Establishment Labs Holdings Inc. ownership table shows 1,578,119 common shares beneficially owned, representing 5.38% of the class as reported. The filing lists voting and dispositive powers across affiliated filers led by Brown Advisory Inc., with details of sole and shared voting/dispositive counts.
The schedule states the shares are held by investment companies and managed accounts of Brown Advisory subsidiaries and that Brown Advisory Inc. filed on behalf of those subsidiaries pursuant to the cited parent/subsidiary classification.
Positive
None.
Negative
None.
Insights
Large advisory ownership and voting breakdown disclosed.
The filing documents 1,578,119 shares (5.38%) beneficially owned by managed accounts and subsidiaries of Brown Advisory Inc., with detailed per-entity voting and dispositive power counts. This clarifies who controls voting rights across related entities.
Key dependencies are the investment-advisory agreements noted; subsequent filings would show any change in percent ownership or voting allocations.
Parent filing on behalf of subsidiaries; ownership appears aggregated.
The schedule identifies Brown Advisory Inc. as a parent filing for Brown Investment Advisory & Trust Co, Brown Advisory LLC and Signature Financial Management, Inc. and lists per-entity sole/shared voting and dispositive powers.
Signatures show Chief Compliance Officer authorization on 05/15/2026; any changes in managed-account holdings will be reflected in future amendments.
Key Figures
Beneficially owned:1,578,119 sharesPercent of class:5.38%Brown Advisory sole voting power:1,344,352 shares+3 more
Brown Advisory sole voting power1,344,352 sharessole power to vote (Brown Advisory Inc.)
Brown Advisory shared dispositive power1,577,602 sharesshared power to dispose (Brown Advisory Inc.)
CUSIPG31249108Establishment Labs common shares
Signature date05/15/2026filing signed by Chief Compliance Officer
Key Terms
Schedule 13G/A, Beneficially owned, Sole/Shared voting power, Sole/Shared dispositive power
4 terms
Schedule 13G/Aregulatory
"Amendment No. 2 Schedule 13G/A filing header"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficially ownedfinancial
"Item 4. (a) Amount beneficially owned: 1578119"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole/Shared voting powerregulatory
"Item 4. (c)(i) Sole power to vote or to direct the vote"
Sole/Shared dispositive powerregulatory
"Item 4. (c)(iii)/(iv) Sole/S hared power to dispose or to direct the disposition"
What stake does Brown Advisory report in Establishment Labs (ESTA)?
Brown Advisory reports beneficial ownership of 1,578,119 shares, equal to 5.38% of common shares. The filing aggregates holdings across Brown Advisory subsidiaries and managed accounts, with per-entity voting and dispositive power detailed.
Which Brown Advisory entities are listed on the Schedule 13G/A for ESTA?
The filing lists Brown Advisory Inc., Brown Investment Advisory & Trust Co, Brown Advisory LLC, and Signature Financial Management, Inc.. Each entity’s citizenship and voting/dispositive power counts are shown in the table.
How are voting and dispositive powers allocated in this filing?
The schedule shows per-entity allocations: for example, Brown Advisory Inc. has 1,344,352 sole voting and 1,577,602 shared dispositive counts. The table distinguishes sole versus shared voting and sole versus shared dispositive powers.
Who signed the Schedule 13G/A for ESTA and when was it filed?
The filing is signed by Victor Fernandez, Chief Compliance Officer, for each reporting entity with signature date 05/15/2026. The schedule is an amendment (Amendment No. 2) to the prior 13G filing for Establishment Labs.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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
1,344,352.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,577,602.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,578,119.00
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)
5.38 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
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
8,333.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,816.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,333.00
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 Number(s):
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
1,335,216.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,568,983.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,568,983.00
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)
5.35 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
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
803.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
803.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
803.00
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:
11401 Century Oaks Terrace, Suite 400, Austin, TEXAS
78758
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:
1578119
(b)
Percent of class:
5.38 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
BROWN ADVISORY INC - 1,344,352
BROWN INVESTMENT ADVISORY & TRUST CO - 8,333
BROWN ADVISORY LLC - 1,335,216
SIGNATURE FINANCIAL MANAGEMENT, INC. - 803
(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 - 1,577,602
BROWN INVESTMENT ADVISORY & TRUST CO - 7,816
BROWN ADVISORY LLC - 1,568,983
SIGNATURE FINANCIAL MANAGEMENT, INC. - 803
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.
