strategy and
governance
16 Sustainable business
27 Social, environmental and climate risks
34 Climate agenda
53 Biodiversity
55 Operations in the Amazon
Social
70 Our people
100 Client at the center
115 Suppliers
120 Community
126 Investors
Government and Regulators
Human rights
Annexes
7
164 Materiality
169 How we engage with stakeholders
173 GRI content index
181 SASB content index
186 Independent auditor's
assurance report
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
3
About the report
Report center
Message from the CEO
About the report
GRI 2-3
We present Bradesco's ESG Report 2025, part of our set of annual publications. This document aims to provide transparency to all stakeholders with whom we engage, providing a comprehensive and integrated view of our operations, achieved results, and the main actions and challenges related to environmental, social, and corporate governance (ESG) topics.
The information reported herein covers the period from January 1 to December 31, 2025. Whenever necessary, information subsequent to the reporting period is included and duly identified,
in order to contextualize relevant events that occurred up to the publication date, April 30, 2026.
Reporting guidelines
We prepared this report based on global standards, guidelines, methodologies, and reporting frameworks, such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD), in addition to the transparency guidelines of B3's Corporate Sustainability Index (ISE) and
the Corporate Sustainability Assessment (CSA) of the Dow Jones Sustainability Index (DJSI). The use of these frameworks aims to guide the structure and content of the information disclosed and does not necessarily imply full compliance with all requirements set out in such references.
Upholding our commitment to transparency, we remain aligned with the main regulations that require greater visibility of ESG information, such as the rules of the U.S. Securities and Exchange Commission (SEC) and the Brazilian Securities and Exchange Commission (CVM). We also monitor the evolution of these requirements to ensure compliance and to continuously improve the quality and clarity of the information reported.
Our report meets the reporting criteria of the Brazilian Association of Publicly Held Companies (Abrasca) and the commitments we have undertaken with the United Nations (UN), such as the Sustainable Development Goals (SDGs)¹ and the UN Global Compact.
1 We conducted a structured SDG prioritization process in 2019, which was reviewed in 2025 and verified by an
independent third party. Learn more about the prioritized SDGs in our ESG Indicators Worksheet, where we detail the methodology adopted in the review process.
Important considerations
The term ESG (an acronym for Environmental, Social, and Governance) is used throughout this report.
We refer to internal staff as "employees," while "contractors" designate outsourced service providers.
The human capital indicators presented cover more than 75% of FTEs (full-time equivalent employees).
All entities included in the audited financial statements are covered in this report (as detailed on pages 73 and 74 of the 4Q25 Economic and Financial Analysis Report), unless otherwise specified in footnotes. Therefore, when we use the terms
"Organization" or "Bradesco," we refer to the Bradesco Organization as a whole, including all of its companies. We use the term "Bank" to refer specifically to financial activities, while other subsidiaries are presented by their respective names. GRI 2-2
Validation and assurance
Relevant sustainability publications, such as this report, are reviewed and approved by Bradesco's senior leadership. The process of identifying
and reviewing material topics involves the active participation of senior management through interviews and is submitted for approval to sustainability governance forums, ensuring that the issues most relevant to our stakeholders and to Bradesco's strategy are adequately reflected. GRI 2-14
The ESG Report 2025 was subject to limited assurance by KPMG, an independent audit firm, which conducted its work in accordance with
NBC TO 3000 (Assurance Engagements Other than Audits or Reviews), on a report prepared based
Report . GRI 2-5
For questions or suggestions regarding this content, please contact us at: [email protected]
on the Global Reporting Initiative (GRI) Standards and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), as described in the Independent Auditor's Assurance
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
4
About the report
Report center
Message from the CEO
ESG Indicator Worksheet
Worksheet with the main quantitative ESG indicators for the past four years
It integrates institutional, business, financial and sustainability information, in accordance with the IIRC framework, with an emphasis on how we generate and share value with our stakeholders.
Materiality Report
Based on GRI Standards, SASB Standards, and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), as well as other national and international references, we disclose environmental, social, and governance indicators.
Publication of the methodology and processes for stakeholder consultation and building our materiality matrix.
LEARN MORE
on our Bradesco Sustainability page.
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
5
About the report
Report center
Message from the CEO
Message from the CEO
Dear reader,
Throughout the year, we continued to advance in the execution of Bradesco's transformation
process, with a focus on strengthening our ability to generate value in a consistent and sustainable manner. In a context of rapid technological change, new societal demands, and increasingly complex economic and environmental challenges,
evolving with strategic discipline and responsibility is essential for institutions of our scale and relevance.
In this scenario, sustainability remains a core element of our strategy. At Bradesco, it is integrated into how we conduct business, manage risks, develop solutions for clients and contribute to the economic and social development of the country.
As a financial institution, we recognize our role in supporting companies, sectors and families throughout their transformation journeys. The
transition to more sustainable production models, adaptation to climate change and the pursuit of
more inclusive economic growth require financial solutions, technical knowledge and long-term vision. We have acted as strategic partners to our clients throughout this process.
In 2025, we expanded our activities in sustainable business and reached the target, established in 2021, to channel BRL 350 billion to sectors and assets with positive social and environmental impact. In light of this progress, we raised our ambition and establish a commitment to mobilize BRL 450 billion in sustainable business by 2026.
We also strengthen our ability to mobilize capital for financing sustainable initiatives. In 2025, we actively participated in auctions of Eco Invest program, by National Treasury, with fundraising of approximately BRL 7 billion, in addition to executing relevant transactions with multilateral institutions, such as CAF and the International Finance Corporation (IFC), expanding support for clients and strategic sectors.
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
6
About the report
Report center
Message from the CEO
In the year of COP30, we reaffirmed our commitment to the transition to a low-carbon economy and to the sustainable business agenda through active participation in debates and initiatives aimed at strengthening the role of the financial system in mobilizing capital for the climate transition. During the forum, we announced the creation of Ecora, an initiative developed in partnership with BNDES and
Ecogreen Fund, for structuring a Brazilian carbon credit certification system, whose methodologies are adapted to the realities of Brazil's biomes and focused on strengthening the credibility and efficiency of this market in the country.
In the social sphere, we maintain a long-standing commitment to expanding opportunities.
Fundação Bradesco remains one of the most significant expressions of this commitment, through the offer of free and quality education. In 2025, we invested BRL 1.4 billion in educational
activities. We also allocated BRL 284.5 million to private social investment projects and
initiatives, aligned with United Nations Sustainable Development Goals.
The development of a robust sustainability agenda also depends on the people who build Bradesco every day. In this context, we invest in the development of our more than 82,000 employees and in promoting an increasingly diverse and inclusive environment, a conviction we consider essential to strengthening our
culture, broadening perspectives, and supporting more informed decision-making.
At the same time, we continued to advance our governance practices. After the close of the reporting period for this report, we elected an additional woman to the Board of Directors, further enhancing the diversity of perspectives within our main decision-making body.
Our performance in the sustainability agenda is recognized both nationally and internationally. We were included in the CDP Climate Change A List and maintained our presence in indices such as the Dow Jones Sustainability Index (DJSI) and the Corporate Sustainability Index (ISE), reflecting a consistent approach supported by robust sustainability governance and strategy.
All these fronts reinforce a central conviction: value generation and sustainability go hand in hand. In an increasingly complex global scenario,
companies capable of integrating a long-term vision, responsible risk management, innovation, and execution capability will be better prepared to thrive.
We end the period confident in Bradesco's ability to continue evolving, supporting its clients, contributing to the country's sustainable
development and generating long lasting value for shareholders and other stakeholders.
I thank our employees, clients, partners and shareholders for their trust and shared commitment to this trajectory.
I invite you to read this report, which transparently presents our strategy, practices and the progress of our sustainability agenda.
Marcelo Noronha
CEO
Introduction About us
Sustainability Environmental Social Governance Annexes
ESG Report 2025
7 Bradesco Organization Strategy
8 Bradesco Organization
11 Strategy
Related SDG
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
8
Bradesco Organization
Strategy
Bradesco Organization
GRI 2-1
We are a living ecosystem in constant transformation, delivering far more than financial products.
We are one of the largest financial institutions in Brazil and Latin America, with a track record of more than 80 years fostering the country's economic and social development.
We serve individuals and legal entities of all profiles, in Brazil and at strategic locations abroad, offering a comprehensive portfolio of financial products and services, including loans and financing, payment methods, investments, asset management, insurance, and pension plans, among others.
With one of the largest service networks in
North
8.5%
17.5%
Central-West
7.8%
13.5%
Northeast
24.3%
18.7%
Southeast
46.1%
74.3 million 37.7 mllion
total clients account holders
thousand 2.3 thousand
employees1 interns
4.6 thousand 39.3 thousand
Brazil, we combine physical and digital presence, reaching millions of clients through bank branches, Bradesco Expresso units (banking correspondents), and digital platforms.
South
13.3%
9.7%
14.5%
branches, business units and banking service points
Bradesco Expresso units (banking correspondents)
LEARN MORE
on our Bradesco Investor Relations website.
% Network distribution
% Market Share
1 Data include employees in Brazil and abroad and do not include members of the Board of Directors and Statutory Officers, interns, and third-party contractors.
BRL 24.7 billion
recurring net income
BRL 1.1 trillion
expanded credit portfolio balance
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
9
Bradesco Organization
Strategy
Bradesco Worldwide
New York
London
Luxembourg
Guadalajara
Guatemala
Miami
Cayman Islands
Hong Kong
Branches Subsidiaries Representative office
United States
New York Agency (New York)
› Development and expansion of business relationships with corporate companies and financial institutions in North America
› Fundraising in the capital markets and interbank market
› Foreign Trade Financing
Bradesco Securities, Inc. (New York)
› Distribution of public and private securities to international investors
› Brokerage of equity securities, primarily in the form of ADRs and local Brazilian shares
› Brokerage of Eurobonds, Commercial Paper, Certificates of Deposit, and other fixed-income securities
Bradesco Bank | Bradesco Investments Inc.
| Bradesco Global Advisors Inc. (Miami)
› Private Banking and Wealth Management
› Retail and Commercial Banking
› Corporate and Institutional Banking
› Real Estate Financing
› Institutional and Retail Brokerage Services and Investment Advisory Services
Guatemala
Representaciones Administrativas Internacionales S. A. - RAISA (Guatemala City)
› Institutional representative office
Mexico
Bradescard México, S. de R.L. (Guadalajara)
› Issuance of credit cards in partnership with major retail chains
› Electronic payments, services, and credit solutions
Grand Cayman
Grand Cayman Agency (George Town)
› Bradesco's main access vehicle to the International Capital Markets
› Foreign Trade Financing
› International Treasury
United Kingdom
Bradesco Securities UK Limited (London)
› Connects institutional investors in Europe with Latin America
› Execution of regional equity and fixed-income transactions (IPOs, Secondary Offerings, etc.)
› Marketing and distribution of proprietary equity products and fixed-income research
› Brokerage of equity and fixed-income products
› Trading of securities, Commercial Paper, Certificates of Deposit, and other instruments
Luxembourg
Banco Bradesco Europa S.A.
› Development and maintenance of business relationships with companies and banks of interest between Brazil and Europe
› Corporate Banking and Trade Finance
› Private Banking
Hong Kong
Hong Kong Representative Office
› Client and business development
› Advertising, marketing campaigns, and client visits
› Communication channel between potential clients located in Asia and clients in Brazil
Bradesco Securities Hong Kong Limited
› Connects institutional investors in Asia and the Middle East with Latin America
› Institutional equity and fixed-income sales, as well as distribution sales coverage for funds
Introduction About us
Sustainability Environmental Social Governance Annexes
ESG Report 2025
10 Bradesco Organization Strategy
GRI 2-6
We operate in the banking and insurance sectors, with a presence across the entire national territory and in key international locations.
Profile of our clients
Corporate
Large Corporate
Institutional Segment
Global Corporate
Ultra Corporate
Agribusiness
We offer our products and services through a variety of brands. In addition to those traditionally recognized under the Bradesco name, our group includes other innovative and specialized brands designed to meet diverse needs:
Our value chain combines internal activities with the support of suppliers who contribute to
delivering solutions to individuals and businesses of all profiles.
We also generate impact through the activities and sectors we finance, insure, or invest in, contributing to the country's economic and social development.
Bradesco Global Private Banking
Bradesco Principal
Bradesco Prime
Digital Retail
INDIVIDUALS
LEGAL ENTITIES
Bradesco Wholesale
Bradesco Companies
Bradesco Business
Bradesco Individual Microentrepreneur
Diversified portfolio
Accounts and others
>accounts (checking, savings, etc.)
>debit and credit cards
>transfers and payments
withdrawals and deposits
foreign exchange
Investments
savings
investment funds
bank certificates of deposit
third-party asset management and administration
advisory
wealth management
Loans and
financing
personal credit
payroll loans
mortgage lending
rural credit
on-lending
microcredit
consortium
vehicle financing
leasing
Investment banking and capital markets
financial advisory
securities issuance
underwriting
asset management
project financing
trading and brokerage
Insurance, pension, and capitalization
life and personal accident insurance
health insurance
automobile, property and casualty, and liability insurance
reinsurance
supplementary pension plans
capitalization bonds
Public sector
solutions for government entities
financing of public works
financial management for public sector entities
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
11
Bradesco Organization
Strategy
Strategy
Bradesco's strategic plan is structure increasing profitability by seeking returns above the cost of capital, simplifying operations and the management model, and providing greater autonomy and agility in decision-making.
Our ambition is to be a full-service, profitable bank, prepared to compete in both the short and long term. This ambition is translated into the following aspirations to be achieved under the Strategic Plan:
AFFLUENT
DIGITAL RETAIL
n
e
s
B
u
s
i
SMES
s
PAYMENTS
CREDIT
A cost-efficient physical bank focused on higher-return clients
An efficient digital bank, with a human-centered experience
supported by artificial intelligence
Operational efficiency to ensure competitiveness and returns
Greater share of wallet capture in key segments
A new, customer-first experience
A culture of transformation
SYNERGIES
TECHNOLOGY
EFFICIENCY
b
a
n
E
s
r
e
l
MANAGEMENT AND CULTURE
Through a robust and accelerated approach, our transformation agenda prioritizes ten key strategic themes, organized into business and enabling fronts, aligning actions with our ambitions.
ORGANIZATIONAL
More effective time to market
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
12
Bradesco Organization
Strategy
We continue our transformation as one of the largest financial groups in Brazil, creating value through sustainability, inclusion, innovation, pioneering spirit, and expansion. Below are our main achievements through 2025.
ORGANIZATIONAL
» Adjustment of the organizational structure, with a focus on efficiency and agility
» Reduction of hierarchical levels and review of the span of control
» Reorganization of product areas by Business Units (BUs)
» Hiring of C-level executives
» Ongoing footprint optimization, back-office efficiency plan, and cost control
MANAGEMENT AND CULTURE
» Evolution toward a more contemporary management model
» Continuation of the variable compensation plan for leadership, encouraging
self-management aligned with strategic objectives
» Sou Bradesco: new survey answered by 84% of employees, generating input for further changes
DIGITAL RETAIL
» Expansion and evolution of the digital service model, with more than 19 million clients migrated
» Expansion of service through Bradesco Expresso
» Hyper-personalization of offers and actions, based on client profile and behavior, with the intensive use of artificial intelligence (AI)
» Enhancement of the client experience in the app
AGILITY AND TECHNOLOGY
» More than 1,500 new hires in technology
» Productivity gains, innovation, risk management improvements, and advances in hyper-personalization
» Expansion of Enterprise Agility, involving more than a thousand professionals
» Development productivity: 109% increase
SMEs
» Increase in the number of clients using
the new SMEs app
» Growth in TPV (Total Payment Volume) and launch of the electronic platform for financial management (assets and derivatives)
» Strengthening of Cielo's commercial activities
AFFLUENT
» Consolidation of the Bradesco Principal Segment, with more than 320,000 clients
» Opening of 62 offices across 36 cities
» Adjustment of the Prime value proposition for more than 3 million clients
PAYMENTS
AND SYNERGIES
» Enablement of Global Solutions for 100% of Wholesale clients
» Launch of the Developers Portal, with the full API portfolio
CREDIT
» Continued improvement of credit models: scorecards,
hyper-personalization, and pricing
Introduction
About us
Sustainability
Environmental Social Governance Annexes
ESG Report 2025
13 Sustainability strategy and governance Sustainable Business Social, environmental and climate risks Climate agenda Biodiversity Operations in the Amazon
14 Sustainability strategy and governance
16 Sustainable business
27 Social, environmental and climate risks
34 Climate agenda
53 Biodiversity
55 Operations in the Amazon
Related SDG
Introduction
About us
Sustainability
Environmental Social Governance Annexes
ESG Report 2025
14 Sustainability strategy and governance Sustainable Business Social, environmental and climate risks Climate agenda Biodiversity Operations in the Amazon
GRI 2-12 • 2-22
Sustainability is embedded in our corporate strategy and is
managed in a transversal manner, with continuous monitoring
We reaffirm our commitment to sustainable development by promoting businesses and initiatives that generate positive impacts for society and the environment.
Continuous monitoring of sustainability topics that are material to the business enables us to understand challenges and trends at both local and global levels. We have defined three priority fronts of action, based on their potential impact and aligned with the United Nations Sustainable Development Goals (SDGs), ensuring consistency with stakeholder expectations.
Drive businesses with a positive impact that promote social and environmental development
Ensure our businesses are prepared for climate challenges, raising awareness and engaging our clients on risks
and opportunities
Promote financial education and inclusion to support socioeconomic development
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
15
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
GRI 2-12 • 2-22
Executive
Strategic
The sustainability strategy is underpinned by a governance structure that ensures the integration of environmental, social and governance (ESG) aspects into operations and business decisions, in line with the expectations of our stakeholders.
LEARN MORE
Sustainability Commission
Sustainability and Diversity Committee
Board of Directors
Defines the strategy and monitors the Organization's performance on the topic in regular meetings.
The main governance body on this topic, composed of members of the Board of Directors and the Executive Board, including the CEO. It meets bimonthly and is responsible for advising and reporting to the Board of Directors on the evolution and implementation of the sustainability strategy.
Regulatory Framework
The guidelines for managing social, environmental, climate-related, and governance aspects are established in our policies and standards, among which we highlight:
Social, Environmental, and Climate Responsibility Standard (PRSAC): describes the main guidelines for Bradesco's
sustainability and social, environmental, and climate responsibility in defining its strategy
in the Charter of the Board of Directors.
Composed of executive officers and directors from strategic areas, it advises the Committee's decisions and proposes improvements to sustainability processes. Meetings are held bimonthly.
Dedicated teams
These are teams within different organizational structures dedicated to connecting and disseminating the Sustainability Strategy through the management of climate, environmental, social and
governance aspects.
Sustainability area
Responsible for developing, proposing and monitoring the implementation
of the sustainability strategy, advising the Board of Directors, the Committee
and the Commission in their duties.
Operational
Working groups
These are professionals from different areas of the organization involved in the development of operational sustainability projects.
and conducting its business, activities, and processes.
Social, Environmental and Climate Risk Standard: establishes criteria for the analysis of exposure to social, environmental, and
climate risks in operations involving clients, suppliers, grantees and investee companies, in accordance with the principles of proportionality and relevance defined by the National Monetary Council.
Sustainability Policy: coutlines the principles that govern Bradesco's corporate sustainability management.
Introduction
About us
Sustainability
Environmental Social Governance Annexes
ESG Report 2025
16 Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks Climate agenda Biodiversity Operations in the Amazon
GRI 3-3
ESG integration in business
Wholesale Bank
Structuring and issuance of ESG transactions through corporate credit and capital markets, with earmarked use of proceeds or linked to sustainability targets
BRAM (Bradesco Asset Management)
Management of funds and investment portfolios with ESG goals, covering strategies in equity, fixed income and Fund of Funds
Retail
Offer products with social and environmental benefits, using proprietary funding and on-lending lines from BNDES
Bradesco seguros group
Offering products and services aligned with ESG practices across the operations of Bradesco Auto/RE, Bradesco Vida e Previdência, Bradesco Saúde, Novamed, Bradesco Capitalização, Atlântica Hospitais and BSP Enterprises Operations.
We support our clients in the transition to a more sustainable economy by directing resources to sectors and activities with positive impact and through products and services that enable this journey.
As a financial institution, we recognize our role in mobilizing capital to support this transformation, integrating risk management with the identification of opportunities related to environmental, social, and climate issues.
We understand that the long-term resilience of our business is directly linked to the continuous evolution of our solutions, making them increasingly aligned with sustainability criteria.
In this context, we engage clients in identifying these opportunities and provide support across the different processes associated with the ESG solutions available in our portfolio.
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
17
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
To scale and guide our sustainable business strategy, we set goals to guide our decisions and capital allocation. Since 2021, we have committed to directing resources to sustainable businesses, reaching a cumulative volume of BRL 381.9 billion in 2025, surpassing the initial target of BRL 350 billion. This milestone reflects our ability to mobilize capital to accelerate and expand financial solutions that impact the economy and society.
Direct
BRL450 billion
to sectors and activities with socio-environmental benefits by Dec-2026
In early 2026, we announced the continuation of this commitment, evolving our ambition to:
Action fronts:
ESG Operations
Labeled bonds and loans, such as Greens,
Social or Sustainable and those linked to sustainability targets, among other financial instruments
Socio-environmental products
Solutions with social and environmental benefits, such as financing for electric and hybrid vehicles, solar energy systems and microcredit
Capital mobilization
Corporate lending and capital markets advisory for sectors and activities aligned with green taxonomy
Enabling instruments
Financial support operations, such as bank guarantees and revolving credit structured with sustainability criteria
Examples of strategic sectors for capital allocation
Biofuels
Low carbon agriculture
Transport
Renewable energy
Forestry management
Waste management
Sanitation and water
Health Education
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
18
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
BRL
We continually review our products and services portfolio through a comprehensive process that incorporates environmental, social and climate criteria. This process guides the development and
delivery of financial solutions aligned with client
6.9
Featured Solutions:
CO2
billion
needs and our sustainability goals.
We also operate with on-lending lines from the National Bank for Economic and Social
Development (BNDES), directed to projects and
activities aligned with the bank's sustainability
balance on products with environmental benefits¹
BRL
billion
9.7
Financing for hybrid and electric vehicles
Financing line for the
acquisition of hybrid and
Green Entrepreuner Plan
Financing line focused
on projects that adopt
Fundo
Clima Program
In 2025, operations
under the Fundo Clima
criteria, which contribute to sustainable development.
In this context, our portfolio includes a range of products designed to support projects and initiatives with positive impact, covering both
environmental and climate-related activities and social projects, in areas such as education, clean transport, accessibility and financial inclusion.
balance on products with social benefits²
BRL 4.4 billion in own resources (CDC Kit Gas, Photovoltaic, Solar Heater, Electric and Hybrid Vehicles, among others) and BRL
2.5 billion in BNDES transfers (RenovAgro, Climate Fund, Low Carbon Finame, among others).
BRL 9.3 billion in own resources (Microcredit, Accessibility, Local Productive Arrangements, as examples) and BRL 414 million in BNDES transfers (Proirriga, Pronamp and Prodecoop Programs).
electric vehicles, which reached, BRL 2.5 billion in financed volume
in 2025, a growth of 68.5% compared to the previous year.
solutions aligned with sustainability standards applicable to buildings, contributing to the expansion of more efficient and resilient properties. In 2025, three operations were carried out, mobilizing BRL 415 million.
Program totaled BRL 450 million, twice the volume recorded in 2024.
The funds were allocated to initiatives aimed at reducing greenhouse gas emissions and adapting to climate change.
LEARN MORE
On the performance in previous years in ESG Indicator Worksheet.
SASB FN-IB-410a.1 • FN-IB-410a.2 • FN-IB-410a.3
In 2025:
9,3 billion 41
As part of our sustainable business strategy, we develop customized credit and debt solutions in the capital market, supporting our clients in the adoption and enhancement of ESG best practices.
Operations labeled ESG - such as green, social,
Bonds
in volume
operations
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
19
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
Loans
Structuring of renewable energy projects
Through Bradesco BBI, our investment bank, we structured 71 project finance operations aimed at the generation of electricity
sustainable and sustainable-linked - are financial instruments associated with environmental, social or sustainability objectives. These operations follow international principles established
by institutions such as ICMA, LMA, LSTA and
BRL 5.7
13
billion
in value of
BRL 3.6
17
billion
in value of
from renewable sources, adding BRL 5.4 billion in participations by the end of 2025, These operations contributed to the advancement of the Organization's sustainable business target.
APLMA, which provide guidance on classification, management and reporting, ensuring transparency
Green bonds
BRL
4.1
billion
Green loans
BRL 895million
and credibility for the market.
in value of
in value of
Based on these frameworks, a specialized team works from identifying opportunities to preparing
Social bonds
BRL 156
million
Sustainability
-linked Loans
BRL2.4
billion
documentation and supporting the assessment
in value of 2
in value of
process, assisting in the structuring and issuance of ESG financial instruments, including labeled loans
Sustainability
-linked Bond
BRL 286million
Sustainable Loan
BRL 292million
and debt. This integrated approach contributes
in value of
Structuring of environmental sanitation projects
to aligning transactions with international best practices.
Sustainable Bonds
BRL 695 million
Throughout 2025, we structured 4 project finance operations in the sanitation sector, covering projects related to sewage network
These operations are intended to enable initiatives
in value of
1
Transition
management and water intake, treatment, and distribution
systems. The total volume of these operations amounted to
associated with positive environmental and social impacts.
Bond
BRL 540million
BRL 728 million in one of the strategic sectors of sustainable business goals.
Oxiteno
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
20
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
Global company in the juice and natural ingredients sector, with integrated operations from cultivation to export. We act as advisors in structuring BRL 976 million Sustainability-Linked Loan, seven-year term, linked to ESG goals related to increasing gender and ethnic diversity in management positions.
Brazilian transport company, recognized for its commitment to sustainability through investments in vehicles powered by biomethane and electricity, which already represent 30% of its fleet. We acted as ESG advisors in issuing BRL 85 million Green CCE, in 55 months, intended for the acquisition of sustainable vehicles.
We supported Indovinya, a business division of Indorama Ventures with global operations in the surfactants and specialty chemicals sector, in structuring a USD 100 million Sustainability-Linked Loan with a four-year tenor, linked to targets of a 15% reduction in greenhouse gas emissions intensity and a 10% reduction in absolute emissions at its industrial units in Brazil by 2028.
Company specialized in large-scale ecological restoration, with operations in the recovery of degraded areas in the Amazon and Atlantic Forest. We structured BRL 80 million surety, with a two-year term, to enable the performance of the first contract with Microsoft.
A concessionaire responsible for managing 726.9 km of highways connecting Rio de Janeiro and Minas Gerais, with a focus on road safety, logistics efficiency, and sustainable practices. We acted as lead coordinator and ESG advisor in the issuance of BRL 540 million in transition debentures, allocated to renewable energy, energy efficiency, and clean transportation projects.
A circular economy platform with the capacity to recycle more than 7 billion PET bottles per year and produce 115,000 tonnes annually. We coordinated and advised the issuance of BRL 220 million in ESG debentures, with a five-year tenor, for the acquisition of recycling equipment, the transformation of plastic into raw materials, and the implementation of collection centers.
In the third auction of the Eco Invest Brazil Program, aimed at investments in equity, we had BRL 1.01 billion approved in catalytic capital, with the potential to enable BRL 3,535 billion in
investments. Highlights are the forecast of BRL 2,156 billion in external equity (61%), contributing to attract long-term international capital, and the allocation of BRL 1,343 billion for startups and SMEs (%), with a focus on strengthening innovation and growth of companies
aligned with the ecological transition.
In the second auction of the program, we raised BRL
3.48 billion, of which BRL
1.97 million corresponds to catalytic capital. With these resources, we committed to supporting the recovery of 203,000 hectares of degraded areas, contributing to
environmental regeneration and sustainable
development.
BRL 1 billion granted to the Grupo Neoenergia aimed at projects aligned with the company's investment plan, including installation of new equipment, infrastructure modernization and smart grids implementation, which enable
the efficient integration of intermittent renewable sources into the distribution network. These investments reinforce the
energy transition axis.
BRL 800 million granted to Solvi Essencis Ambiental, focused on waste management,
energy recovery and biomethane production
BRL 300 million granted to Oleoplan, intended for the implementation of a soybean crushing plant and biodiesel production facility in Iraquara (BA), contributing to the
axes of energy transition and biofuels.
projects, contributing to the axes of Energy Transition and Circular Economy, with a focus on renewable energy and energy
efficiency and solid waste management.
Throughout the year, we carried out the first disbursements of resources raised in the 1st auction, directing them to operations aligned with the energy transition and the circular
economy. Among the highlights:
3rd Auction
2nd Auction
1st Auction
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
21
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
Fundraising under the Eco Invest program
In 2025, we expanded our participation in the Eco Invest program, an initiative led by the National Treasury that uses blended finance mechanisms to support the country's ecological transition.
The program facilitates the integration of Brazilian companies into the international financial system, enabling the raising of funds from foreign investors, in addition to offering long-term foreign exchange hedging.
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
22
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
Sustainable Finance Framework
Recognitions
In 2025, we reviewed our Sustainable Finance Framework, a document that sets out the criteria, principles and processes guiding the issuance of Green, Blue, Social and Sustainable bonds. The framework provides the technical foundation for operations in both local and international capital markets, as well as
for credit operations, such as bilateral or syndicated loans with financial institutions and multilateral agencies. Its structure is aligned with internationally recognized principles and guidelines.
The framework consolidates our strategy in directing capital to activities with positive impact, describing the categories of eligible projects, governance procedures for evaluation and selection, mechanisms for managing allocated proceeds, and commitments to transparency and reporting.
The document was submitted to a Second Party Opinion on (SPO) issued by S&P Global Ratings, which attested its alignment with market
best practices and the integrity of applicable principles.
Environmental Finance
We ranked 1st in Latin America and 9th globally in the Sustainability Coordinator League Table, which evaluates financial institutions based on the volume of sustainable loans carried out in the year. The ranking was published in the Sustainable Loans Insight 2025 report by Environmental Finance. Bradesco was the only Brazilian bank to be listed simultaneously among the top ten in Latin America and global rankings.
Sustainable Finance Awards 2025
Bradesco BBI
We were recognized at 2025 Sustainable Finance Awards, organized by Global Finance, winning three categories related to the structuring of sustainable bonds: Green Bonds, Social Bonds and Sustainable Bonds.
The awards recognize financial institutions for their performance in the issuance of securities intended for financing projects with social and environmental benefits or linked to ESG targets.
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Access Sustainable Finance Framework.
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
23
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
SASB FN-AC-410a.2 • FN-AC-410a.3
Bradesco Asset Management is one of the largest private asset managers in Brazil, with BRL 997.7 billion in assets under management. Through
it, we offer a diverse range of investment funds and portfolios, covering different investor profiles and strategies, including solutions that integrate environmental, social and governance criteria (ESG).
Total assets under management
SASB FN-AC-000.A
BRL billion
997.7
Volume under management by class
(FIs only)
Volume under management by segment (FIs only)
856.1
659.2
569.2
Segment
BRL million
%
Class
BRL million
%
EFPC Emp. Public
25,587.41
2.56%
Fixed income
505,216.48
50.64%
EFPC Emp. Private
75,293.54
7.55%
Shares
12,439.52
1.25%
Insurer
46,218.72
4.63%
Multimarkets
56,744.89
5.69%
EAPC
395,038.56
39.59%
Exchange rate
664.24
0.07%
Capitalization
18,471.90
1.85%
Social security
304,677.13
30.54%
Corporate
140,594.76
14.09%
ETF
7,392.37
0.74%
MiddleMarket
38,108.67
3.82%
FIDC
35,915.51
3.60%
Private
46,732.36
4.68%
FIP
220.11
0.02%
Retail High Income
71,369.23
7.15%
FII
383.60
0.04%
Retail
53,284.64
5.34%
FIAGRO
191.32
0.02%
Government
5,867.52
0.59%
Off-Shore
-
0.00%
RPPS
19,225.71
1.93%
Administered Portfolio
73,895.10
7.41%
Investment fund
50,929.92
5.10%
TOTAL
997,740.29
100%
Foreigners
3,308.72
0.33%
By liquidity classification
category
Low
23.6%
Average
Very high:
9.2%
19.1%
High
48.1%
2022 2023 2024 2025
Others 7,708.62 0.77%
TOTAL 997,740.29 100%
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In Responsible Investment Standard. In PRSAC.
Bradesco Asset Management's Responsible Investment Standard formalizes the processes related to monitoring environmental, social and corporate governance issues in the management's investment decision-making process, in view
of its fiduciary duty. The document establishes guidelines for:
Inclusion of ESG criteria in asset analysis and
management;
exposure of investments to sensitive sectors;
engagement of the invested companies;
relationship with stakeholders;
exercise of the right to vote;
commitment to transparency and accountability.
We seek the continuous improvement of methodologies and analysis processes, in line with market best practices and regulatory developments, in order to consistently integrate ESG criteria and contribute to greater security and value generation for clients.
99.94% of assets under management
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
24
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
incorporate ESG analysis
*ANBIMA base fixed income and variable income, except multimarket/systematic.
Annually, we evaluate the ESG aspects of invested assets or potential investments through a internally developed questionnaire. ESG analysis draw on a wide range of information sources, including public data, specialized consultancies, rating agencies and data platforms.
We adopt a screening approach that integrates results of ESG analysis to the strategies of each fund and portfolio, allowing each product to have specific criteria or goals related to responsible investments.
At the asset selection stage, we consider material criteria for different sectors, aiming to reduce the fund's exposure to ESG risks and capture possible opportunities.
As for funds with ESG goals, we prioritize assets that demonstrate greater preparedness to address sustainability challenges and that have projects related to these themes.
ESG risk and opportunity analysis supports portfolio managers in capital allocation decisions and also serves as a basis for offering different products to the choice of investors, which will bring return to all stakeholders.
For equity funds, screening may include the comparison between the ESG rating of the fund and the ESG rating of the benchmark, methodologies such as Best in Class and
engagement strategies with companies that show potential to improve their ESG performance, enabling a comprehensive ESG assessment of portfolio companies to support investment decisions. In addition, according to the investor's profile and objectives, we may adopt thematic ESG strategies, such as those related to climate commitments and performance, clean energy, basic sanitation, longevity, among others.
Learn More about our practices in the Social, Environmental and Climate Risks section
LEARN MORE
check out the historical series in our ESG Indicators Worksheet.
Assets under management that apply integration of environmental, social, and governance (ESG) factors and screening SASB FN-AC-410a.1
ESG integration/screening
Asset Class
BRL billion %
Shares
23.6
99.96%
RF Credits
265.1
99.82%
FIDC
32.3
99.54%
Government bonds
450.4
100%
Committed
225.5
100%
TOTAL
997.1
99.94
Currently, we have several funds with ESG goals, both in variable income, fixed income, and in fund's funds, totaling BRL1.5 billion net worth under management. In addition, we have USD 397 8 million under
Main Funds ESG BRAM - IS ANBIMA
management in funds that promote environmental and/or social characteristics, according to
article of the Sustainable Finance Disclosure Regulation (SFDR).
Participation in meetings (proxy voting)
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
25
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
SASB FN-AC-410a.3
We adhere to the Investment Funds Self-Regulation Code issued by the Associação Brasileira das Entidades dos Mercados Financeiro
Sector Meetings Participation in
Meeting (%)
PL (BRL million) Strategy
The goal is to capture returns from investments in high
e de Capitais (Anbima), which determines
Agribusiness
2
3%
Banks
1
1%
Capital Goods and Services
1
1%
Consumption
1
1%
Education
1
1%
Electricity
4
6%
Real estate
6
8%
Logistics, Transport and
Infrastructure
3
4%
Min and Metallurgy
3
4%
Others
22
31%
Paper, Pulp and Wood
1
1%
Health
Technology, Media and Telecom
6
1
8%
1%
Public utilities
16
23%
Retail
3
4%
TOTAL
71
100%
Investment Fund Managers to adopt a Voting
Bradesco Stock Investment Fund is Corporate Sustainability
BRAM Stock Investment Fund IS Corporate Sustainability 2
Bradesco FIC FI Fixed Income Private Long TERM Credit IS Performance SRI 20
Bradesco Principles ESG global equities IS PGBL / VGBL
Ágora Princicples IS ESG global fixed
11.09
18.99
300.11
12.55
level of sustainability and corporate governance companies. Based on the assets listed in B3, issuers who have ESG rating equal to or higher than the sector rating (best in class) are selected and according to the criteria for selecting quality quartile defined by Bradesco Asset. In addition, the funds also have a strategy related to the engagement of investees in ESG themes.
Goal is to invest in funds with well-defined and measurable ESG strategies in local and/or interactional markets, as well as restricting some controversial sectors.
Policy, ensuring the right to vote at general meetings of investment funds and of issuers of securities held in fund portfolios, in order to protect the clients' interests.
Under our policy, the exercise of voting on material matters at shareholder meetings is the prerogative of funds holding more than 5% of the capital stock or have more than 10% of
their assets invested in a single security. The call notice to shareholder meetings are analyzed
by our analysts and portfolio managers, and
voting decisions are submitted for approval by
income PGBL/VGBL 318.36
an internal proxy voting committee. Although the Voting Rights Policy does not specify explicit
Bradesco ESG Principles is global fixed income PGBL/VGBL
BRAM IS Sustainability Private Credit Fixed-Income Investment Fund
67.88
303.94
The goal is to capture returns through investments in companies with similar ESG rating or higher than the sector ESG rating (best in class), so as not to cause damage
to its goal.
guidelines for environmental and social issues, we monitor the agendas of general meetings of
investee companies. When relevant environmental and social topics arise, they are identified
and highlighted, with guidance provided on
participation and voting direction. In 2025, we
Note: Funds submitted to IS seal of Anbima. IS ANBIMA Fund is a sustainable investment fund, identified according to the rules and procedures established by ANBIMA. These funds are made up of assets following sustainability criteria, aligned with environmental, social and governance (ESG) practices.
participated in 71 shareholder meetings.
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
26
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
GRI 2-29
To ensure the internalization of our sustainable business strategy accross the Organization, we maintain a continuous engagement process with clients and employees, with a strong focus on commercial teams.
In 2025, we engaged 558 Wholesale relationship managers on sustainable business-related topics, aiming to strengthen their understanding of how environmental, social and climate aspects are integrated into client solutions. To reinforce this agenda, we
in these sessions, which included content on the simulation of effects of climate transition policies, such as renewable energy incentives and carbon pricing, on the economy, society and environment, in addition to discussions on materiality of ESG aspects for different sectors and companies.
Additionally, throughout the year, we participated in about 100 engagement meetings, involving investment portfolio companies, collective engagement
Sustainability Summit, held at the Cidade de Deus headquarters in Osasco, with online transmission across the entire Organization.
Internal engagement and sustainability training
promoted internal training and knowledge-sharing initiatives, enhancing the ability of commercial teams to identify opportunities and support clients' sustainability strategies.
In our client relationships, we held 331 meetings in 2025, addressing ESG opportunities and risks, regulatory trends and financial solutions associated with the sustainable transition.
Within Bradesco Asset Management, we implement specific training related to the ESG agenda for internal audiences. In 2025, more than 80% of employees participated
organizations and associations, focusing on promoting ESG best practices, mitigating risks and identifying opportunities. In this context, we also participated in collective engagement initiatives related to climate and biodiversity, including those promoted by the Principles for Responsible Investment (PRI).
Throughout 2025, we promoted internal engagement and training initiatives focused on Bradesco's broader sustainability agenda, with an emphasis on disseminating the corporate
strategy, strengthening organizational culture, and aligning employees with the Organization's ESG commitments.
In this context, we held the Bradesco Sustainability Summit, which brought together employees from different areas to discuss ESG trends, challenges and opportunities related to the sustainable
transition, as well as the Bank's role in integrating these themes into its operations. The event featured panels, keynote sessions, and moments for sharing experiences, contributing to stronger internal alignment and advancement of the sustainability agenda.
Considering the set of these initiatives, we engaged 4,946 employees in internal sustainability training and awareness-raising actions
throughout the year.
Introduction
About us
Sustainability
Environmental Social Governance Annexes
ESG Report 2025
27 Sustainability strategy and governance Sustainable Business
Social, environmental and climate risks
Climate agenda Biodiversity Operations in the Amazon
GRI 2-23 • 2-24 • SASB FN-CB-410a.2
Social, environmental, and climate risks (RSAC), in the context of financial institutions, are predominantly manifested indirectly, arising from
business relationships, including those established with clients, suppliers, and investee companies, through financing and investment activities.
In line with the definition of the Central Bank of Brazil (BCB), as set forth in Resolution No. 4,557, these risks comprise:
Social risks - represent the possibility of losses related to violations of fundamental rights and guarantees or acts harmful to collective interests, such as practices of harassment, discrimination, child labor, or labor analogous to slavery.
Environmental risks - involve the possibility of damage to the environment, including pollution, deforestation, biodiversity loss, and excessive use of natural resources.
Climate risks - are divided into two types: physical and transition risks. Physical risks involve the possibility of losses arising from extreme and frequent climate events or from long-term environmental changes resulting from shifts in climate patterns. Transition risks
refer to the possibility of losses associated with the inability to adapt to regulatory, technological, and market changes related to the transition to a low-carbon economy. Learn more about climate risks in the Climate Agenda chapter
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
28
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
The governance of SAC risks is structured across different levels, with specific responsibilities for managing these risks.
The Board of Directors is supported by committees that assess the relevance of SAC risks, establish strategic guidelines, and monitor their evolution.
At the executive level, committees are responsible for assessing the impacts of these risks, proposing mitigation measures, and ensuring compliance with regulations and best practices. These committees support the Chief Executive Officer (CEO) and include the participation of the Chief Risk Officer (CRO).
At the operational level, specialized areas monitor exposure to SAC risks and promote their integration into business planning and management processes.
This structure is aligned with the guidelines established by the National Monetary Council (CMN).
LEARN MORE
about the roles and responsibilities of each governance body in the Social, Environmental, and Climate Risks and Opportunities Report (GRSAC).
Regulatory environment
SAC risks have increasingly become part of the agenda of governments and the private sector and have been progressively incorporated into the regulation of the Brazilian financial system. The National Monetary Council (CMN) and the Central Bank of Brazil (BCB) have strengthened rules, guidelines, and supervisory processes to ensure that financial institutions adequately manage these risks.
Among the main regulatory requirements are the establishment of the Social, Environmental,
and Climate Responsibility Standard (PRSAC), the annual disclosure of the Social, Environmental, and Climate Risks and Opportunities Report (GRSAC), and the integration of climate risks into stress tests, as well as the inclusion of sustainability criteria in the management of international reserves and in investment selection. These measures aim not only to protect the financial system but also to promote a more sustainable and resilient economy.
Normative framework
We maintain a set of policies and standards that guide the management of social, environmental, and climate aspects across our businesses and operations. These documents are continuously updated to reflect regulatory changes, the voluntary commitments we have undertaken, and the principles of relevance and proportionality, considering the complexity of financial products and operations carried out.
Our Social, Environmental, and Climate Responsibility Standard sets out the main guidelines for the sustainable conduct
of business, activities, processes, and relationships with stakeholders, highlighting key lines of action and governance. In turn, the Social, Environmental, and Climate Risk Standard establishes the scope for analyzing exposure to social, environmental, and climate risks in operations with clients, suppliers, grantees, and investee companies.
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
29
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
The scope of management defined in our Social, Environmental, and Climate Risk Standard, aligned with our Social, Environmental, and Climate Responsibility Standard, covers risks inherent to credit granting activities, collateral arrangements, donations and sponsorships, investments (private equity), and the recording of operational losses.
The management process comprises the stages of identification, assessment, classification, monitoring, control, and mitigation of these risks.
LEARN MORE
about these stages in the Social, Environmental, and Climate Risks and Opportunities Report (GRSAC).
Credit and financing
Operations
SASB FN-CB-410a.2
In the analysis of social, environmental, and climate aspects applicable to credit and financing operations, we adopt different assessment criteria according to the characteristics of
each transaction, following the principles of proportionality and relevance established by the Brazilian Central Bank (BCB).
Credit granting
For the assessment of social, environmental, and climate risks, we consider factors associated with the economic sectors in which clients operate (inherent risk) and their credit exposure in each sector. Clients operating in sectors with medium or high inherent risk and with significant financial exposure are included within the scope of the assessment.
We assess the environmental, social, and governance performance (ESG Score) of these clients through the application of questionnaires, complementary research in media and news sources, and verification of sensitive environmental aspects related to the location of production
units or projects (georeferencing), among others.
The objective is to identify potential impacts on biodiversity, traditional communities, indications of human rights violations related to slave-like working conditions, child labor, sexual exploitation
and human trafficking, exposure to climate change, occupational health and safety issues, legal compliance, and corporate social responsibility.
The combination of the sector inherent risk and the client's ESG Score results in an RSAC rating, which may be classified as minimal, low, moderate, high, or very high.
Project finance
Our RSAC Standard defines which projects must
be analyzed based on the economic sector and the amount of financing.
The analysis process includes sector-specific checklists to verify licenses, environmental studies, prevention, mitigation, control and compensation programs for impacts, and climate exposure. Media research and consultations with internal and public databases are also part of the process, such as
the registry of employers that have subjected workers to slave-like conditions, the embargo list of the Brazilian Institute of the Environment and Renewable Natural Resources (Ibama), the Chico Mendes Institute for Biodiversity Conservation
(ICMBio), and public registries of contaminated areas. Based on this analysis, a project risk rating is assigned, comprising five levels: minimal, low, moderate, high, and very high.
Since 2004, we have been signatories to the Equator Principles (EP), a set of voluntary guidelines that support the identification, assessment, and management of social and environmental risks in large projects. The objective is to ensure that the projects we finance or advise are implemented in a socially responsible manner and reflect best practices in environmental,
social, and climate management, as set out in the Performance Standards of the International Finance Corporation (IFC) and the World Bank Group Environmental, Health and Safety Guidelines. We classify projects under the Principles according to risk categories A (high), B (medium), and C (low).
Project monitoring
We incorporate into our monitoring portfolio projects that present potentially significant impacts, for which action plans are drawn up and must be complied with throughout the contract term. We monitor compliance with these plans annually through document analysis, site visits, and audits conducted by independent consulting firms, when applicable.
Non-compliance with established conditions may result in a downgrade of the client's or
project's RSAC rating, adjustments to action plans, suspension of the disbursement of financial resources, or, in specific cases, early termination of the contract.
In 2025, we monitored 11 projects, all of which were framed under the Equator Principles, eight of which were structured as project finance.
Project finance framed under
the Equator Principles
Number of projects/transactions reviewed 11
To assess the impact of SAC risks on the Organization's financial stability, we developed scenarios that consider the simultaneous occurrence of events associated with these risks. This exercise enables the evaluation of impacts on the main monitored risks, including macroeconomic effects such as fluctuations in interest rates, asset market prices, and other market risk variables.
By incorporating the results of these exercises into planning processes, business areas assess the estimated effects on their products, portfolios, and assets, considering implications for the Brazilian economy with an integrated
Portfolio monitoring
Introduction
About us
Sustainability
Environmental
Social
Governance
Annexes
ESG Report 2025
30
Sustainability strategy and governance
Sustainable Business
Social, environmental and climate risks
Climate agenda
Biodiversity
Operations in the Amazon
On a monthly basis, we monitor all corporate credit operations and rural credit operations for individuals in sectors significantly exposed to SAC risks. This enables us to observe the evolution
of business concentration in these sectors and supports strategic adjustments in line with our risk appetite.
Restrictive and prohibitive measures
We adopt prohibitive measures for account opening and credit granting to individuals or legal entities proven to be involved in practices such as slave-like labor, child labor, sexual exploitation, unauthorized mining, asbestos extraction, and the manufacture of heavy weaponry not intended for
Regarding illegal deforestation, we are subject to SARB 026/2023, issued by FEBRABAN's Banking Self-Regulation System. These guidelines aim
to ensure that financial institutions promote responsible practices in the meat industry and align their social, environmental, and climate responsibility policies with the monitoring and management of illegal deforestation risk.
Throughout 2025, we monitored compliance with commitments by clients in the slaughterhouse portfolio located in the Amazon biome and continued the process of risk assessment and indicator monitoring.
We also promoted training on Illegal
Total projects/transactions reviewed in relation to total projects/transactions (%)
Number of projects/transactions that reached financial close
100
1
view of immediate and long-term impacts on the Organization.
Additionally, we conduct standalone stress exercises
national security.
We also apply restrictive measures to activities involving coal extraction, shale and tar sands
Deforestation Risk Management in the Beef Supply Chain. Since its launch, 95% of eligible employees working in business areas have completed the training.
Number of rejected projects/transactions 0
Stress testing
The stress-testing program allows us to assess our ability to withstand adverse scenarios. A business environment impacted by social, environmental, and climate (SAC) issues may affect counterparties' operations and, consequently, credit risk. The
implications of these scenarios for projected results, capital ratios, and liquidity guide the definition of our contingency plans and strategy.
as part of the program to analyze the consequences of isolated events on liquidity, market risk, and credit risk in assets of companies from sectors with higher potential exposure to SAC risks.
These approaches aim to provide a comprehensive view of the consequences of social, environmental, and climate risks and their interactions with other relevant risks, enabling in-depth discussions on impacts and mitigation strategies.
extraction and processing, uranium industrialization and trade, coal-fired power generation, trawl fishing with nets longer than 2.5 kilometers, real estate projects overlapping Indigenous lands, and critical sectors with illegal deforestation-related violations (cattle ranching, slaughterhouses,
and forestry production). Throughout 2025, we restricted operations with 1,106 individuals and legal entities due to involvement in these activities.
Alert system
We rely on an alert system that uses media and internal and public databases to monitor clients' or potential clients' involvement to social, environmental, or climate-related issues, such as embargoes, contaminated areas, or slave-like labor. This system supports business decisions and client relationship management.
Disclaimer
Banco Bradesco SA published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 23:46 UTC.