Banco BTG Pactual (BPAC11) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenues of R$33.0bn (+32% YoY), net income of R$16.7bn (+35% YoY), and ROAE at 26.9%, the highest in company history, driven by strong growth across all business lines and successful integration of Banco PAN.

• Q4 2025 revenues were R$9.1bn (+35% YoY), with adjusted net income of R$4.6bn (+40% YoY) and ROAE of 27.6%.

• All business segments delivered record or strong results, with significant market share gains, operational leverage, and robust organic net new money inflows.

• Total assets reached R$806bn (+17.7% sequentially); AuM/WuM at R$2.5tn (+31% YoY).

• Investments in digital banking, new products, and market expansion have matured, supporting multi-year growth and operating leverage.

Financial highlights

• FY2025 total revenues: R$33.0bn (+32% YoY); adjusted net income: R$16.7bn (+35% YoY); adjusted ROAE: 26.9%.

• Q4 2025 total revenues: R$9.1bn (+35% YoY); adjusted net income: R$4.6bn (+40% YoY); adjusted ROAE: 27.6%.

• Net new money for FY2025: R$354bn; AuM/AUA at R$1.25tn (+26% YoY); WuM at R$1.23tn (+37% YoY).

• Cost-to-income ratio improved to 35.4% for 2025 (down from 37.5% in 2024); compensation ratio at 20.5%.

• Basel ratio at 15.5%; total assets R$806bn; shareholders' equity R$70bn (+21.8% YoY); LCR at 176.8%.

Outlook and guidance

• Confident in sustaining ROAE above 25% in the coming years, with continued market share gains and business line growth.

• Growth rates expected to moderate from 2025's exceptional levels, but strong expansion anticipated in consumer finance, asset management, and wealth management.

• Core Equity Tier 1 ratio targeted between 11% and 12% to balance growth and capital efficiency.

• The new Consumer Finance & Banking segment will be fully consolidated from 2026, replacing Participations.