BEES3: quote, dividends and indicators for Banco do Estado do Espírito Santo - BANESTES

Banco do Estado do Espírito Santo - BANESTES traces its origins back to the 1930s, tied to the Espírito Santo state government’s efforts to build an institution focused on agricultural credit. In 1935, the state created the Instituto de Crédito Agrícola do Espírito Santo, which evolved into Banco de Crédito Agrícola do Espírito Santo, incorporated as a joint-stock company in 1937, headquartered in Vitória (ES), with the state itself as the controlling shareholder. The institution began operations in October 1937, initially acting as a specialized bank promoting rural activities and supporting agricultural production. Over the following decades, the bank broadened its scope, and in 1989, with the incorporation of group companies focused on mortgage lending and financing, it began operating as a multiple-service bank under the name Banestes S.A. – Banco do Estado do Espírito Santo. It is currently a mixed-capital, publicly traded company, with shares listed on B3 under the tickers BEES3 and BEES4.

Structured as a multiple-service bank, BANESTES operates commercial, rural, industrial, real estate, investment, foreign exchange and credit card administration portfolios. The institution is organized as a financial conglomerate that includes subsidiaries in complementary segments such as insurance, third-party asset management, and insurance, pension and capitalization brokerage. Operations are conducted in an integrated manner between the bank and its subsidiaries, sharing operational and administrative structures and allocating costs and revenues according to internal practicability criteria. Revenue is concentrated in the financial segment, which accounts for nearly all revenues and financial margin, while the insurance and other segment contributes a smaller, though growing, share to consolidated results. Historically, the bank’s focus is retail banking, with a strong presence in individuals and micro, small and medium-sized enterprises, as well as a significant relationship with state and municipal public sector entities.

Banco do Estado do Espírito Santo - BANESTES operates through three main fronts: the financial segment, the insurance segment and the lottery segment. In the financial segment, the bank offers a broad portfolio of products for individuals, including personal loans, overdrafts, payroll-deductible loans, credit and debit cards, vehicle and merchant CDC, financing of goods and equipment, mortgage loans, demand deposits, savings accounts and time deposits, as well as investments in funds, LCIs, LCAs, CRIs and other instruments. For legal entities, with emphasis on micro, small and medium-sized companies, it offers working capital lines, secured credit lines, business overdrafts, investment financing, rural and agribusiness credit, foreign trade operations, corporate cards, discounting of trade notes and receivables advances, cash management, collection services and investment and insurance products. For direct and indirect public administration, the bank provides services such as payroll processing, tax collection, collection of overdue receivables, cash management, payments to suppliers, and investment and insurance products tailored to the needs of the public sector.

In complementary financial services, the BANESTES conglomerate includes Banestes Asset Management, Banestes Seguros S.A. and Banestes Administradora e Corretora de Seguros, Previdência e Capitalização Ltda. Banestes Asset operates in the intermediation and distribution of securities, administration and management of investment funds, and portfolio management in fixed income and equities markets, serving investors seeking structured investment solutions. Banestes Seguros operates in property and casualty and personal insurance, focusing on lines such as auto, homeowners, credit life, life and personal accident, operating in the states of Espírito Santo, Minas Gerais, Bahia, Rio de Janeiro and São Paulo. Banestes Administradora e Corretora focuses on the distribution and brokerage of insurance, capitalization bonds, private pension plans, health and dental plans and consortiums, mainly marketing products from Banestes Seguros and, when necessary, from other partner insurers. The intermediation of pension and capitalization products is carried out in partnership with the bank itself and the Icatu group, with cost and revenue structures contractually defined between the parties.

BANESTES’s geographic presence is predominantly regional, with deep roots in the State of Espírito Santo. The institution is the only one with branches in all 78 municipalities of Espírito Santo and closed 2025 with 738 physical service points, of which 732 in the state and 6 in other locations, 5 in São Paulo (SP) and 1 in Rio de Janeiro (RJ). This network is composed of branches, service posts, electronic points and banking correspondents, reinforced by digital channels such as internet banking, account and card apps, and a corporate platform for companies. Its regional penetration is reflected in significant market shares in several niches in Espírito Santo, including consumer credit, mortgage lending, rural credit, demand deposits, time deposits and savings. In the loan portfolio, the largest portion of the balance is directed to individual customers, while corporate operations are mostly concentrated in micro, small and medium-sized enterprises. In the insurance segment, the conglomerate maintains a relevant share of the Espírito Santo market, especially in auto and personal insurance, according to sector regulatory data.

The bank operates in a competitive environment that includes federal public banks, large private retail institutions and expanding credit cooperatives, especially in the interior of the state. In this context, BANESTES positions itself as the main financial agent of the state government, maintaining agreements for payroll processing of public employees, tax collection and cash management for entities of direct and indirect administration, as well as municipal governments. Payroll-deductible credit activities (such as INSS payroll loans), government programs like Pronampe, and rural and mortgage lending lines follow specific regulations imposed by bodies of the Brazilian Financial System, such as the National Monetary Council, the Central Bank of Brazil and the Brazilian Securities and Exchange Commission. The BEES3 and BEES4 shares traded on B3 reflect this business model typical of a mixed-capital state public bank, with a strong regional focus and relevance in public policies for economic development.

In terms of regulation and operational structure, BANESTES is subject to prudential and conduct standards applicable to financial institutions, including rules on directed credit, interest rate caps for certain products, and prevention of money laundering and terrorist financing. The institution maintains an indirect operational relationship with foreign jurisdictions through a US dollar account at Banco do Brasil in New York, used to settle international transactions related to VISA credit cards, which requires adherence to global compliance practices in AML, CFT, sanctions and tax aspects. In addition, the bank holds a broad portfolio of trademarks registered with the National Institute of Industrial Property, such as “Banestes”, “Banescard”, “Banestes Seguros” and “Banestes Corretora de Seguros”, as well as various internet domains, underscoring the importance of intellectual property protection and digital presence in its business and relationship strategy.

In the environmental, social and governance dimension, Banco do Estado do Espírito Santo - BANESTES declares its commitment to the Social, Environmental and Climate Responsibility Policy required by CMN Resolution No. 4,945, aligning its actions with its business profile, nature of operations and exposure to social, environmental and climate risks. The institution publishes an annual Sustainability Report following the GRI standard, subject to limited assurance by an independent auditor, covering material topics such as sustainable products, data privacy and security, customer relationship and satisfaction, human capital management, sales practices, ethics, anti-corruption, and integration of ESG factors into credit management. The bank has adhered to the UN Global Compact and began, in 2025, its first greenhouse gas emissions inventory under the Brazilian GHG Protocol Program, reinforcing the gradual incorporation of climate metrics into its management. The institution also maintains internal regulations that prohibit financial contributions to political parties, candidates or lobbying activities in public policy, in line with its corporate governance and compliance guidelines.