BRBI BR Partners (BRBI11) Q2 2025 earnings summary

Executive summary

• Revenue and net income remained resilient in H1/6M25 despite a challenging macroeconomic environment, with total revenue at R$266.8mn and net income at R$88.3mn, both down year-over-year.

• Profitability remained strong, with ROAE above 21.9% and recognition through multiple industry awards.

• Investment Banking revenues were impacted by M&A slowdown, but Capital Markets, Treasury, and Wealth Management showed robust performance.

• The company expanded its ADR Level 2 listing on NASDAQ to attract foreign investors and improve liquidity, increasing international free float to 14.5% by July 2025.

• Maintained high revenue and profitability above cost of capital, with strong client engagement and diversified business lines.

Financial highlights

• Total revenue for 2Q25 was R$139.3mn, up 9.3% sequentially but down 1.9% year-over-year; H1/6M25 revenue was R$266.8mn, down 4.6% year-over-year.

• Net income for 2Q25 was R$45.2mn, up 4.8% sequentially but down 13% year-over-year; H1/6M25 net income was R$88.3mn, down 12.9% year-over-year.

• Client revenues for 2Q25 were R$101.6mn, up 2.6% sequentially but down 8.9% year-over-year; H1/6M25 client revenues were R$200.7mn, down 3.8% year-over-year.

• ROAE was 22.6% in 2Q25 and 21.9% in H1/6M25.

• Dividend of R$0.36/unit, totaling R$37.8mn, with a dividend yield of 9.5%, to be paid in August 2025.

Outlook and guidance

• Management expects improvement in M&A revenues and continued healthy balance between investment banking and DCM in H2 2025.

• ROE target for 2025 remains close to 25%, with expectations to maintain high dividend payout.

• Optimism for new business in H2, especially as macroeconomic conditions stabilize and international capital flows increase.

• Capital markets activity projected to remain robust, though a slowdown is anticipated as the year progresses.

• Focus on expanding and diversifying the shareholder base, with increased participation from foreign investors.