BRBI BR Partners (BRBI11) Q3 2025 earnings summary

Executive summary

• Revenue and net income declined year-over-year in a challenging macroeconomic and restrictive monetary policy environment, but profitability and liquidity remained resilient.

• Net income for 3Q25 was R$42.2 million, down 6.6% quarter on quarter and 15.8% year on year; nine-month net income was R$130.5 million, down 13.9% year on year.

• Awarded Best Investment Bank by M&A Advisory, Best Capital Markets Department by Euromoney, Leaders League M&A category for 2024, and Investment Banking of the Year (South America).

• Extraordinary/super dividend payment of R$107.1 million approved for 3Q25, with an annualized dividend yield of 13.9%.

• Initiated Level II ADR trading on Nasdaq in September 2025, expanding international market presence and increasing foreign investor participation.

Financial highlights

• Total revenue for 3Q25 was R$133.3 million, down 4.3% quarter on quarter and 15.5% year on year; nine-month revenue was R$400.1 million, down 8.5% year on year.

• Client revenues for 9M25 reached R$300.7 million, a 10.1% decrease year on year.

• ROAE for 3Q25 was 20.9%, and 21.6% for 9M25.

• Net margin for 9M25 was 32.6%; efficiency ratio improved to 45.8%.

• Compensation ratio was 23.8% in 9M25.

Outlook and guidance

• M&A activity is expected to improve in early 2026, with a more constructive scenario anticipated, though subject to election outcomes and interest rate trends.

• Revenue diversification in non-cyclical verticals has reduced volatility, with non-cyclical business revenue growing at a 34.6% CAGR since 2020.

• Dividend payout policy set at 60-65% of results going forward.