BRBI BR Partners S.A. is a São Paulo, Brazil-based investment banking holding company (formerly BR Advisory Partners Participações S.A. until March 20, 2025) that operates through a single reportable segment providing investment banking services to clients in Brazil and Latin America, with the business line revenue of R$319,804 thousand for FY2025 (down 12.3 percent from R$364,822 thousand in FY2024 and up 29.7 percent from R$246,665 thousand in FY2023), the net interest revenue of R$211,576 thousand for FY2025 (down 2.2 percent from R$216,397 thousand in FY2024), and total revenues of R$531,380 thousand for FY2025 (down 8.6 percent from R$581,219 thousand in FY2024). The FY2025 profit for the year of R$175,073 thousand was down 9.6 percent from R$193,670 thousand in FY2024 but up 12.9 percent from R$155,084 thousand in FY2023, with the basic and diluted earnings per share of R$0.56 for FY2025 down from R$0.61 in FY2024. The Group is a public company traded in units on B3 S.A. - Brasil, Bolsa, Balcão under the ticker BRBI11 (each unit consists of 2 preferred shares and 1 ordinary share), with Level II American Depositary Receipts (ADRs) backed by four units listed on the B3 and traded on Nasdaq, and the Group employs 188 officers and other employees as of December 31, 2025.
The investment thesis rests on three variables. The Brazilian interest rate cycle is the load-bearing macroeconomic variable, with the FY2025 interest revenues and gains on financial instruments of R$12,107,943 thousand (up meaningfully from R$7,049,611 thousand in FY2024) reflecting the higher Brazilian interest rate environment, and the strategic intent is to navigate the Brazilian interest rate cycle through both the broader balance sheet and the broader advisory and capital markets business. The investment banking advisory pipeline is the load-bearing operating variable, with the FY2025 revenues from rendering of services of R$319,804 thousand down 12.3 percent from FY2024 reflecting the broader Brazilian M&A and capital markets activity slowdown, and the strategic intent is to continue building the investment banking advisory pipeline. The credit rating environment is the load-bearing credit variable, with Fitch upgrading to AA(bra) with stable outlook in June 2024 and Moody's upgrading to AA(bra) with stable outlook in December 2025, and the strategic intent is to maintain the credit rating trajectory and the broader credit positioning.
The Company operates in the Brazilian and Latin American investment banking market, where the relevant peer set includes the much larger international investment banks (the Goldman Sachs, the Morgan Stanley, the JP Morgan, the Bank of America, the Citigroup, the Credit Suisse (now part of UBS), the Deutsche Bank, and the UBS), the larger Brazilian and Latin American investment banks (the BTG Pactual, the Itaú BBA, the Bradesco BBI, the Santander, the Bank of America, the Credit Suisse (now part of UBS), the Itau BBA, the Banco Votorantim, the Banco Bradesco, the Banco do Brasil, the Caixa Economica Federal, and the Banco Safra), and a broader set of regional and specialty investment banks. The Group's strategic positioning is differentiated by the Brazilian and Latin American investment banking focus, the proprietary investment banking expertise, the customer relationships, and the broader investment banking market positioning.