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Banco BTG Pactual
Banco BTG Pactual (BPAC11) investor relations material
Banco BTG Pactual Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved a 28.1% return on equity for Q3 2025, surpassing the previous quarter, with total revenues of R$8.8bn and adjusted net income of R$4.5bn, up 37% and 42% year-over-year, respectively, reflecting strong operational leverage and execution across business lines.
All business segments delivered record or strong results, notably in Investment Banking, Corporate Lending, Sales & Trading, Wealth Management, and Asset Management.
Cost-to-income ratio improved to a record low of 34.1%, driven by disciplined cost management and efficiency gains.
Total assets rose to R$685bn, with shareholders' equity at R$65.6bn and Basel ratio at 15.5%.
Continued expansion into new business lines and geographies, including the launch of BTG Pay and development of cash management and international banking licenses.
Financial highlights
Q3 2025 revenues reached R$8.8bn, up 37% year-over-year; adjusted net income was R$4.5bn, up 42% year-over-year.
Net new money reached R$83bn in the quarter, a 32% year-over-year increase; AuM/AUA grew 19% year-over-year to R$1.2tn.
Wealth management assets grew 32% year-over-year to R$1.1tn; asset management assets grew 19% to R$1.2tn; total AuC grew 25% year-over-year to R$2.3tn.
Unsecured funding increased 20% year-over-year to R$308bn; corporate and SME portfolio up 17% to R$247bn.
Adjusted cost-to-income ratio improved to 34.1%, the lowest historical level.
Outlook and guidance
Management expects continued growth and consolidation from maturing initiatives, with further expansion in Brazil and internationally.
Focus remains on scalable platforms, disciplined cost management, and ongoing business diversification, including new initiatives like BTG Pay.
Some accommodation in ROE is expected due to the law of large numbers, with no new long-term ROE guidance provided; 2026 is anticipated to be volatile, and no specific forward guidance was issued.
Strategic partnerships and sustainability initiatives are expected to drive future growth and reinforce market leadership.
New initiatives: future ROE expansion drivers?
Tight credit spreads: lending strategy?
S&T: structural drivers for higher revenues?
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Next Banco BTG Pactual earnings date
Q4 20259 Feb, 2026
Banco BTG Pactual
Next Banco BTG Pactual earnings date
Q4 20259 Feb, 2026
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Frequently asked questions
Banco BTG Pactual S.A. (BPAC11) is a financial services firm based in Rio de Janeiro, Brazil. The company provides a range of services including wealth management, investment banking, corporate loans, brokerage, and other financial solutions. Its offerings encompass capital markets services, credit and loan guarantees, clearing and derivatives, equities, financial planning and advisory, investment products, foreign exchange, and energy and commodities transactions. Additionally, BTG Pactual offers services such as succession planning, pension plans, corporate consulting, family office services, investment and hedge funds, fiduciary administration, and project financing.
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