BR Advisory Partners Participações (BRBI11) Q2 2025 earnings summary

Executive summary

• Delivered resilient and highly profitable results in H1 2025 despite a challenging macroeconomic environment, with total revenue at R$266.8mn and net income at R$88.3mn, both down year-over-year.

• Profitability remained above 20% ROE for 6M25, supported by strong DCM, treasury, and capital revenues.

• Investment Banking revenues were impacted by M&A slowdown, but Capital Markets and Treasury performed well.

• Wealth Management saw strong net new money inflows and increased assets under advisory, with revenues up 32% year-over-year.

• Expanded ADR Level 2 listing on NASDAQ to attract foreign investors, increasing international free float to 14.5% by July 2025.

Financial highlights

• Total revenue for Q2 2025 was R$139.3mn, up 9.3% sequentially but down 1.9% year-over-year; H1 revenue was R$266.8mn, down 4.6% year-over-year.

• Net income for Q2 2025 was R$45.2mn, up 4.8% sequentially but down 13% year-over-year; H1 net income was R$88.3mn, down 12.9% year-over-year.

• Client revenues in H1 2025 were R$200.7mn, down 3.8% year-over-year, comprising 75% of total revenue.

• Net margin for H1 was 33.1%; ROAE reached 21.9% for the period.

• Dividend of R$0.36/unit, totaling R$37.8mn, with a dividend yield of 9.5%, to be paid on August 21.

Outlook and guidance

• Management expects improvement in M&A revenues and continued healthy balance between investment banking and DCM in H2 2025.

• ROE target for 2025 remains close to 25%, with expectations to maintain high dividend payout.

• Optimism for new business in H2, especially as macroeconomic conditions stabilize and international capital flows increase.

• Capital markets activity projected to stay robust, though a slowdown is anticipated as the year progresses.

• Focus on expanding and diversifying the shareholder base, with increased participation from foreign investors.