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btg pactual Conference Call Presentation 2nd Quarter 2026 For additional information , please read the notice at the end of this presentation carefully
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Webcast: The conference call audio will be broadcast live via a webcast system available on our website www.btgpactual.com/ir Participants are requested to connect 15 minutes prior to the time set for the conference call • August 11, 2026 (Tuesday) • 11am (Brasília) / 10am (New York) • https://nucleodeimagem.com.br/btg/2q26.html Earnings Release: 2Q 2026 2 CONFERENCE CALL (with simultaneous translation)
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Record revenues and efficiency gains delivered another quarter of record net income and drove ROAE to 26.7%, highlighting our ability to capture opportunities across market cycles1 Sales & Trading delivered consistent performance despite a challenging macro environment, as more efficient risk allocation offset softer client activity3 2Q 2026 Highlights 3 2 Corporate Lending & Business Banking posted record results, with 19% y-o-y revenue growth, maintaining healthy spreads and disciplined asset origination 4 Asset & Wealth Management continued to scale, with R$59 billion in net new money, pushing combined AuM/WuM to R$2.7 trillion 5 Consumer Finance & Banking revenues grew 37% sequentially, driven by portfolio expansion, improved spreads and additional contribution from MeuTudo
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5.1bn Adjusted Net Income(1) Adj. ROAE(2) 26.7% (R$) Total Revenues 10.4bn (R$) 16% y-o-y growth 2Q 202623% y-o-y growth 4 1Q 26 10.0bn 2Q 25 9.0bn LTM 2Q26 39.7bn 1Q 26 4.8bn 2Q 25 4.2bn LTM 2Q26 19.1bn 1Q 26 26.6% 2Q 25 27.2% LTM 2Q26 26.7% 2Q 2026 Highlights Note: (1) For comparison purposes, figures for prior periods have been adjusted to reflect the inclusion of the Consumer Finance & Banking business line, following the acquisition of 100% of Banco Pan. (2) Adj. ROAE for prior periods has also been adjusted to include Banco Pan’s goodwill.
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24% WuM AuM/AuA 25% (R$) Net New Money 59bn (R$) 2Q 2026 y-o-y growthy-o-y growth 5 1Q 26 83bn 2Q 25 59bn LTM 2Q26 332bn 2Q 26 1,314bn 1Q 26 1,279bn 2Q 25 1,056bn 2Q 26 1,361bn 1Q 26 1,315bn 2Q 25 1,090bn (R$) 2Q 2026 Highlights
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24% Credit Portfolio(1)Basel Ratio 16.0% (R$) Unsecured Funding(1) 32% (R$) y-o-y growth 2Q 2026 y-o-y growth 6 2Q 26 405bn 1Q 26 379bn 2Q 25 306bn (R$) 2Q 2026 Highlights Total Net Equity 2Q 26 80bn 1Q 26 75bn 2Q 25 64bn Total Corporate & SME Consumer 2Q 26 367bn 288bn 78bn 1Q 26 355bn 281bn 74bn 2Q 25 296bn 238bn 58bn Note: (1) Includes PAN/Consumer Finance balances, following the inclusion of the Consumer Finance & Banking business line and the a cquisition of 100% of Banco Pan.
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Performance Summary 2Q26 • Adj. ROAE(1,2): 26.7% • Adj. net income per unit(2): R$1.33 • Acc. net income: R$4,901mn Total revenues of R$10,371mn and adj. net income of R$5,142mn Cost-to-income ratio improved sequentially, on the back of positive operating leverage Total assets of R$925.2bn, with BIS ratio at 16.0% and shareholders’ equity reaching R$80bn % • Adj. cost-to-income ratio(3): 37.1% • Compensation ratio: 19.5% 27.2% 26.6% 26.7% Annualized Adj. ROAE(1) • Average VaR decreased to 0.22% of average adj. shareholders’ equity, reflecting conservative risk management approach 26.7% ROAE, reflecting our all-weather model that compounds returns across market cycles 8,951 9,968 10,371 2Q 2025 1Q 2026 2Q 2026 +16% 4,194 4,808 5,142 1.10 1.24 1.33 2Q 2025 1Q 2026 2Q 2026 +23% Adj. Net Income/Unit Adj. net income Total Revenues(4) (R$ million) Adjusted Net Income(4) (R$ million) Shareholders’ Equity and ROAE(1,2,4) (R$ million) Notes: (1) Balance sheet data as of the end of the period (2) Annualized adjusted ROAE and net income per unit uses adjusted net income as the basis for the calculations (3) Adjusted cost-to-income excludes only goodwill amortization (4) ) For comparison purposes, figures for prior periods have been adjusted to reflect the inclusion of the Consumer Finance & Banking business line, following the acquisition of 100% of Banco Pan 63,703 74,510 79,553 0.22% 0.32% 0.22% 2Q 2025 1Q 2026 2Q 2026 +25% Avg. Daily VaR / Avg S.E. (%) Shareholder’s Equity 7
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Performance Summary First Half 2026 • Adj. ROAE(1,2): 26.6% • Adj. net income per unit(2): R$2.58 • Acc. net income: R$9,472mn Total revenues of R$20,339mn and adj. net income of R$9,950mn Operating leverage materializes as revenue growth consistently outpaces cost expansion Shareholders’ Equity increased 25% y-o-y and ended the period at R$80bn • Adj. cost-to-income ratio(3): 37.6% • Compensation ratio: 19.7% • Average daily VaR stood at 0.27% of average shareholders’ equity, remaining within conservative levels Best first half on record, with recurring net income up 31% y-o-y 16,374 20,339 6M 2025 6M 2026 +24% 7,574 9,950 1.99 2.58 6M 2025 6M 2026 +31% Adj. Net Income/Unit Adj. net income 63,703 79,553 0.19% 0.27% 6M 2025 6M 2026 +25% % Annualized Adj. ROAE(1) 25.2% 26.6% Total Revenues(4) (R$ million) Adjusted Net Income(4) (R$ million) Shareholders’ Equity and ROAE(1,2,4) (R$ million) 8 Avg. Daily VaR / Avg S.E. (%) Shareholder’s Equity Notes: (1) Balance sheet data as of the end of the period (2) Annualized adjusted ROAE and net income per unit uses adjusted net income as the basis for the calculations (3) Adjusted cost-to-income excludes only goodwill amortization (4) ) For comparison purposes, figures for prior periods have been adjusted to reflect the inclusion of the Consumer Finance & Banking business line, following the acquisition of 100% of Banco Pan
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1H26 x 1H25(1) Total Revenues 1H26 = R$20.3 billion Investment Banking Corporate Lending & Business Banking Interest & OtherSales & Trading Asset Management Wealth Management & Personal Banking Consumer Finance & Banking Revenue breakdown by business unit 1,163 4,039 3,225 1,359 2,287 1,693 2,608 1,049 4,832 3,735 1,577 2,964 2,671 3,511 -10% +20% +16% +16% +30% +58% +35% 1H25 1H26 7% 25% 20% 8% 14% 10% 16% 5% 24% 18% 8% 15% 13% 17% 9 Note: (1) For comparison purposes, figures for prior periods have been adjusted to incorporate Banco Pan and Too Seguros, following the acquisition of 100% of Banco Pan and the creation of the Consumer Finance business line.
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Section 1 BTG Pactual Business Units 10
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Revenues reached R$421.4mn, reflecting softer DCM volumes in the quarter and a particularly strong prior year base, when M&A delivered a record performance DCM revenues reflect lower market volumes in the quarter, with debt issuance activity beginning to improve in June, pointing to a stronger pipeline heading into Q3 ECM remained an active contributor, with transactions executed across Brazil and LatAm During the quarter BTG acted as sole LatAm underwriter in SpaceX's IPO, the largest equity offering in history, reinforcing BTG’s standing as the leading LatAm partner for global transactions Highlights of 2Q 2026 2Q 2026 Market Position Highlights1 Note: (1) Source: Dealogic and Anbima ECM #1 in number of transactions in Brazil and LatAm #1 in volume of transactions in LatAm #2 in volume of transactions in Brazil Investment Banking Resilient performance despite a challenging DCM environment, with ECM and M&A delivering positive contributions across Brazil and LatAm M&A #1 in number of transactions in Brazil and LatAm #1 in volume of transactions in Brazil and LatAm 782 643 692 628 421 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 11 (R$ million) Revenues
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Record quarterly revenues of R$2.5bn, up 7.2% q-o-q and 18.7% y-o-y, driven by portfolio expansion combined with healthy spreads, reflecting the strength of the business and improved funding structure Corporate Lending's total portfolio grew 21.3% y-o-y and 2.6% q-o-q, led by a 5.5% sequential increase in our Corporate book SME portfolio contraction reflects a disciplined risk-adjusted capital allocation across corporate lending segments For the third consecutive year, Euromoney recognized BTG Pactual as the Best SME Bank in Brazil, reflecting the strength of our digital banking platform for entrepreneurs and businesses Corporate Lending & Business Banking Record results, with 19% y-o-y revenue growth maintaining healthy spreads and disciplined asset origination (R$ million) Revenues Credit Portfolio (R$ billion) 2,107 2,154 2,239 2,332 2,500 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 28.7 2Q 2025 29.0 218.0 3Q 2025 32.2 230.1 4Q 2025 32.9 248.2 1Q 2026 26.6 261.8 2Q 2026 237.9 246.9 262.3 281.1 288.5 209.2 SME Corporate Highlights of 2Q 2026 12
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Revenues reached R$1,858mn, broadly stable q-o-q, reflecting softer market activity offset by a more efficient risk allocation Average VaR declined to 0.22%, reflecting our conservative risk approach in an uncertain macroeconomic and geopolitical backdrop 1H revenues grew 15.8% y-o-y reaching a new record of R$3.7 billion, driven by client base expansion and continued product innovation We were voted best Research, Sales, Trading and Corporate Access in Latin America, and best Research and Trading in Brazil, by Extel (former Institutional Investor) VaR and market risk metrics Sales & Trading Consistent performance despite a challenging macro environment, as more efficient risk allocation offset softer client activity 1,913 1,941 2,010 1,877 1,858 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Highlights of 2Q 2026 (R$ million) Revenues 0.22% 0.30% 0.38% 0.32% 0.22% 25.0% 25.8% 25.7% 22.1% 23.8% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Market risk component of RWA Average daily VaR / average S.E. 13 Research LatAm 2024 2023 Corporate Access LatAm Trading LatAm Sales LatAm Research Brazil Trading Brazil 1st 1st 1st 1st 1st 1st 1st 1st 1st2nd 1st1st 2025 1st 1st 1st 1st 1st 1st 2026 1st 1st 1st 1st 1st 1st
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Revenues grew 1.3% q-o-q, reaching R$793.5mn, reflecting the consistent expansion of our asset base and higher management fee revenues. Revenue growth did not fully track asset expansion due to the seasonal recognition of dividends in 1Q Net inflows of R$29.4 billion in the quarter, standing out against a challenging environment in which the fund industry recorded net redemptions(1) Strong inflows in both asset servicing and actively managed funds, reinforcing our continued market share gains Asset Management Resilient net inflows and consistently growing management fee revenues 624 747 860 783 794 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 1,090 1,152 1,248 1,315 1,361 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 AuM 47.9 29.428.0 33.5 61.8 Highlights of 2Q 2026 (R$ million) Revenues AuM, AuA and NNM NNM#(R$ billion) 14Note: (1) Source: Anbima
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Quarterly revenues reached R$1,447mn, maintaining a robust 16.8% y-o-y growth alongside continued asset expansion, despite softer client activity in the quarter WuM increased 24.4% y-o-y and surpassed R$1.3 trillion, driven by R$29.1bn in net new money on the back of our resilient distribution network For the third consecutive year, we were voted Best Private Bank in Latin America and Brazil by Euromoney, and now also Best Private Bank for Family Office Services across Latin America Wealth Management & Personal Banking WuM surpassed R$1.3 trillion driven by strong net inflows Highlights of 2Q 2026 1,239 1,366 1,370 1,516 1,447 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 15 (R$ million) Revenues WuM and NNM (R$ billion) NNM# 34.9 29.130.6 49.2 46.3 1,056 1,136 1,234 1,279 1,314 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 WuM
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Credit portfolio reached R$78.2 billion, increasing 6.2% q-o-q, driven primarily by private payroll loan origination Following the closing of our partnership with Meu Tudo, we began reporting our proportional interest (48%) in revenues and portfolio Credit revenues reached R$1.4bn, driven by MeuTudo, better vehicle contribution from a larger portfolio and improved loss ratio following the one-off adjustment in 1Q, and higher private payroll loan revenues in line with portfolio growth Too Seguros revenues reached R$152mn, reflecting a normalized run- rate after the prior quarter’s one-off regulatory impact, while the business continues to develop steadily Consumer Finance & Banking Strong performance driven by portfolio expansion, improved spreads and additional contribution from MeuTudo Highlights of 2Q 2026 16 762 828 816 954 1,394 128 150 119 171 152 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 890 978 935 1,125 1,546 Too Credit 34.3 36.5 39.1 41.3 42.7 19.8 21.0 22.1 28.8 31.9 3.8 3.9 3.3 3.5 3.5 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 57.8 61.5 64.5 73.6 78.2 Credit Cards + Personal Loans Payroll Vehicles (R$ million) Revenues Consumer Credit Portfolio (R$ billion)
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Section 2 Expenses 17
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Adjusted cost-to-income ratio(1) at 37.1% and compensation ratio of 19.5% Expenses and Main Ratios Cost-to-income ratio improved sequentially, on the back of positive operating leverage Note: (1) Adjusted cost-to-income excludes goodwill amortization (R$ million) Total operating expenses increased a modest 1.2% q-o-q, driven by disciplined cost management and a favorable revenue mix Salaries & Benefits (S&B) and Administrative & Other expenses (A&O) grew 3.3% and 8.9%, respectively, in line with the proportional reporting of MeuTudo's expenses and the corresponding revenue impact Effective income tax rate remained stable at 19.5% Highlights of 2Q 2026 18 Quarter 2Q 2026 % change to Year to Date 6M 2026 % change to (in R$ mm, unless stated) 2Q 2025 1Q 2026 2Q 2026 2Q 2025 1Q 2026 6M 2025 6M 2026 6M 2025 Bonus (1,002) (1,005) (1,001) 0% 0% (1,721) (2,006) 17% Salaries and benefits (907) (986) (1,019) 12% 3% (1,799) (2,005) 11% Administrative and other (1,004) (1,135) (1,236) 23% 9% (1,961) (2,370) 21% Goodwill amortization (337) (432) (439) 30% 2% (645) (871) 35% Tax charges, other than income tax (537) (674) (587) 9% -13% (1,033) (1,261) 22% Total operating expenses (3,787) (4,231) (4,281) 13% 1% (7,159) (8,513) 19% Adjusted cost to income ratio 39% 38% 37% 40% 38% Compensation ratio 21% 20% 19% 21% 20% Income tax and social contribution (1,155) (1,166) (1,189) (1,995) (2,355) 18% Effective income tax rate 22.4% 20.3% 19.5% 21.7% 19.9%
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Section 3 Balance Sheet 19
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Balance Sheet Analysis Note: (1) Includes minority shareholders (R$bn) Cash & Equivalents Assets financed through REPOs Settlement Account Trading portfolio of assets Illiquid assets Other assets Credit Assets Liabilities Equity(1) & Perpetual Settlement account Secured funding Other liabilities Unsecured funding REPO Financing Coverage 142% 40.0 42.2 37.4 42.5 274.2 281.5 237.1 265.0 156.7 175.7 84.2 103.3 1Q 2026 15.0 2Q 2026 845.6 925.2 16.0 92.9 86.8 98.3 94.2 398.8 372.1 151.4 129.0 172.9 153.6 11.0 2Q 2026 9.8 1Q 2026 925.2 845.6 Highlights of 2Q 2026 20 Total assets (10.0x equity1) grew 9.4% in the quarter Strong liquidity levels, with R$103.3bn in cash and cash equivalents, resulting in a LCR of 160.3% Our unsecured funding (+7.2%) continues to grow at a faster pace than our on- balance credit portfolio (+2.6%), resulting in a comfortable coverage ratio of 142% Total credit portfolio represents 4.6x Net Equity
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Unsecured Funding Base (R$ billion) Demand deposits Interbank deposits Time deposits Securities issued Subordinated debt Borrowings and on-lendings Perpetual % Retail Funding(1) 19.7 21.1 23.3 24.8 26.5 133.1 150.0 159.1 171.5 186.9 111.4 115.9 120.4 123.8 130.617.1 17.4 19.1 22.2 23.1 18.8 18.8 26.2 27.0 27.9 4.9 1.2 2Q 2025 4.9 3.0 3Q 2025 6.6 2.8 4Q 2025 6.6 2.9 1Q 2026 6.5 3.7 2Q 2026 306.2 331.1 357.4 378.7 405.3 28%Highlights of 2Q 2026 21 Note: (1) For comparison purposes, figures for prior periods have been adjusted to consolidate Banco Pan’s funding base, following the acquisition of 100% of Banco Pan. Total funding base grew 7% q-o-q (+R$26.6bn), driven by higher time deposits and securities issued, particularly in domestic markets Total demand deposits increased by 7.2%, in line with the overall unsecured funding, maintaining the accelerated growth pace of the total base BTG Pactual Europe secured a EUR 210 million syndicated loan with banks across Asia and Europe, reinforcing our international presence and supporting the European expansion of our platform
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BIS Ratio and VaR (%) BIS Ratio Average daily trading VaR (% of average shareholders’ equity) 21.1 14.9 22.7 14.6 17.7 0.22% 0.30% 0.38% 0.32% 0.22% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Highlights of 2Q 2026 22 12.0% 11.5% 11.3% 11.4% 11.6% 1.0% 0.9% 1.1% 1.1% 1.0% 3.1% 3.1% 3.1% 3.5% 3.4% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 16.2% 15.5% 15.5% 15.9% 16.0% Common Equity Tier I Additional Tier I Tier 2BIS capital ratio increased to 16.0%, with Tier I capital advancing to 12.6%, supported by the strong earnings generation Total average daily VaR declined to 0.22% of average net equity, as we adopted a more conservative risk appetite during a volatile quarter 12.6%
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Disclaimer 23 The information, deadlines, fees and conditions contained herein are merely indicative, and do not constitute any statement or warranty, expressly or implicitly, by Banco BTG Pactual S.A. The data contained in this material shall be considered only on the date of its publication and are subject to updates at any time and without notice. It is recommended to confirm the information contemplated in this material prior to the execution of any business. This material is for information purposes only and should not be understood as analysis of securities, promotional material, offer to buy or sell, investment recommendation, suggestion of allocation or adoption of strategies by the recipients. Banco BTG Pactual S.A. is not liable for investment decisions that may be made based on the information disclosed and disclaim any liability for any direct or indirect losses that may arise from the content of this material. This material was prepared based on public information, internally developed data and other external sources. The financial instruments perhaps discussed in this area may not be suitable for all investors. The information provided herein does not take into account the investment purpose, financial situation or specific needs of each investor. Investors should obtain independent financial guidance, based on their personal characteristics, before making an investment decision. Fixed income securities are characterized by having defined rules of remuneration. The transaction with fixed income instruments presents risks that must be assessed by the investor at the time of its acquisition, including, but not limited to, credit risk, liquidity risk and market risk. For more information, see the Bank's website: www.btgpactual.com.br. Banco BTG Pactual S.A. or any of its directors and/or employees may acquire or maintain assets directly or indirectly related to the companies mentioned herein. Banco BTG Pactual S.A. or BTG Group companies may (a) have coordinated or participated in the placement of a public offering of the securities of these companies; or (b) have received or will receive compensation from these companies for financial services provided, including related to the capital market, or other market. The use, access, copying, reproduction or distribution of the information conveyed in this material to any person, in whole or in part, whatever the purpose, without the prior written consent of Banco BTG Pactual S.A. For complaints, contact our Ombudsman at 0800-722-0048.