Brown Advisory group holds 7.02% of Establishment Labs (ESTA) shares

Rhea-AI Filing Summary

Brown Advisory Inc and related entities reported beneficial ownership of 2,038,652 Establishment Labs Holdings Inc. common shares, representing 7.02% of the class as of 12/31/2025.

Most voting power sits with Brown Advisory Inc and Brown Advisory LLC, while dispositive power is largely shared across subsidiaries. The shares are beneficially owned by investment companies and other managed accounts of Brown Advisory’s subsidiaries. The group certifies the holdings are in the ordinary course of business and not intended to change or influence control of Establishment Labs.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Establishment Labs Holdings Inc.

(Name of Issuer)

Common Shares, No Par Value

(Title of Class of Securities)

G31249108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G31249108

1

Names of Reporting Persons

BROWN ADVISORY INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,565,044.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,038,135.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,038,652.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.02 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G31249108

1

Names of Reporting Persons

BROWN INVESTMENT ADVISORY & TRUST CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,384.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,867.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,384.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.03 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. G31249108

1

Names of Reporting Persons

BROWN ADVISORY LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,555,900.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,029,508.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,029,508.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.98 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G31249108

1

Names of Reporting Persons

SIGNATURE FINANCIAL MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGINIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 760.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 760.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

760.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.003 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Establishment Labs Holdings Inc.
(b)	Address of issuer's principal executive offices: Building B15 and 25, Coyol Free Zone, Alajuela, COSTA RICA 20101
Item 2.
(a)	Name of person filing: BROWN ADVISORY INC BROWN INVESTMENT ADVISORY & TRUST CO BROWN ADVISORY LLC SIGNATURE FINANCIAL MANAGEMENT, INC.
(b)	Address or principal business office or, if none, residence: 901 SOUTH BOND STREET SUITE #400 Baltimore, Maryland 21231
(c)	Citizenship: BROWN ADVISORY INC - MARYLAND BROWN INVESTMENT ADVISORY & TRUST CO - MARYLAND BROWN ADVISORY LLC - MARYLAND SIGNATURE FINANCIAL MANAGEMENT, INC. - VIRGINIA
(d)	Title of class of securities: Common Shares, No Par Value
(e)	CUSIP No.: G31249108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,038,652
(b)	Percent of class: 7.02 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BROWN ADVISORY INC - 1,565,044 BROWN INVESTMENT ADVISORY & TRUST CO - 8,384 BROWN ADVISORY LLC - 1,555,900 SIGNATURE FINANCIAL MANAGEMENT, INC. - 760
	(ii) Shared power to vote or to direct the vote: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0
	(iii) Sole power to dispose or to direct the disposition of: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0
	(iv) Shared power to dispose or to direct the disposition of: BROWN ADVISORY INC - 2,038,135 BROWN INVESTMENT ADVISORY & TRUST CO - 7,867 BROWN ADVISORY LLC - 2,029,508 SIGNATURE FINANCIAL MANAGEMENT, INC. - 760
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The total securities being reported are beneficially owned by investment companies and other managed accounts of direct/indirect subsidiaries of BROWN ADVISORY INC (listed above). These subsidiaries may be deemed to be beneficial owners of the reported securities because applicable investment advisory contracts provide voting and/or investment power over securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. BROWN ADVISORY INC is a parent holding company filing this schedule on behalf of the following subsidiaries pursuant to Rule 13d-1(b)(1)(ii)(G) under the Securities Exchange Act of 1934: BROWN INVESTMENT ADVISORY & TRUST CO - BK (Bank) BROWN ADVISORY LLC - IA (Investment Adviser) SIGNATURE FINANCIAL MANAGEMENT, INC. - IA (Investment Adviser)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BROWN ADVISORY INC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

BROWN INVESTMENT ADVISORY & TRUST CO

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

BROWN ADVISORY LLC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

SIGNATURE FINANCIAL MANAGEMENT, INC.

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

FAQ

What stake in Establishment Labs (ESTA) does Brown Advisory report?

Brown Advisory and related entities report beneficial ownership of 2,038,652 Establishment Labs common shares, representing 7.02% of the class as of December 31, 2025. This reflects holdings across investment companies and other managed accounts advised by Brown Advisory subsidiaries.

Which Brown Advisory entities are included in this Schedule 13G/A for ESTA?

The filing covers Brown Advisory Inc, Brown Investment Advisory & Trust Co, Brown Advisory LLC, and Signature Financial Management, Inc. Brown Advisory Inc is identified as the parent holding company, with the others acting as bank or investment adviser subsidiaries managing the reported shares.

How much voting power over ESTA shares does Brown Advisory report?

Brown Advisory Inc reports sole voting power over 1,565,044 Establishment Labs shares, Brown Investment Advisory & Trust Co over 8,384 shares, Brown Advisory LLC over 1,555,900 shares, and Signature Financial Management, Inc. over 760 shares. No entity reports any shared voting power in this statement.

Who ultimately benefits from Brown Advisory’s 7.02% ESTA ownership?

The securities are beneficially owned by investment companies and other managed accounts of Brown Advisory Inc’s direct and indirect subsidiaries. These subsidiaries may be deemed beneficial owners because their investment advisory contracts provide voting and/or investment power over Establishment Labs shares on behalf of underlying clients.

Is Brown Advisory seeking control of Establishment Labs (ESTA)?

Brown Advisory certifies the Establishment Labs shares were acquired and are held in the ordinary course of business. The filing explicitly states they were not acquired and are not held to change or influence control of the issuer, or in connection with any control-related transaction.

What types of regulated entities are Brown Advisory subsidiaries in this ESTA filing?

Brown Investment Advisory & Trust Co is classified as a bank, while Brown Advisory LLC and Signature Financial Management, Inc. are classified as investment advisers. Brown Advisory Inc files as a parent holding company on behalf of these subsidiaries under the applicable beneficial ownership rules.