Banco BTG Pactual (BPAC11) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly results with total revenues of R$8.8 billion and adjusted net income of R$4.5 billion, up 37% and 42% year-over-year, respectively, and ROAE of 28.1%.

• All business lines delivered record or strong results, with notable growth in Wealth Management, Asset Management, Corporate Lending, Sales & Trading, and Investment Banking.

• Cost-to-income ratio improved to a record low of 34.1%, reflecting disciplined cost management and operational leverage.

• Continued expansion into new business lines and geographies, including the launch of BTG Pay and development of cash management and international banking licenses.

• Strategic acquisitions and partnerships, including JGP Wealth, Julius Baer Brasil, and agreements with IFC and AIIB, reinforced market leadership and sustainability focus.

Financial highlights

• Quarterly revenues reached R$8.8 billion, up 37% year-over-year; adjusted net income was R$4.5 billion, up 42% year-over-year.

• Wealth management assets grew 32% year-over-year to R$1.1 trillion; asset management assets grew 19% to R$1.2 trillion.

• Net new money reached R$83 billion in the quarter; AuM/AUA grew 19% year-over-year to R$1.2 trillion.

• Unsecured funding increased 20% year-over-year to R$308 billion; corporate and SME portfolio grew 17% to R$247 billion.

• Shareholders' equity totaled R$65.6 billion, up 3% sequentially; total assets rose to R$685 billion.

Outlook and guidance

• Management expects continued growth and consolidation from maturing initiatives, with further expansion in Brazil and internationally.

• Some accommodation in ROE is expected due to the law of large numbers, but continued equity growth is anticipated.

• No new long-term ROE guidance provided; current year expected to be above 2024, but future guidance withheld.

• 2026 is expected to be volatile, with no specific guidance issued.

• Strategic partnerships and sustainability initiatives are expected to drive future growth and reinforce market leadership.