Banco BTG Pactual (BPAC11) Q4 2025 earnings summary

Executive summary

• Achieved record revenues of R$33.04 billion (+32% to +35.1% YoY) and net income of up to R$16.7 billion (+35% YoY) in 2025, with ROAE reaching 26.9%, the highest in company history.

• All business lines delivered strong or record results, with significant market share gains and robust client net inflows of R$354 billion.

• Integration of Banco PAN and Too Seguros, along with major acquisitions such as Julius Baer Brasil, JGP WM, HSBC Uruguay, and MY Safra, enhanced global presence and revenue diversification.

• ROAE reached 27.6% in Q4 2025, reflecting strong profitability and value creation.

• Total AuM/WuM reached R$2.5 trillion (+31% YoY), demonstrating scale in asset and wealth management.

Financial highlights

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

• Cost-to-income ratio improved to 35.4% for 2025, down from 37.5% in 2024.

• Basel capital ratio at 15.5%; LCR at 176.8%; shareholders' equity at R$70 billion (+21.8% YoY).

• Unsecured funding base reached R$337 billion (+27% YoY).

• Distributed R$2.45 billion in JCP during Q4 2025.

Outlook and guidance

• Management expects to sustain ROAE above 25% in coming years, supported by operating leverage and diversified business model.

• Guidance reflects robust but moderating growth as comps become tougher and interest rates decline.

• Participations segment to be discontinued in 2026 following full consolidation of Banco PAN and creation of Consumer Finance & Banking.

• Targeting cost-to-income ratio of 35-36% post-integration of Banco PAN.