BRBI BR Partners (BRBI11) Q3 2026 earnings summary

Executive summary

• 9M26 revenue was R$388.2mn, down 3.0% YoY, and net income was R$96.3mn, down 26.2%; volatility and slower transaction closings weighed on results.

• Recurring revenue grew at a 25.6% CAGR from 2020 to 3Q26, versus 15.2% for total revenue; client revenues represented 76% of 9M26 total revenue.

• Priorities include executing mandates, deepening client relationships, expanding recurring businesses, controlling expenses and allocating capital efficiently.

Financial highlights

• 3Q26 revenue was R$123.3mn, down 5.2% QoQ and 7.5% YoY; 9M26 revenue was R$388.2mn, down 3.0% YoY.

• Client revenue was R$84.2mn in 3Q26 and R$295.3mn in 9M26, down 1.8% YoY for 9M.

• Net income was R$23.5mn in 3Q26, down 44.3% YoY, and R$96.3mn in 9M26, down 26.2% YoY.

• 9M26 operating income fell 36.0% to R$116.7mn; expenses rose 24.8% to R$271.5mn, including personnel expenses up 39.3% to R$132.4mn.

Outlook and guidance

• M&A pipeline was described as close to record levels, with 25%-30% conversion versus normal levels; management said delays, rather than cancellations, were the more common outcome.

• A more benign interest-rate and fiscal outlook could improve deal conversion; Q4 credit provisions are not expected to differ absent a one-off event.

• Wealth Management is progressing toward break-even and is expected to gain more revenue traction in another year; FY26 internal compensation-ratio target is a maximum 30%, versus 34.1% in 9M26.