BR Partners (NASDAQ: BRBI) Q1 2026 profit slips as ROE hits 19.1%

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

BR Partners S.A. reported mixed results for the first quarter ended March 31, 2026. Consolidated total revenues reached R$ 134.8 million, up 5.7% from R$ 127.5 million a year earlier, driven by higher service revenues across investment banking, capital markets, treasury and wealth management.

Net income was R$ 37.7 million versus R$ 43.1 million in 1Q25, a 12.5% decline, as operating expenses rose, particularly personnel and outsourced services. Even so, return on shareholders’ equity was 19.1%, with shareholders’ equity at R$ 793.4 million. The Financial Advisory unit announced four transactions totaling R$ 6.1 billion, capital markets structured 19 debt deals issuing R$ 2.4 billion, and derivatives and FX trading volume reached R$ 4.3 billion. Wealth under advisory closed the quarter at R$ 6.1 billion. The consolidated Basel ratio stood at 22.4%, comfortably above the 10.5% regulatory minimum.

Key Figures

Total revenues: R$ 134.8 million Net income: R$ 37.7 million Return on shareholders’ equity: 19.1% +5 more

8 metrics

Total revenues R$ 134.8 million Consolidated, three-month period ended March 31, 2026

Net income R$ 37.7 million Consolidated, three-month period ended March 31, 2026 (vs. R$ 43.1 million in 1Q25)

Return on shareholders’ equity 19.1% Consolidated, three-month period ended March 31, 2026

Shareholders’ equity R$ 793.4 million Consolidated, as of March 31, 2026

Basel ratio 22.4% Consolidated capital adequacy, as of March 31, 2026

Advisory transaction volume R$ 6.1 billion Financial Advisory, four announced transactions in Q1 2026

Debt issuance volume R$ 2.4 billion Capital Markets, 19 structured debt operations in Q1 2026

Wealth Under Advisory R$ 6.1 billion Wealth Management, as of March 31, 2026

Key Terms

Basel ratio, Value-at-Risk, financial assets at fair value through profit or loss, Wealth Under Advisory, +2 more

6 terms

Basel ratio financial

"In the period ended March 31, 2026 and year ended December 31, 2025, the Basel ratio complies with the minimum amount required"

Value-at-Risk financial

"The tool used to measure and control exposure to market risk in the Group’s trading portfolio is Value-at-Risk (“VaR”)."

Value-at-risk (VaR) estimates the largest loss an investment or portfolio is likely to suffer over a specific time frame at a given probability level — for example, the amount you would expect to lose or exceed only 5% of the time. Think of it like a weather forecast for losses: it gives a commonly agreed threshold for how bad things might get. Investors use VaR to set risk limits, compare portfolios, and decide how much capital to hold against potential losses.

financial assets at fair value through profit or loss financial

"Financial instruments recorded at fair value in our parent company and consolidated financial information is mainly comprised by financial assets at fair value through profit or loss"

An accounting category for investments and contracts that are updated to their current market price on the balance sheet, with any gain or loss immediately shown in the company’s profit or loss statement. Investors care because this treatment makes reported earnings swing with market prices, so short-term market moves can boost or cut reported profits quickly — like revaluing a garage full of cars at today’s resale prices and recording the change as income or loss.

Wealth Under Advisory financial

"At the end of March 2026, the Wealth Under Advisory reached R$ 6.1 billion."

Subordinated Financial Bills Eligible for Capital financial

"Subordinated Financial Bills Eligible for Capital – Tier II"

Extended Consumer Price Index (IPCA) financial

"The IPCA - Extended Consumer Price Index continued to slowdown, reinforcing the reading of convergence to the target"

Form 6-K: How Foreign Companies Report to the SEC →

05/07/2026 - 07:29 PM

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 May 2026

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.)

Form 20-F: ☒ Form 40-F: ☐

EXHIBIT INDEX

Exhibit Number		Description of Document
99.1		Condensed parent company and consolidated interim financial information for the Three-month period ended March 31, 2026

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: May 7, 2026

	BRBI BR Partners S.A.

	By:	/s/ Vinicius Carmona Cardoso
	Name:	Vinicius Carmona Cardoso
	Title:	Investor Relations Officer

Exhibit 99.1

Content

Comments on performance		1

Statements of financial position		4

Statements of profit or loss		6

Statements of comprehensive income		7

Statements of changes in shareholders’ equity		8

Statements of cash flows		9

Statements of value added		10

Notes to the condensed parent company and consolidated quarterly financial information		11

Dear Shareholders,

We submit, for your consideration, the condensed parent company and consolidated interim financial information of BRBI BR Partners S.A. (“Company”) for the first quarter ended March 31, 2026.

We highlight the following facts in the first quarter of 2026:

Economic context

The first quarter of 2026 was marked by the continuation of the global disinflation process, albeit at a more gradual pace, in an environment of moderate economic growth and increased geopolitical uncertainties. In Brazil, the start of the interest rate cut cycle was confirmed amid more benign inflation, despite localized pressures from food and fuel. In the United States, activity began to show signs of stabilization, while inflation continued on a decelerating path, leading the Federal Reserve to maintain a cautious and data-dependent stance, without starting the monetary easing cycle. In Europe, activity remained weak, with inflation slowing down but still above the target, keeping the European Central Bank in a cautious stance. China continued to face challenges related to domestic demand and the real estate sector, amid gradual stimulus measures and a more uncertain external environment. In the markets, the period was characterized by increased volatility, reflecting geopolitical tensions, fluctuations in commodity prices (especially oil), and changes in exchange rates, with mixed performance of risk assets.

In Brazil, the first quarter was marked by the beginning of the monetary easing cycle, supported by a more favorable inflationary dynamic. The IPCA - Extended Consumer Price Index continued to slowdown, reinforcing the reading of convergence to the target, although with pressures coming from more volatile components, such as food and fuels, throughout the period. Core inflation remained above the level consistent with the midpoint of the target, but with signs of gradual easing. Economic activity showed moderation, reflecting the lagged effects of the restrictive monetary policy implemented throughout 2025, although recent indicators have pointed to more resilient growth in some segments. The labor market remained relatively strong, with the unemployment rate at low levels, although there were initial signs of a slowdown on the margin. In the fiscal area, the environment remained challenging, with attention focused on achieving targets and the dynamics of expenses. The Central Bank began the Selic rate cut cycle this quarter, emphasizing in its communication the need for caution and data dependence for the continuation of the process, especially given a more uncertain external scenario. In this context, the easing cycle is expected to be more gradual and restrictive than initially anticipated, reflecting the persistence of elevated core inflation, the partial unanchoring of inflation expectations, and uncertainties regarding the fiscal and external outlooks.

In Europe, the first quarter was characterized by still fragile economic growth and the continuation of the disinflation process. The moderation in energy prices contributed to the slowdown of headline inflation, although service inflation remained pressured, requiring caution from monetary authorities. The European Central Bank kept its monetary policy unchanged throughout the period, reinforcing data dependence and the need for greater confidence in inflation convergence before any potential interest rate cuts. Economic activity remained heterogeneous across bloc countries, with gradual recovery in domestic demand in some economies, but persistent weakness in industry, particularly in sectors most exposed to global trade. The European environment also reflected geopolitical uncertainties and fluctuations in energy prices, maintaining a challenging scenario.

In the United States, data released throughout the first quarter indicated a stabilization of economic activity at levels close to potential, while inflation continued on a path of deceleration, albeit gradually. Price indicators recorded progress in the disinflation process, although with some resistance in more inertial components. The job market showed signs of moderation, with a slower pace of job creation, although remaining solid in historical terms. In this context, the Federal Reserve kept the interest rate unchanged throughout the quarter, adopting a cautious and data-dependent stance amid uncertainties related to the inflationary outlook and the global environment. The interest rate curve reflected this scenario, with adjustments throughout the period, while the dollar showed oscillating movements, influenced by both external factors and geopolitical issues.

China started 2026 still facing significant challenges related to domestic demand and the real estate sector, in an environment of moderate growth. The authorities maintained the strategy of gradual and targeted stimuli, aiming to sustain economic activity. Producer price inflation remained at low levels, reflecting excess capacity and still subdued demand in industrial segments, while consumer inflation remained moderate. Economic growth remained relatively stable, although without signs of stronger acceleration, reinforcing the need for the continuation of support policies, especially aimed at domestic consumption and the stabilization of the real estate sector, amid a more uncertain external environment.

Business performance

In the first quarter of 2026, despite the more challenging geopolitical and macroeconomic environment, the Financial Advisory area remained active, with well-diversified activities and mandates, including mergers and acquisitions, restructurings, as well as the preparation of fairness opinions for companies from different economic sectors. Four transactions have been announced, totaling a volume of R$ 6.1 billion.

The Capital Markets area maintained a strong pace of activity, leveraging the continued demand from issuers for debt instruments and the greater appetite from fixed-income investors for the primary market. During this period, R$ 2.4 billion was issued and 19 debt operations were structured, including CRIs, Debentures, CCBs, FIIs and FIDCs.

The Treasury Sales & Structuring area observed volatility in revenue generation, mainly explained by geopolitical conditions and the typical seasonality of year-end closing. Still, the trading volume of derivatives and foreign exchange in the quarter reached R$ 4.3 billion.

The Wealth Management area continued its growth and expansion plan throughout the quarter, partially impacted by the depreciation of the dollar due to a large portion of the managed assets being from international managed portfolios. At the end of March 2026, the Wealth Under Advisory reached R$ 6.1 billion.

Consolidated financial performance

Total revenues reached R$ 134.8 million in 1Q26, compared to R$ 127.5 million in 1Q25, reflecting a growth of 5.7%. Net income reached R$ 37.7 million, compared to R$ 43.1 million in the 1Q25, representing a -12.5% change. The return on shareholders’ equity was 19.1%. The Company ended the period with shareholders’ equity of R$ 793.4 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

BRBI BR Partners S.A.

Condensed statements of financial position as of March 31, 2026 and December 31, 2025

(In thousands of reais)

		Parent Company				Consolidated
	Notes	03/31/2026		12/31/2025		03/31/2026		12/31/2025
Assets
Cash and cash equivalents	4		16,964		29,504		118,420		137,792
Financial assets at fair value through profit or loss	5a		97,251		89,557		13,258,314		11,712,650
- Government bonds			-		-		12,988,707		11,369,995
- Private securities			-		-		172,356		174,349
- Investment fund quotas			97,251		89,557		97,251		168,306
Financial assets at fair value through other comprehensive income	5b		-		-		2,959,096		3,308,755
- Private securities			-		-		1,180,174		1,385,470
- Investment fund quotas			-		-		1,778,922		1,923,285
Derivative financial instruments	6a		1,584		3,011		1,126,184		1,023,349
Financial asset at amortized cost	7		-		-		454,279		1,124,190
- Loans			-		-		158,926		184,958
- Other financial assets at amortized cost			-		-		295,353		939,232
Dividends receivable			55,496		55,496		-		-
Other assets			1,185		3,072		43,467		26,874
Deferred tax assets	17b		5,607		5,607		154,289		92,425
Equity-accounted investees	9		655,298		627,399		-		-
Property, plant and equipment			-		-		47,840		44,265
Intangible assets			-		-		11,481		12,283
Total assets			833,385		813,646		18,173,370		17,482,583

See the accompanying notes to the condensed parent and consolidated interim financial information.

BRBI BR Partners S.A.

Condensed statements of financial position as of March 31, 2026 and December 31, 2025

(In thousands of reais)

		Parent Company						Consolidated
	Notes	03/31/2026			12/31/2025			03/31/2026			12/31/2025
Liabilities
Financial liabilities at fair value through profit or loss	11a		-			-			1,268			33,222
Financial liabilities at amortized cost	11b		-			-			16,663,416			16,062,202
- Repurchase agreements			-			-			11,332,812			9,938,917
- Client deposits			-			-			1,252,004			1,637,964
- Funds from securities issued			-			-			3,919,985			3,703,658
- Other financial liabilities			-			-			158,615			781,663
Derivative financial instruments	6a		1,836			1,666			384,927			344,451
Amounts payable			19,681			9,695			77,075			53,934
- Suppliers			270			251			3,364			11,243
- Other amounts payable	10		19,411			9,444			73,711			42,691
Taxes payable			161			158			16,141			19,998
Current tax liabilities			-			3,173			6,484			9,382
Deferred tax liabilities	17b		18,272			15,656			230,624			176,096
Total liabilities			39,950			30,348			17,379,935			16,699,285

Shareholders’ equity
Capital	12a		674,940			674,940			674,940			674,940
Capital reserves			(30,193	)		(30,193	)		(30,193	)		(30,193	)
Profit reserves			130,126			149,025			130,126			149,025
Other comprehensive (loss)			(19,152	)		(10,474	)		(19,152	)		(10,474	)
Retained earnings			37,714			-			37,714			-
Total shareholders’ equity			793,435			783,298			793,435			783,298
Total liabilities and shareholders’ equity			833,385			813,646			18,173,370			17,482,583

See the accompanying notes to the condensed parent and consolidated interim financial information.

BRBI BR Partners S.A.

Condensed statements of profit or loss for the three-month period ended March 31

(In thousands of reais)

		Parent Company						Consolidated
	Notes	03/31/2026			03/31/2025			03/31/2026			03/31/2025

Interest revenues and gains on financial instruments			9,809			6,487			2,768,529			1,864,332
Interest expenses and (losses) on financial instruments			(3,045	)		(1,615	)		(2,721,918	)		(1,818,712	)
Net interest revenue (expense) and gains (losses) on financial instruments	14		6,764			4,872			46,611			45,620

Revenues from rendering of services			-			-			88,196			81,866
Total service revenues			-			-			88,196			81,866

Total revenues	13		6,764			4,872			134,807			127,486

Personnel expenses			(1,391	)		(1,119	)		(40,595	)		(34,089	)
Administrative expenses	15		(1,152	)		(3,856	)		(41,110	)		(27,620	)
Tax expenses	16		-			-			(8,043	)		(10,741	)
Provision due to expected credit losses			-			-			(821	)		(521	)
Other revenues			-			-			197			139
Other expenses			(468	)		(313	)		(679	)		(411	)
Operating expenses			(3,011	)		(5,288	)		(91,051	)		(73,243	)

Profit/(loss) before income tax			3,753			(416	)		43,756			54,243

Equity in net income of subsidiaries	9		36,577			43,719			-			-
Profit before income tax			40,330			43,303			43,756			54,243

Income taxes	17a		(2,616	)		(180	)		(6,042	)		(11,120	)
Profit for the period			37,714			43,123			37,714			43,123

Profit attributed to the Company’s shareholders	12c								37,714			43,123
Profit attributable to common shares									24,012			27,456
Earnings per common share									0.12			0.14
Profit attributable to preferred shares									13,702			15,667
Earnings per preferred share									0.12			0.14

See the accompanying notes to the condensed parent and consolidated interim financial information.

BRBI BR Partners S.A.

Condensed statements of comprehensive income for the three-month period ended March 31

(In thousands of reais)

	Parent Company						Consolidated
	03/31/2026			12/31/2025			03/31/2026			12/31/2025
Profit for the period		37,714			43,123			37,714			43,123

Items that may not be subsequently reclassified to income (loss)		(8,678	)		(1,236	)		(8,678	)		(1,236	)
Fair value through other comprehensive income (FVOCI)
- Adjustment to fair value		(15,287	)		(1,982	)		(15,287	)		(1,982	)
- Tax effect		6,879			892			6,879			892
Foreign operations - foreign currency translation differences		(270	)		(146	)		(270	)		(146	)

Comprehensive income attributable to:
Company’s shareholders		29,036			41,887			29,036			41,887

See the accompanying notes to the condensed parent and consolidated interim financial information.

BRBI BR Partners S.A.

Condensed statements of changes in shareholders’ equity for the three-month period ended March 31

(In thousands of reais)

						Profit reserve					Other comprehensive income
	Capital		Capital reserves			Legal		Other profit reserves			Equity valuation adjustments			Accumulated translation adjustment			Retained earnings		Total shareholders’ equity

December 31, 2024		674,940		(30,193	)		54,686		114,559			(9,030	)		(372	)		-		804,590
Profit for the period		-		-			-		-			-			-			43,123		43,123
Other comprehensive (loss)		-		-			-		-			(1,090	)		(146	)		-		(1,236	)
Interim dividends – 2025		-		-			-		(31,499	)		-			-			-		(31,499	)
Additional dividends - 2024		-		-			-		(18,899	)		-			-			-		(18,899	)
March 31, 2025		674,940		(30,193	)		54,686		64,161			(10,120	)		(518	)		43,123		796,079

December 31, 2025		674,940		(30,193	)		63,440		85,585			(10,554	)		80			-		783,298
Profit for the period		-		-			-		-			-			-			37,714		37,714
Other comprehensive (loss)		-		-			-		-			(8,408	)		(270	)		-		(8,678	)
Interim dividends – 2026		-		-			-		(18,899	)		-			-			-		(18,899	)
March 31, 2026		674,940		(30,193	)		63,440		66,686			(18,962	)		(190	)		37,714		793,435

See the accompanying notes to the condensed parent and consolidated interim financial information.

BRBI BR Partners S.A.

Condensed statements of cash flows for the three-month periods ended March 31

(In thousands of reais)

	Parent Company						Consolidated
	03/31/2026			03/31/2025			03/31/2026			03/31/2025
Cash flows from operating activities
Profit for the period		37,714			43,123			37,714			43,123
Adjustments for:
Effect of changes in exchange rates on cash and cash equivalents		-			-			(11,354	)		(15,931	)
Impairment losses		-			-			821			521
Depreciation and amortization		-			-			2,537			2,485
Deferred taxes		2,616			181			(7,336	)		6,419
Provision / update of contingencies		-			-			85			54
Share of profit of equity-accounted investees		(36,577	)		(43,719	)		-			-
Interest expenses - subordinated financial bills		-			-			(27,913	)		(17,051	)
Adjusted net income		3,753			(415	)		(5,446	)		19,620

Change in:
Financial assets at fair value through profit or loss		(7,694	)		(6,132	)		(1,545,664	)		(740,100	)
Derivative financial instruments		1,597			1,260			(62,359	)		157,759
Financial assets at amortized cost
- Loans		-			-			25,211			(87,723	)
- Other financial assets at amortized cost		-			-			643,879			274,236
Financial assets at fair value through other comprehensive income		-			-			340,981			(90,311	)
Other assets		1,887			(78	)		(16,592	)		1,273
Amounts payable – Suppliers		19			(8	)		(7,879	)		548
Financial liabilities at amortized cost
- Repurchase agreements		-			-			1,393,895			511,626
- Client deposits		-			-			(385,960	)		(125,541	)
- Debt issued and others		-			-			259,806			385,040
- Other financial liabilities		-			-			(623,048	)		(410,865	)
Financial liabilities at fair value through profit or loss		-			-			(31,954	)		-
Taxes payable		(2,205	)		158			(1,859	)		6,943
Other amounts payable		(8,932	)		1,029			11,628			(17,579	)
Cash (used in) operating activities		(11,575	)		(4,186	)		(5,361	)		(115,074	)
Income tax and social contribution paid		(965	)		-			(4,896	)		(13,801	)
Net cash (used in) operating activities		(12,540	)		(4,186	)		(10,257	)		(128,875	)
Cash flows from investment activities
Payment of capital in equity-accounted investees		-			-			-			(6	)
Dividends received		-			4,185			-			-
Acquisition of property, plant and equipment for use		-			-			(2,972	)		(468	)
Cash generated by (used in) investment activities		-			4,185			(2,972	)		(474	)
Cash flows from financing activities
Lease liabilities		-			-			(1,931	)		(2,038	)
Payment of interest from subordinated financial bills		-			-			(15,566	)		-
Issuance of subordinated financial bills								-			89,700
Cash flow generated by (used in) financing activities		-			-			(17,497	)		87,662

(Decrease) in cash and cash equivalents		(12,540	)		(1	)		(30,726	)		(41,687	)
Cash and cash equivalents at the beginning of the period		29,504			2			137,792			575,235
Effect of changes in exchange rates on cash and cash equivalents		-			-			11,354			15,931
Cash and cash equivalents at the end of the period		16,964			1			118,420			549,479
(Decrease) in cash and cash equivalents		(12,540	)		(1	)		(30,726	)		(41,687	)

Supplementary information of operating cash flows
Interest received								655,020			468,134
Interest paid								(490,520	)		(365,101	)

See the accompanying notes to the condensed parent and consolidated interim financial information.

BRBI BR Partners S.A.

Condensed statements of value added for the three-month period ended March 31

(In thousands of reais)

	Parent company						Consolidated
	03/31/2026			03/31/2025			03/31/2026			03/31/2025
Revenues		9,809			6,487			2,856,101			1,945,816
Financial Intermediation		9,809			6,487			2,768,529			1,864,332
Rendering of services		-			-			88,196			81,866
Impairment losses		-			-			(821	)		(521	)
Other		-			-			197			139

Financial expenses		(3,045	)		(1,615	)		(2,721,918	)		(1,818,712	)

Inputs acquired from third parties		(1,620	)		(4,170	)		(37,991	)		(24,006	)
Materials, energy and others		(650	)		(383	)		(11,144	)		(9,741	)
Outsourced services		(502	)		(3,473	)		(26,167	)		(13,854	)
Other operating expenses		(468	)		(314	)		(680	)		(411	)

Gross value added		5,144			702			96,192			103,098

Depreciation and amortization		-			-			(2,537	)		(3,504	)

Net value added produced by the Company		5,144			702			93,655			99,584

Value added received as transfer		36,577			43,720			-			-
Equity in net income of subsidiaries		36,577			43,720			-			-

Total value added payable		41,721			44,422			93,655			99,594

Distribution of value added		41,721			44,422			93,655			99,594

Personnel		1,189			976			35,504			29,517
Direct remuneration		1,069			773			31,152			24,610
Benefits		115			197			3,740			4,110
FGTS (severance indemnity fund)		5			6			612			797

Taxes, duties and contributions		2,818			323			19,176			26,443
Federal		2,818			323			14,859			22,426
Municipal		-			-			4,317			4,017

Third-party capital remuneration		-			-			1,261			511
Rents		-			-			1,261			511

Remuneration of equity capital		37,714			43,123			37,714			43,123
Profit for the period		37,714			43,123			37,714			43,123

See the accompanying notes to the condensed parent and consolidated interim financial information.

BRBI BR Partners 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”) 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 stock exchanges.

In Brazil, shares are traded on B3 S.A. - Brasil, Bolsa, Balcão (“B3 S.A.”) under the ticker BRBI11. Each unit consists of two preferred shares and one common share. The Company also has Level II American Depositary Receipt (“ADRs”), which are backed by four units listed on the B3 and traded on the Nasdaq Inc.

The Company is engaged in investing in other companies, domestic or foreign, as a partner, quota holder or shareholder and management of our assets. The ultimate control is held by BR Partners Holdco Participações S.A. (“Holdco”), which holds for 29% and 55.01% at March 31, 2026 and December 31, 2025, respectively – of the Company’s total capital.

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 Pronouncements 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 bases 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, 2025, which should be read together.

The Company’s condensed interim financial information was approved by the Board of Directors on May 5, 2026.

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.

Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the transaction dates, with exchange gains and losses 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.

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.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

We highlight the subsidiaries (direct and indirect) included in the condensed consolidated interim financial information:

% interest

Line of business

Country

03/31/2026 (1)

12/31/2025 (1)

Direct subsidiaries

BR Partners Assessoria Financeira Ltda.

Rendering of Services

Brazil

99.99

BR Partners Gestão de Recursos Ltda.

Rendering of Services

Brazil

99.99

BR Partners Participações Financeiras Ltda.

Financial holding company

Brazil

99.99

BR Partners Mercados de Capitais Ltda.

Rendering of Services

Brazil

99.99

BR Partners Assessoria em Soluções de Capital Ltda.

Rendering of Services

Brazil

99.99

BR Partners Assessoria Financeira Rio de Janeiro Ltda.

Rendering of Services

Brazil

100

Indirect subsidiaries

BR Partners Banco de Investimento S.A.

Investment bank

Brazil

99.99

BR Partners Europe B.V.

Rendering of Services

Netherlands

100

BR Partners Corretora de Seguro Ltda.

Rendering of Services

Brazil

99.99

Investment funds (2)

Total Fundo de Investimento Financeiro – Classe de Investimento Multimercado Crédito Privado – Responsabilidade Limitada

Investment fund

Brazil

100

BR Partners Capital

Investment fund

Cayman

100

⁽¹⁾	Percentages below 100% refer to the interest of BR Partners Holdco Participações S.A. (Holding Company).

⁽²⁾	Investment funds in which the Group substantially assumes or retains risks and rewards were consolidated.

d. Use of significant 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.

Fair value of financial instruments

Financial instruments recorded at fair value in our parent company and consolidated financial information is 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.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

3. Risk management

The Group maintains a financial risk management structure – comprising market, credit, liquidity and capital management – based on strategic guidelines and governance by specialized committees. The operational model ensures the segregation of duties, with the Risk Management area operating independently from the business units and reporting directly to the Executive Board for the purposes of monitoring, control, and mitigation of exposures.

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 (1)	03/31/2026			12/31/2025
Reference Equity (PR) - (a)		1,295,176			1,296,697
Level I		1,010,029			1,022,245
Principal capital		572,203			586,070
Supplementary capital		437,826			436,175
Level II		285,147			274,452
Subordinated Financial Bills Eligible for Capital		285,147			274,452
Total risk-weighted exposure - (b)		5,770,922			5,741,744
Credit risk		3,376,111			3,511,133
Market risk		1,617,484			1,670,339
Operating risk		777,327			560,272
Basel Ratio - (a/b)		22.4	%		22.6	%
Tier I Capital		17.5	%		17.8	%
Tier II Capital		4.9	%		4.8	%

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

In the period ended March 31, 2026 and year ended December 31, 2025, the Basel ratio complies with the minimum amount required by the Central Bank of Brazil (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 limits.

i. Market risk management

The Group segregates its exposure to market risk between the Trading and Banking portfolios. 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 operations from the banking business and related to the management of the Group’s assets (credit portfolio) and liabilities (funding portfolio) 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.

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.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

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.

The general structure of VaR limits is subject to review and approval by ALCO 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 year) - Trading Portfolio

	Closing
(R$ amounts in thousands)	03/31/2026		12/31/2025
- Interest rate		226		316
- Price index / inflation rate		1,157		668
- Foreign exchange		124		106
- Other		97		44
Non-correlated Trading Portfolio		1,604		1,134
Correlated Trading Portfolio		1,280		891

iii. Market risk exposures – Banking portfolio

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

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. Sensitivity analysis for instruments in the Banking portfolio subject to market risk begins by classifying them according to their exposure to 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 in annual NII in thousands of Reais):

Interest rate

The risk factors are related to financial instruments (assets and liabilities) which 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.

	03/31/2026						12/31/2025
Portfolio	Scenario 1		Scenario 2		Scenario 3		Scenario 1		Scenario 2		Scenario 3
Banking		305		1,448		1,844		349		1,658		2,112
Total		305		1,448		1,844		349		1,658		2,112

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

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 (0.20% p.a.) in the price index/inflation rate in Reais.

●

Scenario 2: +57 bp (0.57% p.a.) in the price index/inflation rate in Reais.

●

Scenario 3: +83 bp (0.83% p.a.) in the price index/inflation rate in Reais.

	03/31/2026						12/31/2025
Portfolio	Scenario 1		Scenario 2		Scenario 3		Scenario 1		Scenario 2		Scenario 3
Banking		2,773		7,815		11,419		4,572		12,885		18,828
Total		2,773		7,815		11,419		4,572		12,885		18,828

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.

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.).

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

It is defined as 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. Management is centralized in the Treasury and monitored by the Risk area and the ALCO. The control uses stress scenarios, Minimum Liquidity Reserve (MLR), and Contingency Plan, assessing short-term flows (up to 90 days) and the potential cash depletion under adverse 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.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

			Consolidated - Contractual cash flows
	Total account amount on 03/31/2026		≤3 months		4–12 months		1–3 years		>3 years		Projected balance
Financial assets
- Cash and cash equivalents		118,420		118,420		-		-		-		118,420
- Financial assets at fair value through profit or loss		13,258,314		11,640,557		490,352		588,869		1,384,179		14,103,957
- Financial assets at fair value through other comprehensive income		2,959,096		236,911		23,199		384,388		8,580,802		9,225,300
- Financial asset at amortized cost		454,279		157,043		-		322,185		5,644		484,872
Derivative financial instruments
- Swap		909,640		100,060		81,868		63,675		1,755,605		2,001,208
- NDF		45,471		31,830		7,730		3,638		-		43,198
- Options		132,566		1,326		46,398		115,333		-		163,057
- Futures		38,507		385		1,540		5,006		63,921		70,852
Total		17,916,293		12,286,532		651,087		1,483,094		11,790,151		26,210,864
Financial liabilities
- Financial liabilities at fair value through profit or loss		1,268		1,268		-		-		-		1,268
Amortized cost
- Suppliers		3,364		3,364		-		-		-		3,364
- Client deposits		1,252,004		110,527		756,849		521,109		12,407		1,400,892
- Debt issued and others		3,919,985		352,799		1,411,195		1,881,593		3,959,185		7,604,772
- Repurchase agreements		11,332,812		11,332,812		-		-		-		11,332,812
- Other financial liabilities		158,615		158,615		-		-		-		158,615
- Lease liabilities		36,066		1,931		7,726		15,451		22,533		47,641
Derivatives
- Swap		306,635		33,730		27,597		21,464		591,804		674,595
- NDF		37,508		26,256		6,376		3,001		-		35,633
- Options		26,670		267		9,334		23,203		-		32,804
- Futures		14,114		141		565		1,835		23,430		25,971
Total		17,089,041		12,021,710		2,219,642		2,467,656		4,609,359		21,318,367

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

			Consolidated - Contractual cash flows
	Total account amount on 12/31/2025		≤3 months		4–12 months		1–3 years		>3 years		Projected balance
Financial assets
- Cash and cash equivalents		137,792		137,792		-		-		-		137,792
- Financial assets at fair value through profit or loss		11,712,650		10,142,132		84,251		743,436		1,469,910		12,439,729
- Financial assets at fair value through other comprehensive income		3,308,755		235,308		83,211		627,340		8,310,745		9,256,604
- Financial asset at amortized cost		1,124,190		939,231		-		226,503		-		1,165,734
Derivative financial instruments
- Swap		869,232		43,462		147,770		121,693		1,521,158		1,834,083
- NDF		32,552		12,695		16,276		2,279		-		31,250
- Options		106,239		-		39,308		95,615		-		134,923
- Futures		15,326		7,203		8,123		613		-		15,939
Total		17,306,736		11,517,823		378,939		1,817,479		11,301,813		25,016,054
Financial liabilities
- Financial liabilities at fair value through profit or loss		33,222		33,222		-		-		-		33,222
Amortized cost
- Suppliers		11,243		11,243		-		-		-		11,243
- Client deposits		1,637,964		458,630		720,704		638,806		16,380		1,834,520
- Debt issued and others		3,703,658		163,375		1,306,993		1,568,392		3,278,023		6,316,783
- Repurchase agreements		9,938,917		9,938,917		-		-		-		9,938,917
- Other financial liabilities		749,095		749,095		-		-		-		749,095
- Lease liabilities		32,568		1,850		3,699		20,346		20,962		46,857
Derivatives
- Swap		264,236		13,212		44,920		36,993		462,413		557,538
- NDF		46,317		18,063		23,159		3,242		-		44,464
- Options		4,522		-		1,673		4,070		-		5,743
- Futures		29,376		13,807		15,569		1,175		-		30,551
Total		16,451,118		11,401,414		2,116,717		2,273,024		3,777,778		19,568,933

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

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 consolidated financial information:

	03/31/2026
	R$ (Real)			US$ (Dollar)			€ (Euro)			¥ (Yen)
Foreign exchange exposure		(58,237	)		54,129			4,108			-
Derivatives
Swap		269,180			(269,180	)		-			-
NDF		176,512			(17,454	)		-			(159,058	)
Options		43,223			(43,223	)		-			-
Futures		(435,366	)		277,449			(752	)		158,669
Total		(4,688	)		1,721			3,356			(389	)

	12/31/2025
	R$ (Real)			US$ (Dollar)			€ (Euro)			¥ (Yen)
Foreign exchange exposure		(39,047	)		34,369			4,678			-
Derivatives
Swap		3,695			(3,695	)		-			-
NDF		622,499			(520,777	)		-			(101,722	)
Options		(38,632	)		38,632			-			-
Futures		(552,444	)		453,096			(1,618	)		100,966
Total		(3,929	)		1,625			3,060			(756	)

4. Cash and cash equivalents

Parent Company	03/31/2026		12/31/2025
Banks - Checking account		1		1
Bank Certificate of Deposits		16,963		29,503
Total		16,964		29,504

Consolidated	03/31/2026		12/31/2025
Banks - Checking account		2,700		3,040
Balances with Brazilian Central Bank		100		1,034
Bank accounts in foreign currency		31,862		3,675
Money market repurchases agreements (1)		83,758		130,043
Total		118,420		137,792

⁽¹⁾	On March 31, 2026 and December 31, 2025, the repurchase agreements had a substantial resale date for April 1, 2026 and January 2, 2026, respectively.

5. Financial instruments

a. Financial assets at fair value through profit or loss

	Fair / book value
Parent Company	03/31/2026		12/31/2025
Investment fund quotas
- Investment fund quotas		97,251		89,577
Total		97,251		89,577

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

	Fair / book value
Consolidated	03/31/2026		12/31/2025
Government bonds (1)		12,988,707		11,369,995
- Financial treasury bills (LFTs)		324,073		377,269
- National treasury bills (LTN)		1,024,160		1,053,142
- National treasury notes (NTN-B)		9,156,865		8,331,749
- National treasury notes (NTN-F)		2,475,336		1,599,085
- Government bonds of foreign governments		8,273		8,750
Private securities (2)		172,356		174,349
- Certificates of real estate receivables		21,204		26,516
- Certificates of agribusiness receivables		59,833		61,000
- Debentures		91,319		86,833
Investment fund quotas (3)		97,251		168,306
- Investment fund quotas		97,251		168,306
Total		13,258,314		11,712,650

b. Financial assets at fair value through other comprehensive income

	Fair value/Book value
Consolidated	03/31/2026		12/31/2025
Private securities (2)		1,180,174		1,385,470
- Certificates of real estate receivables		802,695		903,281
- Certificates of agribusiness receivables		52,560		40,772
- Debentures		179,887		326,345
- Commercial notes		145,032		115,072
Investment fund quotas (3)		1,778,922		1,923,285
- Investment fund quotas		1,778,922		1,923,285
Total		2,959,096		3,308,755

⁽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, Real Estate Credit Bills 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.

6. Derivative financial instruments

a. Breakdown per index

	03/31/2026
Parent Company	Assets				Liabilities
	Amounts receivable		Nominal value		Amounts payable			Nominal value
Swap
IPCA x CDI		-		-		(1,519	)		73,311
Fixed rate x CDI		1,584		72,734		(317	)		41,818
Total		1,584		72,734		(1,836	)		115,129

	12/31/2025
Parent Company	Assets				Liabilities
	Amounts receivable		Nominal value		Amounts payable			Nominal value
Swap
IPCA x CDI		57		5,070		(1,566	)		68,241
Fixed rate x CDI		2,954		73,076		(100	)		30,105
Total		3,011		78,146		(1,666	)		98,346

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

	03/31/2026
Consolidated	Assets				Liabilities
	Amounts receivable		Nominal value		Amounts payable			Nominal value
Swap		909,640		12,321,760		(306,635	)		6,194,567
IPCA x CDI		59,005		155,181		(7,405	)		74,100
IPCA x Fixed rate		2,865		88,950		-			-
CDI X Dollar		8,167		299,644		-			-
CDI x IPCA		733,251		7,359,020		(259,435	)		3,622,423
CDI x Fixed rate		100,744		3,298,385		(9,360	)		747,104
CDI X CDI		1,245		656,819		-			-
Fixed rate x CDI		4,363		463,761		(23,454	)		1,152,923
Fixed rate x IPCA		-		-		(6,684	)		568,937
Dollar x Fixed rate		-		-		(297	)		29,080
*NDF (Non-deliverable Forward)*		45,471		701,475		(37,508	)		743,817
Currency term		33,878		501,001		(23,183	)		469,819
Dollar x Fixed rate		116		11,943		(23,027	)		390,048
Pre x Dollar		19,512		319,723		(156	)		79,771
Fixed rate x Yen		14,250		169,335		-			-
Forward commodities		11,593		200,474		(14,325	)		273,998
Commodities		11,593		200,474		(14,325	)		273,998
Options		132,566		420,962		(26,670	)		350,900
Purchase of call options		122,599		141,410		-			-
Purchase of put options		9,967		279,552		-			-
Sale of call options		-		-		(19,624	)		266,368
Sale of put options		-		-		(7,046	)		84,532
Futures		38,507		4,698,133		(14,114	)		2,559,988
Long position		33,285		4,280,654		(6,374	)		793,479
DAP		25,717		3,751,662		-			-
DDI		115		2,563		(3,920	)		428,079
DI1		3,884		300,346		-			-
DOL		-		-		(2,454	)		365,400
WDO		27		23,670		-			-
Currencies - FX		213		158,715		-			-
Commodities - Abroad		3,329		43,698		-			-
Short position		5,222		417,479		(7,740	)		1,766,509
DDI		87		30,480		-			-
DI1		-		-		(5,005	)		1,720,256
IND		-		-		(349	)		13,198
WDO		2,262		369,325		-			-
Currencies - FX		-		-		(4	)		752
Commodities - Abroad		2,873		17,674		(2,382	)		32,303
Total		1,126,184		18,142,330		(384,927	)		9,849,272

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

	12/31/2025
Consolidated	Assets				Liabilities
	Amounts receivable		Nominal value		Amounts payable			Nominal value
Swap		869,232		12,509,027		(264,236	)		5,878,802
IPCA x CDI		55,722		179,205		(6,984	)		50,930
IPCA x Fixed rate		176		32,950		-			-
CDI X Dollar		7,157		201,600		-			-
CDI x IPCA		721,822		6,893,412		(219,779	)		3,410,393
CDI x Fixed rate		71,245		2,571,538		(18,275	)		1,293,345
CDI x CDI		956		1,031,819		-			-
Fixed rate x CDI		10,655		1,158,766		(19,033	)		1,019,468
Fixed rate x IPCA		1,499		439,737		(165	)		104,666
*NDF (Non-deliverable Forward)*		32,552		942,256		(46,317	)		1,082,966
Currency term		15,629		640,728		(22,390	)		739,690
Dollar x Fixed rate		1,485		78,040		(14,356	)		281,355
Pre x Dollar		10,460		451,469		(8,034	)		458,335
Fixed rate x Yen		3,684		111,219		-			-
Forward commodities		16,923		301,528		(23,927	)		343,276
Commodities		16,923		301,528		(23,927	)		343,276
Options		106,239		270,889		(4,522	)		192,425
Call of call option		105,234		181,927		-			-
Call of put option		1,005		88,962		-			-
Sale of call option		-		-		(2,488	)		103,789
Sale of put option		-		-		(2,034	)		88,636
Futures		15,326		3,421,165		(29,376	)		5,357,373
Long position		770		889,134		(29,240	)		5,067,269
DAP		10		184,490		(2,549	)		3,338,065
DDI		-		-		(7,257	)		442,942
DI1		532		665,268		-			16,983
DOL		-		-		(15,656	)		977,364
WDO		-		-		(2,580	)		180,864
Currencies - FX		-		-		(1,127	)		101,776
Commodities - Abroad		228		39,376		(71	)		9,275
Short position		14,556		2,532,031		(136	)		290,104
DDI		3,275		226,286		-			-
DI1		281		1,488,800		(42	)		270,864
IND		-		-		(67	)		11,475
WDO		4,247		780,406		-			-
Currencies - FX		3		1,617		-			-
Commodities - Abroad		6,750		34,922		(27	)		7,765
Total		1,023,349		17,143,337		(344,451	)		12,511,566

Financial collateral given for derivative financial instrument transactions with B3 S.A. are represented by government bonds and totaled R$ 296,351 on March 31, 2026 (R$ 375,419 on December 31, 2025).

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

b. Comparison between the cost and fair value

	03/31/2026
Parent Company	Cost			Unrealized gains/ (losses)			Credit risk adjustment		Fair value
Assets
Swap		(246	)		1,830			-		1,584
Total		(246	)		1,830			-		1,584

Liabilities
Swap		(1,754	)		(82	)		-		(1,836	)
Total		(1,754	)		(82	)		-		(1,836	)

	12/31/2025
Parent Company	Cost			Unrealized gains/ (losses)			Credit risk adjustment		Fair value
Assets
Swap		(350	)		3,361			-		3,011
Total		(350	)		3,361			-		3,011

Liabilities
Swap		(1,538	)		(128	)		-		(1,666	)
Total		(1,538	)		(128	)		-		(1,666	)

	03/31/2026
Consolidated	Cost			Unrealized gains/ (losses)			Credit risk adjustment			Fair value
Assets
Swap		322,864			590,457			(3,681	)		909,640
NDF		46,378			(663	)		(244	)		45,471
Options		121,735			11,317			(486	)		132,566
Futures		38,507			-			-			38,507
Total		529,484			601,111			(4,411	)		1,126,184
Liabilities
Swap		(454,439	)		147,804			-			(306,635	)
NDF		(38,483	)		975			-			(37,508	)
Options		(26,056	)		(614	)		-			(26,670	)
Futures		(14,114	)		-			-			(14,114	)
Total		(533,092	)		148,165			-			(384,927	)

	12/31/2025
Consolidated	Cost			Unrealized gains/ (losses)			Credit risk adjustment			Fair value
Assets
Swap		324,639			548,217			(3,624	)		869,232
NDF		30,113			2,530			(91	)		32,552
Options		100,008			6,697			(466	)		106,239
Futures		15,326			-			-			15,326
Total		470,086			557,444			(4,181	)		1,023,349
Liabilities
Swap		(431,095	)		166,859			-			(264,236	)
NDF		(45,591	)		(726	)		-			(46,317	)
Options		(5,278	)		756			-			(4,522	)
Futures		(29,376	)		-			-			(29,376	)
Total		(511,340	)		166,889			-			(344,451	)

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

c. Breakdown per maturity

	03/31/2026
Parent Company	≤3 months		4-12 months		1–3 years		>3 years		Fair value
Assets
Swap		-		28		300		1,256		1,584
Total		-		28		300		1,256		1,584

Liabilities
Swap		3		248		708		877		1,836
Total		3		248		708		877		1,836

	12/31/2025
Parent Company	≤3 months		4-12 months		1–3 years		>3 years		Fair value
Assets
Swap		-		-		388		2,623		3,011
Total		-		-		388		2,623		3,011

Liabilities
Swap		-		354		730		582		1,666
Total		-		354		730		582		1,666

	03/31/2026
Consolidated	≤3 months			4-12 months			1–3 years			>3 years			Fair value
Assets
Swap		62,634			54,820			135,694			656,492			909,640
NDF		19,661			17,749			8,061			-			45,471
Options		26,885			37,512			68,169			-			132,566
Futures		6,528			2,424			2,303			27,252			38,507
Total		115,708			112,505			214,227			683,744			1,126,184
Liabilities
Swap		(877	)		(8,446	)		(104,467	)		(192,845	)		(306,635	)
NDF		(18,874	)		(12,475	)		(6,159	)		-			(37,508	)
Options		(24,045	)		(2,625	)		-			-			(26,670	)
Futures		(5,760	)		(1,234	)		(4,825	)		(2,295	)		(14,114	)
Total		(49,556	)		(24,780	)		(115,451	)		(195,140	)		(384,927	)

	12/31/2025
Consolidated	≤3 months			4-12 months			1–3 years			>3 years			Fair value
Assets
Swap		30,256			91,920			155,534			591,522			869,232
NDF		13,982			5,674			12,896			-			32,552
Options		3,840			35,442			66,957			-			106,239
Futures		9,875			4,217			703			531			15,326
Total		57,953			137,253			236,090			592,053			1,023,349
Liabilities
Swap		(605	)		(3,075	)		(92,378	)		(168,178	)		(264,236	)
NDF		(17,349	)		(17,237	)		(11,731	)		-			(46,317	)
Options		(4,344	)		(178	)		-			-			(4,522	)
Futures		(21,677	)		(5,022	)		(537	)		(2,140	)		(29,376	)
Total		(43,975	)		(25,512	)		(104,646	)		(170,318	)		(344,451	)

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

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.

e. Derivatives designated as hedge accounting

	03/31/2026
Strategy	Hedging instrument – fair value (1)			Hedged item – fair value		Fair value adjustment on hedged item recorded in profit or loss (2)
Interest rate risk
Floating rate funding		(187,471	)		221,226		936
Total		(187,471	)		221,226		936

	12/31/2025
Strategy	Hedging instrument - fair value (1)			Hedged item – fair value		Fair value adjustment on hedged item recorded in profit or loss (2)
Interest rate risk
Floating rate funding		(188,825	)		213,886		2,358
Total		(188,825	)		213,886		2,358

⁽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.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

7. Financial asset at amortized cost

Valued at amortized cost

There was no balance in the parent company for the period ended March 31, 2026 and year ended December 31, 2025, respectively.

Consolidated	03/31/2026		12/31/2025
Loans (1)		158,926		184,958
Other financial assets at amortized cost		295,353		939,232
- Foreign exchange (2)		157,043		778,918
- Services receivable (3)		123,392		130,532
- Deposits (4)		5,644		5,492
- Other amounts		9,274		24,290
Total		454,279		1,124,190

⁽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 April 1, 2026 and January 2, 2026, respectively.

⁽³⁾

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

⁽⁴⁾

Refers to a security deposit in the amount of R$ 5,366 (R$ 5,262 as of December 31, 2025) and a labor court deposit in the amount of R$ 278 (R$ 230 as of December 31, 2025).

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 shareholder(1)						Associated companies/subsidiaries(2)						Total
Parent Company	03/31/2026			12/31/2025			03/31/2026			12/31/2025			03/31/2026			12/31/2025
Assets/(Liabilities)
Amounts receivable		-			-			55,496			55,496			55,496			55,496
Derivative financial instruments		-			-			(253	)		1,345			(253	)		1,345
Fund quotas		-			-			97,251			89,557			97,251			89,557
Amounts payable		(7,072	)		(1,708	)		(4,387	)		(7,713	)		(11,459	)		(9,421	)
Result/(Expenses)
Result from derivatives		-			-			(1,598	)		1,345			(1,598	)		1,345
Revenue from investment in investment fund		-			-			7,694			4,892			7,694			4,892

	Direct controlling shareholder(1)						Associated companies(2)						Key management personnel(3)						Total
Consolidated	03/31/2026			12/31/2025			03/31/2026			12/31/2025			03/31/2026			12/31/2025			03/31/2026			12/31/2025
Assets/(Liabilities)
Fund quotas		-			-			97,251			89,557			-			-			97,251			89,557
Time deposit certificate – Client deposit (4)		(1,063	)		(1,497	)		(15,597	)		(10,345	)		(3,066	)		(2,096	)		(19,726	)		(13,938	)
Amounts payable		(6,009	)		(385	)		(4,387	)		-			-			-			(10,396	)		(385	)
Result/(Expenses)
Revenue from investment in investment fund		-			-			7,694			4,892			-			-			7,694			4,892
Interest expense		(44	)		(54	)		(1,004	)		(1,678	)		(103	)		(496	)		(1,151	)		(2,228	)

⁽¹⁾

BR Partners Holdco Participações S.A.

⁽²⁾

Other companies of BR Partners Group, BR Partners Outlet Premium Fundo de Investimento em Participações Multiestratégia Responsabilidade Limitada and BR Partners Fundo de Investimento Financeiro.

⁽³⁾

Members of Board of Directors and Executive Board.

⁽⁴⁾

  Represented by fundraising by BR Partners Banco de Investimento S.A., maturing up to March 1, 2029 at an average rate of 101% of CDI.

Remuneration rates presented above refer to the operations existing on March 31, 2026.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

a. Remuneration of key personnel

	Three-month period ended
Parent Company	03/31/2026		03/31/2025
Directors’ fee		918		491
Social charges		184		98
Total		1,102		589

	Three-month period ended
Consolidated	03/31/2026		03/31/2025
Directors’ fee		14,655		11,628
Social charges		2,931		2,326
Total		17,586		13,954

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”.

9. Investments in subsidiaries

Parent Company	12/31/2025		Equity in net income of subsidiaries			Other comprehensive income(1)			03/31/2026
BR Partners Assessoria Financeira Ltda.		1,778		(1,984	)		(270	)		(476	)
BR Partners Assessoria Financeira Rio de Janeiro Ltda.		946		(58	)		-			888
BR Partners Mercados de Capitais Ltda.		1,000		27,324			-			28,324
BR Partners Participações Financeiras Ltda.		621,172		(1,731	)		(8,408	)		611,033
BR Partners Gestão de Recursos Ltda.		2,003		11,959			-			13,962
BR Partners Assessoria em Soluções de Capital Ltda.		500		1,067			-			1,567
Total		627,399		36,577			(8,678	)		655,298

Parent Company	12/31/2024		Equity in net income of subsidiaries			Dividends received			Payment of capital		Other comprehensive income(1)			12/31/2025
BR Partners Assessoria Financeira Ltda.		1,326		41,193			(41,193	)		-		452			1,778
BR Partners Assessoria Financeira Rio de Janeiro Ltda.		-		(53	)		(105	)		1,104		-			946
BR Partners Mercados de Capitais Ltda.		1,000		26,296			(26,296	)		-		-			1,000
BR Partners Participações Financeiras Ltda.		691,344		39,039			(107,687	)		-		(1,524	)		621,172
BR Partners Gestão de Recursos Ltda.		2,000		47,517			(47,514	)		-		-			2,003
BR Partners Assessoria em Soluções de Capital Ltda.		500		24,092			(24,092	)		-		-			500
Total		696,170		178,084			(246,887	)		1,104		(1,072	)		627,399

⁽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.

Notes to the financial statements

(In thousands of reais)

10. Other amounts payable

	Parent Company				Consolidated
	03/31/2026		12/31/2025		03/31/2026		12/31/2025
Dividends payable		19,284		385		19,284		385
Amounts payable to related companies		84		9,036		-		-
Lease liabilities(1)		-		-		36,066		32,568
Provision payable for expenses on personnel		43		23		4,928		3,859
Provision for contingency (Note 19.b)		-		-		570		556
Provision for surety bonds provided(2)		-		-		192		197
Future year earnings		-		-		2,249		2,419
Other		-		-		10,422		2,707
Total		19,411		9,444		73,711		42,691

	⁽¹⁾	The Group leases floors of a commercial building for a period of 10 years. As of April 31, 2026 and December 31, 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 Investimento S.A. (Note 19.a.)

11. Financial liabilities

a. Financial assets at fair value through profit or loss

	Fair value/Book value
Consolidated	03/31/2026		12/31/2025
Obligations for loans of financial instruments		1,268		33,222
Total		1,268		33,222

b. Amortized cost

Consolidated	≤3 months		4–12 months		1–3 years		>3 years		03/31/2026		12/31/2025
Client deposits		99,021		710,974		440,846		1,163		1,252,004		1,637,964
- Time deposit(1)		99,021		710,974		429,578		1,163		1,240,736		1,626,884
- Interbank deposits		-		-		11,268		-		11,268		11,080
Repurchase agreements		11,332,812		-		-		-		11,332,812		9,938,917
- Government bonds(2)		10,640,598		-		-		-		10,640,598		9,066,958
- Private securities(2)		692,214		-		-		-		692,214		871,959
Debt issued and others		484,471		1,176,121		1,536,420		722,973		3,919,985		3,703,658
- Financial bills(3)		484,471		1,176,121		1,536,420		-		3,197,012		2,993,031
- Subordinated financial bills eligible for capital– Tier II(4)		-		-		-		285,147		285,147		274,452
- Financial bills – supplementary capital(5)		-		-		-		437,826		437,826		436,175
Other financial liabilities		158,615		-		-		-		158,615		781,663
- Obligations with foreign exchange purchase(6)		158,615		-		-		-		158,615		781,663
Total		12,074,919		1,887,095		1,977,266		724,136		16,663,416		16,062,202

	⁽¹⁾	For fixed-rate Bank Deposit Certificates (“CDB”), the remuneration rate is between 9.92% and 16.49% p.a. and for floating-rate CDBs, the remuneration rate is between 96.1% and 113.8% of the DI, 100% of DI + 0.05% 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 14.65% p.a. and, for private securities (Debentures, CRI and CRA), the average yield rate is 93.6% of DI.
	⁽³⁾	For fixed-rate Financial Bills (“LF”), the remuneration rate is 11.38% p.a., and for floating-rate LFs the remuneration rate is between 100% and 109.57% of the DI + 0.49–2.94% p.a. and 100% of the IPCA + 6.39– 6.58% p.a.
	⁽⁴⁾	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 + 1–2.94% and 100% of the IPCA + 6.39%.
	⁽⁵⁾	The Perpetual Subordinated Financial Bills, eligible for the composition of the complementary capital, are remunerated at floating rates of 100% of the DI + 1.80–2.50% p.a.
	⁽⁶⁾	Refers to the obligation linked to a purchased foreign exchange contract, whose settlement occurred on April 1, 2026.

Remuneration rates presented above refer to the operations existing on March 31, 2026.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

12. Shareholders’ equity

a. Capital

The Company’s share capital, fully subscribed and paid in totaling R$ 674,940 at March 31, 2026 (R$ 674,940 at December 31, 2025), is represented by 314,987 shares: 200,546 registered, book-entry common shares with no par value and 114,441 registered preferred, book-entry shares with no par value as of March 31, 2026 and December 31, 2025.

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 period.

For the periods ended March 31, 2026 and 2025, 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.

	03/31/2026		03/31/2025
Profit attributable to the Group’s shareholders		37,714		43,123
Weighted average of shares issued		314,987		314,987
Basic earnings and diluted per share (in Reais)		0.12		0.14

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.

13. Revenue

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 03/31/2026
Business line	Revenues from rendering of services		Net interest revenue (expense) and gains (losses) on financial instruments		Total
Investment Banking and Capital Market		84,062		-		84,062
Treasury Sales & Structuring		24		18,548		18,572
Investments and Wealth Management		4,110		-		4,110
Capital Remuneration		-		28,063		28,063
Total		88,196		46,611		134,807

	Three-month period ended 03/31/2025
Business line	Revenues from rendering of services		Net interest revenue (expense) and gains (losses) on financial instruments		Total
Investment Banking and Capital Market		78,486		-		78,486
Treasury Sales & Structuring		-		17,205		17,205
Investments and Wealth Management		3,380		-		3,380
Capital Remuneration		-		28,415		28,415
Total		81,866		45,620		127,486

BRBI BR Partners 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
Parent Company	03/31/2026			03/31/2025
- Income from financial assets at fair value through profit or loss		9,809			6,487
- Expenses with financial assets at fair value through profit or loss		(3,045	)		(1,615	)
Net interest revenue (expense) and gains (losses) on financial instruments		6,764			4,872

	Three-month period ended
Consolidated	03/31/2026			03/31/2025
Interest revenues
- Income from loans		7,963			19,030
- Income from guarantees granted		619			508
Financial assets
- At amortized cost		-			3,542
- At fair value through profit or loss		867,833			529,455
Total interest revenues		876,415			552,535

Interest expenses
- Funding expenses		(232,491	)		(381,971	)
- Positive (negative) fair value - funding (Hedged Item)		(1,422	)		1,205
Financial assets
- At fair value through profit or loss		(665,425	)		(103,688	)
Total interest expenses		(899,338	)		(484,454	)

Net gains (losses) from operations in foreign currency
Foreign exchange income		16,602			19,566
Foreign exchange expenses		(15,154	)		(18,446	)
Total		1,448			1,120

Gains (losses), net of financial assets and liabilities at fair value through profit or loss
Income from derivative operations		1,882,154			1,292,230
Expenses on derivative operations		(1,814,068	)		(1,315,811	)
Total		68,086			(23,581	)

Net interest revenue (expense) and gains (losses) on financial instruments		46,611			45,620

15. Administrative expenses

	Three-month period ended
Parent Company	03/31/2026		03/31/2025
Outsourced service expenses		502		3,473
Financial system service expenses		96		121
Data processing expenses		30		29
Tax expenses		169		9
Other expenses		355		224
Total		1,152		3,856

	Three-month period ended
Consolidated	03/31/2026		03/31/2025
Outsourced service expenses		26,167		13,854
Financial system service expenses		1,149		1,769
Data processing expenses		3,341		2,737
Amortization and depreciation expenses		2,537		2,485
Rent expenses		1,261		1,530
Tax expenses		1,669		1,145
Other expenses		4,986		4,100
Total		41,110		27,620

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

16. Tax expenses

	Three-month period ended
Consolidated	03/31/2026		12/31/2025
Revenues from rendering of services
- PIS		638		699
- COFINS		2,995		3,407
- ISS		4,361		4,017
Income (loss) from financial instruments net of interest
- PIS		6		364
- COFINS		43		2,254
Total		8,043		10,741

17. Income taxes

a. Current and deferred taxes

	Three-month period ended
Parent Company	03/31/2026			03/31/2025
Profit before income tax		40,330			43,303
Rate (25% Income Tax (IR) and 9% Social Contribution (CSLL))		(13,712	)		(14,723	)
Effect of additions and deductions on the calculation of taxes
- Additions/permanent exclusions		(1,035	)		(634	)
- Temporary differences without recording deferred tax assets		(38	)		2,249
- Additions/exclusions – Undistributed earnings in equity method investees		12,436			14,865
Deferred - formation/(reversal) for the period		-			(180	)
Tax losses and negative basis		(267	)		(1,757	)
Deferred income tax and social contribution in the periods		2,616			(180	)

	Three-month period ended
Consolidated	03/31/2026			03/31/2025
Profit before income tax and social contribution		43,756			54,243
Total income tax and social contribution charge at current rates		(14,877	)		(18,443	)
Effect of additions and deductions on the calculation of taxes:
- Permanent additions/(exclusions)		(704	)		807
- Temporary differences without recording deferred tax assets		(38	)		164
- Other(1)		9,577			6,352
Income tax and social contribution in the periods		(6,042	)		(11,120	)
Effective rate		13.8	%		20.5	%
Deferred income tax and social contribution		458			(7,312	)
Current income tax and social contribution		(6,500	)		(3,808	)
Income tax and social contribution in the periods		(6,042	)		(11,120	)

⁽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 Soluções de Capital Ltda., BR Partners Corretora de Seguros Ltda. and BR Partners Assessoria Financeira Rio de Janeiro Ltda.); and (ii) difference in the financial institution’s tax rate.

b. Deferred tax assets and liabilities

Parent Company	12/31/2025			Constitution		Realization /(Write-off)			03/31/2026
Tax loss and negative basis of social contribution		5,607			-		-			5,607
Total deferred tax assets		5,607			-		-			5,607
Deferred tax obligations on fair value of financial assets		15,656			2,714		(98	)		18,272
Total deferred tax liabilities		15,656			2,714		(98	)		18,272
Total net deferred tax assets (liabilities)		(10,049	)		2,714		(98	)		(12,665	)

Parent Company	12/31/2024			Constitution		Realization /(Write-off)			03/31/2025
Tax loss and negative basis of social contribution		3,060			2,201		(297	)		4,964
Total deferred tax assets		3,060			2,201		(297	)		4,964
Deferred tax obligations on fair value of financial assets		20,840			2,176		(91	)		22,925
Total deferred tax liabilities		20,840			2,176		(91	)		22,925
Total net deferred tax assets (liabilities)		(17,780	)		25		(206	)		(17,961	)

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

Consolidated	12/31/2025			Constitution			Realization /(Write-off)			03/31/2026
Temporary differences		13,504			895			(177	)		14,222
Adjustment to fair value of financial assets recorded in other comprehensive income		8,874			9,124			(2,245	)		15,753
Tax loss and negative basis of social contribution		70,047			55,231			(964	)		124,314
Total deferred tax assets		92,425			65,250			(3,386	)		154,289
Deferred tax obligations on fair value of financial assets		169,272			72,755			(19,435	)		222,592
Deferred IRPJ and CSLL on revenue on the cash basis		6,824			3,912			(2,704	)		8,032
Total deferred tax liabilities		176,096			76,667			(22,139	)		230,624
Total net deferred tax assets and (liabilities)		(83,671	)		(11,417	)		18,753			(76,335	)

Consolidated	12/31/2024			Constitution			Realization /(Write-off)			03/31/2025
Temporary differences		33,178			1,459			(8,674	)		25,963
Adjustment to fair value of financial assets recorded in other comprehensive income		7,626			5,786			(4,893	)		8,519
Tax loss and negative basis of social contribution		54,835			31,021			(21,408	)		64,448
Total deferred tax assets		95,639			38,266			(34,975	)		98,930
Deferred tax obligations on fair value of financial assets		141,816			40,228			(31,908	)		150,136
Deferred IRPJ and CSLL on revenue on the cash basis		6,283			3,714			(2,324	)		7,673
Total deferred tax liabilities		148,099			43,942			(34,232	)		157,809
Total net deferred tax assets and (liabilities)		(52,460	)		(5,676	)		(743	)		(58,879	)

18. Operating segments

The Group has a single reportable segment as of March 31, 2026 and December 31, 2025. 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, endorsements, and sureties

	03/31/2026			12/31/2025
Bank guarantees provided		170,042			158,899
Provision for financial guarantees provided		(192	)		(197	)
Total		169,850			158,702

b. Contingencies

Tax provision

In the tax level, there are no lawsuits whose risk of loss is probable or possible in the period March 31, 2026 and year ended December 31, 2025, respectively.

Civil provision

In the civil level, there are no lawsuits whose risk of loss is probable or possible in the period March 31, 2026 and year ended December 31, 2025, respectively.

Labor provision

As of March 31, 2026, the labor lawsuits classified by Management and our legal advisors as probable losses are recorded in the amount of R$ 568 (R$ 556 as of December 31, 2025). There are no labor lawsuits classified as possible loss in the period ended March 31, 2026 and the year ended December 31, 2025, respectively.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

c. Third party fund management (unaudited)

The assets under management and the assets under advisory services managed by the Company are shown below:

	Amount under management
Type	03/31/2026		12/31/2025
FIM – Multimarket Investment Fund		2,354,999		2,107,961
Fundo de Investimento em Participações		657,492		630,725
International Investment Fund		693,306		699,269
Domestic Managed Portfolios		400,460		308,589
International Managed Portfolios		1,996,840		2,194,309

d. New and revised CPCs / IFRSs and laws issued and not yet applicable

The following amendments to standards were issued by the IASB but are not effective for the quarter ended March 31, 2026. 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.

●

CPC 51 / 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 CPC 51/IFRS 18 are:

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

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

Improvements linked to information aggregation and disaggregation requirements.

The Group must adopt CPC 51 / IFRS 18 for annual reporting periods beginning on or after January 1, 2027. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when the Group applies CPC 51 / IFRS 18.

This pronouncement requires retrospective application with specific transition provisions. The Accounting Pronouncement Committee in Brazil approved on October 10, 2025, the mandatory adoption of the technical pronouncement through CPC 51 – Presentation and Disclosure in Financial Statements, which corresponds to the international Pronouncement IFRS 18 – Presentation and Disclosure in Financial Statements.

The Company’s Management is in the process of assessing the potential effects and impacts of the pronouncement on the primary financial statements and respective disclosures.

●

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 new pronouncement must not have a significant impact on BR Partners’ parent company and consolidated financial statements.

These new changes should not impact the Group’s parent company and consolidated financial statements.

●

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, namely CBS, IBS and IS.

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

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;

●

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		03/31/2026
Financial assets at fair value through profit or loss
- Investment fund quotas		-		-		97,251		97,251
- Derivative financial instruments		-		1,584		-		1,584
Total		-		1,584		97,251		98,835

Parent Company	Level 1		Level 2		Level 3		12/31/2025
Financial assets at fair value through profit or loss
- Investment fund quotas		-		-		89,557		89,557
- Derivative financial instruments		-		3,011		-		3,011
Total		-		3,011		89,557		92,568

Consolidated	Level 1		Level 2		Level 3		03/31/2026
Financial assets at fair value through profit or loss
- Government bonds		12,988,707		-		-		12,988,707
- Private securities		-		172,356		-		172,356
- Investment fund quotas		-		-		97,251		97,251
- Derivative financial instruments		38,507		917,682		169,995		1,126,184
Financial assets at fair value through other comprehensive income
- Private securities		-		1,180,174		-		1,180,174
- Investment fund quotas		-		1,778,922		-		1,778,922
Total assets at fair value		13,027,214		4,049,134		267,246		17,343,594
Financial liabilities at fair value through profit or loss
- Liability for the sale of financial instruments		1,268		-		-		1,268
- Derivative financial instruments		14,114		324,428		46,385		384,927
Total liabilities at fair value		15,382		324,428		46,385		386,195

Consolidated	Level 1		Level 2		Level 3		12/31/2025
Financial assets at fair value through profit or loss
- Government bonds		11,369,995		-		-		11,369,995
- Private securities		-		174,349		-		174,349
- Investment fund quotas		78,749		-		89,557		168,306
- Derivative financial instruments		15,326		868,828		139,195		1,023,349
Financial assets at fair value through other comprehensive income
- Private securities		-		1,385,470		-		1,385,470
- Investment fund quotas		259,072		1,664,213		-		1,923,285
Total assets at fair value		11,723,142		4,092,860		228,752		16,044,754
Financial liabilities at fair value through profit or loss
- Liability for the sale of financial instruments		33,222		-		-		33,222
- Derivative financial instruments		29,376		294,129		20,946		344,451
Total liabilities at fair value		62,598		294,129		20,946		377,673

BRBI BR Partners 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

●

Financial assets at fair value through profit or loss and other comprehensive income:

The fair value of government bonds is determined through mark-to-market (MtM) using the current sector rates and curves. For private securities, the fair value is calculated by projecting the future value — based on the contractual indexes (Prefixed, CDI, IPCA, IGPM) — discounted to present value using the respective market curves until maturity.

●

Derivative financial instruments (Swap and NDF):

The fair value of Swaps is determined by the present value of estimated future cash flows, using interbank interest rates and market future prices. The calculation includes credit risk adjustments for the counterparty and the Group itself (CDS spreads or traded bonds). In the case of cash flow Swaps, the MtM consolidates the present value of each parent company installment individually. For NDFs, the fair value is obtained by projecting the future price of the underlying asset until maturity, discounted to present value using the current market reference rates.

Financial asset measured at fair value - Level 3

●

Equity investment fund quotas: The fair value is measured by the present value of the expected future payments, using discount rates adjusted for risk. For investments in real estate and commercial equity, the model is based on unobservable assumptions (Level 3), such as projections of results, growth, and inflation. The evaluation is sensitive to variations: higher cash flows or lower discount rates increase the estimated fair value, and vice versa.

●

Derivative financial instruments (options and swap): The fair value of options is composed of the intrinsic value (difference between the asset price and the strike price) and the time value (potential for appreciation until expiration). The measurement uses unobservable data (Level 3), such as expected volatility, interest rates, dividends, and internal funding rates. The award is sensitive to variations in these inputs: higher volatility, time to expiration, or dividends generally increase the fair value, while the time value converges to zero at expiration. The adjustments to fair value arising from the financing costs of certain swap 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 for the swaps is related to the internal funding rate.

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:

a. Investment fund quotas	FVTPL Outlet			FVTPL BR FIM		Total
December 31, 2024		87,955			29,940		117,895
Principal amortization		(13,089	)		-		(13,089	)
Receipt of interest		(20,140	)		-		(20,140	)
Fair value increase		948			3,943		4,891
December 31, 2025		55,674			33,883		89,557
Fair value increase		5,354			2,340		7,694
March 31, 2026		61,028			36,223		97,251

BRBI BR Partners S.A.

Notes to the financial statements

(In thousands of reais)

b. Derivative financial instruments

	FVTPL - Options			FVTPL - Options
Options	Assets			Liabilities
December 31, 2024		18,817			(17,837	)
Premiums paid (received)		106,238			(4,522	)
Fair value increase (decrease)		(18,816	)		17,837
December 31, 2025		106,239			(4,522	)
Premiums paid (received)		241,065			(177,321	)
Fair value increase (decrease)		(214,738	)		155,173
March 31, 2026		132,566			(26,670	)

Swap	Assets			Liabilities

Cost value		(37,795	)		(19,702	)
Fair value adjustment		39,353			(8,250	)
Fair value adjustment (level 3)		31,443			11,528
Credit Valuation Adjustment		(45	)		-
Balance at December 31, 2025		32,956			(16,424	)

Cost value		(50,404	)		(24,772	)
Fair value adjustment		48,610			(5,303	)
Fair value adjustment (level 3)		39,249			10,360
Credit Valuation Adjustment		(26	)		-
Balance at March 31, 2026		37,429			(19,715	)

Change in funding valuation adjustment		7,806			(1,168	)

Total of level 3 derivative financial instruments at December 31, 2025		139,195			(20,946	)
Total of level 3 derivative financial instruments at March 31, 2026		169,995			(46,385	)

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 March 31, 2026 and 2025, 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.

Source: View Original Filing on SEC EDGAR

FAQ

How did BRBI BR Partners S.A. perform financially in Q1 2026?

BR Partners generated total revenues of R$ 134.8 million in Q1 2026, up 5.7% from R$ 127.5 million in Q1 2025. Net income was R$ 37.7 million compared to R$ 43.1 million a year earlier, reflecting higher operating costs despite revenue growth.

What was BRBI BR Partners S.A.’s return on equity in Q1 2026?

Return on shareholders’ equity reached 19.1% in Q1 2026, supported by net income of R$ 37.7 million and shareholders’ equity of R$ 793.4 million. This shows the company continues to generate meaningful profit relative to its equity base despite a year-over-year earnings decline.

How active were BRBI’s investment banking and capital markets operations in Q1 2026?

The Financial Advisory area announced four transactions totaling R$ 6.1 billion in Q1 2026. The Capital Markets area structured 19 debt operations and issued R$ 2.4 billion, reflecting continued demand for debt instruments from issuers and fixed-income investors in the Brazilian primary market.

What trading and treasury activity did BRBI report for Q1 2026?

The Treasury Sales & Structuring area recorded derivatives and foreign exchange trading volume of R$ 4.3 billion in Q1 2026. Management noted some revenue volatility tied to geopolitical conditions and seasonal year-end effects, but overall activity remained significant across client-driven treasury products.

How did BRBI BR Partners’ wealth management business perform in Q1 2026?

Wealth Management continued its expansion, ending March 2026 with Wealth Under Advisory of R$ 6.1 billion. The segment was partially impacted by dollar depreciation, as a large portion of client assets is allocated to international managed portfolios, but overall advisory volumes kept growing.

What is BRBI BR Partners S.A.’s capital adequacy position as of March 31, 2026?

On a consolidated basis, the Basel ratio was 22.4% as of March 31, 2026, versus the 10.5% minimum required by the Central Bank of Brazil. Reference equity totaled R$ 1.30 billion against risk-weighted assets of R$ 5.77 billion, indicating a solid capital buffer.

How large is BRBI BR Partners S.A.’s balance sheet and equity base?

Consolidated total assets were R$ 18.17 billion at March 31, 2026, compared to R$ 17.48 billion at December 31, 2025. Shareholders’ equity reached R$ 793.4 million, up from R$ 783.3 million at year-end, supported by profits generated in the first quarter of 2026.

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BR Partners (NASDAQ: BRBI) Q1 2026 profit slips as ROE hits 19.1%

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FAQ

How did BRBI BR Partners S.A. perform financially in Q1 2026?

What was BRBI BR Partners S.A.’s return on equity in Q1 2026?

How active were BRBI’s investment banking and capital markets operations in Q1 2026?

What trading and treasury activity did BRBI report for Q1 2026?

How did BRBI BR Partners’ wealth management business perform in Q1 2026?

What is BRBI BR Partners S.A.’s capital adequacy position as of March 31, 2026?

How large is BRBI BR Partners S.A.’s balance sheet and equity base?

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