# EDGAR Filing Document

**Accession Number:** 0002058601
**File Stem:** 0001213900-25-073314
**Filing Date:** 2025-8
**Character Count:** 172550
**Document Hash:** a07518d137e220c3f8b1099d1aa8fad3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-073314.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001213900-25-073314

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250808

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRBI BR Partners S.A.
- **CENTRAL INDEX KEY:** 0002058601
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42757
- **FILM NUMBER:** 251196220

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AVENIDA BRIGADEIRO FARIA LIMA
- **STREET 2:** 3,732, FLOOR 28, CEP 04538-132
- **CITY:** SAO PAULO
- **PROVINCE COUNTRY:** D5
- **BUSINESS PHONE:** 55 11 3704 1197

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AVENIDA BRIGADEIRO FARIA LIMA
- **STREET 2:** 3,732, FLOOR 28, CEP 04538-132
- **CITY:** SAO PAULO
- **PROVINCE COUNTRY:** D5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BR Advisory Partners Holdings S.A.
- **DATE OF NAME CHANGE:** 20250227

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 6-K**

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

**For the month of August 2025**

**Commission File Number: 001-42757**

**BRBI BR Partners S.A.**

(Exact Name as Specified in its Charter)

**N/A**

(Translation of registrant's name into English)

**3,732, Floor 28, CEP 04538-132**

**Avenida Brigadeiro Faria Lima**

**São Paulo, SP, Brazil**

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

**Form 20-F: ☒** Form 40-F: ☐

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Document** |
| 99.1 | [BRBI BR Partners S.A.'s unaudited condensed consolidated interim financial information as of June 30, 2025 and for the three-month and six-month periods ended June 30, 2025 (in Brazilian reais) (English translation).](ea025234501ex99-1_brbi.htm) |
| 99.2 | [Earnings release (in Brazilian reais) (English translation).](ea025234501ex99-2_brbi.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 8, 2025

---

| | |
|:---|:---|
| **BRBI BR Partners S.A.** | **BRBI BR Partners S.A.** |
| By: | /s/ Vinicius Carmona Cardoso |
| Name: | Vinicius Carmona Cardoso |
| Title: | Investor Relations Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

---

| | |
|:---|:---|
| **Contents** |  |
| Comments on performance | 1 |
| Independent auditors' report on review of condensed parent company and consolidated financial information | 4 |
| Statements of financial position | 5 |
| Condensed statements of profit or loss | 7 |
| Condensed statements of comprehensive income | 8 |
| Condensed statements of changes in shareholders' equity | 9 |
| Condensed statements of cash flows | 10 |
| Condensed statements of value added | 11 |
| Notes to the condensed individual and consolidated interim financial statements | 12 |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Comments on performance

**Dear Shareholders,**

We hereby submit for your consideration the condensed parent company and consolidated interim financial information of BRBI BR Partners S.A. ("Company") for the second quarter ended June 30, 2025.

**We highlight the following facts in the second quarter of 2025:**

**Economic context** 

The second quarter of 2025 was marked by a global scenario of trade uncertainties, cautious monetary policies and heterogeneous economic performances. In the United States, the partial cool down of trade tariffs with China brought relief, but new increases in sectors such as steel and aluminum kept things volatile. In Europe, the European Central Bank (ECB) continued to ease its monetary policy, while Germany made progress with its infrastructure plan. China maintained growth in line with targets, despite challenges in the real estate sector. In Brazil, the economy remained resilient, with a strong labor market and gradually decelerating inflation, but with the Central Bank still maintaining a restrictive stance, raising the Selic rate to 15%.

The Central Bank of Brazil raised the Selic rate to 15% in 2Q25, reflecting caution in the face of a resilient economy and persistent inflation. The IPCA of 4.8% in March reached 4.9% in June, still above the target of 3.0%, pressured by underlying services (6.0% in the three-month metric, seasonally adjusted and annualized) and a heated labor market. However, the drop in the price of commodities, such as oil, indicates a gradual process of disinflation. GDP grew 0.7% in 2Q25, driven by household consumption and the agricultural sector, with projections for 2025 revised to 2.0%, from 1.8% in 1Q25. The labor market remained strong, with an acceleration in the creation of formal jobs and a falling unemployment rate, supporting the projection of a 5% real growth in the wage bill. Fiscal policy showed mixed results: revenue exceeded expectations, but the primary deficit rose to 0.7% of GDP, impacted by social security expenses and an increase in discretionary spending, such as court-ordered payments and payroll loans. The government's attempt to raise the Tax on Financial Transactions (IOF) to reduce budget constraints was blocked by Congress, generating political tensions and uncertainty regarding fiscal agendas, such as the Income Tax reform. The exchange rate remained volatile, with the US dollar close to R$5.65, reflecting fiscal and global risks. The trade balance remained positive, but with exports affected by the fall in iron ore and oil prices. The industrial sector showed a moderate recovery, while the risk premium remained high, with analysts projecting a terminal Selic rate of 15% if inflation does not fall significantly.

In Europe, the ECB cut interest rates by 0.25 basis points in April and June, reaching 2.0%, a level close to the neutral rate. The decision reflects the appreciation of the euro, the fall in commodity prices and trade uncertainties, especially with the US tariffs. Inflation stabilized at 1.9% in June, slightly below the target of 2.0%, with wages decelerating faster than expected, reinforcing confidence in disinflation. Eurozone GDP grew 0.5% in 2Q25, with projections for 2025 revised to 1.4% from 1.3% in 1Q25, driven by German fiscal expansion. Germany's 500-billion euro infrastructure fund sustained the country's growth at 0.5% in the quarter, with projections for 2025 maintained at 1.5%. However, the more ambitious spending plan for the second semester of the year faces implementation challenges, raising concerns about fiscal sustainability. Tariff negotiations with the US, scheduled for July, remain a risk, with threats of a 50% hike in sectors such as vehicles, impacting European exports.

In the United States, the Federal Reserve kept interest rates unchanged in 2Q25, with inflation falling to 2.0% in June, in line with the 2% target. GDP grew 0.4% in the quarter, with projections for 2025 adjusted to 1.7% from 1.8% in 1Q25, reflecting a moderate slowdown in consumption and investments. The de-escalation of tariffs on China, reduced from 145% to 30% after negotiations, eased inflationary pressures, but increases from 25% to 50% on steel and aluminum maintained uncertainty. The tariff agenda faces legal challenges, with court disputes over the executive branch authority to implement them, but the economic impacts are still limited, with more visible effects expected in the second semester of the year. The labor market shows signs of weakening, but no significant slowdown, keeping the Fed cautious. The FOMC's projections indicate two interest rate cuts in 2025, probably starting in September, if inflation remains benign and the labor market slows down.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Comments on performance

In China, GDP grew by an annualized rate of 4.7% in 2Q25, down slightly from 4.8% in 1Q25, but in line with government targets. Growth was sustained by fiscal and monetary stimulus, with the external sector outperforming expectations despite US tariffs. Trade triangulation via Southeast Asian countries mitigated the impact of the tariffs, which were reduced to 30% after negotiations with the US. Domestic demand remains weak, with the real estate sector showing slow recovery, evidenced by stagnant sales and prices. Inflation rose to 2.0% in June, reflecting an easing of deflationary pressures. The government maintains room for new stimuli, but structural challenges, such as debt in the real estate sector, persist, impacting global confidence.

**Business performance**

In the second quarter of 2025, in the Financial Advisory area, we continued to feel the impacts of the restrictive monetary policy and turbulent fiscal and political scenario on our activities. Although we have still achieved a healthy revenue level, we announced two transactions in the area, which were advising the Werthein Group on combining the businesses of its subsidiaries Bali and Zaaz Telecom, and advising Vivo (Telefônica Brasil) on the sale of block shares. We emphasize that we are still working with a very diversified and large portfolio, but that, given the adversities in the international trade scenario and the challenges in the local economy mentioned above, it is becoming more difficult to convert transactions.

The Capital Markets area maintained sound activity during the quarter, taking advantage of the stronger demand for debt products and a greater appetite among fixed income investors for the primary market. The area structured 6 debt operations, including CRIs, CCBs and FIDCs, the volume of which reached R$1.1 billion in issues in the second quarter of 2025.

The treasury area for clients (Treasury Sales & Structuring) recorded a healthy result, driven by activity in the primary issuance market in the period. In 2Q25, the volume traded in derivatives and foreign exchange reached R$13.4 billion.

At BR Partners Banco de Investimento S.A. ("Bank"), the Company managed to turn over its asset portfolio, while continuing to invest in products originated by the Capital Markets area, and ended the second quarter of 2025 with a portfolio of R$3.1 billion in private securities and Bridge Loans. It is important to point out that 100% of this portfolio is made up of securities from companies for which BR Partners acts as a debt structurer, and therefore it thoroughly analyzes the risk of each issuer.

The Wealth Management area continues with healthy activity and finding growth opportunities, with the prospecting and onboarding of large clients. At the end of June 2025, the assets under management reached R$5.5 billion, accounting for an increase of 47% compared to the end of June 2024.

**Consolidated financial performance**

Despite the more challenging macroeconomic scenario, total revenues reached R$139.3 million in 2Q25, compared to R$142.0 million in 2Q24, reflecting a negative change of 1.9%. Net income reached R$45.2 million, compared to R$52.0 million in the 2Q24, accounting for a -13.0% decrease over the previous year and a return on shareholders' equity of 22.6%. The Company ended the year with shareholders' equity of R$807.1 million.

**Policy on reinvestment and distribution of dividends** 

The Company does not have a formal policy on reinvestment by its shareholders; all reinvestments verified thus far were deliberated by the shareholders at the AGM/EGM.

The Company's dividend policy provides for the annual distribution of the mandatory minimum dividend of 25%, however, the Company intends to remunerate its shareholders according to the calculation of the profits earned during the year, making its best efforts to distribute dividends at a higher percentage that established by current legislation.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Comments on performance

**Social initiatives** 

The Company supports, through tax incentive laws, non-governmental organizations with projects mainly related to health, education, sports, diversity and gender equity.

**Relationship with independent auditors**

Pursuant to the provisions of CVM Resolution 162/22 of the Brazilian Securities and Exchange Commission, the Company has an established policy and process for hiring an independent audit, considering aspects of transparency, compliance, objectivity and independence. Furthermore, aspects of potential conflicts of interest when engaging the same audit company for services of other natures are assessed to mitigate risks of loss of independence or objectivity in the performance of its activities. Information related to audit company fees is made available annually in our Reference Form.

Executive Board

Accountant

Hideo Antonio Kawassaki

CRC 1SP 184007/O-5

![](ex99-1_003.jpg)

KPMG Auditores Independentes Ltda.

Rua Arquiteto Olavo Redig de Campos, 105, 12º andar - Torre A - 04711-904 - São Paulo/SP - Brazil

Caixa Postal 79518 - CEP 04707-970 - São Paulo/SP - Brazil

Telephone +55 (11) 3940-1500, Fax +55 (11) 3940-1501

www.kpmg.com.br

**Independent auditors' report on the parent company and consolidated financial statements**

To the Shareholders and the Board of Directors of

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

São Paulo - SP

**Introduction**

We have reviewed the condensed parent company and consolidated interim financial information of BRBI Partners S.A. ("Company"), formerly known as "BR Advisory Partners Participações S.A.", contained in the Quarterly Information - ITR Form for the quarter ended June 30, 2025, which comprise the statements of financial position as of June 30, 2025 and related statements of profit or loss and of comprehensive income for the three and six-months periods then ended, of changes in shareholders' equity and of cash flows for the six-month period then ended, including the explanatory notes.

Management is responsible for the preparation of these condensed parent company and consolidated condensed interim financial information in accordance with CPC 21(R1) – Accounting Pronouncements Committee – Interim Financial Reporting and International Standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as well as for the presentation of this information in accordance with the standards issued by the Securities and Exchange Commission of Brazil (CVM), applicable to the preparation of interim financial information (ITR). Our responsibility is to express a conclusion on these condensed parent company and consolidated interim financial information based on our review.

**Scope of the review**

We conducted our review in accordance with the Brazilian and International review standards (NBC TR 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

**Conclusion on condensed parent company and consolidated interim information**

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed parent company and consolidated interim financial information as of June 30, 2025 is not prepared, in all material respects, in accordance with CPC 21 (R1) - Accounting Pronouncements Committee and IAS 34 -Interim Financial Reporting.

**Other matters - Statements of value added**

The condensed parent company and consolidated interim financial information includes the parent company and consolidated statements of added value as of June 30, 2025, prepared under responsibility of Company's Management, and presented as supplementary information for IAS 34 purposes. These statements have been subject to review procedures performed together with the review of condensed parent company and consolidated interim financial statements, in order to determine whether they are reconciled with the condensed financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria defined in Technical Pronouncement CPC 09 – Statement of Added Value. Based on our review, we are not aware of any facts that may lead us to believe that these statements of added value have not been prepared, in all material respects, in accordance with the criteria set forth in this Pronouncement and consistently with respect to the condensed parent company and consolidated interim financial information taken as a whole.

São Paulo, August 7, 2025

KPMG Auditores Independentes Ltda.

CRC 2SP-027685/O-0 F SP

*Original report in Portuguese signed by*

Marco Antonio Pontieri

Accountant CRC 1SP153569/O-0

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. | &nbsp;&nbsp;&nbsp;*KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.* |

---

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

Parent company and consolidated statements of financial position as of June 30, 2025 and December 31, 2024

*(In thousands of reais)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Parent Company | Parent Company | Consolidated | Consolidated |
|  | <br>Notes | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 |
| **Assets** |  |  |  |  |  |
| **Cash and cash equivalents** | 4 | **1** | **2** | **450544** | **575235** |
| **Financial assets at fair value through profit or loss** | 5 a | **123625** | **117895** | **10393477** | **9273217** |
| &nbsp;&nbsp;&nbsp; - Government bonds |  |  |  | 9921848 | 8684734 |
| &nbsp;&nbsp;&nbsp; - Private securities |  |  |  | 338905 | 405612 |
| &nbsp;&nbsp;&nbsp; - Investment fund quotas |  | 123625 | 117895 | 132724 | 182871 |
| **Financial assets at fair value through other comprehensive income** | 5 b | **-** | **-** | **2378503** | **2379657** |
| &nbsp;&nbsp;&nbsp; - Private securities |  |  |  | 1207240 | 1063568 |
| &nbsp;&nbsp;&nbsp; - Investment fund quotas |  |  |  | 1171263 | 1316089 |
| Derivative financial instruments | 6 a | 4437 |  | 836131 | 1071190 |
| **Financial asset at amortized cost** | 7 a | **-** | **-** | **1250872** | **1576438** |
| &nbsp;&nbsp;&nbsp; - Loans |  |  |  | 309596 | 346523 |
| &nbsp;&nbsp;&nbsp; - Other financial assets at amortized cost |  |  |  | 941276 | 1229915 |
| Dividends receivable |  |  | 11105 |  |  |
| Other assets |  | 1307 | 54 | 23860 | 27260 |
| Deferred tax assets | 17 b | 4964 | 3060 | 85996 | 95639 |
| Equity-accounted investees | 9 | 785498 | 696170 | 6 |  |
| Property, plant and equipment |  |  |  | 47096 | 42329 |
| Intangible assets |  |  |  | 13887 | 15522 |
| **Total assets** |  | **919832** | **828286** | **15480372** | **15056487** |

---

See the accompanying notes to the condensed individual and consolidated interim financial statements..

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

Statements of financial position as of June 30, 2025 and December 31, 2024

*(In thousands of reais)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Parent Company | Parent Company | Consolidated | Consolidated |
|  | <br>Notes | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 |
| **Liabilities** |  |  |  |  |  |
| **Financial liabilities at amortized cost** | 11 | **-** | **-** | **13998786** | **13664510** |
| &nbsp;&nbsp;&nbsp; - Repurchase agreements |  |  |  | 8635213 | 8056208 |
| &nbsp;&nbsp;&nbsp; - Client deposits |  |  |  | 2273538 | 2627471 |
| &nbsp;&nbsp;&nbsp; - Funds from securities issued |  |  |  | 2458985 | 1841558 |
| &nbsp;&nbsp;&nbsp; - Other financial liabilities |  |  |  | 631050 | 1139273 |
| Derivative financial instruments | 6a |  |  | 393192 | 317315 |
| **Amounts payable** |  | **89661** | **2739** | **97485** | **93253** |
| &nbsp;&nbsp;&nbsp; - Suppliers |  | 127 | 237 | 2793 | 16022 |
| &nbsp;&nbsp;&nbsp; - Other amounts payable | 10 | 89534 | 2502 | 94692 | 77231 |
| Taxes payable |  | 242 | 117 | 17364 | 12806 |
| Current tax liabilities |  |  |  | 12756 | 15914 |
| Deferred tax liabilities | 17b | 22788 | 20840 | 153648 | 148099 |
| **Total liabilities** |  | **112691** | **23696** | **14673231** | **14251897** |
| **Shareholders' equity** |  |  |  |  |  |
| Capital | 12a | 674940 | 674940 | 674940 | 674940 |
| Capital reserves |  | (30193) | (30193) | (30193) | (30193) |
| Profit reserves |  | 118847 | 169245 | 118847 | 169245 |
| Other comprehensive (loss) |  | (6969) | (9402) | (6969) | (9402) |
| Retained earnings |  | 50516 |  | 50516 |  |
| **Total shareholders' equity** |  | **807141** | **804590** | **807141** | **804590** |
| **Total liabilities and shareholders' equity** |  | **919832** | **828286** | **15480372** | **15056487** |

---

See the accompanying notes to the condensed individual and consolidated interim financial statements.

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

Condensed statements of profit or loss for the three- and six-month period ended June 30

*(In thousands of reais)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Parent Company | Parent Company | Parent Company | Parent Company | Consolidated | Consolidated | Consolidated | Consolidated |
|  | | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended |
|  | <br>Notes | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| Interest revenues and gains on financial instruments |  | 5388 |  | 11875 | 10978 | 3101487 | 1765816 | 4965819 | 3115048 |
| Interest expenses and (losses) on financial instruments |  | (93) | (612) | (1708) | (218) | (3039930) | (1716476) | (4858642) | (3007892) |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | 14 | **5295** | **(612)** | **10167** | **10760** | **61557** | **49340** | **107177** | **107156** |
| Revenues from rendering of services |  |  |  |  |  | 77732 | 92704 | 159598 | 172457 |
| **Total services revenues** | 13 | **-** | **-** | **-** | **-** | **77732** | **92704** | **159598** | **172457** |
| **Total revenues/(expenses)** |  | **5295** | **(612)** | **10167** | **10760** | **139289** | **142044** | **266775** | **279613** |
| Personnel expenses |  | (1299) | (1463) | (2418) | (2929) | (34743) | (38951) | (68832) | (77015) |
| Administrative expenses | 15 | (1847) | (748) | (5703) | (797) | (20030) | (33435) | (47650) | (54859) |
| Tax expenses | 16 |  |  |  |  | (10852) | (10549) | (21593) | (21176) |
| Reversal/(provision) due to expected credit losses |  |  |  |  |  | (10943) | 26 | (11464) | 1446 |
| Other revenues |  |  |  |  | 2 | 930 | 126 | 1069 | 456 |
| Other expenses |  | (269) |  | (582) | (541) | 213 | (975) | (198) | (1098) |
| **Operating expenses** |  | **(3415)** | **(2211)** | **(8703)** | **(4265)** | **(75425)** | **(83758)** | **(148668)** | **(152246)** |
| **Profit/(loss) before income tax** |  | **1880** | **(2823)** | **1464** | **6495** | **63864** | **58286** | **118107** | **127367** |
| Equity in net income of subsidiaries | 9 | 43176 | 54581 | 86895 | 98590 |  |  |  |  |
| **Profit before income tax** |  | **45056** | **51758** | **88359** | **105085** | **63864** | **58286** | **118107** | **127367** |
| Income taxes | 17(a) | 136 | 208 | (44) | (3658) | (18672) | (6320) | (29792) | (25940) |
| **Profit for the period** |  | **45192** | **51966** | **88315** | **101427** | **45192** | **51966** | **88315** | **101427** |
| **Profit attributable to the Company's shareholders** |  |  |  |  |  | **45192** | **51966** | **88315** | **101427** |
| Profit attributable to common shares |  |  |  |  |  | 28773 | 33090 | 56228 | 64585 |
| Earnings (loss) per common share |  |  |  |  |  | 0.14 | 0.17 | 0.28 | 0.32 |
| Profit attributable to preferred shares |  |  |  |  |  | 16419 | 18876 | 32087 | 36842 |
| Earnings per preferred share |  |  |  |  |  | 0.14 | 0.17 | 0.28 | 0.32 |

---

See the accompanying notes to the condensed individual and consolidated interim financial statements.

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

Condensed statements of comprehensive income for the three- and six-month period ended June 30

*(In thousands of reais)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Parent Company | Parent Company | Parent Company | Parent Company | Consolidated | Consolidated | Consolidated | Consolidated |
|  | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended | Three-month period ended | Three-month period ended | Six-month period<br> ended | Six-month period<br> ended |
|  | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| **Profit for the period** | **45192** | **51966** | **88315** | **101427** | **45192** | **51966** | **88315** | **101427** |
| **Items that are or may be reclassified subsequently to profit (loss):** | **3669** | **(1089)** | **2433** | **(893)** | **3669** | **(1089)** | **2433** | **(893)** |
| Fair value through other comprehensive income (FVOCI) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; - Adjustment to fair value | 6420 | (2576) | 4438 | (2269) | 6420 | (2576) | 4438 | (2269) |
| &nbsp;&nbsp;&nbsp; - Tax effect | (2889) | 1159 | (1997) | 1021 | (2889) | 1159 | (1997) | 1021 |
| Foreign operations - foreign currency translation differences | 138 | 328 | (8) | 355 | 138 | 328 | (8) | 355 |
| **Comprehensive income attributable to:** |  |  |  |  |  |  |  |  |
| Company's shareholders | 48861 | 50877 | 90748 | 100534 | 48861 | 50877 | 90748 | 100534 |

---

See the accompanying notes to the condensed individual and consolidated interim financial statements.

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

Statements of changes in shareholders' equity for the three- six-month period ended June 30

*(In thousands of reais)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Profit reserve | Profit reserve | Other comprehensive income | Other comprehensive income | | |
|  |<br>Capital |<br>Capital reserve | Legal | Other profit reserves | Equity valuation adjustments | Accumulated translation adjustment |<br>Retained earnings |<br>Total shareholders' equity |
| **December 31, 2023**  | **674940** | **(30193)** | **45003** | **135314** | **(3527)** | **(720)** | **-** | **820817** |
| Profit for the period |  | **-** | **-** | **-** |  |  | 101427 | 101427 |
| Other comprehensive income (loss) | **-** | **-** | **-** | **-** | (1248) | 355 |  | (893) |
| Interim dividends |  |  |  | (31499) |  |  | (31499) | (62998) |
| Additional dividends paid - 2023 |  |  |  | (12599) |  |  |  | (12599) |
| **June 30, 2024** | **674940** | **(30193)** | **45003** | **91216** | **(4775)** | **(365)** | **69928** | **845754** |
| **December 31, 2024** | **674940** | **(30193)** | **54686** | **114559** | **(9030)** | **(372)** | **-** | **804590** |
| Profit for the period |  | **-** | **-** | **-** |  |  | 88315 | 88315 |
| Other comprehensive income | **-** | **-** | **-** | **-** | 2441 | (8) |  | 2433 |
| Interim dividends - 2025 |  |  |  | (31499) |  |  |  | (31499) |
| Distribution of interim dividends - 2025 |  |  |  |  |  |  | (37799) | (37799) |
| Distribution of additional dividends - 2024 |  |  |  | (18899) |  |  |  | (18899) |
| **June 30, 2025** | **674940** | **(30193)** | **54686** | **64161** | **(6589)** | **(380)** | **50516** | **807141** |

---

See the accompanying notes to the condensed individual and consolidated interim financial statements.

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

Condensed statements of cash flows for the six-month period ended June 30

*(In thousands of reais)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Parent Company | Parent Company | Consolidated | Consolidated |
|  | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| **Cash flows from operating activities** |  |  |  |  |
| **Profit for the period** | **88315** | **101427** | **88315** | **101427** |
| **Adjustments for:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Effect of changes in exchange rates on cash and cash equivalents |  |  | (11847) | (36209) |
| &nbsp;&nbsp;&nbsp; Impairment losses |  |  | (531) | (1446) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization |  |  | 4899 | 3863 |
| &nbsp;&nbsp;&nbsp; Deferred taxes | 44 | 3658 | 15192 | 17153 |
| &nbsp;&nbsp;&nbsp; Provision for contingencies |  |  | 70 | 84 |
| &nbsp;&nbsp;&nbsp; Share of profit of equity-accounted investees | (86895) | (98591) |  |  |
| &nbsp;&nbsp;&nbsp; Interest expenses - subordinated financial bills |  |  | 48721 | 4319 |
| **Adjusted net income** | **1464** | **6494** | **144819** | **89191** |
| **Change in:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | (5730) | (10759) | (1120260) | (860021) |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments | (4437) |  | 310936 | (380306) |
| &nbsp;&nbsp;&nbsp;*Financial assets at amortized cost* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; - Loans |  |  | 37458 | 114076 |
| &nbsp;&nbsp;&nbsp; - Other financial assets at amortized cost |  |  | 288638 | 139295 |
| &nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income |  |  | 3587 | (528519) |
| &nbsp;&nbsp;&nbsp; Other assets | (1253) | (393) | 3400 | 1034 |
| &nbsp;&nbsp;&nbsp; Amounts payable – Suppliers | (110) | (559) | (13228) | (2546) |
| &nbsp;&nbsp;&nbsp; *Financial liabilities at amortized cost* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; - Repurchase agreements |  |  | 579005 | 1596845 |
| &nbsp;&nbsp;&nbsp; - Client deposits |  |  | (353933) | 383542 |
| &nbsp;&nbsp;&nbsp; - Debt issued and others |  |  | 448405 | 362873 |
| &nbsp;&nbsp;&nbsp; - Other financial liabilities |  |  | (508225) | (193553) |
| &nbsp;&nbsp;&nbsp; Amounts payable - associated companies |  | (6568) |  |  |
| &nbsp;&nbsp;&nbsp; Taxes payable | 125 | (6) | 18341 | (8731) |
| &nbsp;&nbsp;&nbsp; Other amounts payable | 49583 | 53867 | (25187) | (16971) |
| **Cash generated by (used in) in operating activities** | **39642** | **42076** | **(186244)** | **696209** |
| &nbsp;&nbsp;&nbsp; Income tax and social contribution paid |  | **-** | (16941) | (20768) |
| **Net cash generated by (used in) operating activities** | **39642** | **42076** | **(203185)** | **675441** |
| **Cash flows from investment activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payment of capital in equity-accounted investees |  | **-** | (6) |  |
| &nbsp;&nbsp;&nbsp; Dividends received | 11105 | 2022 |  |  |
| &nbsp;&nbsp;&nbsp; Acquisition of property, plant and equipment/intangible for use |  |  | (859) | (2196) |
| **Cash generated by (used in) investment activities** | **11105** | **2022** | **(865)** | **(2196)** |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payment of interest from subordinated financial bills | **-** |  | (3899) | (3545) |
| &nbsp;&nbsp;&nbsp; Issuance of subordinated financial bills | **-** |  | 124200 |  |
| &nbsp;&nbsp;&nbsp; Payment of lease liabilities |  |  | (2041) | (3136) |
| &nbsp;&nbsp;&nbsp; Dividends paid - Year 2024 | (18899) | (31499) | (18899) | (31499) |
| &nbsp;&nbsp;&nbsp; Interim dividends paid | (31849) | (12599) | (31849) | (12599) |
| **Cash generated by (used in) in financing activities** | **(50748)** | **(44098)** | **67512** | **(50779)** |
| **Increase (decrease) in cash and cash equivalents** | **(1)** | **-** | **(136538)** | **622466** |
| Cash and cash equivalents at the beginning of the period | 2 | 2 | 575235 | 287188 |
| Effect of changes in exchange rates on cash and cash equivalents |  |  | 11847 | 36209 |
| Cash and cash equivalents at the end of the period | 1 | 2 | 450544 | 945863 |
| **Increase (decrease) in cash and cash equivalents** | **(1)** | **-** | **(136538)** | **622466** |
| **Supplementary information of operating cash flows** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest received |  |  | 369322 | 392488 |
| &nbsp;&nbsp;&nbsp; Interest paid |  |  | (329725) | (401345) |

---

See the accompanying notes to the condensed individual and consolidated interim financial statements.

**BRBI BR Partners S.A. (formerly known as "BR Advisory Partners Participações S.A.")**

Condensed statements of value added for the six-month period ended June 30

*(In thousands of reais)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Parent Company | Parent Company | Consolidated | Consolidated |
|  | Balance at 06/30/2025 | Balance at 06/30/2024 | Balance at 06/30/2025 | Balance at 06/30/2024 |
| **Revenues** | **11875** | **10980** | **5115022** | **3289407** |
| Financial Intermediation | 11875 | 10978 | 4965819 | 3115048 |
| Rendering of services |  |  | 159598 | 172457 |
| Impairment losses |  |  | (11464) | 1446 |
| Other |  | 2 | 1069 | 456 |
| **Financial expenses** | **(1708)** | **(218)** | **(4858642)** | **(3007892)** |
| **Inputs acquired from third parties** | **(6285)** | **(1338)** | **(40346)** | **(50138)** |
| Materials, energy and others | (830) | (796) | (20372) | (16921) |
| Outsourced services | (4873) |  | (19776) | (32167) |
| Other operating expenses | (582) | (542) | (198) | (1050) |
| **Gross value added** | **3882** | **9424** | **216034** | **231377** |
| **Depreciation and amortization** | **-** | **-** | **(4899)** | **(3863)** |
| **Net value added produced by the Company** | **3882** | **9424** | **211135** | **227514** |
| **Value added received as transfer** | **86895** | **98590** | **-** | **(48)** |
| Equity in net income of subsidiaries | 86895 | 98590 |  |  |
| Non-operating income (loss) |  |  |  | (48) |
| **Total value added payable** | **90777** | **108014** | **211135** | **227466** |
| **Distribution of value added** | **90777** | **108014** | **211135** | **227466** |
| **Personnel** | **2082** | **2252** | **58327** | **62564** |
| Direct remuneration | 1810 | 1968 | 49278 | 53763 |
| Benefits | 262 | 221 | 7404 | 5960 |
| FGTS (severance indemnity fund) | 10 | 63 | 1645 | 2841 |
| **Taxes, duties and contributions** | **380** | **4335** | **61900** | **61567** |
| Federal | 380 | 4335 | 54088 | 53065 |
| Municipal |  |  | 7812 | 8502 |
| **Third-party capital remuneration** | **-** | **-** | **2593** | **1908** |
| Rents |  |  | 2593 | 1908 |
| **Remuneration of equity capital** | **88315** | **101427** | **88315** | **101427** |
| Retained earnings | 50516 | 69928 | 50516 | 69928 |
| Interim dividends | 37799 | 31499 | 37799 | 31499 |

---

See the accompanying notes to the condensed individual and consolidated interim financial statements.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

1. Operations

BRBI BR Partners S.A. ("Company" or "Parent Company", and jointly with subsidiaries, "BR Partners Group" or "Group"), formerly known as "BR Advisory Partners Participações S.A." is a publicly-held corporation, headquartered at Avenida Brigadeiro Faria Lima nº 3.732 – 28º floor, in the city of São Paulo, State of São Paulo, and shares traded in units on B3 S.A. - Brasil, Bolsa, Balcão ("B3 S.A."), under the ticker BRBI11. Each unit of ownership consists of 2 preferred shares and 1 common share of the Company.

On March 21, 2025, we changed our name from BR Advisory Partners Participações S.A. to BRBI BR Partners S.A.

The Company is engaged in investing in other companies, domestic or foreign, as a partner, quota holder or shareholder and management of our own assets. Its control is exercised by BR Partners Holdco Participações S.A. ("Holdco"), which represents 76.45% of the common shares and 55.01% on June 30, 2025 (55.01% at December 31, 2024) of the Company's total share capital.

The Group is part of a context of businesses related to investment banking, capital markets, treasury for clients, investments and wealth management.

2. Preparation basis and presentation of condensed interim financial
information

a. Statements of conformity regarding the IFRS and Accountant
Statements Committee - CPC rules

The condensed parent company and consolidated interim financial information was prepared in accordance with Technical Pronouncement CPC 21 (R1) – "Interim Financial Reporting", issued by the Accounting Pronouncement Committee ("CPC") and approved by the Brazilian Securities and Exchange Commission ("CVM") and IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board ("IASB"). All material information specific to the condensed parent company and consolidated interim financial information, and only thereto, is being ascertained, and corresponds to the information used by Management in managing the company.

The information regarding the bases for the preparation and presentation of the condensed parent company and consolidated interim financial information, as well as summary of material accounting policies did not undergo material changes in relation to those disclosed in the Company's parent company and consolidated financial statements for the year ended December 31, 2024, which should be read together.

The Company's condensed interim financial information was approved by Management on August 07, 2025.

b. Functional and presentation currency

The parent company and consolidated condensed interim financial information is presented in thousands of Reais, which is the Company's functional currency.

 ****

Transactions in foreign currencies are converted into functional currency by using foreign exchange rates prevailing on the transaction or valuation dates when the items are remeasured. Exchange gains and losses resulting from the settlement of those transactions and from the translation at year-end exchange rates referring to monetary assets and liabilities in foreign currencies, are recognized in the statements of profit or loss in the "Interest revenues and gains on financial instruments" or "Interest expenses and losses on financial instruments" captions.

Exchange gains and losses resulting from the settlement of those transactions and from the conversion at each period-end exchange rates translation of monetary assets and liabilities in foreign currencies, are recognized in condensed parent company and consolidated interim financial information as interest revenues or expenses and gains on financial instruments. For investments abroad that have a functional currency other than the Real, the effects of the translation are recorded in shareholders' equity under "Other Comprehensive Income".

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

c. Condensed interim financial information

In the process of interim financial information consolidation, equity interests, asset and liability account balances, revenues, expenses and intercompany unrealized income were eliminated.

We highlight the subsidiaries (direct and indirect) included in the individual and consolidated condensed interim financial information:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | % interest | % interest |
|  | <br>Setor | <br>Country | 06/30/2025<sup>(1)</sup> | 12/31/2024 <sup>(1)</sup> |
| **Direct subsidiaries** |  |  |  |  |
| BR Partners Assessoria Financeira Ltda. | Rendering of Services | Brazil | 99.99 | 99.99 |
| BR Partners Gestão de Recursos Ltda. | Rendering of Services | Brazil | 99.99 | 99.99 |
| BR Partners Participações Financeiras Ltda. | Financial holding company | Brazil | 99.99 | 99.99 |
| BR Partners Mercados de Capitais Ltda. | Rendering of Services | Brazil | 99.99 | 99.99 |
| BR Partners Assessoria em Soluções de Capital Ltda.<sup>(3)</sup> | Rendering of Services | Brazil | 99.99 | 99.99 |
| **Indirect subsidiaries** |  |  |  |  |
| BR Partners Banco de Investimento S.A. | Investment bank | Brazil | 99.99 | 99.99 |
| BR Partners Europe B.V. | Rendering of Services | Netherlands | 100 | 100 |
| BR Partners Corretora de Seguro Ltda. | Rendering of Services | Brazil | 99.99 | 99.99 |
| **Investment funds** <sup>(2)</sup>** |  |  |  |  |
| Total Fundo de Investimento Multimercado Investimento no Exterior - Crédito Privado | Investment fund | Brazil | 100 | 100 |
| BR Partners Capital | Investment fund | *Little Cayman* | 100 | 100 |

---

(1) Percentages below 100% refer to the interest of BR Partners
Holdco Participações S.A. (Holding).

(2) Investment funds in which the Group substantially assumes
or retains risks and rewards were consolidated.

(3) On June 16, 2025, the name of BR Partners Assessoria em Reestruturação
was changed to BR Partners Assessoria em Soluções de Capital Ltda.

d. Use of estimates and judgments

In the preparation of this condensed parent company and consolidated interim financial information, Management used judgments and estimates that affect the Group's application of accounting policies and amounts reported of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on a continuous basis. Revisions to estimates are recognized prospectively and information on judgments is continuously reviewed by an annual basis by the Management areas.

**Fair value of financial instruments**

Financial instruments recorded at fair value in our parent company and consolidated financial statements are mainly comprised by financial assets measured at fair value through profit or loss, including derivatives and financial assets measured at fair value through other comprehensive income. The fair value of a financial instrument corresponds to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date.

Financial instruments are categorized within a hierarchy based on the lowest level of information, which is significant for measuring fair value. For instruments classified as Level 3, we use our own judgment to arrive at the fair value measurement.

We base our judgment decisions on our knowledge and observations of the markets relevant to the individual assets and liabilities, and those judgments may vary based on market conditions. In applying our judgment, we look at a range of third-party prices and transaction volumes to understand and assess the extent of market benchmarks available and the judgments or modeling required in third-party processes.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

Based on these factors, we determine whether the fair values are observable in active markets or whether the markets are inactive. Imprecision in estimating unobservable market inputs can impact on the amount of revenue or loss recorded for a particular position. Furthermore, while we believe our valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value on the reporting date. For a detailed discussion of the determination of fair value of financial instruments please, see Note 20.

3. Risk management

In the normal course of its operations, the Group is exposed to several financial risks, which are divided into: market, credit, liquidity and capital management. The Group's risk management policies aim to define a set of principles, guidelines and responsibilities that guide activities relevant to risk management, in line with the business strategy of companies that are part of the BR Partners Group. These risks rely on a policy framework and the following committees: Risk and Compliance Committee, Credit Committee, Risk Committee and the Assets & Liabilities Committee (ALCO) and Underwriting Committee, observing their responsibilities and duties. For the effectiveness of risk management, the framework provides for the identification, assessment, monitoring, control, mitigation and correlation between risks. Limits are monitored by the Risk Management area. The Risk Management area reports directly to the Executive Board, therefore acting independently from the business areas.

a. Operating limits

Capital is managed by the Group and aims to ensure that the analysis of capital sufficiency (Basel ratio) is performed in an independent and technical manner, considering existing risks and those included in strategic planning.

---

| | | |
|:---|:---|:---|
| **Consolidated<sup>(1)</sup>** | **06/30/2025** | **12/31/2024** |
| **Reference Equity (PR) - (a)** | **1312008** | **1077498** |
| **Level I** | **1054403** | **833550** |
| Principal capital | 687313 | 613508 |
| Complementary capital | 367090 | 220042 |
| **Level II** | **257605** | **243948** |
| Subordinated Financial Bills Eligible for Capital | 257605 | 243948 |
| **Total risk-weighted exposure - (b)** | **6139575** | **5992233** |
| Credit risk | 3511918 | 3812736 |
| Market risk | 2095814 | 1750868 |
| Operating risk<sup>(2)</sup> | 531843 | 428629 |
| **Basel<sup>(3)</sup> Ratio - (a/b)** | **21.4%** | **17.9%** |
| Tier I Capital | 17.2% | 13.9% |
| Tier II Capital | 4.2% | 4.0% |

---

<sup>(1)</sup> The information pertains to BR Partners Banco de Investimento S.A., which follows the Central Bank Brazil's regulations for calculating the capital ratio.

<sup>(2)</sup> BCB Resolution 356 of November 28, 2023, together with BCB Normative Instruction 479 of June 12, 2024, established a new methodology for calculating the portion of risk-weighted assets (RWA) relating to the capital required for operational risk (RWA), using a standardized approach, as of January 1, 2025. The calculation of this risk portion, which specifies the minimum capital needed to cover the financial institution's operational risk, considers elements of income and expenses, turnover and the internal loss multiplier. The new approach resulted in an increase of R$320,619 in operational risk compared to the amount calculated according to the previous methodology – the effect of which will be phased in at a rate of 25% until December 31, 2027, in accordance with the option provided for in Art. 19 of BCB Res. 356.

<sup>(3)</sup> BR Partners Banco de Investimento S.A. is subject to the new regulations introduced by CMN Resolution 4966/21 of the National Monetary Council (CMN) and BCB Resolution 352/23 of the Central Bank of Brazil. These resolutions introduce new concepts and criteria applicable to financial instruments, which must be followed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil (BACEN). The new BACEN resolutions, effective since January 1, 2025, resulted in actual reduction of approximately R$4 million in the Reference Equity.

In the period ended June 30, 2025 and year ended December 31, 2024, the Basel ratio complies with minimum amount required by the Central Bank Brazil (minimum required is 10.5%).

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

b. Market Risk

Market risk is defined as the possibility of incurring losses due to adverse fluctuations in prices, market rates, shares and commodities on the positions in the Group's portfolio. Market risk management is defined as the continuous process of identifying, measuring, evaluating, mitigating, monitoring and reporting exposures arising from positions held in foreign exchange, interest rates, shares and commodities, with the objective of keeping them within the regulatory and management limits that are established in the respective committees and reported to the Board of Executive Officers.

**i.** **Market risk management** 

The Group separates its exposure to market risk between trading and banking portfolios. Trading portfolio includes positions arising from market making and proprietary position taking, together with financial assets and financial liabilities that are managed on a fair value basis. The banking portfolio is predominantly characterized by operations from the banking business and related to the management of the Group's assets (credit portfolio) and liabilities (funding portfolio).

Overall authority for market risk is vested in ALCO (the Assets and Liabilities Committee). ALCO sets up limits for each type of risk, both in aggregate and for individual portfolios, to mitigate and prevent exposure to market risk. The market risk policy, which is reviewed annually, defines the market risk management structure.

**ii.** **Exposure to market risks – Trading portfolio** 

The main types of types are foreign exchange, interest rates, price index and inflation rates. The principal tool used to measure and control market risk exposure within the Group's trading portfolio is Value at Risk ("VaR"). The VaR of a trading portfolio is the maximum estimated loss that can occur with a specified probability (confidence level) in tge portfolio over a specified period, considering a 99% confidence level and assuming a one day holding period and calculating a daily loss.

The VaR model used is based on a parametric approach, with the volatilities of daily returns for each risk factor in the portfolio calculated using the EWMA ("Exponentially Weighted Moving Average") methodology, applying a Lamda factor of 0.96 (based on an effective period of 126 observations). Additionally, the correlation between the daily returns of the risk factors is calculated, resulting in a Correlation Matrix to be applied in the portfolio's VaR calculation.

Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following:

- The use of volatilities and correlations based on historical data to predict the future behavior of risk factors might not provide accurate results, especially if insufficient data is available from periods of intense volatility in financial markets. <br>

A 99% confidence level does not reflect losses that can occur beyond this level. Even within the model used, there is a 1 percent probability that losses could exceed VaR in a one-year period.

- VaR is calculated on an end-of-day basis and does not reflect exposures that may arise on positions during the trading day.

The overall structure of VaR limits is subject to review and approval by ALCO. VaR is measured at least daily and more regularly for more actively traded portfolios. Reports on utilization of VaR limits are submitted to ALCO on a monthly basis. The Group VaR models are subject to regular validation by Group Market Risk to monitor that they continue to perform as expected, and that assumptions used in model development are appropriate. As part of the validation process, the potential weaknesses of the models are analyzed using statistical techniques, such as back-testing.

***Presentation of Values at risk (in the year) - Trading Portfolio***

 ****

---

| | | |
|:---|:---|:---|
|  | Closing | Closing |
| *(R$ amounts In thousands)* | 06/30/2025 | 12/31/2024 |
| - Interest rate | 232 | 177 |
| -Price index / inflation rate | 441 | 541 |
| - Foreign exchange | 271 | 113 |
| -Other | 212 | 180 |
| **Non-correlated Trading Portfolio** | **1156** | **1011** |
| **Correlated Trading Portfolio** | **569** | **696** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

**iii.** **Exposure to market risks – Banking portfolio** 

The principal risk to which banking portfolio are exposed to is the risk of loss from fluctuations in future cash flows or fair value of financial instruments because of a change in market interest rates, price index and inflation rate. The risks are managed principally through monitoring interest rate gaps, variations in price indices and inflation rates. ALCO is the monitoring body for compliance with these limits and is assisted by Central Treasury in its day-to-day monitoring activities.

The risks of the Banking Portfolio are calculated on the contractual cash flows of financial instruments, using the Delta NII Net Interest Income (Delta NII), methodology, as established by the Brazilian Central Bank. Sensitivity analysis for instruments in the Banking Portfolio subject to market risk begins by classifying them according to their exposure to risk factors. The Banking Portfolio uses the parallel shocks in the respective interest curves as a methodology for sensitivity analysis (Delta NII), following the behavior of exposures and the gaps of each risk factor. The methodology for defining the reasonably possible changes in risk factors for one-year period utilizes the standard deviations formula to identify 95% and 99% probability ranges, based on a 10-years historical period for each index.

To analyze the sensitivity, scenarios were defined that will be applied to the operations contained in the banking portfolio, considering the changes that would negatively affect our positions, the operations, and the market data of the respective dates.

The shocks used in each scenario are described below (delta in annual NII in thousands of Reais):

***Interest rate***

 ****

The risk factors relate to financial instruments (assets and liabilities) which are sensitive to changes in interest rates and coupon interest rates. The shocks were calculated considering the cash flow of the instruments.

● Scenario 1: +11 bp (0.1% p.a.) in the BRL interest rate.

● Scenario 2: +54 bp (0.5% p.a.) in the BRL interest rate.

● Scenario 3: +69 bp (0.7% p.a.) in the BRL interest rates.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| *Trading portfolio* | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 1 | Scenario 2 | Scenario 3 |
| Banking | 395 | 1876 | 2390 | 2925 | 13888 | 17690 |
| **Total** | **395** | **1876** | **2390** | **2925** | **13888** | **17690** |

---

***Price Index/Inflation Rate***

 ****

These are exposures sensitive to changes in coupon rates related to price indices and inflation rates. The shocks were calculated in Brazilian Reais on the cash flows of the financial instruments (assets and liabilities).

● Scenario 1: +20 bp (0.2% p.a.) in the BRL price index/inflation rate.

● Scenario 2: +57 bp (0.6% p.a.) in the BRL price index/inflation rate.

● Scenario 3: +83 bp (0.8% p.a.) in the BRL price index/inflation rate.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| *Trading portfolio* | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 1 | Scenario 2 | Scenario 3 |
| Banking | 4965 | 13994 | 20448 | 4444 | 12527 | 18304 |
| **Total** | **4965** | **13994** | **20448** | **4444** | **12527** | **18304** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

c. Credit risk

Credit risk is defined as the possibility of losses associated with the failure, on the part of the borrower or counterparty, to meet their respective financial obligations under the agreed-upon terms, devaluation of the credit agreement resulting from the deterioration in the classification of the borrower's risk, reduction of gains or remuneration, advantages granted in the renegotiation, and costs of recovery. Measurement and follow-up of exposure to credit risk includes all financial instruments capable of generating counterparty risk, such as private securities, derivatives, guarantees granted, and eventual risks of settlement of operations, among others.

The Group has an internal model to assign credit risk ratings to its clients, which considers their size, the nature and complexity of their operations and their risk profile. Accordingly, the main factors considered when constructing the internal rating include the business risk profile, financial risk profile and adjustment factors (financial policy, liquidity, influence of the economic group, etc.).

The criterion adopted for default is based on the initial analysis of the counterparty's credit quality, by estimating a rating for the customer, the limit to be granted to the customer, and the guarantees that will be required according to the risk that the customer represents; the losses arising from the default of that counterparty are estimated based on these data.

**Credit quality of financial assets** 

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Ratings correlation (not reviewed by independent auditor)** 

The degrees of internal ratings and their correlation with external ratings are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | External agencies - national scale correlation <sup>(1)</sup> | External agencies - national scale correlation <sup>(1)</sup> | External agencies - national scale correlation <sup>(1)</sup> |
| Credit quality | Internal rating | Moody's Local (.br) | Fitch Ratings (bra) | S&P Global Ratings (br.) |
| Above average quality | AAA | AAA.br | AAA(bra) | brAAA |
|  | AA+ | AA+.br | AA+(bra) | brAA+ |
|  | AA | AA.br | AA(bra) | brAA |
|  | AA- | AA-.br | AA-(bra) | brAA- |
|  | A+ | A+.br | A+(bra) | brA+ |
|  | A | A.br | A(bra) | brA |
|  | A- | A-.br | A-(bra) | brA- |
| Normal Quality | BBB+ | BBB+.br | BBB+(bra) | brBBB+ |
|  | BBB | BBB.br | BBB(bra) | brBBB |
|  | BBB- | BBB-.br | BBB-(bra) | brBBB- |
|  | BB+ | BB+.br | BB+(bra) | brBB+ |
|  | BB | BB.br | BB(bra) | brBB |
|  | BB- | BB-.br | BB-(bra) | brBB- |
|  | B+ | B+.br | B+(bra) | brB+ |
|  | B | B.br | B(bra) | brB |
|  | B- | B-.br | B-(bra) | brB- |
| Vulnerable or in default |  | CCC+.br | CCC+(bra) | brCCC+ |
|  |  | CCC+.br | CCC(bra) | brCCC |
|  | CCC | CCC-.br | CCC-(bra) | brCCC- |
|  |  | CC.br | CC(bra) | brCC |
|  |  | C.br | C(bra) | brC |
|  | D |  | RD to D | SD or D |

---

<sup>(1)</sup> The ratings are assigned based on the Brazilian market and its specific characteristics. However, there is no direct comparability with public national scale ratings issued by each agency. Each agency applies its own criteria for correlate the global scale with national scale, which may result in significant differences in the national scale ratings.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

**ii.** **Exposure to credit risk** 

---

| | | |
|:---|:---|:---|
| Parent Company | 06/30/2025 | 12/31/2024 |
| **Financial asset at amortized cost** |  |  |
| **Cash and cash equivalents** | **1** | **2** |
| brAAA <sup>(1)</sup> | 1 | 2 |

---

---

| | | |
|:---|:---|:---|
| Consolidated | 06/30/2025 | 12/31/2024 |
| **Financial assets at fair value through profit or loss** |  |  |
| **Government bonds** | **9921848** | **8684734** |
| &nbsp;&nbsp;&nbsp; brAAA <sup>(1)</sup> | 9913210 | 8664426 |
| &nbsp;&nbsp;&nbsp; A-1+<sup>(1)</sup> | 8638 | 20308 |
| **Private securities** | **338905** | **405612** |
| &nbsp;&nbsp;&nbsp; AAA to A- <sup>(2)</sup> | 218762 | 287063 |
| &nbsp;&nbsp;&nbsp; BBB+ to B- <sup>(2)</sup> | 120143 | 118549 |
| **Investment fund quotas**<sup>(2)</sup>** | **-** | **23087** |
| &nbsp;&nbsp;&nbsp; BBB- to B- <sup>(2)</sup> |  | 23087 |
| **Derivatives** | **836131** | **1071190** |
| &nbsp;&nbsp;&nbsp; AAA to A- <sup>(2)</sup> | 522286 | 717652 |
| &nbsp;&nbsp;&nbsp; BBB+ to BB- <sup>(2)</sup> | 279717 | 329790 |
| &nbsp;&nbsp;&nbsp; Other counterparties <sup>(3)</sup> | 34128 | 23748 |
| **Financial assets at fair value through other comprehensive income** |  |  |
| **Private securities** | **1207240** | **1063568** |
| &nbsp;&nbsp;&nbsp; AAA to A- <sup>(2)</sup> | 860067 | 583222 |
| &nbsp;&nbsp;&nbsp; BBB+ to B+ <sup>(2)</sup> | 340368 | 462806 |
| &nbsp;&nbsp;&nbsp; CCC <sup>(2)</sup> |  | 17540 |
| &nbsp;&nbsp;&nbsp; D <sup>(2)</sup> | 6805 |  |
| **Investment fund quotas** | **1149081** | **1296920** |
| &nbsp;&nbsp;&nbsp; AA to A <sup>(2)</sup> | 384527 | 1147489 |
| &nbsp;&nbsp;&nbsp; BBB- to B- <sup>(2)</sup> | 764554 | 149431 |
| **Financial asset at amortized cost** |  |  |
| **Cash and cash equivalents** | **450544** | **575235** |
| &nbsp;&nbsp;&nbsp; brAAA <sup>(1)</sup> | 38685 | 28378 |
| &nbsp;&nbsp;&nbsp; AA | 411859 | 546857 |
| **Credit operations and other operations** | **387559** | **346523** |
| &nbsp;&nbsp;&nbsp; AA to AA- <sup>(2)</sup> | 387559 | 331769 |
| &nbsp;&nbsp;&nbsp; BBB- <sup>(2)</sup> | 27.965 | 14754 |
| **Accounts receivable and other financial assets** | **109727** | **83822** |
| &nbsp;&nbsp;&nbsp; Counterparties without external credit rating <sup>(4)</sup> | 109727 | 83822 |

---

 

<sup>(1)</sup> The ratings were based on a market assessment of national or international scale by S&P *-* Standard & Poor's Financial Services LLC.

 

<sup>(2)</sup> The ratings presented relate to those calculated and assigned internally, based on the Group's credit risk policy.

<sup>(3)</sup> Refers to futures contracts, whose central counterparties are Stock Exchanges.

 

<sup>(4)</sup> Other receivables without significant credit risk characteristics.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

d. Liquidity risk

Liquidity risk is the possibility that the Group may not be able to efficiently meet its expected and unexpected (current and future) obligations, including those arising from binding guarantees, without affecting its daily operations and incurring material losses. Additionally, liquidity risk is the possibility that the Group may not be able to trade a position at market price due to its large size in relation to the usually traded volume, or due to market discontinuity. The liquidity risk controls aim to identify what the impacts on the Group's cash would be given the application of adverse scenarios under liquidity condition. These impacts consider both internal and external factors of the Group. The Group's cash is centrally managed by the Treasury area. The control of liquidity at the Group is carried out by the Risk area and the ALCO through tools such as the Liquidity Risk Contingency Plan, the Minimum Liquidity Reserve, control of cash depletion, daily assessment of operations with a term of less than 90 days, and the application of stress scenarios in the Group's liquidity conditions.

**Exposure to liquidity risk**

We present below the contractual maturities of financial assets and liabilities. These amounts are gross and include accrual of contractual interest.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows |
|  | <br>Book value 06/30/2025 | ≤03 <br>months | 03-12 <br>months | 01-03 <br>years | >03 <br>years | Projected balance |
| **Financial assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Cash and cash equivalents | 450544 | 450544 |  |  |  | 450544 |
| &nbsp;&nbsp;&nbsp;- Financial assets at fair value through profit or loss | 10393477 | 8997575 | 451816 | 313167 | 1235436 | 10997994 |
| &nbsp;&nbsp;&nbsp;- Financial assets at fair value through other comprehensive income | 2378503 |  |  | 352601 | 4867706 | 5220307 |
| &nbsp;&nbsp;&nbsp;- Financial asset at amortized cost | 1250872 | 863313 |  | 78766 | 660226 | 1602305 |
| **Derivative financial instruments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *-* Swap | 652209 | 13044 | 156530 | 163052 | 1004402 | 1337028 |
| &nbsp;&nbsp;&nbsp; - NDF | 147110 | 127986 | 10298 | 7356 |  | 145640 |
| &nbsp;&nbsp;&nbsp; - Options | 2750 | 1871 | 385 |  |  | 2256 |
| &nbsp;&nbsp;&nbsp; - Futures | 34062 | 3747 | 1703 | 1022 | 55862 | 62334 |
| **Total** | **15309527** | **10458080** | **620732** | **915964** | **7823632** | **19818408** |
| **Financial liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; - Suppliers | 2793 | 2792 |  |  |  | 2792 |
| &nbsp;&nbsp;&nbsp; - Client deposits | 2273538 | 363766 | 1091298 | 1114034 | 22735 | 2591833 |
| &nbsp;&nbsp;&nbsp; - Debt issued and others | 2458985 | 671568 | 223101 | 406996 | 1065180 | 2366845 |
| &nbsp;&nbsp;&nbsp; - Repurchase agreements | 8635213 | 8635213 |  |  |  | 8635213 |
| &nbsp;&nbsp;&nbsp; - Other financial liabilities | 631050 | 631048 |  |  |  | 631048 |
| &nbsp;&nbsp;&nbsp; - Lease liabilities | 34615 | 2041 | 3891 | 22195 | 24662 | 52789 |
| **Derivatives** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; - Swap | 249604 | 4992 | 59905 | 62401 | 384390 | 511688 |
| &nbsp;&nbsp;&nbsp; *- NDF* | 126046 | 109661 | 8823 | 6302 |  | 124786 |
| &nbsp;&nbsp;&nbsp; - Options | 2887 | 1963 | 404 |  |  | 2367 |
| &nbsp;&nbsp;&nbsp; - Futures | 14655 | 9965 | 2052 |  |  | 12017 |
| **Total** | **14429386** | **10433009** | **1389474** | **1611928** | **1496967** | **14931378** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows | Consolidated - Contractual cash flows |
|  | <br>Book value 12/31/2024 | ≤03 <br>months | 03-12 <br>months | 01-03 <br>years | >03 <br>years | Projected balance |
| **Financial assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Cash and cash equivalents | 575235 | 575235 |  |  |  | 575235 |
| &nbsp;&nbsp;&nbsp;- Financial assets at fair value through profit or loss | 9273217 | 8068272 | 275465 | 235103 | 1635851 | 10214691 |
| &nbsp;&nbsp;&nbsp;- Financial assets at fair value through other comprehensive income | 2379657 |  | 36286 | 238954 | 6382881 | 6658121 |
| &nbsp;&nbsp;&nbsp;- Financial asset at amortized cost | 1576438 | 1229914 |  |  | 784705 | 2014619 |
| **Derivative financial instruments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *-* Swap | 834743 | 8347 | 16695 | 258770 | 2120248 | 2404060 |
| &nbsp;&nbsp;&nbsp; - NDF | 196358 | 159050 | 31417 | 9818 |  | 200285 |
| &nbsp;&nbsp;&nbsp; - Options | 18817 | 10726 | 8844 |  |  | 19570 |
| &nbsp;&nbsp;&nbsp; - Futures | 21272 | 18719 | 2553 | 638 |  | 21910 |
| **Total** | **14875737** | **10070263** | **371260** | **743283** | **10923685** | **22108491** |
| **Financial liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; - Suppliers | 16022 | 16022 |  |  |  | 16022 |
| &nbsp;&nbsp;&nbsp; - Client deposits | 2627471 | 630593 | 1261186 | 1103538 | 26275 | 3021592 |
| &nbsp;&nbsp;&nbsp; - Debt issued and others | 1841558 | 9435 | 19689 | 1703098 | 3734238 | 5466460 |
| &nbsp;&nbsp;&nbsp; - Repurchase agreements | 8056208 | 8056208 |  |  |  | 8056208 |
| &nbsp;&nbsp;&nbsp; - Other financial liabilities | 1139273 | 1139273 |  |  |  | 1139273 |
| &nbsp;&nbsp;&nbsp; - Lease liabilities | 29441 | 1662 | 6466 | 17758 | 19732 | 45618 |
| **Derivatives** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *- Swap* | 170417 | 1704 | 3408 | 52829 | 432860 | 490801 |
| &nbsp;&nbsp;&nbsp; *- NDF* | 107118 | 86766 | 17139 | 5355 |  | 109260 |
| &nbsp;&nbsp;&nbsp; - Options | 17837 | 10167 | 8383 |  |  | 18550 |
| &nbsp;&nbsp;&nbsp; - Futures | 21943 | 19310 | 2633 | 658 |  | 22601 |
| **Total** | **14027288** | **9971140** | **1318904** | **2883236** | **4213105** | **18386385** |

---

e. Foreign exchange risk

A summary of the Group's exposure to foreign exchange risk is presented below, highlighting that the amounts in reais may differ from the figures presented in the condensed consolidated interim financial information.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 |
|  | R$(Real) | US$(Dollar) | € (Euro) | ¥ (Yen) |
| Foreign exchange exposure | (55461) | 49579 | 5882 |  |
| **Derivatives** |  |  |  |  |
| Swap | 7202 | (7202) |  |  |
| NDF | 101745 | 271460 |  | (373205) |
| Options | (7961) | 7961 |  |  |
| Futures | (48805) | (318471) | (2409) | 369685 |
| **Total** | **(3280)** | **3327** | **3473** | **(3520)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
|  | R$(Real) | US$(Dollar) | € (Euro) | ¥ (Yen) |
| Foreign exchange exposure | (70271) | 62629 | 7642 |  |
| **Derivatives** |  |  |  |  |
| Swap | 50905 | (50905) |  |  |
| NDF | (130264) | 144805 |  | (14541) |
| Options | (19671) | 19671 |  |  |
| Futures | 168154 | (178357) | (4017) | 14220 |
| **Total** | **(1147)** | **(2157)** | **3625** | **(321)** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

4. Cash and cash equivalents

---

| | | |
|:---|:---|:---|
| Parent Company | 06/30/2025 | 12/31/2024 |
| Banks - Checking account and cash | 1 | 2 |
| **Total** | **1** | **2** |

---

---

| | | |
|:---|:---|:---|
| Consolidated | 06/30/2025 | 12/31/2024 |
| Banks - Checking account and cash | 3224 | 62 |
| Balances with Brazilian Central Bank | 15 | 380 |
| Cash and cash equivalents in foreign currencies | 35446 | 27936 |
| Money market repurchase agreements<sup>(1)</sup> | 411859 | 546857 |
| **Total** | **450544** | **575235** |

---

<sup>(1)</sup> On June 30, 2025, and December 31, 2024, the repurchase agreements substantially had a resale date for July 01, 2025 and January 02, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;5. Financial instruments

a. Financial assets at fair value through profit or loss

---

| | | |
|:---|:---|:---|
|  | Fair / book value | Fair / book value |
| Parent Company | 06/30/2025 | 12/31/2024 |
| **Investment fund shares** |  |  |
| &nbsp;&nbsp;&nbsp; - Investment fund quotas | 123625 | 117895 |
| **Total** | **123625** | **117895** |

---

---

| | | |
|:---|:---|:---|
|  | Fair / book value | Fair / book value |
| Consolidated | 06/30/2025 | 12/31/2024 |
| **Government bonds <sup>(1)</sup>** | **9921848** | **8684734** |
| &nbsp;&nbsp;&nbsp; - Financial Treasury Bills (LFTs) | 359204 | 354910 |
| &nbsp;&nbsp;&nbsp; - National Treasury Bills (LTN) | 574255 | 425016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- National treasury notes (NTN-B) | 8229955 | 7843046 |
| &nbsp;&nbsp;&nbsp;- National treasury notes (NTN-F) | 749797 | 41454 |
| &nbsp;&nbsp;&nbsp; - Government bonds of foreign governments | 8637 | 20308 |
| **Private securities <sup>(2)</sup>** | **338905** | **405612** |
| &nbsp;&nbsp;&nbsp; - Certificates of Real Estate Receivables | 79945 | 152762 |
| &nbsp;&nbsp;&nbsp; - Agribusiness Receivables Certificates | 67605 | 64427 |
| &nbsp;&nbsp;&nbsp; - Debentures | 99128 | 97906 |
| &nbsp;&nbsp;&nbsp; - Real Estate Credit Bills | 92227 | 90517 |
| **Investment fund quotas** | **132724** | **182871** |
| &nbsp;&nbsp;&nbsp; - Investment fund quotas | 132724 | 182871 |
| **Total** | **10393477** | **9273217** |

---

b. Financial assets at fair value through other comprehensive
income

---

| | | |
|:---|:---|:---|
|  | Fair value/Book value | Fair value/Book value |
| Consolidated | 06/30/2025 | 12/31/2024 |
| **Private securities <sup>(2)</sup>** | **1207240** | **1063568** |
| &nbsp;&nbsp;&nbsp; - Certificates of Real Estate Receivables | 863612 | 857201 |
| &nbsp;&nbsp;&nbsp; - Agribusiness Receivables Certificates | 45807 | 30012 |
| &nbsp;&nbsp;&nbsp; - Rural Product Notes |  | 74766 |
| &nbsp;&nbsp;&nbsp; - Debentures | 182834 | 75688 |
| &nbsp;&nbsp;&nbsp; - Commercial Notes | 114987 | 25901 |
| **Investment fund quotas** | **1171263** | **1316089** |
| &nbsp;&nbsp;&nbsp; - Investment fund quotas | 1171263 | 1316089 |
| **Total** | **2378503** | **2379657** |

---

<sup>(1)</sup> Government bonds are under the custody of the Special Settlement and Custody System (SELIC) of the Brazilian Central Bank whose fair value was calculated by means of prices disclosed by ANBIMA – Brazilian Association of Financial Market and Capital Entities.

<sup>(2)</sup> The Certificates of Real Estate Receivables, Certificates of Agribusiness Receivables, Rural Product Notes, Debentures, Real Estate Credit Certificates and Commercial notes are classified at Fair Value through Profit or Loss ("FVTPL") or Fair Value through Other Comprehensive Income ("FVTOCI") and they are registered with the Clearing House of Custody and Financial Settlement of Securities ("B3 S.A."), the valuation of which is carried out by IPCA or CDI rate + fixed interest rate.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

6. Derivative financial instruments

a. Breakdown per index

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| Parent Company | Assets | Assets | Liabilities | Liabilities |
|  | Amounts receivable | Nominal<br> value | Amounts payable | Nominal<br> value |
| **Swap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IPCA x CDI | 443 | 68952 |  |  |
| &nbsp;&nbsp;&nbsp;Fixed rate x CDI | 3994 | 71324 |  |  |
| **Total** | **4437** | **140276** |  |  |

---

There were no derivative financial instruments contracted by the Parent Company as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| Consolidated | Assets | Assets | Liabilities | Liabilities |
|  | Amounts receivable | Nominal<br> value | Amounts payable | Nominal<br> value |
| **Swap** | **652209** | **8793910** | **(249604)** | **5291670** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPCA x CDI | 46863 | 179206 | (5291) | 50930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI X Dollar | 13185 | 201600 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPCA x Fixed | 249 | 32950 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x IPCA | 520616 | 6779995 | (189201) | 3049497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x Fixed rate | 60882 | 985135 | (30500) | 1349105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x CDI | 836 | 226465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate x CDI | 9578 | 388559 | (24612) | 842138 |
| **NDF (Non-deliverable Forwards)** | **147110** | **2420595** | **(126046)** | **2153202** |
| &nbsp;&nbsp;&nbsp;**Currency term** | **81297** | **1479504** | **(74054)** | **1452660** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar x Fixed rate | 3570 | 66684 | (69336) | 1355794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre x Dollar | 49265 | 994079 | (3474) | 73838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate x Yen | 28462 | 418741 | (1244) | 23028 |
| &nbsp;&nbsp;&nbsp;**Forward commodities** | **65813** | **941091** | **(51992)** | **700542** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities | 65813 | 941091 | (51992) | 700542 |
| **Options** | **2750** | **163450** | **(2887)** | **297295** |
| &nbsp;&nbsp;&nbsp;Purchase of call option | 103 | 90573 |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of put option | 2647 | 72877 |  |  |
| &nbsp;&nbsp;&nbsp;Sale of call option |  |  | (174) | 169502 |
| &nbsp;&nbsp;&nbsp;Sale of put option |  |  | (2713) | 127793 |
| **Futures** | **34062** | **3362234** | **(14655)** | **2288665** |
| &nbsp;&nbsp;&nbsp;**Long position** | **19512** | **2851276** | **(9418)** | **1136109** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP | 9806 | 2066012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DDI |  |  | (3855) | 409537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DI1 | 6084 | 732504 |  | 134804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOL |  |  | (122) | 13672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WDO |  |  | (479) | 66160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies - FX |  |  | (1142) | 372935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities – Domestic |  |  | (266) | 53171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities – Abroad | 3622 | 52760 | (3554) | 85830 |
| **Short position** | **14550** | **510958** | **(5237)** | **1152556** |
| &nbsp;&nbsp;&nbsp;DAP |  |  | (1) | 35945 |
| &nbsp;&nbsp;&nbsp;DDI | 2862 | 264622 |  |  |
| &nbsp;&nbsp;&nbsp;DI1 |  |  | (1460) | 1038487 |
| &nbsp;&nbsp;&nbsp;DOL | 1231 | 210098 |  |  |
| &nbsp;&nbsp;&nbsp;IND |  |  | (147) | 9884 |
| &nbsp;&nbsp;&nbsp;Currencies - FX |  |  | (52) | 2409 |
| &nbsp;&nbsp;&nbsp;Commodities – Abroad | 10457 | 36238 | (3577) | 65831 |
| **Total** | **836131** | **14740189** | **(393192)** | **10030832** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| Consolidated | Assets | Assets | Liabilities | Liabilities |
|  | Amounts<br> receivable | Nominal<br> value | Amounts<br> payable | Nominal<br> value |
| **Swap** | **834744** | **9132760** | **(170417)** | **3770579** |
| &nbsp;&nbsp;&nbsp;IPCA x CDI | 41009 | 357838 | (5569) | 44280 |
| &nbsp;&nbsp;&nbsp;CDI X Dollar | 19888 | 410087 | (7318) | 24673 |
| &nbsp;&nbsp;&nbsp;IPCA x Fixed | 2776 | 32950 |  |  |
| &nbsp;&nbsp;&nbsp;CDI x IPCA | 638920 | 6608426 | (77126) | 2455378 |
| &nbsp;&nbsp;&nbsp;CDI x Fixed rate | 129684 | 1581558 |  |  |
| &nbsp;&nbsp;&nbsp;CDI x CDI | 2328 | 111465 |  |  |
| &nbsp;&nbsp;&nbsp;Fixed rate x CDI | 139 | 30436 | (80404) | 1246248 |
| **NDF (Non-deliverable Forwards)** | **196357** | **5048660** | **(107118)** | **2411536** |
| &nbsp;&nbsp;&nbsp;**Currency term** | **152775** | **4259104** | **(70332)** | **1805233** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar x Fixed rate | 151034 | 3078120 | (560) | 33713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre x Dollar | 170 | 1143146 | (68657) | 1748315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro x Fixed rate |  |  |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate x Yen | 443 | 14810 | (1115) | 23028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yen x Fixed rate | 1128 | 23028 |  |  |
| &nbsp;&nbsp;&nbsp;**Forward commodities** | **43582** | **789556** | **(36786)** | **606303** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commodities* | 43582 | 789556 | (36786) | 606303 |
| **Options** | **18817** | **666593** | **(17837)** | **580038** |
| &nbsp;&nbsp;&nbsp;Purchase of call option | 18215 | 488637 |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of put option | 602 | 177956 |  |  |
| &nbsp;&nbsp;&nbsp;Sale of call option |  |  | (17233) | 293696 |
| &nbsp;&nbsp;&nbsp;Sale of put option |  |  | (604) | 286342 |
| **Futures** | **21272** | **5260984** | **(21943)** | **4918192** |
| &nbsp;&nbsp;&nbsp;**Long position** | **859** | **1867692** | **(19530)** | **4626465** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP |  |  | (11655) | 1457382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DDI |  |  | (151) | 52682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DI1 | 32 | 1650880 | (2526) | 982772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOL |  |  | (4940) | 2119259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WDO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCM | 545 | 126561 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities – Domestic | 282 | 90251 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities – Abroad |  |  | (258) | 14370 |
| &nbsp;&nbsp;&nbsp;**Short position** | **20413** | **3393292** | **(2413)** | **291727** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP | 155 | 259142 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DDI | 3670 | 1307850 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DI1 | 1683 | 449622 | (10) | 91499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WDO | 2252 | 1192993 | (583) | 125623 |
| &nbsp;&nbsp;&nbsp;Currencies - FX | 12589 | 181956 | (1025) | 32855 |
| &nbsp;&nbsp;&nbsp;Commodities – Domestic | 64 | 1729 |  |  |
| &nbsp;&nbsp;&nbsp;Commodities – Abroad |  |  | (795) | 41750 |
| **Total** | **1071190** | **20108997** | **(317315)** | **11680345** |

---

Financial collateral given for derivative financial instrument transactions with B3 S.A. are represented by government bonds and totaled R$281,390 on June 30, 2025 (R$380,628 on December 31, 2024).

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

&nbsp;&nbsp;&nbsp;&nbsp;b. Comparison between the cost and fair value

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| **Parent Company** | Cost | Unrealized gains<br> / (losses) | Credit risk<br> adjustment | Fair value |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | 156 | 4281 |  | 4437 |
| **Total** | **156** | **4281** |  | **4437** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| **Consolidated** | Cost | Unrealized gains<br> / (losses) | Credit risk<br> adjustment | Fair value |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | 133384 | 521841 | (3016) | 652209 |
| &nbsp;&nbsp;&nbsp;NDF | 141982 | 5707 | (579) | 147110 |
| &nbsp;&nbsp;&nbsp;Options | 76 | 2685 | (11) | 2750 |
| &nbsp;&nbsp;&nbsp;Futures | 34062 |  |  | 34062 |
| **Total** | **309504** | **530233** | **(3606)** | **836131** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | (410574) | 160980 | (10) | (249604) |
| &nbsp;&nbsp;&nbsp;NDF | (115887) | (10159) |  | (126046) |
| &nbsp;&nbsp;&nbsp;Options | (1336) | (1551) |  | (2887) |
| &nbsp;&nbsp;&nbsp;Futures | (14655) |  |  | (14655) |
| **Total** | **(542452)** | **149270** | **(10)** | **(393192)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| **Consolidated** | Cost | Unrealized gains<br> / (losses) | Credit risk<br> adjustment | Fair value |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | 92355 | 747151 | (4762) | 834744 |
| &nbsp;&nbsp;&nbsp;NDF | 197560 | (44) | (1159) | 196357 |
| &nbsp;&nbsp;&nbsp;Options | 10771 | 8213 | (167) | 18817 |
| &nbsp;&nbsp;&nbsp;Futures | 21272 |  |  | 21272 |
| **Total** | **321958** | **755320** | **(6088)** | **1071190** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | (311850) | 141107 | 326 | (170417) |
| &nbsp;&nbsp;&nbsp;NDF | (107034) | (181) | 97 | (107118) |
| &nbsp;&nbsp;&nbsp;Options | (14343) | (3496) | 2 | (17837) |
| &nbsp;&nbsp;&nbsp;Futures | (21943) |  |  | (21943) |
| **Total** | **(455170)** | **137430** | **425** | **(317315)** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

&nbsp;&nbsp;&nbsp;&nbsp;c. Breakdown per maturity

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| **Parent Company** | ≤03 months | 3–12 months | 1–3 years | >03 years | Fair value |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap |  |  | 179 | 4258 | 4437 |
| **Total** |  |  | **179** | **4258** | **4437** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| **Consolidated** | ≤03 months | 3–12 months | 1–3 years | >03 years | Fair value |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | 3023 | 89125 | 115456 | 444605 | 652209 |
| &nbsp;&nbsp;&nbsp;NDF | 96395 | 42976 | 7739 |  | 147110 |
| &nbsp;&nbsp;&nbsp;Options | 2462 | 288 |  |  | 2750 |
| &nbsp;&nbsp;&nbsp;Futures | 12215 | 10807 | 1644 | 9396 | 34062 |
| **Total** | **114095** | **143196** | **124839** | **454001** | **836131** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | (11379) | (1545) | (41440) | (195240) | (249604) |
| &nbsp;&nbsp;&nbsp;NDF | (76774) | (39710) | (9562) |  | (126046) |
| &nbsp;&nbsp;&nbsp;Options | (2618) | (269) |  |  | (2887) |
| &nbsp;&nbsp;&nbsp;Futures | (7432) | (5679) | (825) | (719) | (14655) |
| **Total** | **(98203)** | **(47203)** | **(51827)** | **(195959)** | **(393192)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| **Consolidated** | ≤03 months | 3–12months | 1–3 years | >03 years | Fair value |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | 4961 | 7019 | 167954 | 654810 | 834744 |
| &nbsp;&nbsp;&nbsp;NDF | 126182 | 55160 | 4224 | 10791 | 196357 |
| &nbsp;&nbsp;&nbsp;Options | 10349 | 8468 |  |  | 18817 |
| &nbsp;&nbsp;&nbsp;Futures | 9725 | 6917 | 3307 | 1323 | 21272 |
| **Total** | **151217** | **77564** | **175485** | **666924** | **1071190** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | (130) | (17623) | (14234) | (138430) | (170417) |
| &nbsp;&nbsp;&nbsp;NDF | (53306) | (42696) | (2744) | (8372) | (107118) |
| &nbsp;&nbsp;&nbsp;Options | (3370) | (14467) |  |  | (17837) |
| &nbsp;&nbsp;&nbsp;Futures | (9153) | (529) | (1042) | (11219) | (21943) |
| **Total** | **(65959)** | **(75315)** | **(18020)** | **(158021)** | **(317315)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;d. Derivatives offset amount

The BR Partners Group does not have contracts in which the Company or its counterparty has the right to offset the amounts receivable and payable from the separate contracts in the event of default.

&nbsp;&nbsp;&nbsp;&nbsp;e. Derivatives designated as hedge accounting

---

| | | | |
|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| Strategy | Hedging instrument<br> fair value<sup>(1)</sup> | Hedged item<br> fair value | Fair value<br> adjustment<br> on hedged<br> item recorded<br> in profit<br> or loss <sup>(2)</sup> |
| Interest rate risk |  |  |  |
| *Floating rate funding* | (186588) | 194488 | 3782 |
| **Total** | **(186588)** | **194488** | **3782** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

&nbsp;&nbsp;&nbsp;&nbsp;e. Derivatives designated as hedge accounting

---

| | | | |
|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2025 |
| Strategy | Hedging instrument<br> fair value<sup>(1)</sup> | Hedged item<br> fair value | Fair value<br> adjustment<br> on hedged<br> item recorded<br> in profit<br> or loss <sup>(2)</sup> |
| Interest rate risk |  |  |  |
| *Floating rate funding* | (186588) | 194488 | 3782 |
| **Total** | **(186588)** | **194488** | **3782** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| Strategy | Hedging instrument<br> fair value<sup>(1)</sup> | Hedged item<br> fair value | Fair value<br> adjustment<br> on hedged<br> item recorded<br> in profit<br> or loss <sup>(2)</sup> |
| Interest rate risk |  |  |  |
| Funding Hedge <sup>(3)</sup> |  |  |  |
| *Fixed rate funding* | (134088) | 163812 |  |
| *Floating rate funding* | (378686) | 396116 | 2158 |
| **Total** | **(512774)** | **559928** | **2158** |

---

(1) The Group uses DI and DAP futures contracts, traded on B3
S.A., as a hedging instrument related to the interest rate risk of fixed and floating-rate funding selected for hedging. Daily adjustments
related to futures contracts are recorded under "Interest revenues and gains on financial instruments" or "Interest
expenses and losses on financial instruments".

<sup>(2)</sup> Balances presented on an accumulated basis for purposes of comparing the changes in the fair value of the instruments versus the hedged item.

<sup>(3)</sup> Fixed-rate and floating-rate funding recorded under "Client deposits", related to the Bank Deposit Certificate ("CDB") product.

7. Financial assets at amortized cost and other assets

a. Valued at amortized cost

There was no balance in the parent company for the period ended June 30, 2025 and year ended December 31, 2024, respectively.

---

| | | |
|:---|:---|:---|
| **Consolidated** | 06/30/2025 | 12/31/2024 |
| Loans <sup>(1)</sup> | 309596 | 346523 |
| **Other financial assets at amortized cost** | **941276** | **1229915** |
| &nbsp;&nbsp;&nbsp;- Foreign exchange<sup>(2)</sup> | 627570 | 1139273 |
| &nbsp;&nbsp;&nbsp;- Financial instruments <sup>(3)</sup> | 77963 |  |
| &nbsp;&nbsp;&nbsp;- Services receivable <sup>(4)</sup> | 109727 | 83821 |
| &nbsp;&nbsp;&nbsp;- Other amounts<sup>(5)</sup> | 120898 | 5785 |
| &nbsp;&nbsp;&nbsp;- Deposits <sup>(6)</sup> | 5118 | 1036 |
| **Total** | **1250872** | **1576438** |

---

<sup>(1)</sup> Balance refers to operations with clients of BR Partners Banco de Investimento S.A., represented by Bank Credit Notes and Real Estate Credit Notes.

<sup>(2)</sup> Amount refers to a purchased foreign exchange contract whose settlement was carried out on July 01, 2025 and January 2, 2025, respectively.

<sup>(3)</sup> Represented by Rural Product Notes ("CPR") and Commercial Notes ("NC").

<sup>(4)</sup> Refer to services provided to clients and reimbursements receivable on expenditures defined in the service agreement.

<sup>(5)</sup> Mainly refers to the final sale of financial instruments, which were settled on July 1, 2025.

<sup>(6)</sup> Refers to a security deposit in the amount of R$4,985 (R$592 as of December 31, 2024) and a labor court deposit in the amount of R$133 (R$166 as of December 31, 2024).

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

8. Related party transactions

The transactions between related parties were carried out in terms equivalent to those prevailing in transactions between independent parties.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Direct controlling<br> shareholder** <sup>(1)</sup>** | **Direct controlling<br> shareholder** <sup>(1)</sup>** | **Associated companies/subsidiaries** <sup>(2)</sup>** | **Associated companies/subsidiaries** <sup>(2)</sup>** | Total | Total |
| Parent Company | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 |
| **Assets/(Liabilities)** |  |  |  |  |  |  |
| Amounts receivable |  |  |  | 11105 |  | 11105 |
| Derivative financial instruments |  |  | 4437 |  | 4437 |  |
| Investment fund quotas |  |  | 123625 | 117895 | 123625 | 117895 |
| Dividends payable | (20793) | (735) |  |  | (20793) | (735) |
| **Result/(Expenses)** |  |  |  |  |  |  |
| Result from derivatives |  |  | 4437 |  | 4437 |  |
| Income (loss) from investment in investment fund |  |  | 5730 | 9966 | 5730 | 9966 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Direct controlling<br> shareholder** <sup>(1)</sup>** | **Direct controlling<br> shareholder** <sup>(1)</sup>** | **Associated companies** <sup>(2)</sup>** | **Associated companies** <sup>(2)</sup>** | **Key management personnel <sup>(3)</sup>** | **Key management personnel <sup>(3)</sup>** | **Total** | **Total** |
| Consolidated | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 |
| **Assets/(Liabilities)** |  |  |  |  |  |  |  |  |
| Investment fund quotas |  |  | 123625 | 117895 |  |  | 123625 | 117895 |
| Client deposits <sup>(4)</sup> | (705) | (1250) | (11666) | (13788) | (1826) | (2553) | (14197) | (17591) |
| Letters of credit for real estate <sup>(5)</sup> |  |  |  |  | (1424) | (2709) | (1424) | (2709) |
| Agribusiness credit bills |  |  |  |  |  | (91) |  | (91) |
| Dividends payable | (20793) | (735) |  |  |  |  | (20793) | (735) |
| **Result/(Expenses)** |  |  |  |  |  |  |  |  |
| Interest revenue from financial assets at fair value through profit or loss – Investment fund quotas |  |  | 5730 | 9966 |  |  | 5730 | 9966 |
| Interest expenses and (losses) on financial instruments | (105) | (41) | (794) | (1338) | (107) | (653) | (1006) | (2032) |

---

(1) BR Partners Holdco Participações S.A.

(2) Other companies of BR Partners Group, BR Partners Outlet
Premium Fundo de Investimento em Participações and BR Partners Fundo de Investimento Multimercado Crédito Privado.

(3) Members of Board of Directors and Executive Board.

(4) Represented by fundraising by BR Partners Banco de Investimento
S.A., maturing up to November 16, 2026 at an average rate of 108% of CDI.

(5) Represented by fundraising by BR Partners Banco de Investimento
S.A., maturing up to December 11, 2025
at a variable rate of 96% of CDI.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

a. Remuneration of key personnel

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended |
| **Parent Company** | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| Directors' fee | 909 | 705 | 1682 | 1202 |
| Social charges | 155 | 141 | 336 | 240 |
| **Total** | **1064** | **846** | **2018** | **1442** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended |
| **Consolidated** | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| Directors' fee | 14941 | 9838 | 26851 | 18367 |
| Social charges | 2382 | 1967 | 5370 | 3673 |
| **Total** | **17323** | **11805** | **32221** | **22040** |

---

Key management personnel is represented by the Company's statutory executive board and Board of Directors who, in addition to dividends arising from their interests in BR Partners Holdco Participações S.A., receive remuneration for services rendered at the Company which is recorded under "Personnel expenses".

b. Other information

Related parties are considered, as:

● Company's Directors and administrative Board members, as well as their respective spouses and relatives up to the 2<sup>nd</sup> degree; and

● Individuals or legal entities that hold more than 10% of the Company's share capital.

&nbsp;&nbsp;&nbsp;&nbsp;9. Investments in subsidiaries

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parent Company** | 12/31/2024 | Equity in net income of subsidiaries | Other comprehensive income <sup>(1)</sup> | 06/30/2025 |
| BR Partners Assessoria Financeira Ltda. | 1326 | 18825 | (8) | 20143 |
| BR Partners Mercados de Capitais Ltda. | 1000 | 19733 |  | 20733 |
| BR Partners Participações Financeiras Ltda. | 691344 | 22244 | 2441 | 716029 |
| BR Partners Gestão de Recursos Ltda. | 2000 | 24360 |  | 26360 |
| BR Partners Assessoria em Soluções de Capital Ltda. | 500 | 1733 |  | 2233 |
| **Total** | **696170** | **86895** | **2433** | **785498** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parent Company** | 12/31/2023 | Equity in net income of subsidiaries | Other comprehensive income <sup>(1)</sup> | 06/30/2024 |
| BR Partners Assessoria Financeira Ltda. | 979 | 26800 | 355 | 28134 |
| BR Partners Mercados de Capitais Ltda. | 1000 | 24505 |  | 25505 |
| BR Partners Participações Financeiras Ltda. | 723063 | 11223 | (1248) | 733038 |
| BR Partners Gestão de Recursos Ltda. | 2000 | 10340 |  | 12340 |
| BR Partners Assessoria em Soluções de Capital Ltda. | 500 | 25722 |  | 26222 |
| **Total** | **727542** | **98590** | **(893)** | **825239** |

---

<sup>(1)</sup> Represented by reflective equity valuation adjustments recorded at BR Partners Banco de Investimento S.A. and BR Partners Assessoria Financeira Ltda.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

10. Other amounts payable

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Parent Company | Parent Company | Consolidated | Consolidated |
|  | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 |
| Dividends payable | 38183 | 735 | 38183 | 735 |
| Amounts payable to related companies | 47841 |  |  |  |
| Lease liabilities <sup>(1)</sup> |  |  | 34615 | 29441 |
| Provision payable for expenses on personnel | 1174 | 1767 | 18593 | 42998 |
| Provision for contingency (Note 19.b) |  |  | 1039 | 1368 |
| Provision for surety bonds provided<sup>(2)</sup> |  |  | 145 | 532 |
| Future year earnings |  |  | 1459 | 1772 |
| Other | 2336 |  | 658 | 385 |
| **Total** | **89534** | **2502** | **94692** | **77231** |

---

<sup>(1)</sup> The Group leases floors of a commercial building for a period of 10 years. As of June 30, 2025, the non-cancelable minimum lease amounts are presented between 1 and 10 years.

<sup>(2)</sup> Refers to commissions on endorsements and sureties currently found in the credit portfolio of BR Partners Banco de Investimento S.A. Note 19.a.

11. Financial liabilities

**Deposits, fundraising and obligations for loans**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | ≤03 <br>months | 04-12 <br>months | 01-03 <br>years | >03 <br>years | 06/30/2025 | 12/31/2024 |
| **Client deposits** | **361189** | **988799** | **916652** | **6898** | **2273538** | **2627471** |
| &nbsp;&nbsp;&nbsp;- Time deposit <sup>(1)</sup> | 357620 | 628613 | 916652 | 6898 | 1909783 | 2170262 |
| &nbsp;&nbsp;&nbsp;- Interbank deposits <sup>(2)</sup> | 3569 | 360186 |  |  | 363755 | 457209 |
| **Repurchase agreements** | **8635213** | **-** | **-** | **-** | **8635213** | **8056208** |
| &nbsp;&nbsp;&nbsp;- Government bonds <sup>(3)</sup> | 7600002 |  |  |  | 7600002 | 7113234 |
| &nbsp;&nbsp;&nbsp;- Private securities <sup>(3)</sup> | 1035211 |  |  |  | 1035211 | 942974 |
| **Debt issued and others** | **12977** | **539002** | **1282311** | **624695** | **2458985** | **1841558** |
| &nbsp;&nbsp;&nbsp;- Real Estate Credit Bills <sup>(4)</sup> |  | 56889 |  |  | 56889 | 2709 |
| &nbsp;&nbsp;&nbsp;- Agribusiness credit bills <sup>(5)</sup> | 25 |  |  |  | 25 | 8785 |
| &nbsp;&nbsp;&nbsp;- Financial bills <sup>(6)</sup> | 12952 | 482113 | 1282311 |  | 1777376 | 1366074 |
| &nbsp;&nbsp;&nbsp;- Subordinated Financial Bills Eligible for Capital– Tier II <sup>(7)</sup> |  |  |  | 257605 | 257605 | 243948 |
| &nbsp;&nbsp;&nbsp;- Financial Bills - Supplementary Capital<sup>(8)</sup> |  |  |  | 367090 | 367090 | 220042 |
| **Other financial liabilities** | **631050** | **-** | **-** | **-** | **631050** | **1139273** |
| &nbsp;&nbsp;&nbsp;- Obligations with foreign exchange purchase <sup>(9)</sup> | 631050 |  |  |  | 631050 | 1139273 |
| &nbsp;&nbsp;&nbsp;**Total** | **9640429** | **1527801** | **2198963** | **631593** | **13998786** | **13664510** |

---

<sup>(1)</sup> For fixed-rate Bank Deposit Certificates ("CDB"), the remuneration rate is between 9.82% and 16.49% p.a. and for floating-rate CDBs, the remuneration rate is between 95% and 113.8% of the DI, 100% of DI + 0.10% to 1.52% p.a. and IPCA + 3.74% and 7.39% p.a.

<sup>(2)</sup> For floating rate Interbank Deposit Certificates ("CDI"), the remuneration rate is between 100% and 110% of the DI.

<sup>(3)</sup> For repurchase agreements linked to government bonds ("NTN-B", "NTN-F" and "LTN"), the yield rate is 14.90% p.a. and, for private securities (Debentures, CRI, CRA and CCI), the average yield rate is 95% of DI.

<sup>(4)</sup> For floating-rate Real Estate Credit Bills ("LCI"), the remuneration rate is between 89% and 96% of the DI.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

<sup>(5)</sup> For floating-rate Agribusiness Credit Bills ("LCA"), the remuneration rate is 95% of the DI.

<sup>(6)</sup> Fixed-rate Financial Bills ("LF"), with remuneration rate between 11.62% and 13.95% p.a., and for floating-rate LF the remuneration rate is between 100% and 113% of the DI + 0.49% to 2.94% and 100% of the IPCA +6.58% p.a.

<sup>(7)</sup> For fixed Subordinated Financial Bills Eligible to Capital ("LFSN"), the remuneration rate is 11.38%, and for floating-rate LFSN the remuneration rate is between 100% and 109.6% of the DI, 100% of DI + 1% and 100% of the IPCA + 6.39%.

<sup>(8)</sup> The Perpetual Subordinated Financial Bills, eligible for the composition of the complementary capital, are remunerated at floating rates of 100% of the DI + 2.50% p.a.

<sup>(9)</sup> Refers to the obligation linked to a purchased foreign exchange contract, whose settlement occurred on July 01, 2025.

Remuneration rates presented above refer to the operations existing on June 30, 2025.

12. Shareholders' equity

**a.** **Share capital** 

The Company's capital, fully subscribed and paid in, in the amount of R$674,940 at June 30, 2025 (R$674,940 at December 31, 2024), is represented by 314,987 shares: 200,546 registered, book-entry common shares with no par value and 114,441 registered, book-entry preferred shares with no par value (314,987 total shares: 200,546 registered, book-entry common shares with no par value and 114,441 registered preferred shares with no par value at December 31, 2024).

**b.** **Profit reserve** 

The legal reserve is increased annually by an allocation of 5% of net income for the year, and may not exceed 20% of the Company's capital. The legal reserve can be used to offset losses and increase capital. Other profit reserves refer to the retention of the remaining balance of retained earnings, pursuant to article 196 of Brazil's Corporation Act.

**c.** **Basic and diluted earnings per share** 

Basic earnings per share are calculated by dividing profit attributable to the Company's shareholders by the weighted average number of common shares for the period.

For the periods ended June 30, 2025 and 2024, there are no potential common and preferred shares in the Group for dilution purposes. Therefore, the basic and diluted earnings per share are the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 06/30/2025 | 06/30/2025 | 06/30/2024 | 06/30/2024 |
| Profit attributable to the Company's shareholders |  | 88315 |  | 101427 |
| Weighted average of shares issued |  | 314987 |  | 314987 |
| **Basic earnings and diluted per share (in Reais)** |  | **0.28** |  | **0.32** |

---

**d.** **Dividends** 

Shareholders will be entitled to a non-cumulative mandatory minimum dividend, corresponding to 25% of the adjusted proft, as set forth in the Article 191 of Brazil's Corporation Law, reduced or increased by the amounts provided for in item I of Article 202 of the Brazil's Corporation Low and subject to the provisions of item II and III of the same article, as applicable.

The distribution of minimum dividend will not be mandatory in the fiscal year in which the Board of Directors informs shareholders, with justified and unanimously approved exposure, that it is incompatible with the Company's financial situation, in which case a portion of the profit may be distributed or approved for retention as a reserve. Profits that are no longer distributed pursuant to this paragraph will be paid as soon as the Company's financial situation permits, applying the provisions of article 202, §5 of the Brazil's Corporation Law.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

13. Revenue

The following summary discloses the revenues from services rendered (revenue from contracts with customers) and net interest revenue (expense) and gains (losses) on financial instruments, that composes the consolidated total revenues disaggregated by line of business:

---

| | | | |
|:---|:---|:---|:---|
|  | Three-month period ended 06/30/2025 | Three-month period ended 06/30/2025 | Three-month period ended 06/30/2025 |
| Business line | Revenues from services rendered | Net interest revenue (expense) and gains (losses) on financial instruments | Total |
| Investment Banking and Capital Markets | 73888 |  | 73888 |
| Treasury Sales & Structuring |  | 23890 | 23890 |
| Investments and Wealth Management | 3844 |  | 3844 |
| Capital Remuneration |  | 37667 | 37667 |
| **Total** | **77732** | **61657** | **139289** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Three-month period ended 06/30/2024 | Three-month period ended 06/30/2024 | Three-month period ended 06/30/2024 |
| Business line | Revenues from services rendered | Net interest revenue (expense) and gains (losses) on financial instruments | Total |
| Investment Banking and Capital Markets | 89294 |  | 89294 |
| Treasury Sales & Structuring | 3 | 18842 | 18845 |
| Investments and Wealth Management | 3407 |  | 3407 |
| Capital Remuneration |  | 30498 | 30498 |
| **Total** | **92704** | **49340** | **142044** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Six-month period ended 06/30/2025 | Six-month period ended 06/30/2025 | Six-month period ended 06/30/2025 |
| Business line | Revenues from services rendered | Net interest revenue (expense) and gains (losses) on financial instruments | Total |
| Investment Banking and Capital Markets | 152374 |  | 152374 |
| Treasury Sales & Structuring |  | 41095 | 41095 |
| Investments and Wealth Management | 7224 |  | 7224 |
| Capital Remuneration |  | 66082 | 66082 |
| **Total** | **159598** | **107177** | **266775** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Six-month period ended 06/30/2024 | Six-month period ended 06/30/2024 | Six-month period ended 06/30/2024 |
| Business line | Revenues from services rendered | Net interest revenue (expense) and gains (losses) on financial instruments | Total |
| Investment Banking and Capital Markets | 166979 |  | 166979 |
| Treasury Sales & Structuring | 4 | 36221 | 36225 |
| Investments and Wealth Management | 5474 |  | 5474 |
| Capital Remuneration |  | 70935 | 70935 |
| **Total** | **172457** | **107156** | **279613** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

14. Net interest revenue (expense) and gains (losses) on financial instruments

---

| | | |
|:---|:---|:---|
|  | Three-month period ended | Three-month period ended |
| **Parent Company** | 06/30/2025 | 06/30/2024 |
| - Income from financial assets at fair value through profit or loss | 5388 |  |
| - Expenses with financial assets at fair value through profit or loss | (93) | (612) |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **5295** | **(612)** |

---

---

| | | |
|:---|:---|:---|
|  | Six-month period ended | Six-month period ended |
| **Parent Company** | 06/30/2025 | 06/30/2024 |
| - Income from financial assets at fair value through profit or loss | 5730 | 10978 |
| - Expenses with financial assets at fair value through profit or loss | 4437 | (218) |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **10167** | **10760** |

---

---

| | | |
|:---|:---|:---|
|  | Three-month period ended | Three-month period ended |
| **Consolidated** | 06/30/2025 | 06/30/2024 |
| **Interest revenues** |  |  |
| - Income from loans | 19386 | 3139 |
| - Income from guarantees granted | 459 | 237 |
| *Financial assets* |  |  |
| - At amortized cost | 3999 |  |
| - At fair value through profit or loss | 506065 | 258684 |
| **Total interest revenues** | **529909** | **262060** |
| **Interest expenses** |  |  |
| - Funding expenses | (441773) | (240020) |
| - Positive fair value - funding (Hedged Item) | 420 | 53 |
| *Financial assets* |  |  |
| - At fair value through profit or loss | 45895 | (227104) |
| **Total interest expenses** | **(395458)** | **(467071)** |
| **Net gains (losses) from operations in foreign currency** |  |  |
| Foreign exchange income | (2131) | 19843 |
| Foreign exchange expenses | 3254 | (26342) |
| **Total** | **1123** | **(6499)** |
| **Gains (losses) on derivative transactions** |  |  |
| Income from derivative operations | 2573712 | (1223998) |
| Expenses on derivative operations | (2647729) | 1484848 |
| **Total** | **(74017)** | **260850** |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **61557** | **49340** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

---

| | | |
|:---|:---|:---|
|  | Six-month period ended | Six-month period ended |
| **Consolidated** | Balance at 06/30/2025 | Balance at 06/30/2024 |
| **Interest revenues** |  |  |
| - Income from loans and other credits | 38416 | 11224 |
| - Income from guarantees granted | 967 | 854 |
| *Financial assets* |  |  |
| - At amortized cost | 7541 |  |
| - At fair value through profit or loss | 1035520 | 569544 |
| **Total interest revenues** | **1082444** | **581622** |
| **Interest expenses** |  |  |
| - Funding expenses | (823744) | (466866) |
| - Positive (negative) fair value - funding (Hedged Item) | 1625 | (639) |
| *Financial assets* |  |  |
| - At fair value through profit or loss | (57793) | (405680) |
| **Total interest expenses** | **(879912)** | **(873185)** |
| **Net gains (losses) from operations in foreign currency** |  |  |
| Foreign exchange income | 17433 | 71559 |
| Foreign exchange expenses | (15190) | (42963) |
| **Total** | **2243** | **28596** |
| **Gains (losses) on derivative transactions** |  |  |
| Income from derivative operations | 3865942 | 2461867 |
| Expenses on derivative operations | (3963540) | (2091744) |
| **Total** | **(97598)** | **370123** |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **107177** | **107156** |

---

15. Administrative expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended |
| **Parent Company** | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| Outsourced service expenses | 1400 | 300 | 4873 | 536 |
| Financial system expenses | 282 | 189 | 403 | 286 |
| Data processing expenses | 29 | 28 | 58 | 56 |
| Other expenses | 136 | 231 | 369 | 385 |
| **Total** | **1847** | **748** | **5703** | **1263** |
| Reversal of administrative expenses |  |  |  | (466) |
| **Total** | **1847** | **748** | **5703** | **797** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended |
| **Consolidated** | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| Outsourced service expenses | 5921 | 20151 | 19776 | 32167 |
| Data processing expenses | 2782 | 2736 | 5519 | 4548 |
| Financial system service expenses | 1834 | 2416 | 3603 | 4501 |
| Amortization and depreciation expenses | 2414 | 2125 | 4899 | 3863 |
| Rent expenses | 1062 | 943 | 2593 | 1908 |
| Other expenses | 6017 | 5078 | 11260 | 9133 |
| **Total** | **20030** | **33449** | **47650** | **56120** |
| Reversal of administrative expenses |  | (14) |  | (1261) |
| **Total** | **20030** | **33435** | **47650** | **54859** |

---

16. Tax expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended |
| **Consolidated** | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| **Revenues from services rendered** |  |  |  |  |
| - PIS | 679 | 661 | 1378 | 1373 |
| - COFINS | 3423 | 3159 | 6830 | 6499 |
| - ISS | 3794 | 4545 | 7811 | 8502 |
| **Income (loss) from financial instruments net of interest** |  |  |  |  |
| - PIS | 413 | 303 | 777 | 669 |
| - COFINS | 2543 | 1881 | 4797 | 4133 |
| **Total** | **10852** | **10549** | **21593** | **21176** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

17. Income taxes

**a.** **Current and deferred taxes** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended** | **Three-month period ended** | **Six-month period ended** | **Six-month period ended** |
| **Parent Company** | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| **Profit before income tax** | 45057 | 51758 | 88359 | 105085 |
| Rate (25% Income Tax (IR) and 9% Social Contribution (CSLL)) | (15319) | (17598) | (30042) | (35729) |
| - Permanent (additions)/Exclusions | (32) |  | (666) | (408) |
| - Temporary differences without recording deferred tax assets | (102) | (386) | 2147 | 4084 |
| - Additions/exclusions – Undistributed earnings in equity method investees | 14680 | 18557 | 29544 | 33521 |
| Deferred formation/(reversal) for the period | 136 | 208 | (44) | (3658) |
| Tax losses and negative basis | 773 | (573) | (983) | (1468) |
| **Income tax and social contribution in the periods** | **136** | **208** | **(44)** | **(3658)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended** | **Three-month period ended** | **Six-month period ended** | **Six-month period ended** |
| **Consolidated** | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 |
| **Profit before income tax** | 63864 | 58286 | 118107 | 127367 |
| Total income tax and social contribution charge at statutory rates | (21714) | (19817) | (40156) | (43305) |
| *Effect of additions and deductions on the calculation of taxes:* |  |  |  |  |
| - Permanent additions/(exclusions) | 742 | 972 | 1548 | (181) |
| - Temporary differences without recording deferred tax assets | 35 | (178) | 199 | 426 |
| - Other<sup>(1)</sup> | 2265 | 12703 | 8617 | 17120 |
| **Income tax and social contribution for the periods** | **(18672)** | **(6320)** | **(29792)** | **(25940)** |
| Effective rate | 29.2% | 10.8% | 25.2% | 20.4% |
| Deferred income tax and social contribution | (5883) | (904) | (13195) | (18175) |
| Current income tax and social contribution | (12789) | (5416) | (16597) | (7765) |
| **Income tax and social contribution in the periods** | **(18672)** | **(6320)** | **(29792)** | **(25940)** |

---

<sup>(1)</sup> Basically includes: (i) adjustment for the different rates of non-financial companies taxed based on the presumed profit (BR Partners Gestão de Recursos Ltda., BR Partners Mercados de Capitais Ltda., BR Partners Assessoria em Reestruturação Financeira Ltda. and BR Partners Corretora de Seguros Ltda.); and (ii) tax rate difference of subisiaries.

**b.** **Deferred tax assets and liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Parent Company** | 12/31/2024 | Constitution | Realization / (Write-off) | 06/30/2025 |
| Tax loss and negative basis of social contribution | 3060 | 2595 | (691) | 4964 |
| **Total deferred tax assets** | **3060** | **2595** | **(691)** | **4964** |
| Deferred tax obligations on fair value of financial assets | 20840 | 2176 | (228) | 22788 |
| **Total deferred tax liabilities** | **20840** | **2176** | **(228)** | **22788** |
| **Total net deferred tax assets (liabilities)** | **(17780)** | **419** | **(463)** | **(17824)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parent Company** | 12/31/2023 | Constitution | Realization / (Write-off) | 06/30/2024 |
| Tax loss and negative basis of social contribution | 3060 |  |  | 3060 |
| **Total deferred tax assets** | **3060** |  |  | **3060** |
| Deferred tax obligations on fair value of financial assets | 17452 | 3962 | (304) | 21110 |
| **Total deferred tax liabilities** | **17452** | **3962** | **(304)** | **21110** |
| **Total net deferred tax assets (liabilities)** | **(14392)** | **(3962)** | **304** | **(18050)** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated** | 12/31/2024 | Constitution | Realization / (Write-off) | 06/30/2025 |
| Temporary differences | 33178 | 10466 | (20095) | 23549 |
| Adjustment to fair value of financial assets recorded in other comprehensive income | 7626 | 2922 | (4919) | 5629 |
| Tax loss and negative basis of social contribution | 54835 | 36522 | (34539) | 56818 |
| **Total deferred tax assets** | **95639** | **49910** | **(59553)** | **85996** |
| Deferred tax obligations on fair value of financial assets | 141816 | 43242 | (36101) | 148957 |
| Deferred tax liabilities arising from cash-basis revenues | 6283 | 4924 | (6516) | 4691 |
| **Total deferred tax liabilities** | **148099** | **48166** | **(42617)** | **153648** |
| **Total net deferred tax assets and liabilities** | **(52460)** | **1744** | **(16936)** | **(67652)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated** | 12/31/2023 | Constitution | Realization / (Write-off) | 06/30/2024 |
| Temporary differences | 19282 | 10459 | (16844) | 12897 |
| Adjustment to fair value of financial assets recorded in shareholders' equity | 2887 | 3441 | (2419) | 3909 |
| Tax loss and negative basis of social contribution | 3060 | 21539 | (14038) | 10561 |
| **Total deferred tax assets** | **25229** | **35439** | **(33301)** | **27367** |
| Deferred tax obligations on fair value of financial assets | 66105 | 23299 | (8858) | 80546 |
| Deferred tax liabilities arising from cash-basis revenues | 4123 | 7985 | (3135) | 8973 |
| **Total deferred tax liabilities** | **70228** | **31284** | **(11993)** | **89519** |
| **Total net deferred tax assets and liabilities** | **(44999)** | **4155** | **(21308)** | **(62152)** |

---

18. Operating segments

The Group has a single reportable segment as of June 30, 2025 and December 31, 2024. This segment offers investment banking services, which are administered and managed according to the products offered. As such, there is no differences from the last annual consolidated financial statements in the basis of segmentation.

19. Other information

**a.** **Guarantees, sureties and guarantees** 

Financial guarantees are issued through endorsements and sureties, through the entity BR Partners Banco de Investimento S.A. As of June 30, 2025, the amount for limit of guarantees provided was R$121,228 (R$157,118 as of December 31, 2024) and the provision for losses was R$145 as of June 30, 2025 (R$532 as of December 31, 2024).

**b.** **Contingencies** 

**Tax provision**

Within BR Partners Group, there is no record of it being a defendant in any tax-related lawsuit for the period ended June 30, 2025 and the year ended December 31, 2024.

**Civil provision**

In the civil level, there are no lawsuits whose risk of loss is probable or possible in the period and year ended June 30, 2025 and December 31, 2024, respectively.

**Labor provision**

As of June 30, 2025, the labor lawsuits classified by Management and our legal advisors as a possible loss amounted to R$23 (R$164 as of December 31, 2024). Labor lawsuits classified as probable losses are recorded in the amount of R$1,039 as of June 30, 2025 (R$1,368 as of December 31, 2024).

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

**c.** **Third-party funds management (not reviewed by the independent auditor)** 

Assets under Management (AuM) and Wealth under Advisory (WuA) managed by the Company are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Type | 06/30/2025 | 06/30/2025 | 12/31/2024 | 12/31/2024 |
| Multimarket Investment Fund |  | 1998745 |  | 1474540 |
| Domestic Investment Fund |  | 438175 |  | 437973 |
| International Investment Fund |  | 671130 |  | 697742 |
| Domestic Managed Portfolios |  | 309305 |  | 333808 |
| International Managed Portfolios |  | 2049973 |  | 2241500 |

---

**d.** **New and amended CPCs / IFRSs in force in the current year** 

The following amendments/issues of standards were issued by the IASB/CPC, but were not adopted by the Group for the quarter ended June 30, 2025, as they do not impact the individual and consolidated condensed financial information.

● **Amendments to CPC 02 / IAS 21 "Effects of changes in foreign exchange rates entitled lack of convertibility":** the amendments specify how to assess whether a currency is convertible, and how to determine the exchange rate when it is not. The amendments state that a currency is convertible into another currency when the entity is able to obtain another currency within a period that allows for normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. When the currency is not convertible into another currency on the measurement date, the entity must estimate the spot exchange rate on that date. The entity's objective in estimating the spot exchange rate is to reflect the rate at which an organized exchange transaction would occur on the measurement date between market-participating parties under prevailing economic conditions.

**e.** **New and revised CPCs / IFRSs issued and not yet applicable** 

The following amendments to standards were issued by the IASB, but are not effective for the year 2025. The early adoption of standards, although encouraged by the IASB, is not allowed in Brazil by the Accounting Pronouncements Committee (CPC). At the date of authorization of these financial statements, the Group has not adopted the new and revised IFRSs/CPCs below.

● **IFRS 18 "Presentation and disclosure in financial statements":** IFRS 18 replaces IAS 1 – Presentation of Financial Statements, carrying over several unchanged requirements from IAS 1 (equivalent to CPC 26) and supplementing them with the new requirements. In addition, some paragraphs of IAS 1 have been moved to IAS 8 – Accounting Policies, Changes in Estimates and Errors and IFRS 7 – Financial Instruments: Disclosures. The IASB has also implemented minor changes to IAS 7 – Statement of Cash Flows and IAS 33 – Earnings per Share. The new requirements of IFRS 18 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Present specific categories and subtotals defined in the
statement of profit or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Present disclosures on the performance measures defined by
Management (MPMs) in the notes to the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Improvements linked to information aggregation and disaggregation
requirements.

The Group must adopt IFRS 18 for annual reporting periods beginning on or after January 01, 2027. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, becomes effective when the Group applies IFRS 18. This standard requires retrospective application with specific transition provisions. It is also worth highlighting that the Accounting Pronouncements Committee in Brazil has not issued the accounting pronouncement corresponding to IFRS 18 as of the date of approval of these parent company and consolidated financial statements.

The Company's management expects that the application of these amendments will have an impact on the individual and consolidated condensed interim financial information.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

**CPC 45 / IFRS 19 "Subsidiaries without public accountability":** this standard allows an eligible subsidiary to provide reduced disclosures when applying IFRS Accounting Standards in its financial statements. The subsidiary is eligible for reduced disclosures if it has no public accountability and its ultimate parent company or any intermediate parent company prepares publicly available consolidated financial statements that comply with IFRS Accounting Standards. The Group's management does not expect IFRS 19 to be applied in the individual and consolidated condensed interim financial information.

● **Amendment to CPC 48 / IFRS 9 and CPC 40 / IFRS 7:** Classification and measurement of financial instruments. The requirements will come into force for the annual reporting period beginning on or after January 1, 2026, relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Definition of financial liabilities through an electronic
payment system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Evaluation of the contractual characteristics of the cash
flow of financial assets, including those with characteristics linked to sustainability.

There are no other IFRS accounting standards or IFRIC interpretations that have not yet come into force that could have a significant impact on the condensed parent company and consolidated interim financial information.

&nbsp;&nbsp;&nbsp;&nbsp;20. Financial instrument – Fair value

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Accounting classification and fair values** 

Fair value is classified for by the Company in accordance with the evaluation method of financial instruments. The different levels were defined as follow:

● Level 1: prices quoted (not adjusted) in active markets for assets and liabilities defined;

● Level 2: the evaluation uses information, in addition to quoted prices included in Level 1, information included in level 1 that are observablein the market for the asset or liability, either directly (prices) or indirectly (derived from prices).

● Level 3: the evaluation uses significant information which is not based on observable market data, i.e., non-observable inputs built by the Company's Management.

A summary of the fair value hierarchy of assets and liabilities at fair value, classified according to the Company's pricing methodology is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parent Company** | **Level 1** | **Level 2** | **Level 3** | **06/30/2025** |
| *Financial assets at fair value through profit or loss* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Investment fund quotas |  |  | 123625 | 123625 |
| &nbsp;&nbsp;&nbsp;- Derivative financial instruments |  | 4437 |  | 4437 |
| **Total** |  | **4437** | **123625** | **128062** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parent Company** | **Level 1** | **Level 2** | **Level 3** | **12/31/2024** |
| *Financial assets at fair value through profit or loss* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Investment fund quotas |  |  | 117895 | 117895 |
| **Total** |  |  | **117895** | **117895** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Consolidated** | **Level 1** | **Level 2** | **Level 3** | **06/30/2025** |
| *Financial assets at fair value through profit or loss* |  |  |  |  |
| - Government bonds | 9921848 |  |  | 9921848 |
| - Private securities |  | 338905 |  | 338905 |
| - Investment fund quotas | 9099 |  | 123625 | 132724 |
| - Derivative financial instruments | 34062 | 769231 | 32838 | 836131 |
| *Financial assets at fair value through other comprehensive income* |  |  |  |  |
| - Private securities |  | 1207240 |  | 1207240 |
| - Investment fund quotas |  | 1171263 |  | 1171263 |
| **Total assets at fair value** | **9965009** | **3486639** | **156463** | **13608111** |
| *Financial liabilities at fair value through profit or loss* |  |  |  |  |
| - Derivative financial instruments | 14655 | 361947 | 16590 | 393192 |
| **Total liabilities at fair value** | **14655** | **361947** | **16590** | **393192** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated** | **Level 1** | **Level 2** | **Level 3** | **12/31/2024** |
| *Financial assets at fair value through profit or loss* |  |  |  |  |
| - Government bonds | 8684734 |  |  | 8684734 |
| - Private securities |  | 405612 |  | 405612 |
| - Investment fund quotas | 64976 |  | 117895 | 182871 |
| - Derivative financial instruments | 21272 | 940253 | 109665 | 1071190 |
| *Financial assets at fair value through other comprehensive income* |  |  |  |  |
| - Private securities |  | 1063568 |  | 1063568 |
| - Investment fund quotas |  | 1316089 |  | 1316089 |
| **Total assets at fair value** | **8770982** | **3725522** | **227560** | **12724064** |
| *Financial liabilities at fair value through profit or loss* |  |  |  |  |
| - Derivative financial instruments | 21943 | 277535 | 17837 | 317315 |
| **Total liabilities at fair value** | **21943** | **277535** | **17837** | **317315** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Valuation techniques and significant unobservable inputs** 

**-** **Financial assets measured at fair value - Level 2**

---

| | |
|:---|:---|
| **Type** | **Valuation technique** |
| Financial assets at fair value through profit or loss (government and private bonds) <sup>(1)</sup> | Government bonds: The methodology used to calculate the fair value of Government Bonds consists of capturing the rates and curves disclosed by the market on each maturity of Government Bond, thereby obtaining the fair value when multiplying by the quantity existing in the portfolio.<br>Private securities: The methodology used to calculate the fair value of private securities consists of capturing the rates of the respective indexes (Pre, CDI - Interbank Certificate of Deposit, IPCA - Extended Consumer Price Index, in Portuguese, IGPM - General Index of market pricing, etc.), then the interest and the future value of the operations are calculated by multiplying by the principal, and after capturing their respective curves, fair value is then obtained, bringing the present value to the respective curve at maturity. |
| Derivative financial instruments (Swap, NDF) <sup>(1)</sup> | Swap models: The fair value is calculated based on the present value of the estimated future cash flows. Estimates of post-fixed rate future cash flows are based on quoted rates of Swap, future prices and interest rates on interbank loans. Estimated cash flows are discounted using a curve prepared based on similar sources and reflecting the relevant interbank reference rate used by market participants for this purpose when pricing interest rate Swap. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and the counterparty, calculated based on credit spreads derived from credit default swaps or current prices of traded securities.<br>Cash flow swap: the fair value will correspond to the sum of the fair value of each flow (according to the methodology described above), whereby the start date and expiration date of flows will be applied in substitution of the start date and expiration date of the operation, as well as the remaining balance to replace the principal.<br>NDF: The NDF (Non-Deliverable Forward) product, or even a forward contract, is an over-the-counter contract for the future purchase and sale of an asset, at a parity negotiated between the parties.<br>Since this is an over-the-counter contract, the size of the contract, as well as the expiration date, are freely agreed upon between the participants. Moreover, settlement takes place exclusively by difference (financial settlement) between the market price on the contract's expiration date (or other dates, in the case of Asian) and the agreed price (in the case of a long position for a short position, it is the opposite); thus, there is no physical delivery of the asset.<br>The fair value of an NDF is obtained by estimating a future value based on the current price of the underlying asset, brought to maturity by the respective curves constructed from similar sources, and which reflect the relevant interbank reference rates used by market participants and brought to present value by the respective market curve. |

---

(1) Significant unobservable inputs and the relationship between significant unobservable inputs and fair value measurement are not applicable.

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

**-** **Financial asset measured at fair value - Level 3**

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Valuation technique** | **Significant non-observable inputs** | **Relationship between significant non-observable inputs and measurement of fair value** |
| Financial assets at fair value through profit or loss - Equity investment fund quotas | Discounted cash flows: The valuation model considers the present value of the expected future payments, discounted by a rate adjusted at risk. | Equity investment funds that have investments in real estate development and commercial companies in which they depend on non-observable factors in the market, which use, among other assumptions, expectations and projections of future results, growth rates, discount rates and inflation rates, among others. | Estimated fair value could increase (decrease) if:<br> - expected cash flow would be higher (lower); or<br> - the risk-adjusted discount rate is lower (higher). |
| Derivative financial instruments - Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The fair value (price) of an option, i.e., its premium, is given by the possibility of exercising it. More specifically, it is given by the immediate possibility of exercise or by the possibility of being exercised later. Thus, the pricing of the premium consists of two types of values, respectively:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Intrinsic value: which only exists when the value of the asset in the cash market is higher than the exercise price (strike price) in the case of a call option and the reverse for a put option. Therefore, an in-the-money option has intrinsic value.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Time value: this is the difference between the premium and the intrinsic value of the option. So, this value depends on the price of the underlying asset, the option's expiration time, the expected volatility of the underlying asset's quotes, the interest rate, and in the case of the quota as an underlying asset, the expected dividends, as shown below:<br>Price of the Target Asset: according to the relationship between the price of the underlying asset on the spot market and the strike price of the option, options can be classified as:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In-the-money option: price of the underlying asset is higher than the strike price of the option in the case of the call option and lower in the case of the put option;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. At-The-Money option: price of the underlying asset is equal to the strike price of the call and put option;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Out-of-the-money option: price of the underlying asset is lower than the strike price of the call option and higher for the put option.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The significant unobservable data used in the fair value measurement of derivative financial instruments (Options) classified as Level 3 are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● interest rate,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● price of the target asset and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● volatility | Significant changes in any of these inputs alone or in combination may result in significant<br> changes in fair value. |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Time: the longer the time for the option to expire, the greater the premium value, as the greater the probability of exercising the option; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Volatility: the greater and more frequent the price fluctuations, the greater the unpredictability of the exercise and, therefore, the greater the risk for the writer, which results in a higher premium as well; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Interest rate: represents the opportunity cost of acquiring the underlying asset, so that the higher this cost of money, the more advantageous it becomes to buy the option than to buy the underlying asset directly. In the case of the call option, this relationship is reversed. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Dividend: the higher the expected dividend payment, the greater the benefit of acquiring the share and, therefore, the higher the option premium. <br>The time value is gradually reduced until it reaches zero on the option's expiration date. |  |  |
| Derivative financial instruments – Swap | The adjustments to fair value arising from the financing costs of certain derivative contracts reflect changes in the fair value of said contracts given their cash flow profile over time and/or the guarantees provided. | The unobservable data used in the fair value methodology of some swaps is related to internal funding rates. | Significant changes in internal funding rates can result in material changes in fair value. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Reconciliation of Level 3 fair values** 

The following table presents a reconciliation of the opening and closing balances of financial instruments classified as Level 3 at fair value:

● **Investment fund quotas** 

---

| | | | |
|:---|:---|:---|:---|
|  | FVTPL <br>FIP Outlet | FVTPL <br>BR FIM | Total |
| **Balance at December 31, 2023** | **80219** | **21710** | **101929** |
| Acquisition of shares |  | 6000 | 6000 |
| Fair value increase | 7736 | 2230 | 9966 |
| **Balance at December 31, 2024** | **87955** | **29940** | **117895** |
| Fair value increase | 1373 | 4357 | 5730 |
| **Balance at June 30, 2025** | **89328** | **34297** | **123625** |

---

**BRBI BR Partners S.A. (formerly "BR Advisory Partners Participações S.A.")**

Notes to the financial statements

*(In thousands of reais)*

● **Options** 

---

| | | |
|:---|:---|:---|
|  | FVTPL - <br>Asset | FVTPL – <br> Liability |
| **Balance at December 31, 2023** | **4924** | **(4561)** |
| Premiums paid (received) | 59693 | (81331) |
| Fair value increase | (45800) | 68055 |
| **Balance at December 31, 2024** | **18817** | **(17837)** |
| Premiums paid (received) | 1887 | (3761) |
| Fair value increase | (17954) | 18711 |
| **Balance at June 30, 2025** | **2750** | **(2887)** |

---

● **Swap** 

 

---

| | | |
|:---|:---|:---|
|  | FVTPL - <br>Asset | FVTPL – <br> Liability |
| **Balance at December 31, 2023** | **-** | **-** |
| New operations | 59046 |  |
| Fair value increase | 31802 |  |
| **Balance at December 31, 2024** | **90848** | **-** |
| New operations |  |  |
| Fair value increase | (60760) | (13703) |
| **Balance at June 30, 2025** | **30088** | **(13703)** |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Sensitivity analysis of financial assets classified as Level 3** 

Sensitivity analysis for financial instruments classified as Level 3 is essential to understand the uncertainty associated with fair value estimates. These instruments are measured based on unobservable market data, which significantly implies a high level of judgment and estimation by management.

For the performance of the analysis, we consider the main assumptions that influence fair value, such as discount rates, volatility, average internal funding rates and other factors specific to financial instruments. For example, a change in the discount rate can have a substantial impact on fair value, reflecting changes in market conditions or economic expectations.

Additionally, the volatility of the prices of the underlying assets can directly affect the valuation of Level 3 financial instruments. Higher volatility can increase uncertainty and, consequently, the range of possible changes in fair value.

Other factors, such as changes in economic conditions or the regulatory environment, can also influence fair value estimates. Management monitors these assumptions and adjusts valuations as necessary to ensure that the reported values adequately reported market conditions and associated risks, as well as the interrelationships that exist between these variables and the fair value of the financial instruments.

During the period ended June 30, 2025 and year 2024, there were no changes in the measurement method of financial assets and liabilities that entailed reclassification of assets and liabilities among different levels of the fair value hierarchy.

21. Subsequent events

On July 18, 2025, the Company's Board of Directors approved the adoption of a Level II American Depositary Receipt ("ADR") program backed by the Company's units. The adoption of the ADR program is a complement to the listing on the Brazilian capital market and does not grant any offer of shares or any increase in the Company's share capital.

**STATEMENT OF EXECUTIVE BOARD ON THE INDEPENDENT AUDITORS' REPORT ON REVIEW OF CONDENSED PARENT COMPANY AND CONSOLIDATED INTERIM FINANCIAL INFORMATION**

Pursuant to Article 27, §1, item V of CVM Resolution 80, of March 29, 2022, we hereby declare that: i) we are responsible for the information contained in this file; and ii) we reviewed, discussed and agreed with the opinions expressed in the independent auditors' report on this condensed parent company and consolidated interim financial information of BRBI BR Partners S.A. ("Company"), formerly "BR Advisory Partners Participações S.A." for the three- and six-month period ended June 30, 2025.

São Paulo (SP), August 07, 2025

José Flávio Ferreira Ramos

Chief Financial Officer

![](ex99-1_002.jpg)

**STATEMENT BY THE EXECUTIVE BOARD ON PARENT COMPANY AND CONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION**

Pursuant to Article 27, §1, item VI of CVM Resolution 80, of March 29, 2022, we hereby declare that: i) we are responsible for the information contained in this file; and ii) we reviewed, discussed and agreed with the condensed parent company and consolidated interim financial information of BRBI BR Partners S.A. ("Company"), formerly "BR Advisory Partners Participações S.A." for the three- and six-month period ended June 30, 2025.

São Paulo (SP), August 07, 2025

José Flávio Ferreira Ramos

Chief Financial Officer

![](ex99-1_002.jpg)

**FORWARD-LOOKING STATEMENTS**

This release contains forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brap.com.br 1 Adress Av. Brig. Faria Lima, 3.732 – 28º andar Phone + 55 11 3704 - 1000 Website ri.brpartners.com.br E - mail ri@brpartners.com.br brpartnersoficial BR PARTNER S E ARN I N G S RE L E A S E 6M25 FORWARD - LOOKING STATEMENTS This release contains forward - looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward - looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward - looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

![](ex99-2_002.jpg)

FINANCIAL HIGHLIGHTS Financial Performance Resilience of revenue, net income, and profitability even in a more challenging macroeconomic scenario Total Revenue 1 2Q25 R$139.3 mn (9.3% vs. 1Q25) (- 1.9% vs. 2Q24) 6M25 R$266.8 mn (- 4.6% vs. 6M24) Net Margin 2Q25 32.4% 6M25 33.1% Efficiency Ratio 4 2Q25 43.3% 6M25 45.0% ROAE 3 2Q25 22.6% 6M25 21.9% Basel Ratio (jun/25) 21.4% Net Income 2Q25 R$45.2 mn (4.8% vs. 1Q25) (- 13.0% vs. 2Q24) 6M25 R$88.3 mn (- 12.9% vs. 6M24) Compensation Ratio 5 2Q25 24.9% 6M25 25.8% Client Revenues 2 2Q25 R$101.6 mn (2.6% vs. 1Q25) (- 8.9 % vs. 2Q24) 6M25 R$200.7 mn (- 3.8% vs. 6M24) Awards and Recognitions Client Revenue/ MD LTM 2Q25 R$44.5 mn (14.8 % vs. LTM 2Q24) 1 - Total revenue refers to gross revenue in period; 2 –– Client Revenues considers Investment Banking revenue, revenue from debt structuring and distribution fees to clients in Capital Markets, FIP management fees and Wealth Management fees in the Wealth Management area and TS&S revenues, which are 100% client revenues, without any proprietary risk; 3 – Quarterly ROAE : (Net Income of the quarter/ Average Shareholders' Equity in the period); 4 – Efficiency Ratio = (Personnel + Administrative Expenses – Outsourced service expenses)/ (Total Revenue + Taxes on Revenue + Other Expenses + Third - Party Services Expenses and Comissions)\* - 1; 5 – Compensation Ratio = (Personnel Expenses/Total Revenue)\* - 1;; 6 – Proforma considering the issuance of the last tranche of R$34.5 million of Perpetual Financial Letters settled on 04/02/25. Category Winner: Financial Deal of the Year (over $100mn) Category Winner: Best Investment Bank in M&A Category Winner: Best Investment Bank in DCM

![](ex99-2_003.jpg)

ADRs LISTING ADR program aims at reaching new non - brazilian investors ADR ticker: BRBI Rationale • Expanding and diversifying the shareholder base • Attracting non - brazilians funds focused on small caps and/or emerging markets • Seeking to improve liquidity and share performance in the medium/long term • Correction of distortions in the company's valuation relative to peers listed in the US • Corporate Governance : BR Partners is now a public company in the U.S and regulated by the SEC, which requires among the highest standards of corporate governance in the market. 1 - Bloomberg data considering the peers list of: PJT, Evercore, Houlihan Lokey, Moelis & Company, Lazard. Perella Weinberg Partners and Jefferies. 7x 18x BRBI11 Peers +1.7x Average P/E 26e BR Partners P/E vs. Average P/E of US peers 1 (2026e) 48.9% Individuals 49.9% Local Funds 1.2% Increased participation of non - brazilian investors in BRBI11 (% Free Float) Non - Brazilian 63.5% Individuals Local Funds 22.0% Non - Brazilian 14.5% Dec/22 Jul/25 + 50k investors Depositary agent:

![](ex99-2_004.jpg)

Jun/24 Mar/25 Jun/25 Staff and Partnership 179 189 188 # Employees 36 35 38 # Partners 10 10 10 # Managing Directors Dividend distribution 1 Payment R$0.36 /Unit Total R$37,798,453.44 Dividend Yield 2 9.50% Key Indicators 2Q25 x 2Q24 2Q24 2Q25 6M25 x 6M24 6M24 6M25 R$ million Financial Indicators (R$ million or %) - 1.9% 142.0 139.3 - 4.6% 279.6 266.8 Total Revenues - 13.0% 52.0 45.2 - 12.9% 101.4 88.3 Net Income - 4.1 p.p. 36.6% 32.4% - 3.2 p.p. 36.3% 33.1% Net Margin - 2.3 p.p. 24.9% 22.6% - 2.4 p.p. 24.3% 21.9% ROAE - 3.9 p.p. 47.3% 43.3% 1.1 p.p. 43.9% 45.0% Efficiency Ratio - 2.5 p.p. 27.4% 24.9% - 1.7 p.p. 27.5% 25.8% Compensation Ratio Operating Data (R$ million or %) 3.3 p.p. 18.1% 21.4% 3.3 p.p. 18.1% 21.4% Basel Ratio 34.9% 2,285.7 3,083.0 34.9% 2,285.7 3,083.0 Warehousing - 4.6% 845.8 807.1 - 4.6% 845,8 807.1 Sharesholders' Equity 4 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br 1 – Dividends approved at the Board of Directors meeting on August 7, 2025; 2 - Calculation of the annualized rate, based on the average unit value during 6M25 and the total dividend distribution of 2025 period.

![](ex99-2_005.jpg)

Market Evolution M&A Industry Local Interest Rates (Selic) 248 Volume (R$ billion) of Announced M&A Transactions in Brazil 1 472 273 190 190 223 2020 2021 39 27 48 28 44 60 30 185 250 271 237 474 459 92 91 49 91 44 37 2019 101 81 2024 121 43 89 85 2Q25 LTM Source: Anbima 30 2020 59 289 216 22 428 458 399 700 693 Volume (R$ billion) of issuances in Brazilian capital market CAGR: 15.7% 2021 Debentures 2022 Credit Notes 2023 CRI + CRA + CR FIDC 145 90 91 135 181 171 2020 2021 Market Reading from BR Partners 2022 2023 2024 Apr/25 LTM Source: Serasa Experian Legal Recoveries/ Restructuring Number of Large Companies 2 with Legal Recoveries proceeding requests 6.75% 5 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br 6.5% 2.0% 13.75% 10.5% 15.0% 2018 2019 Capital Markets 2020 2021 2022 2023 2024 2025 Source: Banco Central do Brasil 2022 2023 2024 2Q25 LTM Source: Thomson Reuters considering the conversion from US$ to R$ based on the average P - Tax for the period • Investment Banking : M&A activity may show some improvement on the second half of the year compared to the first half of the year, supported by greater non - brazilian capital flows, more benign relative valuations compared to last year and the generally good financial health of large Brazilian companies . However, is expected that the activity remains lower compared to previous years, given an unpredictable international environment, electoral risk and the high cost of debt in Brazil, which hinders the implementation of major corporate strategic moves . Despite the Brazilian market presents significant M&A potential for the coming years, the success of transactions depends on a stable economic environment . On the other hand, the restructuring business remains active due to the financial impacts (interest expenses, high debt, limited access to resources, liquidity risk, etc .) on the balance sheets of companies, especially small and medium - sized ones, resulting from a highly restrictive monetary policy . • Capital Markets : Robust activity in 2 Q 25 , a positive surprise . The market remained liquid, and despite the SELIC rate have reached 15 % , some issuers are still taking advantage of the investment liquidity of funds and their corresponding demand for debt products to extend their liabilities at competitive spreads . Although the market is already beginning to show a reduction in the pace of issuances compared to 2024 , it should remain at historically high levels, pointing to another year of solid performance, with clear structuring opportunities, especially in more complex solutions and Corporate Finance . The focus is on 2026 , when the electoral scenario and monetary policy will dictate the pace of this market . 1 – Volume is considered based on transactions with the target in Brazilian companies. Data is subject to reclassification by Thomson Reuters; 2 – Large Companies, based on Serasa Experian's segmentation considers companies with revenues over R$50 million

![](ex99-2_006.jpg)

Total Revenues and Client Revenues Client Revenues Client Revenues Revenue breakdown evolution by Business Unit 2Q24 3Q24 % Client Revenues 4Q24 1Q25 2Q25 111.5 125.8 118.7 99.1 101.6 - 9% 63% 64% 59% 62% 53% 21% 20% 18% 22% 27% 13% 14% 21% 13% 17% 2% 2Q24 2% 3Q24 2% 4Q24 3% 1Q25 3% 2Q25 80% In 6 M 25 , 75 % of Total Revenue was composed of Client Revenue . Despite the slight drop in activity during the year, caused by the more challenging macroeconomic scenario, the Company continues to deliver high levels of Client Revenues . R $ million and % 82% 78% 73% 6M24 6M25 208.7 200.7 75% 75% 79% Wealth Management Treasury Sales & Structuring Capital Revenues Investment Banking + CM 60% 57% 25% 25% 13% 15% 2% 6M24 3% 6 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br 6M25

![](ex99-2_007.jpg)

6 M 25 x 6 M 24 The change in Net Income compared to 6 M 24 is explained by : • Due to the reduction in Client Revenues, specifically in the Investment Banking + CM, explained by the reduction in M&A activity compared to 2024 ; • The reduction in Expenses, mainly in Personnel Expenses, in line with the decline of Investment Banking and CM performance, as well as the reduction in Administrative Expenses, explained by the lower expense with referral fees . 6M25 Managerial Income Statement Managerial Income Statement 6M25 x 6M24 6M24 6M25 R$ million - 4.6% 279.6 266.8 Total Revenue - 3.8% 208.7 200.7 Client Revenues - 8.7% 167.0 152.4 Investment Banking + CM 13.5% 36.2 41.1 Treasury Sales & Structuring 32.0% 5.5 7.2 Wealth Management - 6.8% 70.9 66.1 Capital Revenues - 2.4% (152.2) (148.7) Expenses - 10.6% (77.0) (68.8) Personnel Expenses - 13.1% (54.9) (47.7) Adminstrative Expenses 2.0% (21.2) (21.6) Taxes Expenses n/a 0.8 (10.6) Other Expenses - 7.3% 127.4 118.1 Operating Income 14.8% (25.9) (29.8) Income Taxes - 12.9% 101.4 88.3 Net Income 7 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br 1 - Includes Investment Banking revenues and Capital Market fees; 2 - Considers PIS, COFINS and ISS from Business Unit revenues; 3 - Considers other expenses and (Loss)/reversal due to impairment.

![](ex99-2_008.jpg)

Quarterly Managerial Income Statement Managerial Income Statement 2 Q 25 x 1 Q 25 The change in Net Income compared to the previous quarter is explained by : • Due to the increase in Client Revenues, specifically driven by the performance of Treasury Sales & Structuring, as well as the notable growth in Capital Remuneration revenue, as a consequence of the increase in the average CDI rate for the period and the carry - over from TVM warehousing ; • Due to the slight increase in Expenses, specifically in Other Expenses, due to provisions on TVM warehousing ; • Due to the increase in income taxes, explained by the higher results of the Bank vehicle (higher tax rate) . 2Q25 x 2Q24 2Q25 x 1Q25 2Q24 1Q25 2Q25 R$ million - 1.9% 9.3% 142.0 127.5 139.3 Total Revenue - 8.9% 2.6% 111.5 99.1 101.6 Client Revenues - 17.3% - 5.9% 89.3 78.5 73.9 Investment Banking + CM 26.8% 38.9% 18.8 17.2 23.9 Treasury Sales & Structuring 12.8% 13.7% 3.4 3.4 3.8 Wealth Management 23.5% 32.6% 30.5 28.4 37.7 Capital Revenues - 9.9% 3.0% (83.8) (73.2) (75.4) Expenses - 10.8% 1.9% (39.0) (34.1) (34.7) Personnel Expenses - 40.1% - 27.5% (33.4) (27.6) (20.0) Adminstrative Expenses 2.9% 1.0% (10.5) (10.7) (10.9) Taxes Expenses n/a n/a (0.8) (0.8) (9.8) Other Expenses 9.6% 17.7% 58.3 54.2 63.9 Operating Income 195.4% 67.9% (6.3) (11.1) (18.7) Income Taxes - 13.0% 4.8% 52.0 43.1 45.2 Net Income 2Q25 x 2Q24 The variation in Net Income compared to the previous year is explained by: • Due to the reduction in Total Revenue, specifically in the Investment Banking + CM, explained by the reduction in M&A activity compared to 2024; • The reduction in Expenses, mainly in Personnel Expenses, in line with the decline of Investment Banking and CM performance, as well as the reduction in Administrative Expenses, explained by the lower expense with referral fees; • Due to the increase in income taxes, explained by the higher results of the Bank vehicle (higher tax rate). 8 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br

![](ex99-2_009.jpg)

Highlighted Deals LTM 2Q25 Business Units \| Investment Banking + Capital Markets Investment Banking + CM reached a revenue of R $152 . 4 million, a reduction of 87 % compared to 6 M 24 , due to the reduction in M&A activity during the period . Despite that, the company continued to identify good debt issuance opportunities in the Capital Market . Deals LTM 2Q25 33% 22% 11% Energy 22% Telecom Retail Real Estate 11% The Company reinforces that, despite being an important indicator for measuring market activity, the volume of announced transactions is subject to periodic fluctuations, according to the pace of renewal of the business portfolio and is not entirely related to the generation or prospect of revenue, which depends, among other factors, on the type/complexity of the advice provided, as well as the approval of regulatory agencies . Investment Banking Breakdown of the Number of Transactions by Sector and Type of Advisory In number of deals (Jul/ 2024 - Jun/ 2025) Financial Sevices 22% 22% 56% M&A Capital Solutions Board Services Latest Deals 6M25 X 6M24 6M24 6M25 R$ million - 8.7% 167.0 152.4 Revenue - 91.9% 14,808 1,201 Volume Investment Banking 1 20.6% 4,169 5,026 Volume Capital Markets R$353 mn M&A N.D. Capital Solutions N.D. M&A N.D. R$650 mn Board Services M&A R$201 mn Strategic Capital Markets R$1 bn M&A N.D. 9 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br M&A 1 - Volume considering all Investment Banking services (M&A, Strategic Capital Markets & Pre - IPO, Privatizations, Special Situations & Restructuring Advisory, Board Services, Shareholder Advisory) whose values were disclosed.

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Average volume per Issuance¹ R$314 million Number of Issuances Evolution and Average Ticket Average volume per Issuance R$160 million 26 16 6M24 6M25 Number of Issuances Issuances Volume 2Q24 3Q24 4Q24 1Q25 2Q25 3,906 1 2,047 1,944 4,396 1,120 - 45% - 71% #10 6M24 6M25 4,169 +21% 5,026 #10 #21 #10 #06 #26 #16 10 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br Business Units \| Investment Banking + Capital Markets (cont.) Capital Markets Evolution of Capital Markets Issuances (R$ million) 1 - Considers the company's underwriting in the issuance of a syndicated debenture of R$3 billion

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Business Units (cont.) Treasury Sales & Structuring A Treasury Sales & Structuring revenue grew 13 . 5 % in the period, totaling R $41 . 1 million . The growth is a consequence of the continued development of commodity products and the strong activity of primary debt capital markets throughout the year Wealth Management Wealth Management revenue reached R$7.2 million in the first semester of 2025, a 32% increase compared to the same period in 2024. Regarding Wealth under Advisory (WuA), the total reached R$5.5 billion, a 47% increase compared to June 2024, accounting for a R$1.7 billion of Net New Money. Wealth under Advisory (R$ million) 1 - Assets Under Management; 2 - Wealth under Advisory; 3 - The reduction in the quarter was impacted by the depreciation of the dollar by R$122.5 million 6M25 X 6M24 6M24 6M25 R$ million 13.5% 36.2 41.1 Revenues - 49.6% 44.3 22.3 Traded Volume (Derivatives + FX) (R$ bn) 5.52 bps 0.06% 0.12% Average VaR 4.68 bps 0.03% 0.08% Closing VaR 6M25 X 6M24 6M24 6M25 R$ million 32.0% 5.5 7.2 Revenues 47.1% 3,708 5,455 Wealth under Advisory Jun - 24 Jun - 25 3,708 5,455 +47% Jun - 24 Sep - 24 Dec - 24 Mar - 25 Jun - 25 3,708 4,744 5,169 5,534 5,455³ 11 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br

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3.2x 2.7x 3.8x 3.5x 2.9x Jun/24 Mar/25 Jun/25 R$ million 785.8 1,216.4 1,312.0 Ref Equity 712.4 964.4 1,054.4 Level I (CET 1) 712.4 610.2 687.3 Core Capital 0.0 354.2 367.1 Additional Capital (AT1) 3 73.4 252.0 257.6 Level II 4,345.8 6,052.9 6,139.6 RWA 18.1% 20.1% 21.4% Basel Ratio Basel Ratio 16.4% 1.7% Jun - 24 15.5% 4.6% 5.1% Sep - 24 10.2% 3.7% 4.1% Dec - 24 10.1% 5.9% 3 4.2% Mar - 25 11.2% 6.0% 4.2% Jun - 25 18.1% 25.2% 18.0% 20.1% 3 21.4% Basel Breakdown Core Capital (CET I) Additional Capital (AT1) Level II 1 – Leverage = Portfolio of Private Securities and Bridge Loans/ Level I Capital (Core Capital + Additional Capital) ; 2 – Private Securities and Bridge Loans considers MBS, ABS, Credit and Creditory Notes, Debentures, Commercial Note, Rural Product Note and bridge loans, adjusted to provision and MTM. 3 – Proforma considering the issuance of the last tranche of R$34.5 million of Perpetual Financial Letters settled on 04/02/25. Capital & Funding Securities Warehousing and Banking Leverage¹ (R$ million) Leverage (x) 2,199 Jun - 24 2,363 Sep - 24 2,789 Dec - 24 2,968 Mar - 25 2,773 Jun - 25 2,286 2,493 3,136 3,404 3,083 Warehousing 2 12 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br

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355 723 704 772 769 (06.30.2025) Capital & Funding (cont.) Shareholders' Equity Evolution (R$ million) Funding Evolution & Average Duration The average duration of funding at the end of June 2025 was 769 days. Funding Evolution (R$ million) Funding Maturity by Term 11% 22% 56% 2% 8% Liquidity 2 Until 3 Months 3 to 6 months 6 months to 1 year Above 1 year 1 - The Equity variation occurred due to the payment of extraordinary dividends in Dec/24 in the amount of R$81.9 million; 2 - 4.1% of daily liquidity refers to Holding BR Partners' own resources invested in CDBs. Ratings Banco BR Partners Rating : AA (bra) Perspective: Stable Banco BR Partners Rating : brAA Perspective: Stable 732 738 676 676 694 114 108 128 120 113 Jun - 24 Sep - 24 Dec - 24 Other's Vehicles Equity Jan - 25 Bank's Equity Jun - 25 846 847 805 796 807 Bank's Equity: - 5.2% Total Equity: - 4.6% Bank's Equity : +2.6% Total Equity : +1.4% Jun - 24 Set - 24 Jun - 25 3,429 3,502 4,501 4,823 4,757 Dez - 24 Jan - 25 Average Term¹ (Calendar Days) Volume 13 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br

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36.3% 33.1% Performance Indicators Efficiency Ratio and Compensation Ratio (%) (R$ million or %) Net Income and Net Margin ROE (%) Despite a very challenging macroeconomic scenario, BR Partners reported a Net Income of R$88.3 million, a lower pace compared to the first semester of 2024, but still at a healthy level. The Net Margin remained at a high level of 33.1% ROE remained above 20%, even in a restrictive scenario, reaching ~22% and providing an added value (alpha) of 8.1 p.p. in relation to Selic average rate for the period. The Efficiency Ratio reached 45% in the semester, a slight increase compared to 6M24. Despite lower expenses, the activity level also declined. The Compensation Ratio reached 25 . 8 % , a controlled level and within the Company's remuneration policy . Efficiency Ratio Compensation Ratio Revenue per MD reached R$44.5 mn in the last 12 months, maintaining efficiency and revenue generation with clients. Client Revenues/ MD (R$ million) 43.9% 27.5% 6M24 45.0% 25.8% 6M25 6M24 Net Margin 6M25 Net Income 101.4 88.3 ROE Average SELIC 24.3% 11.0 6M24 21.9% 13.8 6M25 +8.1 p.p. +13.4 p.p. LTM 2Q24 LTM 2Q25 38.8 44.5 Revenue per MD #MDs 10 14 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br 10

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% Total Shares % # UN % # PN % # ON 55.01% 173,272,941 - - 17.45% 19,964,814 76.45% 153,308,127 Partnership 44.99% 141,714,171 100% 47,238,057 82.55% 94,476,114 23.55% 47,238,057 Free - Float 100% 314,987,112 100% 47,238,057 100% 114,440,928 100% 200,546,184 Total Market Cap. R$1.64 bi Shareholder's Structure & Stock Performance Shareholder's Structure Main Market Indicators Analyst Recommendation 3 – BRBI11 100% Buy 0% Sell 1,32 1,42 1,48 1,84 1,72 2021 2022 2023 2024 2Q25 LTM CAGR: 6.8% 2021 2022 2023 2024 2Q25 LTM 0.81 0.87 1.14 2.01 2.07 EPU 2 LTM R$1.72 jun/21 out/21 fev/22 jun/22 out/22 fev/23 jun/23 out/23 fev/24 jun/24 out/24 fev/25 jun/25 Earnings per Unit Dividends Distribution 15 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br ADTV 1 30 R$3,374 (000') +38.6% IBOV +3.1% 1 – Average of the last 30 working days of the trading volume BRB11; 2 – EPU = Accumulated profit of the last 12 months/(Total of Shares/3; 3 – Based on the consensus recommendation of 7 research coverages.

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Accounting Income Statement 6M24 6M25 Accounting Income Statement (R$ thousands) 279,613 266,775 Total Revenue 107,156 107,177 Net Income from Interest and Gains / Losses with Financial Instruments 172,457 159,598 Total Revenue from Services (152,246) (148,668) Operational Expenses (77,015) (68,832) Personnel Expenses (54,859) (47,650) Administrative Expenses (21,176) (21,593) Tax Expenses 1,446 (11,464) Loss from Impairment (642) 871 Other Expenses/Revenues 127,367 118,107 Income befores Taxes on Profit and Equity Income (25,940) (29,792) Income Taxes 101,427 88,315 Net Income 36% 33% Net Margin 16 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br

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Balance Sheet (R$ Thousands) 12.31.24 06.30.25 Assets 575,235 450,544 Cash and Cash Equivalents 9,273,217 10,393,477 Financial Assets at Fair Value through Profit or Loss 8,684,734 9,921,848 Government Bonds 405,612 338,905 Private Securities 182,871 132,724 Investment Funds Quotas 2,379,657 2,378,503 Financial Assets at Fair Value Through other Results 1,063,568 1,207,240 Private Securities 1,316,089 1,171,263 Investment Funds Quotas 1,071,190 836,131 Derivative Financial Instruments 1,576,438 1,250,872 Financial Assets at Amortized Costs 346,523 309,596 Loans Operantios 1,229,915 941,276 Other Financial Assets at Amortized cost 27,260 23,860 Other Assets 95,639 85,996 Deferred Tax Assets - 6 Investments in Subsidiaries 42,329 47,096 Fixed Assets 15,522 13,887 Intangible Assets 15,056,487 15,480,372 Total Assets Liabilities and Shareholders' Equity 13,664,510 13,998,786 Financial Liabilities at Amortized Cost 8,056,208 8,635,213 Funds from Financial Institutions 2,627,471 2,273,538 Clients funds 1,841,558 2,458,985 Funds from Bond Inssuances 1,139,273 631,050 Other Financial Instruments 317,315 393,192 Derivative Financial Instruments 16,022 2,793 Suppliers 77,231 94,692 Amounts Payable 12,806 17,364 Taxes Payables 15,914 12,756 Current Tax Liabilities 148,099 153,648 Diferred Tax Liabilities 14,251,897 14,675,567 Total Liabilities 674,940 674,940 Capital - 30,193 - 30,193 Capital Reserves 169,245 118,847 Profit Reserves - 9,402 - 6,969 Other Comprehensive Results 0 50,516 Retained Results 804,590 807,141 Total Shareholders' equity 15,056,487 15,480,372 Total Liabilities and Shareholders' equity 17 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br Balance Sheet

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Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br 18 This material was prepared by BRBI BR Partners S . A . ("BRAP") for exclusive use in its periodic results disclosure . This material should not be considered under any aspect or assessment as a complete document and should be analyzed in conjunction with the financial statements for the period to which it refers . This material was prepared for purely informative purposes only and should not be understood as a request or an offer to buy or sell any securities or financial instruments of BRAP and/or any company in its economic group . The content of this material should not be considered any form of legal, tax, accounting, investment or any other type of advice or recommendation . This material is not intended to be comprehensive, complete or exhaustive about BRAP and/or any other company in its economic group, nor does it contain all the information that shareholders, investors, counterparties of BRAP and/or any company in its economic group, and/or even any third parties may require . No investment, disposal or other financial decisions or actions should be made solely based on the information contained in this material, and each recipient of this material should seek the advice and guidance they deem necessary to make any decision .

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Non Gaap Indicators ROE in the six - month period ended: in the three - month period ended: ROE June 31 2024 June 30 2025 June 31 2024 March 31 2025 June 30 2025 101.4 88.3 52.0 43.1 45.2 Net income (R$ milions) \| (a) 833.3 805.9 836.07 800.34 801.61 Average shareholder's equity (R$ milions) \| (b) 24.3% 21.9% 24.9% 21.6% 22.6% ROE (%) \| (a/b)\* 4 (three - month period) and (a/b)\* 2 (six - month period) Efficiency Ratio in the six - month period ended: in the three - month period ended: Efficiency Ratio June 31 2024 June 30 2025 June 31 2024 March 31 2025 June 30 2025 - 77.0 - 68.8 - 39.0 - 34.1 - 34.7 Personnel Expenses (a) - 54.9 - 47.7 - 33.4 - 27.6 - 20.0 Administrative Expenses\* (b) - 32.2 - 19.8 - 20.2 - 13.9 - 5.9 Outsourced service expenses (c) 279.6 266.8 142.0 127.5 139.3 Total Revenue (d) - 21.2 - 21.6 - 10.5 - 10.7 - 10.9 Tax Expenses (e) 0.8 - 10.6 - 0.8 - 0.8 - 9.8 Loss from Impairment + Other Expenses/Revenues (f) 43.9% 45.0% 47.3% 46.9% 43.3% Efficiency Ratio (%) \| ((a+b - c)/(c+d+e+f))\* - 1 Compensation Ratio in the six - month period ended: in the three - month period ended: Compensation Ratio June 31 2024 June 30 2025 June 31 2024 March 31 2025 June 30 2025 - 77.0 - 68.8 - 39.0 - 34.1 - 34.7 Personnel Expenses (a) 279.6 266.8 142.0 127.5 139.3 Total Revenue (b) 27.5% 25.8% 27.4% 26.7% 24.9% Compensation Ratio (%) \| (a/b)\* - 1 19 Copyright© 2025 BR Partners. Todos os direitos reservados. ri @brpartners.com.br