BRBI BR Partners S.A. · BMFBOVESPA:BRBI11
BRBI BR Partners — Investor Presentation (November 2025)
26 slides from BRBI BR Partners's investor presentation, Nov 13, 2025
Slide 1: Nasdaq Listed Corporate Presentation
1 Nasdaq Listed Corporate Presentation brpartnersoficial BR Partners Ba n co de Investi mentos S/A
Slide 2: BR Partners at a Glance
Wealth Management Capital Markets Investment Banking Capital Support TS&S BR PARTNERS AT A GLANCE Largest Independent Financial Advisory in Brazil 2 Nasdaq Listed
Slide 3: Evolution of Our Advisory Portfolio
Over time, we have expanded our advisory portfolio to meet the more complex and specific needs of our clients Investment Banking Capital Markets Treasury Sales & Structuring Wealth Management EVOLUTION OF OUR ADVISORY PORTFOLIO Current 2 2 0 0 2 2 0 0 2 2 0 0 1 1 5 5 2 2 0 0 1 1 0 0 ᴣ ᴣ ᴣ ᴣ Corporat
Slide 4: Partnership Ownership Culture and Compensation
Senior Level: • High Insider Ownership • Attractive Returns (Average ROE>22% since IPO) • Significant Upside A B C Ownership Culture Comp Mechanisms Talent Retention BR Partners insider o nership 55.0% 76.4% of voting capital Stocks Cash (Issuer Level) Compensation Structure x Dividends (issuer leve
Slide 5: Organizational Structure
Partnership Aspiration MDs 10 Directors 12 Senior Level 21 Mid Level 45 Junior Level 102 ORGANIZATIONAL STRUCTURE (Sep/25) 48% D & MD Level Promoted Internally Front - Office Turnover Since 2021 Avg. Years of Experience in Financial Markets (D & MD level) Partners Turnover Since 2021 15.6% 4.4% +23
Slide 6: Partnership | How It Works
High Net Margin Comp. Ratio Cap + Cost Discipline ROE > Cost of Equity 2 Top - Line Oriented Cash Generation + Healthy Profitability Partnership Dividends Minority Shareholders 1 3 4 5 PARTNERSHIP | HOW IT WORKS 6 Nasdaq Listed
Slide 7: Investment Banking Market in Brazil
INVESTMENT BANKING MARKET IN BRAZIL 7 Nasdaq Listed
Slide 8: Growing Addressable Markets: IB + DCM Brazilian Market
16% 26% 42% 58% 51% 52% 49% 48% 2005 2010 2015 2020 2024 Local International ABS + MBS + Debentures Volume Evolution (R$ Billion) 706 817 833 2022 2023 2024 Brazilian Companies with Revenue above BRL 1bn 2 Fixed Income Funds 3 Growing addressable Markets M&A Financial Advisors (Volume Analysis 1 ) 8
Slide 9: IB + DCM | BR Partners Market Share in Brazil
CRI Market Share 2 (by distribution volumes) M&A 1 (Deal Volume) 2021 2022 2023 2024 11.0% 10.4% 8.2% 10.7% Wealth Management 3 (Wealth under management) 27% 6.5% Independent Advisors Market Share (avg. since 2020) Total Market Share (avg. since 2020) 3.2% 1.1% Market Share 2024 Total Wealth Manager
Slide 10: Financials
FINANCIALS RBI BRBL ISTEDN2 Wasdaq Usted 10
Slide 11: Evolution of Revenue Diversification
EVOLUTION OF REVENUE DIVERSIFICATION 34.6% Non - Cyclical Business¹ CAGR pre - IPO (2020 - 3Q25 LTM) Revenues Growth (100 basis) +346% +145% +4% 0.9% 19.6% Total Revenues Investment Banking 100 basis 104 446 100 245 0 50 100 200 150 250 350 300 400 450 500 2020 2021 2022 2023 2024 2025 LTM Investmen
Slide 12: Financial Highlights
2020 2021 2022 2023 2024 9M25 247.8 367.0 413.5 435.8 581.2 400.1 CAGR: 24% 2020 2021 2022 2023 2024 9M25 89.1 138.7 147.1 155.1 193.7 130.5 CAGR: 21% Net Income (BRL Million) 24% 25% 28% 21% 23% 20% 9M25 2024 2023 2022 2021 2020 Compensation Ratio 2 Max Comp. Ratio Policy of 30% FINANCIAL HIGHLIGHT
Slide 13: Investment Banking: M&A
M&A R$ 4 bn M&A R$ 20 bn M&A R$ 16.5 bn M&A R$ 5.1 bn Fairness Opinion U$ 6.5 bn Privatization Undisclosed M&A Undisclosed Strategic Capital Markets R$ 4.0 bn Fairness Opinion R$ 24.0 bn M&A R$ 2.7 bn M&A R$ 11 bn José Seripieri Filho 2020 2021 2022 2023 2024 9M25 198.3 243.2 245.3 240.7 352.8 219.6
Slide 14: Independent Advisory: Financial Restructuring
Heated activities in tightening cycles Total Large Companies Judicial Recovery and Bankruptcy approval vs. average SELIC Rate 21 transactions since 2021 INDEPENDENT ADVISORY The only financial institution to provide capital solutions advisory for restructuring in Brazil 23% of total IB deals Indepen
Slide 15: IB + DCM | Capital Markets
2020 2021 2022 2023 2024 9M25 4.8 4.1 5.8 3.3 10.5 6.8 CAGR: 22% Debt Securities Issued (BRL billion) Institutional investors distribution: +300 clients (FOs, Assets, HNWI) Tax exempted products: MBS, ABS, Infrastructure debentures Active secondary market and liquid instruments Capital Support: Inte
Slide 16: Treasury Sales & Structuring
Flow • Derivatives: NDFs, Swaps and Options • FX transactions : Spot and Forward • Local Interest Rate: Nominal, inflation and volatility • Onshore and Offshore Trading Non - Flow • Structured and plain - vanilla swaps: interest rates, inflation and currencies • Guarantees: Bank Guarantees, BNDES Gu
Slide 17: Wealth Management
2023 2024 9M25 6.0 12.0 11.2 Total Revenue (BRL Million) Dec/22 Dec/23 Dec/24 Sep/25 0.0 2.7 5.2 5.9 Wealth Under Advisory (BRL billion) Beginning of the Wealth Management business WEALTH MANAGEMENT WEALTH Cross – Selling Opportunities IB DCM TS&S Financial Advisory Wealth Advisory 1 Liquidity gener
Slide 18: Capital
2020 2021 2022 2023 2024 9M25 23.5 64.3 132.2 132.8 139.3 99.4 CAGR: 42% Total Revenue (BRL Million) Allocation: Strategic and selective capital allocation Interest alignment: Securities Book 100% from products that we structured and issued Balance - Sheet as a Service Product Warehouse: liquidity f
Slide 19: Stock Performance, Metrics & Peers
Stock Performance, Metrics & Peers 19 Nasdaq Listed
Slide 20: Liquidity BRBI11
0.8 0.9 2.1 4.2 4.3 3.5 4.1 5.5 4.0 3.8 4.1 7.1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Follow - on : Free - float increased to 45% from 24% of total capital Entry on Small Cap (SMLL) and Dividend indexes (IDIV) Listing ADRs + diversification of shareholder’s base Continuous impr
Slide 21: Value Creation Through Dividends
R$ 683.5 million Dividend Distribution R$ 406.1 million Capital Raised 2021 2025 YTD 0.81 1.68 2.82 4.83 6.51 Accrued Dividends since IPO and Annualized Dividend Yield (R$ per Unit and %) Since IPO 2022 Accumulated Dividends 2023 Annualized Dividend Yield 2024 Average Selic rate VALUE CREATION THROU
Slide 22: Shareholder's Structure
BRBI BR Partners (Listed Vehicle) % Total Shares % # UN % # PN % # ON 55.0% 173,272,941 0.0% - 17.4% 19,964,814 76.4% 153,308,127 Partnership 45.0% 141,714.171 100% 47,238,057 82.6% 94,476,114 23.6% 47,238,057 Free - Float 100% 314,987,112 100% 47,238,057 100% 114,440,928 100% 200,546,184 Total Shar
Slide 23: Evolution of Shareholders' Base
Evolution of Shareholders’ Base (% Free Float) Dec/22 Oct/25 + 50K Individuals investors 21% Local Funds 18% International 61% Individuals 50% Individuals 49% Local Funds 1% International USD 1,664.8 ( 000’) ADTV30 USD 236.6 ( 000’) ADTV10 21.0% ADTV30 3.9% ADTV10 Average Free - Float Traded Average
Slide 24: Strong Positioning Within Our Peer Group
STRONG POSITIONING WITHIN OUR PEER GROUP Investment Banking x x x x x x x x x Capital Markets x x x x x x x x x Treasury Sales & Structuring x x x x Wealth Management x x x x Financial Restructuring x x x x x x x x x Revenues CAGR (%, 2022 - 24) Net Margin (%, 2024) Compensation ratio (%, 2024) Reve
Slide 25: Management Committee and Investor Relations Contact
Management Committee Ricardo Lacerda Founding Partner and CEO Jairo Loureiro Head IB and Managing Director Danilo Catarucci Head DCM Managing Director Marcelo Costa Head of Treasury Sales and Structuring José Flfivio Ramos CFO Investor Relations Team and Contact Vincius Carmona IRO vinicius.carmona@
Slide 26: ADRs
ADRs ADR Symbol 26 Nasdaq Listed Platform CUSIP DR ISIN Underlying ISIN Depositary bank ADR Ratio BRBI Nasdaq 05616P109 US05616P1094 BRBRBICDAM10 Citi 4 ORD:1 ADR For questions about creating BRBI ADRs, please contact Citi Capital Markets Solutions: New York Michael O’Leary [email protected] T
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