3.A. [Reserved] 3.B. Capitalization and Indebtedness Not applicable. 3.C. Reasons for the Offer and Use of Proceeds Not applicable. 3.D. Risk Factors In light of the complexity of our business and the range of products and services offered to our clients in all segments of the market, we are exposed to various types of risks. In this section, we present the material risks that may affect our activities or our shares and ADSs. Summary of risk factors This section is intended to be a summary of more detailed discussions contained elsewhere in this annual report. 6 – Form 20-F 2025 | Bradesco Table of Contents Our business, operating results, financial conditions or investments made in our shares and ADSs may be harmed if any of these risks materialize. Moreover, the risks described below are not the only ones we face. Other risks and uncertainties not yet known on the date of this report, or which are considered immaterial today, may also affect us negatively. Summary of risks relating to Brazil · The Brazilian government exercises influence over the Brazilian economy, and Brazilian political and economic conditions have a direct impact on our business. · The inflation can affect our revenues and our ability to access foreign financial markets. · Changes in the base interest rate (SELIC) by the Central Bank of Brazil may materially and/or adversely affect our margins and operating results. · The low growth rate of the Brazilian economy may adversely affect us. · Developments and the perception of risk in Brazil and other countries, especially emerging market countries, may adversely affect the market price of Brazilian securities, including our shares and ADSs. · Our investments in debt securities issued by the Brazilian government expose us to additional risks associated with Brazil. · Changes in taxes and other fiscal assessments may adversely affect us. · Our financial and operating performance may be adversely affected by epidemics, natural disasters and other catastrophes. · Currency exchange rate variations may have an adverse effect on the Brazilian economy and on our results and our financial condition. · Changes in international interest rates could adversely impact global economic or market conditions and, consequently, affect our activities and results. · Geopolitical conflicts and trade disputes may generate widespread uncertainties, significantly impacting business relationships, investor risk appetite and the price of certain assets, especially commodities, generating instabilities that can affect our activities and, consequently, our results. Summary of risks relating to us and the Brazilian banking industry · Our trading activities and derivative transactions, as well as our investments in financial assets measured at fair value, can be volatile and result in significant financial losses, adversely impacting our operating results. · We may experience increases in the level of past due loans made to our clients, as our portfolio of loans and advances becomes more seasoned. · We may incur losses associated with counterparty risk exposure. · We may face significant challenges in gaining possession of, and realizing value from, collateral with respect to loans in default. · We may incur losses due to impairment of goodwill from acquired businesses. · A downgrade of our ratings may adversely affect our funding cost, our access to capital and debt markets, our liquidity and, as a result, our competitive position. · Adverse conditions in the global credit and capital markets, as well as the value and/or perception of the value of Brazilian government securities, may adversely affect our ability to access funding in a cost-effective and/or timely manner. · Changes in regulations regarding reserve and compulsory deposit requirements may reduce operating margins. 7 – Form 20-F 2025 | Bradesco Table of Contents · Adverse developments affecting the financial services industry, such as events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our ability to finance our assets. · Our losses in connection with insurance claims may vary from time to time. Differences between the losses from actual claims and underwriting and reserving assumptions and the related insurance liabilities may have an adverse effect on us. · We are responsible for claims of our clients if our reinsurers fail to meet their obligations under the reinsurance contracts. · A failure in, or breach of, our operational, security or technological infrastructure and systems, or those of our suppliers, could temporarily interrupt our businesses and cause losses. · The loss of members of senior management, or our ability to attract and maintain key personnel, could have a material adverse effect on us. · Financial institutions, like us, may be subject to legal proceedings arising due to certain actions by third parties related to corruption, money laundering and terrorism financing (ML/TF). · Third parties may use us for criminal activities without our knowledge, which could expose us to additional liability and could have a material adverse effect on us. · We may suffer losses due to employee misconduct. · The Brazilian government regulates the operations of Brazilian financial institutions and insurance companies. Changes in existing laws and regulations or the imposition of new laws and regulations may negatively affect our operations and revenues. · We are subject to regulation on an individual and a consolidated basis and may be subject to liquidation or intervention on a consolidated basis. · The Brazilian Constitution previously established a ceiling on loan interest rates. If the Brazilian government enacts new legislation with similar effects in the future, our operating results may be adversely affected. · Any substantial increase or decrease in the interest rate ceiling could have a material effect on our financial condition, our operating results or on the prospects of financial institutions based in Brazil, including us. · We may incur penalties in case of non-compliance with data protection laws. · We remain subject to residual risks of losses relating to inflation-adjustment claims (“expurgos inflacionários”) associated with savings accounts in Brazil. Although the STF upheld the constitutionality of the Bresser, Verão, Collor I and Collor II economic plans, we are still exposed to expected costs and expenses arising from adhesions to the court-approved collective settlement and from remaining ongoing lawsuits. · As the regulatory framework for artificial intelligence and machine learning technology evolves, our business, financial condition and operating results may be adversely affected. · The increasingly competitive environment in the Brazilian banking and insurance segments may have a negative impact on our business prospects. · Potential need to provide financial support for related entities, either due to insufficient capital and/or liquidity, relevant operational problems and dependence on services rendered by suppliers/partners may negatively impact our business performance. · Failure to adequately protect ourselves against risks relating to cybersecurity could materially and adversely affect us. 8 – Form 20-F 2025 | Bradesco Table of Contents · We provide financings for projects carried out by clients which may result in negative socio-environmental impacts which, in turn, could negatively affect our operating results and reputation. · Climate change may have adverse effects on our business. · Damage to our reputation could harm our business and outlook. · We may make non-optimal business decisions due to flawed/deficient models, or inappropriate use of those models. Summary of risks relating to our risk management and other risks · Our risk management structure may not be fully effective. · A majority of our common shares are held, directly and indirectly, by one shareholder. Our Board of Directors is composed of 11 members, of whom four are independent members. As a result, the non-independent members may have interests that conflict with the interests of our other investors. Summary of risks relating to our shares, preferred share ADSs and common share ADSs · The Deposit Agreements governing the ADSs provide that holders of the ADSs will only receive voting instructions if we authorize the depositary bank to contact those holders to establish voting instructions; and there are practical limitations we may give such holders on any ability to vote. · Under Brazilian Corporate Law, preferred shareholders have limited voting rights; accordingly, preferred share ADS holders will have similar limitations on their ability to vote. · The relative volatility and low liquidity of the Brazilian securities markets may substantially limit your ability to sell shares underlying the ADSs at the price and time you desire. · If we do not pay dividends to holders of our common shares and preferred shares, no dividends will be paid to holders of ADSs. · As an ADS holder you will have fewer and less well-defined shareholders’ rights than in the United States and certain other jurisdictions. · It may be difficult to bring civil liability causes against us or our directors and executive officers outside of Brazil. · If we issue new shares or our shareholders sell shares in the future, the market price of your ADSs may be reduced. · The payments on the ADSs may be subject to U.S. withholding under the Foreign Account Tax Compliance Act (“FATCA”). · You may be unable to exercise preemptive rights relating to our shares. · If you exchange your ADSs for their underlying shares, you risk losing Brazilian tax advantages and the ability to remit foreign currency abroad. · Relevant local insolvency laws may not be as favorable to you as bankruptcy laws in the jurisdictions with which you are familiar. 9 – Form 20-F 2025 | Bradesco Table of Contents Risks relating to Brazil 3.D.10 Macroeconomic risks We continually monitor the macroeconomic risks that may materially impact our business, financial condition and operating results. These risks are assessed by processes carried out in line with our governance structure. 3.D.10.01 Domestic environment 3.D.10.01-01 The Brazilian government exercises influence over the Brazilian economy, and Brazilian political and economic conditions have a direct impact on our business. Investing in emerging market countries such as Brazil carries economic risks. Volatility in Latin American and other emerging market economies has been caused by many different factors, including high interest rates, changes in currency values, high levels of inflation, exchange controls, wage and price controls, changes in economic or tax policies, the imposition of trade barriers, and internal security issues. Any of these factors may adversely affect the value of our shares and ADSs. Abrupt changes in monetary or fiscal policies may generate uncertainties about economic policy, leading to a deterioration in expectations, increasing volatility and negatively impacting the prices of domestic assets. Accordingly, economic policies and signals that are consistent and transparent tend to keep macroeconomic volatility at low levels. In any case, we have no control over and cannot predict the measures and policies that may be adopted in, the future. Historically, Brazil’s political scenario has influenced the performance of the Brazilian economy and political crises have affected the confidence of investors and the general public, which, in recent years, has resulted in a deceleration in the economy and greater volatility in the securities of Brazilian companies issued abroad. Uncertainties about economic policies, especially fiscal policies, may generate negative impacts on the prices of domestic assets, such as currency depreciation, increases in long-term interest rates and inflation and volatility of stock exchanges. In addition, uncertainty about the economic policies that the Brazilian government may adopt may influence market perception of risk of foreign investment in Brazil, which in turn may adversely affect the market value of our shares and ADSs. Furthermore, legislative changes may have an adverse impact on our operations, performance, our business, financial condition and operating results. For more information on legislative changes, especially changes in tax-related laws and regulations, see “3.D.10.01-07 Changes in taxes and other fiscal assessments may adversely affect us”. Uncertainty regarding economic and fiscal policies and the legal framework can harm the Brazilian economy and, consequently, our business, operating results and financial condition. 3.D.10.01-02 Inflation can affect our revenues and our ability to access foreign financial markets. Inflation and governmental measures to combat inflation may have significant negative effects on the Brazilian economy and contribute to increased economic uncertainty and increased volatility in the Brazilian securities markets, which may have an adverse effect on us. Current economic policy in Brazil is premised on a monetary regime under the supervision of the Central Bank of Brazil to ensure that the effective rate of inflation stays in line with a predetermined and previously announced target. According to the Extended National Consumer Price Index (IPCA), in 2025, the inflation rate reached 4.26%, above the center of the target of 3.00%, but within the tolerance range of 1.50%. In previous years, inflation rates were also above the target limit, reaching 4.83% in 2024, compared to the 3.00% target, and 4.62% in 2023 compared to the 3.25% target. Inflation and government measures to combat inflation may continue to have significant negative effects on the Brazilian economy, including greater volatility in the Brazilian securities market. Moreover, measures to control inflation often led to maintaining a restrictive monetary policy, with high interest rates (on this respect, see item “3.D.10.01-03. Changes in the base interest rate by the Central Bank of Brazil can substantially and/or negatively affect our margins and the operating results”), thereby restricting credit availability and limiting economic growth. On the other hand, the absence of a consistent and responsible monetary policy may trigger increases in the rate of inflation and thus negatively affect economic stability. In the event of an increase in inflation, we may not be able to adjust the prices we charge our clients to offset the effects of inflation on our cost structure, which may adversely affect us and our operating results. 10 – Form 20-F 2025 | Bradesco Table of Contents Unanchored inflation expectations, combined with resilience in economic activity and labor market pressures have led the Central Bank of Brazil to extend the monetary tightening cycle, which began in September 2024, throughout 2025. On June 18, 2025, the SELIC rate was raised to 15% which remained in the same level until the end of the year and was decreased to 14.75% on March 18, 2026. The effects of persistent high inflation and policies to contain it can affect our costs and net margins and if investor confidence falls, the price of our shares and ADSs may decrease. Inflationary pressures may also affect our ability to access foreign financial markets, while public policies to reduce inflation may have an adverse effect on our business, financial condition, operating results and the market price of our shares and ADSs. 3.D.10.01-03 Changes in the base interest rate (SELIC) by the Central Bank of Brazil may materially and/or adversely affect our margins and operating results. As a result of inflationary pressures and the macroeconomic instability observed in recent years, the Brazilian government has historically adopted monetary policies that have resulted in Brazil’s interest rates being among the highest in the world. The Monetary Policy Committee (COPOM) of the Central Bank of Brazil sets the base interest rates generally available to the Brazilian banking system (SELIC), based on the expansion or contraction of the Brazilian economy, inflation rates and other economic indicators. During recent years, interest rates have shown an upward trend. As of December 31, 2023, the SELIC rate was 11.75%, increasing to 12.25% in 2024 and to 15.00% in 2025, being reduced to 14.75% at the COPOM meeting held on March 18, 2026, where it remains as of the date of this annual report. We have no control over the base interest rates established by the COPOM of the Central Bank of Brazil or the frequency with which they are adjusted. Increases in the SELIC rate may have an adverse effect on us by reducing the demand for our credit and increasing our funding costs, financial expenses related to existing debt and the risk of default by clients. Reductions in the SELIC rate may also have an adverse effect on us by reducing the interest income we earn on our interest-earning assets thus reducing our revenues and margins. 3.D.10.01-04 The low growth rate of the Brazilian economy may adversely affect us. Global recessions have a direct impact on Brazil's economic activity. The country has suffered in the past with economic crises resulting from domestic imbalances, such as between 2014 and 2016, when GDP decreased by 6.24%. The persistence or intensification of low economic growth and the risk of new recessive cycles can negatively affect our operations and revenues. Brazil recovered consistently from the economic recession of 2020. After suffering the serious effects of the COVID-19 pandemic, the Brazilian economy showed a strong expansion in 2022, 2023, 2024 and 2025 with an average growth of 3.0% per annum. However, the lagged effects of the monetary tightening initiated in 2024, combined with the reduction in fiscal stimulus, started to negatively impact the pace of domestic economic growth in the second half of 2025 and may continue to adversely affect economic activity in 2026. Any intensification of the economic crisis in Brazil and uncertainty about whether the Brazilian government is prepared and willing to implement changes to policies or regulations to address economic challenges may affect us adversely. Accordingly, the risks of new recessionary cycles can adversely impact our result of operations and revenues. 11 – Form 20-F 2025 | Bradesco Table of Contents 3.D.10.01-05 Developments and the perception of risk in Brazil and other countries, especially emerging market countries, may adversely affect the market price of Brazilian securities, including our shares and ADSs. The market value of securities of Brazilian companies is affected to varying degrees, by economic and market conditions in other countries, including other Latin American and emerging market countries. Although economic conditions in these countries may differ significantly from economic conditions in Brazil, investors’ reactions to developments in these other countries may have an adverse effect on the market value of securities of Brazilian issuers. Given the increasing globalization of the capital markets, crises in the U.S., European Union and other countries may also diminish investor interest in securities of Brazilian issuers, including ours, which could adversely affect the market price of our shares and ADSs. 3.D.10.01-06 Our investments in debt securities issued by the Brazilian government expose us to additional risks associated with Brazil. We invest in debt securities issued by the Brazilian government. The trading price of these securities is affected by, among other things, market conditions in Brazil, the perception of Brazil and the related perception of the Brazilian government’s ability to repay principal and/or make interest payments. Accordingly, adverse developments or trends in any of these areas could have a knock-on adverse effect on the value of our securities portfolio, thereby affecting our financial condition and the results of our operations, which may affect the market value of our shares and ADSs. 3.D.10.01-07 Changes in taxes and other fiscal assessments may adversely affect us. The Brazilian government has frequently implemented tax reforms, which are applicable to us and our clients. Such reforms include changes in tax rates and, occasionally, enactment of temporary taxes, the proceeds of which are earmarked for designated governmental purposes. The effects of these changes and any other changes that result from enactment of additional tax reforms have not been, and cannot be, quantified and there can be no assurance that, once implemented, these reforms will not have an adverse effect upon our business. In 2027, our business and that of our clients will be impacted by the “Consumption Tax Reform,” which introduces a broad restructuring of value-added taxes levied on the provision of services and the sale of goods. However, the specific impacts of this reform are still being assessed. This reform, resulting from Constitutional Amendment No. 132/23 which instituted the Tax Reform on Consumption, was enacted, having as main milestone the replacement of five current taxes (PIS, COFINS, ICMS, ISS and IPI) by a Value Added Tax (VAT), divided into two (VAT-Dual): (i) the Contribution on Goods and Services (Contribuição sobre Bens e Serviços) (“CBS”), directed to the federal government; and (ii the Tax on Goods and Services (Imposto sobre Bens e Serviços) (“IBS”), directed to states, municipalities and the Federal District. The CBS and IBS already have partial regulation under Complementary Law No. 214/2025 and Complementary Law No. 227/26, which respectively (i) establish the specific regime applicable to financial services, including transition rules aimed to preserving, for a given period, the tax burden on financial intermediation (including the “loan spread”); and (ii) established the tax rates for financial services, which will progressively increase from 10.85% in 2027 to 12.50% in 2033. The same law provides for a reduction of 2% for financial services subject to the ISS (Imposto sobre Serviço), and this reduction is progressively eliminated by 2033. Despite this definition, several points that are crucial to determine the impacts of the tax reform on our business are still pending to be regulated – for example, there is no definition of the IBS/CBS tax rate applicable to the general regime, which covers much of our services. 12 – Form 20-F 2025 | Bradesco Table of Contents Another prospective change arises from Complementary Law No. 224/25, which increased the Social Contribution on Net Income (CSLL) rates applicable to the financial sector, with effectiveness as of April 1, 2026, subsequent to the filing of this Form 20-F. As a result, an increase in the CSLL burden is expected in segments of the Group other than banking activities (for example, capitalization and payments businesses), which remains to be confirmed in practice and may reduce margins and influence product pricing, given the higher tax burden applicable to Group entities. We cannot assure that the Brazilian government will refrain from implementing new tax reforms or changes to applicable laws and regulations, nor that it will maintain or renew incentives on terms favorable to us. Any such changes that increase, directly or indirectly, our Group’s tax burden could place pressure on our margins and adversely affect our business and operating results. In addition, certain sector-specific taxes remain subject to potential legislative and regulatory changes, which may require adjustments to our pricing, product offerings, and capital policies. Furthermore, tax authorities or courts may interpret tax regulations differently from us, which could result in tax disputes, associated costs, and penalties. For more information about current tax rates and known effects, including tax changes already in force that may affect our activities and results, see “4.B.80 Taxes on our main transactions” and “Item 10. Additional Information – 10.E. Taxation.” 3.D.10.01-08 Our financial and operating performance may be adversely affected by epidemics, natural disasters and other catastrophes. The outbreak of communicable diseases on a global scale may affect investment decisions and may result in sporadic volatility in the international and/or Brazilian markets. Adoption of governmental and private measures, including restrictions, as a whole or in part, on the circulation and transportation of persons, goods and services and consequently, in the closure of private establishments and public offices, interruptions to the supply chain, reduction of consumption in general by the population and volatility in the price of raw materials and other inputs. The outbreak of epidemics (such as the COVID-19 pandemic), natural disasters and other catastrophes may have a negative and significant effect on the global and Brazilian economy, resulting in the following factors: · Reduction in the level of economic activity; · Currency devaluation and volatility; · Increase in the fiscal deficit and reduced capacity of the Brazilian government to make investments and payments and to contract services or acquire goods; · Decrease in the liquidity available in the international and/or Brazilian market; and · Delays in judicial, arbitral and/or administrative proceedings in Brazil, especially in those which are not electronic. The occurrence of any of these events may have a materially adverse effect on the global and/or Brazilian economy, as well as impact the liquidity and market value of our shares and ADSs. In addition, they may also lead to long-term socioeconomic impacts, including a possible decrease in Brazilian GDP and an increase in demand for public spending in fundamental sectors, a scenario in which legislative amendments may be used in order to impose, even if only temporarily, a more onerous tax treatment of our business activities, which may adversely affect our business and operating results. We cannot ensure the future impacts or measures that might be adopted if there is a pandemic or other outbreak of other communicable diseases, nor the accuracy of our evaluation of the actual and potential impacts of, or of the extent of losses resulting from, such pandemics or other communicable diseases, which could impact our operations and financial condition. We cannot guarantee that other regional and/or global outbreaks of communicable diseases will not occur, and if they do occur, we cannot assure that we will be able to prevent a negative impact on our business and financial income, which will depend, among other factors, on the geographical distribution of the disease, the duration of the outbreak and the extent and the general economic effects of the Government's response. 13 – Form 20-F 2025 | Bradesco Table of Contents 3.D.10.02 External Environment 3.D.10.02-01 Currency exchange rate variations may have an adverse effect on the Brazilian economy and on our results and financial condition. Fluctuations in the value of the real may impact our business. Oscillations in the value of the real continue to have a material impact on business in Brazil. Weaker currency periods make certain local manufacturers (particularly exporters) more competitive, but also make managing economic policy, particularly inflation, increasingly difficult, even with a decelerated growth. A weaker real also adversely impacts companies based in Brazil with debt indexed to and/or denominated in foreign currency. In 2024, a global strengthening of the U.S. dollar, along with growing concerns about the sustainability of Brazilian public accounts resulted in a significant depreciation of the real, with the U.S. dollar/real exchange rate ending 2024 at R$/US$6.19, representing a devaluation of the real against the U.S. dollar of approximately 27.9%. In 2025, the real partially recovered reaching R$5.50 per U.S. dollar by the end of that year, representing an appreciation of the real in relation to the U.S. dollar of approximately 11.16%. Given the prospect of a continuing weakness of the U.S. dollar against other currencies in 2026, due to uncertainties about U.S. economic policy and high public debt in the U.S., we believe that the real/U.S. dollar exchange rate may appreciate throughout 2026. If the Brazilian currency devalues or depreciates, we may incur losses on our monetary liabilities denominated in, or indexed to, foreign currencies, such as our long-term debt denominated in U.S. dollars and loans in foreign currency and may experience gains on our monetary assets denominated in or indexed to foreign currencies, since these liabilities and assets are converted into reais using the foreign exchange rate at the reporting date. Consequently, if our monetary liabilities denominated in, or indexed to, foreign currencies significantly exceed our monetary assets denominated in or indexed to foreign currencies, including any financial instruments entered into for hedging purposes, a large devaluation or depreciation of the Brazilian currency could significantly and adversely affect our operating results, and the market value of our shares and ADSs, even if the value of the monetary assets and liabilities has not changed in their original currency. If the Brazilian currency appreciates, we may incur losses on our monetary assets denominated in, or indexed to, foreign currencies, such as the U.S. dollar, and we may experience reductions in our monetary assets or liabilities denominated in or indexed to foreign currencies, as these liabilities and assets are converted into reais. If our monetary assets denominated in or indexed to foreign currencies significantly exceed our monetary liabilities denominated in or indexed in foreign currencies, including any financial instruments entered into for hedge purposes, a large appreciation of the Brazilian currency may materially and adversely affect our operating results, even if the value of monetary assets and liabilities has not changed in their original currency. 3.D.10.02-02 Changes in international interest rates could adversely impact global economic or market conditions. Major central banks around the world started a process of normalizing monetary conditions in 2024, which was interrupted by them in 2025. The European Central Bank reduced the base interest rate from 4.0% in 2024 to 2.0% in June 2025. On the other hand, the Federal Reserve (Fed – U.S. Central Bank) reduced the Fed Funds rate from the range between 5.25% and 5.50% in 2024 to 3.5% and 3.75% in December 2025, while the Bank of England cut the base interest rate from 5.25% to 3.75% in the same period. Following a period of steady deceleration, inflation in these regions became highly volatile, making it challenging to reach targets. Furthermore, uncertainties stemming from global geopolitical and commercial conflicts pose a risk of reigniting inflationary pressures, which may prompt central banks in developed economies to halt their cycle of interest rate cuts. 14 – Form 20-F 2025 | Bradesco Table of Contents Historically, periods of high interest rates are associated with increased risk aversion among investors. The increase in the cost of capital globally, changes in financial conditions or a faster-than-expected economic slowdown – consequences of interest rate increases – may adversely affect our business, results of our operations, our financial condition, the market value of our shares and ADSs. 3.D.10.02-03 Geopolitical conflicts and trade disputes may generate widespread uncertainties, significantly impacting business relationships, investor risk appetite and the price of certain assets, especially commodities, generating instabilities that can affect our activities and, consequently, our results. Geopolitical conflicts and trade disputes may generate widespread uncertainties, significantly impacting business relationships, investor risk appetite, the price of certain assets, especially commodities, and, consequently, our activities and our results of operations. This scenario could trigger an increase in inflation globally, with an impact on interest rate policies adopted by central banks, and a greater aversion to risk and currencies of emerging countries, with potential effects on international liquidity and global economic growth. Any consequences resulting from these events may have adverse effects on the political, economic and business environment in Brazil, which could impact the perception and confidence of stakeholders in the Brazilian economy, which in turn could have a negative effect on our operations. As of the date of this annual report, there are several outbreaks of geopolitical instability globally (most notably in Russia and Ukraine; Israel and Hamas; Iran; and Greenland). These tensions have led to increased volatility of financial assets. United States trade policy has also been a significant source of global economic uncertainty. During the administration of U.S. President Donald Trump, the United States imposed a series of tariffs on imports from various countries, including China, members of the European Union, Canada, Mexico and Brazil, covering a wide range of products such as steel, aluminum, agricultural products and manufactured items. Many of the affected countries have taken retaliatory measures, imposing tariffs on U.S. exports, which in turn contributed to increased volatility in global trade flows, disruption in supply chains, and increased uncertainty in commodity and exchange markets. Although some of these measures were subsequently modified, suspended or replaced, the precedent of unilateral imposition of tariffs and retaliatory trade actions raises the risk of sudden changes in global trade policy, which could adversely affect cross-border investment flows, commodity prices and the demand for financial services in the markets in which we operate. Separately, the U.S. Trade Representative (“USTR”) announced a 50% tariff on certain Brazilian exports, alleging that Brazil had exerted undue pressure on U.S. technology companies, including requiring the censorship of political speech, the disclosure of user data and changes to content-moderation policies under threat of legal and regulatory penalties. According to the USTR, the tariff decision resulted from hearings and consultations with stakeholders in the U.S. digital sector and was presented as a response to alleged violations by Brazil of trade and human rights commitments. Subsequent negotiations between representatives of the two governments resulted in a list of exemptions that excluded several Brazilian export products—such as coffee, meat, orange juice and iron ore—from the additional tariff initially imposed by the USTR. We cannot assure that new tariffs, export controls, sanctions, restrictions on technologies or services, or other trade measures will not be adopted, expanded or reinstated in the future. The increase in tariffs and the possibility of new trade restrictions may slow global trade and economic activity, cause disruptions in supply chains, and contribute to greater volatility and uncertainty in the markets. In addition, geopolitical tensions in Latin America have intensified, particularly with regard to Venezuela and Cuba. More recently, in early January 2026, Venezuelan President Nicolas Maduro and his wife were detained by U.S. authorities as part of a U.S. military operation and were later transported to the United States to face federal criminal prosecution related to drug trafficking charges. The circumstances surrounding these developments have increased uncertainty about political stability, diplomatic relations and economic conditions in Venezuela and the region in general. The outcome of these conflicts remains uncertain, as well as their effects on the global or Brazilian economy, inflation levels and global credit and capital markets, which may in turn affect our business, our financial situation and our operating results. Bilateral relations between Brazil and the United States constitute an additional source of geopolitical and regulatory uncertainty, with the potential to affect market access, risk perception and asset prices in Brazil. In the second half of 2025, the United States government imposed sanctions on a Justice of the STF, as well as on other individuals, under the Global Magnitsky Human Rights Accountability Act (“Magnitsky Act”), alleging human rights violations. This measure contributed to heightened diplomatic tensions between Brazil and the United States, introducing greater uncertainty and potential regulatory scrutiny for Brazilian entities that operate in or maintain relationships with U.S. markets. On December 12, 2025, the Office of Foreign Assets Control removed Justice Alexandre de Moraes and his wife, and companies related to them from the Magnitsky sanctions program, thereby lifting all sanctions previously applicable to them. 15 – Form 20-F 2025 | Bradesco Table of Contents Geopolitical events and political developments, such as those arising from trade tensions resulting from U.S. tariff and trade policies and the counter-tariffs imposed by other countries and other active clashes in the Middle East, as well as the recent political and economic tensions between the United States and Brazil among other geopolitical events, can further intensify international tensions and cause new disruptions in global trade, industrial supply chains and transport systems, in addition to increasing market price volatility, which can adversely affect our business, our financial condition and our operating results. 3.D.20 Risks relating to us and the Brazilian banking industry As a result of the complexity of our business and the range of products and services offered to our clients in all segments of the market, we are exposed to various types of risks, either due to internal or external factors. Among the main types of risks, we highlight: 3.D.20.01 Market risk This relates to the possibility of financial loss due to changes in prices and interest rates of our financial assets, as our asset and liability portfolios may have mismatches in amounts, maturities, currency and indexes. 3.D.20.01-01 Our trading activities and derivative transactions, as well as our investments in financial assets measured at fair value, can be volatile and result in significant financial losses, adversely impacting our operating results. We are engaged in the trading of securities, and we buy debt and equity securities mainly to resell them and generate profits in the short-term, with differences in price. The fair value of these investments may decrease significantly due to volatile financial markets and may fluctuate over short periods of time. As of December 31, 2025, investments classified as “fair value through profit or loss” and as “fair value through other comprehensive income” represented 29.5% of our assets and realized and unrealized gains and losses originating from these investments have had, and may continue to have, a significant impact on our operating results. The Brazilian capital markets are subject to the macroeconomic risks mentioned in item “3.D.10 Macroeconomic risks”. The materialization of these risks can result in an abrupt reduction of liquidity in the secondary market, which can hinder the timely or efficient sale of these assets, increasing potential losses and adversely impacting our financial position. 16 – Form 20-F 2025 | Bradesco Table of Contents We enter into derivatives transactions to manage our exposure to interest rate and exchange rate risks from clients’ operations. Such instruments are also subject to fluctuations in value and may expose us to significant financial loss in the future. Gains and losses arising from our investment securities and derivative instruments may, prospectively, cease to contribute to net revenue, contribute at significantly reduced levels, or fail to provide any contribution. These factors, alone or jointly, may adversely affect our operating results and our financial condition. 3.D.20.02 Credit risk Credit risk represents the possible losses resulting from a borrower or counterparty’s non-compliance with its financial obligations under an agreement, as well as the decrease in fair value of a loan agreement due to the deterioration in the borrower’s credit rating, the reduction in gains or remuneration, benefits granted during renegotiation, recovery costs and other amounts related to the non-compliance with the counterparty’s financial obligations. In addition, it includes Country/Transfer Risk, represented by the possibility of losses related to non-compliance with obligations by a counterparty or to a mitigating instrument located outside the country, including sovereign risk and the possibility of losses due to currency conversion of amounts received outside the country and associated with the operation subject to credit risk. Counterparty credit risk represents the possibility of loss due to non-compliance by a given counterparty with settlement obligations related to transactions involving the trading of financial assets or derivative financial instruments. Concentration risk represents the possibility of losses due to significant exposure to a counterparty, risk factor, product, economic sector or geographic region. 3.D.20.02-01 We may experience increases in the level of past due loans made to our clients, as our portfolio of loans and advances becomes more seasoned. Our portfolio of loans and advances to customers experienced an increase in the year ended December 31, 2025. Any corresponding rise in our level of non-performing loans and advances may lag behind the rate of loan growth, as loans typically do not have due payments for a short period of time after their origination. Levels of past due loans are normally higher among our individual clients than our corporate clients. Further, historical loan loss trends may not predict future losses, which are impacted by many factors, including but not limited to, client default risks, business changes from growth or acquisitions, loan expansion to new sectors or clients (e.g., individuals and small/mid-sized companies), economic and political conditions in Brazil, regulatory or tax changes, market competition, and exposure to specific sectors or large clients could materially impact our loan portfolio quality. If economic conditions deteriorate or we experience rapid loan portfolio growth, this could result in increases in our expected loss of loans and advances and a higher delinquency ratio, which may have an adverse effect on our business, financial condition and operating results. 3.D.20.02-02 We may incur losses associated with counterparty risk exposure. We face the possibility that a counterparty will be unable to honor its contractual obligations related to the settlement of bilateral transactions, including derivative transactions or repurchase agreements. It is necessary to estimate the projected exposures of these bilateral transactions so that adequate provisioning can be made, due to the leveraged nature of these operations. Counterparties may default on their obligations due to bankruptcy, lack of liquidity, operational failure or other reasons at any time during the term of their operations. 17 – Form 20-F 2025 | Bradesco Table of Contents 3.D.20.02-03 We may face significant challenges in gaining possession of, and realizing value from, collateral with respect to loans in default. If we are unable to recover balances owed to us under secured loans in default through extrajudicial measures such as restructurings, our last recourse with respect to such loans may be to enforce the collateral secured in our favor by the borrower. Depending on the nature of the collateral, the enforcement of its transfer is carried out either through judicial proceedings or by extrajudicial methods. However, even where the enforcement mechanism is duly established by law, Brazilian law allows borrowers to challenge the enforcement in the courts, even if such challenge is unfounded, which can delay the realization of value from the collateral. Our secured claims under Brazilian law will, in certain cases, rank below those of preferred creditors such as employees and tax authorities. As a result, we may not be able to realize value from the collateral, or may only be able to do so to a limited extent or after a significant amount of time, thereby potentially adversely affecting our financial condition and operating results. 3.D.20.02-04 We may incur losses due to impairment of goodwill from acquired businesses. We record the value of goodwill from acquisitions of investments as the difference between the fair value of the consideration paid and the fair value of the assets acquired and liabilities assumed. Annually, we assess the basis and estimates of profitability of the Cash-Generating Units (CGUs) in respect of which goodwill is allocated. These evaluations are made through cash flow projections based on growth rates and discount rates, with those projections then being compared to the carrying value of the CGU in order to determine whether there is a basis to record impairments in relation to these assets. However, given the inherent uncertainty in relation to future cash flow projections, we cannot provide assurances that impairment will not be recorded in the future, which may negatively affect the result of our operation, our financial condition and the market value of our shares and ADSs. 3.D.20.02-05 A downgrade of our ratings may adversely affect our funding cost, our access to capital and debt markets, our liquidity and, as a result, our competitive position. Credit ratings represent the opinions of independent rating agencies regarding our ability to repay our indebtedness and affect the cost and other terms upon which we are able to obtain funding. Each of the rating agencies reviews its ratings and rating methodologies on a periodic basis and may decide on a grade change at any time, based on factors that affect our financial strength, such as liquidity, capitalization, asset quality and profitability or due to a downgrade of the Brazilian sovereign rating. Under the criteria utilized by the rating agencies, ratings assigned to Brazilian financial institutions, including us, are constrained by the grades assigned to the Brazilian sovereign. Events that are not subject to our control, such as economic or political crises, may lead to a downgrade of the Brazilian sovereign rating and a corresponding downgrade of the ratings assigned to us. The latest update regarding Brazil’s sovereign risk ratings made by global rating agencies are: (i) Moody’s maintained Brazil’s sovereign rating to Ba1 with a stable outlook, according to the latest report published on May 30, 2025; (ii) Fitch maintained the rating at BB, with a stable outlook, as per the report published on June 25, 2025; and (iii) S&P Global maintained its rating at BB with a stable outlook , as per a report published on June 5, 2025. Credit ratings are essential to our ability to raise capital and funding through the issuance of debt, and they impact the cost of such financings. A downgrade or a potential downgrade in our credit ratings could have an adverse impact on our operations, income and risk weighting. This may affect net income, capital requirements and return on capital levels, causing a negative impact on our competitive position. Additionally, if our credit ratings were to be downgraded, rating trigger clauses that may be part of our financing agreements with other institutions could result in an immediate requirement to deliver additional collateral to counterparties or take other actions under some of our derivative contracts, adversely affecting our interest margins and operating results. Thus, a failure to maintain favorable ratings and outlooks may affect the cost and availability of financings through the capital markets and other sources, affecting our interest margins and capacity to operate. 18 – Form 20-F 2025 | Bradesco Table of Contents 3.D.20.03 Liquidity risk Liquidity Risk represents the possibility of being unable to fully meet our obligations, without affecting our daily operations and incurring significant losses, as well as the possibility of being unable to trade a position at market price due to its significant size when compared to the usually traded volume or due to some market discontinuation. 3.D.20.03-01 Adverse conditions in the global credit and capital markets, as well as the value and/or perception of the value of Brazilian government securities, may adversely affect our ability to access funding in a cost-effective and/or timely manner. Volatility and uncertainties in global credit and capital markets have generally decreased liquidity, with higher costs of funding for financial institutions. These conditions may impact our ability to replace, in a cost-effective and/or timely manner, maturing liabilities and/or access funding to execute our growth strategy. Part of our funding originates from sales with repurchase agreements (repos), which are largely guaranteed by Brazilian government securities. These types of transactions are generally short-term and volatile in terms of volume, as they are directly impacted by market liquidity. As these transactions are typically guaranteed by Brazilian government securities, the value and/or perception of the value of Brazilian government securities may be a significant factor affecting the availability of funds. For example, if the quality of the Brazilian government securities used as collateral is adversely affected, due to the worsening of the credit risk of the Brazilian Treasury (Tesouro Nacional), the cost of these transactions may increase, making this source of funding inefficient for us. For further information about obligations for repurchase agreements, see “Item 5.B. Liquidity and Capital Resources – 5.B.20. Liquidity and Funding”. If the market conditions deteriorate, such a deterioration could cause a reduction in the volume of transactions, or if there is increased collateral credit risk and we are forced to pay higher interest rates and/or pay unattractive interest rates, our financial condition and the operating results may be adversely affected. 3.D.20.03-02 Changes in regulations regarding reserve and compulsory deposit requirements may reduce operating margins. The Central Bank of Brazil has periodically changed the level of compulsory deposits that financial institutions in Brazil, including us, are required to maintain. Compulsory deposits generally yield lower returns than our other investments and deposits because: · a portion of our compulsory deposits with the Central Bank of Brazil does not bear interest; and · the remainder is paid at the SELIC rate or rate of return of the savings account. For more information on the rate of return of savings accounts, see “Item 4.B.30.01-02.01 Deposit accounts” of this annual report. The Central Bank of Brazil has changed the rules related to compulsory deposits from time to time, as described in “Item 4.B. Business Overview – 4.B.70.02 Banking Regulations – 4.B.70.02-05 – Compulsory Deposits”. As of December 31, 2025, our compulsory deposits in connection with demand, savings and time deposits and additional compulsory deposits were R$111.4 billion. Compulsory deposit requirements have been used by the Central Bank of Brazil to control liquidity as part of monetary policy in the past, and we have no control over their imposition. Any increase in the compulsory deposit requirements may reduce our ability to lend funds and to make other investments and, as a result, may adversely affect our financial condition and the operating results. 19 – Form 20-F 2025 | Bradesco Table of Contents 3.D.20.03-03 Adverse developments affecting the financial services industry, such as events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our ability to finance our assets. Events involving reduced or limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry generally, or concerns or rumors about any events of these kinds, have in the past and may again in the future lead to market-wide liquidity issues. The economy plays a central role in market dynamics and, by extension, the banking industry. Certain domestic and international macroeconomic issues that may affect the default rates and liquidity of institutions. For example, the market is closely monitoring the actions of Donald Trump’s administration. This comes as economic data suggests resilient inflation and stable interest rates in the United States. In addition, statements by the president about the occupation of foreign territories add new uncertainties to the geopolitical scenario. Europe is signaling the beginning of an interest rate-cutting cycle, despite a backdrop of economic slowdown and political instability continuing to dominate key countries in the region. In Brazil, the deterioration of expectations across the main macroeconomic metrics and an ongoing fiscal crisis remain central concerns. The situation is aggravated as the Brazilian government is shifting its focus to 2026 elections, further decreasing the likelihood of fiscal austerity measures and leaving room for actions that further strain public accounts. Any of these factors or a combination of them or any other impacts resulting from the factors described above or other related unforeseen developments, may have a material adverse effect on our liquidity. 3.D.20.04 Insurance risk Insurance risk is the risk arising from an adverse economic situation which was not expected by the insurance company at the time of underwriting the insurance policies, in their commercial conditions, and the uncertainties that exist when estimating provisions. It includes the risk of having to make emergency contributions to cover shortfalls in pension funds managed by Closed Supplementary Pension Entities (EFPC), for which we became responsible following certain business acquisitions. 3.D.20.04-01 Our losses in connection with insurance claims may vary from time to time. Differences between the losses from actual claims and underwriting and reserving assumptions and the related insurance liabilities may have an adverse effect on us. The income from our insurance operations depends significantly upon the extent to which our actual claims are consistent with the assumptions we used to assess our potential future policy and insurance liabilities and to price our insurance products. We seek to manage the insured risks, within our limits of responsibility and price our insurance products based on the expected payout of benefits, calculated using several factors, such as assumptions for investment returns, mortality and morbidity rates, cancellations, conversion of pensions income, administrative, operational, brokerage and claims expenses, persistency, and certain macroeconomic factors, such as inflation and interest rates. These assumptions may deviate from our prior experience, due to factors beyond our control such as natural disasters (floods, explosions and fires), man-made disasters (riots, gang and or terrorist attacks), changes in mortality and morbidity rates as a result of advances in medicine and increased longevity and pandemics such as COVID-19, which may have a systemic effect on the business (particularly health products), or related and economic effects (other insurance products), among others. Therefore, we cannot precisely determine the amounts that we will ultimately pay to settle these insurance liabilities, when these payments will need to be made, or whether the assets supporting our insurance liabilities, together with future premiums and contributions, will be sufficient for payment of these liabilities. These amounts may vary from the estimated amounts, particularly when those payments do not occur in the short term, which is the case with certain of our life insurance products. Accordingly, the establishment of the related provisions is inherently uncertain and our actual losses usually deviate, sometimes substantially, from such estimated amounts. To the extent that incurred losses are less favorable than the underlying assumptions used in establishing such liabilities, we may be required to increase our provisions, which may have an adverse effect on our financial condition and the operating results. 20 – Form 20-F 2025 | Bradesco Table of Contents 3.D.20.05 Operational risk Operational risk is represented by the possibility of losses arising from external events or failure, inability or inadequacy of internal processes, people or systems. This definition includes the legal risk associated with the inadequacy or deficiency in contracts we have signed, the sanctions due to non-compliance with legal provisions and the indemnity damages to third parties arising from the activities developed by us. 3.D.20.05-01 A failure in, or breach of, our operational, security or technological infrastructure and systems, or those of our suppliers, could temporarily interrupt our businesses and cause losses. Our operations depend on the efficient and uninterrupted operation of our information technology systems. Any unavailability of infrastructure, software or telecommunications networks may impact the processing of transactions carried out by our clients, which may lead to financial losses, regulatory fines, sanctions, interventions, reimbursements and other costs with damages. These factors could have a material adverse effect on our business, reputation and operating results. Due to the nature of our operations, the wide range of products and services we offer, the significant volume of activities and operations performed, and the global context of digital transformation, where there is an ever-increasing integration among platforms, a growing use of cloud computing, an intensification of relationships with external technology providers, and an extensive use of the internet and connectivity solutions, the technological environment is exposed to various types of risks, whether arising from internal or external factors. We face certain additional risks, relating to: · Necessity of continuing to redesign and develop our information technology architecture and applications; · Need to update and integrate legacy systems with emerging technological models in a timely manner; · The ever-increasing dependency on service providers due to the migration of certain services to the cloud, which demands robust governance and new ways of mitigating security and continuity risks that go beyond our control environment; · The extensive use of internet, artificial intelligence and connectivity solutions; and · The increasing difficulty in attracting and retaining specialized IT personnel in a competitive market. Considering the use of new technologies, the increasing dependence on the internet and the changing and sophisticated nature of cybersecurity attacks, it is not possible to predict all the means that will be used by ill-intentioned individuals or organizations, which could impact our capacity to effectively foresee and/or avoid cyberattacks. Any of these events or any new factors may cause interruption, increased costs, delays in processing information and/or losses in the transmission of essential data, which may affect our business, reputation and operating and financial conditions. 3.D.20.05-02 The loss of members of senior management, or our ability to attract and maintain key personnel, could have a material adverse effect on us. Our ability to execute our strategy and maintain our competitive position is highly dependent on the continuity, qualification, and engagement of our senior management and key professionals. Loss of key members of our leadership or difficulty in attracting, developing, and retaining strategic talent can adversely impact our operational performance, financial income, and competitive position. Talent attraction and retention is one of the key pillars supporting our results, which is focused on client satisfaction and sustainable performance. Simultaneously, we face the challenge of providing a new experience for employees regarding traditional work models and organizational culture, who value environments offering equal opportunities and who wish to build their careers in dynamic and cooperative workplaces, encouraging diversity and meritocracy, and are up to date with new work models. 21 – Form 20-F 2025 | Bradesco Table of Contents We also depend on specialized technical skills, as well as professionals with critical knowledge of business and customer relationships, making people management and succession planning relevant issues in our assessment of operational risks. These risks are further heightened by growing competition for talent, especially from startups and fintechs, as well as a scarcity of highly specialized professionals such as data scientists, designers, and product managers. Accordingly, the loss of senior management, or our ability to attract and maintain key personnel, could have a material adverse effect on us. 3.D.20.06 Compliance risk Compliance risk is the risk arising from legal or administrative sanctions, financial losses, reputational or other damages due to a breach of, or a failure to comply with, the legal framework, regulations, recommendations of regulators and self-regulated entities and/or codes of conduct and ethics applicable to our activities. 3.D.20.06-01 Financial institutions, like us, may be subject to legal proceedings arising due to certain actions by third parties related to corruption, money laundering and terrorism financing (AML/TF). We are subject to Brazilian anti-corruption, anti-money laundering, and terrorism financing (“AML/TF”) legislation, as well as equivalent standards and legislation in countries where we maintain branches, subsidiaries and/or operations, as well as regulatory regimes with transnational scope. These laws require us to adopt integrity procedures to mitigate the risk of: (i) any person acting on our behalf offering an improper advantage to a public agent in order to obtain benefits of any kind; and (ii) officers, employees or third parties inappropriately use financial systems for AML/TF related acts. Legislation with transnational reach, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, as well as the Brazilian anti-corruption legislation, impose the obligation to maintain policies and procedures aimed at the prevention of illegal or improper activities related to AML/TF and the corruption of governmental entities and officers in order to guarantee any commercial advantage, and require the maintenance of accurate books and records and the implementation of internal control systems that ensure the integrity of information and the mitigation of such illicit practices. Despite our ongoing efforts to ensure compliance, it is not possible to ensure that such measures are fully effective in preventing or detecting all illegal or improper activities. If our policies and procedures aimed at preventing AML/TF, bribery and other corrupt practices are not sufficient to prevent voluntary or inadvertent actions of our executive officers, employees or third parties representing corruption, the competent regulatory authorities have the power and authority to impose fines and other penalties. Involvement in these actions, a risk inherent to the activities of financial institutions, can generate negative publicity for our Group, and any unfavorable decision in administrative or judicial processes can negatively impact our financial situation, our operating results and the market value of our shares and ADS. In addition, the mere perception or claim, even if unfounded, that we, our employees, affiliates or third parties associated with us have performed improper conduct, may cause significant damage to reputation and other adverse effects. 3.D.20.06-02 Third parties may use us for criminal activities without our knowledge, which could expose us to additional liability and could have a material adverse effect on us. We are required to comply with applicable AML/TF legislation, anti-bribery and anti-corruption legislation, as well as sanctions and other laws and regulations applicable to us. The laws and AML/TF regulations require us, among other things, to conduct full client due diligence (including sanctions and politically exposed person screening) and keep our client, account and transaction information up to date. We have implemented financial crime policies and procedures detailing our requirements and who, within our Group, is responsible for these. We are also required to conduct AML/TF training for our employees and to report suspicious transactions and activity to appropriate law enforcement agencies following assessment by the Corporate Security area. 22 – Form 20-F 2025 | Bradesco Table of Contents Financial crime has become the subject of enhanced regulatory scrutiny and supervision by regulators globally. AML/TF, anti-bribery, anti-corruption and sanctions laws and regulations are increasingly complex and detailed. The Basel Committee maintains guidelines to strengthen the interaction and cooperation between prudential and AML/TF supervisors. Compliance with these laws and regulations requires automated systems, sophisticated monitoring and skilled compliance personnel. We maintain regularly updated policies and procedures aimed at detecting and preventing the use of our banking network for money laundering and other financial crime related activities. However, such policies and procedures may not prevent third parties from using us (or our relevant counterparties) as a conduit for illegal activities, without our knowledge. Our ability to comply with the legal requirements depends on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability. These require the implementation and embedding, within our business, of effective controls and monitoring, which in turn requires ongoing changes to systems and operational activities. Financial crime is continually evolving and is subject to increasingly stringent regulatory oversight and focus. This requires proactive and adaptable responses from us so that we are able to deter threats and criminality effectively. Even known threats can never be fully eliminated, and there will be instances where we may be used by other parties to engage in money laundering and other illegal or improper activities without our knowledge. In addition, we rely heavily on our employees and systems to assist us by identifying such activities and reporting them, and our employees have varying degrees of experience in recognizing criminal tactics and understanding the level of sophistication of criminal organizations. Where we outsource any of our client due diligence, client screening or anti-financial crime operations, we remain responsible and accountable for full compliance and any breaches. If the necessary scrutiny and oversight of third parties to whom we outsource certain tasks and processes are not effectively applied, there remains a risk of regulatory breach. In accordance with resolutions issued by the United Nations Security Council, as well as enacted laws and regulations issued by the Central Bank of Brazil additional compliance requirements are demanded of financial institutions operating in Brazil, which relate to the local enforcement of sanctions imposed by the United Nations Security Council resulting from certain resolutions. We believe we have the control and compliance procedures in place to satisfy such additional compliance requirements. However, we have a process in place for continuous review of our control and compliance procedures. If a financial institution, including us, is unable to fully comply with applicable laws, regulations and expectations, the regulatory agencies and bodies to which we are subject have the ability and authority to impose significant fines and other penalties, including requiring a complete review of its business systems, day-to-day supervision by external consultants and ultimately the revocation of licenses. The reputational damage to our business and global brand would be severe if we were found to have breached AML/TF, anti-bribery, anti-corruption or sanctions requirements. Our reputation could also suffer if we are unable to protect our clients’ data and bank products and services from being accessed or used for illegal or improper purposes. In addition, we rely heavily on our relevant counterparties such as suppliers and business partners, to maintain and apply their own appropriate compliance measures, procedures and internal policies. Such measures may not be completely effective in preventing third parties from using our (or our relevant counterparties) services as a conduit for illicit purposes without our (or our relevant counterparties) knowledge. 3.D.20.06-03 We may suffer losses due to executive and employee misconduct. Our business is exposed to risk from potential non-compliance with our policies, including our Code of Ethical Conduct, and behaviors related to misconduct by managers, employees, interns and apprentices, such as fraud, negligence or non-financial misconduct, which could result in regulatory sanctions and/or reputational or financial harm. It is not always possible to prevent misconduct by managers, employees, interns and apprentices, despite all actions incorporating culture in employee onboarding that we perform or precautions we take to prevent and detect this activity. Misconduct by managers, employees, interns and apprentices can have a material adverse effect on our business, financial condition, operating results, prospects and reputation. 23 – Form 20-F 2025 | Bradesco Table of Contents 3.D.20.06-04 The Brazilian government regulates the operations of Brazilian financial institutions and insurance companies. Changes in existing laws and regulations or the imposition of new rules may negatively affect our operations and revenues. Brazilian banks and insurance companies are subject to extensive and continuous regulatory review by the Brazilian government. We have no control over government regulations, which govern all facets of our operations, including the imposition of: · minimum capital requirements; · compulsory deposit requirements; · limitations on investments in fixed assets; · lending limits and other credit restrictions; · earmarked loans, such as housing loans and rural loans; · accounting and statistical requirements; · management of various risks, including social, environmental and climate risks; · mandatory provisioning policies for regulatory reporting purposes; · limits and other restrictions on rates; and · limits on the amount of interest that banks can charge and the period for which they can capitalize interest. The regulatory structure governing banks and insurance companies based in Brazil is continuously evolving. Existing rules can be changed, their form of execution or interpretation may change, and new laws and regulations may be adopted. Such changes can negatively affect our operations and revenues. In particular, the government has historically enacted regulations affecting financial institutions in an effort to implement its economic policies. These regulations are intended to control the availability of credit and reduce or increase consumption in Brazil. Regulations issued by the Central Bank of Brazil are not subject to a legislative process. Therefore, these regulations can be enacted and implemented in a very short period of time, which may affect our activities. Additionally, any changes in the availability of credit may adversely affect us. 3.D.20.06-05 We are subject to regulation on an individual and a consolidated basis and may be subject to liquidation or intervention on a consolidated basis. We operate in a number of credit and financial services related sectors through entities under our control. For purposes of regulation and supervision, the Central Bank of Brazil treats us and our subsidiaries and related companies as a single financial institution. While our consolidated capital base provides financial strength and flexibility to our subsidiaries and related companies, their individual activities could indirectly put our capital base at risk. Any investigation or intervention by the Central Bank of Brazil, particularly in the activities carried out by any of our subsidiaries and related companies, could have a material adverse impact on our other subsidiaries and related companies and, ultimately, on us. If we, or any of our financial subsidiaries, become insolvent, the Central Bank of Brazil may carry out an intervention or liquidation process on a consolidated basis rather than conduct such procedures for each individual entity. In the event of an intervention or a liquidation process on a consolidated basis, our creditors would have claims on our assets and the assets of our consolidated financial subsidiaries. In this case, claims of creditors of the same nature held against us and our consolidated financial subsidiaries would rank equally in respect of payment. 24 – Form 20-F 2025 | Bradesco Table of Contents If the Central Bank of Brazil carries out a liquidation or intervention process with respect to us or any of our financial subsidiaries on an individual basis, our creditors would not have a direct claim on the assets of such financial subsidiaries, and the creditors of such financial subsidiaries would have priority in relation to our creditors in connection with such financial subsidiaries’ assets. The Central Bank of Brazil also has the authority to carry out other corporate reorganizations or transfers of control under an intervention or liquidation process. 3.D.20.06-06 The Brazilian Constitution previously established a ceiling on loan interest rates. If the Brazilian government enacts new legislation with similar effects in the future, our operating results may be adversely affected. Article 192 of the Brazilian Constitution, enacted in 1988, established an annual interest rate ceiling of 12.0% on bank loans (remunerative). However, this ceiling does not apply, as its implementation depends on regulation by the National Monetary Council (CMN), which has never been issued. On May 29, 2003, Constitutional Amendment No. 40/03 (EC 40/03) was promulgated and revoked all sub-items and paragraphs of Article 192 of the Brazilian Constitution, in particular paragraph 3 of Article 192, which specifically addressed this issue. The understanding that this ceiling was not yet in effect was confirmed in a binding precedent (Súmula Vinculante) No. 7, a final decision issued in 2008 by the STF, in accordance with such Court’s prior understanding on this matter. Since 1988, several attempts have been made to regulate the limitation on loan interest rates, particularly bank loan interest rates, but none of them were implemented or confirmed by the Congress and/or confirmed by the Brazilian courts. Most of our revenues, expenses, assets, and liabilities are directly linked to interest rates. Therefore, the imposition of a limitation or cap on loan interest rates could significantly and adversely affect our operating results and financial condition, our loan portfolios, our funding cost, and our loan operation revenues. However, there is no evidence of imminent approval of the bills under way by Congress. On October 15, 2025, the Superior Court of Justice (“STJ”), the highest court in Brazil, set a precedent regarding the application of the SELIC Rate to non-contractual civil obligations. The STJ reaffirmed its understanding and established a binding thesis, under the rite of repetitive resources (Theme 1,368), that article 406 of the Civil Code – even before the amendment stemming from Law No. 14,905/24 – should be interpreted in the sense that the SELIC is the applicable rate for calculating interest in arrears in respect of civil debts. In addition, on July 1, 2024, Law No. 14,905/24, of June 28, 2024 (“Law No. 14,905/24”) was published, which modified several key provisions of the Civil Code and provided that, in case there is no interest index agreed between the parties or provided for in a specific law, the following will apply: (i) monetary adjustment (inflation indexation) will be applied considering the variation of the IPCA index, calculated and published by the Brazilian Institute of Geography and Statistics (“IBGE”), or the index that replaces it, as applicable; and (ii) legal interest calculated using SELIC rate minus the index considered for monetary adjustment (i.e. SELIC - IPCA), provided that CMN Resolution No. 5,171, of August 29, 2024, is observed regarding the methodology for calculating the legal interest rate and how it is applied. If the calculation in item “(ii)” is negative, no interest will be applied. Following the enactment of Law No. 14,905/24, the STJ revisited the discussion about the SELIC rate. In October 2024, the STJ issued a ruling recognizing that the specific questions raised by Justice Salomão were overturned as a result of the provisions introduced by Law No. 14,905/24. In addition, the STJ confirmed that the SELIC rate applies to ordinary civil obligations, under the updated language of article 406 of the Brazilian Civil Code. 25 – Form 20-F 2025 | Bradesco Table of Contents 3.D.20.06-07 Any substantial increase or decrease in the interest rate ceiling could have a material effect on our financial condition, our operating results or on the prospects of financial institutions based in Brazil, including us. On November 27, 2019, Resolution No. 4,765/19 was enacted by the CMN, as amended. It regulates overdraft facilities granted by financial institutions for a demand deposit account, providing, among other matters, a limit for the interest rates on the amount of the overdraft used. For further information, see “Item 4.B. Business Overview – 4.B.70 Regulation and Supervision – 4.B.70.02 Banking Regulations – 4.B.70.02-14 Overdraft”. Law No. 14,690/23, which provides on the Emergency Debt Renegotiation Program for Defaulting Individuals – Desenrola Brasil, was enacted, which, among the provisions, addresses the Prevention of Delinquency, stipulating that the CMN should regulate the limitation of interest rates on revolving credit under credit cards. The CMN also published Resolution No. 5,112/23, and the Central Bank of Brazil published Resolution No. 365/23, which, in general, impose limits on interest rates for credit card financings, establish rules for the portability of credit card financings, as well as rules and certain information to be disclosed to credit card holders. CMN’s Resolution No. 5,112/23, regulates the limitation provided for in Law No. 14,690/23, by stipulating that the total amount charged by institutions granting financings through revolving credit and/or installment credit in the form of interest and financial charges may not exceed the original amount of the financed debt. This limitation applies to all credit card issuers and other post-paid payment instruments. The interest rate limitation provisions entered into effect on January 3, 2024. Therefore, future Brazilian court decisions involving discussions on interest rate limitations, as well as changes in legislation and regulations in order to restrict the interest rates charged by financial institutions, could have an adverse effect on our business. 3.D.20.06-08 We may incur penalties in case of non-compliance with data protection laws. In August 2018, Law No. 13,709/18 – General Data Protection Law (LGPD) was enacted, which creates a set of rules for the use, protection and transfer of personal data in Brazil, in the private and public spheres, and establishes responsibilities and penalties for agents who process personal data. In addition to including existing rules on the subject, the LGPD followed the global trend of strengthening the protection of personal data, restricting its unjustified use, and guaranteeing a series of rights to holders of data, as well as imposing important obligations on so-called “treatment agents”. In particular, the LGPD was inspired by recent European legislation on the subject, reproducing central points of Directive No. 95/46/EC and Regulation (EU) 2016/679 – General Data Protection Regulation (GDPR). The impact of this law has been significant, as any processing of personal data is subject to the rules imposed by the LGPD, whether physical or digital, by any entity that is established in Brazil or not that has collected personal data in Brazil or from any individual located in Brazil – even if not residents – or that offers goods and services to Brazilian consumers. In short, the adaptation to the LGPD requires continuous efforts in our relationships with clients, business partners, service providers and employees, and in virtually all areas of Brazilian society. The LGPD (Law No. 13,709/18) is fully in force, having, on September 15, 2025, been updated by virtue of Provisional Measure No. 1,317/25, which, among other guidelines, transformed the ANPD into the National Data Protection Agency, as a special municipality linked to the Ministry of Justice and Public Security, responsible for ensuring, implementing and monitoring compliance with the LGPD, ANPD has the full capacity for sanctions application since the publication of CD/ANPD Resolution No. 4/23 on February 27, 2023. Also noteworthy is the National Council for the Protection of Personal Data and Privacy (CNPD), an advisory body of the ANPD composed of representatives of civil society and public authorities, created by Provisional Measure No. 869/18 and consolidated by Law No. 13,853/19. 26 – Form 20-F 2025 | Bradesco Table of Contents Thus, from Provisional Measure No. 1,317/25, the ANPD began to act with expanded prerogatives and structure compatible with the regulatory and supervisory competences that it has already exercised since the full validity of the LGPD. We operate in a preventive, detective and corrective manner in order to protect our own and our clients’ information. For more information see on data processing and cybersecurity, see “Item 4.B. Business Overview – 4.B.20 Business Management - 4.B.20.05 Data Processing” and “Item 16.K Cybersecurity”. However, possible flaws in or attacks on our systems and processes could lead to security incidents. We may also be found not to be compliant with the LGPD, which could result in the application of administrative sanctions provided for in the LGPD, namely (i) warnings, with a deadline to adopt corrective measures; (ii) fines of up to 2% of the turnover (net of taxes) of the offending company or its group or conglomerate in Brazil, as determined in its last fiscal year, limited to R$50 million per violation; (iii) daily fines, limited to R$50 million per violation; (iv) publication of the violation; (v) blocking of the personal data involved in the breach until the breach is settled; (vi) deletion of the personal data involved in the breach; (vii) partial suspension of the operation of the database involved in the breach for up to six months, extendable for the same period, until the offending company’s activity is in compliance; (viii) suspension of the personal data processing activities involved in the breach for up to six months, extendable for the same period; and (ix) partial or total prohibition on carrying out data processing activities. In addition to the administrative sanctions provided for in the LGPD, we may also be liable for the financial costs of any remediation or reparation efforts relating to any compromised third parties. In addition, other authorities in Brazil can enforce the LGPD through administrative procedures or lawsuits. The Consumer Protection and Defense Program (PROCON) or the Public Prosecutor’s Office responsible for consumer rights, as well as individuals and private or non-governmental associations, for example, can file complaints or lawsuits based on violations of the LGPD that have caused or may cause harm to individuals. Likewise, data subjects who have been harmed can file individual lawsuits seeking compensation. Any non-compliance with the LGPD can also negatively affect our reputation, our financial condition, the result of our operations and the market value of our shares and ADSs. See item “3.D.20.05-01 A failure in, or breach of, our operational, security or technological infrastructure and systems, or those of our suppliers, could temporarily interrupt our businesses and cause losses”. 3.D.20.06-09 We remain subject to residual risks of losses relating to inflation-adjustment claims (“expurgos inflacionários”) associated with savings accounts in Brazil. Although the STF upheld the constitutionality of the Bresser, Verão, Collor I and Collor II economic plans, we are still exposed to expected costs and expenses arising from adhesions to the court-approved collective settlement and from remaining ongoing lawsuits. The STF, the highest court in Brazil, has responsibility for judging constitutional matters, and the STJ, the highest court for non-constitutional matters, have in recent years examined whether savings account holders are entitled to monetary-correction differences, as well as the methodology for calculating such differences, due to alleged inflation adjustments (“expurgos inflacionários”) resulting from the Bresser, Verão, Collor I and Collor II economic plans implemented in the 1980s and 1990s, before the Real Plan in 1994. At the non-constitutional level, in recent years the STJ has consolidated important precedents regarding the calculation and enforcement of any monetary-correction differences recognized in class actions, establishing parameters that restrict the scope of individual enforcement actions filed by savings account holders. These precedents provide greater predictability regarding amounts potentially owed and limit the possibility of undue increases in amounts claimed from financial institutions. In an effort to consensually resolve the outstanding litigation related to inflation adjustments, in December 2017, with the mediation of the attorney general's office (Advocacia Geral da União) and the intervention of the Central Bank of Brazil, the representatives of the banks and the savings account holders entered into an agreement related to the economic plans aiming to finalize the claims, establishing a timeline and conditions for the savings account holders to accede to such agreement. The STF affirmed the agreement on March 1, 2018, with a 24-month period for savers to adhere. 27 – Form 20-F 2025 | Bradesco Table of Contents On May 24, 2025, the STF declared the constitutionality of the Bresser, Verão, Collor I and Collor II Plans, reaffirming the approval of the collective agreement and its additions, in all its provisions, determining its application to all processes that discuss inflationary savings purges and guaranteeing the savers the receipt of the values established in the approved collective agreement; and fixed the deadline of twenty-four months after the publication of the trial minutes (June 3, 2025) for new savers accessions, determining the signatories of the collective agreement to make every effort to ensure that savers who have not yet joined the agreement do so within the established deadline. It is not possible to estimate how many account holders will or will not adhere to the agreement. Following the STF's decision, adherence to the agreement formally remains voluntary for account holders. In practice, however, the agreement has become a mandatory reference for pending cases, complementing the calculation and enforcement parameters established by the STJ in recent years, which apply to individual enforcement actions and to matters not covered by the agreement. As a result, our remaining exposures from ongoing cases are now governed by standardized parameters—under both the collective agreement and STJ precedents—reducing uncertainty and providing greater predictability regarding amounts to be recognized. We remain subject to payments to account holders, whether arising from adherence to the collective settlement or from ongoing lawsuits. All cases classified as probable risk are fully provisioned; therefore, if such risks materialize, they are not expected to have a material adverse effect on our operating results or financial condition. 3.D.20.06-10 As the regulatory framework for artificial intelligence and machine learning technology evolves, our business, financial condition and operating results may be adversely affected. The regulatory framework for artificial intelligence and machine learning technology is evolving and remains uncertain. It is possible that new laws and regulations will be adopted, or existing regulations, notably those relating to data and copyright protection, may be interpreted in new ways that would affect our operations and the way in which we use artificial intelligence and machine learning technology, including with respect to provide lending, in light of legislative discussions regarding the right to contestability and review of decisions obtained through the use of artificial intelligence systems, which may expose our proprietary credit model, which could adversely affect our business. Further, the cost of complying with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our business, financial condition and operating results. 3.D.20.07 Strategy risk Strategy risk is represented by the possibility of the deterioration of results, capital and/or strategic indicators (in relation to what was planned) resulting from business decisions not aligned with strategy, inadequate implementation of decisions, as well as lack and/or insufficiency of reaction to changes in the business environment. 3.D.20.07-01 The increasingly competitive environment in the Brazilian banking and insurance segments may have a negative impact on our business prospects. The markets for financial, banking and insurance services in Brazil are highly competitive. We face significant competition in all of our main areas of operation from other large banks and insurance companies, both public and private, based in Brazil and abroad, in addition to new players, such as fintechs and startups that operate with differentiated and reduced levels of regulation. It should be noted that major technology companies, bigtechs, are also strong competitors, seeking to invest in online payment systems and financial transaction tools by means of various types of applications. In addition, the implementation of Open Finance in Brazil has intensified this competition through the possibility of sharing information between institutions. 28 – Form 20-F 2025 | Bradesco Table of Contents This competitive environment, combined with the accelerated process of digital innovation observed in the sector, may impact our speed of adaptation to this ecosystem and consequently the performance of certain lines of business, which may negatively affect our financial condition, the result of our operations and the market value of our shares and ADSs. 3.D.20.08 Step in risk Step in risk is represented by the possibility of financial loss resulting from our relationships (contractual or not) with subsidiaries, associates, parallel structures, controllers, investment funds, foundations, suppliers and partners which are not consolidated in the Prudential Conglomerate (the Prudential Conglomerates is a sub-set of the consolidated Group defined for regulatory capital purposes). 3.D.20.08-01 Potential need to provide financial support for related entities, either due to insufficient capital and/or liquidity, relevant operational problems and dependence on services rendered by suppliers/partners may negatively impact our business performance. As a result of our relationship with companies that are not included in our regulated group (the Prudential Conglomerate, or Conglomerado Prudencial) and our activities related to investment funds, we may have to provide financial support for these entities if they run into financial difficulties, equity imbalances, reduction in financial income, or insufficient liquid assets, among other situations. In addition, our reputation may be adversely affected as a result of any adverse situation occurring in entities in which we have invested. Due to the complexity of some of our services, we may be dependent on relationships with suppliers/partners or have difficulty replacing some suppliers/partners. We are also subject to operational risks that are beyond our control and may negatively impact our operations, as well as cause difficulty in our delivery of products and services to our clients. Possible interruptions in the provision of our services and difficulties in replacing certain suppliers/partners or other issues beyond our control arising from outsourced companies may adversely affect our reputation, result of operations, financial condition and/or the market value of our shares and ADSs. 3.D.20.09 Cybersecurity risk Cybersecurity risk is represented by the possibility of cyber incidents, such as attacks, intrusions and leakages, that could compromise the confidentiality, integrity and/or availability of our critical business processes, assets and/or infrastructure. 3.D.20.09-01 Failure to adequately protect ourselves against risks relating to cybersecurity could materially and adversely affect us. We are exposed to significant cybersecurity-related risks, which can result in operational disruptions, financial losses, data exposure, regulatory impacts, and reputational damage. The increasing sophistication of digital threats, the expansion of the attack surface, and the complexity of technological ecosystems extend these vulnerabilities. The evolution of attack techniques, including the use of generative AI, deepfakes, exploit automation, and more sophisticated phishing campaigns, increase the likelihood of successful attacks, as noted in recent threat reports and strategic analysis. These attacks can compromise credentials, manipulate transactions, exploit vulnerabilities, and demand immediate operational responses. Technological modernization increases risk exposure, especially with hybrid environments, cloud services, intensive use of application programming interface (APIs), expanded connected devices, and digital services. Vulnerabilities in legacy systems, integration of new channels, and technology dependencies can result in unavailability, control failures, and security breaches. 29 – Form 20-F 2025 | Bradesco Table of Contents We relies on an extensive base of service providers and technology providers, whose security maturity varies significantly. Weaknesses in these environments can result in indirect attacks, interruptions of essential services, information leakage and non-compliance with national and international regulations. The global market faces a deficit of qualified professionals in information security. This limitation may impact the ability to detect, prevent, and respond to threats in a timely manner, especially in the face of increased complexity and volume of attacks. Cybersecurity and its associated risks are treated at the highest strategic level of priority inside of our Group. We account for the potential loss, theft, or modification of data processed and stored by us, as well as by our service providers. These considerations are essential for our risk analysis, in light of the potential for exploiting vulnerabilities and weaknesses in both our, and our service providers’, information technology environments. 3.D.20.10 Social, environmental and climate risks This is represented by the potential adverse impacts that an economic activity may cause to society, the environment, and the climate, or the risks it may suffer arising from these social, environmental, and climate-related factors. These risks, when associated with financial institutions are mostly indirect and stem from business relationships, including those with the supply chain and with clients, through financing and investment activities. As defined in Article 38-A, 38-B and 38-C of CMN Resolution No. 4,557/17, social risks include the violation of rights, fundamental guarantees or acts harmful to the common interest, such as slave labor and child labor, environmental risks cover degradation of the environment and excessive use of natural resources. Climate risks (physical) refer to potential losses caused by events associated with frequent severe weather conditions or long-term weather changes, which may be related to climate change. An increase in the risks described above may result in losses for financial institutions. These risks include events involving violations of fundamental rights and guarantees or actions detrimental to the public interest (Social Risks); environmental degradation or the excessive use of natural resources (Environmental Risks); and developments associated with the transition to a low-carbon economy, in which greenhouse gas emissions are reduced or offset and natural absorption mechanisms are preserved (Climate Transition Risks). 3.D.20.10-01 We provide financings for projects carried out by clients which may result in negative socio-environmental impacts which, in turn, could negatively affect our operating results and reputation. Across several sectors, we promote and finance projects, which may significantly affect ecosystems, communities and the local flora and fauna. If a client in the development of its project causes environmental damage, such as the contamination of soil and water pollution above the legally acceptable limit, and/or is responsible for environmental disasters, they may suffer penalties or regulatory sanctions and be obliged to repair the damage caused. Consequently, depending on the magnitude of the socio-environmental impact, a client may have its financial structure compromised. Such events could adversely affect our reputation, financial condition, operating results and the market value of our shares and ADSs. 3.D.20.10-02 Climate change may have adverse effects on our business. The increasing focus of the market and regulators on climate change-related risks has led to new regulations, primarily aimed at understanding and managing how these changes may affect our operations and business strategy, leading us to incorporate financial costs arising from physical climate risks and risks arising from the transition to a low-carbon economy. Physical climate risks may affect the global economy, resulting in significant changes in asset prices and sector profitability. Damage to borrowers' properties and operations may impair asset values and the credit quality of our clients, leading to higher default rates, write-offs, and impairment charges in our portfolios. Our own facilities and operational resilience may also suffer physical damage from extreme weather events, which could result in increased costs. Furthermore, regarding transition risks, given the heightened market focus on this issue, we anticipate increased scrutiny of our business activities by regulators, investors, civil society, and the general public, which may necessitate changes to the business we conduct. Thus, we must adequately incorporate climate change-related risks into our risk framework to properly measure, manage, and disclose the various financial and operational risks that may result from such changes. 30 – Form 20-F 2025 | Bradesco Table of Contents As an example of this, in 2025, the occurrence of a low-intensity La Niña phenomenon caused a reduction in rainfall in the Center-South region and temperatures above the historical average, impacting reservoirs, hydroelectric generation, and the agricultural calendar. These factors increased the risk of inflationary pressures, especially in food and fuel. Such events may cause financial losses and adversely affect our results of operations, financial condition, and the market value of our shares. Beginning on January 1, 2027, we will be required to publish in Brazil, as part of its annual local consolidated financial statements, the Sustainability-Related Financial Information Report, pursuant to CMN Resolution No. 5,185, as of November 21, 2024, which amended Resolution No. 4,818, of May 29, 2020. Said report will be prepared in accordance with Technical Pronouncements CBPS 01 and CBPS 02 of the Brazilian Sustainability Pronouncements Committee (CBPS), covering, respectively, general requirements and climate-related disclosures, and will be subject to assurance report by an independent auditor. As a consequence of the new regulatory obligations related to the reporting, disclosure, and collection of sustainability and climate information, we will be exposed to risks arising from the complexity and volume of such information, especially those linked to risk profiles, internal controls, and social, environmental, and climate management — which may generate inconsistencies, delays, or inaccuracies in the reports, with potential administrative, financial, and reputational impacts. Additionally, the need for continuous updating of internal processes may increase operational risk, especially if there is reliance on legacy systems, technological integration challenges, or limitations in specialized technical capacity, which could lead to financial losses and reputational damage if regulatory requirements are not properly met. 3.D.20.11 Reputational risk Reputational risk is represented by the loss of credibility before clients, counterparts, government agencies, the market or the community, as a result of undue acts and improper actions and behavior. 3.D.20.11-01 Damage to our reputation could harm our business and outlook. We are highly dependent on our image and credibility to generate business. A number of factors may tarnish our reputation and generate a negative perception of us in the eyes of our clients, counterparties, stockholders, investors, regulators, business partners and other stakeholders. Such factors include noncompliance with legal obligations, making irregular sales to clients, dealing with suppliers with questionable ethics, unauthorized disclosure of client data, inappropriate behavior on the part of our managers, employees, interns and apprentices, and third-party failures in risk management, and relationships with stakeholders whose practices are not aligned with ESG principals, among others. In addition, certain significant actions taken by third parties, such as competitors or other market participants, may indirectly damage our reputation with clients, investors and the market in general. If we are unable, or are perceived to be unable, to properly address these issues, we may be subject to penalties, fines, class actions and regulatory investigations, among other things. Reputational damage before clients, investors and other stakeholders may have a material adverse effect on our business, financial performance and prospects. 3.D.20.12 Model risk The model is defined as the information that supports decision-making processes, derived from any method, hypotheses, techniques and quantitative system or approach, among others, that applies statistical, economic, financial or mathematical theories to transform data into estimates. 31 – Form 20-F 2025 | Bradesco Table of Contents The model risk is represented by the possibility of adverse consequences arising from improper business decision-making, based on a model developed with failures/deficiencies, or, even, due to improper use. The use of models in supporting business decision-making is an increasingly widespread practice in financial institutions. These tools enable the synthesis of complex subjects, standardization and automation of the decision-making process and the possibility of reuse of internal and external information, resulting in improved efficiency by reducing the costs associated with analysis and manual decision. We use models to support decision-making, financial reporting and regulatory reporting, and to provide predictive information in various business areas, such as risk management, capital calculation, stress testing and other estimates from models to assess financial or reputation impacts. Thus, we recognize the existence of the risk associated with the use of the models and the importance of the process of managing this risk. The coordination of this process involves the AVIM - Independent Model Assessment. 3.D.20.12-01 We may make non-optimal business decisions due to flawed/deficient models, or inappropriate use of those models. The model risk methodology includes a tier-based classification that reflects each model’s relevance to the Group and determines the prioritization, timing, and depth of the analyses performed in its evaluation. The model risk assessment incorporates both qualitative and quantitative factors, the results of which are reflected in a rating assigned across five levels: Minimum Risk, Low Risk, Moderate Risk, High Risk and Very High Risk. Our Independent Model Assessment Area ("AVIM") prepares the model validation schedule based on the prioritization criteria (Tier) and submits it for evaluation to the Model Risk Commission. In addition, the model risk monitoring report is reviewed by the Model Risk Commission and by the Integrated Risk Management and Capital Allocation Committee, which is responsible for discussing and formally approving the methodologies for risk control and evaluation. The use of models, such as the ones mentioned above, to support business decisions is an increasingly widespread practice in financial institutions. However, flaws in the model’s foundation (examples: simplifications, approximations, insufficient data, development sample design, etc.) or the inappropriate use of a model, including use in a manner that is different from the use that was envisaged during its development, may lead to financial losses due to flawed decision making and could, accordingly, negatively affect the result of our operations, our financial condition and the market value of our shares and ADSs. 3.D.30 Risk management 3.D.30.01 Our risk management structure may not be fully effective. Our objective is to fully incorporate the risk management process into all of our activities, developing and implementing methodologies, models and other tools for the measurement and control of risks, and looking to continuously improve them in order to mitigate the risks that we identify. However, there may be limitations to this risk management framework in foreseeing and mitigating all the risks to which we are subject, or those to which we may, in the future, become subject. If our risk management structure is not completely effective in adequately preventing or mitigating risks, we could suffer material unexpected losses, adversely affecting our financial condition and operating results. For more information on our risk management structure, see “Item 4.B. – Business Overview – 4.B.20.01 Risk Management”. 32 – Form 20-F 2025 | Bradesco Table of Contents 3.D.40 Other risks 3.D.40.01 A majority of our common shares are held, directly and indirectly, by one shareholder. Our Board of Directors is composed of 11 members, of whom four are independent members. As a result, the non-independent members may have interests that conflict with the interests of our other investors. As of December 31, 2025, Fundação Bradesco directly and indirectly held a 31.53% stake in our capital, with 8.65% held directly and 22.8% held indirectly. Fundação Bradesco is a non-profit institution, supervised by the Public Prosecutor’s Office, whose main social objective is to promote social inclusion through education. According to the terms of the Bylaws of Fundação Bradesco, the Management of Fundação Bradesco is exercised by a group called “Managing Board”, composed of members of the Board of Directors, members of the Board of Executive Officers and Departmental Officers who work in our group for more than ten years. Under the terms of Fundação Bradesco’s by-laws, all members of our Board of Executive Officers who have been working with us for more than ten years serve as members of the Managing Board of Fundação Bradesco. The Managing Board has no other members. Our Board of Directors has 11 members, and 4 of them are independent. In other words, they are not associated with Fundação Bradesco, in accordance with the criteria of Law No. 6,404/76 and the regulations issued by the CVM. Brazilian Corporate Law provides that only individuals may be appointed to a company’s Board of Directors. In addition, Law No. 6,404/76 and CVM Resolution No. 80/22 require that at least 20% of the members of our Board of Directors be independent, as a publicly traded company. With the goal of enhancing corporate governance, our Board of Directors has four independent directors. Since the majority of members are not independent, the interests of our Board of Directors may not always be aligned with the interests of our common shareholders, and the shareholders do not have the same protections as they would if all the directors were independent. Furthermore, our directors (excluding our independent directors) are associated with Fundação Bradesco and decisions in relation to our policy towards acquisitions, divestitures, financings or other transactions could be made by Fundação Bradesco and our Board of Directors which may be contrary to the interests of our other investors, including holders of shares and ADSs, and which may have a negative impact on the interests of the holders of our shares and ADSs, see “Item 7.A. Major Shareholders”. 3.D.50 Risks relating to our shares, preferred share ADSs and common share ADSs 3.D.50.01 The Deposit Agreements governing the ADSs provide that holders of the ADSs will only receive voting instructions if we authorize the depositary bank to contact those holders to establish voting instructions; and there are practical limitations we may give such holders on any ability to vote. The voting rights of ADS holders are governed by the Deposit Agreements. These Deposit Agreements provide that the depositary bank shall mail voting instructions to holders only if we authorize and direct the depositary bank to do so. If we do not provide that authorization and direction to the depositary bank, the ADS holders will not be able to vote at our meetings (note that, in the case of preferred share ADSs, the voting rights will only be granted in exceptional cases, as discussed in item “3.D.50.02. According to the Brazilian Corporate Law, holders of preferred shares have limited voting rights, consequently, holders of preferred share ADSs will also have limited capacity to vote”), unless they surrender their ADSs and receive the underlying preferred shares or common shares, as applicable, in accordance with the terms of the applicable Deposit Agreement. In addition, there are practical limits to the ability of the ADS holders to exercise any vote, if existent, due to the additional procedural steps involved in communicating with such holders. For example, our shareholders will either be notified directly or by a notification published in Brazilian newspapers, and they will be able to exercise their voting rights by either attending the meeting in person or voting by proxy. In contrast, ADS holders will not receive notice directly from us and cannot vote in person at the meeting. Instead, in accordance with the Deposit Agreements, the depositary bank will, if authorized and directed by us, send any notice of meetings to ADS holders, together with a statement as to the manner in which voting instructions may be given by holders. To exercise any such ability to vote, ADS holders must then instruct the depositary bank how to vote with the shares represented by their ADSs. Because of this extra step involving the depositary bank, if and when we authorize and direct the depositary bank to mail voting information to ADS holders, the process of voting will take longer for ADS holders than for holders of our shares. ADS holders from whom the depositary bank does not receive voting instructions in good time will not be able to vote at a meeting. 33 – Form 20-F 2025 | Bradesco Table of Contents 3.D.50.02 Under Brazilian Corporate Law, preferred shareholders have limited voting rights; accordingly, preferred share ADS holders will have similar limitations on their ability to vote. According to Brazilian Corporate Law, in particular Article 111 of Law No. 6,404/76, Brazilian companies may cease to grant to their preferred shares some of the rights recognized to common shares, including voting, or grant it with restrictions, whereby, if preferred shares do not have the right to vote, such right may be acquired in certain circumstances. According to our Bylaws, our preferred shareholders are not entitled to vote at our shareholders’ meetings, except in the circumstances provided by the Brazilian Corporate Law (see “Item 10.B. Memorandum and Bylaws – 10.B.10 Group – 10.B.10.02 Voting Rights”, for further information on voting rights of our shares). As such, in contrast to common shareholders, preferred shareholders are not entitled to vote on corporate transactions, including any proposed merger or consolidation with other companies, among other things. As a result of the fact that our preferred shareholders do not have the right to vote as a rule, the voting capacity that we can establish to holders of preferred share ADSs corresponding to the preferred shares, in accordance with the applicable Deposit Agreement, in such a way that ADS holders will also not have the right to vote, except in the cases legally provided. In addition, if they are to have the right to vote, holders of preferred share ADSs can only vote if we instruct the depositary bank in this regard (see item “3.D.50.01. The Deposit Agreements governing the ADSs determine that the holders of these ADSs will only receive instructions to vote if we authorize the depositary bank to contact these holders for voting instructions, and there are limitations that we may establish to such holders on the ability to vote” for further information). 3.D.50.03 The relative volatility and low liquidity of the Brazilian securities markets may substantially limit your ability to sell shares underlying the ADSs at the price and time you desire. Investing in securities that trade in emerging markets, such as Brazil, often involves greater risk than investing in securities of issuers in more developed countries, and these investments are generally considered more speculative in nature. The Brazilian securities market is substantially smaller and less liquid than major securities markets, such as the United States, and may be more volatile. Although you are entitled to withdraw the shares underlying the ADSs from the depositary bank at any time, your ability to sell the shares underlying the ADSs at a price and time acceptable to you may be substantially limited. There is also significantly greater concentration in the Brazilian securities market than in major securities markets such as the United States or other countries. The ten largest companies in terms of market capitalization, according to B3, accounted for 49.7% of the aggregate market capitalization as of December 31, 2025. 3.D.50.04 If we do not pay dividends to our common shareholders and preferred shareholders, no dividends will be paid to ADS holders. Pursuant to the Deposit Agreements, if the depositary (as common shareholder and preferred shareholder underlying the ADSs) receives any cash dividend or distribution, it shall distribute a corresponding U.S. dollar amount, net of depositary fees and certain withholding tax adjustments as described in the Deposit Agreements, to holders of our common share ADSs and preferred share ADSs. Pursuant to our Bylaws, our preferred shares are entitled to dividends 10.0% higher than those of our common shares. Although under our current Bylaws, we are obligated to pay our shareholders at least 30.0% of our annual adjusted net income, the shareholders attending our Annual Shareholders’ Meeting may decide to suspend this mandatory distribution of dividends if the Board of Directors advises that payment of dividends is not compatible with our financial condition. Neither our Bylaws nor the Brazilian Corporate Law specifies the circumstances in which a distribution would not be compatible with our financial condition, and we have never failed to pay the mandatory dividend. However, the Brazilian Corporate Law provides that a company need not pay dividends if such payment would endanger the existence of the company or harm its normal course of operations. 34 – Form 20-F 2025 | Bradesco Table of Contents Further, pursuant to CMN Resolution No. 4,958/21, the Central Bank of Brazil may impose restrictions on the payment of dividends and interest on capital in the event of non-compliance with the additional capital requirements established by the Central Bank of Brazil, as further described in “Item 4.B. Business Overview – 4.B.70 Regulation and Supervision – 4.B.70.02 Banking Regulations – 4.B.70.02-03 Capital adequacy and leverage”. 3.D.50.05 As an ADS holder you will have fewer and less well-defined shareholders’ rights than in the United States and certain other jurisdictions. Our corporate affairs are governed by our Bylaws and Brazilian Corporate Law, which may differ from the legal principles that would apply if we were incorporated in a jurisdiction in the United States or in certain other jurisdictions outside Brazil. Under Brazilian Corporate Law, you and the holders of our shares may have fewer and less well-defined rights to protect your interests relative to actions taken by our Board of Directors or our common shareholders than under the laws of other jurisdictions outside Brazil. Although Brazilian Corporate Law imposes restrictions on insider trading and price manipulation, the Brazilian securities markets are not as highly regulated and supervised as the U.S. securities markets or markets in certain other jurisdictions. In addition, self-dealing and the preservation of shareholder interests may be less heavily regulated and the regulations that are in place may not be as strictly enforced in Brazil as in the United States, which could potentially disadvantage you as a holder of our shares underlying ADSs. For example, compared to Delaware general corporation law, Brazilian Corporate Law and practices have less detailed and well-established rules and judicial precedents relating to the review of management decisions under duty of care and duty of loyalty standards in the context of corporate restructurings, transactions with related parties, and sale-of-business transactions. In addition, shareholders in Delaware companies must hold 5.0% of the outstanding share capital of a corporation to have valid standing to bring shareholder derivative suits, while shareholders in companies based in Brazil do not normally have valid standing to bring a class action. 3.D.50.06 It may be difficult to bring civil liability causes against us or our directors and executive officers outside of Brazil. We are organized under the laws of Brazil, and all of our directors and executive officers reside outside the United States. In addition, a substantial portion of our assets and most or all of the assets of our directors and executive officers are located in Brazil. As a result, it may be difficult for investors to effect service of process within the United States or other jurisdictions outside of Brazil on such persons or to enforce decisions rendered outside Brazil against them, including any based on civil liabilities under the U.S. federal securities laws. 3.D.50.07 If we issue new shares or our shareholders sell shares in the future, the market price of your ADSs may be reduced. Sales of a substantial number of shares, or the belief that this may occur, could reduce the market price of our shares and ADSs by diluting their value. If we issue new shares or our existing shareholders sell the shares they hold, the market price of our shares, and therefore the market price of our ADSs, may decrease significantly. 35 – Form 20-F 2025 | Bradesco Table of Contents 3.D.50.08 The payments on the ADSs may be subject to U.S. withholding under the Foreign Account Tax Compliance Act (“FATCA”). The United States has enacted rules, commonly referred to as FATCA, that generally impose a reporting and withholding regime with respect to certain U.S. source payments (including interest and dividends), gross proceeds from the disposition of property that can produce U.S. source interest and dividends and certain payments made by entities that are classified as financial institutions under FATCA. The United States has entered into an Intergovernmental Agreement (IGA) regarding the implementation of FATCA with Brazil. Under the current terms and conditions of the IGA, we do not expect payments made on or with respect to the ADSs to be subject to withholding under FATCA. However, significant aspects of when and how FATCA will apply remain unclear, and no assurance can be given that withholding under FATCA will not become relevant with respect to payments made on or with respect to the ADSs in the future. Similar to the FATCA, the Common Reporting Standard (CRS) is the instrument developed by the Convention on Mutual Assistance in Tax Matters of the Organization for Economic Co-operation and Development (OECD) and the Multilateral Competent Authority Agreement, applicable to the signatory countries of the standard. The financial institutions and entities subject to it should ensure the identification, investigation and reporting of information to the competent bodies. Prospective investors should consult their own tax advisors regarding the potential impact of FATCA and CRS. For more information about FATCA and CRS, see “Item 4.B. Business Overview – 4.B.70 Regulation and Supervision”. 3.D.50.09 You may be unable to exercise preemptive rights relating to our shares. You will not be able to exercise preemptive rights relating to the shares underlying your ADSs unless a registration statement under the Securities Act is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available. Similarly, we may from time to time distribute rights to our shareholders. The depositary bank will not offer rights to you as a holder of the ADSs unless the rights are either registered under the Securities Act or are subject to an exemption from the registration requirements. We are not obligated to file a registration statement with respect to the shares or other securities relating to these rights, and we cannot assure you that we will file any such registration statement. Accordingly, you may receive only the net proceeds received from the sale by the depositary bank of the rights in respect of the shares represented by your ADSs or, if the preemptive rights cannot be sold, they will be allowed to lapse. You may also be unable to participate in rights offerings by us, and your holdings may be diluted as a result. 3.D.50.10 If you exchange your ADSs for their underlying shares, you risk losing Brazilian tax advantages and the ability to remit foreign currency abroad. Brazilian law requires the parties to obtain a registration certificate from the Central Bank of Brazil in order to remit foreign currencies, including U.S. dollars, abroad. The Brazilian custodian for the shares must obtain the necessary registration certificate from the Central Bank of Brazil for payment of dividends or other cash distributions relating to the shares or following disposal of the shares. If you exchange your ADSs for the underlying shares, however, you may only rely on the custodian’s certificate for five business days from the date of exchange. Thereafter, you must obtain your own registration certificate in accordance with the rules of the Central Bank of Brazil, in order to obtain and remit U.S. dollars abroad after the disposal of the shares or the receipt of distributions relating to the shares. If you do not obtain a certificate of registration, you may not be able to remit U.S. dollars or other currencies abroad and may be subject to less favorable tax treatment on gains relating to the shares. For more information, see “Item 10.D. Exchange Controls”. If you attempt to obtain your own registration certificate, you may incur expenses or suffer delays in the application process, which could delay the receipt of dividends, distributions relating to the shares or the return of your capital. The custodian’s registration certificate and any certificate of foreign capital registration you may obtain may be affected by future legislative changes. Additional restrictions applicable to you, to the disposal of the underlying shares or to the repatriation of the proceeds resulting from disposal, may be imposed in the future. 36 – Form 20-F 2025 | Bradesco Table of Contents 3.D.50.11 Relevant local insolvency laws may not be as favorable to you as bankruptcy laws in the jurisdictions with which you are familiar. We are established under the laws of Brazil. Any insolvency proceedings with regard to us would most likely be based on, and governed by, the insolvency laws of Brazil as the case may be. Such insolvency laws may not be as favorable to your interests as creditors as the laws of jurisdictions with which you are familiar. We may become subject to decree of intervention, out-of-court liquidation or bankruptcy. The bankruptcy laws of Brazil, as the case may be, currently in effect are significantly different from, and may be less favorable to creditors than, those of certain other jurisdictions.