This report does not constitute a rating action. Banco Fibra S.A. achieved positive recurring earnings in 2024, reversing a negative trend observed since 2021. Additionally, the bank expanded its total portfolio by 22.4%, compared to lower growth in previous years. This increase was partially driven by initiatives such as a gradual shift toward credit operations with stakeholders within the Vicunha/CSN ecosystem and a reduced dependence on nonrecurring income from BNDU (bens de não uso próprio; or nonoperating assets) credit acquisitions, which had previously supported quarterly results but strained capital metrics. Despite these enhancements and improvements in operational efficiency, the bank continues to exhibit volatile and constrained performance. Profitability and net interest margins remain below market peers, pressured by the persistently
