# EDGAR Filing Document

**Accession Number:** 0002058601
**File Stem:** 0001213900-25-107140
**Filing Date:** 2025-11
**Character Count:** 139770
**Document Hash:** e399679b2d2789aeacbe3e4ecda02880
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-107140.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001213900-25-107140

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251106

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**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:** 251458019

**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 November 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.)<br>

**Form 20-F:** ☒ Form 40-F: ☐

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Consolidated Interim Financial Information](ea026425801ex99-1_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: November 6, 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_003.jpg)

**Content**

---

| | |
|:---|:---|
| Comments on performance | 1 |
| Independent auditors' report on review of condensed parent company and consolidated financial information | 4 |
| Statements of financial position | 6 |
| Condensed statements of profit or loss | 8 |
| Condensed statements of comprehensive income | 9 |
| Condensed statements of changes in shareholders' equity | 10 |
| Condensed statements of cash flows | 11 |
| Condensed statements of value added | 12 |
| Notes to the condensed parent company and consolidated quarterly financial information | 13 |

---

i

**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 third quarter ended September 30, 2025.

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

**Economic context** 

The 3Q25 was marked by the gradual transition of the global monetary policy cycle, with the first concrete signs of easement in the United States, Europe still in a wait-and-see mode, China combating deflationary pressures, and Brazil in a prolonged pause, maintaining high interest rates in the face of persistent inflation. The international environment continued to be influenced by the U.S. tariff escalation and the political impacts of elections in various countries, in a context where asset volatility remained high and capital flows to emerging markets showed moderate recovery. In the markets, the 3Q25 was characterized by adjustments in global interest rate curves, appreciation of the US dollar, slight corrections in international stock markets, and an increase in metal commodities, driven by targeted stimulus in China and a reflection of the balance between supply and demand. Despite this environment, global growth maintained a moderate pace, with downward revisions for global GDP due to the slowdown in Europe and the persistent weakness of Chinese demand.

In Brazil, 3Q25 consolidated the scenario of resilience in domestic activity in the face of an still restrictive monetary environment. The Central Bank kept the Selic rate at 15.0% per year in the meetings of July and September, reinforcing the message of prudence and highlighting the importance of observing the convergence of inflation before starting a new cut cycle. The IPCA accumulated a rise of 4.9% in 12 months up to September, slightly above the target, driven by underlying services and administered adjustments, such as energy and health plans. The inflation of industrial goods continued to show moderation, reflecting the drop in commodity prices and a relatively stable exchange rate. The job market remained tight, with an unemployment rate of 5.6% 3Q25, the lowest level in the historical series, supporting real wage growth and household consumption. GDP is expected to grow by about 0.6% in 3Q25, driven by services and the agricultural sector, while the industry continues to recover gradually. On the other hand, the fiscal policy remained at the center of the debate: the primary accumulated deficit over 12 months reached 0.8% of GDP, reflecting an increase in mandatory expenses and disappointment in revenue from state-owned companies' dividends. The government sought to offset part of this imbalance with targeted revenue measures and expenses cuts, but the perception of fiscal risk still limits the room for a more significant decrease in interest rates.

In Europe, 3Q25 was marked by the maintenance of a restrictive monetary policy and consolidation of a scenario of moderated inflation, although still above the target. The European Central Bank kept the interest rate at 2.0%, highlighting that disinflation has been progressing, but this process still requires caution. Inflation in the eurozone dropped to 2.2% in September, after reaching 2.5% in July, reflecting the slowdown in energy and food prices. Wages showed a faster cooling than expected, helping to anchor inflation expectations for 2026 close to the 2.0% target. In terms of activity, the eurozone's GDP grew 0.4% in 3Q25, driven by the gradual recovery of domestic demand in Germany and the fiscal investment package in infrastructure, which continued to support the construction industry and the renewable energy sector. Still, the block remains vulnerable to external shocks, especially to trade disputes with the United States. The threat of new tariffs on European vehicles and chemical products remains on the radar, potentially causing a significant impact on the statement of financial position of the continent.

In the United States, 3Q25 marked a turning point in monetary policy, with the Federal Reserve implementing the first interest rate cut since December 2024. The Fed Funds rate was reduced by 0.25 percentage points, to a range between 4.00% and 4.25%, in a unanimous decision that reflected the assessment that the risks of keeping the policy too tight outweighed those of a premature easing. The job market showed new signs of moderation, with an unemployment rate of 4.3% in August and net job creation below expectations.

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

Comments on performance

Inflation continued to decline, with the 12-month CPI at 2.9% and the core at 3.1%, reinforcing the perception that the disinflation process is underway, although it still depends on a slowdown of consumption. GDP grew by 0.5% in 3Q25, maintaining a trend of moderate expansion, with household consumption and corporate investments showing some loss of momentum. Despite the interest rate cut, the yield curve of Treasuries remained inverted, reflecting the view that the Fed may continue to gradually reduce interest rates throughout 2026. In the commercial plan, the U.S. government intensified its tariff policy, raising taxes on imports from Brazil, China, and the European Union, with the stated goal of protecting strategic sectors and reducing external dependencies. These measures increased the risk of retaliation and heightened uncertainty about global supply chains. Still, the U.S. economy maintained solid fundamentals, with converging inflation, resilient consumption, and a stabilized housing market.

China went through the 3Q25 facing the challenge of reversing the deflationary situation and reviving the real estate market, which is still marked by low confidence and excess inventory. China's GDP grew 4.5% year-on-year, slightly below the pace observed at the beginning of the year, with a slowdown in domestic consumption and exports pressured by weak global demand. The CPI recorded a negative change of 0.3% in September, while the PPI dropped 2.3%, signaling that deflationary pressures remain widespread. The central government adopted new fiscal and monetary policy, including credit expansion through state banks and increased investments in infrastructure, especially in coastal provinces. However, the response from the private sector remains limited by distrust in the real estate sector, where sales continue to decline and residential property prices have decreased in more than 70% of the monitored cities. On the external front, the partial reduction of tariffs imposed by the United States on Chinese products, now averaging 30%, helped to ease industrial exports, which grew by 2.1% in the 3Q25.

**Business performance**

In the 3Q25, in the Financial Advisory area, we continued to feel the impacts of the restrictive monetary policy and uncertain fiscal and political scenario on our activities. Although we have still achieved a healthy revenue level, we announced three transactions in the area, which were: i) the advisory to Banese in the agreement with Mongeral Aegon (MAG) for the marketing and distribution of insurance products; ii) the advisory to the board of directors of Cosan for the capital increase through new shares; iii) and in the advisory to Kovr Seguradora regarding its sale to the company's executives. 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, is becoming more difficult to convert transactions.

The Capital Markets area maintained a sound activity during the 3Q25, taking advantage of the strong demand from issuers for debt products, especially incentivized products in our case, as well as a strong demand among fixed income investors for the primary market. The area structured 8 debt operations, including CRIs, CRAs, Debentures, and FIDCs, totaling a volume of R$1.7 billion in issues in the period.

The Treasury area for clients (Treasury Sales & Structuring) recorded a robust result, driven by strong debt issuance activity in the primary market during the period, as well as the maintenance of risk management activities for clients. In 3Q25, the volume traded in derivatives and foreign exchange reached R$7.9 billion.

At BR Partners Banco de Investimento S.A. ("Bank"), the Company continued promoting the asset portfolio, while investing in products originated by the Capital Markets area, and ended the 3Q25 with a portfolio of R$3.6 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 new clients. At the end of September 2025, the assets under management reached R$5.9 billion, accounting for an increase of 25% compared to the end of September 2024.

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

Comments on performance

In addition to the operational context, on September 17, 2025, negotiations for the Level II American Depositary Receipt ("ADR") program began on Nasdaq Inc., backed by four (4) units listed on B3 ("BRBI11"). Therefore, the Company continues its listing on B3 (Brazil) and has begun to be listed on the North American stock market through American Depositary Receipts (ADRs), via a ticker (Nasdaq: BRBI), denominated in US dollars, with trading and settlement mechanisms compliant with Nasdaq regulations, as well as local legislation and oversight.

It is worth highlighting that the Level II ADR program does not grant any offer of shares or any increase in the Company's share capital or fundraising.

**Consolidated financial performance**

Despite the still challenging macroeconomic scenario, total revenues reached R$133.3 million in 3Q25, compared to R$157.7 million in 3Q24, reflecting a negative change of 15.5%. Net income reached R$42.2 million, compared to R$50.1 million in the 3Q24, accounting for a -15.8% decrease over the previous year. The return on shareholders' equity was 20.9%. The Company ended the year with shareholders' equity of R$809.6 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.

**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_001.jpg)

The Capital Market maintained a sound activity during the quarter, taking advantage of the stronger demand for

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 condensed parent company and consolidated interim financial information**

To

The Shareholders and 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 "BR Advisory Partners Participações S.A.", contained in the Quarterly Information – ITR Form for the quarter ended September 30, 2025, which comprise the statements of financial position as of September 30, 2025, the statements of profit or loss and comprehensive income for the three and nine-month period then ended, of changes in shareholder's equity and cash flows for the nine-month period then ended, including the explanatory notes.

Management is responsible for the preparation and presentation of this parent company and consolidated condensed interim financial information in accordance with CPC 21(R1) 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 Brazilian Securities and Exchange Commission, applicable to the preparation of the 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 Brazilian and international review standards applicable to interim financial information (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 information 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 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.

---

| | |
|:---|:---|
| KPMG Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça. | *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.* |

---

![](ex99-1_001.jpg)

**Conclusion on the condensed parent company and consolidated interim financial 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 September 30, 2025 is not prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34, applicable to the preparation of interim financial information and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.

**Other matters - Statements of Value Added**

The condensed parent company and consolidated interim financial information includes the parent company and consolidated statements of value added for the nine-month period September 30, 2025, prepared under the responsibility of Company's management and presented as supplementary information for IAS 34 purposes. These statements have been submitted to review procedures performed together with the review of the quarterly financial statements to conclude whether they are reconciled to the condensed parent company and consolidated interim financial information and accounting records, if applicable, and whether their form and content are in accordance with the criteria set by Technical Pronouncement CPC 09 - Statement of Value Added. Based on our review, we are not aware of any fact that leads us to believe that these statements of value added have not been prepared, in all material respects, according to the requirements of this Standards and in a manner consistent with the condensed parent company and consolidated interim financial information taken as a whole.

São Paulo, November 6, 2025

RC

KPMG Auditores Independentes Ltda.

CRC 2SP-014428/O-6

*Original report is Portuguese signed by*

Marco Antonio Pontieri

Accountant CRC 1SP153569/O-0

---

| | |
|:---|:---|
| KPMG Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça. | *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 "BR Advisory Partners Participações S.A.")**

Condensed statements of financial position as of September 30, 2025 and December 31, 2024

*(In thousands of reais)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Parent Company** | **Parent Company** | **Consolidated** | **Consolidated** |
|  | <br>Notes | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 |
| **Assets** |  |  |  |  |  |
| **Cash and cash equivalents** | 4 | **2** | **2** | **516143** | **575235** |
| **Financial assets at fair value through profit or loss** | 5(a) | **123221** | **117895** | **10849875** | **9273217** |
| &nbsp;&nbsp;&nbsp; - Government bonds |  |  |  | 10404623 | 8684734 |
| &nbsp;&nbsp;&nbsp; - Private securities |  |  |  | 313052 | 405612 |
| &nbsp;&nbsp;&nbsp; - Investment fund quotas |  | 123221 | 117895 | 132200 | 182871 |
| **Financial assets at fair value through other comprehensive income** | 5(b) | **-** | **-** | **3086942** | **2379657** |
| &nbsp;&nbsp;&nbsp; - Private securities |  |  |  | 1324110 | 1063568 |
| &nbsp;&nbsp;&nbsp; - Investment fund quotas |  |  |  | 1762832 | 1316089 |
| **Derivative financial instruments** | 6(a) | **1744** | **-** | **1052621** | **1071190** |
| **Financial asset at amortized cost** | 7a | **-** | **-** | **1280989** | **1576438** |
| &nbsp;&nbsp;&nbsp; - Loans |  |  |  | 306956 | 346523 |
| &nbsp;&nbsp;&nbsp; - Other financial assets at amortized cost |  |  |  | 974033 | 1229915 |
| Dividends receivable |  |  | 11105 |  |  |
| Other assets |  | 809 | 54 | 25021 | 27260 |
| Deferred tax assets | 17(b) | 4964 | 3060 | 83949 | 95639 |
| Equity-accounted investees | 9 | 832243 | 696170 |  |  |
| Property, plant and equipment |  |  |  | 45689 | 42329 |
| Intangible assets |  |  |  | 13085 | 15522 |
| **Total assets** |  | **962983** | **828286** | **16954314** | **15056487** |

---

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.")**

Condensed statements of financial position as of September 30, 2025 and December 31, 2024

*(In thousands of reais)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Parent Company** | **Parent Company** | **Consolidated** | **Consolidated** |
|  | <br>Notes | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 |
| **Liabilities** |  |  |  |  |  |
| **Financial liabilities at amortized cost** | 11 | **-** | **-** | **15597417** | **13664510** |
| &nbsp;&nbsp;&nbsp; - Repurchase agreements |  |  |  | 9630683 | 8056208 |
| &nbsp;&nbsp;&nbsp; - Client deposits |  |  |  | 1941813 | 2627471 |
| &nbsp;&nbsp;&nbsp; - Funds from securities issued |  |  |  | 3227221 | 1841558 |
| &nbsp;&nbsp;&nbsp; - Other financial liabilities |  |  |  | 797700 | 1139273 |
| **Derivative financial instruments** | 6a | **-** | **-** | **264175** | **317315** |
| **Amounts payable** |  | **130552** | **2739** | **86754** | **93253** |
| &nbsp;&nbsp;&nbsp; - Suppliers |  | 297 | 237 | 2689 | 16022 |
| &nbsp;&nbsp;&nbsp; - Other amounts payable | 10 | 130255 | 2502 | 84065 | 77231 |
| Taxes payable |  | 175 | 117 | 18077 | 12806 |
| Current tax liabilities |  |  |  | 8036 | 15914 |
| Deferred tax liabilities | 17b | 22651 | 20840 | 170250 | 148099 |
| **Total liabilities** |  | **153378** | **23696** | **16144709** | **14251897** |
| **Shareholders' equity** |  |  |  |  |  |
| Capital | 12a | 674940 | 674940 | 674940 | 674940 |
| Capital reserves |  | (30193) | (30193) | (30193) | (30193) |
| Profit reserves |  | 81049 | 169245 | 81049 | 169245 |
| Other comprehensive (loss) |  | (8932) | (9402) | (8932) | (9402) |
| Retained earnings |  | 92741 |  | 92741 |  |
| **Total shareholders' equity** |  | **809605** | **804590** | **809605** | **804590** |
| **Total liabilities and shareholders' equity** |  | **962983** | **828286** | **16954314** | **15056487** |

---

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.")**

Condensed statements of profit or loss for the three and nine-month period ended September 30

*(In thousands of reais)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | | Three-month period <br> ended | Three-month period <br> ended | Nine-month period<br> ended | Nine-month period<br> ended | Three-month period <br> ended | Three-month period <br> ended | Nine-month period <br> ended | Nine-month period <br> ended |
|  | <br>Notes | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| Interest revenues and gains on financial instruments |  | 364 |  | 12239 | 10590 | 4902330 | 1779785 | 9868149 | 4894833 |
| Interest expenses and (losses) on financial instruments |  | (3462) | (388) | (5170) | (218) | (4840275) | (1726559) | (9698917) | (4734451) |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | 14 | **(3098)** | **(388)** | **7069** | **10372** | **62055** | **53226** | **169232** | **160382** |
| Revenues from rendering of services |  |  |  |  |  | 71232 | 104503 | 230830 | 276960 |
| **Total service revenues** | 13 | **-** | **-** | **-** | **-** | **71232** | **104503** | **230830** | **276960** |
| **Total revenues/(expenses)** |  | **(3098)** | **(388)** | **7069** | **10372** | **133287** | **157729** | **400062** | **437342** |
| Personnel expenses |  | (150) | (1326) | (2568) | (4255) | (26243) | (32061) | (95075) | (109076) |
| Administrative expenses | 15 | (2336) | (819) | (8039) | (1616) | (31404) | (43879) | (79054) | (98738) |
| Tax expenses | 16 |  |  |  |  | (10213) | (14723) | (31807) | (35899) |
| Reversal/(provision) due to expected credit losses |  |  |  |  |  | (839) | (1395) | (12303) | 51 |
| Other revenues |  |  |  |  | 2 | 548 | 216 | 1617 | 672 |
| Other expenses |  | (36) |  | (619) | (541) | (775) | (473) | (972) | (1571) |
| **Operating expenses** |  | **(2522)** | **(2145)** | **(11226)** | **(6410)** | **(68926)** | **(92315)** | **(217594)** | **(244561)** |
| **Profit/(loss) before income tax** |  | **(5620)** | **(2533)** | **(4157)** | **3962** | **64361** | **65414** | **182468** | **192781** |
| Equity in net income of subsidiaries | 9 | 47707 | 52520 | 134603 | 151110 |  |  |  |  |
| **Profit before income tax** |  | **42087** | **49987** | **130446** | **155072** | **64361** | **65414** | **182468** | **192781** |
| Income taxes | 17(a) | 137 | 132 | 93 | (3526) | (22137) | (15295) | (51929) | (41235) |
| **Profit for the period** |  | **42224** | **50119** | **130539** | **151546** | **42224** | **50119** | **130539** | **151546** |
| **Profit attributable to the Company's shareholders** |  |  |  |  |  | **42224** | **50119** | **130539** | **151546** |
| Profit attributable to common shares |  |  |  |  |  | 26884 | 31910 | 83112 | 96486 |
| Earnings (loss) per common share |  |  |  |  |  | 0.13 | 0.16 | 0.41 | 0.48 |
| Profit attributable to preferred shares |  |  |  |  |  | 15340 | 18209 | 47427 | 55060 |
| Earnings per preferred share |  |  |  |  |  | 0.13 | 0.16 | 0.41 | 0.48 |

---

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.")**

Condensed statements of changes in shareholders' equity for the nine-month period ended September 30

*(In thousands of reais)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | Three-month period<br> ended | Three-month period<br> ended | Nine-month period<br> ended | Nine-month period<br> ended | Three-month period<br> ended | Three-month period<br> ended | Nine-month period<br> ended | Nine-month period<br> ended |
|  | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| **Profit for the period** | **42224** | **50119** | **130539** | **151546** | **42224** | **50119** | **130539** | **151546** |
| **Items that are or may be reclassified subsequently to profit (loss):** | **(1963)** | **(2053)** | **470** | **(2946)** | **(1963)** | **(2053)** | **470** | **(2946)** |
| Fair value through other comprehensive income (FVOCI) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Adjustment to fair value | (4123) | (3860) | 315 | (6129) | (4123) | (3860) | 315 | (6129) |
| &nbsp;&nbsp;&nbsp;- Tax effect | 1855 | 1738 | (142) | 2759 | 1855 | 1738 | (142) | 2759 |
| Foreign operations - foreign currency translation differences | 305 | 69 | 297 | 424 | 305 | 69 | 297 | 424 |
| **Comprehensive income attributable to:** |  |  |  |  |  |  |  |  |
| Company's shareholders | 40261 | 48066 | 131009 | 148600 | 40261 | 48066 | 131009 | 148600 |

---

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.")**

Consolidated statements of changes in shareholders' equity for the nine-month period ended September 30

*(In thousands of reais)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Profit reserve** | **Profit reserve** | **Other comprehensive income** | **Other comprehensive income** | | |
|  |<br>**Share capital** |<br>**Capital reserve** | **Legal** | **Other profit reserves** | **Equity valuation adjustments** | **Cumulative translation adjustment** |<br>**Retained earnings** |<br>**Total <br> shareholders'<br> equity** |
| **December 31, 2023** | **674940** | **(30193)** | **45003** | **135314** | **(3527)** | **(720)** | **-** | **820817** |
| Profit for the period |  |  |  |  |  |  | 151546 | 151546 |
| Other comprehensive income (loss) |  |  |  |  | (3370) | 424 |  | (2946) |
| Interim dividends paid |  |  |  | (78748) |  |  | (31499) | (110247) |
| Additional dividends paid - 2023 |  |  |  | (12599) |  |  |  | (12599) |
| **September 30, 2024** | **674940** | **(30193)** | **45003** | **43967** | **(6897)** | **(296)** | **120047** | **846571** |
| **December 31, 2024** | **674940** | **(30193)** | **54686** | **114559** | **(9030)** | **(372)** | **-** | **804590** |
| Profit for the period |  |  |  |  |  |  | 130539 | 130539 |
| Other comprehensive income |  |  |  |  | 173 | 297 |  | 470 |
| Interim dividends paid- 2025 |  |  |  | (69297) |  |  | (37798) | (107095) |
| Additional dividends paid - 2024 |  |  |  | (18899) |  |  |  | (18899) |
| **September 30, 2025** | **674940** | **(30193)** | **54686** | **26363** | **(8857)** | **(75)** | **92741** | **809605** |

---

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.")**

Condensed statements of cash flows for the nine-month period ended September 30

*(In thousands of reais)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Parent Company** | **Parent Company** | **Consolidated** | **Consolidated** |
|  | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| **Cash flows from operating activities** |  |  |  |  |
| **Proft for the period** | **130539** | **151546** | **130539** | **151546** |
| **Adjustments for:** |  |  |  |  |
| Effect of changes in exchange rates on cash and cash equivalents |  |  | (23921) | (50515) |
| Impairment losses |  |  | 12303 | (51) |
| Depreciation and amortization |  |  | 7348 | 6037 |
| Deferred taxes | (93) | 3526 | 33841 | 14700 |
| Provision for contingencies |  |  | 107 | 126 |
| Share of profit of equity-accounted investees | (134604) | (151111) |  |  |
| Interest expenses - subordinated financial bills |  |  | 67172 | 10057 |
| **Adjusted net income** | **(4158)** | **3961** | **227389** | **131900** |
| **Change in:** |  |  |  |  |
| Financial assets at fair value through profit or loss | (5326) | (16371) | (1576658) | (1398242) |
| Derivative financial instruments | (1744) |  | (34571) | (417395) |
| *Financial assets at amortized cost* |  |  |  |  |
| - Loans |  |  | 27264 | 71011 |
| - Other financial assets at amortized cost |  |  | 255882 | (3523) |
| Financial assets at fair value through other comprehensive income |  |  | (706815) | (584396) |
| Other assets | (756) | (141) | 2239 | (4443) |
| Amounts payable – Suppliers | 60 | (494) | (13333) | 20591 |
| *Financial liabilities at amortized cost* |  |  |  |  |
| - Repurchase agreements |  |  | 1574475 | 1545551 |
| - Client deposits |  |  | (685658) | (20555) |
| - Debt issued and others |  |  | 1212423 | 459310 |
| - Other financial liabilities |  |  | (341573) | (99518) |
| Amounts payable - associated companies |  | (6568) |  |  |
| Taxes payable | 58 | (5) | 24628 | 12804 |
| Other amounts payable | 90307 | 50746 | (31743) | (33103) |
| **Cash generated by (used in) in operating activities** | **78441** | **31128** | **(66051)** | **(320008)** |
| Income tax and social contribution paid |  |  | (27235) | (26515) |
| **Net cash generated (used in) operating activities** | **78441** | **31128** | **(93286)** | **(346523)** |
| **Cash flows from investing activities** |  |  |  |  |
| Payment of capital in equity-accounted investees | (1000) |  |  |  |
| Dividends received | 11105 | 12970 |  |  |
| Acquisition of property, plant and equipment for use |  |  | (1127) | (3466) |
| **Cash generated (used in) investment activities** | **10105** | **12970** | **(1127)** | **(3466)** |
| **Cash flows from financing activities** |  |  |  |  |
| Payment of interest from subordinated financial bills |  |  | (38232) | (3545) |
| Payment of lease liabilities |  |  | (6122) | (4758) |
| Issuance of subordinated financial bills |  |  | 144300 | 372900 |
| Interim dividends paid | (88546) | (44098) | (88546) | (44098) |
| **Cash generated by (used in) in financing activities** | **(88546)** | **(44098)** | **11400** | **320499** |
| **Increase (decrease) in cash and cash equivalents** | **-** | **-** | **(83013)** | **(29490)** |
| 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 |  |  | 23921 | 50515 |
| Cash and cash equivalents at the end of the period | 2 | 2 | 516143 | 308213 |
| **Increase (decrease) in cash and cash equivalents** | **-** |  | **(83013)** | **(29490)** |
| **Supplementary information of operating cash flows** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest received |  |  | 908421 | 864752 |
| &nbsp;&nbsp;&nbsp;Interest paid |  |  | (858781) | (942826) |

---

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.")**

Condensed statements of value added for the nine-month period ended September 30

*(In thousands of reais)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Parent Company** | **Parent Company** | **Consolidated** | **Consolidated** |
|  | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| **Revenues** | **12239** | **10592** | **10088293** | **5172516** |
| Financial intermediation | 12239 | 10590 | 9868149 | 4894833 |
| Rendering of services |  |  | 230830 | 276960 |
| Impairment losses |  |  | (12303) | 51 |
| Other |  | 2 | 1617 | 672 |
| **Financial expenses** | **(5170)** | **(218)** | **(9698917)** | **(4734451)** |
| **Inputs acquired from third parties** | **(8659)** | **(2158)** | **(68967)** | **(91439)** |
| Materials, energy and others | (1947) | (1616) | (34996) | (26233) |
| Outsourced services | (6093) |  | (32999) | (63645) |
| Other operating expenses | (619) | (542) | (972) | (1561) |
| **Gross value added** | **(1590)** | **8216** | **320409** | **346626** |
| **Depreciation and amortization** | **-** | **-** | **(7348)** | **(6037)** |
| **Net value added produced by the Company** | **(1590)** | **8216** | **313061** | **340589** |
| **Value added received as transfer** | **134603** | **151110** | **-** | **-** |
| Equity in net income of subsidiaries | 134603 | 151110 |  |  |
| **Total value added payable** | **133013** | **159326** | **313061** | **340589** |
| **Distribution of value added** | **133013** | **159326** | **313061** | **340589** |
| **Personnel** | **2244** | **3367** | **80514** | **89583** |
| Direct remuneration | 1852 | 2953 | 67542 | 76644 |
| Benefits | 378 | 331 | 10724 | 9196 |
| FGTS (severance indemnity fund) | 14 | 83 | 2248 | 3743 |
| **Taxes, duties and contributions** | **230** | **4413** | **98296** | **96627** |
| Federal | 230 | 4413 | 87017 | 82970 |
| Municipal |  |  | 11279 | 13657 |
| **Third-party capital remuneration** | **-** | **-** | **3712** | **2833** |
| Rents |  |  | 3712 | 2833 |
| **Remuneration of equity capital** | **130539** | **151546** | **130539** | **151546** |
| Retained earnings | 92741 | 120047 | 92741 | 120047 |
| Interim dividends | 37798 | 31499 | 37798 | 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 "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.

The Company is engaged in investing in other companies, domestic or foreign, as a partner, unitholder or shareholder and management of our own assets. Its control is exercised by BR Partners Holdco Participações S.A. ("Holdco"), which represents 35.59% of the common shares and 29% on September 30, 2025 (55.01% at December 31, 2024) of the Company's total share capital.

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

On August 29, 2025, BR Partners Holdco Participações S.A. - the parent company of the Company - completed the process of partial spin-off of its investments in the subsidiary, resulting in a change in its shareholding in the Company from 55.01% to 29%, without any change in the previously exercised share control.

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 basis 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 the Board of Directors on November 6, 2025.

**b.** **Functional and presentation currency** 

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

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

Notes to the financial statements

*(In thousands of reais)*

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 referring to 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".

**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 condensed parent company and consolidated interim financial information:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | % interest | % interest |
|  | <br>Line of business | <br>Country | 09/30/2025 <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 |
| BR Partners Assessoria Financeira Rio de Janeiro Ltda. <sup>(4)</sup> | Rendering of Services | Brazil | 100 |  |
| **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 | *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 Ltda. was
 changed to BR Partners Assessoria em Soluções de Capital Ltda.

(4) Company
 established in the third quarter of 2025, headquartered in Rio de Janeiro, whose business
 purpose is providing consulting services in business management.

 

**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.

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

Notes to the financial statements

*(In thousands of reais)*

**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.

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 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.

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

Notes to the financial statements

*(In thousands of reais)*

**a.** **Operating limits** 

Capital is managed by BR Partners Group Management 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>** | 09/30/2025 | 12/31/2024 |
| **Reference Equity (PR) - (a)** | **1335765** | **1077498** |
| **Level I** | **1067665** | **833550** |
| Principal capital | 698535 | 613508 |
| Complementary capital | 369130 | 220042 |
| **Level II** | **268100** | **243948** |
| Subordinated Financial Bills Eligible for Capital | 268100 | 243948 |
| **Total risk-weighted exposure - (b)** | **6560811** | **5992233** |
| Credit risk | 3787095 | 3812736 |
| Market risk | 2213444 | 1750868 |
| Operating risk<sup>(2)</sup> | 560272 | 428629 |
| **Basel Ratio** <sup>(3)</sup> **- (a/b)** | **20.4%** | **17.9%** |
| Tier I Capital | 16.3% | 13.9% |
| Tier II Capital | 4.1% | 4.0% |

---

(1) The
 information belongs to BR Partners Banco de Investimento S.A., which follows the regulations
 of the Brazilian Central Bank for calculating the Basel Ratio.

(2) 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 revenues 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 ¼ until December 31, 2027, in accordance with the option provided for in Art.
 19 of BCB Res. 356.

(3) 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 Brazilian
 Central Bank. 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 Brazilian Central Bank (BACEN). The new BACEN resolutions, effective since
 January 1, 2025, resulted in an effective reduction of approximately R$4 million in
 the Reference Equity.

In the period ended September 30, 2025 and year ended December 31, 2024, the limits are classified according to the minimum amount required by the Brazilian Central Bank (minimum required is 10.5%).

**b.** **Market Risk** 

Market risk is defined as the possibility of incurring losses due to adverse fluctuations in prices, market rates, shares and commodities in the Group's portfolio positions. 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 internal committees and reported to the Executive Board.

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

The Group segregates its exposure to market risk between the Trading and Banking portfolios. The Trading portfolio includes proprietary positions, which are represented by financial instruments (assets and liabilities) managed based on fair value. The banking portfolio is predominantly characterized by banking business operations and related to the management of the Group's active (securities) and passive (funding) financial instruments.

The Assets and Liabilities Committee ("ALCO") is responsible for setting limits for each type of risk in aggregate and by type of portfolio, mitigating and preventing exposure to market risk. The market risk policy, reviewed annually, defines the market risk management framework.

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

Notes to the financial statements

*(In thousands of reais)*

**ii.** **Market risk exposures – Trading portfolio** 

The main types of risk in this portfolio are exchange rates, interest rates, price indices and inflation rates. The tool used to measure and control exposure to market risk in the Group's trading portfolio is Value-at-Risk ("VaR"). The VaR of a trading portfolio is the estimated maximum loss that can occur with a specified probability (confidence level) over a given period, considering adverse market changes. The VaR model used by the Group is parametric, based on a 99% confidence level for daily losses.

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

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

- The use of volatilities and correlations based on historical data to predict the future behavior of risk factors may not provide accurate results, especially if there is insufficient data from periods of intense volatility in the financial markets;

A 99% confidence level does not reflect losses that can occur beyond this level. Even within the model used, there is a 1% probability that losses could exceed the calculated VaR;

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

The general structure of VaR limits is subject to review and approval by ALCO and is measured daily to ensure proper monitoring of market risk. Monthly reports are submitted to ALCO for approval and backtesting is also carried out to validate the calculated models.

**Presentation of Values at Risk (in the period/year) - Trading Portfolio**

---

| | | |
|:---|:---|:---|
|  | Closing | Closing |
| *(In thousands of reais)* | 09/30/2025 | 12/31/2024 |
| - Interest rate | 260 | 177 |
| -Price Index / Inflation Rate | 574 | 541 |
| - Foreign currency | 228 | 113 |
| -Other | 220 | 180 |
| **Total with no correlation** | **1282** | **1011** |
| **Total with correlation** | **584** | **696** |

---

**iii.** **Market risk exposures – Banking portfolio** 

The main risk to which the Banking portfolio is exposed is the risk of loss due to fluctuations in future cash flows or in the fair value of financial instruments due to a change in market interest rates, price indices and inflation rates. ALCO is the committee responsible for monitoring and complying with the daily limits for this portfolio.

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

Notes to the financial statements

*(In thousands of reais)*

Banking portfolio risks are calculated based on the contractual cash flows of eligible financial instruments, using the Delta NII methodology, as established by the regulator. The sensitivity analysis for instruments in the Banking portfolio subject to market risk starts with the classification of exposures by risk factors. The Group applies parallel shocks to the respective yield curves as a sensitivity analysis methodology, monitoring the behavior of exposures and the gaps of each risk factor. The methodology used to define the reasonably possible changes in risk factors for a period of 1 year considers probability intervals of 95% and 99%, based on a historical period of 10 years for each risk factor. Aiming to analyze sensitivity, possible stress scenarios were defined, the shocks of which were applied to the operations contained in the Banking portfolio, considering the changes that would negatively affect the Group's positions, based on market data on the respective dates.

The shocks used in each scenario are described below (Delta NII in thousands of reais):

**Interest rate**

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| *Portfolio* | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 1 | Scenario 2 | Scenario 3 |
| Banking | 390 | 1851 | 2357 | 2925 | 13888 | 17690 |
| **Total** | **390** | **1851** | **2357** | **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 on the cash flows of the financial instruments (assets and liabilities).

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| *Portfolio* | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 1 | Scenario 2 | Scenario 3 |
| Banking | 5007 | 14112 | 20621 | 4444 | 12527 | 18304 |
| **Total** | **5007** | **14112** | **20621** | **4444** | **12527** | **18304** |

---

**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.).

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

Notes to the financial statements

*(In thousands of reais)*

The criteria adopted to characterize default include delays in the payment of principal or charges, deterioration in the credit rating of the counterparty according to internal criteria, based on the initial credit analysis of the counterparty, and other factors that may indicate a reduction in financial capacity to meet obligations under the agreed conditions, without the need to resort to guarantees. The estimates of losses due to default are based on the value at risk, the probability of default, and the expected losses from default, taking into account all recovery efforts.

**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 risk at BR Partners 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** |
|  |<br>Book value<br>09/30/2025 | Projected<br>balance |
| **Financial assets** |  |  |
| - Cash and cash equivalents | 516143 | 516143 |
| - Financial assets at fair value through profit or loss | 10849875 | 11384346 |
| - Financial assets at fair value through other comprehensive income | 3086942 | 6878310 |
| - Financial asset at amortized cost | 1280989 | 1624448 |
| **Derivative financial instruments** |  |  |
| - Swap | 881913 | 2054859 |
| - NDF | 97304 | 96331 |
| - Options | 67107 | 93278 |
| - Futures | 6297 | 8877 |
| **Total** | **16786570** | **22656592** |
| **Financial liabilities** |  |  |
| - Suppliers | 2689 | 2688 |
| - Client deposits | 1941813 | 2174831 |
| - Debt issued and others | 3227221 | 6034577 |
| - Repurchase agreements | 9630683 | 9630683 |
| - Other financial liabilities | 797700 | 797700 |
| - Lease liabilities | 33607 | 48898 |
| **Derivatives** |  |  |
| - Swap | 184567 | 430049 |
| - NDF | 60540 | 60540 |
| - Options | 6393 | 8888 |
| - Futures | 12675 | 17872 |
| **Total** | **15897888** | **19206726** |

---

**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** |
|  |<br>Book value<br>12/31/2024 | Projected<br>balance |
| **Financial assets** |  |  |
| - Cash and cash equivalents | 575235 | 575235 |
| - Financial assets at fair value through profit or loss | 9273217 | 10214691 |
| - Financial assets at fair value through other comprehensive income | 2379657 | 6658121 |
| - Financial asset at amortized cost | 1576438 | 2014619 |
| **Derivative financial instruments** |  |  |
| *- Swap* | 834743 | 2404060 |
| - NDF | 196358 | 200285 |
| - Options | 18817 | 19570 |
| - Futures | 21272 | 21910 |
| **Total** | **14875737** | **22108491** |
| **Financial liabilities** |  |  |
| - Suppliers | 16022 | 16022 |
| - Client deposits | 2627471 | 3021592 |
| - Debt issued and others | 1841558 | 5466460 |
| - Repurchase agreements | 8056208 | 8056208 |
| - Other financial liabilities | 1139273 | 1139273 |
| - Lease liabilities | 29441 | 45618 |
| **Derivatives** |  |  |
| *- Swap* | 170417 | 490801 |
| - NDF | 107118 | 109260 |
| - Options | 17837 | 18550 |
| - Futures | 21943 | 22601 |
| **Total** | **14027288** | **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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 |
|  | R$(Real) | US$(Dollar) | € (Euro) | ¥ (Yen) |
| Foreign exchange exposure | (72710) | 68116 | 4594 |  |
| **Derivatives** |  |  |  |  |
| Swap | 3530 | (3530) |  |  |
| NDF | (39269) | 332181 | 1029 | (293941) |
| Options | 12363 | (12363) |  |  |
| Futures | 92207 | (381241) | (2353) | 291387 |
| **Total** | **(3879)** | **3163** | **3270** | **(2554)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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)*

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Cash and cash equivalents** 

---

| | | |
|:---|:---|:---|
| **Parent Company** | 09/30/2025 | 12/31/2024 |
| Banks - Checking account and cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **Total** | **2** | **2** |

---

---

| | | |
|:---|:---|:---|
| **Consolidated** | 09/30/2025 | 12/31/2024 |
| Banks - Checking account and cash | 71 | 62 |
| Balances with Brazilian Central Bank | 33 | 380 |
| Cash and cash equivalents in foreign currencies | 47044 | 27936 |
| Money market repurchase agreements<sup>(1)</sup> | 468995 | 546857 |
| **Total** | **516143** | **575235** |

---

(1) On
 September 30, 2025, and December 31, 2024, the repurchase agreements substantially had a
 resale date for October 1, 2025 and January 2, 2025, respectively.

 

**5.** **Financial instruments** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Financial assets at fair value through profit or loss** 

---

| | | |
|:---|:---|:---|
|  | Fair / book value | Fair / book value |
| **Parent Company** | 09/30/2025 | 12/31/2024 |
| **Investment fund quotas** |  |  |
| - Investment fund quotas | 123221 | 117895 |
| **Total** | **123221** | **117895** |

---

---

| | | |
|:---|:---|:---|
|  | Fair / book value | Fair / book value |
| **Consolidated** | 09/30/2025 | 12/31/2024 |
| **Government bonds <sup>(1)</sup>** | **10404623** | **8684734** |
| - Financial Treasury Bills (LFTs) | 364165 | 354910 |
| - National Treasury Bills (LTN) | 719711 | 425016 |
| - National Treasury Notes (NTN-B) | 8154620 | 7843046 |
| - National Treasury Notes (NTN-F) | 1157656 | 41454 |
| - Government bonds of foreign governments | 8471 | 20308 |
| **Private securities <sup>(2)</sup>** | **313052** | **405612** |
| - Certificates of Real Estate Receivables | 66623 | 152762 |
| - Certificates of Agribusiness Receivables | 59694 | 64427 |
| - Debentures | 96683 | 97906 |
| - Real Estate Credit Bill | 90052 | 90517 |
| **Investment fund quotas** | **132200** | **182871** |
| - Investment fund quotas | 132200 | 182871 |
| **Total** | **10849875** | **9273217** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Financial assets at fair value through other comprehensive income** 

---

| | | |
|:---|:---|:---|
|  | Fair value/Book value | Fair value/Book value |
| **Consolidated** | 09/30/2025 | 12/31/2024 |
| **Private securities <sup>(2)</sup>** | **1324110** | **1063568** |
| - Certificates of Real Estate Receivables | 831446 | 857201 |
| - Certificates of Agribusiness Receivables | 40496 | 30012 |
| - Rural Product Note |  | 74766 |
| - Debentures | 337071 | 75688 |
| - Commercial Notes | 115097 | 25901 |
| **Investment fund quotas** | **1762832** | **1316089** |
| - Investment fund quotas | 1762832 | 1316089 |
| **Total** | **3086942** | **2379657** |

---

(1) 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.

(2) 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** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Breakdown per index** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 |
| **Parent Company** | Assets | Assets | Liabilities | Liabilities |
|  | Amounts <br> receivable | Nominal <br> value | Amounts payable | Nominal <br> value |
| **Swap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IPCA / Fixed rate x CDI | 1744 | 167731 |  |  |
| **Total** | **1744** | **167731** |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 |
| **Consolidated** | Assets | Assets | Liabilities | Liabilities |
|  | Amounts<br> receivable | Nominal<br> value | Amounts<br> payable | Nominal<br> value |
| **Swap** | **881913** | **11331540** | **(184567)** | **5196641** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPCA x CDI | 49065 | 179206 | (7804) | 50930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPCA x Fixed rate |  |  | (268) | 32949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI X Dollar | 6935 | 201600 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x IPCA | 746935 | 7448805 | (134451) | 2765692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x Fixed rate | 68404 | 1515265 | (20149) | 1393475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI X CDI | 995 | 1042965 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate x CDI | 9579 | 943699 | (21895) | 953595 |
| **NDF (Non-deliverable Forwards)** | **97304** | **1746070** | **(60540)** | **1483813** |
| &nbsp;&nbsp;&nbsp;**Currency term** | **78573** | **973437** | **(52982)** | **1077010** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar x Fixed rate | 391 | 51089 | (52818) | 999295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate x Dollar | 29639 | 594582 | (138) | 76660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate x Yen | 48543 | 327766 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yen x Fixed rate |  |  | (26) | 1055 |
| &nbsp;&nbsp;&nbsp;**Forward commodities** | **18731** | **772633** | **(7558)** | **406803** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities | 18731 | 772633 | (7558) | 406803 |
| **Options** | **67107** | **226658** | **(6393)** | **241192** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of call option | 64770 | 62583 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of put option | 2337 | 164075 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of call option |  |  | (104) | 144660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of put option |  |  | (6289) | 96532 |
| **Futures** | **6297** | **2126771** | **(12675)** | **5386983** |
| &nbsp;&nbsp;&nbsp;**Long position** | **1746** | **1923996** | **(11202)** | **3164677** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP | 177 | 282356 | (3576) | 2340362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DDI | 275 | 214195 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DI1 | 771 | 788170 | (1) | 86217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOL | 519 | 638232 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies - FX |  |  | (1796) | 343479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities – Domestic |  |  | (204) | 66324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities - Abroad | 4 | 1043 | (5625) | 328295 |
| &nbsp;&nbsp;&nbsp;**Short position** | **4551** | **202775** | **(1473)** | **2222306** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP | 7 | 12694 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DDI |  |  | (107) | 91516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DI1 | 1 | 134072 | (517) | 1183283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOL |  |  | (257) | 221186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IND | 10 | 10300 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WDO |  | 2627 | (588) | 723968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies - FX |  |  | (4) | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities - Abroad | 4533 | 43082 |  |  |
| **Total** | **1052621** | **15431039** | **(264175)** | **12308629** |

---

**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;&nbsp;&nbsp;&nbsp;IPCA x CDI | 41009 | 357838 | (5569) | 44280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI X Dollar | 19888 | 410087 | (7318) | 24673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPCA x Fixed rate | 2776 | 32950 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x IPCA | 638920 | 6608426 | (77126) | 2455378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x Fixed rate | 129684 | 1581558 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI x CDI | 2328 | 111465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate x CDI | 139 | 30436 | (80404) | 1246248 |
| **NDF** | **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;Fixed rate 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;&nbsp;&nbsp;&nbsp;Purchase of call option | 18215 | 488637 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of put option | 602 | 177956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of call option |  |  | (17233) | 293696 |
| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;Currencies - FX | 12589 | 181956 | (1025) | 32855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities – Domestic | 64 | 1729 |  |  |
| &nbsp;&nbsp;&nbsp;&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$285,592 on September 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)*

 

b. Comparison between the cost and fair value

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 |
| **Parent Company** | Cost | Unrealized gains/(losses) | Credit risk adjustment | Fair value |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | (916) | 2660 |  | 1744 |
| **Total** | **(916)** | **2660** |  | **1744** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 |
| **Consolidated** | Cost | Unrealized <br>gains/(losses) | Credit risk <br>adjustment | Fair value |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | 226886 | 658734 | (3707) | 881913 |
| &nbsp;&nbsp;&nbsp;NDF | 101365 | (3643) | (418) | 97304 |
| &nbsp;&nbsp;&nbsp;Options | 61468 | 5944 | (305) | 67107 |
| &nbsp;&nbsp;&nbsp;Futures | 6297 |  |  | 6297 |
| **Total** | **396016** | **661035** | **(4430)** | **1052621** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | (361879) | 177323 | (11) | (184567) |
| &nbsp;&nbsp;&nbsp;NDF | (60700) | 160 |  | (60540) |
| &nbsp;&nbsp;&nbsp;Options | (5762) | (631) |  | (6393) |
| &nbsp;&nbsp;&nbsp;Futures | (12675) |  |  | (12675) |
| **Total** | **(441016)** | **176852** | **(11)** | **(264175)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| **Consolidated** | Cost | Unrealized<br> gains/(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)** |

---

c. Breakdown per maturity

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 |
| **Parent Company** | ≤03 months | 03–12 months | 01–03 years | >3 years | Fair value |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap |  |  |  | 1744 | 1744 |
| **Total** |  |  |  | **1744** | **1744** |

---

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

Notes to the financial statements

*(In thousands of reais)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 | 09/30/2025 |
| **Consolidated** | ≤03 months | 03–12 months | 01–03 years | >3 years | Fair value |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | 6610 | 97702 | 142346 | 635255 | 881913 |
| &nbsp;&nbsp;&nbsp;NDF | 77786 | 14173 | 5345 |  | 97304 |
| &nbsp;&nbsp;&nbsp;Options | 2320 | 17 | 64770 |  | 67107 |
| &nbsp;&nbsp;&nbsp;Futures | 1071 | 3796 | 490 | 940 | 6297 |
| **Total** | **87787** | **115688** | **212951** | **636195** | **1052621** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap | (414) | (2433) | (40393) | (141327) | (184567) |
| &nbsp;&nbsp;&nbsp;NDF | (40935) | (16606) | (2999) |  | (60540) |
| &nbsp;&nbsp;&nbsp;Options | (6092) | (301) |  |  | (6393) |
| &nbsp;&nbsp;&nbsp;Futures | (3747) | (4887) | (1104) | (2937) | (12675) |
| **Total** | **(51188)** | **(24227)** | **(44496)** | **(144264)** | **(264175)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| **Consolidated** | ≤03 months | 03–12 months | 01–03 years | >3 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)** |

---

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.

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

Notes to the financial statements

*(In thousands of reais)*

e. Derivatives designated as hedge accounting.

---

| | | | |
|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2025 |
| Strategy | Hedging <br> 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 or <br> loss <sup>(2)</sup> |
| Interest rate risk |  |  |  |
| Floating rate funding | (187880) | 208721 | 3152 |
| **Total** | **(187880)** | **208721** | **3152** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 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 or <br> 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".

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

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

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

Notes to the financial statements

*(In thousands of reais)*

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 September 30, 2025 and year ended December 31, 2024, respectively.

---

| | | |
|:---|:---|:---|
| **Consolidated** | 09/30/2025 | 12/31/2024 |
| Loans <sup>(1)</sup> | 306956 | 346523 |
| **Other financial assets at amortized cost** | **974033** | **1229915** |
| &nbsp;&nbsp;&nbsp;- Foreign exchange <sup>(2)</sup> | 798015 | 1139273 |
| &nbsp;&nbsp;&nbsp;- Financial instruments <sup>(3)</sup> | 50010 |  |
| &nbsp;&nbsp;&nbsp;- Services receivable <sup>(4)</sup> | 115478 | 83821 |
| &nbsp;&nbsp;&nbsp;- Other amounts <sup>(5)</sup> | 5235 | 5785 |
| &nbsp;&nbsp;&nbsp;- Deposits <sup>(6)</sup> | 5295 | 1036 |
| **Total** | **1280989** | **1576438** |

---

 

(1) Refers
 to operations with clients of BR Partners Banco de Investimento S.A., represented by Bank
 Credit Notes and Real Estate Credit Notes.

(2) It
 refers to a purchased foreign exchange contract whose settlement was carried out on October 01,
 2025 and January 2, 2025, respectively.

(3) Represented
 by Rural Product Notes ("CPR") and Commercial Notes ("NC").

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

(5) Mainly
 refers to the final sale of financial instruments, which were settled on October 1, 2025.

(6) Refers
 to a security deposit in the amount of R$5,156 (R$592 as of December 31, 2024)
 and a labor court deposit in the amount of R$139 (R$166 as of December 31,
 2024).

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<br> companies/subsidiaries <sup>(2)</sup>** | **Associated<br> companies/subsidiaries <sup>(2)</sup>** | **Total** | **Total** |
| **Parent Company** | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 |
| **Assets/(Liabilities)** |  |  |  |  |  |  |
| Amounts receivable |  |  |  | 11105 |  | 11105 |
| Derivative financial instruments |  |  | 1744 |  | 1744 |  |
| Investment fund quotas |  |  | 123221 | 117895 | 123221 | 117895 |
| Dividends payable | (10962) | (735) | (9831) |  | (20793) | (735) |
| **Result/(Expenses)** |  |  |  |  |  |  |
| Result from derivatives |  |  | 1744 |  | 1744 |  |
| Income (loss) from investment in investment fund quotas |  |  | 5326 | 9966 | 5326 | 9966 |

---

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

Notes to the financial statements

*(In thousands of reais)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 <br> personnel <sup>(3)</sup>** | **Key management <br> personnel <sup>(3)</sup>** | **Total** | **Total** |
| **Consolidated** | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 |
| **Assets/(Liabilities)** |  |  |  |  |  |  |  |  |
| Investment fund quotas |  |  | 123221 | 117895 |  |  | 123221 | 117895 |
| Client deposits <sup>(4)</sup> | (443) | (1250) | (13141) | (13788) | (1825) | (2553) | (15409) | (17591) |
| Letters of credit for real estate <sup>(5)</sup> |  |  |  |  | (1799) | (2709) | (1799) | (2709) |
| Agribusiness credit bills |  |  |  |  |  | (91) |  | (91) |
| Dividends payable | (10962) | (735) | (9831) |  |  |  | (20793) | (735) |
| **Result/(Expenses)** |  |  |  |  |  |  |  |  |
| Interest revenue from financial assets at fair value through profit or loss – Investment fund quotas |  |  | 5326 | 9966 |  |  | 5326 | 9966 |
| Interest expenses and (losses) on financial instruments | (9) | (41) | (1247) | (1338) | (132) | (653) | (1388) | (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.

a. Remuneration of key personnel

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended |
| **Parent Company** | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| Directors' fee | 909 | 704 | 2591 | 1906 |
| Social charges | 182 | 141 | 518 | 381 |
| **Total** | **1091** | **845** | **3109** | **2287** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended |
| **Consolidated** | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| Directors' fee | 14941 | 9715 | 41792 | 28082 |
| Social charges | 2988 | 3175 | 8358 | 5616 |
| **Total** | **17929** | **12890** | **50150** | **33698** |

---

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".

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

Notes to the financial statements

*(In thousands of reais)*

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 2nd degree; and

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

9. Investments in subsidiaries

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parent Company** | 12/31/2024 | Equity in <br> net income <br> of subsidiaries | Payment of <br> capital | Other<br> comprehensive <br> income <sup>(1)</sup> | 09/30/2025 |
| BR Partners Assessoria Financeira Ltda. | 1326 | 33444 |  | 297 | 35067 |
| BR Partners Assessoria Financeira Rio de Janeiro Ltda. |  | (17) | 1000 |  | 983 |
| BR Partners Mercados de Capitais Ltda. | 1000 | 20749 |  |  | 21749 |
| BR Partners Participações Financeiras Ltda. | 691344 | 37420 |  | 173 | 728937 |
| BR Partners Gestão de Recursos Ltda. | 2000 | 30025 |  |  | 32025 |
| BR Partners Assessoria em Soluções de Capital Ltda. | 500 | 12982 |  |  | 13482 |
| **Total** | **696170** | **134603** | **1000** | **470** | **832243** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Equity in <br>net income | Other <br>comprehensive | |
| **Parent Company** | 12/31/2023 | of subsidiaries | income <sup>(1)</sup> | 09/30/2024 |
| BR Partners Assessoria Financeira Ltda. | 979 | 33877 | 424 | 35280 |
| BR Partners Mercados de Capitais Ltda. | 1000 | 23145 |  | 24145 |
| BR Partners Participações Financeiras Ltda. | 723063 | 20040 | (3370) | 739733 |
| BR Partners Gestão de Recursos Ltda. | 2000 | 15066 |  | 17066 |
| BR Partners Assessoria em Soluções de Capital Ltda. | 500 | 58982 |  | 59482 |
| **Total** | **727542** | **151110** | **(2946)** | **875706** |

---

(1) 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** |
|  | 09/30/2025 | 12/31/2024 | 09/30/2025 | 12/31/2024 |
| Dividends payable | 38183 | 735 | 38183 | 735 |
| Amounts payable to related companies | 92023 |  |  |  |
| Lease liabilities <sup>(1)</sup> |  |  | 33607 | 29441 |
| Provision payable for expenses on personnel | 49 | 1767 | 7925 | 42998 |
| Provision for contingency (Note 19.b) |  |  | 1076 | 1368 |
| Provision for surety bonds provided<sup>(2)</sup> |  |  | 147 | 532 |
| Future year earnings |  |  | 2541 | 1772 |
| Other |  |  | 586 | 385 |
| **Total** | **130255** | **2502** | **84065** | **77231** |

---

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

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

11. Financial liabilities

**Deposits, fundraising and obligations for loans**

---

| | | |
|:---|:---|:---|
| **Consolidated** | 09/30/2025 | 12/31/2024 |
| **Client deposits** | **1941813** | **2627471** |
| - Time deposit <sup>(1)</sup> | 1941813 | 2170262 |
| - Interbank deposits |  | 457209 |
| **Repurchase agreements** | **9630683** | **8056208** |
| - Government bonds <sup>(2)</sup> | 8550000 | 7113234 |
| - Private securities <sup>(2)</sup> | 1080683 | 942974 |
| **Debt issued and others** | **3227221** | **1841558** |
| - Real Estate Credit Bills <sup>(3)</sup> | 58885 | 2709 |
| - Agribusiness Credit Bills |  | 8785 |
| - Financial bills <sup>(4)</sup> | 2531106 | 1366074 |
| - Subordinated Financial Bills <br> Eligible for Capital– Tier II <sup>(5)</sup> | 268100 | 243948 |
| - Subordinated Financial Bills <br> Eligible for Complementary Capital <sup>(6)</sup> | 369130 | 220042 |
| **Other financial liabilities** | **797700** | **1139273** |
| - Obligations with foreign exchange purchase <sup>(7)</sup> | 797700 | 1139273 |
| **Total** | **15597417** | **13664510** |

---

(1) 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 2.50% p.a. and IPCA + 4.87% and 9.18% p.a.

(2) For
 repurchase agreements linked to government bonds ("NTN-B", "NTN-F"
 and "LTN"), the yield rate is 14.89% p.a. and, for private securities (Debentures,
 CRI and CRA), the average yield rate is 94.2% of DI.

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

(4) Fixed-rate
 Financial Bills ("LF"), with remuneration rate between 11.38% and 13.30% 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.

(5) 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% to 2.94% and 100% of the IPCA + 6.58%.

(6) The
 Perpetual Subordinated Financial Bills, eligible for the composition of the complementary
 capital, are remunerated at floating rates of 100% of the DI + 1.80 to 2.50% p.a.

(7) Refers
 to the obligation linked to a purchased foreign exchange contract, whose settlement occurred
 on October 1, 2025.

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

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

Notes to the financial statements

*(In thousands of reais)*

12. Shareholders' equity

a. Share capital

The Company's share capital, fully subscribed and paid in totaling R$674,940 at September 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 share capital. The purpose of the legal reserve is to guarantee that the share capital is paid up and it is used solely 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. Net 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 year.

For the periods ended September 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 09/30/2025 | 09/30/2025 | 09/30/2024 | 09/30/2024 |
| Profit attributable to the Company's shareholders |  | 130539 |  | 151546 |
| Weighted average of shares issued |  | 314987 |  | 314987 |
| **Basic earnings and diluted per share (in Reais)** |  | **0.41** |  | **0.48** |

---

d. Dividends

Shareholders will be entitled to a non-cumulative mandatory minimum dividend, corresponding to 25% of the adjusted net income, as set forth in the Article 191 of Brazil's Corporation Act, reduced or increased by the amounts provided for in item I of Article 202 of the Brazil's Corporation Act 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 net income may be distributed. Adjusted net income or approved its retention as a reserve, as the case may be. 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 Act.

On November 6, 2025, the Company's Board of Directors approved the distribution of interim dividends in the amount of R$37,798 thousand (R$0.36 per unit) and extraordinary dividends in the amount of R$69,297 thousand (R$0.66 per unit).

13. Result by line of business

The following summary discloses the service revenues (revenue from contracts with customers) and the other accounting items that composes the consolidated total revenue disaggregated by line of business:

---

| | | | |
|:---|:---|:---|:---|
|  | Three-month period ended 09/30/2025 | Three-month period ended 09/30/2025 | Three-month period ended 09/30/2025 |
| Business line | Revenues <br> from <br> rendering of <br> services | Net interest <br> revenue <br> (expense) <br> and gains <br> (losses) on <br> financial <br> instruments | Total |
| Investment Banking and Capital Market | 67184 |  | 67184 |
| Treasury Sales & Structuring |  | 28739 | 28739 |
| Investments and Wealth Management | 4048 |  | 4048 |
| Capital Remuneration |  | 33316 | 33316 |
| **Total** | **71232** | **62055** | **133287** |

---

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

Notes to the financial statements

*(In thousands of reais)*

 

---

| | | | |
|:---|:---|:---|:---|
|  | Three-month period ended 09/30/2024 | Three-month period ended 09/30/2024 | Three-month period ended 09/30/2024 |
| Business line | Revenues <br> from <br> rendering of <br> services | Net interest <br> revenue <br> (expense) <br> and gains <br> (losses) on <br> financial <br> instruments | Total |
| Investment Banking and Capital Market | 101386 |  | 101386 |
| Treasury Sales & Structuring | 1 | 21299 | 21300 |
| Investments and Wealth Management | 3116 |  | 3116 |
| Capital Remuneration |  | 31927 | 31927 |
| **Total** | **104503** | **53226** | **157729** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Nine-month period ended 09/30/2025 | Nine-month period ended 09/30/2025 | Nine-month period ended 09/30/2025 |
| Business line | Revenues <br> from <br> rendering of <br> services | Net interest <br> revenue <br> (expense) <br> and gains <br> (losses) on <br> financial <br> instruments | Total |
| Investment Banking and Capital Market | 219558 | *-* | 219558 |
| Treasury Sales & Structuring |  | 69834 | 69834 |
| Investments and Wealth Management | 11272 |  | 11272 |
| Capital Remuneration |  | 99398 | 99398 |
| **Total** | **230830** | **169232** | **400062** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Nine-month period ended 09/30/2024 | Nine-month period ended 09/30/2024 | Nine-month period ended 09/30/2024 |
| Business line | Revenues <br> from <br> rendering of <br> services | Net interest <br> revenue <br> (expense) <br> and gains <br> (losses) on <br> financial <br> instruments | Total |
| Investment Banking and Capital Market | 268366 |  | 268366 |
| Treasury Sales & Structuring | 4 | 57520 | 57524 |
| Investments and Wealth Management | 8590 |  | 8590 |
| Capital Remuneration |  | 102862 | 102862 |
| **Total** | **276960** | **160382** | **437342** |

---

**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** | 09/30/2025 | 09/30/2024 |
| - Income from financial assets at fair value through profit or loss | 364 |  |
| - Expenses with financial assets at fair value through profit or loss | (3462) | (388) |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **(3098)** | **(388)** |

---

---

| | | |
|:---|:---|:---|
|  | Nine-month period ended | Nine-month period ended |
| **Parent Company** | 09/30/2025 | 09/30/2024 |
| - Income from financial assets at fair value through profit or loss | 12239 | 10590 |
| - Expenses with financial assets at fair value through profit or loss | (5170) | (218) |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **7069** | **10372** |

---

---

| | | |
|:---|:---|:---|
|  | Three-month period ended | Three-month period ended |
| **Consolidated** | 09/30/2025 | 09/30/2024 |
| **Interest revenues** |  |  |
| - Income from loans | 14775 | 5258 |
| - Income from guarantees granted | 539 | 468 |
| *Financial assets* |  |  |
| - At amortized cost | 3048 |  |
| - At fair value through profit or loss | 427901 | 369276 |
| **Total interest revenues** | **446263** | **375002** |
| **Interest expenses** |  |  |
| - Funding expenses | (519224) | (268164) |
| - Positive fair value - funding (Hedged Item) | (631) | (328) |
| *Financial assets* |  |  |
| - At fair value through profit or loss | (118178) | (130728) |
| **Total interest expenses** | **(638033)** | **(399220)** |
| **Net gains (losses) from operations in foreign currency** |  |  |
| Foreign exchange income | 19037 | 29939 |
| Foreign exchange expenses | (1235) | (9574) |
| **Total** | **17802** | **20365** |
| **Gains (losses) on derivative transactions** |  |  |
| Income from derivative operations | 4452593 | 1374844 |
| Expenses on derivative operations | (4216570) | (1317765) |
| **Total** | **236023** | **57079** |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **62055** | **53226** |

---

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

Notes to the financial statements

*(In thousands of reais)*

 

---

| | | |
|:---|:---|:---|
|  | Nine-month period ended | Nine-month period ended |
| **Consolidated** | 09/30/2025 | 09/30/2024 |
| **Interest revenues** |  |  |
| - Income from loans | 53191 | 16482 |
| - Income from guarantees granted | 1506 | 1322 |
| *Financial assets* |  |  |
| - At amortized cost | 10589 |  |
| - At fair value through profit or loss | 1463420 | 938820 |
| **Total interest revenues** | **1528706** | **956624** |
| **Interest expenses** |  |  |
| - Funding expenses | (1342968) | (735030) |
| - Positive (negative) fair value - funding (Hedged Item) | 994 | (967) |
| *Financial assets* |  |  |
| - At fair value through profit or loss | (175971) | (536408) |
| **Total interest expenses** | **(1517945)** | **(1272405)** |
| **Net gains (losses) from operations in foreign currency** |  |  |
| Foreign exchange income | 36471 | 101498 |
| Foreign exchange expenses | (16425) | (52537) |
| **Total** | **20046** | **48961** |
| **Gains (losses) on derivative transactions** |  |  |
| Income from derivative operations | 8318535 | 3836711 |
| Expenses on derivative operations | (8180110) | (3409509) |
| **Total** | **138425** | **427202** |
| **Net interest revenue (expense) and gains (losses) on financial instruments** | **169232** | **160382** |

---

15. Administrative expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended |
| **Parent Company** | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| Outsourced service expenses | 1220 | 352 | 6093 | 888 |
| Financial system expenses | 388 | 103 | 790 | 389 |
| Data processing expenses | 35 | 33 | 93 | 89 |
| Travel expenses | 105 | 45 | 127 | 104 |
| Advertising and publicity expenses | 76 | 63 | 210 | 196 |
| Other expenses | 512 | 223 | 726 | 416 |
| **Total** | **2336** | **819** | **8039** | **2082** |
| Reversal of administrative expenses |  |  |  | (466) |
| **Total** | **2336** | **819** | **8039** | **1616** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended |
| **Consolidated** | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| Outsourced service expenses | 13225 | 31478 | 32999 | 63645 |
| Financial system service expenses | 2034 | 1791 | 5637 | 6339 |
| Data processing expenses | 3056 | 2406 | 8575 | 6907 |
| Amortization and depreciation expenses | 2449 | 2174 | 7348 | 6037 |
| Rent expenses | 1120 | 926 | 3713 | 2833 |
| Travel expenses | 2249 | 665 | 4162 | 1756 |
| Communication expenses | 1207 | 1201 | 3498 | 3274 |
| Promotion and public relations expenses | 1281 | 531 | 2412 | 1440 |
| Tax expenses | 2446 | 699 | 4506 | 2372 |
| Other expenses | 2337 | 2021 | 6204 | 5409 |
| **Total** | **31404** | **43892** | **79054** | **100012** |
| Reversal of administrative expenses |  | (13) |  | (1274) |
| **Total** | **31404** | **43879** | **79054** | **98738** |

---

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

Notes to the financial statements

*(In thousands of reais)*

 

16. Tax expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended |
| **Consolidated** | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| **Revenues from services rendered** |  |  |  |  |
| - PIS | 824 | 1204 | 2202 | 2577 |
| - COFINS | 3869 | 5579 | 10699 | 12078 |
| - ISS | 3468 | 5155 | 11280 | 13657 |
| **Income (loss) from financial instruments net of interest** |  |  |  |  |
| - PIS | 289 | 392 | 1066 | 1061 |
| - COFINS | 1763 | 2393 | 6560 | 6526 |
| **Total** | **10213** | **14723** | **31807** | **35899** |

---

17. Income taxes

a. Current and deferred taxes

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended |
| **Parent Company** | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| **Profit before income tax** | 42087 | 49987 | 130446 | 155072 |
| Rate (25% Income Tax (IR) and 9% Social Contribution (CSLL)) | (14309) | (16995) | (44352) | (52725) |
| - Permanent (additions)/Exclusions | (1177) |  | (1843) | (408) |
| - Temporary differences without recording deferred tax assets | 202 | (318) | 2349 | 3766 |
| - Additions/exclusions – Undistributed earnings in equity method investees | 16220 | 17856 | 45765 | 51378 |
| Deferred formation/(reversal) for the period | 137 | 132 | 93 | (3526) |
| Tax losses and negative basis | (936) | (543) | (1919) | (2011) |
| **Income tax and social contribution in the periods** | **137** | **132** | **93** | **(3526)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended |
| **Consolidated** | 09/30/2025 | 09/30/2024 | 09/30/2025 | 09/30/2024 |
| **Profit before income tax** | 64361 | 65414 | 182468 | 192781 |
| Total income tax and social contribution charge at statutory rates | (21883) | (22240) | (62039) | (65545) |
| *Effect of additions and deductions on the calculation of taxes:* |  |  |  |  |
| - Permanent additions/(exclusions) | 354 | 748 | 1903 | 567 |
| - Temporary differences without recording deferred tax assets | 340 | (187) | 538 | 239 |
| - Other <sup>(1)</sup> | (948) | 6384 | 7669 | 23504 |
| **Income tax and social contribution in the periods** | **(22137)** | **(15295)** | **(51929)** | **(41235)** |
| Effective rate | 34.4% | 23.4% | 28.5% | 21.4% |
| Deferred income tax and social contribution | (20505) | 719 | (33699) | (17456) |
| Current income tax and social contribution | (1632) | (16014) | (18230) | (23779) |
| **Income tax and social contribution in the periods** | **(22137)** | **(15295)** | **(51929)** | **(41235)** |

---

(1) 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) difference in the financial institution's tax rate.

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

Notes to the financial statements

*(In thousands of reais)*

 

b. Deferred tax assets and liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Realization | |
| **Parent Company** | 12/31/2024 | Constitution | /(Write-off) | 09/30/2025 |
| Tax loss and negative basis of social contribution | 3060 | 1904 |  | 4964 |
| **Total deferred tax assets** | **3060** | **1904** |  | **4964** |
| Deferred tax obligations on fair value of financial assets | 20840 | 1811 |  | 22651 |
| **Total deferred tax liabilities** | **20840** | **1811** |  | **22651** |
| **Total net deferred tax assets (liabilities)** | **(17780)** | **93** |  | **(17687)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Realization | |
| **Parent Company** | 12/31/2023 | Constitution | /(Write-off) | 09/30/2024 |
| 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 | 3961 | (435) | 20978 |
| **Total deferred tax liabilities** | **17452** | **3961** | **(435)** | **20978** |
| **Total net deferred tax assets (liabilities)** | **(14392)** | **(3961)** | **435** | **(17918)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Realization | |
| **Consolidated** | 12/31/2024 | Constitution | /(Write-off) | 09/30/2025 |
| Temporary differences | 33178 | 8465 | (20826) | 20817 |
| Adjustment to fair value of financial assets recorded in other comprehensive income | 7626 |  | (142) | 7484 |
| Tax loss and negative basis of social contribution | 54835 | 1904 | (1091) | 55648 |
| **Total deferred tax assets** | **95639** | **10369** | **(22059)** | **83949** |
| Deferred tax obligations on fair value of financial assets | 141816 | 23438 |  | 165254 |
| Deferred tax liabilities arising from cash-basis revenues | 6283 | 1706 | (2993) | 4996 |
| **Total deferred tax liabilities** | **148099** | **25144** | **(2993)** | **170250** |
| **Total net deferred tax assets and (liabilities)** | **(52460)** | **(14775)** | **(19066)** | **(86301)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Realization | |
| **Consolidated** | 12/31/2023 | Constitution | /(Write-off) | 09/30/2024 |
| Temporary differences | 19282 | 18828 | (16844) | 21266 |
| Adjustment to fair value of financial assets recorded in other comprehensive income | 2887 | 6388 | (3630) | 5645 |
| Tax loss and negative basis of social contribution | 3060 | 21878 | (21878) | 3060 |
| **Total deferred tax assets** | **25229** | **47094** | **(42352)** | **29971** |
| Deferred tax obligations on fair value of financial assets | 66105 | 25243 | (13640) | 77708 |
| Deferred tax liabilities arising from cash-basis revenues | 4123 | 12389 | (4550) | 11962 |
| **Total deferred tax liabilities** | **70228** | **37632** | **(18190)** | **89670** |
| **Total net deferred tax assets and (liabilities)** | **(44999)** | **9462** | **(24162)** | **(59699)** |

---

18. Operating segments

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

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 September 30, 2025, the amount of collateral provided was R$158,381 (R$157,118 as of December 31, 2024) and the provision for expected losses was R$147 as of September 30, 2025 (R$532 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)*

 

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 September 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 September 30, 2025 and December 31, 2024, respectively.

**Labor provision**

As of September 30, 2025, the labor lawsuits classified by our legal advisors as a possible loss amounted to R$23 (R$164 as of December 31, 2024). Labor claims classified as probable losses are recorded in the amount of R$1,073 as of September 30, 2025 (R$1,368 as of December 31, 2024).

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 | 09/30/2025 | 09/30/2025 | 12/31/2024 | 12/31/2024 |
| Multimarket Investment Fund |  | 2079277 |  | 1474540 |
| Domestic Investment Fund |  | 748420 |  | 437973 |
| International Investment Fund |  | 673548 |  | 697742 |
| Domestic Managed Portfolios |  | 409329 |  | 333808 |
| International Managed Portfolios |  | 2071528 |  | 2241500 |

---

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

The following amendments/issues of pronouncements were issued by the IASB/CPC, but were not adopted by the Group for the quarter ended September 30, 2025, as they do not impact the condensed parent company and consolidated interim 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 and laws issued and not yet applicable** 

The following amendments to pronouncements were issued by the IASB, but are not effective for the year 2025. The early adoption of pronouncements, although encouraged by the IASB, is not allowed in Brazil by the Accounting Pronouncement 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:

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

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

Notes to the financial statements

*(In thousands of reais)*

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

- 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 pronouncement 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 condensed parent company and consolidated interim financial information.

**CPC 45 / IFRS 19 "Subsidiaries without public accountability":** this pronouncement 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 condensed parent company and consolidated 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:

- Definition of financial liabilities through an electronic payment system;

- 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 pronouncements 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.

● **The Constitutional Amendment 132/2023 and the Complementary Law 214/2025** established the Tax Reform in Brazil, with a transition period starting in 2026 and concluding by 2033. The new model replaces the taxes PIS, Cofins, ICMS, ISS, and part of IPI with three new taxes:

- CBS (Contribution on Goods and Services): of federal jurisdiction;

- GST (Goods and Services Tax): managed by states and municipalities; and

- Selective Tax (IS): is levied on products harmful to health and the environment.

20. Financial instruments – Fair value

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;

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

Notes to the financial statements

*(In thousands of reais)*

 

● Level 2: the evaluation uses information, in addition to quoted prices included in Level 1, information included in level 1 that are observable in 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 | 09/30/2025 |
| *Financial assets at fair value through profit or loss* |  |  |  |  |
| - Investment fund quotas |  |  | 123221 | 123221 |
| - Derivative financial instruments |  | 1744 |  | 1744 |
| **Total** |  | **1744** | **123221** | **124965** |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated** | Level 1 | Level 2 | Level 3 | 09/30/2025 |
| *Financial assets at fair value through profit or loss* |  |  |  |  |
| - Government bonds | 10404623 |  |  | 10404623 |
| - Private securities |  | 313052 |  | 313052 |
| - Investment fund quotas | 8979 |  | 123221 | 132200 |
| - Derivative financial instruments | 6297 | 906289 | 140035 | 1052621 |
| *Financial assets at fair value through other comprehensive income* |  |  |  |  |
| - Private securities |  | 1324110 |  | 1324110 |
| - Investment fund quotas |  | 1762832 |  | 1762832 |
| **Total assets at fair value** | **10419899** | **4306283** | **263256** | **14989438** |
| *Financial liabilities at fair value through profit or loss* |  |  |  |  |
| - Derivative financial instruments | 12675 | 238328 | 13172 | 264175 |
| **Total liabilities at fair value** | **12675** | **238328** | **13172** | **264175** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  | 1316090 |  | 1316090 |
| **Total assets at fair value** | **8770982** | **3725523** | **227560** | **12724065** |
| *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)*

 

ii. Valuation techniques and unobservable assumptions

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

---

| | | |
|:---|:---|:---|
| **Type** |  | **Valuation technique** |
| &nbsp;&nbsp;*Financial assets at fair value through profit or loss (public and private securities) <sup>(1)</sup>*<br>| | &nbsp;&nbsp;*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 MtM (Mark to Market) 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, MtM is then obtained, bringing the present value to the respective curve at maturity.* |
| Derivative financial instruments (Swap, NDF)<sup>(1)</sup> |  | &nbsp;&nbsp; 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 (MtM) fair value will correspond to the sum of the MtMs 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.

- 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). |

---

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

Notes to the financial statements

*(In thousands of reais)*

 

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Valuation technique** | **Significant non-observable inputs** | **Relationship between significant non-observable inputs and measurement of fair value** |
| Derivative financial instruments - Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;● 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.<br>| &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 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)*

 

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Valuation technique** | **Significant non-observable inputs** | **Relationship between significant non-observable inputs and measurement of fair value** |
| 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. |

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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>Outlet | FVTPL<br>BR FIM |<br>Total |
| **December 31, 2023** | **80219** | **21710** | **101929** |
| Acquisition of investment fund quotas |  | 6000 | 6000 |
| Fair value increase | 7736 | 2230 | 9966 |
| **December 31, 2024** | **87955** | **29940** | **117895** |
| Fair value increase | 1177 | 4149 | 5326 |
| **September 30, 2025** | **89132** | **34089** | **123221** |

---

● **Options** 

---

| | | |
|:---|:---|:---|
|  | FVTPL - <br>Assets | FVTPL - <br>Liabilities |
| **December 31, 2023** | **4924** | **(4561)** |
| Premiums paid (received) | 59693 | (81331) |
| Net change in fair value | (45800) | 68055 |
| **December 31, 2024** | **18817** | **(17837)** |
| Premiums paid (received) | 61469 | (5762) |
| Net change in fair value | (13179) | 17206 |
| **September 30, 2025** | **67107** | **(6393)** |

---

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

Notes to the financial statements

*(In thousands of reais)*

 

**●** **Swap** 

 ****

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Cost | (2017) | **-** |
| Adjustment to fair value | 61391 |  |
| Adjustment to fair value (FVA) | 31802 |  |
| Counterparty's credit risk adjustment | (328) |  |
| **December 31, 2024** | **90848** | **-** |
| Cost | (24880) | (13618) |
| Adjustment to fair value | 62124 | 3200 |
| Adjustment to fair value (FVA) | 35834 | 3639 |
| Counterparty's credit risk adjustment | (150) |  |
| **September 30, 2025** | **72928** | **(6779)** |
| Fair value variation (level III) during the period (FVA) | 4032 | 3639 |

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**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.

Furthermore, the volatility of the prices of the underlying assets can directly affect the valuation of financial instruments classified as Level 3. Greater 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 matters and adjusts the valuation as necessary to make sure that the values have been adequately reported reflecting 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 September 30, 2025 and year 2024, there were no changes in the measurement method of financial assets and liabilities that would imply the reclassification of assets and liabilities between different levels of the fair value hierarchy.

![](ex99-1_002.jpg)

**STATEMENT OF EXECUTIVE BOARD ON THE INDEPENDENT AUDITORS' REPORT ON <br> REVIEW OF CONDENSED PARENT COMPANY AND CONSOLIDATED INTERIM FINANCIAL<br> 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 nine-month period ended September 30, 2025.

São Paulo (SP), November 6, 2025

José Flávio Ferreira Ramos

Chief Financial Officer

![](ex99-1_002.jpg)

**STATEMENT BY THE EXECUTIVE BOARD ON CONDENSED PARENT COMPANY AND <br> CONSOLIDATED 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 nine-month period ended September 30, 2025.

São Paulo (SP), November 6, 2025

José Flávio Ferreira Ramos

Chief Financial Officer