BR Advisory Partners Participações (BRBI11) Q4 2025 earnings summary

Executive summary

• Largest independent financial advisory in Brazil, listed on B3 and Nasdaq, with a diversified client platform across investment banking, capital markets, treasury, and wealth management.

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

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

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

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

Financial highlights

• Total revenue for 2025 was R$531.4mn, down 8.6% year-over-year; 4Q25 revenue was R$131.3mn, down 8.7% from 4Q24.

• Net income for 2025 reached R$175.1mn, a 9.6% decrease year-over-year; 4Q25 net income was R$44.5mn, up 5.7% from 4Q24.

• Net margin remained strong at 32.9% for 2025.

• Compensation ratio improved to 23.8%, with a policy cap below 30%.

• ROAE was 22.1% for 2025, down 1.7 p.p. year-over-year.

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.

• Revenue diversification in non-cyclical verticals (DCM, Treasury, Wealth Management) drove a 33.2% CAGR in these segments from 2020 to 2025.

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