Banco BTG Pactual (BPAC11) Q1 2026 earnings summary

Executive summary

• Achieved record revenues of BRL 10 billion (R$9,968 million) and net income of BRL 4.8 billion (R$4,808 million), with ROE/ROAE at 26.6% for Q1 2026, despite challenging macroeconomic and geopolitical conditions.

• Diversified business model enabled resilience, with strong performances across Investment Banking, Corporate Lending, Sales & Trading, Asset and Wealth Management.

• Expanded client base and ecosystem, resulting in BRL 83 billion net inflows and combined Asset and Wealth Management assets of BRL 2.6 trillion.

• Full consolidation of Banco Pan following acquisition of remaining minority interest, boosting Consumer Finance & Banking revenues.

Financial highlights

• Revenues grew 34% year-over-year; net income up 42% year-over-year; adjusted net income per unit was BRL 1.24.

• Cost-income ratio remained stable at 38%; compensation ratio at 20%.

• Total assets reached BRL 846 billion; equity at BRL 75 billion; Basel capital ratio at 15.9%.

• Unsecured funding grew 31% year-over-year to BRL 379 billion.

• Net new money of BRL 83 billion in Q1 2026; total AuC reached BRL 2.6 trillion, up 28% year-over-year.

Outlook and guidance

• DCM expected to remain weak in Q2, with potential pickup in Q3; ECM trends are encouraging with recent IPO activity.

• Efficiency gains anticipated to materialize more significantly from next year as core banking systems are unified.

• Continued focus on disciplined underwriting, diversified funding, and expansion into new products and markets.

• Commitment to sustainability and ESG integration, with recognition for leadership in sustainable finance.