BR Partners is an independent Brazilian financial group that operates primarily 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 services in 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 operations. In 2012, it obtained authorization from the Central Bank of Brazil to operate as a financial institution, and from 2013 onward 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 includes the Investments area and Wealth Management). Although it reports a single operating segment for accounting purposes, in practice the group operates on several fronts within the capital markets, structured credit, derivatives and asset management. Its corporate structure is based on a partnership, with dozens of executives as partners, designed to align long-term incentives with the performance of the business areas.

The Investment Banking area is the group’s historical origin 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 area advised on more than 230 transactions with an approximate volume of R$ 470 billion, involving private and public companies, financial institutions, investment funds and government entities, with a diversified presence across several 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 Real Estate Receivables Certificates (CRI), Agribusiness Receivables Certificates (CRA), Credit Receivables Investment Funds (FIDC), simple and incentivized debentures, Bank Credit Notes (CCB), in addition to structuring and distributing shares of real estate funds (FII) and FIAGRO. A characteristic feature of this area is the bank’s own co-investment in structured issuances, retaining part of private securities and bridge loan operations in its portfolio, which deepens alignment with investors and supports the development of the secondary market. Since the IPO in 2021, the area has already structured tens of billions of reais in debt offerings, benefiting from the growth of the local debt capital markets.

The Treasury Sales & Structuring front broadens the scope of services provided by BR Partners to corporate and institutional clients, exporting and importing companies and financial investors. Through BR Partners Banco, this area offers risk management and hedging solutions in different markets, such as interest rates, FX and commodities, using OTC derivatives (swaps, futures, options, forwards) and spot and forward FX transactions. It also sells funding products such as CDBs, LCIs, LCAs and Financial Bills, and operates in the secondary market for government bonds, debentures and securitization instruments. The treasury’s stated focus is to operate without taking on significant proprietary positions, prioritizing the structuring of tailor-made transactions for clients. In 2024, notional volumes traded in OTC derivatives exceeded tens of billions of reais, while FX volumes, combining clients and the interbank market, were also relevant in the context of the operation.

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

From a market standpoint, BR Partners has established itself as a relevant player among independent investment banks in Brazil, frequently appearing in leading M&A and financial advisory rankings published by institutions such as Bloomberg, Dealogic and Mergermarket. Its client base is diversified by sector and type, covering large companies, 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 operations. The company is also subject to the rules of the Brazilian Securities and Exchange Commission (CVM) as an issuer of securities listed on B3 and an active participant in the capital markets, as well as to the self-regulatory rules of entities such as ANBIMA for offering distribution and asset management activities. The credit ratings assigned by agencies such as Fitch Ratings and S&P Global, with high-grade ratings on the national scale, reflect these institutions’ assessment of the resilience of the business model and the investment bank’s credit quality.

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 executive partners in 2024, is associated with a culture of meritocracy and annual performance evaluation of 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 categories Investment Banking, Diversity & Inclusion and Environmental, Social & Governance, 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 involves additional commitments to transparency, corporate practices and minority shareholder protection.

BR Partners shares, under the code BRBI11 on B3, represent an interest in a financial group specialized in investment banking, capital markets, client-driven treasury and asset management activities, with revenues concentrated in high-complexity services for a broad corporate and high-net-worth client base. 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 in different phases of the economic cycle, forming an integrated ecosystem of sophisticated financial products under the BR Partners brand.