Prepared remarks
Before we begin, please take a moment to review the legal disclaimer on page 2 of today's presentation, which addresses forward-looking statements. The full presentation is available for download on our Investor Relations website. And you will find additional materials in the SEC filings section of our IR website. Now I hand it over to Thiago Maffra.
Good evening. Thank you, Andre. Good evening, everyone. And thank you for joining our second quarter 2026 earnings call. I would like to begin by welcoming Gustavo Alejo Viviani, our new CFO. He joins us at an exciting time just after the biggest Expert event in our history, an event that showed how far we have come and how much further we aim to go. Now let's dive into our second quarter 2026 numbers. Beginning with the key highlights of the quarter, client assets combining AUM and AUA reached $2.2 trillion, representing a 17% year-over-year growth. We ended the period with 18.4 thousand advisors, up 1% year over year, while our active client base totaled 4.8 million, a 1% increase year over year. Gross revenues amounted to $5.1 billion this quarter, up 8% from the same period last year. EBT advanced 15% to $1.6 billion while net income came to $1.4 billion, rising 5% year over year. In terms of profitability, our ROE increased 80 basis points sequentially to 22.5%. Our capital ratio stood at a comfortable 20.3%, reflecting our ability to grow while maintaining disciplined capital and risk management. Also, our EPS grew 9% year over year—stronger than our net income growth—thanks to our capital management and payout strategy. The second quarter of 2026 was again marked by ongoing global geopolitical tensions and residual market volatility. While these headwinds materialized with less intensity than in the previous quarter, they still impacted our results, particularly through the widening of credit spreads and a reduction in primary GCM offerings. Without these effects, we would have achieved double-digit revenue growth with a low-teens expansion year over year. This demonstrates that despite the market volatility we faced in the first half of the year, our core businesses continued to perform well with resilient underlying momentum. Towards the end of the quarter, we began to see signs of normalization across markets, with a gradual recovery in the fixed income pipeline. We expect this pipeline to materialize into primary offerings over the coming quarters, depending on market dynamics. That said, depending on how these dynamics evolve, we continue to target double-digit growth throughout 2026, supported by stronger execution across key verticals and a more diversified revenue base. This quarter, we continued to launch products for both individuals and businesses, and our ecosystem is becoming more complete every day. We have a clear ambition: to be the investment leader in Brazil by 2033, but that leadership will come hand in hand with increasing completeness in everything we offer to our clients. This next growth phase is built on personalized service with a focus on financial, tax, and succession planning. Our goal is simple: to be our clients' CFO, covering their full spectrum of financial service needs. Moving on to the next slide. Let's take a look at client assets. During the second quarter of 2026, our total client assets, combining assets under management from our asset management business and AUA from our fund administration business, totaled approximately $2.2 trillion, representing 17% growth year over year. On the right side of the slide, you can see how net new money has evolved. In the second quarter of 2026, we again met our soft target of $20 billion in retail net new money, while corporate and institutional inflows came in at $8 billion. Altogether, net new money amounted to $28 billion for the period. While we posted positive results and met our soft guidance, we continue to navigate a challenging environment in 2026. We are constantly improving our investment platform and, as we have mentioned, enhancing the client experience through numerous initiatives. This combination reinforces our confidence in achieving our ambition of roughly $20 billion in retail net new money per quarter on average. Related to that, it is worth mentioning that our NPS ended the second quarter at 66 points. As mentioned in our previous earnings call, we are on a consistent recovery path from the one-off events that impacted us in former quarters. This demonstrates the strength of our brand and the trust clients place in our platform, and it gives us an indication that we will return to historical levels over the next quarters. With that, let's now take a deeper dive into the strategic drivers that are shaping our next growth phase. Our comprehensive financial ecosystem is built around long-term relationships. We provide service and personalized advice with excellence across every aspect of our clients' financial lives, from investments to banking solutions. Many of our clients have needs well beyond investments, and our mission is to provide them with complete solutions. Under this model, the focus shifts from product distribution to building a personalized financial strategy for each investor. Looking ahead, we see the role of the investment adviser at XP undergoing a profound transformation. The professional is no longer just an intermediary of financial products, but is taking on a role closer to that of a wealth consultant, broadly accompanying clients throughout their financial journey. Given this context, it is crucial to understand personal and family goals, such as retirement and long-term wealth building. The same logic that guides us on offerings for individuals also extends to our corporate clients. We have recently launched new initiatives targeting the business segment, always focused on delivering financial management solutions. We already have a very robust corporate segment, and now we are expanding our offering, particularly for small and medium-sized enterprises. As we have said over the past few quarters, XP is uniquely positioned for this new market environment. We have the largest and most qualified adviser network in Brazil, along with a trusted brand and an innovative DNA, a combination that enables our tech-led scaling and keeps us ahead of the market. On the next slide, we share further details on our strategy. Across every client segment we serve, our ambition is to deepen relationships, enhance the completeness of our product offering, and fully meet all of our clients' financial needs. On the individuals' side, our focus remains on investments. We continue to deepen our segmentation, offering a specific value proposition for each client layer. We were the first to address a latent market demand and offer a truly model-agnostic approach. Today, we have evolved this concept into a comprehensive wealth planning model that allows us to cover our clients across all their financial needs, from investment allocation to estate planning, succession, and beyond. Under this model, the charging structure naturally aligns as fee-based, which continues to gain traction. We already have slightly more than 26% of our clients' assets under this framework. On top of that, we are expanding our offshore investment capabilities and making continued progress on new product launches, including ETFs and managed portfolios, all fully aligned with our way of serving clients. At the same time, we are adding credit to our solutions shelf, which has already expanded meaningfully over the past few years, during which we introduced numerous innovations in banking and insurance. I would like to emphasize that this expansion is the continuation of a well-planned strategy that has been consistently executed over the years with the addition of services and solutions. For businesses, the same logic holds true, and this is where we see the greatest opportunity, since these companies and their founders have long been underserved by traditional players. We plan to change that by delivering a complete, modern, and scalable offering. Just as we transformed the investment landscape for individuals, we are now about to do the same for businesses. We introduced a new standard of high-quality advice, supported by technology and a complete range of products and services designed to tackle the real pain points of a market that has never been fully served. By advising these entrepreneurs with the same depth we bring to individuals, we can help them manage and allocate their cash flow more effectively to grow their businesses. We are now expanding and upgrading our commercial coverage while launching new features for businesses. We recently announced a partnership for POS devices and a credit card geared toward small and medium-sized enterprises. These are natural extensions of our franchise and a continuation of our strategy that has been underway since 2019 when we obtained our banking license. Finally, I want to emphasize that we execute this strategy with the utmost discipline, ensuring that every step we take remains firmly aligned with our capital ratios and conservative risk approach. With that, I will now hand the call over to Alejo Viviani to cover the financial section of the presentation.
Thank you, Maffra. It is a pleasure to be here with all of you today. I would like to begin by expressing my sincere appreciation for the warm welcome since joining XP. I am thrilled to be part of this journey and I am looking forward to contributing to our next chapter of growth. Now let me walk you through our financial performance for the quarter. Total gross revenue in this second quarter 2026 reached BRL 5.1 billion, up 8% year-over-year and 3% quarter-over-quarter. Retail growth in the quarter was driven by equities, funds platform, new verticals and other retail, which expanded at a rapid pace year over year. The Wholesale Bank division also delivered consistent growth led by solid performance of our corporate segment. Now let's move on to retail revenue. Retail revenue totaled BRL 3.9 billion in the quarter, representing an 8% growth year over year and a 3% growth quarter on quarter, reflecting the impact of fixed income corporate credit in Brazil, as already explained. Excluding this mark-to-market effect, retail revenues would have grown 15% in the first half of 2026 when compared to the same period last year, showing resilient underlying momentum. Even with the lower ADTV of equities and futures in the second quarter, equities revenue increased 11% when compared to the same period of last year, reaching almost BRL 1.1 billion. Sequentially, equities revenue dropped 2%, while ADTV fell approximately 8% in the same period. Funds platform also posted a strong performance this quarter, growing 22% year over year and 7% sequentially, due to the booking of management and performance fees this quarter. Also, retail annual performance benefited from stronger contributions from new verticals and different revenue lines included in other retail, like float, international platform and FX. Now let's move on to the next slide where we will cover how our wholesale bank is evolving. Our wholesale segment, including corporate, issuer services and institutional revenues, grew 32% year over year and 3% sequentially. The market deterioration that began in March and prevailed through April, combined with the lower risk appetite from investors, led to a sharp decrease in the number of new fixed income offerings, particularly tax-exempt fixed income instruments. The reduction in fixed income offerings weighed directly on our issuer services segment, resulting in lower revenues versus both the prior year and the previous quarter. Despite this reduced number of offerings, the corporate segment posted another strong result, with revenues growing 117% year over year and 22% sequentially. Our ability to cross-sell and deliver a broader set of solutions to our corporate clients, such as derivatives, FX and credit, continued to support our revenue growth. Finally, our institutional business grew year over year and was relatively flat sequentially. Like retail equities, the segment reflects lower trading volumes during the quarter. Now let's shift our focus to SG&A and efficiency ratios. Our SG&A totaled BRL 1.6 billion in the second quarter, increasing 5% year over year and 2% quarter over quarter. On the right-hand side of the slides, our last 12 months efficiency ratio stood at 34.3%, an increase of 30 basis points year over year and a decline of approximately 30 basis points sequentially. This quarter, we delivered a good efficiency ratio against a more challenging revenues backdrop. As we move into the second half of the year, we expect the typical effects that lift both revenues and expenses, such as bonus provisions and the Expert event. Despite these effects, we continue to closely monitor the pace of our SG&A and we still target to deliver a flattish efficiency ratio on a year-over-year basis for the full year. Moving to earnings before taxes now, our adjusted earnings before taxes totaled BRL 1.6 billion in the second quarter 2026, up 15% year over year and 10% quarter over quarter. We delivered a 32% adjusted EBT margin, expanding on both a quarterly and a yearly basis. Lower mark-to-market impacts, positive performance across several of our segments, and controlled expenses all contributed to operating leverage, which resulted in a higher EBT and EBT margin this quarter. On the next slide, we present our net income. Adjusted net income reached BRL 1.4 billion in the second quarter, representing a 5% increase compared with both the prior year and the prior quarter periods. Net margin was 28.3% in the second quarter 2026, up around 50 basis points sequentially and down around 100 basis points year over year. Our tax rate for the quarter was sequentially higher due to the mix of results: stronger performance results from the corporate line and less negative mark-to-market impact from the warehousing book. Now let's move on to the next slide to talk about our earnings per share and returns. Our adjusted diluted earnings per share increased by approximately 9% year over year at a faster pace than our net income growth, reflecting the execution of our share buyback program. On the right-hand side of the slide, you can see our adjusted annualized return on tangible equity and return on equity. Given our lower Basel ratio sequentially, both metrics are higher this quarter when compared to the previous one. With that, I move on to the next slide to talk about our capital management strategy. During the second quarter, we continued executing our share buyback program. As of the end of June, we have executed BRL 1 billion and closed the previous buyback program. We still have another open program of BRL 1 billion, which we continue to execute strategically. Combining the two buyback programs and approximately BRL 500 million in dividends distributed in June, we reached nearly BRL 2.5 billion in capital distribution already announced in 2026. Additionally, I would also like to announce that we will be canceling approximately 11.8 million shares, 2.3% of our total outstanding shares, further reinforcing our commitment to disciplined capital allocation and returning value to our shareholders. Now let's move on to the second part of our capital management strategy. I would like to turn to our capital ratio and risk-weighted assets. We closed the quarter with a Basel ratio of 20.3% and a CET1 ratio of 17.1%. As mentioned in our previous earnings calls, throughout 2026 we will operate the business with a high Basel ratio. However, we are comfortable bringing it down to our target range of 16% to 19% while still maintaining a comfortable capital buffer. On the right-hand side of the slide, we show our RWA. The main growth driver was credit RWA, mostly associated with our corporate business. It is worth noting that while total RWAs grew around 26% year over year, our corporate revenues expanded 117% over the same period. This shows that we will continue to evaluate and seize growth opportunities as they arise while maintaining our focus on risk-return criteria. And with that, we can move on to the Q&A section. Thank you.
Questions and answers
Daniel, please go on.
Hi, guys. Good night. And thank you for taking my question. Alejo Viviani, welcome aboard. Hope you have the most success in XP. I'd like to hear a little bit more about volatility and, I guess, we are heading into an election period. I will be curious to hear what your expectations are for volatility and your revenues, mostly if you could break down into retail revenues and also for corporate. Because corporate, we are seeing a very strong first half. You delivered close to BRL 1.1 billion. So trying to understand whether that is a level on the corporate side that could even go higher compared to the first half of the year as you have more opportunities for maybe self-hedging, derivatives, FX, and also protection for rates ahead of the October and November election period. Also, breaking down in retail and corporate would be very good to hear about that. Thank you.
Thank you for your question, Vaz.
This is Thiago. Yes. About volatility, it is important to mention that usually when we have high volatility it is positive in terms of volumes and revenues for some businesses, especially when we look at the institutional desks or retail trading clients. If volumes pick up, and we have for most of the markets between 30-50% market share, volumes pick up and we make more money. So yes, when you look especially at two business lines—institutional and retail traders—we expect higher revenues in the second semester. About corporate revenues, I believe we have been investing in this business since 2021, so the business has been growing year over year in a very conservative way. For example, this year we had a lot of events and we did not have any exposure to those names, so we have a very high-quality credit portfolio. The derivative business is growing—energy, FX and a lot of other businesses are growing—so we believe this level of corporate business is a normal level for the future. I know it was very strong, but we expect Q3 also to be strong for corporate. So it is part of the business that is growing and is a normal level looking forward.
Alright. Thank you.
Alright. Thank you.
Next question is from Eduardo Rosman from BTG. Rosman, you can go on.
Hi, everyone. I have a couple of questions about the wholesale banking business. If you can share with us what your expectations are on how relevant this business could become within XP as a whole over the next few years. Do you think you already have the right teams and alignment in place to expand the lending business? If not, what is still needed to get there? And finally, could you share your view about the payout ratio medium term? In the short term you mentioned you still expect to pay more than 50% in the form of dividends and buybacks, but given that you expect to use your balance sheet more in the future, should we expect any change in that? Thanks a lot.
Thank you for the question, Rosman. Taking the first question about wholesale: we do not have any change in strategy. The strategy that we started four to five years ago remains. We will continue to grow step by step in the business. So to be clear, Gustavo is not joining us because we are planning a shift on credit base; that is not the case. Of course he has great background in different areas of banking, including wholesale and retail. As you can see, the banking business for both individuals and companies has been growing in the past years, insurance as well. So the strategy is to complete the ecosystem and to serve our clients as a whole, and we will continue to do that. You probably saw that we announced we are launching a platform for SMBs; it goes live on September 1, with cards, acquiring, credit with collateral and so on—many different products. So it is part of the evolution of the business. There is no big shift in strategy, there is no big shift on credit. We are not going to start growing the credit portfolio at a very different pace. It is more of the same. Of course, comparing ourselves with other banks, we still have a lot of room to build new business lines and grow, but it is going to be step by step, always being cautious on credit and risk. About people, I would say that we have most of the people that we need and most of the capabilities. Of course, as you know, the company was born as a broker-dealer focused on individuals and investments, so it took us four or five years to get to this point where we are comfortable building new business lines. We can always bring—and we are always looking to bring—people that complement our capabilities and skills. Gustavo Alejo Viviani is one of these examples and he will help us not only on wholesale but also on the individual part, investments, and everything. So yes, I believe we are ready to grow and execute the strategy that we have been executing in the past years. Not sure if you want to share something, Alejo.
I am saying that today he is here listening, but next time he will be up to speed. It has been two weeks with us and it has been great—lots of good discussions already. So I am happy to have you here. I am entering my third week in this great company. I am energized and genuinely pleased to be part of such a remarkable growth story. The strategy is written; we are not changing the strategy. I am just being, and will be, part of this growth story as part of the team. I saw a very strong, focused team and very strong metrics in terms of credit. So we have all set to keep growing at a good pace and with good profitability. Very good to talk to you again.
And to take your second question about payout: as we mentioned, we have a guidance to get our BIS ratio between 16% and 19%. Today we are above 20%, meaning that we will have to distribute more capital throughout the year. We already executed a billion in buybacks, we have another billion open that we are executing at these levels, and we already executed BRL 500 million in dividends. So totaling and assuming that we execute the open billion, BRL 2.5 billion, I believe this year we will be higher than 50% payout for sure. Otherwise we do not get below 19. So you can expect more buybacks or more dividends throughout the year depending on the price during the year. At these levels, of course, we lean towards buybacks more than dividends. So that is the idea today.
Okay. Next question is from Mario Pierry from Bank of America. Mario, you may proceed.
Hey, guys. Good evening. Thanks for taking my question. Alejo Viviani, welcome. Good luck to you. It is nice to be talking to you again. Let me ask you a question on what you talked about: retail revenues would have increased 15% excluding the impact of the mark-to-market. So we are estimating that is about BRL 420 million impact on revenues in the first half of the year. Is that correct? Because I think you had discussed that the impact was close to BRL 400 million in the first quarter. So is it fair to assume that the impact in the second quarter was very marginal?
This is Thiago here. I will take the question. Yes, your math is right. It was around BRL 420 million. I would say it was below BRL 300 million in the first quarter and the other part in the second. So I would say BRL 150-160 million in the second quarter. Those are the numbers.
That is clear. So when we look, I would imagine this was an impact on your fixed income revenues. I looked at your fixed income fees and get an average of about 89 basis points in the first half of 2026, down from 99 basis points in the first half of last year. So this drop is primarily because of changing mix?
There are two effects there. The first is the mix. We have never seen a mix so concentrated on Selic post-fixed instruments with very short-term duration, mostly daily liquidity products. That is one of the biggest problems with fixed income revenues today. There is also the mark-to-market losses we mentioned: when we say we lost more than BRL 400 million on mark-to-market, it is mainly on the book from our investment banking. If you take into consideration that there was almost no market for GCM on debt capital markets in the second quarter, there was also a huge impact on primary market fees. So the impact on the second quarter was almost the same as the first quarter if you consider the revenue we lost on the primary market and the mark-to-markets on the secondary market. It was a very low volume quarter. We have done less in a quarter than we do in a month when you compare Q2 with Q1. So it was a huge drop on primary market. We are seeing that stabilizing again in Q3 at a lower level than in the past, but better than Q2.
So those are the impacts when you look—because remember there is revenue split between primary market on retail and investment banking and that is why the mark-to-market is there—so they are two impacts. And just a clarification on this daily liquidity product: what percentage does it represent of your fixed income assets today, roughly?
We do not open the mix by type of product, but today, out of everything that we sell on the fixed income platform, I would say almost 70% is in daily liquidity products—70. That number was 30% three to four quarters ago. So it is a huge change in mix. Remember that when we sell a daily liquid product we get a daily accrual at a very low take rate. So we have two effects: when you sell a corporate bond you make duration times spread upfront; when you sell a daily liquidity product you get a daily accrual at a lower level. So it is a double impact here.
And you are not seeing any changes on that mix in the short term?
Not yet. If you look at the fund platform, we started to see a more stable level and it is early to say an improvement, but we are seeing improvement on funds. I believe we are close to a turning point here, but it is early to say we are already there. Thank you very much.
Okay. Next question is from Tito Labarta from Goldman Sachs.
Thanks. Good evening. Maffra, Alejo Viviani, welcome. A couple questions. Following up on Mario's question on mark-to-market: do you expect any more impact going forward? Or do you think we are at a point where we can see retail revenues growing around that 15% level going forward, or could there still be more impact? Just to understand what is the underlying growth of retail revenues we can factor in going forward. And second question: there was a bit of a jump in JVs and associates; it was about BRL 30-32 million higher than last quarter. Was there anything significant there to highlight to understand that jump? Thank you.
Thanks for your question, Tito.
About your first question: we have reduced our books a lot because the exposures were mainly from the primary book from investment banking and also the facilitation or secondary bridging flow book for retail clients. We have reduced the book significantly during the first half of the year, but it is part of the business—we still have a book. Remember we have 30-40% market share on this kind of instrument, so we always keep a book. If we see another spread widening of the same size as in the past, we are going to lose less than we lost in the first half because the book is smaller today, but we are still going to lose something. We are not seeing spreads at the same widened levels for two months; they open and close 5-10 basis points, so that is not much. Right now you are seeing a stable level. If there is no big change, you should expect no mark-to-market provisions in the future. But again, the book is smaller, and it is part of the business, so I cannot guarantee we won't lose or make money on it. Your second question was on shared profit from JVs and associates—there was BRL 32 million quarter over quarter. Remember we have invested a lot of money in IFAs, in asset managers and other businesses in the past. Most of these businesses are growing, so you should expect this line to grow year over year. There is also seasonality: some of these businesses are asset managers and you usually have performance fees at the end of the semesters, which explains most of the increase. We have put a lot of money into these businesses and they should grow over the years.
Okay. Next question is from Neha Agarwala from HSBC. Neha, you may proceed.
Hi. Thank you for taking my question. Just a quick clarification on the cost side. You have shown very good control over costs, both in COGS and OpEx. Can we dig a bit deeper to understand what are the key levers you are using and what can we expect in 2027? Where do you see additional room for optimization, if any? Or will it be more of a revenue play in 2027? Thank you.
Thank you for your question, Neha. When we think about our SG&A for the future, remember that at the beginning of the year we said you should expect a flattish efficiency ratio and compensation ratios for the year.
That is the case so far. Remember that there is seasonality historically in our revenues: the second half of the year is usually stronger than the first half, meaning that if we keep the same efficiency ratios you should expect SG&A to grow in nominal terms in the second half of the year. On top of that, in Q3 we have Expert, which is a big cost for us, so you should expect costs to pick up a little bit in the second half. But again, you can expect flattish efficiency ratios and compensation ratios. As for 2027, I would say flattish is a good assumption, but remember we are building a lot of new business lines and channels, so it is not a commitment that we will gain efficiency or be flat. But flattish is a reasonable assumption.
Next question is from Marcelo Mizrahi from Bradesco. Marcelo, please go ahead.
Hello, everyone. Congratulations on the results, and thanks for the opportunity. My question is regarding gross margins. The dynamic has been changing—gaining margin on fees and rebates—but we are seeing gross margin pretty stable. This quarter was pretty strong. Should we expect gross margins to go up in the next quarters with the dynamics and mix the company will have? Thank you.
We have a lot of operational leverage when we think about the business, and it is the same case when we think about the channels. So, in the long run, you could expect gross margins to improve. But remember that the mark-to-market also impacts these ratios because when we have more than BRL 400 million in our top line that is not correlated to our sales channels or to IFAs, it distorts the commission ratios and other metrics. So that is the main explanation.
Next question is from Pedro Leduc from Itaú. LeDuc, you may proceed.
Thanks, everyone. Congrats on navigating this challenging quarter. I want to go back to the SG&A side. You've been clear about the seasonality in the second half and investing more behind people. But earlier this year you mentioned you are looking to revamp your tech-based client-facing platform, especially for mass-affluent or the base of clients where you were losing some traction. When I think about flat efficiency and you are paying for more people, you also have to boost the tech/AI investment deck. Are you able to accommodate both here in the figures you are talking about? And where are you in this upgrade you meant to do in the basic channel or service-facing technology? Thank you.
Great question. If you look at the first half of the year, you see non-people SG&A growing a bit more; it is mainly technology. Technology is growing a lot and it is mainly concentrated on AI, servers, cloud, and so on. We have been able to manage investing in this new technology while maintaining the efficiency ratios. Regarding the segment you mentioned, when we simplify into three segments—digital retail, affluent clients, and private bank clients—we have been creating a value proposition for digital retail clients for more than a year. We are about to launch an AI advisor this month or at the beginning of next month. Because today we have a more complete shelf of products, including banking and insurance, we are able to provide good service and have good economics for smaller-ticket-size clients. You can expect especially in 2027 the number of clients coming from this segment to accelerate. So I would say 2027 is a good year to look at that segment.
Next question is from Arnon Shirazi from Citi. Arnon, you may proceed.
Hi, all. Good evening. My question is still on expenses. When analyzing people expenses, I see salary has been increasing 23% year-over-year while headcount grew 13%. Is there any change in compensation recently? Also, we see a lower magnitude of share-based compensation. Just trying to see the moving pieces here. Thank you.
It is hard to segregate salaries from bonuses and total compensation. The best way to look is the compensation ratio because the mix of people is very different and we are hiring in different areas. Look at total compensation, including RSUs and so on—that is the best way to analyze people cost.
Next question is from Guilherme Grespan from JPMorgan. Grespan, you can go on.
Thank you, guys. Good evening. I have two quick follow-ups. First, just confirming issuer services: I think you mentioned primary markets have rebounded a little bit versus the second quarter but still at very soft levels compared to last year. I want to confirm that is the message for the third quarter. Second, on the SME strategy going forward: you mentioned the credit card strategy and POS partnership, but focusing specifically on the credit side, what is going to be the strategy? Is it going to be credit plus working capital or working capital? Is it going to be with collateral or not? Do you plan to do government-related programs? I want to understand the mindset for lending specifically. Thank you.
About your first question: yes, Q3 is better than Q2 when we think about debt capital markets and GCM, but it remains softer than the recent past, especially compared to 2025 when volumes were at all-time highs. So it is recovering but at a softer level. On SMBs and credit: remember we are not aggressive even on corporate clients; as we go down to SMBs we will be even more conservative. It will typically be with collateral. We are joining some government programs and other credit programs with collateral, from cards, from receivables and so on. There may be very small revolving lines, but the main part is with collateral and very low risk. That is the strategy for credit in these segments—no big risks, not uncollateralized. We will go step by step.
Okay. Thank you, everyone. We are going to finish the call. Thank you for joining us today. We will keep in touch. Any further questions, the IR team is more than happy to address. See you next quarter. Thank you.