Banco Bradesco (BBDC4) approved on Wednesday, July 29, 2026, a capital increase of up to R$ 10 bn, via a private subscription of shares to be carried out in 2026. The controlling shareholders have made a firm commitment to subscribe up to R$ 8 bn, with the aim of strengthening investments in technology, commercial efficiency, business expansion and sustainable financing.
With the increase, the share capital may rise from R$ 93.77 bn to up to R$ 103.77 bn, through the issuance of up to 302,876,396 common shares (ON) and up to 301,976,357 preferred shares (PN), all with no par value. The issue price was set at R$ 15.43 per common share and R$ 17.64 per preferred share, with a 6% discount to the July 28, 2026 closing price on B3, to encourage shareholder participation. According to the bank, full approval of the increase will add around 0.9 percentage point to the Common Equity Tier 1 capital ratio, which had a pro forma level of approximately 12.7% disclosed on May 6, 2026.
Shareholders will have preemptive rights from August 6 to September 4, 2026, in the proportion of 5.721967934% of the shares of the same class held on August 4, 2026, which is equivalent to 0.05721967934 new common share for each 1 common share and 0.05721967934 new preferred share for each 1 preferred share. The shares will start trading ex-subscription rights as of August 5, 2026. Payment will be in cash, debited from a checking account at Bradesco and/or via PIX, with the possibility of offsetting Interest on Equity (JCP – Juros sobre Capital Próprio) credits declared on March 25 and June 23, 2026.
The board also approved bringing forward to September 15, 2026 the payment of the JCP declared on March 25 and June 23, 2026, totaling R$ 6.5 bn. The amount corresponds to R$ 0.585666779 per common share and R$ 0.644233458 per preferred share, before 17.5% withholding income tax, totaling R$ 3 bn in the first JCP and R$ 3.5 bn in the second. The payments will consider positions as of April 6, 2026 (first JCP) and July 3, 2026 (second JCP), and the funds may be used by shareholders to subscribe the new shares.
Partial approval of the capital increase is authorized, provided that the minimum amount of R$ 8 bn is subscribed. In this case, unsubscribed shares may be canceled, adjusting the effective amount of the increase and the number of shares issued. Management estimates that the maximum dilution for those who do not exercise their preemptive rights will be 3.40%, depending on the final number of shares issued, and notes that there have been no capital increases in the previous three years.
