| Revenue of $6.82B (20.91% Y/Y) misses by $12.11M
Banco Bradesco S.A. (BBD) Q4 2025 Earnings Call February 6, 2026 8:30 AM EST
Company Participants
Marcelo de Noronha – CEO & Member of Executive Board Andre Carvalho – Investor Relations Director Cassiano Scarpelli – CFO, Executive VP of Director & Member of Executive Board
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Conference Call Participants
Pedro Leduc – Itaú Corretora de Valores S.A., Research Division Mario Pierry – BofA Securities, Research Division Gustavo Schroden – Citigroup Inc., Research Division Daniel Vaz – J. Safra Corretora de Valores e Cambio Ltda, Research Division Yuri Fernandes – JPMorgan Chase & Co, Research Division Renato Meloni – Bernstein Autonomous LLP Thiago Bovolenta Batista – UBS Investment Bank, Research Division Matheus Guimarães – XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Research Division Carlos Gomez-Lopez – HSBC Global Investment Research Daer Labarta – Goldman Sachs Group, Inc., Research Division Andrew Geraghty – Morgan Stanley, Research Division
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Presentation
Marcelo de Noronha CEO & Member of Executive Board
[Interpreted] Good morning, everyone. I am Marcelo Noronha. I’m here live from Cidade de Deus, the headquarter of Bradesco for this earnings release presentation related to the fourth quarter of 2025.
And why not saying of the full year of 2025 today is February 6 and my watch shows 10:31 a.m. I’ll start with presentation saying that all of this material has been released last night after the market closing and I think you had access to it. And I start with our recurring net income, BRL 6.5 billion growing 20.6% year-on-year, and BRL 24.7 billion for the full year 26.1% growth and however, with an ROAE of 15.2% exceeding our cost of capital for the first time in this quarter. And that’s why we say that we will continue to grow our ROAE for the coming quarters and years to come.
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Here, I have all of the operating highlights. I’m not going to go over
Apple is reportedly working on allowing AI chatbots like ChatGPT, Claude, and Gemini in its CarPlay system.
Should this become a reality, what happens to Siri?
Apple Reportedly Works on AI Chatbot Integration
According to Bloomberg’s Mark Gurman, the support for third-party AI apps is expected to arrive in the coming months.
The support will reportedly allow CarPlay users to ask these AI apps questions hands-free. However, it should be noted that users may need to open an app in order to access their preferred chatbot.
MacRumors notes in its report that app developers will be given the opportunity to design in-car experiences that will be the ones to launch the voice-based chat mode upon opening of the app.
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What Happens to Siri?
There’s no need to worry about Siri as this change is not meant to replace the AI assistant.
The support for third-party AI chatbots will have limitations. MacRumors reports that the support will not have a wake word, which makes opening the app of their chosen AI chatbot necessary in order to use the function.
As of press time, Apple has not confirmed if it is indeed working on support for third-party AI chatbots in CarPlay.
However, Apple Insider points out that the slow rollout of the new Siri may have been a contributing factor to the reported decision to provide support for such apps.
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Milano Cortina 2026’s Winter Olympics opening ceremony unfolded Friday as a bold, geographically ambitious spectacle titled “Armonia” (Harmony), weaving live performances across San Siro Stadium, Cortina d’Ampezzo and beyond into a narrative celebrating Italy’s dual urban-mountain soul. The nearly three-hour show blended La Scala-inspired dance, global superstars like Mariah Carey and Laura Pausini, and dual cauldron lightings, though fragmented execution, political boos and protest interruptions tempered its grandeur.
Directed by Marco Balich with a Giorgio Armani fashion homage, the ceremony innovated by distributing athlete parades across four clusters — Milan (indoor), Cortina (Alpine/sliding), Livigno (freestyle) and Predazzo (Nordic) — ensuring all 3,000+ competitors participated despite vast distances. Critics hailed the simultaneity as “intimate and enormous,” but some found it disjointed, lacking traditional cohesion.
Dual cauldrons ignite across Italy: A first for Olympics
In a historic twist, two Olympic cauldrons blazed simultaneously: Milan’s Arco della Pace and Cortina’s Piazza Dibona, symbolizing city-mountain unity. Supermodel Vittoria Ceretti, in all-white Armani, carried the torch from San Siro to ignite Milan’s flame via “magic of technology,” while Cortina’s lit remotely — a logistical marvel marred by elongated sequences.
The multi-venue parade replaced single-stadium marches with live feeds: ice skaters in Milan, snowboarders in Livigno, biathletes in Predazzo. Television editing fluidly integrated segments, creating “four ceremonies in one,” though live crowds felt the fragmentation. U.S. athletes drew massive cheers at San Siro, only for boos to erupt during Vice President JD Vance’s brief appearance — a tense moment swiftly cut away.
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‘Armonia’ theme: Beauty over politics, but protests intrude
“Armonia” promised a “voyage through art and innovation,” honoring Leonardo da Vinci, Italian design and Olympic ethos. Ethereal dancers opened with La Scala nods — marble busts, flowing choreography — evoking tranquility before escalating to time-travel motifs and massive bobbleheads. Actress Matilda De Angelis narrated, tying fragmented acts into harmony’s promise.
Mariah Carey kicked off with hits, joined by Grammy/Golden Globe winner Laura Pausini and tenor Andrea Bocelli from Tuscany. Production designer Paolo Fantin and music director Andrea Farri delivered visual feasts — ice-block banners, fashion-sports uniforms — though Deadline critiqued “gimmicks over glamour” in the flame-lighting finale.
Protests disrupted: anti-Olympic banners decried housing costs, Palestinian solidarity chants pierced whistles. Organized rather than chaotic, they underscored Italy’s civic pulse amid global tensions.
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Parade of Nations: Distributed drama delights, divides
Fragmenting the traditional parade minimized travel while showcasing venues. San Siro hosted urban nations; Cortina mountain squads. Graphics aided viewers, but stadium pacing dragged — “seemingly endless procession,” per IndieWire.
U.S. flagbearers received roars; host Italy closed to “Il Canto degli Italiani.” IOC President Thomas Bach’s farewell preceded LA 2028 handover.
Critics praise innovation, critique cohesion
The Guardian (4/5 stars): “Intimate and enormous… less march of nations, more curated narrative mirroring distributed sports.”
Deadline: “Three hours, three acts lacked unity beyond visual devotion… historic spectacle, per Malagò.”
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IndieWire: “Weirdness in short supply, but harmony attempts shone in editing.”
Global audience hit billions; Peacock/NBC streamed live.
Day 1 medals await: Shiffrin, Chen, Kim in spotlight
Saturday yields five golds: men’s downhill (Bormio, 5:30 a.m. ET), women’s skiathlon (Val di Fiemme). Nathan Chen eyes figure skating three-peat; Chloe Kim defends halfpipe; Mikaela Shiffrin chases records.
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Hosts Italy (130 athletes) bank on Federica Brignone, Sofia Goggia. Russia as AIN; China fields Eileen Gu.
Production triumphs and logistical feats
Balich Wonder Studio executed Balich’s vision: da Vinci inventions, culinary nods, youth segments. Armani costumes fused elegance-sports; Cantini Parrini’s designs dazzled. San Siro’s 75,000 roared; remote venues pulsed simultaneously.
Security — drones, robots, thousands of officers — shielded dignitaries including Vance, Rubio. Sustainability shone: 99% legacy venues.
What ‘Armonia’ means for Olympics future
Milano Cortina pioneered polycentric ceremonies, influencing LA 2028, Brisbane 2032. “Harmony” — uniting disparate elements — resonated amid division, though execution split opinions.
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Malagò called it “promise to the world”; Varnier hailed inclusive athlete participation. From San Siro spectacle to Cortina flames, Italy delivered innovation — if not unalloyed unity.