Banco BTG Pactual (BPAC11) Q1 2026 earnings summary

Executive summary

• Achieved record total revenues of R$9,968 million to R$10 billion in 1Q26, with adjusted net income of R$4,808 million and ROAE at 26.6%, up from 23.2% in 1Q25, despite challenging macroeconomic and geopolitical conditions.

• Diversified business model and platform scale enabled resilience and strong profitability across all core segments, including Investment Banking, Corporate Lending, Sales & Trading, Asset and Wealth Management.

• Expanded client base and ecosystem, resulting in R$83 billion net inflows and R$2.6 trillion in combined Asset and Wealth Management assets.

• Full consolidation of Banco Pan following acquisition of remaining minority interest in January 2026, boosting Consumer Finance & Banking revenues.

• Maintained robust capital structure, with Basel Ratio at 15.9% and LCR at 160.9%.

Financial highlights

• Revenues grew 34% year-over-year to R$9,968 million–R$10 billion; adjusted net income up 42% to R$4,808 million; net income per unit was R$1.24.

• Cost-income ratio remained stable at 38%–38.1%; compensation ratio at 20%.

• Total assets reached R$845.6–R$846 billion; shareholders' equity at R$74.5–R$75 billion.

• Unsecured funding base grew 31% year-over-year to R$378.7–R$379 billion.

• Net new money of R$82.8–R$83 billion in 1Q26; total AuC reached R$2.6 trillion, up 28% year-over-year.

Outlook and guidance

• Continued focus on disciplined underwriting, quality credit, and expanding the client base.

• Efficiency gains anticipated from core banking system unification, with cost-income improvements expected from late 2026.

• Ongoing expansion into new products, segments, and markets to drive further growth.

• Commitment to sustainability and ESG integration, with recognition for leadership in sustainable finance.

• Banco Pan's ROE expected to converge with group levels by mid-2028.