Banco do Brasil S A : 1Q24 Management Report

Dear reader,

Management Report | 1Q24

#interna

Management Report | 1Q24

Banco do Brasil S.A. | Management Report

2

10

In the first quarter of 2024, we recorded a net profit of R$8.8 billion, an increase of 7.0% compared to 1Q23, supported by the successful execution of our strategic planning. We have continually worked to deliver one Banco do Brasil for each of our customers, with close relationships and phygital experience. Therefore, business generation is done in a sustainably way and the return to our shareholders and society is an organic consequence of our way of being BB.

In addition to a strong result that remunerates shareholders and supports credit growth, we reached R$20.4 billion in value added to society, when we consider taxes, salaries, dividends, and other components.

The classified loan portfolio reached R$1.0 trillion, with important developments in all segments in which we operate. In the individual portfolio, we emphasize the payroll loan operations, which reached R$130.9 billion. In the Companies segment, both MSME, large companies, and the government segment experienced growth, demonstrating our commitment to these segments.

In agribusiness, we highlight the positive performance in Individuals (+13.7%), compared to the same period of the previous year.

We highlight that we are the bank with fewer customer complaints in the Bacen (Brazilian Central Bank) ranking, for the seventh consecutive quarter, having achieved our best performance in 1Q24. The result represents an improvement of 24% compared to the previous quarter and 46% compared to the same period of the previous year.

We invite you to learn more about our deliveries on the following pages.

Good reading!

Consolidated Financial Statements Results

We achieved a net profit of R$8.8 billion in 1Q24, reflecting the good performance in credit, funding, services and cost control. Our classified credit portfolio reached R$1.0 trillion, growth of 9.5% compared to March/23. The portfolio for individuals, without considering rural producers, grew 5.6%. The corporate portfolio, without agricultural companies, grew 10.7%, with emphasis on the balance with Large Company clients, which increased to R$ 131.4 billion. Credit operations in agribusiness, with small, medium and large rural producers and with companies operating in the segment showed growth of 12.7% in the same period of the previous year. The Basel Index reached 15.13% and the Core Capital Index ended March at 11.90%.

To find out more details about the profit and loss items for the period, see the Explanatory Notes contained in the Financial Statements and the MD&A Report.

Net profit

of R$8.8 billion

growth of 7.0%

in relation to March/23

Classified Credit Portfolio

R$ 1.0 trillion

growth of 9.5%

in relation to March/23

	Banco do Brasil	BB Consolidated
Earnings (R$ million)	1Q24	1Q23	1Q24	1Q23
Net Income	8,782	8,117	8,782	8,207
Income from Financial Intermediation	12,627	13,148	15,646	15,598
Provision for losses associated with credit risk	(10,104)	(4,087)	(10,150)	(4,139)
Fee Income	5,056	5,119	8,344	8,132
Administrative and Personnel Expenses	(9,041)	(8,523)	(9,354)	(8,931)
Equity (R$ million)	Mar/24	Dec/23	Mar/24	Dec/23
Assets	2,325,630	2,208,054	2,305,031	2,172,480
Classified Loan Portfolio	990,981	964,925	1,002,375	975,349
Resources from Customers	773,526	787,539	799,603	811,944
Shareholders Equity	168,546	163,638	179,021	173,076

Shareholders

We have a base of more than one million shareholders, 98.8% of which are individuals and 1.2% legal entities. At the end of March, our shareholding composition was distributed between 50% of shares held by the Federal Union, 49.6% in free float and 0.4% in treasury. Local investors held 74.2% of the shares, and foreign investors 25.8%. Our shares (BBAS3) represented 3.440% of the Ibovespa in the last four months.

The Extraordinary General Meeting, held on February 2nd, 2024, approved the split of 100% of BB's shares (BBAS3), thus attributing 01 (one) new share for each share issued. The base date for the split to be effective was April 15th, 2024.

Shareholder Remuneration

For the 2024 financial year, Banco do Brasil's Board of Directors approved the proposal to increase the distribution of its profit, from 40% to 45%, in the form of dividends and/or Interest on Own Capital (IOC). The decision was taken based on the guidelines contained in the Specific Shareholder Remuneration Policy, in particular, the Bank's future results, its financial condition and cash needs, the Declaration of Appetite and Risk Tolerance, its capital goals and projections, perspectives of current and potential markets, existing investment opportunities and operational capacity. The total shareholders remuneration in 1Q24 was R$3.8 billion and the value per share was R$0.868.

Corporate Strategy

Our Corporate Strategy (ECBB) has a five-year time horizon and is reviewed every year.

ECBB 2024-2028 has the following strategic objectives: (a) provide the best experience to customers at all times; (b) create value and generate sustainable results; (c) be a protagonist in sustainability and in the promotion of business and ESG practices; (d) evolve our way of working to accelerate digital transformation and innovation; and (e) have people engaged with BB's values and promoting collaboration, respect and inclusion.

Our purpose is "To be close and relevant in people's lives at all times".

Aligned with our purpose and reinforcing the Company's organizational identity, we have improved our values to make the principles that guide our actions and inspire our team's deliveries even clearer, with an emphasis on diversity. Thus, our values are: Proximity, Innovation, Integrity, Efficiency, Commitment to Society and Diversity.

As a result of ECBB, in February 2024, initiatives distributed across nine major fronts, called Strategic Movements, were prioritized, which, in addition to accelerating the achievement of strategic objectives, differentiate BB in relation to the market to achieve long-term success.

These movements address major challenges that surround the National Financial System related to topics such as digital assets, bank as a service, operations in value chains, hyper-personalization, payment methods, ESG businesses, among others.

Management Report | 2023

Banco do Brasil S.A. | Relações com Investidores

2

10

Clients

Relatório da Administração | 1Q24

The customer is at the center of our strategy, and we are focused on the hyper-personalization of our relationships with the aim of delivering a bank for each customer and to this end, we consider the 360° vision of each one of them.

In order to increase hyper-personalization, we incorporated the on-premise CRM solution, a market-leading CRM tool, and integrated analytical intelligence. With this, we have fed back the analytical models in a scalable and real-time way.

Our digital induction strategy considers, in addition to CRM and propensity analytical models, the customer's journey and their moment in life. As a result, we have analyzed more than 133 million customers and prospects daily, resulting in more than 2.6 billion possible offers, distributed across more than 39 categories of business suggestions.

With each service provided, we advance in the integration of data and information, improving the omnichannel experience. Additionally, we have expanded the Contact Center as a Service (CCaaS) solution, which is a cloud-based solution that revolutionizes the way companies manage their interactions with customers. As a result, in 1Q24, we carried out 536.2 million approaches, 154.4 million customer contacts and 1,700 personalized actions and more than a thousand personalized strategies, which generated around 1.4 billion targeted approaches and 153 million contacts made, with more than three thousand clusters of Individuals.

We have been getting closer to the younger audience, we have observed engagement of over 95% for BB Cash customers, our account for young people, in addition to card usage exceeding 60%. Pix also stands out as a popular solution among these young people, with more than 65% of them carrying out transactions through this system, totaling almost seven million transactions in 1Q24.

For micro and small entreprises, we have expanded the services of our conciliator within the PJ Panel. Now, in addition to reconciling sales of card machines from any acquirer, we also offer Pix reconciliation from these transactions.

Furthermore, we continue to evolve on the Liga PJ platform (ligapj.com.br), a place where any entrepreneur, whether a BB account holder or not, can access content ranging from information to start a business to a more mature moment for the company, expanding its sales. We have registered more than 1.8 million users, around 85 thousand of whom are registered, and we have a space dedicated to women.

We have news in the foreign exchange sector. We carried out the first ready exchange operations in Renmimbi. Now, customers can import in the currency and the exchange rate spread is no longer a variable in their business.

Ponto BB

At the end of March, we opened Ponto BB in Recife, which goes beyond a physical space, it is the materialization of our vision of the future, where technology and personalized service meet to create a banking experience. It is a fully interactive and multisensory place, where customers find digital practicality mixed with an immersive experience to manage their finances. Holograms, robots and virtual service booths will integrate digital service solutions into the physical environment.

Banco do Brasil S.A. | Management Report

2

10

Technology and Inovation

Management Report | 1Q24

We are a 215-year-old startup. Our ability to innovate over the years is, without a doubt, one of the factors that contributes to the construction of our history and the sustainable results we have achieved.

Our Corporate Strategy has as important pillars customer centricity and digital transformation. Examples of this commitment materialize in the driver to drive the delivery of value through digital experience and the culture of innovation, and in the driver to offer an omnichannel platform personalized to the customer's context. In this context, with a robust digital strategy, we seek to test, experiment and adopt the most modern technological solutions, always with the commitment to offering excellent service to BB customers.

In 1Q24, R$1.4 billion were invested to continue the Bank's operating conditions, associated with the expansion, updating and continuity of services, ensuring organic growth, the increase in current infrastructure to enable it to meet new business demands and replacement due to obsolescence, based on innovation, agility, flexibility and reliability of IT solutions.

Seeking the main focus of more than 83 million customers involves the ability to combine human and digital actions, in the right way for each of them. The objective is to deliver a physical and digital Bank in the exact measure that each customer needs, with embedded analytical intelligence and artificial intelligence to deliver relevance to customers.

Artificial Intelligence and Analytics

We have invested heavily in solutions that use Artificial Intelligence and Analytics that enable hyper-personalized offers and recommendations, greater resolution in chatbots for customer service, optimize data analysis in real time, contribute to the mitigation of risks and fraud, improve the customer experience our customers and increase operational efficiency by automating processes.

We use Analytics in the strategy to rejuvenate BB's customer base and engage young audiences. Data analysis techniques were essential in defining the prioritized audience of the Minhas Missões program, created within the BB App. The solution has more than 67 thousand subscribers and supports this audience's financial journey through gamification and rewards.

For the corporate public, the use of analytical intelligence enabled the development of the Corporate Financial Assistant, a solution that generates personalized insights that help entrepreneurs manage their business based on data from their BB transactions and through Open Finance. In 1Q24 alone, almost six thousand customers were impacted and more than 24 thousand insights on cash flow, the best sales day and Open Finance benefits were read.

Open Finance

One of the outstanding solutions in Open Finance is credit portability using shared data - we reached R$1 billion in contracted volume this quarter. This solution makes the portability process more efficient and is available to BB customers at branches and on the App.

Other analytical models that use Open Finance data for personalized offers to our clients are already generating results, with R$2.5 billion in accumulated disbursement of Corporate Credit (Working Capital) and R$1.3 billion in Funding (Investments), considering only the period after the inclusion of investment data in Open Finance, from September 9th, 2023.

Cloud

We continue to invest in an architecture composed of public and private clouds. As a result, 50% of production deployments are already in the cloud, for example, Pix, Open Banking, Chatbots and Fraud Monitoring. There are more than 6,000 applications/services running millions of operations per day and more than 300 systems using the cloud.

Digital Channels

Our App remained one of the best rated in the financial industry in the App stores, with a rating of 4.6 on Google Play (rated by more than 6.5 million users) and 4.7 on the Apple Store (with 3. 2 million reviews), on a scale with a maximum score of five stars.

In 1Q24, we reached a record 23.3 million users on the App and a peak audience of 10.7 million users who transacted through the app in a single day. In 1Q24 alone, 30.6% of service operations (such as investment, card application, account opening and business with capitalization, insurance and consortiums) were carried out using a digital solution.

In the field of virtual assistants, we operate on several platforms such as WhatsApp, Instagram, Facebook, self-service via the Internet and Portal BB, and have stood out for the number of services and products in their virtual assistant. In the channel most preferred by customers, WhatsApp, we recorded growth of 30.5% compared to 1Q23, reaching 19.7 million users in 1Q24. Furthermore, customer satisfaction with the channel increased compared to 1Q23, with a result of 4.11, on a scale of 1 to 5.

Using WhatsApp, it is also possible to make applications for federal public bonds, through the Tesouro Direto program. We are the first financial institution to disclose this possibility, which contributes to the democratization of the investment market.

Digital Security

Our digital security and anti-fraud solutions model uses tools that are market references and adopts artificial intelligence and machine learning technologies. In addition to providing a safe environment for our customers, this model allows us to identify risks and behavior patterns at transaction time, in addition to increasing analytical and monitoring capacity.

Recognition in Technology and Innovation

• Agile Trends 2024 Award;

• Celent Model Risk Manager Award;

• The Innovators 2024 Award - Best info Security & Fraud Management.

ESG (Environmental, Social and Governance) Agenda

Management Report | 1Q24

We adopt the best Environmental, Social and Governance practices that establish actions to identify and manage risks and opportunities. Our ESG premises are implemented in the Sustainability Plan - Agenda 30 BB, which since 2005 has been our main instrument for promoting social, environmental and climate practices, aligned with the Sustainable Development Goals (SDGs) of the United Nations (UN) and the Paris Agreement. The Plan was revised in August 2023 and includes forty-seven actions and 100 indicators for the period 2023-2025.

The commitment to developing business solutions with social, environmental and climate aspects is guided and declared in our Social, Environmental and Climate Responsibility Policy (PRSAC). It is also supported by the BB Sustainability Guidelines for Credit. With national prominence in the development of financial solutions and business models that promote the transition to a sustainable and inclusive economy, BB considers climate change in planning and invests in business opportunities for a low-carbon economy. Compliance with sustainability indicators and goals are reflected in the remuneration of the entire workforce, including senior management, which ensures alignment between business, people and social, environmental and climate issues.

The BB 2030 Commitments for a more Sustainable World bring objectives on four fronts, including sustainable credit and responsible investment and covering our activities in ESG and climate management and seeking to generate positive impacts in the value chain. We are committed to achieving a portfolio of R$500 billion in sustainable credit, with R$200 billion allocated to agriculture and R$30 billion in financing for renewable energy.

Furthermore, we changed the fundraising objective to sustainable investments, already considering Anbima's new regulation for IS (Sustainable Investment) funds, expanded the diversity and inclusion objectives and included forest preservation and reforestation goals.

BB´s 2030 Commitments for a more Sustainable World

Sustainable Business

In line with our long-term commitments and with the objective of helping customers in the transition to a more sustainable economy, at the end of March 2024 we reached R$359.1 billion in sustainable credit operations, a growth of 9.3 % in 12 months. This amount was contracted in credit lines with a strong environmental and/or social focus or to finance activities and/or segments that bring positive socio-environmental impacts to the sectors of renewable energy, energy efficiency, construction, sustainable transport and tourism, water, fishing, forestry, sustainable agriculture, waste management, education, health and local and regional development, in order to reinforce the transformative role in the country's development and in building an increasingly sustainable future for society.

The Sustainable Credit Portfolio is subjected to an independent assessment, which considers the main national and international ESG taxonomies in classifying customers and credit lines that make up the portfolio. The methodology is continually reviewed to incorporate the best practices and pioneering references of recent years and to add new products with ESG attributes.

Additionality/Contribution - Sustainable Loan Portfolio

Sustainable Fundraising

In March/2024, we issued the third thematic bond (Sustainability Bond), worth US$750 million, the resources of which will be invested in micro and small companies led by women and renewable energy in retail (individuals and micro and small companies). The paper matures in seven years, with a coupon of 6% per year and a return to the investor of 6.30% per year.

Carbon Market

We have reinforced our activities in the voluntary carbon market by supporting clients in the development of projects that generate carbon credits with relevant environmental additionally. We also offer advice to carry out an inventory of GHG emissions and a possible decarbonization plan, ultimately compensating for unmitigated emissions.

In addition to selling carbon credits to be used to offset customer emissions, we offer intermediation opportunities between those who need and those who have carbon credits. Furthermore, we have specific lines to promote projects that contribute to decarbonization.

At the end of the first quarter of 2024, we reached more than 670 thousand hectares preserved in carbon projects, using the avoided deforestation methodology - REDD+. These are projects that combine environmental preservation and income generation for the owners of the areas, bringing improvements to the communities located there.

Our external network agencies offset carbon emissions for the 2022 operation.

Starting the process of diversifying carbon credit generation sources, we began developing projects using the biogas methodology and have been prospecting new projects based on methodologies such as reforestation and soil carbon.

Bioeconomy and Value Chain

We have contributed to the development of biodiversity in the country, providing financial resources, lines of credit with favorable conditions, specialized financial consultancy services to assist associations and cooperatives in optimizing their finances and preparing business plans.

Furthermore, we use expertise and connections to drive sustainable growth in biomes, especially the Amazon Biome, acting as a facilitator of partnerships between different actors in the sector, from small producers, community organizations to agents responsible for processing, marketing and exporting products of biodiversity.

These measures aim to further expand our presence and impact in Brazilian biomes and reinforce our commitment to the country's economic and sustainable development.

Energy Eco-Efficiency

Considering the "BB 2030 for a more sustainable world" commitment, we are investing in decarbonization and guarantee that 100% of the electrical energy consumed by BB comes from renewable sources. We migrated 75 administrative buildings to the Free Contracting Environment (ACL), ensuring the consumption of clean energy and obtaining accumulated savings of R$71 million. In 2024, we have already inaugurated another plant in the state of São Paulo, reaching a total of 16 plants built since 2020. Right now, we have 16 more plants under construction, bringing the total to 32 by the end of 2024.

BB's solar plants have already generated around 78.3 GWh, avoiding the emission of more than 29 thousand tons of CO2 into the atmosphere, equivalent to planting a forest of two hundred and three thousand trees. In addition to the environmental gains, we saved R$ 20 million, a saving of 32% compared to the captive market.

Corporate Governance

We adopt the best corporate governance practices, maintaining our commitment to the principles of transparency, accountability, equity and corporate responsibility. Since 2006, we have been listed on B3's Novo Mercado, a segment with the highest standard of corporate governance.

Decisions are made collectively at all levels. Thus, the administration has a structure of committees, subcommittees and strategic commissions that guarantee agility, quality and security in decision-making.

Our governance structure is made up of the General Shareholders' Meeting; by the Board of Directors (CA) and its advisory committees - Audit Committee (Coaud); People, Remuneration and Eligibility Committee (Corem); Risk and Capital Committee (Coris), Technology and Innovation Committee (Cotei) and Business Sustainability Committee (Cosem); by the Executive Board, composed of the Board of Directors (President and Vice-Presidents) and other Directors; and by the Supervisory Board. The Board of Directors also receives advice from Internal Audit and an Independent Audit.

The CA, an independent collegiate decision-making body, has, as provided for in Law and the Bylaws, strategic, guiding, elective and supervisory responsibilities. At least 30% of the members are independent, as defined in the legislation and in the B3 Novo Mercado Regulations.

We highlight that in Feb/2024, the CA approved the review of the Director Appointment and Succession Policy, including ESG criteria for the composition of the Executive Board (Direx). Nominations of at least half of Direx members must respect the following criteria: minimum of 30% women, according to the gender declared at the time of nomination; and 20% for self-declared "black", "brown" or "indigenous", LGBTQIAPN+ and PwD.

The use of ESG criteria in the appointment of Senior Management raises the Bank's level on the world stage, aligned with the most inspiring corporate governance practices, capable of driving lasting and considerable changes in our organizational culture.

Diversity, Equity, and Inclusion

In March, in an initiative to promote the development of Brazilian youth, BB and BNDES (National Bank for Economic and Social Development) announced that they will work together to reestablish the Caminhos da Escola program. This is a line of credit that aims to renew the fleet of buses and boats in city halls, with an initial budget of R$1 billion. The program benefits around 15 million students across the country, mainly those who live in socially vulnerable situations and face mobility difficulties.

Also in March, we launched the Women in the World Edition First Export Program, which aims to train and provide advice for companies led by women to carry out their first export. In partnership with ApexBrasil, the program features a digital learning journey, free international business training courses, an exclusive Apex course on business across borders for women and, finally, an advisory session with experts in foreign trade.

We are pioneers in the development of a product in the Brazilian financial market that rewards women aged 16 to 75 who invest in Educa+ Treasury bonds, providing a collective BB women's life insurance, with various benefits.

At the end of the quarter, we joined the 7th edition of the Gender and Race Pro-Equity Program, which aims to disseminate new concepts in people management and organizational culture, combat the dynamics of discrimination and inequality of gender and race practiced in the workplace. Work, as well as promoting gender and racial equality with regard to formal work relationships and the occupation of management positions.

Diversity Recognitions

We were awarded in the 1st edition of the Ambition 2030 awards. The winners were announced in March, at the UN headquarters, in New York (USA). BB won in the "30% of black or indigenous people in a leadership position by 2025" category; and "Support for women's entrepreneurship through supply chains and marketing, with the implementation of business development practices that empower women". Tarciana Medeiros was nominated in two categories: CEO "Race is a priority" and CEO "Elas Lideram". Both recognize the leaders most engaged with the actions and initiatives linked to these Global Compact movements.

Awards and Recognition

January

We were certified as a Top Employer, for the 11th consecutive year. This certification recognizes companies with the best HR practices, promoted by the Top Employers Institute.

Tarciana Medeiros appears in second place in the CEOs Change Makers Brasil ranking, evaluated by Artificial Intelligence on the 100 Brazilian CEOs who have a great impact in the country.

Our brand was considered the strongest in the country. The company Brand Finance named the 500 strongest and most valuable brands in the world at the Davos Economic Forum in Switzerland. Once again, BB was in the ranking and with an increase of 50 positions in the ranking compared to 2023.

We won two Banking Transformation categories. The award seeks to highlight the best practices in innovation, contributing to the improvement of the financial sector. We were awarded in the Innovation with AI and Operational Efficiency categories.

February

We were recognized by Bacen (Brazilian Central Bank) in the Bacen Ranking and Broadcast.

Projeções da Agência Estado listed in 1st place in the short-term Selic Rate projection and in 4th place in the short-term IPCA projections. In addition, we were listed by Broadcast Projeções da Agência Estado in 4Q23. BB occupied 2nd place in the Basic Top 10, which classifies institutions according to their projections for a set of four indicators (Selic rate, exchange rate, IPCA and IGP-M).

Blommberg Línea presented the new edition of the 50 Women of Impact in Latin America. The list recognizes leaders who serve as inspiration and are transforming business in the region. For the second year in a row, president Tarciana Medeiros is on the list.

March

We were recognized by International Business Magazine, a worldwide magazine, as Best Private Bank in the following categories: Brazil, Advice for Agribusiness - Brazil, in ESG Integration - Brazil.

By World Business Outlook we were recognized as the Best Private Bank in the following categories: for Women - Brazil, for Succession Planning - Brazil, with the Biggest Growth in 2024 - Brazil.

Independent Audit

When contracting services not related to external auditing, and to avoid conflicts of interest, loss of independence or objectivity of independent auditors, we adopt procedures based on applicable legislation and standards and the best internationally accepted principles related to the topic. These principles are as follows: (i) the auditor should not audit his own work, (ii) the auditor should not perform managerial functions for his client and (iii) the auditor should not promote the client's interests. At Banco do Brasil, the hiring of services related to external auditing must be preceded by an opinion from the Audit Committee.

We inform you that as of March 23, 2024, our independent auditors are no longer Deloitte Touche Tohmatsu Auditores Independentes Ltda. and became KPMG Auditores Independentes Ltda. Both did not provide services that could affect their independence, during their respective contracting periods.

Additional Clarifications Relating to the Bacen/Cosif Standard

Securities and Information on Affiliates and Subsidiaries

In accordance with art. 8th of Circular Bacen 3,068/2001, we affirm our intention and financial capacity to maintain, until maturity, the securities classified in the "Securities Held to Maturity" category. Our financial capacity is supported by cash flow projections that do not consider the possibility of selling these securities.

The breakdown of securities by category and the reclassification of securities can be found in explanatory note 10 - Securities.

In compliance with article 243 of Law 6,404/1976, we inform that the company's investments in associated and controlled companies are listed in explanatory notes 2 - Presentation of Financial Statements and 14 - Investments.

Additional Clarifications

We have R$1.3 billion (individual and consolidated) in inactivated tax credits, presented in explanatory note 22 - Taxes in the Individual and Consolidated Financial Statements (subitem "f"). We kept recorded in compensation accounts, in accordance with the rules set out in the Financial Institutions Accounting Plan (Cosif), the amount of R$ 17.0 billion arising from co-obligations and risks in guarantees provided to customers and companies belonging to the Banco do Brasil Conglomerate.

We annually publish the investments made as a result of the exercise of public policies in our Annual Letter on Public Policies and Corporate Governance, available on our website (ri.bb.com.br).

Banco do Brasil, its shareholders, administrators and members of the Fiscal Council undertake to resolve any and all disputes or controversies related to the Novo Mercado Listing Regulations through the B3 Market Arbitration Chamber, in accordance with the arbitration clause contained in the Bylaws Banco do Brasil Social.

This Management Report was prepared based on the Individual and Consolidated Financial Statements prepared in the Accounting Standard of Institutions Regulated by the Central Bank of Brazil (Cosif). For more information, the Reference Form, the MD&A and the Institutional Presentation are available on the Investor Relations website (ri.bb.com.br).