BR Advisory Partners Participações (BRBI11) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of R$581.2mn (+33.4% vs. 2023) and net income of R$193.7mn (+24.9% vs. 2023), driven by strong operational performance across all business lines.

• Client revenues grew 45.4% year-over-year, with notable contributions from M&A, restructuring, and debt capital markets.

• Net margin for 2024 was 33.3%, and ROAE reached 23.8%, up 4.7 p.p. from 2023.

• Entered SMLL and IDIV indexes, enhancing share liquidity and visibility; S&P Global assigned a brAA rating (stable perspective).

Financial highlights

• 4Q24 total revenue: R$143.9mn (-8.8% vs. 3Q24, +15.7% vs. 4Q23); net income: R$42.1mn (-16.0% vs. 3Q24, -2.3% vs. 4Q23).

• Efficiency ratio improved to 44.8% in 2024; compensation ratio at 24.8%.

• Basel Ratio at 18.0% as of Dec/24.

• Paid R$0.18/unit in complementary dividends, totaling R$18.9mn (13.4% payout for 2024).

Outlook and guidance

• M&A activity in 2025 may fluctuate due to market volatility and high debt costs, but sector consolidation and restructuring are expected to gain traction.

• Capital markets issuance may slow in 2025 as SELIC rate could remain restrictive, leading to greater cash preservation and selectivity among investors.