# EDGAR Filing Document

**Accession Number:** 0002058601
**File Stem:** 0001213900-26-012757
**Filing Date:** 2026-2
**Character Count:** 25187
**Document Hash:** 6bb60cb48e6e6162cc5dd980af976051
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-012757.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001213900-26-012757

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260205

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**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:** 26602793

**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 February 2026**

**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<br> Number** | **Description of Document** |
| 99.1 | [Earnings Release 2025](ea027585301ex99-1_brbibr.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: February 5, 2026 | Date: February 5, 2026 |
| **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)

1 Copyright© 2025 BR Partners. All rights reserved . ri @brap.com.br Address Av. Brig. Faria Lima, 3.732 – 28º andar Fone + 55 11 3704 - 1000 Website ri.brpartners.com.br E - mail ri@brpartners.com.br brpartnersoficial g ÒŦô ÒŞ \ę Ŧ Űúô 2025 BR PARTNERS EARNINGS RELEASE

![](ex99-1_002.jpg)

2 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Awards and Ratings Financial Highlights Financial Performance 1 - Considers from the fiscal year ended on 12/31/2020; 2 - Total revenue refers to gross revenue in period; 3 – 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 rev enu es, which are 100% client revenues, without any proprietary risk; 4 – Efficiency Ratio = (Personnel + Administrative Expenses – Third - Party Services Expenses and Comissions)/ (Total Revenue + Taxes on Revenue + Other Expenses + Third - Party Services Expenses and Comissions)\* - 1 ; 5 – Compensation Ratio = (Personnel Expenses/Total Revenue)\* - 1 Sound revenues, net income and profitability even with a restrict monetary policy on the macro Efficiency Ratio 4 4Q25 49.6% 2025 45% Total Revenue 2 4Q25 R$131.3 mn (- 1.5% vs. 3Q25) (- 8.7% vs. 4Q24) 2025 R$531.4 mn (- 8.6% vs. 2024) Net Income 4Q25 R$44.5 mn (+5.5% vs. 3Q25) (+5.7% vs. 4Q24) 2025 R$175.1mn (- 9.6% vs. 2024) Client Revenues 3 4Q25 R$105.8 mn (+5.8% vs. 3Q25) (- 10.9% vs. 4Q24) 2025 R$406.4 mn (- 10.3% vs. 2024) Client Revenues/MD 2025 R$40.6 mn (- 10.3% vs. 2024) Net Margin 4Q25 33.9% 2025 32.9% Basel Ratio Dec/25 22.6% Compensation Ratio 5 4Q25 24% 2025 23.8% CAGR Total revenues since pre - IPO 1 2025 19% Distressed M&A Deal of the Year 2025 Rating Upgrade: AA Perspective: Stable International Dealmaker of the Year Fabiana Balducci

![](ex99-1_003.jpg)

3 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br % 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 Shareholders' Structure & Stock Performance Shareholders ' Structure Analyst Recommendation³ – BRBI11 100% Buy 0% Sell 1 - Calculations performed based on Economatica Platform information from October 29th of 2025, considering the dividend adjusted price ; 2 - Source: Bloomberg data. Until January 30, 2026, SMLL considers the average trading volume of the SMAL11 ETF; 3 – Based on the consensus recommendation of 7 research c overages. Performance BRB11 1 Liquidity Evolution - BRBI11 Average Trading Volume² (BRL million) Comparison of Average Trading Volume ² (100 basis) IBOV +41% Jul - 21 Jan - 22 Jul - 22 Jan - 23 Jul - 23 Jan - 24 Jul - 24 Jan - 25 Jul - 25 Jan - 26 +89% +28% - 4% +615% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 jan-26 Total Traded SMAL11 BRBI11 0.8 0.9 2.1 4.2 4.3 3.5 4.1 5.5 4.0 3.8 4.1 5.9 6.0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 jan-26

![](ex99-1_004.jpg)

4 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Investment Banking : M&A activity showed significant signs of recovery in 4 Q 25 , with the announcement of relevant transactions during the period, indicating a transition toward a more positive cycle in 2026 . The Company has observed improved deal conversion, as well as the maturation of a sector - diversified pipeline comprising transactions of different sizes . It is important to highlight that the scale of this new cycle will be significantly influenced by the outcome of elections, the pace of interest rate cuts, and foreign capital inflows into the country . Meanwhile, the Capital Solutions business remains active, driven by the financial impacts (interest expenses, costly leverage, restricted access to funding, liquidity risk, among others) on the balance sheets of certain companies, resulting from a highly restrictive monetary policy . However, the restructuring mandates currently underway are less emblematic compared to the 2023 / 2024 vintage . DCM : Robust activity in 4 Q 25 , driven by year - end seasonality, with strong issuance flows, liquid markets, and solid momentum in the infrastructure segment . The progress of discussions regarding the taxation of tax - exempt and incentive - based instruments in Brazil accelerated the structuring of corporate debt projects, which also benefited from market liquidity and demand from both retail and institutional investors, allowing issuances at competitive spreads . Despite interest rates hovering around 15 % throughout the year, the Brazilian capital markets once again reached record issuance levels, demonstrating resilience and depth . Against this backdrop, the Company delivered another strong year in terms of issuance volume and number of transactions, and, more importantly, strong revenue generation . Market Reading from BR Partners Market Evolution Volume (R$ billion) of Announced M&A Transactions in Brazil¹ Source : Thomson Reuters considers conversion from US dollars to Brazilian reais based on the average P - rate for the period. Source : Anbima Volume (R$ billion) of issuannces in Brazilian capital market M&A Industry Capital Markets Local Interest Rates (SELIC) Source : Banco Central do Brasil 6.75% 6.5% 2.0% 13.75% 10.5% 15.0% 2018 2019 2020 2021 2022 2023 2024 2025 1 – Volume is considered based on transactions with the target in Brazilian companies. Data is subject to reclassification by Th omson Reuters . 308 479 280 206 207 225 2020 2021 2022 2023 2024 2025 92 81 91 59 91 91 101 102 37 22 185 121 250 271 237 474 493 30 39 2019 30 43 2020 27 2021 48 49 2022 28 44 2023 44 2024 52 2025 289 216 428 458 399 700 738 CAGR: 16.9% Debentures Credit Notes CRI + CRA + CR FIDC Finally, in 2026 , the beginning of a new interest rate cutting cycle could serve as a catalyst for continued capital markets activity, as lower rates may unlock several private investment projects that have remained 'on hold' in recent years .

![](ex99-1_005.jpg)

5 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Dec /24 Sep /25 Dec /25 Staff and Partnership 183 191 188 # Employees 8 15 15 # Directors 10 10 10 # Managing Directors 35 38 37 # Partners Key Indicators 4Q25 x 4Q24 4Q24 4Q25 2025 x 2024 2024 2025 R$ million Financial Indicators (R$ million or %) - 8.7% 143.9 131.3 - 8.6% 581.2 531.4 Total Revenues 5.7% 42.1 44.5 - 9.6% 193.7 175.1 Net Income 4.6 p.p . 29.3% 33.9% - 0.4 p.p . 33.3% 32.9% Net Margin 2.0 p.p . 20.4% 22.4% - 1.7 p.p . 23.8% 22.1% ROAE - 2.7 p.p . 52.4% 49.6% 0.1 p.p . 44.9% 45.0% Efficiency Ratio - 0.3 p.p . 24.2% 24.0% 1.0 p.p . 24.8% 23.8% Compensation Ratio Operating Data (R$ million or %) 4.6 p.p . 18.0% 22.6% 4.6 p.p . 18.0% 22.6% Basel Ratio 8.6% 3,136.5 3,407.6 8.6% 3,136.5 3,407.6 Securities Warehousing - 2.6% 804.6 783.3 - 2.6% 804.6 783.3 Shareholders ` Equity

![](ex99-1_006.jpg)

6 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br 113 419 100 239 0 50 100 150 200 250 300 350 400 450 2020 2021 2022 2023 2024 2025 Investment Banking Non-cyclical Total Revenue In 2025 , 76 % of Total Revenue was composed of Client Revenue . Despite the slight drop in activity during the year due to a more challenging macroeconomic scenario, the Company continues to deliver high levels of Client Revenues . Total Revenues and Client Revenues % Client Revenues Client Revenues R $ million and % Client Revenues 1 - Recurring Business Revenue considers DCM + Treasury + Wealth Management + Capital Remuneration Historical Evolution of Revenue Diversification 33.2% 19.0% 2.6% Non - cyclical Revenues Total Revenues IB Revenues CAGR pre - IPO (2020 - 2025) Revenue Growth (100 basis) (100 basis) +319% +139% +13% 2024 2025 453.2 406.4 78% 76% 82% 78% 73% 75% 81% 4Q24 1Q25 2Q25 3Q25 4Q25 118.7 99.1 101.6 100.0 105.8

![](ex99-1_007.jpg)

7 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br The variation in Net Income compared to 2024 is mainly explained by: The reduction in Client Revenues, particularly in the Investment Banking and Capital Markets (CM) segments, driven by lower M&A and Capital Solutions activity compared to 2024; The reduction in Expenses, primarily in Personnel Expenses, reflecting the weaker Investment Banking performance, as well as a reduction in Administrative Expenses due to lower referral fee costs . 2025 x 2024 2025 x 2024 2024 2025 R$ million - 8.6% 581.2 531.4 Total Revenue - 10.3% 453.2 406.4 Client Revenues - 13.8% 352.8 304.0 Investment Banking 1 (fees) + CM (fees) - 1.9% 88.3 86.7 Treasury Sales & Structuring (capital) 31.4% 12.0 15.8 Wealth Management (fees) - 2.4% 128.1 124.9 Capital Revenues (capital) - 12.6% (341.8) (298.7) Expenses - 12.1% (143.9) (126.5) Personnel Expenses - 12.9% (136.7) (119.0) Administrative Expenses - 8.1% (45.1) (41.4) Taxes Expenses 2 - 27.0% (16.2) (11.8) Other Expenses 3 - 2.8% 239.4 232.7 Operating Income 25.8% (45.8) (57.6) IR & CSLL - 9.6% 193.7 175.1 Net Income 9M25 Managerial Income Statement Managerial Income Statement 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.

![](ex99-1_008.jpg)

8 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br The variation in Net Income compared to the previous quarter is explained by : The increase in Client Revenue, with strong performance in Investment Banking + CM, which showed improved M&A activity during the quarter, in addition to the continued strength of Capital Markets activity ; The increase in Expenses, mainly Personnel Expenses, which reflected the improved performance of the Investment Banking business, as well as higher Administrative Expenses, explained by increased commission expenses . 4Q25 x 3Q25 Quarterly Managerial Income Statement Managerial Income Statement 4Q25 x 4Q24 4Q25 x 3Q25 4Q24 3Q25 4Q25 R$ million - 8.7% - 1.5% 143.9 133.3 131.3 Total Revenue - 10.9% 5.8% 118.7 100.0 105.8 Client Revenues - 0.0% 25.7% 84.5 67.2 84.4 Investment Banking (fees) + CM (fees) - 45.4% - 41.4% 30.8 28.7 16.8 Treasury Sales & Structuring (capital) 32.0% 11.2% 3.4 4.0 4.5 Wealth Management (fees) 1.3% - 23.3% 25.2 33.3 25.5 Capital Revenues (capital) - 16.6% 17.7% (97.2) (68.9) (81.1) Expenses - 9.7% 19.8% (34.8) (26.2) (31.5) Personnel Expenses 5.3% 27.1% (37.9) (31.4) (39.9) Adminstrative Expenses 4.9% - 6.0% (9.2) (10.2) (9.6) Taxes Expenses - 99.0% - 85.1% (15.3) (1.1) (0.2) Other Expenses 7.6% - 22.0% 46.6 64.4 50.2 Operating Income 24.8% - 74.5% (4.5) (22.1) (5.6) IR & CSLL 5.7% 5.5% 42.1 42.2 44.5 Net Income 4Q25 x 4Q24 The variation in Net Income compared to the previous year is explained by: The reduction in Total Revenues, specifically in the Treasury Sales & Restructuring line, explained by a more challenging competitive environment during the quarter; The reduction in Expenses, mainly in Other Expenses, reflecting the non - recurring provision recorded in 4Q24, in addition to lower Personnel Expenses, which reflect more subdued activity compared to 4Q24.

![](ex99-1_009.jpg)

9 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Business Units \| Investment Banking + Capital Markets #Deals by Sector and Type of Advisory (jan /2025 - dec /2025) Investment Banking Main Deals 2025 Investment Banking + CM reached a revenue of R $304 . 0 million in 2025 , a reduction of 13 . 8 % compared to 2024 , due to the reduction in M&A and Capital Solutions activity during the period . Despite that, the company continued to identify good debt issuance opportunities in Capital Markets . The Company reinforces that, despite being an important indicator for measuring market activity, the volume of announced transactions is subject to periodic fluctuations, according to the pace of renewal of the business portfolio and is not entirely related to the generation or prospect of revenue, which depends, among other factors, on the type/complexity of the advice provided, as well as the approval of regulatory agencies . 1 - Volume considering all Investment Banking services (M&A, Strategic Capital Markets & Pre - IPO, Privatizations, Special Situati ons & Restructuring Advisory, Board Services, Shareholder Advisory) whose values were disclosed. 2025 X 2024 2024 2025 R$ million - 13.8% 352.8 304.0 Revenue - 1.8% 15,950 15,664 Volume Investment Banking 1 - 6.7% 10,509 9,806 Volume Capital Markets N.D M&A Telecom N.D M&A Infrastructure N.D M&A Infrastructure R$800 mn M&A FIGs R$1 bn Strategic Capital Markets R$580 mn Capital Solutions R$300 mn Capital Solutions N.D M&A Telecom Transações 2025 15% Retail 23% Financial Services 31% Telecom 22% Board Services 56% M&A 31% Others 22% Capital Solutions N.D M&A Education FIC 4Q25 4Q25 4Q25 4Q25 4Q25 4Q25 4Q25 4Q25

![](ex99-1_010.jpg)

10 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Business Units \| Investment Banking + Capital Markets (cont.) (R$ million) Capital Markets Evolution of DCM Volume Number of Issuances Evolution and Average Ticket Number of Issuances 1 - Considers the company's underwriting in the issuance of a syndicated debenture of R$3 billion 2024 2025 10,509 9,806 - 7% Issuance Volume 4Q24 1Q25 2Q25 3Q25 4Q25 3,906 1 4,396 1,120 1,759 3,020 - 31% +72% #21 #10 #06 #08 #57 #39 #15 Average Volume per Issuance 1 R$251 million Average Volume per Issuance R$184 million 57 39 2024 2025

![](ex99-1_011.jpg)

11 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Business Units (cont.) Treasury Sales & Structuring revenue remained broadly stable, with a 1 . 9 % decline during the period, totaling R $86 . 7 million . This performance was supported by the continued development of commodities products, the acquisition of new clients, and strong activity in the primary fixed income issuance market throughout the year, despite a more challenging competitive environment . Treasury Sales & Structuring Wealth Management revenue reached R $15 . 8 million in 2025 , representing a 31 . 4 % increase compared to the same period in 2024 . Regarding Wealth Management assets, total Wealth under Advisory (WuA) reached R $5 . 9 billion, representing 15 % growth compared to December 2024 and Net New Money of R $758 million . Wealth Management Wealth under Advisory (R$ million) 2025 X 2024 2024 2025 R$ million - 1.9% 88.3 86.7 Revenue - 49.3% 74.4 37.7 Traded Volume (Derivatives + FX) (R$ bn) 2025 X 2024 2024 2025 R$ million 31.4% 12.0 15.8 Revenue 14.7% 5,168.9 5,926.5 Wealth under Advisory 1 - The reduction in the quarter was impacted by the depreciation of the dollar by R$122.5 million dec - 24 mar - 25 jun - 25 sep - 25 d ec - 25 5,169 5,534 5,455 1 5,935 5,927 NNM +R$758 mn +15%

![](ex99-1_012.jpg)

12 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br d ec - 24 mar - 25 jun - 25 sep - 25 dec - 25 18.0% 20.1% 3 21.4% 20.4% 22.6% 4.1% 3.7% 10.2% 4.2% 5.9% 10.1% 4.2% 6.0% 11.2% 4.1% 5.6% 10.6% 4.8% 7.6% 10.2% dec /24 sep /25 dec /25 R$ million 1,077.5 1,335.8 1,296.7 Ref Equity 833.6 1,067.7 1,022.2 Level I 613.5 698.5 586.1 Core Capital 220.0 369.1 436.2 Additional Capital 3 243.9 268.1 274.5 Level II 5,992.2 6,560.8 5,741.7 RWA 18.0% 20.4% 22.6% Basel Ratio Capital & Funding Basel Ratio Basel Breakdown 1 – Leverage = Portfolio of Private Securities and Bridge Loans/ Level I Capital (Core Capital + Additional Capital) ; 2 – Priva te Securities and Bridge Loans considers MBS, ABS, Credit and Creditory Notes, Debentures, Commercial Note and Rural Product Note, adjusted to provision and MTM. 3 – Proforma considering the issuance of the last tranche of R$34.5 million of Perpetual Financial Letters settled on 04/02/25. (R$ million) Securities Warehousing and Banking Leverage¹ Leverage (x) Level 1: 17.8% 3.8x 3.5x 2.9x 3.4x 3.3x dec - 24 mar - 25 jun - 25 sep - 25 dec - 25 3,136 3,404 3,083 3,582 3,408 Securities Warehousing TVM 2 Core Capital Additional Capital Level II

![](ex99-1_013.jpg)

13 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Funding Evolution & Average Duration 805 796 807 810 783 1 220 354 367 369 436 1,025 1,150 1,174 1,179 1,219 Additional Capital (AT1) Shareholders` Equity dec - 24 mar - 25 jun - 25 sep - 25 dec - 25 Capital & Funding (cont.) (09 . 30 . 2025) (R$ million) Capital Evolution The average duration of funding at the end of December 2025 was 750 days . Funding Evolution (R $ million) Funding Maturity by Term 1 - The reduction was due to the payment of extraordinary dividends during the quarter and the BR Partners Banco total equity at 12/31/2025 was R$590,8 million ; 2 - 11.7% of daily liquidity refers to the Holding BR Partners' own resources invested in CDBs Ratings Average Term 1 (Calendar Days) 49% Above 1 year 9% Liquidity 1 24% 6 months to 1 year 10% 3 to 6 months 7% Until 3 months BR Partners Bank Rating : AA (bra) Perspective: Stable BR Partners Bank Rating : AA (bra) Perspective: Stable BR Partners Bank Rating : AA (bra) Perspective: Stable 704 772 769 736 750 Volume dec - 24 mar - 25 jun - 25 sep - 25 dec - 25 4,501 4,823 4,757 5,187 5,403

![](ex99-1_014.jpg)

14 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Performance Indicators Net Margin Efficiency Ratio and Compensation (%) (R$ million or %) Net Income and Net Margin ROE (%) Despite a very challenging macroeconomic environment, BR Partners reported net income of R$175.1 million, a lower level compared to 2024, yet still healthy. Net margin remained at a solid level of 32.9%. ROE remained above 20% despite a restrictive environment, reaching 22.1% for the year and generating added value (alpha) of 7.7 p.p. relative to the average Selic rate for the period. The Efficiency Ratio reached 45% for the year, remaining stable compared to 2024, reflecting the Company's cost discipline during periods of revenue contraction. The Compensation Ratio reached 23.8%, a lower level compared to 2024 and in line with the Company's compensation policy. Client Revenues / MD Revenue per MD reached R$41.9 million in 2025, maintaining efficiency and revenue generation with clients. (R$ million) #MDs 10 10 Efficiency Ratio Compensation Ratio 2024 2025 44.9% 24.8% 45.0% 23.8% 33.3% 32.9% Net Income 2024 2025 193.7 175.1 ROAE Average SELIC 2024 2025 23.8% 10.9% 22.1% 14.4% +12.9 p.p. +7.7 p.p. 2024 2025 45.3 40.6 Revenue per MD

![](ex99-1_015.jpg)

15 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Accounting Income Statement 2024 2025 Accounting Income Statement (R$ thousands) 581,218 531,380 Total Revenue 216,396 211,576 Net Income from Interest and Gains / Losses with Financial Instruments 364,822 319,804 Total Revenue from Services (341,789) (298,729) Operational Expenses (143,901) (126,527) Personnel Expenses (136,658) (118,974) Administrative Expenses (45,052) (41,410) Tax Expenses (14,355) (13,124) Loss from Impairment (1,823) 1,306 Other Expenses 239,429 232,651 Income befores Taxes on Profit and Equity Income (45,760) (57,578) Income Taxes 193,669 175,073 Net Income 33% 33% Net Margin

![](ex99-1_016.jpg)

16 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br Balance Sheet (R$ mil) 12.31.2024 12.31.2025 Assets 575,235 137,792 Cash and Cash Equivalents 9,273,217 11,712,650 Financial Assets at Fair Value through Profit or Loss 8,684,734 11,369,995 Government Bonds 405,612 174,349 Private Securities 182,871 168,306 Investment Funds Quotas 2,379,657 3,308,755 Financial Assets at Fair Value Through other Results 1,063,568 1,385,470 Private Securities 1,316,089 1,923,285 Investment Funds Quotas 1,071,190 1,023,349 Derivative Financial Instruments 1,576,438 1,124,190 Financial Assets at Amortized Costs 346,523 184,958 Loans Operantios 1,229,915 939,232 Other Financial Assets at Amortized cost 27,260 26,874 Other Assets 95,639 92,425 Deferred Tax Assets - - Fixed Assets 42,329 44,265 Intangible Assets 15,522 12,283 Total do Ativo 15,056,487 17,482,583 Liabilities and Shareholders' Equity 0 33,222 Financial Liabilities at Fair Value Through Profit or Loss 13,664,510 16,062,202 Financial Liabilities at Amortized Cost 8,056,208 9,938,917 Funds from Financial Institutions 2,627,471 1,637,964 Clients funds 1,841,558 3,703,658 Funds from Bond Inssuances 1,139,273 781,663 Other Financial Instruments 317,315 344,451 Derivative Financial Instruments 16,022 11,243 Suppliers 77,231 42,691 Amounts Payable 12,806 19,998 Taxes Payables 15,914 9,382 Current Tax Liabilities 148,099 176,096 Diferred Tax Liabilities 14,251,897 16,699,285 Total Liabilities 674,940 674,940 Capital - 30,193 - 30,193 Capital Reserves 169,245 149,025 Profit Reserves - 9,402 - 10,474 Other Comprehensive Results 0 0 Retained Results 804,590 783,298 Total Shareholders' equity 15,056,487 17,482,583 Total Liabilities and Shareholders' equity Balance Sheet

![](ex99-1_017.jpg)

17 Copyright© 2025 BR Partners. All rights reserved . ri @brpartners.com.br This material was prepared by BR Advisory Partners Participações 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 .