We remain skeptical about the path to profitability and reiterate our Underweight rating on INTR. Inter's top management hosted an investor day to discuss recent trends, business strategy, and its long-term goals. The centerpiece of the presentation was Inter's 5-year plan, in which it outlined 2027 targets for ROE, net income, total loans and other key metrics. Management also provided color on business trends for 2023 and the new product road map. Below we provide the main takeaways from the investor day: 1) Management shared its 5-year business targets: R$5 billion in net income and 30% ROE by 2027. Inter outlined a "60-30-30" plan for the next 5 years — by the end of 2027, it is targeting 60 million total clients, a 30% efficiency ratio, and 30% ROE.