BRBI11

BR Partners is an independent Brazilian financial group that operates mainly as an investment bank, with shares traded on B3 under the ticker BRBI11, in the form of units listed in the Level 2 corporate governance segment. The holding company was incorporated in 2009 by Ricardo Lacerda and other executives with experience in the local and international financial markets, initially focusing on financial advisory for mergers, acquisitions, and capital raising. Between 2009 and 2010, the company raised around R$ 100 million from business families and investors from different sectors, which expanded its relationship network and supported the expansion of its operations. In 2012, it obtained authorization from the Central Bank of Brazil to operate as a financial institution, and from 2013 onward it began operating through BR Partners Banco de Investimento S.A., marking the transition from an M&A boutique to a broader financial services platform.

BR Partners’ business model is structured as an integrated platform of high-complexity financial services, aimed at large companies, institutional investors, and high-net-worth individuals. The company organizes its revenues into three major business lines: Investment Banking (which includes Investment Banking and Capital Markets), Treasury Sales & Structuring, and Asset Management (which encompasses the Investments area and Wealth Management). Although, for accounting purposes, it reports a single operating segment, in practice the group operates across different fronts in capital markets, structured credit, derivatives, and asset management. The corporate structure is based on a partnership model, with dozens of executives as partners, seeking to align long-term incentives with the performance of business areas.

The Investment Banking division is the historical origin of the group and remains one of BR Partners’ core pillars. Through its subsidiaries, the company provides financial and strategic advisory services in mergers and acquisitions, sale and purchase of equity stakes, complex corporate reorganizations, debt restructurings, privatizations, and public offerings of shares and other securities. The scope includes preparing financial diagnostics, economic-financial modeling, structuring competitive processes, conducting negotiations, and issuing valuation reports and fairness opinions for boards of directors, independent committees, and relevant shareholders. From 2010 through the end of 2024, this division advised on more than 230 transactions with an aggregate volume of approximately R$ 470 billion, involving private and public companies, financial institutions, investment funds, and government entities, with a diversified presence across various sectors of the economy, such as retail, financial services, and energy.

In Capital Markets, BR Partners operates mainly in the structuring, origination, and distribution of corporate fixed income securities in Brazil, through BR Partners Banco and BR Partners Mercado de Capitais Ltda. The company structures transactions with Certificados de Recebíveis Imobiliários (CRI), Certificados de Recebíveis do Agronegócio (CRA), Fundos de Investimento em Direitos Creditórios (FIDC), plain-vanilla and incentivized debentures, Cédulas de Crédito Bancário (CCB), as well as the structuring and distribution of units in real estate funds (FII) and FIAGRO. A hallmark of this division is the bank’s own co-investment in structured issuances, retaining part of the private securities and bridge loan transactions on its balance sheet, which deepens alignment with investors and supports the development of the secondary market. Since the IPO in 2021, the division has structured tens of billions of reais in debt issuances, benefiting from the growth of the local debt capital markets.

The Treasury Sales & Structuring division broadens the range of services provided by BR Partners to corporate and institutional clients, exporting and importing companies, and financial investors. Through BR Partners Banco, this division offers risk management and hedging solutions in different markets, such as interest rates, FX, and commodities, using over-the-counter derivatives (swaps, futures, options, forwards) and spot and forward FX transactions. It also distributes funding products such as CDBs, LCIs, LCAs, and Letras Financeiras, and operates in the secondary market for government bonds, debentures, and securitization instruments. The treasury’s stated focus is to avoid taking significant proprietary positions, prioritizing the structuring of tailor-made transactions for clients. In 2024, the notional volume traded in over-the-counter derivatives exceeded tens of billions of reais, while FX volumes, combining client flows and the interbank market, were also significant within the operation.

BR Partners’ Asset Management brings together the Investments area, run by BR Partners Gestão de Recursos Ltda., and the newly created Wealth Management division. In Investments, the asset manager manages private equity and illiquid investment funds that pool proprietary and third-party capital, pursuing in-house investment theses, including in segments such as outlet malls and pet shop retail. This activity generates management fees and, eventually, performance fees linked to fund performance. The Wealth Management vertical, launched in 2023, was designed to serve affluent individuals and business families, leveraging access to the group’s structured capital markets, credit, and treasury products. In December 2024, Wealth under Advisory (WuA) totaled R$ 4.7 billion, consolidating BR Partners’ presence in the wealth management space.

From a market standpoint, BR Partners has established itself as a relevant player among independent investment banks in Brazil, frequently appearing in the main M&A and financial advisory rankings published by institutions such as Bloomberg, Dealogic, and Mergermarket. Its client base is diversified by sector and type, encompassing large corporations, investment funds, family offices, mid-sized banks, and global investors interested in transactions in Latin America, also supported by BR Partners Europe B.V., an international office focused on originating mandates with foreign clients. As of December 31, 2024, the group had total assets of R$ 15.1 billion, shareholders’ equity of R$ 804.6 million, and total revenues of R$ 581.2 million, with net income of R$ 193.7 million for the year.

BR Partners’ operations are subject to regulation by the Central Bank of Brazil, which authorizes and supervises the activities of BR Partners Banco de Investimento S.A., including credit, FX, derivatives, and funding transactions. The company is also subject to the rules of the Brazilian Securities Commission (CVM) as an issuer of securities listed on B3 and an active participant in the capital markets, as well as to the self-regulation standards of entities such as ANBIMA for offering distribution and asset management activities. The ratings assigned by agencies such as Fitch Ratings and S&P Global, with high-grade national-scale ratings, reflect these institutions’ assessment of the resilience of the business model and the credit quality of the investment bank.

In terms of environmental, social, and governance practices, BR Partners operates in a sector that is intensive in human capital and corporate governance. The partnership structure, with 35 partner executives in 2024, is associated with a culture of meritocracy and annual performance evaluations for employees, including the possibility of joining the partnership for standout professionals. The group has been recognized in international rankings such as Euromoney Market Leaders in the Investment Banking, Diversity & Inclusion, and Environmental, Social & Governance categories, signaling the development of practices aligned with ESG standards in the context of financial services. Governance is further reinforced by its listing in B3’s Level 2 segment, which entails additional commitments on transparency, corporate practices, and minority shareholder protection.

BR Partners’ shares, under the BRBI11 ticker on B3, represent an interest in a financial group specialized in investment banking, capital markets, client-driven treasury, and asset management, with revenues concentrated in high-complexity services for a broad base of corporate and high-net-worth clients. The track record of profit growth between 2022 and 2024, in a challenging Brazilian macroeconomic environment, demonstrates the relevance of services such as M&A, financial restructuring, debt issuance, and hedging solutions at different stages of the economic cycle, forming an integrated ecosystem of sophisticated financial products under the BR Partners brand.