BRBI BR Partners (BRBI11) Q4 2025 earnings summary

Executive summary

• Largest independent financial advisory in Brazil, listed on B3 and Nasdaq, with diversified activities in investment banking, capital markets, treasury, and wealth management, and notable transactions and growth in Wealth Under Advisory.

• Expanded advisory portfolio to address complex client needs, including M&A, capital markets, structured products, and wealth management.

• Maintained high insider ownership (55% of capital, 76.4% of voting capital) and low partner turnover (4.4% since 2021).

• Delivered solid net income and profitability despite a restrictive monetary policy and challenging macroeconomic environment in 2025.

• Maintained high client revenue contribution (76% of total revenue) and strong cost discipline.

Financial highlights

• Total revenue for 2025 was R$531.4 million, down 8.6% year-over-year; net income was R$175.1 million, down 9.6% from 2024.

• Net margin remained strong at 32.9% for 2025.

• ROAE/ROE was 22.1% for 2025.

• Compensation ratio improved to 23.8% in 2025.

• Shareholders' equity stood at R$783.3 million at year-end.

Outlook and guidance

• M&A activity showed signs of recovery in 4Q25, with expectations for a more positive cycle in 2026, contingent on elections, interest rate cuts, and foreign capital inflows.

• Monetary policy in Brazil is expected to remain restrictive until early 2026, with easing anticipated thereafter.

• Continued focus on recurring revenue streams and cross-selling opportunities across business lines.