AND FINANCIAL REVIEW AND PROSPECTS 5.A. Operating Results This discussion should be read in conjunction with our audited consolidated financial statements, the notes thereto and other financial information included elsewhere in this annual report. 5.A.10 Overview The results of our operations are affected by the following factors, among others: 5.A.10.01 Brazilian Economic Conditions The results of our operations are directly affected by economic conditions in Brazil. Such economic conditions directly impact our clients’ ability to pay their financial obligations on time, which affects our impairment of loans and advances and our balance of outstanding loans and advances. In addition, the impact of economic conditions on the foreign exchange rate affects our net interest income, since part of our financial assets and liabilities are denominated in or indexed to foreign currencies, primarily the U.S. dollar. The following table shows Brazilian inflation measured by IPCA, the appreciation/(depreciation) of the real against the U.S. dollar, the foreign exchange rate at the end of each year and the average foreign exchange rate for the periods indicated: In R$, except % 2025 2024 2023 Inflation (IPCA) 4.3% 4.8% 4.6% Appreciation/(depreciation) of the real against the U.S. dollar(1) 11.1% (27.9)% 7.2% Period-end exchange rate-US$1.00 5.5024 6.1923 4.8413 Average exchange rate-US$1.00 (2) 5.5679 5.4746 4.9950 (1) The percentage shows the appreciation or the depreciation of real vs. the U.S. dollar calculated over the period for one year from the date indicated; and (2) The average exchange rate is the average of the closing exchange rates at the end of each month in the twelve-month period. Sources: FGV and the Central Bank of Brazil. The following table shows GDP variation in real terms, average base interest rates and average interbank interest rates for the periods indicated: 2025 2024 2023 Change in real GDP (1) 2.3% 3.4% 3.2% Average base interest rates (2) 14.3% 10.8% 13.2% Average interbank interest rates (3) 14.3% 10.8% 13.2% (1) Calculated by dividing the change in real GDP during a year by the real GDP of the previous year; (2) Calculated in accordance with Central Bank methodology (based on nominal rates); and (3) Calculated in accordance with B3 methodology (ex-Clearing and Custody Chamber – “CETIP”) (based on nominal rates). Sources: The Central Bank of Brazil, the Brazilian Geography and Statistics Institute and B3. 119 – Form 20-F 2025 | Bradesco Table of Contents 5.A.10.02 Effects of the global financial markets on our financial condition and operating results The year 2025 was marked by great uncertainty in global trade and geopolitical relations, high tax expenditures in developed countries, massive investments in artificial intelligence (AI) and the weakness of the U.S. dollar against other currencies. Expectations that trade disputes could negatively affect the world economy and result in acceleration of inflation have not been confirmed, at least not in the expected intensity. In part, this is explained by the postponement of the collection of several of these tariffs, the agreements entered into with the U.S. and among the other countries. These uncertainties, however, combined with the increase in American public debt, contributed to the devaluation of the U.S. dollar throughout the year. The performance of the U.S. economy surprised positively last year, driven by increased private investments and household consumption. At the same time, the impact of trade tariffs on US inflation was lower than expected, allowing the Fed to continue cutting the basic interest rate. The gradual slowdown of the Chinese economy throughout the year contributed to the process of global deflation, enabling other central banks around the world to also cut interest rates. In 2026, geopolitical conflicts will continue to pose a risk to the global economy and international markets. Reducing inflation and uncertainties regarding the fiscal scenario present additional challenges for Brazil. In the medium term, advances in the structural reform agenda, which signal sustainable trajectories for public debt in the coming years, remain an important factor for the economic landscape. 5.A.10.03 Effects of interest rates and currency devaluation/appreciation on net interest income During periods of high interest rates, our interest income increases as a result of higher yields on our interest-earning assets. Simultaneously, our interest expense increases as interest rates on our interest-bearing liabilities also rise. Changes in the volumes of our interest-earning assets and interest-bearing liabilities also affect our interest income and interest expense. For example, an increase in our interest income attributable to an increase in interest rates may be offset by a decrease in the volume of our outstanding loans. In addition, when the real appreciates, we incur: (i) gains on our liabilities denominated in, or indexed to, foreign currencies, such as our U.S. dollar-denominated long-term debt and foreign currency loans, as the cost in reais of the related interest expense decreases; and (ii) losses on our assets denominated in, or indexed to, foreign currencies, such as our U.S. dollar-indexed securities and loans and advances, as the income from such assets as measured in reais decreases. Conversely, when the real depreciates, we incur: (i) losses on our liabilities denominated in, or indexed to, foreign currencies; and (ii) gains on our assets denominated in, or indexed to, foreign currencies. In the year ended December 31, 2025, our net interest income increased by 8.6% compared to the year ended December 31, 2024, to R$73,269 million in 2025 (R$67,455 million in 2024), as a result of increased interest and similar revenues, due to the higher interest rates in 2025 compared to 2024, in particular due to higher revenues from loans and advances to customers, financial assets at fair value through profit or loss and loans and advances to financial institutions. The following tables show our foreign currency-denominated or indexed assets and liabilities as of the dates indicated: 120 – Form 20-F 2025 | Bradesco Table of Contents As of December 31, R$ in thousands 2025 2024 2023 Assets Cash and balances with banks 5,799,137 9,508,721 5,754,226 Financial assets at fair value through profit or loss 15,473,743 7,686,883 11,402,529 Financial assets at fair value through other comprehensive income 17,619,472 19,688,426 12,527,248 Financial assets at amortized cost 9,740,622 647,502 844,012 Loans and advances to banks 2,807,715 1,981,802 3,623,146 Loans and advances to customers 71,901,769 60,657,018 36,164,900 Non-recurring assets held for sale 39,431 - - Premises and equipment, net 130,891 155,707 86,089 Intangible assets and goodwill, net 173,993 107,293 53,397 Taxes to be offset 371,730 390,386 331,235 Deferred income tax assets 31,306 116,683 185,108 Other assets 2,163,542 44,326,915 21,149,882 Total assets 126,253,351 145,267,336 92,121,772 Off-balance sheet accounts – notional value Derivatives Futures 54,344,313 22,985,640 10,470,069 Forward 64,714,131 62,442,929 33,955,881 Options 9,616,237 3,949,723 1,498,591 Swap 521,032,423 319,020,245 39,455,258 Total assets with derivatives (a) 775,960,455 553,665,873 177,501,571 As of December 31, R$ in thousands 2025 2024 2023 Liabilities Deposits from banks 55,231,530 57,022,037 24,096,631 Deposits from customers 72,554,578 49,639,393 34,301,273 Financial liabilities at fair value through profit or loss 3,947,843 3,950,924 2,084,560 Securities issued 11,417,683 9,521,533 7,368,531 Insurance contracts liabilities 21,363 17,735 17,444 Other reserves 153,718 184,615 148,564 Current income tax liabilities 120,493 165,629 40,257 Deferred income tax assets 84,285 90,151 56,300 Other liabilities 1,924,363 16,381,484 15,298,158 Total liabilities 145,455,856 136,973,501 83,411,718 Off-balance sheet accounts – notional value Derivatives Futures 30,741,161 48,246,297 39,459,745 Forward 45,530,533 46,463,548 27,988,676 Options 15,908,308 6,870,683 2,164,645 Swap 355,159,513 202,546,445 32,201,517 Total liabilities with derivative (b) 592,795,371 441,100,474 185,226,301 Net exposure (a-b) 183,165,084 112,565,399 (7,724,730) We use swaps, futures contracts and other hedging instruments to minimize the potential impact of currency fluctuations on our operations. For more information on our use of derivatives for hedging purposes, see Notes 2.d) (iii) and 7 to our consolidated financial statements in “Item 18. Financial Statements”. 5.A.10.04 Taxes Our income tax expense consists of two federal taxes. For more information, see item “4.B.80.02 Income Tax and Social Contribution on Profit”. Corporations based in Brazil may pay shareholders’ interest on shareholders’ equity as an alternative form of making dividend distributions, which can be deducted from the calculation of real profit and the basis of calculation of social contributions. Accordingly, we distribute interest on own capital as one of the mechanisms for shareholder remuneration, in compliance with applicable legislation and subject to the existence of sufficient profits and reserves. For further information on our tax expenses, see “Item 4.B. Business Overview – 4.B.70 Regulation and Supervision – 4.B.80 Taxes related to our activities – 4.B.80.02 Corporate Income Tax and Social Contribution on Net Profit”; “Item 10.B. Memorandum and Bylaws – 10.B.10 Group – 10.B.10.02 Allocation of net income and Distribution of Dividends”; and “Item 10.E. Taxation – 10.E.10 Brazilian tax considerations – 10.E.10.03 Interest on shareholders’ equity (JCP)”. 121 – Form 20-F 2025 | Bradesco Table of Contents The following table shows the amount of income tax paid in the years ended December 31, 2025 and 2024 by each tax jurisdiction in which we operate overseas. Brazil R$ in thousands 2025 2024 USA 210,037 161,613 Mexico 164,653 68,966 Cayman Islands 328,031 466,424 Luxembourg 7,740 8,218 Other 58 101 Total 710,519 705,322 5.A.10.05 Impact of material acquisitions and strategic alliances on our future financial performance We believe that the acquisitions completed in recent years have the potential to contribute positively to the sustainable expansion of our activities, the strengthening of our competitive position, and the diversification of our revenue sources over the medium and long term. These initiatives are aligned with our growth strategy, which aims to expand the reach of our products and services, capture operational, technological, and commercial synergies, and access new markets and customer segments. However, the expected benefits from these acquisitions depend on a number of factors, many of which are beyond our control or subject to a high degree of uncertainty. These factors include, among others, our ability to successfully integrate the operations, systems, processes, organizational cultures, and teams of the acquired or partner entities; the effective realization of the projected synergies within the originally anticipated timeframes; the retention of customers, key employees, and strategic partners; and the ongoing compliance of these operations with applicable regulatory and compliance requirements. In addition, the realization of the estimated financial gains resulting from these transactions may be affected by adverse macroeconomic conditions, fluctuations in financial markets, changes in consumer behavior, accelerated technological developments, as well as potential legal, tax, or regulatory contingencies related to the acquired entities or the alliances established, even if such contingencies were not identified at the time the transactions were executed. As a result, although these acquisitions and strategic alliances may generate meaningful benefits for our future operational and financial performance, there can be no assurance that such results will be achieved, nor can we reasonably estimate the timing or magnitude of their impact on our revenues, margins, profitability, or financial position. For more information, see “Item 4.A. History and Development of the Company – 4.A.10 Acquisitions, divestitures and other strategic alliances”. 5.A.20 Results by operational segment We operate and manage our business through two segments: the banking segment; and the insurance, pension plans and capitalization bonds segment. For further financial information in relation to our operating segments, see Note 38 to our consolidated financial statements in “Item 18. Financial Statements”. For a description of the operations of our operational segments, see “Item 4.B. Business Overview”. The financial information in respect of our operating segments was prepared based on reports produced for our Management to assess performance and make decisions about the allocation of funds for investments and other purposes. Our Management uses various data, including financial data prepared under Brazilian Generally Accepted Accounting Principles (BR GAAP) and non-financial metrics, measured on different databases. Our consolidated financial statements and consolidated financial data included in this analysis are prepared in accordance with the IFRS Accounting Standards and, when the segment results show significant discrepancies compared to the consolidated financial statements, these differences will be explained alongside the discussion of the preceding results. As of January 2025, we adopted in our Financial Statements, prepared in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank of Brazil, the new accounting practices established by CMN Resolutions No. 4,966/21 and No. 4,975/21, prospectively. For managerial purposes, we kept the information of the previous periods as already disclosed, which do not present relevant differences in the historical analysis of the results. See “FORM 20-F 2024 - Item 5.A. Operating Income – 5.A.20 Results by operational segment” of our annual report for the year ended December 31, 2024 for a comparative discussion of our operating results for the years ended December 31, 2024 and 2023. 122 – Form 20-F 2025 | Bradesco Table of Contents 5.A.20.01 Results of operations for the year ended December 31, 2025, compared with the year ended December 31, 2024 The following tables set out the principal components of our net income for the years ended December 31, 2025 and 2024, on a consolidated basis and by segment. Consolidated R$ in thousands, except % 2025 2024 % change Interest and similar income 267,113,345 211,733,717 26.2% Interest and similar expenses (193,843,753) (144,279,153) 34.4% Net interest income 73,269,592 67,454,564 8.6% Fee and commission income 31,073,646 28,336,487 9.7% Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 3,165,516 (2,249,836) - Net gains/(losses) on financial assets at fair value through other comprehensive income (99,338) 1,031,353 - Net gains/(losses) on foreign currency transactions 3,583 2,704,502 - Insurance services result 11,331,343 8,942,260 26.7% - Insurance and pension income 61,111,265 57,340,928 6.6% - Insurance and pension expenses (49,779,922) (48,398,668) 2.9% Other operating income 14,401,104 10,428,279 38.1% Expected loss on loans and advances (28,677,857) (26,636,777) 7.7% Expected loss on other financial assets (930,103) (889,156) 4.6% Personnel expenses (24,442,062) (22,277,310) 9.7% Other administrative expenses (16,072,374) (16,582,966) (3.1)% Depreciation and amortization (7,063,267) (6,371,096) 10.9% Other operating income/(expenses) (22,696,722) (18,093,096) 25.4% Other operating expense (99,882,385) (90,850,401) 9.9% Income before income taxes and share of profit of associates and joint ventures 18,861,957 15,368,929 22.7% Share of profit of associates and joint ventures 2,162,627 1,531,585 41.2% Income before income taxes 21,024,584 16,900,514 24.4% Income taxes 2,900,052 641,639 - Net income for the year 23,924,636 17,542,153 36.4% Segment R$ in thousands, except % As of and for the year ended December 31, Banking (A) Insurance, Pension Plans and Capitalization Bonds (B) 2025 2024 % change 2025 2024 % change Revenue from financial intermediation 235,516,116 169,745,125 38.7% 8,506,979 37,327,260 (77.2)% Expenses from financial intermediation (154,883,751) (98,810,413) 56.7% (18,430) (30,050,169) (99.9)% Financial margin 80,632,365 70,934,712 13.7% 8,488,549 7,277,091 16.6% Expected Credit Loss Associated with Credit Risk expense (36,370,035) (33,123,621) 9.8% - - - Gross income from financial intermediation 44,262,330 37,811,091 17.1% 8,488,549 7,277,091 16.6% Other income from insurance, pension plans and capitalization bonds - - - 13,887,736 11,520,350 20.5% Fee and commission income and income from banking fees 39,563,634 36,213,830 9.3% 2,061,017 1,923,437 7.2% Other administrative expenses (46,173,552) (44,525,627) 3.7% (5,138,904) (4,571,572) 12.4% Tax expenses (7,520,187) (6,313,204) 19.1% (1,484,930) (1,391,406) 6.7% Share of profit (loss) of associates and jointly controlled companies (225,416) 121,511 - 610,771 243,403 150.9% IR/CSI and Other income/expenses (15,496,030) (13,425,161) 15.4% (8,354,473) (5,945,008) 40.5% Net income 14,410,779 9,882,440 45.8% 10,069,766 9,056,295 11.2% 123 – Form 20-F 2025 | Bradesco Table of Contents As of and for the year ended December 31, 2025 2024 Banking and Insurance, Pension Plans and Capitalization Bonds (A+B) Other Activities, Eliminations and Consolidation adjustments Consolidated 2025 (A+B+C) Banking and Insurance, Pension Plans and Capitalization Bonds (A+B) Other Activities, Eliminations and Consolidation adjustments Consolidated 2024 (A+B+C) Revenue from financial intermediation 244,023,095 26,160,011 270,183,106 207,072,385 6,147,351 213,219,736 Expenses from financial intermediation (154,902,181) (38,941,572) (193,843,753) (128,860,582) (15,418,571) (144,279,153) Financial margin 89,120,914 (12,781,561) 76,339,353 78,211,803 (9,271,220) 68,940,583 Expected Credit Loss Associated with Credit Risk expense (36,370,035) 6,762,075 (29,607,960) (33,123,621) 5,597,688 (27,525,933) Gross income from financial intermediation 52,750,879 (6,019,486) 46,731,393 45,088,182 (3,673,532) 41,414,650 Other income from insurance, pension plans and capitalization bonds 13,887,736 (1,675,290) 12,212,446 11,520,350 (1,761,186) 9,759,164 Fee and commission income and income from banking fees 41,624,651 (10,551,005) 31,073,646 38,137,267 (9,800,780) 28,336,487 Personnel /Administrative Expenses (51,312,456) 3,734,753 (47,577,703) (49,097,199) 3,865,827 (45,231,372) Tax expenses (9,005,117) 915,586 (8,089,531) (7,704,610) 829,650 (6,874,960) Share of profit (loss) of unconsolidated and jointly controlled companies 385,355 1,777,272 2,162,627 364,914 1,166,671 1,531,585 IR/CSI and Other income/expenses (23,850,503) 11,262,261 (12,588,242) (19,370,169) 7,976,768 (11,393,401) Net income 24,480,545 (555,909) 23,924,636 18,938,735 (1,396,582) 17,542,153 Consolidated The following are explanations of material changes to the material line items of our income statement prepared in accordance with IFRS Accounting Standards: Ø Interest and similar income Our interest and similar income increased by R$55,380 million, or 26.2%, in the year ended December 31, 2025 compared to the year ended December 31, 2024, due to the increase in the average volume of interest-bearing assets, representing an increase of R$20,418 million in our revenues primarily due to the growth of R$8,373 million in financial assets at amortized cost, the growth of R$7,808 million in loans and advances to customers, and the increase in the average rates of our interest yielding assets, reflecting the increase in the SELIC rate, which was 15.0% as of December 31, 2025 compared to 12.2% as of December 31, 2024, in addition to changes in other economic-financial indices, such as inflation. These factors had a positive impact on our revenues amounting to R$34,962 million. Ø Interest and similar expenses Our interest and similar expenses increased by R$49,565 million, or 34.4%, in the year ended December 31, 2025 compared to the year ended December 31, 2024, due to the increase in the average interest rate paid which increased our expenses by R$37,265 million, mainly due to: (i) insurance contracts liabilities whose interest and similar expenses increased by R$17,926 million; (ii) securities sold under agreements to repurchase whose interest and similar expenses increased by R$7,520 million and (iii) time deposits whose interest and similar expenses increased by R$6,886 million. In addition, there was an increase in the average volume of our interest-bearing liabilities, which increased by R$12,300 million. Ø Fee and commission income Our fee and commission income increased by R$2,737 million, or 9.7%, in the year ended December 31, 2025 compared to the year ended December 31, 2024, reflecting growth in revenue mainly as a result of, among other things an increase in: (i) loans of R$1,473 million, or 110.3%; (ii) credit card income of R$562 million, or 5.8%; and (iii) capital Markets/Financial Advisory Services of R$490 million, or 29.3%. 124 – Form 20-F 2025 | Bradesco Table of Contents Ø Net gains (losses) on financial assets and liabilities at fair value through profit or loss Our net gains on financial assets and liabilities at fair value through profit or loss totaled R$3,165.5 million in the year ended December 31, 2025 compared to a net loss of R$2,250 million in the year ended December 31, 2024, due to higher returns on investments in securities (an increase of R$3,880 million) and derivative financial instruments (an increase of R$1,536 million), which returns resulted from the increase in the average rates of our interest yielding assets, reflecting the increase in the SELIC rate, which was 15.0% as of December 31, 2025 compared to 12.2% as of December 31, 2024, in addition to changes in other economic-financial indexes, such as inflation. Ø Net gains/(losses) on foreign currency transactions Our net losses on foreign currency transactions totaled R$3.6 million in the year ended December 31, 2025 compared to a net gain of R$2,705 million in the year ended December 31, 2024, due to the lower appreciation of the real vs. U.S. dollar, given that net gains and losses on foreign currency transactions primarily consist of gains or losses from currency and conversion of certain transactions in a foreign currencies to the real. Ø Insurance service result Our insurance service result for the year ended December 31, 2025 increased by R$2,389 million, or 26.7%, compared to the year ended December 31, 2024, due to the increase in insurance and pension plans income of R$3,770 million, or 6.6%, particularly with respect to the line item revenue from Premium Allocation Approach (PAA) contracts measured under our premium allocation approach. Ø Expected loss on loans and advances Our expected credit losses on loans and advances for the year ended December 31, 2025 increased by R$2,041 million, or 7.7%, compared to the year ended December 31, 2024, driven by the increased growth in retail operations particularly for micro, small and medium enterprises (MSME) and individuals, which present a riskier credit profile. The following table shows the changes in our expected losses on loans and advances, amounts recovered and write-offs for the years ended December 31, 2025 and 2024, as well as our ratio of expected credit losses for loans and advances to average loans and advances to customers in all cases as set out in Note 11.d of our consolidated financial statements prepared in accordance with IFRS Accounting Standards as included in “Item 18. Financial Statements”. R$ in thousands, except % 2025 2024 % change Balance at the beginning of the period 51,562,917 53,661,810 (3.9)% Expected credit loss for loans and advances (1) (2) 32,966,567 36,478,523 (9.6)% Loan write-offs (34,436,202) (38,577,415) (10.7)% Expected credit losses for loans and advances at the end of the year 50,093,282 51,562,917 (2.9)% Ratio of expected credit losses for loans and advances to average loans and advances to customers 4.6% 5.5% (1) It includes expected losses on loan commitments and financial guarantees provided; and (2) Represents the net increase in ECL due to originations and provision constitutions / (reversions). Does not include the Revenue from credit recovery in the amount of R$5,761 million in 2025 (R$9,842 million in 2024) that is presented as part of the Expected Loss on Loans and Advances in our Statement of Income. We recorded a provision for expected losses on loans and advances to customers of R$50,093 million as of December 31, 2025, reaching a coverage ratio of loans over 90 days past due of 149.9% as of December 31, 2025 (180.1% as of December 31, 2024). We calculate our coverage ratio of loans over 60 days and 90 days past due by dividing the total balance of expected credit losses for loans and advances to customers by the balance of loans and advances to customers more than 90 days overdue. 125 – Form 20-F 2025 | Bradesco Table of Contents Our credit losses, net of recoveries, reached 4.0% of the average balance of loans and advances to customers in 2025 (compared to 4.3% in 2024). For further information about our credit losses, net of recoveries, see “Item 4.B. Business Overview – 4.B.100 Selected Statistical Information – 4.B.100.06 Expected credit losses on loans and advances”. Our portfolio of loans and advances to customers increased by 9.9%, to R$791,468 million in the year ended December 31, 2025 from R$720,240 million in the year ended December 31, 2024, reflecting an increasing number of transactions with: (i) legal entities, which increased by 10.6% compared to 2024, primarily due to: (a) a 15.3% increase in loans (including working capital, rural loans and others), and (b) a 3.9% increase in financing and transfers (including import/export financing, real estate, vehicles, BNDES/Finame transfers and leasing); and (ii) individuals, which saw an 9.4% increase compared to 2024, primarily due to: (a) a 11.5% increase in financing and transfers (including real estate and vehicle financing, BNDES/Finame transfers and others), and (b) a 7.0% increase in loans (including personal payroll-deductible loans, personal and rural loans). Ø Personnel expenses Our personnel expenses for the year ended December 31, 2025 increased by R$2,165 million, or 9.7%, compared to the year ended December 31, 2024, as a result of an increase in payroll and social security contributions, which increased by 14.5% compared to the year ended December 31, 2024 reflecting the annual collective bargaining agreement adjustment that takes effect from September each year, resulting in a 5.68% increase in salaries and benefits for September 2025 (compared to 4.64% in September 2024). Additionally, we had an increase in performance-related remuneration expenses which was driven by the profit growth during the period. Ø Income tax and social contribution The following table reflects the breakdown of our income tax and social contribution charges: Consolidated R$ in thousands, except % 2025 2024 Income before income taxes 21,024,584 16,900,514 Total burden of income tax and social contribution at the current rates (9,461,063) (7,605,231) Effect of additions and exclusions in the tax calculation: Share of profit of associates and joint ventures 973,182 689,213 Non-taxable income net of non-deductible expenses (1) 3,046,366 1,026,145 Interest on shareholders’ equity 6,524,673 5,077,509 Other amounts (2) 1,816,894 1,453,403 Income tax and social contribution for the period 2,900,052 641,639 (1) Includes the amounts related to the Adhesion to the Integral Transaction Program (PTI); and (2)Primarily, includes: (i) effect of tax rates in foreign jurisdictions and subsidiaries with different applicable tax rates except banks, insurance companies and non-financial companies; and (ii) the incentivized deductions. The variation in our income tax and social contribution is mainly attributable to higher income from associates and joint ventures, increased benefits from interest on shareholders’ equity and, most significantly, the adoption of the Comprehensive Tax Settlement Program (Programa de Transação Integral – PTI). For more information on Income tax and social contribution, see Note 37 of our Consolidated Financial Statements in “Item 18. Financial Statements”. Ø Net Income As a result of the above, our net income increased by 36.4%, to R$23,925 million in the year ended December 31, 2025 from R$17,542 million in the year ended December 31, 2024. 126 – Form 20-F 2025 | Bradesco Table of Contents Operating Segments (BR GAAP) For segment reporting purposes, the following sections explain of material changes to certain material line items of our income statement prepared in accordance with accounting practices adopted by institutions authorized to operate by the Central Bank of Brazil, as well as explanations of significant differences between the aggregated amounts reported for our operating segments and the equivalent amounts in our consolidated statement of income: 5.A.20.01-01 Financial Margin Our financial margin is equivalent to the aggregate of the following IFRS Accounting Standards captions: net interest income; net profit/(loss) on financial assets/liabilities at fair value through profit or loss; net profit/(loss) on financial assets at fair value through other comprehensive income and net profit/(loss) on foreign currency transactions. It reflects the net income of our financial intermediation activities before the expenses of expected losses on loans and advances. The following table breaks down the variation in our financial margin by segment, showing the impact of changes in the average volume of interest-earning assets; changes in average interest rates and the effects of the appreciation/(depreciation) of the real against the U.S. dollar, in each case comparing the years ended December 31, 2025 and 2024: R$ in thousands Banking Insurance, pension and capitalization bonds 2025/2024 Increase/(decrease) Due to changes in average volume of interest-earning assets and interest-bearing liabilities (1) 12,188,721 3,195,210 Due to changes in average interest rates 7,898,218 (5,274,776) Due to Brazilian real appreciation/depreciation 104,042 642 Non-interest gains / losses (10,493,328) 3,290,382 Net change 9,697,653 1,211,458 (1)Of this amount, R$30,355,622 refers to interest earning assets and -R$18,166,901 to interest-bearing liabilities in the banking segment and R$4,531,476 interest earning assets and -R$1,336,266 to interest-bearing liabilities in the insurance, pension plans and capitalization bonds segment. Ø Banking The growth of 13.7% in the financial margin is a reflection of the increase in the average volume of our interest yielding assets, increasing our revenues by R$12,189 million, in addition to the growth in the average rates of our interest yielding assets, due to increases Brazilian interest rates to 15.00% in 2025 from 12.25% in 2024, increasing our revenues by R$7,898 million. The variation in non-interest gains/losses is mainly related to our results obtained from derivative financial instruments, as well as the result from other non-interest earning assets, such as investment fund quotas. Ø Insurance, pension plans and capitalization bonds The increase of 16.6% in our financial margin is related to the behavior of the economic and financial indicators that impacted the performance of financial investments, especially investments linked to the IGP-M, IPCA and SELIC/CDI, as well as the updating of technical provisions. The average volume of our business also experienced growth (11.5%), increasing our revenues by R$3.195 million. The financial margin for this segment also includes gains and losses on financial instruments and derivatives and the result of other assets that do not yield interest (shares and quotas of investment funds). 127 – Form 20-F 2025 | Bradesco Table of Contents a) Revenue from financial intermediation The following tables show, on a consolidated basis and by segment, the average balance of the principal components of our interest-earning assets, interest and similar income earned and the average interest rates as of and for the years ended December 31, 2025 and 2024: As of and for the year ended December 31, R$ in thousands, except % 2025 2024 Average balance Interest and similar income Average rate Average balance Interest and similar income Average rate Average balance of interest-earning assets Financial assets at fair value through profit or loss 440,072,220 52,873,127 12.0% 358,109,730 27,842,234 7.8% Financial assets at fair value through other comprehensive income 126,865,196 13,719,216 10.8% 210,390,801 24,537,302 11.7% Financial assets at amortized cost 253,759,850 32,407,932 12.8% 184,945,971 20,118,794 10.9% Loans and advances to financial institutions 211,129,632 36,244,964 17.2% 176,390,408 27,775,382 15.7% Loans and advances to customers 714,418,608 119,910,827 16.8% 665,696,054 102,544,122 15.4% Compulsory and voluntary deposits with the Central Bank 103,319,030 11,905,271 11.5% 101,402,567 8,894,336 8.8% Other interest-earning assets 109,830 52,008 - 110,419 21,547 - Total interest-earning assets 1,849,674,366 267,113,345 14.4% 1,697,045,950 211,733,717 12.5% Segment R$ in thousands, except % Banking Insurance, pension and capitalization bonds 2025 2025 Average balance of interest-earning assets Financial assets held for trading 112,404,072 355,134,420 Financial assets available for sale 67,115,846 31,407,464 Investments held to maturity 230,701,564 52,386,968 Loans and advances to financial institutions 220,666,749 - Loans and advances to customers 909,150,745 - Compulsory and voluntary deposits with the Central Bank 103,659,578 - Other interest-earning assets 118,472 - Total 1,643,817,026 438,928,852 Average interest rate earned 15.0% 12.3% For further information about average interest rates by type of assets, see “Item 4.B. Business Overview – 4.B.100 Selected Statistical Information – 4.B.100.01 Average Statement of Financial Position and Yield Data”. The following table breaks down the variation in our revenue from financial intermediation by segment, showing the impact of changes in the average volume of interest-earning assets; changes in average interest rates and the effects of the appreciation/(depreciation) of the real against the U.S. dollar, in each case comparing the years ended December 31, 2025 and 2024: Banking Insurance, pension and capitalization bonds 2025/2024 Increase/(decrease) Due to changes in average volume of interest-earning assets 30,355,622 4,531,476 Due to changes in average interest rates 22,795,964 12,651,741 Due to Brazilian real appreciation/depreciation (69,278) 642 Non-interest gains / losses 12,688,683 (46,004,140) Net change 65,770,991 (28,820,281) 128 – Form 20-F 2025 | Bradesco Table of Contents Ø Banking The R$65,771 million, or 38.7%, increase in revenue from financial intermediation reflects the growth in the average volume of our business, which contributed by R$30,356 million to our revenues, primarily due to (i) the increase in our loans and advances to financial institutions and customers and financial assets at amortized cost, and (ii) the variation in the SELIC rate in 2025, which increased to 15.00% in 2025 from 12.25% in 2024, increasing our revenues by R$22,796 million. Revenue from financial intermediation from loans and advances to customers totaled R$139,820 million for the year ended December 31, 2025, an increase of 22.7% compared to 2024, reflecting an increase of 34.8% in the average balance of these assets, increasing revenues by R$36,823 million. Revenues from financial assets at amortized cost totaled R$27,822 million for the year ended December 31, 2025, an increase of 747.8% compared to the year ended December 31, 2024. This growth was driven by an increase of 374% in the average volume of these assets, benefiting our revenues in R$20,268 million. Revenues from loans and advances to financial institutions reached R$35,863 million, an increase of 29.3% compared to 2024. This increase is due to increases in the SELIC rate in 2025, which increased our revenues by R$7,004 million, as well as the increase in the average volume of our business, which contributed to our revenues with R$1,120 million. Revenues from financial assets at fair value through profit or loss (FVTPL) reached R$19,057 million, an increase of 146.4% compared to 2024. This increase is due to increases in the SELIC rate in 2025, which increased our revenues by R$8,441 million, in addition to the increase in the average volume of our business, which contributed to our revenues with R$2,883 million. Revenues from financial assets at fair value through other comprehensive income (FVOCI) reached R$11,265 million, a decrease of 63.8% compared to 2024. This decrease is related to the reduction in the average volume of our business, reducing our revenues by R$29,260 million. This decrease was partially offset by the increase in the SELIC rate during 2025, which contributed to our revenues with R$9,444 million. Revenues from voluntary investments and compulsory deposits in the Central Bank of Brazil reached R$11,905 million, an increase of 33.9% compared to 2024. This increase is due to the increase in the SELIC rate during 2025, which contributed to our revenues with R$4,477 million. The non-interest gains/losses are mainly related to our results obtained from derivative financial instruments, as well as the result from other non-interest earning assets, such as shares and investment fund quotas. Ø Insurance, pension plans and capitalization bonds The decrease of R$28,820 million, or 77.2%, in the revenues of financial intermediation largely reflects the increase in losses related to non-interest earning assets. This decrease was partially offset by the increase (i) interest rates in Brazil, which increased to 15.00% in 2025 from 12.25% in 2024, increasing our revenues by R$12,652 million, and (ii) in the average volume of our business, which contributed to our revenues with R$4,531 million. b) Expenses from financial intermediation The tables below show, on a consolidated basis and by segment, the average balance of the main components of our interest-bearing liabilities, the interest and similar expenses, and the average interest rates on them as of and for the years ended December 31, 2025 and 2024: 129 – Form 20-F 2025 | Bradesco Table of Contents As of and for the year ended December 31, R$ in thousands, except % 2025 2024 Average balance Interest and similar expense Average rate Average balance Interest and similar expense Average rate Savings deposits 126,483,184 9,041,498 7.1% 130,078,185 7,977,114 6.1% Time deposits (1) 493,232,274 47,663,471 9.7% 445,762,404 36,525,027 8.2% Securities sold under agreements to repurchase 302,570,320 38,659,676 12.8% 284,206,503 29,159,155 10.3% Borrowing and on-lending 68,366,424 7,858,916 11.5% 57,204,642 7,768,802 13.6% Securities issued 281,006,523 32,910,202 11.7% 254,247,051 26,420,100 10.4% Subordinated debt 56,807,177 8,397,038 14.8% 51,982,186 6,378,786 12.3% Insurance contracts liabilities 399,368,446 49,312,952 12.3% 382,989,590 30,050,169 7.8% Total Interest and similar expenses 1,727,834,348 193,843,753 11.2% 1,606,470,561 144,279,153 9.0% (1) Includes interbank deposits. Segment R$ in thousands, except % Banking Insurance, pension and capitalization bonds 2025 2025 Average balance of interest-bearing liabilities Savings deposits 125,539,876 - Time deposits (1) 505,662,770 - Securities sold under agreements to repurchase 349,474,065 - Borrowing and on-lending 104,469,893 - Securities issued 331,881,188 - Subordinated debt 56,345,425 - Technical provisions for insurance, pension plans and capitalization bonds - 399,368,446 Total 1,473,373,217 399,368,446 Average interest rate paid 11.6% 12.3% (1) Includes interbank deposits For further information about average interest rates by type of liabilities, see “Item 4.B. Business Overview – 4.B.100 Selected Statistical Information – 4.B.100.01 Average Statement of Financial Position and Yield Data”. The following table shows, by segment, the variation in our expenses from financial intermediation that was attributable to changes in the average volume of interest-bearing liabilities, the changes attributable to average interest rates and the change attributable to variation in the effects of the appreciation/(depreciation) of the real against the U.S. dollar rate, in each case comparing the years ended December 31, 2025 and 2024: Banking Insurance, pension and capitalization bonds 2025/2024 Increase/(decrease) Due to changes in average volume of interest-bearing liabilities 18,166,901 1,336,266 Due to changes in average interest rates 14,897,746 17,926,517 Due to Brazilian real appreciation/depreciation (173,320) - Non-interest gains / losses 23,182,011 (49,294,522) Net change 56,073,338 (30,031,739) Ø Banking The increase of R$56,073 million or 56.7% in expenses from financial intermediation is due to the increase in the average volume of interest-bearing liabilities, which increased our expenses by R$18,167 million, with emphasis on higher expenses related to: (i) securities issued, (ii) securities sold under agreements to repurchase, (iii) borrowings and onlendings; and (iv) long-term deposits, in addition to the higher funding costs, which increased our expenses by R$14,898 million. 130 – Form 20-F 2025 | Bradesco Table of Contents The decrease in non-interest gains/losses is mainly related to the result obtained from derivative financial instruments, as well as the result from other non-interest earning assets, such as shares and investment fund quotas. Ø Insurance, pension plans and capitalization bonds The reduction of R$30,032 million or 99.9% in the expenses of financial intermediation is related, largely, to the reduction of losses related to non-interest assets. This reduction was partially offset by the variation of interest rates in Brazil, which increased to 15.00% in 2025 from 12.25% in 2024, which increased our expenses by R$17,926 million, in addition to the increase in the average volume of our business, increasing our expenses by R$1,336 million. 5.A.20.01-02 Fee and commission income, income from insurance, pension plans and capitalization bonds, share of profit (loss) of associates and jointly controlled companies and other operating income The following table shows on a consolidated basis and by segment, the principal components of our non-interest income as of and for the years ended December31, 2025 and 2024: Consolidated R$ in thousands, except % As of and for the year ended December 31, 2025 2024 % change Fee and commission income 31,073,646 28,336,487 9.7% Insurance services result 11,331,343 8,942,260 26.7% Share of profit of associates and joint ventures 2,162,627 1,531,585 41.2% Other operating income 25,733,583 24,895,087 3.4% Total 70,301,199 63,705,419 10.4% Segment R$ in thousands, except % Banking Insurance, pension plans and capitalization bonds 2025 2024 % change 2025 2024 % change Fee and commission income and income from banking fees 39,563,634 36,213,830 9.3% 2,061,017 1,923,437 7.2% Other income from insurance, pension plans and capitalization bonds - - - 13,887,736 11,520,350 20.5% Share of profit (loss) of associates and jointly controlled companies (225,416) 121,511 - 610,771 243,403 150.9% Other operating income 22,575,340 14,082,864 60.3% 2,877,522 4,085,092 (29.6)% Total 61,913,558 50,418,205 22.8% 19,437,046 17,772,282 9.4% Ø Banking · Fee and Commission Income: Increased as a result of the increase of: (i) 14.4% in card revenues, reflecting the 9.8% increase in the financial volume traded; (ii) 29.2% in the capital markets/ financial advisory fees, reflecting efforts in capturing business opportunities in all segments of the capital markets and in merger and acquisition operations; (iii) 17.3% in consortia administration fees, driven by higher sales in the real estate segment; and (iv) 6.1% in asset management fees, supported by the increase in shareholders’ equity under management, the diversification of our client base and the expansion of the range of products offered, in addition to higher revenues with performance rates. Ø Insurance, pension plans and capitalization bonds · Income from insurance, pension plans and capitalization bonds: The increase of 20.5% in income from insurance, pension plans and capitalization bonds is related to the increase of 8.4% in earned insurance premiums, pension contributions and capitalization revenues, mainly through the digital channels that reached R$6.4 billion in 2025. In addition, our financial operating income increased by 9.3% in the year ended December 31, 2025 compared to the same period in 2024. 131 – Form 20-F 2025 | Bradesco Table of Contents Ø Main difference between balances by segment and consolidated balances We highlight below the main difference between our non-interest income by segment in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank of Brazil and our consolidated non-interest income (IFRS Accounting Standards) for the year ended December 31, 2025: · Non-interest income: The difference in our interest income prepared in accordance with in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank of Brazil compared to IFRS Accounting Standards (R$11,049 million in the year ended December 31, 2025 and R$4,485 million in the year ended December 31, 2024) is mainly due to the difference in the calculation basis of the effective interest rates according to IFRS Accounting Standards compared to BR GAAP. In addition to overall adjustments, originating from proportionally consolidated companies and the “non-consolidation” of exclusive funds. 5.A.20.01-03 Personnel expenses, other administrative expenses and other operating expenses The following tables show, on a consolidated basis and by segment, the principal components of our non-interest expenses as of and for the years ended December 31, 2025 and 2024: Consolidated R$ in thousands, except % As of and for the year ended December 31, 2025 2024 % change Personnel expenses (24,442,062) (22,277,310) 9.7% Other administrative expenses (16,072,374) (16,582,966) (3.1)% Depreciation and amortization (7,063,267) (6,371,096) 10.9% Other operating expenses (48,430,304) (42,988,184) 12.7% Total (96,008,007) (88,219,556) 8.8% Segment R$ in thousands, except % Banking Insurance, pension and capitalization bonds 2025 2024 % change 2025 2024 % change Personnel /Administrative Expenses (46,173,552) (44,525,627) 3.7% (5,138,904) (4,571,572) 12.4% Other operating expenses (45,591,557) (36,059,060) 26.4% (12,716,925) (5,481,863) 132.0% Total (91,765,109) (80,584,687) 13.9% (17,855,829) (10,053,435) 77.6% Ø Banking · Personnel expenses: higher expenses with income, social charges, benefits and profit sharing, reflecting the improvement in financial performance/profitability, in addition to the readjustments approved in the collective agreement applies from September of each year, with a readjustment of 5.68% in wages and benefits in 2025 (4.64% in 2024); · Administrative expenses: the lower administrative expenses result from the optimization of structural costs related to facilities and transportation, reflecting the adjustment of our footprint. Expense management continues to be guided by financial discipline and a constant commitment to efficiency; and · Other operating expenses: the increase during the period mainly reflect movements in civil, labor and tax contingencies, higher card-related commercialization expenses due to increased transaction volumes—particularly in the high-income segment - as well as the increase in our ownership interest in Cielo and the consolidation of Banco John Deere. 132 – Form 20-F 2025 | Bradesco Table of Contents 5.B. Liquidity and Capital Resources 5.B.10 Asset and liability management Our general policy on asset and liability management is to manage interest rate, liquidity, foreign exchange and maturity risks in order to maximize our net interest income and our return on assets and equity, in light of our internal risk management policies, and maintain adequate levels of liquidity and capital. As part of our asset and liability management, we seek to avoid material mismatches between assets and liabilities by matching, to the extent possible, the maturity, currency and interest rate structure of loans we make to the terms of the transactions under which we fund these loans. Subject to our policy constraints and the limits established by our Board of Directors, we occasionally take mismatched positions in relation to interest rates, maturities and, in more limited circumstances, foreign currencies, when we believe such positions are justified in view of market conditions and prospects. We monitor our asset and liability positions in accordance with the requirements and guidelines of the Central Bank of Brazil. Our Asset and Liability Management and Treasury Executive Committee meets every two weeks to: · evaluate action strategies relating to asset and liability management, within the limits established, based on an analysis of the political-economic scenarios, at national and international level; · monitor and endorse the pricing strategies of asset, liability and derivative operations with our clients; · define internal prices for the transfer of resources (Funds Transfer Price – FTP) of liabilities and assets in local and foreign currency; · approve the proposal on the limit of tolerance for exposure to risks to be submitted to the approval of the COGIRAC and the Board of Directors; and · monitor and endorse results, strategies, behaviors and risks of mismatch and indexes maintained by us and managed by the Treasury. In making such decisions, we evaluate not only our exposure limits for each market segment and product, but also market volatility levels and the extent to which we are exposed to market risk through interest, maturity, liquidity and currency mismatches. We also consider other potential risks, as well as market liquidity, our institutional needs and perceived opportunities for gains. Our Treasury Executive Committee for Asset and Liability Management holds extraordinary meetings as required in response to unexpected macroeconomic changes. In addition, we receive daily reports on our mismatched and open positions, while our Asset and Liability Management and Treasury Executive Committee assesses our risk position every two weeks. 5.B.20 Liquidity and funding We have policies, procedures, metrics and limits in place aimed at controlling liquidity risks. We believe that the components of our Liquidity Coverage Ratio and Net Stable Funding Ratio (LCR and NSFR, respectively) are in line with best market practices as well as Basel III requirements. As of December 31, 2025, the LCR and NSFR indicators were 158.3% and 122.8%, respectively. For further information on Basel III, see “Item 5.B.40 Capital Compliance – Basel III”. The Treasury area acts as a support center for our different business segments by managing our funding and liquidity positions and executing our investment objectives in accordance with our asset and liability management policies. We are also responsible for setting rates for our different products, including foreign exchange and interbank transactions. The Treasury area covers any funding shortfall by borrowing in the interbank market. It seeks to maximize the efficient use of our deposit base by investing any surpluses in liquid instruments in the interbank market. 133 – Form 20-F 2025 | Bradesco Table of Contents We have used our excess liquidity to invest in Brazilian government securities and expect to continue doing so, subject to regulatory requirements and investment considerations. Our principal sources of funding are: · demand, savings, and time deposits, as well as interbank deposits, representing 33.0% of the average balance of liabilities in the year ended December 31, 2025, compared to 33.9% in the year ended December 31, 2024 and 35.4% in the year ended December 31, 2023; and · securities sold under agreements to repurchase, borrowings and onlendings, funds from securities issued and subordinated debt, part of which is denominated in foreign currencies, representing 35.8% of the average balance of liabilities for the year ended December 31, 2025, compared to 35.4% in the year ended December 31, 2024 and 34.4% in the year ended December 31, 2023. Our capital markets operations are a source of funding through our transactions with financial institutions, mutual funds, fixed income and equity investment funds and foreign investment funds. In relation to liquidity risk, in 2015 the CMN issued the Resolution No. 4,401/15, as amended, addressing the definition and minimum limits of the LCR, which is defined as the ratio of the reserve of high liquidity assets to the total cash outflows foreseen for a 30-day period, under stress conditions. The main purpose of the LCR is to ensure the existence of a minimum number of net assets in normal market conditions to be used in periods of higher shortage or necessary liquidity, in order to keep the business going and ensure the stability of the financial system. In 2017, the CMN and the Central Bank of Brazil also published Resolution No. 4,616/17 and Circular No. 3,869/17 about the index of NSFR which establish, respectively, the minimum limit/compliance conditions and the methodology for calculation and disclosure of information to the market. In order to determine minimum requirements for quantitative liquidity of financial institutions, Basel III proposes two liquidity ratios: a short-term (LCR) and a long-term ratio (NSFR). The purpose of the LCR is to show that institutions maintain sufficient high-liquidity funds to withstand a one-month financial stress scenario. The purpose of the NSFR is to encourage institutions to finance their activities from more stable sources of funding, setting forth the requirement of a ratio of more than 100% for the LCR and NSFR from January 2019 and 2018, respectively. On January 1, 2020, the Central Bank of Brazil’s Circular No. 3,930/19, addressing the Pillar 3 Report, revoked part of Circular No. 3,869/17, concerning the dissemination of information on the NSFR was revoked by BCB Resolution No. 54/20, which now regulates the disclosure of the Pillar 3 Report. As a result of the unfolding of the COVID-19 pandemic, the Central Bank of Brazil amended Circular No. 3,749/15, changing the limit for the amount of the total reserve requirements collected in the Central Bank of Brazil and which are not considered portions of (i) free reserves or for release in central banks within the next thirty days; (ii) reserve requirements collected in the Central Bank of Brazil concerning savings deposits and demand deposits, limited to the total amount of estimated cash outflows for each one of these modalities and (iii) other reserve requirements collected in the Central Bank of Brazil, limited to the amount to be returned to the institution as a result of the defined outflow, from 15% to 30% of total assets of Tier 1 capital of the institution in Brazil. In February 2020, the Central Bank of Brazil published Circulars No. 3,986/20 and No. 3,987/20 and, in March 2020, Circular No. 3,993/20, which reduced the compulsory deposit rate on time deposits from 31% to 17% and allowed the use of 30%, instead of 15%, of the amount of compulsory reserves deposited in the Central Bank of Brazil in the calculation of the LCR. Retrospectively, BCB No. 78/21 of the Central Bank of Brazil, of March 2021, redefined the validity of the rate of 17% of compulsory deposits on term deposits until November 2021, when it returned to 20%. However, in November 2021, through BCB Resolution No. 145/21, the Central Bank of Brazil allowed the compensation of up to 3% of the calculation base of the compulsory deposit on term deposits with the value of the bank’s total financial limit on the bank’s forward liquidity lines of the Central Bank of Brazil (this limit is generated by the deposit of private securities in guarantee). These measures and others of lesser impact came in response to the facts stemming from the COVID-19 pandemic. 134 – Form 20-F 2025 | Bradesco Table of Contents The following table shows the average balance and average interest rates of our liabilities (interest-bearing and non-interest-bearing) for the periods indicated measured using month-end balances: R$ in thousands, except % 2025 2024 2023 Average balance % of total Average rate Average balance % of total Average rate Average balance % of total Average rate Interest-bearing liabilities Savings deposits 126,483,184 6.4% 7.1% 130,078,185 7.1% 6.1% 129,189,256 7.6% 7.0% Time deposits 493,232,274 24.9% 9.7% 445,762,404 24.4% 8.2% 424,465,761 25.0% 10.4% Securities sold under agreements to repurchase 302,570,320 15.3% 12.8% 284,206,503 15.6% 11.1% 252,162,308 14.9% 12.5% Borrowing and on-lending 68,366,424 3.5% 11.5% 57,204,642 3.1% 13.6% 50,430,934 3.0% 11.6% Securities issued 281,006,523 14.2% 11.7% 254,247,051 13.9% 10.4% 231,100,602 13.6% 11.2% Subordinated debt 56,807,177 2.9% 14.8% 51,982,186 2.8% 12.3% 49,562,546 2.9% 14.1% Insurance contract liabilities 399,368,446 20.2% 12.3% 382,989,590 21.0% 7.8% 341,187,944 20.1% 9.6% Total interest-bearing liabilities 1,727,834,348 87.4% 11.2% 1,606,470,561 87.9% 9.1% 1,478,099,351 87.1% 10.6% Non-interest-bearing liabilities Demand deposits 33,635,697 1.7% - 43,798,351 2.4% - 46,551,331 2.7% - Other non-interest-bearing liabilities 215,834,279 10.9% - 176,944,542 9.7% - 173,069,018 10.2% - Total non-interest-bearing liabilities 249,469,976 12.6% - 220,742,893 12.1% - 219,620,349 12.9% - Total liabilities 1,977,304,324 100.0% - 1,827,213,454 100.0% - 1,697,719,700 100.0% - The following table shows, as of the dates indicated, our sources of funding and liquidity, as well as other non-interest-bearing liabilities: As of December 31, R$ in thousands 2025 2024 2023 Savings deposits 124,461,404 132,502,157 131,003,553 Time deposits 565,505,949 470,725,491 443,651,638 Securities sold under agreements to repurchase 349,702,217 283,049,765 272,404,788 Borrowing and on-lending 70,708,270 74,340,803 47,159,918 Securities issued 306,260,682 257,977,344 244,966,258 Subordinated debt 54,714,526 57,458,927 50,337,854 Insurance contracts liabilities 419,715,476 378,792,820 344,792,222 Total interest-bearing liabilities 1,891,068,524 1,654,847,307 1,534,316,231 Demand deposits 37,995,805 45,538,557 51,137,566 Other non-interest-bearing liabilities 222,314,257 200,156,006 175,055,328 Total non-interest-bearing liabilities 260,310,062 245,694,563 226,192,894 Total liabilities 2,151,378,586 1,900,541,870 1,760,509,125 Total deposits 727,963,158 648,766,205 625,792,757 5.B.20.01 Deposits Our principal source of funding is deposits from Brazilian individuals and businesses. As of December 31, 2025, our deposits totaled R$727.9 billion, representing 33.8% of our total liabilities. We provide the following types of deposit and registration accounts: · checking accounts; · savings accounts; · time deposits; · interbank deposits from financial institutions; · accounts for salary purposes; and · accounts for payment of the INSS benefit. For additional information regarding our deposits, see “Item 4.B. Business Overview – 4.B.100 Selected Statistical Information – 4.B.100.01 Average Statement of Financial Position and Yield Data”. 135 – Form 20-F 2025 | Bradesco Table of Contents 5.B.20.02 Securities sold under agreements to repurchase Securities sold under agreements to repurchase consist mainly of funding we obtained from banks in the market by selling securities with agreements to repurchase. The majority of these financial assets subject to repurchase agreements are guaranteed by Brazilian government securities. This type of transaction is generally short-term (normally intraday or overnight) and is volatile in terms of volume, as it is directly impacted by market liquidity. We believe that the risks associated with these transactions is low, given the quality of the collateral assets. In addition, repurchase transactions are subject to operating limits of capital based on the equity of the financial institution, adjusted in accordance with Central Bank of Brazil regulations. A financial institution may only make repurchase transactions at a value of up to 30 times its Reference Equity (RE), a limit we comply with. The limits on repurchase transactions involve securities issued by Brazilian government authorities and vary according to the type of security involved in the transaction, and the perceived risk of the issuer as established by the Central Bank of Brazil. The following table summarizes our funding with repurchase agreements for the periods indicated: For the year ended December 31, R$ in thousands, except % 2025 2024 2023 Securities sold under agreements to repurchase Amount outstanding as of December 31 349,702,217 283,049,765 272,404,788 Maximum amount outstanding during the period 349,702,217 294,603,814 272,404,788 Weighted average interest rate at period end 13.9% 11.6% 11.0% Average amount during the period 302,570,320 284,206,503 252,162,308 Weighted average interest rate during the period (1) 14.0% 11.1% 12.5% (1) We calculated the average balances using the end-of-month account balances. 5.B.20.03 Borrowings and onlendings Borrowings consist primarily of funding from lines obtained from banking correspondents for import and export financings. Our access to this source of resources has been continuous, and funding occurs with rates and terms according to market conditions. Onlendings consist of funds borrowed for local onlending, in which we borrow from Brazilian governmental agencies and entities to make loans to Brazilian entities for investments in facilities, equipment and farming, among others. We conduct onlending transactions where we act as the transfer agent for development agency funds, granting credit to third parties, which are in turn funded by development organizations (BNDES, the International Bank for Reconstruction and Development or IBRD, and the Inter-American Development Bank or IDB), being the principal providers of these funds. The loan criteria, the decision to lend and the credit risk are our responsibility and subject to certain limitations set by the bodies supplying the funds. For more information on our onlending transactions, see “Item 4.B Business Overview – 4.B.30.01-02.02 Loans and advances to customers”. 5.B.20.04 Funds from securities issued Funds obtained from our issued securities originate mainly from the following operations: Ø Financial notes: fixed income securities issued by us with the purpose of raising funds from individuals and legal entities in the long-term, given that they have a maturity exceeding two years. On the other hand, they offer investors better profitability than other financial investments with daily liquidity or with a shorter period of maturity. They are divided into two modalities: · Simple: consists of the promise of payment in nominative, transferable cash. In this way, it can be negotiated on the secondary market; and · Subordinated: with an initial investment and longer deadlines than the simple modality, it is used to reinforce our capital and, in the event of dissolution of the institution, the payment to investors shall be conditional upon the settlement of other commitments and obligations of payment. It is therefore recommended for Qualified Investors (as defined in CVM Resolution No. 30/21). 136 – Form 20-F 2025 | Bradesco Table of Contents Ø Real estate credit notes: securities for individuals that are backed by real estate credits guaranteed by mortgages or by chattel, giving their borrowers the right of credit at nominal value, interest or monetary correction; Ø Agribusiness credit notes: security issued by us, intended for individuals, which are tied to credit rights of businesses conducted with rural producers or their cooperatives; and Ø Letter of credit property guaranteed: we have been performing these operations since 2018, by issuing transferable nominative bonds, of freely negotiable title and guaranteed by the portfolio of assets subject to the fiduciary system. The following table presents a summary of our resources of issuing of securities as of the dates indicated: As of December 31, R$ in thousands 2025 2024 2023 Securities issued Financial bills 135,672,973 106,220,794 105,426,827 Real estate credit notes 75,321,675 55,865,741 52,115,729 Agribusiness notes 54,287,950 46,738,613 40,062,692 Letters property guaranteed 23,600,199 35,805,829 36,144,798 MTN Program Issues 11,423,465 9,529,345 7,368,531 Structured Operations Certificates 5,954,420 3,817,022 3,847,681 Total 306,260,682 257,977,344 244,966,258 5.B.20.05 Sources of additional liquidity BCB Resolution No. 175/21 regulates the discount rate operations of the Central Bank of Brazil, available to financial institutions that need liquidity. Discount rates can occur in the intraday or one business day modality, through purchase operations with a commitment to resell federal public securities registered with SELIC, under the Reservation Transfer System (STR) and Instant Payments System (SPI). In exceptional situations of liquidity stress, the Central Bank of Brazil may evaluate formal requests for financial assistance by submitting operational and financial information by the requesting institution. After analysis, the Central Bank of Brazil decides on the concession, conditions and costs of the operation. We have never used these liquidity resources. 5.B.20.06 Contractual obligations and off-balance sheet obligations We provide guarantees in favor of our clients to ensure compliance with obligations assumed towards third parties. Under these guarantees, we generally have the right to a regressive claim against the client to recover any amounts paid. In addition, we may require additional guarantees, such as cash resources or other high liquidity assets, to mitigate the risk associated with these commitments. Guarantee agreements are subject to the same credit analysis and monitoring procedures applicable to other loan operations. Letters of credit are commitments issued by us to guarantee the performance of a client’s obligations to a third party, under the terms indicated above. We issue commercial letters of credit to facilitate foreign trade transactions and to evaluate public and private debt issuance agreements, including commercial paper, securities financing and similar transactions. These instruments are short-term commitments to pay the beneficiary of a third party for the shipment of products, under certain contractual conditions. The contracts are subject to the same credit assessments applied to other lending. We expect many of these guarantees to expire without the need for a cash advance. Therefore, in the normal course of business, we expect that such transactions will not impact our liquidity. We undertake these transactions to manage our clients’ financing needs. The guaranteed amounts are not recorded on our statement of financial position (balance sheet) in accordance with IFRS Accounting Standards. The following table summarizes our contractual obligations and transactions as of December 31, 2025: 137 – Form 20-F 2025 | Bradesco Table of Contents Contractual Obligations R$ in thousands Payments due as of December 31, 2025 Up to 1 month From 1 to 3 months From 3 months to 1 year (1) From 1 to 5 years More than 5 years Indefinite Total Time deposits 49,700,826 32,294,772 137,982,499 345,267,916 259,936 - 565,505,949 Demand deposits 37,995,805 - - - - - 37,995,805 Securities sold under agreements to repurchase 317,222,385 22,374,191 8,259,144 491,557 1,354,940 - 349,702,217 Borrowings 5,056,343 9,186,261 23,112,542 1,644,504 - - 38,999,650 Onlending 1,175,067 1,719,198 9,677,909 17,623,657 1,512,789 - 31,708,620 Securities issued 16,357,292 9,630,603 60,897,600 209,382,550 9,992,637 - 306,260,682 Subordinated debt 14,708 385,063 1,641,087 5,798,538 25,351,021 21,524,109 54,714,526 Insurance contracts liabilities 350,974,072 13,770,963 7,966,651 23,762,581 23,241,209 - 419,715,476 Other obligations (2) 76,732,754 40,438,938 47,004,617 11,810,584 514,226 - 176,501,119 Total 855,229,252 129,799,989 296,542,049 615,781,887 62,226,758 21,524,109 1,981,104,044 Off-balance sheet obligations Commitments to extend credit (3) 73,920,652 104,485,644 146,705,074 27,942,014 5,323,443 - 358,376,827 Financial guarantees (4) 3,397,734 7,317,179 40,131,274 36,197,521 38,076,030 - 125,119,738 Letters of credit for imports 53,950 259,803 42,319 - - - 356,072 Total 77,372,336 112,062,626 186,878,667 64,139,535 43,399,473 - 483,852,637 (1) Based on our historical experience, we expect that most of our obligations that are contractually due within one year will be rolled over; (2) Includes lease operations, in the amount of R$3.2 billion; (3) Includes available limits for credit cards, personal loans, housing loans, guaranteed accounts and overdrafts; and (4) Refers to guarantees mostly provided for Corporate clients. 5.B.30 Cash flow In the years ended December 31, 2025, 2024 and 2023, our cash flow was affected by our business strategy and changes in the Brazilian economic environment. The following table shows the principal variations in cash flows during the periods indicated: As of December 31, R$ in thousands 2025 2024 2023 Net cash provided by/(used in) operating activities (62,534,000) 50,228,485 (177,628) Net cash provided by/(used in) investing activities 59,830,216 (5,013,549) 83,606,232 Net cash (used in) financing activities (11,714,849) (23,676,490) (23,062,770) Net increase (decrease) in cash and cash equivalents (14,418,633) 21,538,446 60,365,834 Ø 2025 The decrease in cash and cash equivalents observed in the period was primarily driven by: · The increase in cash used in operating activities, mainly due to the increase in financial assets at fair value through profit or loss reflecting higher exposure to Brazilian securities of R$ 179,396 million in 2025 compared with a decrease of R$ 10,561 million in 2024 and the increase in loans and advances to financial institutions, due to higher repurchase agreements totaling R$ 42,394 million in 2025 compared with a decrease of R$ 34,811 million in 2024. This impact was partially offset by the increase in funds from customers resulting from higher time deposits, amounting to R$ 133,119 million in 2025 compared with R$ 65,790 million in 2024, and by the increase in funds from financial institutions of R$ 115,125 million in 2025 compared with R$ 75,764 million in 2024. · The increase in cash provided by investing activities, mainly due to (i) increased disposals of financial assets at fair value through other comprehensive income of R$114,540 million in 2025 compared with R$59,625 million in 2024; (ii) higher maturities of financial assets at amortized cost of R$118,844 million in 2025 compared with R$73,546 million in 2024; and (iii) increased interest received of R$51,446 million in 2025 compared with R$26,763 million in 2024. This impact was partially offset by the increase in (i) acquisitions of financial assets at fair value through other comprehensive income of R$106,441 million in 2025 compared with R$82,179 million in 2024, and (ii) the increase in acquisitions of financial assets at amortized cost of R$106,760 million in 2025 compared with R$75,033 million in 2024. 138 – Form 20-F 2025 | Bradesco Table of Contents · The decrease in cash used in financing activities, mainly reflecting the increase in proceeds from debt securities issued of R$ 156,468 million in 2025 compared with R$ 54,734 million in 2024, offset by the increase in repayments of debt securities issued of R$ 110,395 million in 2025 compared with R$ 56,728 million in 2024, and higher interest expenses paid of R$ 39,516 million in 2025 compared with R$ 16,416 million in 2024. We have not identified any legal or economic restrictions that prevent our subsidiaries from transferring funds to us, whether through dividends, loans, or advances, in compliance with the regulations of our regulatory body, which could affect our ability to meet our cash obligations. See “Form 20-F 2024 - Item 5.B. Liquidity and Capital Resources – 5.B.30 Cash flow” of our annual report for the year ended December 31, 2024 for discussion of cash flow for the year ended December 31, 2024. 5.B.40 Capital compliance – Basel III Basel III constitutes the prudential framework developed by the Basel Committee on Banking Supervision (BCBS) with the purpose of strengthening the resilience of financial institutions through more stringent capital requirements, enhanced risk-measurement methodologies, and greater loss-absorbing capacity. In Brazil, the framework is implemented through regulations issued by the CMN and the Central Bank of Brazil, in line with the international timetable and covering capital, leverage, liquidity, and disclosure requirements. Reference Equity is composed of Tier I Capital and Tier II Capital. Tier I Capital includes Common Equity, consisting of shares and reserves, which represent the primary source of loss absorption, and Additional Capital, composed of perpetual subordinated debt instruments. Tier II Capital consists of subordinated debt instruments with a minimum maturity of five years. In situations of financial stress, both Additional Capital and Tier II Capital may be written down to strengthen capital and absorb losses. Institutions classified under segment S1 are subject to minimum requirements of 8.0% for Common Equity, 9.5% for Tier I Capital, and 11.5% for Total Capital. These percentages already include the Additional Common Equity composed of the conservation, countercyclical, and systemic buffers, which together total 3.5% of risk-weighted assets for the 2025 fiscal year. Brazilian regulations also require the maintenance of effective risk-management structures, internal controls, and prudential disclosure processes in accordance with Pillar 3 requirements. As of December 31, 2025, our Basel ratio totaled 15.8%, above the 11.5% regulatory requirement established by the Central Bank of Brazil. The capital levels presented reflect compliance with current prudential requirements and a loss-absorption capacity consistent with the institution’s risk profile. The following table shows our capital positions as a percentage of total risk-weighted assets: As of December 31, In % Basel III Prudential Consolidated 2025 2024 2023 Tier I capital 13.2% 12.4% 13.2% Common equity 11.2% 10.5% 11.7% Additional capital 2.0% 1.8% 1.6% Total Ratio 15.8% 14.8% 15.8% 5.B.50 Capital Management We exercise capital management, performing periodic capital projections of at least three years, for which we consider changes in the economic scenario and in organizational business expectations at an organization-wide level. In addition, we have a Recovery and Orderly Exit Plan (PRSO), which considers strategies to be adopted in extreme adverse scenarios; a Capital Plan; and a Contingency Plan, which are part of the ICAAP Process (Internal Capital Adequacy Assessment Process). 139 – Form 20-F 2025 | Bradesco Table of Contents These processes involve both the control and business areas, as directed by the Board of Executive Officers and the Board of Directors and have a governance structure composed of Commissions and Committees, with the Board of Directors being the highest authority. For more information on Capital Management, see Note 40.1 to our consolidated financial statements in “Item 18. Financial Statements”. 5.B.60 Recovery Plan for Systematically Relevant Financial Institutions Related to the ongoing process of adopting international regulatory best practices in Brazil, on June 30, 2016, CMN Resolution No. 5,187/24 was published, as amended, establishing the minimum requirements to be observed in the preparation and execution of recovery plans by financial institutions and other institutions authorized to operate by the Central Bank of Brazil. The main objective of CMN Resolution No. 5,187/24 is to restore adequate levels of capital and liquidity and preserve the feasibility of such institutions, thereby ensuring the resilience, stability and smooth operation of the national financial system. We are in compliance with all regulatory capital requirements. 5.B.70 Interest rate sensitivity Managing interest rate sensitivity is a key component of our asset and liability policy. Interest rate sensitivity is the relationship between market interest rates and net interest income due to the maturity or repricing characteristics of interest-earning assets and interest-bearing liabilities. For any given period, the pricing structure is considered balanced when an equal amount of these assets or liabilities matures or is repriced during that period. Any mismatch of interest-earning assets and interest-bearing liabilities is known as a gap position. A negative gap denotes loss sensitivity and normally means that a decline in interest rates would have a negative effect on net interest income. Conversely, a positive gap denotes gain sensitivity and normally means that a decline in interest rates would have a positive effect on net interest income. These relationships can change significantly from day to day, as a result of both market forces and Management decisions. Our interest rate sensitivity strategy takes into account: · rates of return; · the underlying degree of risk; and · liquidity requirements, including minimum regulatory banking reserves, mandatory liquidity ratios, withdrawal and maturity of deposits, capital costs and additional demand for funds. We monitor our maturity mismatches and positions and manage them within established limits. The positions are analyzed and reconsidered every second and fourth Friday of each month in our Treasury Executive Committee for Asset and Liability Management. The following table shows the maturities of our interest-earning assets and interest-bearing liabilities as of December 31, 2025, and may not reflect interest rate gap positions at other times. In addition, variations in interest rate sensitivity may exist within the repricing periods presented due to different repricing dates. Variations may also arise across the different currencies in which interest rate positions are held. 140 – Form 20-F 2025 | Bradesco Table of Contents As of December 31, 2025 R$ in thousands, except % Up to 30 days 31 – 180 days 181 – 360 days 1 – 5 years More than 5 years Indefinite Total Interest-earning assets Financial assets at fair value through profit or loss 484,563,220 - - - - - 484,563,220 Financial assets at fair value through other comprehensive income 3,344,665 18,252,721 6,831,650 46,441,083 58,286,911 - 133,157,030 Financial assets at amortized cost 17,808,782 14,206,301 22,876,215 138,622,149 66,033,124 - 259,546,571 Loans and advances to banks 186,589,622 40,311,106 6,410,950 2,173,376 - - 235,485,054 Loans and advances to customers 162,908,322 152,968,753 103,909,969 215,517,705 109,152,313 - 744,457,062 Compulsory deposits with the Central Bank 112,194,500 - - - - - 112,194,500 Other assets 15,593,174 3,833,868 243,770 7,770,491 2,271,515 - 29,712,818 Total interest-earning assets 983,002,285 229,572,749 140,272,554 410,524,804 235,743,863 - 1,999,116,255 Interest-bearing liabilities - Deposits from banks (1) 327,014,095 56,709,308 20,169,509 21,273,661 1,932,921 - 427,099,494 Savings Deposits (2) 124,461,404 - - - - - 124,461,404 Time deposits 46,755,527 32,064,922 136,250,907 344,688,780 259,936 - 560,020,072 Securities issued 16,357,292 25,082,829 45,445,374 209,382,550 9,992,637 - 306,260,682 Subordinated debt 14,708 385,063 1,641,087 5,798,538 25,351,021 21,524,109 54,714,526 Insurance contracts liabilities (2) 350,974,072 13,770,963 7,966,651 23,762,581 23,241,209 - 419,715,476 Total interest-bearing liabilities 865,577,098 128,013,085 211,473,528 604,906,110 60,777,724 21,524,109 1,892,271,654 Asset/liability gap 117,425,187 101,559,664 (71,200,974) (194,381,306) 174,966,139 (21,524,109) 106,844,601 Cumulative gap 117,425,187 218,984,851 147,783,877 (46,597,429) 128,368,710 106,844,601 - Ratio of cumulative gap to total interest-earning assets 5.9% 11.0% 7.4% -2.3% 6.4% 5.3% - (1) Including: Securities sold under agreements to repurchase, borrowings, onlendings and interbank deposits; and (2) Savings deposits and insurance technical provisions and pension plans are classified as up to 30 days, without considering average historical turnover. 5.B.80 Foreign exchange rate sensitivity Most of our operations are denominated in reais. Our policy is to avoid material foreign exchange rate mismatches. However, at any given time, we generally have outstanding long-term debt denominated in, and indexed to, foreign currencies, principally the U.S. dollar. As of December 31, 2025, our net foreign currency liability exposure, considering derivative financial instruments, was R$183,165 million. Consolidated net foreign currency exposure is the difference between total foreign currency-indexed or -denominated assets and total foreign currency-indexed or -denominated liabilities, including derivative financial instruments. In addition to our foreign currency long term debt, our foreign currency position arises mainly through our purchases and sales of foreign currencies (mainly U.S. dollars) from/to Brazilian exporters and importers, other financial institutions on the interbank market, and on the spot and forward currency markets. The Central Bank of Brazil regulates our maximum outstanding long and short foreign currency positions. As of December 31, 2025, the composition of our assets, liabilities and equity by currency and term was as set out in the table below. Our foreign currency assets are largely denominated in reais but are indexed to foreign currencies, principally the U.S. dollar. Most of our foreign currency liabilities are denominated in foreign currencies, principally the U.S. dollar. 141 – Form 20-F 2025 | Bradesco Table of Contents As of December 31, 2025 R$ in thousands, except % R$ Foreign currency Total Foreign currency as % of total Assets Cash and balances with banks 127,522,476 5,799,137 133,321,613 4.3% Financial assets at fair value through profit or loss 534,539,854 15,473,743 550,013,597 2.8% Less than 1 year 484,228,377 15,391,981 499,620,358 3.1% From one to five years 7,234,164 81,762 7,315,926 1.1% Over five years 4,148,006 - 4,148,006 - Indefinite 38,929,307 - 38,929,307 - Financial assets at fair value through other comprehensive income 121,378,633 17,619,472 138,998,105 12.7% Less than 1 year 19,366,204 9,062,832 28,429,036 31.9% From one to five years 39,311,394 7,129,689 46,441,083 15.4% Over five years 56,859,960 1,426,951 58,286,911 2.4% Indefinite 5,841,075 - 5,841,075 - Financial assets at amortized cost 249,805,949 9,740,622 259,546,571 3.8% Less than 1 year 51,001,035 3,890,263 54,891,298 7.1% From one to five years 136,188,312 2,433,837 138,622,149 1.8% Over five years 62,616,602 3,416,522 66,033,124 5.2% Loans and advances to banks 232,677,339 2,807,715 235,485,054 1.2% Less than 1 year 230,503,963 2,807,715 233,311,678 1.2% From one to five years 2,173,376 - 2,173,376 - Loans and advances to customers 673,694,257 71,901,769 745,596,026 9.6% Less than 1 year 372,186,616 47,600,428 419,787,044 11.3% From one to five years 192,356,468 23,161,237 215,517,705 10.7% Over five years 109,151,173 1,140,104 110,291,277 1.0% Non-current assets held for sale 3,718,071 39,431 3,757,502 1.0% Investments in associates and joint ventures 13,283,440 - 13,283,440 - Premises and equipment, net 9,405,491 130,891 9,536,382 1.4% Intangible assets and goodwill, net 25,739,659 173,993 25,913,652 0.7% Current income tax liabilities 12,884,446 371,730 13,256,176 2.8% Deferred income tax assets 111,237,606 31,306 111,268,912 - Other assets 88,547,772 2,163,542 90,711,314 2.4% Less than 1 year 74,645,812 1,941,110 76,586,922 2.5% From one to five years 11,478,220 184,129 11,662,349 1.6% Over five years 2,423,740 38,303 2,462,043 1.6% Total 2,204,434,993 126,253,351 2,330,688,344 5.4% Percentage of total assets 94.6% 5.4% 100.0% 142 – Form 20-F 2025 | Bradesco Table of Contents As of December 31, 2025 R$ in thousands, except % R$ Foreign currency Total Foreign currency as % of total Liabilities and Shareholders' Equity Deposits from banks (1) 371,867,965 55,231,530 427,099,494 12.9% Less than 1 year 352,333,332 51,559,581 403,892,912 12.8% From one to five years 19,002,016 2,271,645 21,273,661 10.7% Over five years 532,617 1,400,304 1,932,921 72.4% Deposits from customers 648,719,572 72,554,578 721,274,151 10.1% Less than 1 year 307,197,019 69,128,415 376,325,435 18.4% From one to five years 341,461,665 3,227,115 344,688,780 0.9% Over five years 60,888 199,048 259,936 76.6% Financial liabilities at fair value through profit or loss 14,320,487 3,947,843 18,268,330 21.6% Less than 1 year 6,193,656 3,947,833 10,141,489 38.9% From one to five years 6,865,707 10 6,865,717 - Over five years 1,261,124 - 1,261,124 - Securities issued 294,842,999 11,417,683 306,260,682 3.7% Less than 1 year 85,508,770 1,376,725 86,885,495 1.6% From one to five years 199,858,873 9,523,677 209,382,550 4.5% Over five years 9,475,356 517,281 9,992,637 5.2% Subordinated debt 54,714,526 - 54,714,526 - Less than 1 year 2,040,858 - 2,040,858 - From one to five years 5,798,538 - 5,798,538 - Over five years 25,351,021 - 25,351,021 - Indefinite 21,524,109 - 21,524,109 - Insurance contracts liabilities 419,694,113 21,363 419,715,476 - Less than 1 year 372,690,323 21,363 372,711,686 - From one to five years 23,762,581 - 23,762,581 - Over five years 23,241,209 - 23,241,209 - Provisions 23,491,674 153,718 23,645,391 0.7% Current income tax liabilities 1,882,993 120,493 2,003,486 6.0% Deferred income tax assets 1,811,646 84,285 1,895,931 4.4% Other liabilities (2) 174,592,393 1,924,363 176,501,119 1.1% Less than 1 year 162,271,181 1,920,763 164,176,307 1.2% From one to five years 11,807,843 3,600 11,811,443 - Over five years 513,369 - 513,369 - Shareholders’ equity 178,948,630 - 178,948,630 - Total 2,184,886,998 145,455,856 2,330,327,216 6.2% Percentage of total liabilities and shareholder's equity 93.8% 6.2% 100.0% (1) Including: Securities sold under agreements to repurchase, borrowings, onlendings and interbank deposits; and (2) Other liabilities are primarily comprised of contingent liabilities, which are not a source of funding. Derivative financial instruments are presented in the table below on the same basis as presented in the consolidated financial statements in “Item 18. Financial Statements”. Our cash and cash equivalents in foreign currency are represented principally by U.S. dollars. Amounts denominated in other currencies, which include euro and yen, are indexed to the U.S. dollar through currency swaps, effectively limiting our foreign currency exposure to U.S. dollars only. We enter into short-term derivative contracts with selected counterparties to manage our overall exposure, as well as to assist clients in managing their exposures. These transactions involve a variety of contracts, including interest rate swaps, currency swaps, futures and options. For more information regarding these derivative contracts, see Note 7 to our consolidated financial statements in “Item 18. Financial Statements”. As of December 31, 2025, the composition of notional reference and/or contracted values and fair values of trading derivatives held by us is presented below: 143 – Form 20-F 2025 | Bradesco Table of Contents As of December 31, 2025 R$ in thousands Notional Value R$ Foreign currency Total Derivative financial instruments Interest rate futures contracts Purchases 150,634,305 - 150,634,305 Sales 111,724,128 - 111,724,128 Foreign currency futures contracts Purchases - 54,344,313 54,344,313 Sales - 30,741,161 30,741,161 Futures contracts - other Purchases 27,885,626 - 27,885,626 Sales 23,146,904 - 23,146,904 Interest rate option contracts Purchases 718,584,779 - 718,584,779 Sales 721,019,609 - 721,019,609 Foreign currency option contracts Purchases - 9,616,237 9,616,237 Sales - 15,908,308 15,908,308 Option contracts - other Purchases 55,663,894 - 55,663,894 Sales 53,757,123 - 53,757,123 Interest rate forward contracts Purchases - - - Foreign currency forward contracts Purchases - 64,714,131 64,714,131 Sales - 45,530,533 45,530,533 Forward contracts - other Purchases 12,145,074 - 12,145,074 Sales 8,358,638 - 8,358,638 Swap contracts Asset position Interest rate swaps 407,038,621 - 407,038,621 Currency swaps - 521,032,423 521,032,423 Liability position Interest rate swaps 518,337,609 - 518,337,609 Currency swaps - 355,159,513 355,159,513 5.B.90 Capital expenditures In the past three years, we have made, and expect to continue to make, significant capital expenditures related to improvements and innovations in technology that are designed to maintain and expand our technology infrastructure, in order to increase our productivity, accessibility, cost efficiency and our reputation as a leader in technological innovation in the financial services sector. We have made significant capital expenditures for systems development, data processing equipment and other technology designed to further these goals. These expenditures are for systems and technology for use both in our own operations and by our clients. The following table shows our capital expenditures accounted for as fixed and intangible assets in the periods shown: 144 – Form 20-F 2025 | Bradesco Table of Contents R$ in thousands 2025 2024 2023 Infrastructure Land and buildings 152,183 13,529 245,687 Installations, properties and equipment for use 699,249 724,544 765,111 Security and communication systems 29,356 29,046 44,255 Transportation systems 4,217 32,794 16,428 Subtotal 885,005 799,913 1,071,481 Information Technology Data processing systems 5,895,144 4,579,496 4,681,723 Financial leases of data processing systems 1,592,977 873,050 541,470 Subtotal 7,488,121 5,452,546 5,223,193 Total(1) 8,373,126 6,252,459 6,294,674 (1) The difference between the total amounts presented for the line items “(Acquisition) of property and equipment” and “(Acquisition) of intangible assets” in the Statement of Cash Flows is mainly related to the “Acquisition of financial service rights” and other capitalized expenditures. We believe that capital expenditures in 2026 and 2027 will not be substantially greater than historical expenditure levels and anticipate that, in accordance with our practice during recent years, our capital expenditures in 2026 and 2027 will be funded from our own resources. No assurance can be given that the capital expenditures will be made and, if made, that such expenditures may not be made in the amounts currently expected. 5.C. Research and Development, Patents and Licenses Not applicable. 5.D. Trend Information Our future results of operations, liquidity and capital resources may be influenced by certain of factors, including: · the Brazilian economic environment (please see “Item 3.D. Risk Factors — 3.D.10 Macroeconomic risks — 3.D.10.01 Domestic environment” and “Item 5.A. Operating Results — 5.A.10 Overview — 5.A.10.01 Brazilian Economic Conditions”); · legal and regulatory developments (please see “Item 3.D. Risk Factors”, “Item 4.B. Business Overview — 4.B.70 Regulation and Supervision”, and “Item 5.A. Operating Results — 5.A.10 Overview — 5.A.10.01 Brazilian Economic Conditions”); · the repercussions of an ongoing international turmoil could affect several aspects, such as liquidity and capital requirements (please see Item 4.B. Business Overview – 4.B.70 Regulation and Supervision” and “Item 5.A. Operating Results — 5.A.10 Overview — 5.A.10.02 Effects of the global financial markets on our financial condition and operating results”); · the inflation effects on the results of our operations (please see “Item 3.D. Risk Factors — 3.D.10 Macroeconomic risks— 3.D.10.01 Domestic environment” and “Item 5.A. Operating Results — 5.A.10 Overview — 5.A.10.01 Brazilian Economic Conditions”); · the effects of the variations in the value of the Brazilian real, foreign exchange rates and interest rates on our net interest income (please see “Item 3.D. Risk Factors — 3.D.10 Macroeconomic risks — 3.D.10.01 Domestic environment” and “Item 5.A. Operating Results”); and · any acquisitions we may make in the future (please see “Item 3.D. Risk Factors— 3.D.20 Risks relating to us and the Brazilian banking industry — 3.D.20.02-04. We may incur losses due to impairment of goodwill from acquired businesses.” for more details). Additionally, please see “Item 3D. Risk Factors” for comments on the risks faced in our operations and that could affect our business, operating results or financial condition. 145 – Form 20-F 2025 | Bradesco Table of Contents 5.E. Critical Accounting Estimates Not applicable.