Banco Bradesco S A : Integrated Report (8db5af)
BBDC4.SA
Published on 04/30/2026 at 08:06 pm EDT
Table of contents
1
Introduction
3 About the report
4 Report center
5 Materiality
6 Message from the Chairman
8 Message from the CEO
2
10 Macroeconomic scenario
About us
12 Bradesco Organization
14 Strategy
16 Value creation
17 Corporate Governance
24 Risk management
32 Sustainability
Our capitals
3
35 Financial
42 Intellectual and infrastructure
46 Human
51 Social and relationship
62 Natural
4
Annexes
67 Independent auditor's assurance report
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
3
About thereport
Report center
Materiality
Message from the Chairman
Message from the CEO
Macroeconomic scenario
We present Bradesco's Integrated Annual Report, which aims to provide our stakeholders with a comprehensive view
of how we generate value in a sustainable manner.
The document integrates financial and non-financial information, highlighting the connection between strategy, business model, governance practices, and results. It also demonstrates how we reconcile economic return with socio-environmental responsibility and risk management.
Guiding frameworks
This report was prepared based on the Integrated Reporting Framework (IIRC), currently under the responsibility of the IFRS Foundation. We also considered OCPC 09, a related guidance issued by the Brazilian Accounting Pronouncements Committee, and incorporated widely recognized market practices,
including the standards of the Sustainability Accounting Standards Board (SASB), the transparency guidelines of B3's Corporate Sustainability Index (ISE), the Corporate Sustainability Assessment (CSA) of the Dow Jones Sustainability Index (DJSI), the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the regulatory requirements of the Central Bank of Brazil (BCB), and the reporting criteria of the Brazilian Association of Publicly Held Companies (Abrasca), among others. The use of these references aims to guide the structure and content of disclosed and does not imply full compliance with all requirements set out in these frameworks.
We monitor the evolution of the reporting requirements of the main regulatory bodies to which we are subject and focus efforts to carry out the necessary adjustments within the established deadlines, ensuring compliance and the continuous improvement of the quality and clarity of reported information.
Scope
This report covers the period from January 1 to December 31, 2025. Where necessary, we include information subsequent to the base period, duly indicated, to provide context on relevant events up to the publication date of April 30, 2026.
The information covers all companies in the Bradesco conglomerate, as detailed in the Economic and Financial Analysis Report, except as indicated in footnotes.
Assurance
This report has been subject to limited assurance conducted by independent auditors, with the objective of enhancing the reliability of the compilation process and the presentation of the information.
For more details, see the Independent Audit Assurance Report
Responsibilities
Terms used in the report
Organization or Bradesco: the entire conglomerate
Bank: financial activities
Controlled companies: mentioned by the respective names
Employee: internal staff
Contractor: outsourced service providers
Bradesco's senior leadership believes that this report follows the IIRC guidelines and approved its
publication, assuming responsibility for the integrity of
the information presented therein.
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
4
About the report
Report center
Materiality
Message from the Chairman
Message from the CEO
Macroeconomic scenario
Report center
Based on the GRI Standards, the 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 to our stakeholders.
ESG Report
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.
Together with the ESG Report and the ESG Indicators
Spreadsheet, it constitutes our main sustainability report.
Materiality Report
Publication of the methodology and processes for stakeholder consultation and building our materiality matrix.
LEARN MORE
on our Sustainability page.
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
5
About the report
Report center
Materiality
Message from the Chairman
Message from the CEO
Macroeconomic scenario
As one of Brazil's leading financial institutions, with an important role in economic development, we have the capacity to lead and drive the transition to a low-carbon, more resilient and inclusive economy.
To do this, it is essential to strategically direct our efforts, based on the themes that
concentrate risks, opportunities and stakeholder expectations. In this context, every two years
we conduct a structured process to review our materiality matrix.
The process is guided by the Stakeholder Engagement Standard (AA1000) and by our Stakeholder Engagement Policy, which defines a stakeholder as any audience that may exert influence on or be impacted by our businesses and operations.
In the review conducted in 2024, we engaged representatives of these stakeholder groups to reassess and update the issues with the greatest potential impact, based on their perceptions
and expectations. We maintained the double materiality methodology adopted in the previous cycle, which considers both the impacts of our activities on society and the environment and the effects of sustainability issues on financial performance. For the assessment of financial materiality, we incorporated the guidelines of the
International Sustainability Standards Board (ISSB).
In this cycle, we were supported and validated by Deloitte, an independent external consulting firm, and the results reaffirmed the relevance of the seven topics already monitored, strengthening strategic alignment in light of market dynamics and constantly evolving regulatory requirements.
LEARN MORE
Learn more about the process for developing the Materiality Matrix in our Materiality Report.
For information on indicators related to the management of material topics and on how we engage with our stakeholders, see the Annexes section of our ESG Report.
Steps of the process in 2024
1
2
3
Material topics:
Innovation and technology
Ethics, integrity and transparency
Risk management and climate opportunities
Data privacy and security
Human capital management
Sustainable businesses
Relationship, inclusion and
clients' financial well-being
Context analysis
» Analysis of the business environment, considering the Organization's activities, the stakeholders involved and regulatory, sectoral and social-environmental factors, among others.
Stakeholder engagement
» Structured stakeholder engagement process to identify key perceptions.
It involved the Organization's top leadership, clients, investors, suppliers, employees and representatives of civil society, making it possible to capture different perspectives and ensure that the material topics reflected the most relevant challenges and expectations.
Prioritization and evaluation
» Analysis of the value chain to map the
main impacts, risks and opportunities;
» Validation and incorporation of themes and sub-themes from an ESG and financial perspective;
» Prioritization.
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
6
About the report
Report center
Materiality
Message from theChairman
Message from the CEO
Macroeconomic scenario
As it marks, in March 2026, 83 years of providing financial services focused on social inclusion for Brazilians and the sustainable development of the economy, Bradesco reaffirms the progress of its the benefits of transformation, with the objective of becoming increasingly efficient and profitable in the application of its business model.
In this context, we fully achieved - precisely and in line with the planned timeline - the goals set for 2025, with asset appreciation, expansion of operations, and increased earnings. These results materialized thanks to the trust of our shareholders, the support of our clients, and the commitment of our workforce.
To all of them, we extend our greetings and our
sincere thanks.
The commitment to our Organization's legacy - encompassing effective governance, management transparency, and long-term value creation
- forms the foundation that inspired the modernizing transformation, which structures new
models and processes with the vision of innovating while also strengthening the way we conduct business.
This strategy pursues risk mitigation, the capture of opportunities, and the creation of value
for our shareholders, clients, and employees. Operationally, this movement is guided by sustainability, aligning the development of financial capital with consideration of its effects on society and the environment.
Within an economic context increasingly impacted by digitalization and the emergence of new consumer demands, the plan is to
intensively deploy technological solutions across all dimensions of Bradesco, through robust investments.
In its role of establishing strategic guidelines that provide confidence and stability in support of the Organization, the Board of Directors is convinced that well-structured planning aligns with the high operational capacity of our teams, enabling the
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
7
About the report
Report center
Materiality
Message from theChairman
Message from the CEO
Macroeconomic scenario
daily delivery of the elements necessary for the success of the ongoing transformation process.
The direction, pace, and cadence of the planning being developed demonstrate diligence, commitment, and talent. This approach inspires confidence and encourages all members of the Board of Directors to continue supporting and reinforcing the guidelines set by the Executive Management, led by CEO Marcelo Noronha,
who has carried out motivational work with our employees-who, in turn, have responded with engagement and enthusiasm, in the finest tradition of our Organization.
We are aware that we rely on service grounded in quality relationships and empathy to strengthen the Bradesco brand. The objective is to build loyalty among different generations within our client base and users of our services.
It is in the nature of our work-and another historic characteristic of our Organization-to always do more and do better. And 2026 lies ahead, offering new opportunities for further achievements.
We are optimistic and believe in Brazil. This unwavering confidence has brought us this far and will continue to guide us.
The Board of Directors' message for the current year is therefore one of encouragement regarding the modernizing work accomplished to date,
for innovation, and for overcoming challenges-as demonstrated throughout more than eight decades of a successful trajectory.
To all those who accompany us in this journey and to those who root for the success of this project, my sincere thanks.
Luiz Carlos Trabuco Cappi
Chair of the Board of Directors
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
8
About the report
Report center
Materiality
Message from the Chairman
Message from theCEO
Macroeconomic scenario
Dear readers,
Leading Bradesco is, first of all, to exercise choices. Choices about where to compete, how to allocate capital, what risks to take and how to prepare the organization to remain relevant in an increasingly dynamic and demanding environment. These decisions guide how we structure the bank and manage resources to create value consistently over time.
Over the past two years, we have continuously moved forward in the execution of our transformation plan. This movement was designed to strengthen our core franchises, increase competitiveness and ensure the continuity of the business, always with execution discipline and long-term vision. In 2025, this advance translated into stronger implementation and consolidation
of the operational and organizational foundations of the model we are building. The changes have been implemented gradually, while respecting the complexity of the organization and reinforcing the consistency of the model over time.
This process began from an objective diagnosis of our main strengths. Bradesco brings together a broad and diverse base of clients, consolidated
brands, national presence, relevant technical skills and a broad portfolio of businesses that include financial retail, wholesale, consumer financing, payment methods and a large-scale insurance group. To leverage these assets, we advance
the reorganization of the bank in business units with clearer responsibilities, aligning strategy, governance and capital allocation.
As part of this transformation, our business model has come to reflect more objective decisions regarding segmentation and prioritization. We structured different value propositions for segments such as high-income individuals and small and medium-sized enterprises (Principal, Prime and SME), directing investments, commercial capacity, and solutions according to the profile and relationship potential of each segment.
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
9
About the report
Report center
Materiality
Message from the Chairman
Message from theCEO
Macroeconomic scenario
More recently, already in 2026, we announced the creation of Bradsaúde. The initiative consolidates our assets in the health segment into one simpler, more transparent and better prepared structure to capture growth opportunities. This movement reinforces our focus on franchises with scale, relevance and potential for long-term value generation, while increasing efficiency, strengthening governance and bringing greater strategic clarity to a core business for the Group.
To support this model, another key element of value creation is how we manage risks. The structuring of a unit dedicated to credit and portfolio management reinforced the discipline in the origination and monitoring of operations, with a permanent focus on risk-adjusted return, protecting financial capital and strengthening bank resilience.
In this context of transformation, technology plays
an essential role as an enabler of the strategy.
The investments made increase productivity, scale and capacity for personalization, supported by an increasingly data-driven approach,
automation and artificial intelligence. This advance strengthens the intellectual capital of the bank and sustains efficiency gains and competitiveness over time.
This set of decisions and initiatives aims to make Bradesco a more profitable, agile and efficient organization. Throughout this process, we advanced in reviewing structures, standardizing processes and reducing operational complexity, creating the conditions for faster decision-making and a more efficient use of capital. This evolution strengthens our ability to execute and sustains consistent results over time.
None of this would be possible without our people. Ongoing transformation requires an engaged organization, prepared to handle change and
aligned with strategic objectives, able to transform
guidelines into consistent results.
I thank our employees, clients, partners, investors and shareholders for their trust and commitment throughout this journey.
I invite you to continue reading this Integrated Report to learn more about our business model, the management of our different capitals and the key factors that drive value creation at Bradesco.
Enjoy your reading!
Marcelo Noronha
CEO
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
10
About the report
Report center
Materiality
Message from the Chairman
Message from the CEO
Macroeconomic scenario
Throughout 2025, the external environment was marked by high uncertainty and episodes of volatility in financial markets, in a context in which geopolitical factors, trade-related tariff disputes and the economic policy of major economies exerted a relevant influence on global financial conditions, trade flows and commodity prices. The US economy has maintained signs of resilience, sustained by consumption and investments in technology, while the conduct of monetary policy, fiscal debate and trade policy remained important vectors for dollar devaluation and risk appetite.
In China, domestic demand remained weakened, with greater dependence on the industrial and exporter sector, contributing to disinflationary effects on industrialized goods. In Europe, growth remained moderate, supported by fiscal impulses, in an environment still permeated by geopolitical uncertainties.
Early in 2026, the conflict involving the United States, Israel, and Iran added a significant risk factor to the international scenario, resulting in significant pressure on oil prices, which exceeded the level of US$ 100 per barrel. The persistence of this shock can increase uncertainty regarding the outlook for global inflation and growth, especially through channels associated with energy, transport and insurance costs, as well as its effects on expectations and production chains.
On the domestic front, the Brazilian economy presented a trajectory in 2025 of moderation of growth, ending the year with a real GDP variation of 2.3%, reflecting the lagging effects of restrictive monetary policy and the lower contribution of more cyclical components, such as investment. The labor market remained resilient, supporting household income and
consumption, although there were early signs of accommodation. Inflation showed a gradual slowdown, benefiting from lower pressure on industrialized goods and improvements in food
items, although expectations remained above the
target in longer horizons.
In March 2026, the Central Bank began the process
of monetary easing by cutting the Selic rate by
0.25 percentage points to 14.75% per annum, reiterating that monetary policy is expected to remain in contractionary territory for an extended period and making further adjustments contingent on inflation converging toward the target and on developments in the macroeconomic outlook. From the fiscal point of view, the evaluation of compliance with the framework was maintained in the short term, although the trajectory of public debt and adjustments resulting from subsequent
fiscal exercises remain elements of attention to the risk perception. The current account deficit remained high compared to previous years. To these factors is added the domestic repercussion of the ongoing geopolitical shock, whose effects on energy prices and inflation expectations can condition the pace and reach of monetary easing. Finally, the October 2026 election is an additional element of uncertainty, since some previous elections were accompanied by an increase
in asset price volatility in the months close to the election.
Introduction
About us
Our capitals Annexes
Integrated Report 2025
14 Strategy
16 Value creation
17 Corporate Governance
24 Risk management
32 Sustainability
11 Bradesco Organization
Strategy
Value creation
Corporate Governance Risk management Sustainability
12
Bradesco Organization
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
12
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Founded in 1943, Banco Bradesco S.A. has built a legacy of innovation and inclusion, distinguishing itself from other banks by its commitment to serving small business owners, civil servants, and people of modest means, thereby driving the country's economic and social development.
Today, Bradesco is present in 100% of Brazilian municipalities, serving all client segments
or via Bradesco Expresso, which transforms retail businesses into banking correspondents, particularly in small municipalities or locations with limited availability of banking services. In addition, the Bank continuously invests in the development of its digital channels, delivering increasingly integrated and personalized experiences, particularly in mobile and online banking, through which more than 96% of
One of the largest financial institutions in Brazil and Latin America, Bradesco is a publicly held company, with shares listed on B3 (Brazil),
the NYSE (United States)-through American Depositary Receipts (ADRs)-and Latibex (Spain). In this context, the Company is subject to regulatory standards established by authorities such as the Brazilian Securities and Exchange
Commission (CVM) and the U.S. Securities and
The Organization is part of B3's Level 1 Corporate Governance segment, which reflects its commitment to transparency and integrity in management. Its sustainability practices are generally assessed as above the market average by specialized ratings and indices, including the Dow Jones, ISE B3, FTSE and Sustainalytics, among others.
through an extensive proprietary service network
transactions are conducted.
Exchange Commission (SEC). LEARN MORE
on our webpage Bradesco - Investor Relations.
2.3 thousand
BRL 24.7billion
74.3 million
total clients
37.7 million
of account holders
82.1 thousand
employees1
interns
4.6 thousand
branches, business units and
banking service points
39.3 thousand
units of Bradesco Expresso
(banking correspondents)
recurring net income
BRL 1.1 trillion
expanded credit
portfolio balance
1 The data consider employees in Brazil and abroad, and do not include the members of the Board of Directors and the Statutory Board, interns and third party employees.
Branches
Subsidiaries
Representative office
London Luxembourg
New York
Guadalajara
Guatemala
Miami
Hong Kong
Cayman Islands
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
13
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
North
8.5%
17.5%
Northeast
24.3%
18.7%
Central-West
7.8%
13.5%
South
13.3%
9.7%
Southeast
46.1%
14.5%
% Network Distribution
% Market Share
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
Our capitals
Annexes
Integrated Report 2025
14
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Strategy
Bradesco's strategic plan is committed to increasing profitability by bringing the Bank closer to achieving returns above its cost of capital, while simplifying operations
and the management structure, thereby providing greater autonomy and agility in decision-making.
Through a robust and accelerated approach, our transformation agenda prioritizes ten key strategic themes, divided into business and enabling fronts, aligning our actions with our ambitions:
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:
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 that ensures
competitiveness and returns
i
n
e
s
b
u
s
DIGITAL RETAIL
SYNERGIES
AFFLUENT
SMES
PAYMENTS
s
CREDIT
b
a
n
e
s
r
e
l
EFFICIENCY
The redesign of the organizational structure into Business Units (BUs)-Wholesale, Wealth Management,
Retail, Digital Businesses, Credit and Treasury, and Economic
Research-together with Specialized Support Units, aims to accelerate decision-making and increase client centricity.
We centrally monitor initiatives through our Transformation Office, supported by a dedicated
Plan, the availability of resources and
execution capacity.
In doing so, we reaffirm our commitment to increasing profitability and, in the fourth quarter of 2025, achieved a return on equity (ROE) of 15.2%, reflecting the organization's efforts in executing the "Run and Change the Bank" agenda. This result demonstrates our ability to adapt while preserving the strength and values that underpin
Capture of a greater share of wallet
across key segments
A new, customer-first experience
A culture of transformation
More effective time to market
TECHNOLOGY
ORGANIZATIONAL
MANAGEMENT AND CULTURE
governance structure focused on prioritization and the efficient allocation of resources. This
structure ensures that investments are directed to the most relevant strategic fronts, maintaining alignment between the Strategic
our trajectory.
We continue our transformation,
focusing on an approach that generates value through
sustainability, inclusion, innovation, pioneering spirit, and growth.
Our purpose and values guide the way we relate,
make decisions, and deliver value to society. Building
By aligning culture, strategy, and performance
through practical actions that strengthen leadership,
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
15
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
on this foundation, the SOU cultural evolution movement seeks to connect our mindsets and behaviors with the future we aim to build.
teams, and sound management practices, SOU honors our legacy and promotes the transformation required to achieve sustainable results, guided by six hashtags:
LEARN MORE
about our cultural evolution in the Our People section of the ESG Report.
Purpose
To create opportunities for people's fulfillment and the sustainable development of companies and society.
Values
Clients as the reason for the Organization's existence
Ethics in all activities and relationships
Transparency in the information
required by stakeholders
Belief in people's value and development capacity
Respect for human being dignity and diversity
Social and environmental responsibility, encouraging actions for sustainable development
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
16
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Intellectual
Social and Relationship
Natural Infrastructure Human Financial
» Brand value and reputation
» Innovation fostering ecosystem
Inputs
» Data usage and intelligence
» Agile multidisciplinary teams, combining technology
and business
» Relationship with clients, employees, suppliers, and other stakeholders
» Energy from renewable sources
» Water
» Other natural resources
» High coverage service network
» Digital platforms and channels
» Administrative infrastructure
» Organizational culture
» Our employees, interns and apprentices
» Skilled and diverse teams
» Solid capital base
» Client deposits and funding
» Third-party asset management
Our activities
We provide banking and insurance products and services to our individual and corporate clients.
Purpose
To create opportunities for the people's fulfillment and
the sustainable development of companies and society
›Digital transformation
›Data intelligence
›Inovabra: innovation ecosystem
Our activities
›Information privacy and security
›73 new initiative solutions tested with business and technology teams
›49 million BIA interactions powered
by Generative AI
›A more customized client journey
›Specialized service
›Client satisfaction
›Offering appropriate products and services
›Fostering economic development
›Financial inclusion and education
›74.3 million clients
›20% increase in NPS over the
past two years
›BRL 57.4 billion in value generated
›BRL 9.5 billion in contributions to
the government
›BRL 284.5 million allocated to
private social investment
›Emissions from our operations
›Emissions from our financial and
investment activities
›Positive environmental impact generated by sustainable business
›127,648 tCO2e emitted from our operations
›100% of operational
emissions offset
›BRL 4.4 billion in outstanding balance of environmental products, plus BRL 2.5 billion in transfers from BNDES
›Physical and digital presence: where, how, and when our clients need
›44 thousand service points, including branches, service outlets, business units, and banking correspondents (Bradesco Expresso)
›99% of transactions carried out through digital channels, with 96% concentrated on mobile and internet platforms
›44% of credit was disbursed in 2025 through digital channels
›Talent attraction and retention
›Professional development
›Employee satisfaction
›BRL 23 billion in labor
compensation
›Employee turnover rate of 11.95%,- of which 2.94% was voluntary turnover
›79% employee satisfaction index
›50% of our employees are women
›BRL 108 million invested in training
and development
›Resilience and financial strength
›Sustainable long-term growth
›14.8% return on average equity (ROE)
›Tier 1 capital ratio of 13.2%
›BRL 14.5 billion distributed to shareholders in dividends and JCP (interest on equity)
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
17
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
We are a publicly traded company, with shares listed on B3 (Brazil), the NYSE (United States), through American Depositary Receipts (ADRs), and Latibex (Spain). Accordingly, we comply with the applicable regulatory standards established by authorities such as the Brazilian Securities and Exchange Commission (CVM) and the U.S. Securities and Exchange Commission (SEC).
We are also listed on B3's Level 1 Corporate Governance segment, therefore reinforcing our commitment to transparency, integrity, and good management practices. Our model guides strategic decision-making based on ethical principles, accountability, and a long-term vision.
Our governance structure is supported by:
A robust ownership structure that contributes
to stability, predictability, and strategic alignment.
Governance bodies responsible for oversight, transparency, and risk management.
A Board of Directors characterized by diversity and strategic vision, with 36% of its members being independent, ensuring a plurality of perspectives and better decision-making.
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
18
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Our shareholding structure combines stability and long-term strategic guidance with high market liquidity, ensuring attractiveness for investors.
We maintain a significant trading volume, which contributes to our presence and accessibility among investors.
We have two classes of shares:
» Common (ON)
They grant voting rights on all matters deliberated at shareholders' meetings.
BBD PART. S.A.
(administrators/ employees)
AGUIAR FAMILY
MARKET
28.03% ON
97.71% PN
53.70% ON
26.07% Total
16.63% ON
16.63% Total
NOVA CIDADE DE DEUS
47.93% ON
47.93% Total
CIDADE DE DEUS
46.17% ON
0.02% PN
23.13% Total
46.30% ON
100.00% PN
73.93% Total
0.15% ON
0.08% Total
74.72% ON
39.51% Total
FUNDAÇÃO BRADESCO¹
35.44% ON
35.44% Total
25.13% ON
100.00% PN
60.41% Total
NCF
8.53% ON
2.27% PN
Reference Date: December 2025
1 Bradesco's management (Executive Board and Board of Directors) comprises the Governing Board of the Fundação Bradesco [Foundation Bradesco], the entity's highest decision-making body.
TOTAL - sum of ON and PN shares, representing the interest in
the capital.
with the D'Or Sao Luiz S.A. Group Network. ("D'Or Network") for the inclusion of Hospital Gloria D'Or and Maternidade São Luiz Star in the Atlantic D'Or Hospital Network, in the context of the strategic partnership between Atlantica and the D'Or Network, released to the market on May 8, 2024, as well as in its expansions communicated in 2024 and 2025. In both operations, the partnership's corporate structure remained unchanged, with a 50.01% stake held by Rede D'Or [D'Or Network] and 49.99% by Atlântica. After compliance with the respective previous conditions, the inclusion of Hospital Gloria D'Or in the Atlantica
» Preferred (PN)
They ensure priority in the receipt of dividends and other distributions, in addition to voting rights on specific matters provided for by
law, such as the election of representatives
of minority shareholders to the Board of
62.82% TOTAL
BANCO BRADESCO
17.27% ON
8.65% TOTAL
5.40% TOTAL
D'Or Hospital Network was completed on January 30, 2026, while the inclusion of Maternidade São Luiz Star was completed on February 26, 2026.
Bradsaúde: On February 27, 2026, a proposal for
corporate reorganization was announced involving
Directors and Audit Committee.
This structure reinforces our commitment to
Corporate events Investment Agreement. Thus, Bradesco started to indirectly hold 50% stake in Banco John Deere S.A.
John Deere Bank: In August 2024, Bradesco,
Bradseg Participações S.A., Bradesco Gestão de Saúde S.A., both wholly owned subsidiaries of Bradesco and Odontoprev, publicly-held company,
consistent governance and strategic alignment, while extending the participation alternatives for investors.
LEARN MORE
On our Corporate Governance page.
through its investee companies,, entered into an investment agreement with John Deere Brasil S.A., a wholly owned subsidiary of Deere & Company (USA), one of the global leaders in the supply of agricultural, construction and forestry equipment. The transaction was completed on February 10, 2025, after obtaining regulatory approvals and compliance with the conditions provided for in the
Extension of the Atlantic Partnership and Network D'Or -Hospital Gloria D'Or and Maternidade São Luiz Star [Maternity]: On September 1, 2025 and November 10, 2025, Atlantica Hospitais and Participações S.A. ("Atlantica"), a company indirectly controlled by Bradesco and Bradseg Participações S.A., a member of the Bradesco Seguros Group, entered into investment agreements
controlled by Bradesco. After the implementation of all reorganization stages, Odontoprev will have its name changed to "Bradsaúde S.A." will take on the role of consolidating the Bradesco Group's healthcare ecosystem. The implementation of said operation
is subject to corporate approvals and the consent by the Brazilian National Supplementary Health Agency ("ANS").
Introduction
About us
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Annexes
Integrated Report 2025
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Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Bradesco's governance structure is composed of strategic bodies that operate in an integrated manner to ensure ethical, transparent decisions aligned with the interests of our stakeholders.
This structure includes the Board of Directors, specialized committees, executive board, and operational bodies, each with clearly defined roles and responsibilities.
LEARN MORE
in our Corporate Bylaws.
Our model is supported by guidelines such as bylaws, standards, and policies, which guide our activities and reinforce our commitment to best market practices. These foundations incorporate environmental, social, and governance (ESG) aspects, ensuring that decisions are made in a responsible and sustainable manner.
Shareholder's General Meeting
Board of Directors
Board of Executive Officers
Officer
Fiscal Council
Internal Audit
Corporate Governance
Strategic
Committee
Risk
Committee
Sustainability and Diversity Committee
Nomination and Succession Committee
Remuneration
Committee
Integrity and Ethical Conduct Committee
Audit
Committee
Introduction
About us
Our capitals
Annexes
Integrated Report 2025
20
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Shareholder's General Meeting
The top governance body, it deliberates on the organization's business and elects the members of the Board of Directors. Its meetings, whether ordinary or extraordinary, are convened with at least one month's notice.
Fiscal Council
It supervises the actions taken by the managers and provides opinions on the annual report, capital stock modifications, investment plans, capital budgets, and dividend distribution. It also reviews the quarterly financial statements and reports any fraud or irregularities. It is composed of 3 (three) to 5 (five) full members and an equal number of alternates, whether stockholders or not, elected by the General Meeting, with a one (1)-year term of office, with re-election permitted.
Board of Directors
It defines corporate strategy, reviews business plans and policies, and oversees the executive board, including the appointment and removal of its members. It meets regularly 12 times a year and holds extraordinary meetings when necessary. Its president is an external member with no executive role.
As provided for in the Bylaws, members of the Board of Directors hold a unified term of office of two years, with the possibility of re-election until they reach 75 years of age, except for the Chairman in office at the 2023 Annual General Meeting, for whom there is no age limit, and the other members whose terms were in effect at that meeting, who may remain in office until the age of 80.
The policy for the nomination of board members and officers considers criteria such as time availability, experience, technical and behavioral competencies, as well as diversity aspects, including gender, ethnicity, age, marital status, sexual orientation, religious belief, physical condition, and socioeconomic background.
Diversity on our Board
11
members
27%
women
36%
independent
members
100%
non-executive
members
Reference date: April 2026
Board of Directors' Composition and Committee Memberships
Board Member Role
Committees
Integrity and
Nomination and
Sustainability
Committee responsibilities
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Bradesco Organization
Strategy
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Corporate Governance
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Audit - monitors the accounting practices adopted in the preparation of the financial statements and the effectiveness of the independent audit.
Audit Compensation Risk Strategic
C
Luiz Carlos Trabuco Cappi Chairman - - -
Ethical Conduct
-
Succession
C
and Diversity
-
C
C
Compensation - advises the Board of Directors on the implementation of the Executive Compensation Policy, in accordance with applicable
Alexandre da Silva Glüher Vice-chairman -
-
legislation.
Denise Aguiar Alvarez Member - - - - - -
C
Maurício Machado de Minas Member -
Rubens Aguiar Alvarez Member - - - - - -
Risk - acts in the management of the Organization's risks and capital, in line with internal policies and standards, as well as applicable regulations and legislation.
C
Integrity and Ethical Conduct - proposes actions to ensure the
Rogério Pedro Câmara Member
1 - - - -
dissemination and compliance with codes of ethical conduct at both the
corporate and business-unit levels, as well as with Corporate Policies.
i
Paulo Roberto Simões da Cunha Member - -
i
Denise Pauli Pavarina Member - - - - - -
C
Ivan Luiz Gontijo Júnior Member - - - -
i
Regina Helena Jorge Nunes Member - -
i
Paulo Rogério Caffarelli Member - - - - - -
Nomination and Succession - acts in the formulation and oversight of the nomination and succession policy for officers and directors, on behalf of the institutions that are part of the Bradesco Organization.
i
Sustainability and Diversity - advises and reports to the Board of Directors on the progress and implementation of the sustainability strategy, including the establishment of corporate guidelines and initiatives, while aligning economic development objectives with social, environmental, and climate responsibility.
Committee member
Reference date: April 2026
Committee Chair Independent
C
Strategic - supports the Board of Directors in the management of the Company, providing insights and guidance for the implementation of
1 As of the closing date of this report, approval by the Central Bank of Brazil was still pending.
strategic decisions.
Introduction
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Integrated Report 2025
22
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Internal Audit Board of Executive Officers
Internal Audit provides independent, risk-based guidance to senior management and board members, grounded in internal and external policies, standards, and regulations. Its activities are guided by global standards defined by
The Institute of Internal Auditors (IIA), as well as internationally recognized frameworks such as ISO, COSO, and COBIT. This structure
contributes to strengthening the Organization's
ability to create, protect, and sustain value.
The achievement of the IIA Quality Assurance (QA) Certification reinforces the consistency of its activities and alignment with international best practices. In 2025, the development of the virtual assistant AILA contributed to greater agility and efficiency in internal processes,
supporting a more strategic and sustainable approach for auditors.
The Board of Executive Officers is responsible for defining and monitoring the execution of the strategy established by the Board of Directors.
It is composed of one (1) Chief Executive
Officer; four (4) Vice Presidents; and sixteen
(16) Executive Officers, all appointed by the Board for two-year terms, with the possibility of reappointment. It is important to note that the positions of Chair of the Board and Chief
Executive Officer may not be held by the
same person.
Executive Committees
The Executive Committees support the
Executive Board in carrying out its duties. Each committee has its own charter.
Organizational Structure and Executive Board
BD CEO
Marcelo Noronha Chief Executive Officer
Business Units - BUs
Wholesale
Bruno Boetger
Vice-President
Wealth Management
Guilherme Leal
Vice-President
Retail
José Ramos Rocha Neto Vice-President
Credit
André Duarte Oliveira Executive officer
Digital Business
Túlio Oliveira
Executive officer
Treasury and Economic Research
Roberto Paris
Executive officer
Internal Audit
Renata Geiser
Executive officer
Fernando Freiberger Executive officer
Corporate Units
Carlos Henrique Villela Pedras Executive officer
Augusto Miranda
Executive officer
Marcos Tescarolo Executive officer
Alexandre Panico
Executive officer
LEARN MORE
About the profile of the executive directors on our Investor Relations website.
CTO4, CFO5 CLO7
CHRO8 and
Sustainability
CoS2, CRO6
CIO3
CEO - Chief Executive Officer
CoS - Chief of Staff
CIO - Chief Information Officer
CTO - Chief Transformation Officer
CFO - Chief Financial Officer
CRO - Chief Risk Officer
CLO - Chief Legal Officer
CHRO - Chief Human Resources Officer
CTO - Chief Technology Officer
Cassiano Scarpelli
Vice-President
Juliano Marcílio
Executive officer
Julio Bueno
Executive officer
Oswaldo Fernandes
Executive officer
Silvana Machado
Executive officer
Vinicius Favarão
Executive officer
Cíntia Scovine
Executive officer
Francesco Di Marcello
Executive officer
Reference date: March 2026.
Note: This organizational chart reflects the structure of the Business Units (BUs) and the respective Executive Board members associated with each
of them. It does not include other subordinate directors, as its scope is limited exclusively to the composition of the Executive Board.
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Bradesco Organization
Strategy
Value creation
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Sustainability
The Management Compensation Policy aims to ensure that remuneration practices are aligned with objectives that promote the Organization's value creation, encourage ethical and integrity-driven behavior, and ensure compliance with applicable laws, rules, and regulations. The policy adopts criteria that prevent any form of discrimination, especially those based on sexual orientation, gender identity, ethnicity, race, color, age, religion, or socioeconomic status, as well as practices that are contrary to the Organization's guidelines. It also does not encourage behaviors that increase risk exposure beyond the levels considered prudent under short, medium, and long-term strategies.
The policy also seeks to avoid conflicts of interest
by linking remuneration to objectives that balance
short-term financial results with sustainable value creation over the medium and long terms, thereby promoting alignment of interests with shareholders and investors. In this context, the Board of Directors considers the recommendations of the Remuneration Committee, taking into account market practices, strategic guidelines, the risk profile, and the balance between fixed and variable remuneration. The overall amount of remuneration
is approved by the Board of Directors and submitted to the Annual General Meeting for resolution. In defining variable remuneration, the Organization's consolidated results, measured by accumulated net income, are taken into consideration, as well as the individual performance assessment of statutory executive officers, which considers both the achievement of individual and area-specific targets and the results achieved and risks assumed.
The process for evaluating targets is formal and takes into account indicators of operational efficiency, risk management, customer service, and, where applicable, socio-environmental aspects aligned with the Corporate Sustainability Strategy. For internal control, risk, and audit functions, the evaluation is based exclusively on the fulfillment of the objectives of their respective functions.
The payment of variable remuneration is divided between a cash component and a component allocated to the acquisition of shares subject to trading restrictions. The share-based portions vest in equal and successive installments over a three-year period, reinforcing alignment with long-term performance and good governance practices.
Senior Management Compensation (%)
Distributed
Fixed compensation 49.81
Variable compensation 48.62
Retirement Benefits 1.57
LEARN MORE
about the remuneration structure and performance evaluation in the Brazilian Code of Corporate Governance.
about performance in previous years in the ESG Indicators Worksheet.
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Integrated Report 2025
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Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
As a financial institution, we are risk managers by nature; every decision we make involves assessing
Our risk governance ensures structured, integrated and independent control, supported
and managing different types of risks.
Risk management enables us to achieve
our strategic goals, ensure the long-term sustainability of the business, and deliver greater efficiency in resource allocation. In addition, it strengthens our ability to respond swiftly and effectively to changes in the economic, regulatory, and technological environments.
by specialized committees and collegiate decision-making bodies. This process involves the entire Organization, from Senior Management to business and support units, integrating risk management into decision-making processes at all levels.
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about our practices in
Report - Pillar 3.
Risk Management
The risk and capital management structure consists of committees, commissions, and organizational areas that support the Board of Directors, the Chief Executive Officer, the Chief Risk Officer (CRO), and the Executive Board in strategic decision-making.
This arrangement ensures the integration of risk management into the decision-making process of the Organization, enabling a consolidated view of exposures and alignment between risks, strategy and capital allocation.
Fiscal Council
Risk Committee
Strategic Committee
Integrated Risk Management and Capital Allocation Committee
Compensation
Committee
Audit Committee
Business Commissions
/ Committees
Board of
Executive Officers
THIRD LINE
Internal Audit
Stockholders' General Meeting
SECOND LINE
Monitoring Areas
FIRST LINE
Business and Support Areas
CEO
Board of Directors
Risk appetite
Risk appetite refers to the types and levels of risk we are willing to accept in pursuing our business activities and objectives.
As an important tool for reinforcing the Organization's risk culture, the Risk Appetite Statement (RAS) is reviewed annually,
or whenever necessary, by the Board of Directors, and it is continuously monitored by Senior Management forums and business and control areas.
To monitor risk appetite, we track indicators through effective control processes, where managers are informed of risk exposures and the corresponding use of current limits. Reporting is carried out through an alert system, which facilitates communication and highlights any exceptions requiring
corrective actions. This process permeates all areas of the Organization, supporting Senior Management in assessing the alignment of outcomes with the established risk appetite.
1
Identification of risks that may affect strategic objectives
Timely risk reporting internally, to the market, and to regulators
5
Analysis and assessment of inherent risks, measuring likelihood
and impact
2
Monitoring, through action plans, evaluation of mitigating controls, and key performance indicators (KRIs );
4
Risk response
according to appetite and existing controls;
3
The process consists of
the following steps:
THIRD LINE: represented by Global
Internal Audit, independently assesses the
Risk Culture
We recognize the importance of a strong risk culture and have a solid governance structure that engages all our employees in risk management, across all hierarchical levels-from business
areas to Senior Leadership-especially during this moment of transformation within our Organization.
Within the Unibrad structure, we maintain the Risk Management Community, intending to reinforce our risk culture.
Through this initiative, we have trained 98% of employees in risk prevention, identification,
mitigation, monitoring, and control, developing both the technical and behavioral skills required to support business structures.
Employees participate in mandatory training that covers key topics such as cybersecurity, compliance, operational, and reputational risk. Examples of these training courses include: Risk Management Concepts, General Data Protection Law (LGPD), Introduction to Information Security, Prevention of Money Laundering and Terrorism Financing, Serving Potentially Vulnerable Clients, among others.
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Bradesco Organization
Strategy
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Sustainability
Our risk and control management methodology is aligned with the main international risk management frameworks, allowing risks to be proactively identified, measured, mitigated, monitored, and reported.
We operate in accordance with the Three Lines Model, which structures responsibilities and strengthens risk governance:
FIRST LINE: business and support areas identify, assess, report, and manage the risks inherent to their activities, as well as execute controls and implement action plans to keep them within acceptable levels.
SECOND LINE: monitoring areas establish risk management and compliance policies and procedures, oversee first-line controls, and perform independent model assessments.
effectiveness of risk management and internal controls, and reports its findings to the Board of Directors, the Audit Committee, the Fiscal Council, and Senior Management.
LEARN MORE
about our activities in our Pilar 3 Risk Management Report and in item 3D of the 20F Form.
Compliance
Contagions
Operacional
Main risks
Credit
Our risk management adopts an integrated approach, covering all of the Organization's operations, including the bank and its subsidiaries.
Strategy
Market
Liquidity
This model allows us to assess and mitigate risks on a consolidated basis, ensuring that strategic decisions are made with a comprehensive view of Bradesco's total exposure.
Underwriting
The main risks monitored are:
Model
These risks are continuously monitored and reported to governance bodies, ensuring compliance with our Corporate Risk Management Policy and alignment with our risk appetite.
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Strategy
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Sustainability
Profitability
We periodically report 'Very High' and 'High' residual risks to the Risk Committees for their awareness, in accordance with the governance described in the Risk Management Policy
Reputation
In addition, considering the business environment, we monitor macroeconomic and geopolitical risks that may impact the
Social, Environmental, and Climate
Cybersecurity
financial sector and bring adverse effects to our exposures. The global scenario, monetary policy, and fiscal stability are variables that directly influence credit conditions, liquidity, and
asset pricing.
Solvency
LEARN MORE
about our activities in our Pilar 3 Risk Management Report and in item 3D of the 20F Form.
Central Bank Digital as well as wholesale, retail, or general (when access International Settlements (BIS), as well as by
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Strategy
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Sustainability
In a dynamic and continuously evolving environment, the identification and management of emerging risks have become critical components for the sustainability and success of organizations. These risks may arise from technological, regulatory, market, or customer
behavior changes and have the potential to affect the business model, competitiveness, and value creation over time.
We continuously improve our emerging risk management process to anticipate potential threats and identify opportunities associated with the evolution of the external environment.
We have a dedicated team responsible for leading discussions on the topic and, under its coordination, a group composed of
representatives from multiple areas is responsible for the identification, assessment, and monitoring of these risks, reporting to the Organization's risk control forums.
Emerging risks include digital currencies issued by central banks (Central Bank Digital Currencies
- CBDCs), asset tokenization, quantum computing,
and agent-based trading.
Currencies (CBDCs)
CBDCs are digital currencies issued by a central bank or monetary authority and represent a new form of sovereign currency, just like physical money (bills and coins) and bank reserves.
There are various reasons for creating a CBDC, including: reacting to the privatization of money by initiatives of large global companies, ensuring financial inclusion for the unbanked, improving the efficiency of cross-border operations, fostering technological innovations, among others.
The creation, characteristics and implementation model of a digital currency depend on the objectives, and may therefore be domestic, international or universal (when applicable to both),
is unrestricted).
The topic is highly relevant and entails risks and opportunities with the potential to impact the global financial system, due to:
» The possible creation and issuance of global private retail currencies (stablecoins), potentially posing risks to monetary sovereignty and national currencies;
» The creation of wholesale and retail CBDC initiatives by major central banks (China, the Euro Area, the United States, the United Kingdom, Sweden, Brazil, among others);
» The advancement of studies and CBDC-related projects conducted by international organizations, such as the International Monetary Fund (IMF) and the Bank for
private companies and consulting firms, including Visa, Mastercard, IBM, R3, G+D, Idemia, Accenture, EY, Deloitte, KPMG, Bain, BCG, among others;
» The growing availability of technological solutions, such as blockchain-based platforms, dual
offline payment capabilities, and other related
innovations.
In this scenario, the implementation of a domestic retail CBDC and its distribution model - whether direct, indirect, hybrid or intermediated - has the potential
to impact financial institutions, payments institutions, among others. This is due to the potential for banking disintermediation in financial operations, which could, in turn, lead to a reduction in the use of banking products (such as savings and checking accounts), lower funding levels, and a contraction in money creation, thereby reducing the availability of loans.
In Brazil, the Central Bank (BCB) established a study group on the topic in 2020, conducting a series of webinars and a special edition of
the Lift Challenge (Laboratory of Financial and Technological Innovations) focused on the Digital Real (DR), with the objective of assessing use cases and their technological feasibility.
In 2023, the BCB published the guidelines for the Digital Real, emphasizing the need to avoid
regulatory asymmetries, explore innovative models (such as smart contracts and programmable money) and distinguish between the Real Digital wholesale, issued by the Central Bank, and the tokenized real, issued by financial institutions.
In 2024, the pilot project was launched, including simulations involving tokenized assets using the Hyperledger Besu platform. We participated in Phase 1 alongside other financial institutions and technology companies, while the BCB conducted workshops and consolidated the Drex Forum.
The pilot was subsequently rebranded as Drex and, in 2024/2025, the first phase was completed with a focus on DLT (Distributed Ledger Technology) infrastructure and on meeting baseline security and privacy requirements. The report published in early 2025 highlighted the robustness of the platform, while also identifying
significant challenges related to data protection, privacy among participating institutions, and the need for greater operational resilience.
Based on these results, the BCB started Phase 2 in 2025, dedicated to the evaluation of
new business use cases. However, this stage highlighted some limitations: the cost of distributed infrastructure, complexity, difficulties in regulatory supervision, and challenges
in balancing programmability, privacy, and
decentralization.
As of 2026, Drex moves into Phase 3 with a more flexible approach, focused on the development of an integrated infrastructure for collateral reconciliation in credit operations, intended
for internal use by financial institutions, notary offices, and brokerage firms. This new direction made the scope more concentrated and led to a more gradual evolution of the topic in Brazil,
which shifted from a broader proposal to a more pragmatic and incremental agenda.
Even so, we continue to monitor the topic through working groups and participation in national and international forums, in order to track global CBDC trends and anticipate potential impacts, risks, and opportunities associated with the evolution of Drex in the medium and long term.
Agentic commerce
Introduction
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Annexes
Integrated Report 2025
28
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Agentic commerce describes the evolution of retail and payments in which AI agents act on behalf
of individuals and companies to recommend, compare, negotiate, and complete purchases within limits defined by the user and the financial provider. It represents a step beyond e-commerce, where journeys move away from isolated clicks and become continuous and personalized
flows, in which the agent understands intent, coordinates steps, and executes the transaction securely. Major ecosystem participants are already launching standards and infrastructure to enable agent-initiated transactions, while market analyses project a relevant impact on retail over this decade.
This dynamic promises more fluid customer experiences, as well as operational efficiency for companies. Global payment networks have been testing agent-specific credentials and tokenization, as well as consent governance mechanisms (per-agent limits, verification, revocation), with the objective of combining low friction with enhanced fraud protections.
In parallel, digital commerce companies have been connecting product catalogs and checkout pages to chat/AI platforms, opening a new agent-mediated sales channel.
However, the advancement also brings risks of customer disintermediation. As AI agents begin to mediate purchase journeys and financial services, the risk of losing the direct point of contact with customers increases, with the migration of data, influence, and margins to intermediary platforms and new entrants, putting pressure on revenue sources and customer loyalty. Recent assessments indicate that the agentic era, combined with competition from non-financial participants (fintechs, platforms, and Big Tech) may alter value distribution and capture in the sector, requiring strategic responses to preserve relationships
and relevance in the channel. Additionally, the growing use of autonomous agents increases the risk of AI hallucinations, which may generate inaccurate information or be exploited in fraud
attempts, reinforcing the need for robust controls and human verification in technology-mediated interactions.
Within the organization, we monitor developments in agentic commerce through dedicated areas and disseminate knowledge through training tracks, talks, and workshops.
Introduction
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Annexes
Integrated Report 2025
29
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Asset tokenization
Tokenization is a process that transforms an existing good or right (whether tangible or intangible) into a digital representation, called a "token". A "token" therefore represents an asset in digital form combined with assignable
digital information and rights, all connected in a
programmable and highly automated way.
Tokenization is one of the main applications of DLT (Distributed Ledger Technology) in the financial and capital sectors. Blockchain, a type of DLT, has been widely used for this purpose.
This technology allows data to be stored and validated in a secure and decentralized manner, simplifying transactions and reducing costs and intermediaries.
Thanks to the transparency, cost efficiency, and accessibility it enables, tokenization has the potential to spark the creation of a new financial trading system, in addition to fostering innovation.
Recently, tokenization has been applied to sectors such as real estate, art, commodities, and even intellectual property rights, democratizing access to investments that were previously limited to large investors.
Motivations and objectives vary widely worldwide. While developed economies mainly aim for gains in economic efficiency, emerging countries consider "tokens" as a way to solve some basic social challenges, such as financial inclusion.
In the financial market, the adoption of a tokenized economy would lead to measurable efficiency gains and increased security and resilience, while also reducing costs and complexity.
This new digital economy, however, does not emerge without significant issues to be addressed, such as the development of a regulatory framework --a key barrier to
tokenization initiatives; scalability, which is crucial to maintaining service efficiency and quality; cybersecurity that ensures both transparency and confidentiality on the blockchain without disclosing information about borrowers and asset owners; token theft and loss; standardization (adoption); and interoperability, among others.
In Brazil, asset tokenization continues with a focus on the regulatory and market agenda: the Central Bank advances prudential guidelines for institutions' exposures to virtual assets and
tokens, ANBIMA conducts a DLT network pilot for debentures and funds, and the CVM observes
the expansion of tokenized offerings through crowdfunding, reinforcing standardization and transparency across the ecosystem.
Within the Organization, we maintain a group composed of professionals from multiple areas that monitors developments in this topic through
research, evaluation of potential partnerships, experiments on applications in internal processes, initiatives, and new products, as well as disseminating knowledge through talks, courses, workshops, among others.
Introduction
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Annexes
Integrated Report 2025
30
Bradesco Organization
Strategy
Value creation
Corporate Governance
Risk management
Sustainability
Quantum computing
It is a new paradigm in computing, which uses quantum mechanical phenomena to build new types of hardware, software and algorithms capable of processing data in quantum systems.
The main difference between traditional (also called classical) and quantum computing is that in traditional computing the results are limited due to the bits-based operation (each bit can assume one of two possible states: 0 or 1), while
in quantum computing, it operates using quantum bits (qubits, which can assume states 0, 1 or a combination of both, according to a probability distribution).
It significantly simplifies the computational complexity of some problems, offering faster solutions, including solutions that were previously impractical.
This science has the potential to be applied across a wide range of economic sectors due to its
ability to significantly increase processing speed, scalability and complexity, enable more accurate models, and enhance operational efficiency.
For example:
Finance/Investments: greater scale, complexity, and efficiency in the development of models, optimization of investment portfolios, and various simulations;
Cybersecurity: improvements in encryption, methods for key-establishment and data protection, among others;
Energy: greater efficiency in the identification and combination of energy generation sources;
Healthcare/Pharmaceuticals: improvement of existing drugs, development of new medicines, simulation of molecular behavior for the creation of new materials and genetically personalized treatments, genetic sequencing, among others;
Climate change: greater capacity to process complex models that allow the identification and understanding of ways to slow down climate change and reverse its effects, contributing to sustainable development.
We can leverage its new applications and obtain relevant benefits in several areas, such as process optimization, risk management, cyber defense, simulations, and modeling, among others.
Quantum computing may enable more accurate and faster analysis of large datasets, providing valuable information for strategic decision-making.
On the other hand, there are potential risks that should be considered, such as the unavailability of the technology due to the limited availability of computers with high qubit processing capacity (substitutes for classical bits), shortage of qualified workforce, increased exposure to cyber
risk due to the possible breaking of part of current cryptographic protocols, and the need to migrate to post-quantum cryptographic algorithms, among others.
The main technical challenges in the construction
and operation of quantum computers are:
» Increasing the number of qubits;
» Reducing special operational requirements;
» Increasing stability time;
» Reducing error rates.
From a regulatory and institutional perspective, the Central Bank of Brazil recognizes quantum computing as one of the emerging technologies capable of significantly expanding computational capacity and enabling solutions that are currently not feasible in classical systems.
We believe that quantum computing may significantly transform the way we work and live. Although quantum computers capable of
materializing the various possibilities mentioned, at large scale and with fault tolerance, do not yet exist, we consider it strategic to prepare ourselves, taking into account the full potential of the technology and its possible impacts.
For this reason, we maintain a working group involving different areas, dedicated to monitoring the evolution of the topic, researching and experimenting with its application in internal processes, and disseminating knowledge to our teams through various means.
LEARN MORE
about our activities in quantum computing in our ESG Report.
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.