Earnings release
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BR PARTNERS EARNINGS RELEASE 6M26 BR PARTNERS 10.32 Address Av . Brig . Faria Lima . 3.732 - 28º andar Fone +55 11 3704-1000 Website Ο ri.brpartners.com.br 1.66 BRBI11 B3 LISTED N2 BRBI Nasdaq Listed brpartnersoficial E - mail ri@brpartners.com.br
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2 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 Financial Highlights Financial Performance 1- Considers from the fiscal year ended on 12/31/2020; 2- Total revenue refers to gross revenue in period; 3– Client Revenues considers Investment Banking revenue, revenue from debt structuring and distribution fees to clients in Capital Markets, FIP management fees and Wealth Management fees in the Wealth Management area and TS&S revenues, which are 100% client revenues, without any proprietary risk; 4–Efficiency Ratio = (Personnel + Administrative Expenses – Third-Party Services Expenses and Comissions)/ (Total Revenue + Taxes on Revenue + Other Expenses + Third-Party Services Expenses and Comissions)*-1; 5 – Compensation Ratio = (Personnel Expenses/Total Revenue)*-1 Operational resilience, despite the continued challenging geopolitical and macroeconomic environment throughout the year Efficiency Ratio4 2Q26 61.2% Total Revenue2 2Q26 R$ 130.1 mn ( -3.5% vs. 1Q26) ( -6.6% vs. 2Q25) Net Income 2Q26 R$ 35.1 mn ( -7.0% vs. 1Q26) ( -22.4% vs. 2Q25) Client Revenues3 2Q26 R$ 104.4 mn ( -2.2% vs. 1Q26) ( +2.8% vs. 2Q25) Client Revenues/MD LTM 2Q26 R$ 41.7 mn ( -6.3% vs. LTM) Net Margin 2Q26 27.0% Basel Ratio Jun/26 21.6% Compensation Ratio5 2Q26 38.4% CAGR Total revenues since pre-IPO1 LTM 2Q26 15.6% 6M26 58.7% 6M26 34.2% 6M26 27.5% Operational Highlights 6M26 R$ 264.9 mn ( -0.7% vs. 6M25) 6M26 R$ 72.8 mn ( -17.6% vs. 6M25) 6M26 R$ 211.2 mn ( +5.2% vs. 6M25) Highlighting M&A and Capital Solutions deals R$ 6.2 bn Investment Banking Announced Deals Evolution 67% 33% 6M25 14% 79% 7% 6M26 3 14 Restructuring Corporate M&A Board Services Investment Banking Awards and Recognition
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3 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 92 81 91 103 59 91 91 101 102 90 22 59 121 250 271 237 474 493 470 3043 2020 27 2021 48 49 2022 28 44 2023 44 2024 52 2025 2Q26 LTM 216 428 458 399 700 738 722 CAGR: 22.3% 248 472 273 190 207 225 186 2020 2021 2022 2023 2024 2025 2Q26 LTM Investment Banking: M&A activity continued to show significant improvement during the first half of 2026 compared to the same period last year. A total of 14 transactions were announced, 11 of which were M&A deals, versus 3 announced transactions in 6M25. The Company observed a strengthening of its ongoing pipeline over the past year, although the highly volatile FX market and heavy interest rates continued to make it difficult to convert part of this pipeline. Nevertheless, sectors such as telecom, financial services, and retail (consumer) are undergoing a market consolidation stage, and the Company was able to position itself in important transactions in these sectors throughout the year. Finally, the continued maintenance of interest rates at elevated levels in Brazil has affected the credit quality of several companies, reinforcing demand for advisory services from the Capital Solutions business (restructuring), which has broad and complex mandates. DCM: Brazilian capital markets activity slowed in 6M26 compared to 6M25, with a 5% decline (or -11% excluding FIDCs), according to ANBIMA. At BR Partners, the decline was 14%. This slowdown is an outcome of a persistently high interest rate policy over the past four years, which has been affecting companies’ profitability as well as their ability to make new investments. In addition, the deterioration in the credit risk of some large Brazilian companies has also affected investor appetite for new securities in the market. In other words, the capital markets are not weak, but it is way more selective and opportunistic, pointing out to a smaller market than the one printed in 2025. The outlook for the second half of the year remains uncertain, with markets still subject to volatility driven by the electoral environment and its respective impacts on interest rates and inflation. Market Reading from BR Partners Market Evolution Volume (R$ billion) of Announced M&A Transactions in Brazil¹ Source:Thomson Reuters considers conversion from US dollars to Brazilian reais based on the average P-rate for the period. Source: Anbima Volume (R$ billion) of issuannces in Brazilian capital markets M&A Industry Capital Markets Local Interest Rates (SELIC) Source: Banco Central do Brasil 1 – Volume is considered based on transactions with the target in Brazilian companies. Data is subject to reclassification by Thomson Reuters. Debentures CN+ PN CRI + CRA + CR FIDC Selic rate (%) 41 53 40 28 31 38 193 170 1S25 1S26 304 289 -5.1% 4,50% 2,00% 2,00% 7,75% 13,75% 13,75% 11,25% 10,50% 14,25% 15,00% 14,00% Jan-20 Sep-20 May-21 Jan-22 Sep-22 May-23 Jan-24 Sep-24 May-25 Jan-26 Aug-26
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4 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 jun/26 mar/26 jun/25 Staff and Partnership # Employees 205 207 188 # Directors 17 17 16 # Managing Directors 10 10 10 # Partners 35 35 38 Key Indicators R$ million 6M26 6M25 6M26 x 6M25 2Q26 2Q25 2Q26 x 2Q25 Financial Indicators (R$ million or %) Total Revenues 264.9 266.8 -0.7% 130.1 139.3 -6.6% Net Income 72.8 88.3 -17.6% 35.1 45.2 -22.4% Net Margin 27.5% 33.1% -5.6 p.p. 27.0% 32.4% -5.5 p.p. ROAE 18.2% 21.7% -3.5 p.p. 17.5% 22.6% -5.0 p.p. Efficiency Ratio 58.7% 45.0% 13.7 p.p. 61.2% 43.3% 17.9 p.p. Compensation Ratio 34.2% 25.8% 8.4 p.p. 38.4% 24.9% 13.5 p.p. Operating Data (R$ million or %) Basel Ratio 21.6% 21.4% 0.2 p.p. 21.6% 21.4% 0.2 p.p. Securities Warehousing 3.333,1 3.083,0 8.1% 3.333,1 3.083,0 8.1% Shareholders` Equity 809.8 807.1 0.3% 809.8 807.1 0.3% 1 - Dividends approved at the Board of Directors meeting held on June 4, 2026 Dividend Payment1 Payment R$0.18 /Unit Total R$18,899,277.72 Payout 54%
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5 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 1- Recurring Business Revenue considers DCM + Treasury + Wealth Management + Capital Remuneration 75% 80% Non-cyclical Revenues1 In 6M26, Client Revenue accounted for 80% of Total Revenue. The improvement versus the prior period was driven by a higher level of activity in the Investment Banking line, supported by a greater deal conversion rate. Total Revenues and Client Revenues % Client Revenues/ Total Revenues Client Revenues R$ million and % Client Revenues Historical Evolution of Revenue Diversification 25.2% 15.6% 5.1% Total Revenues IB Revenues CAGR pre-IPO (2020-2Q26 LTM) Revenue Growth (100 basis) (100 basis) +286% +138% +35% 2Q25 3Q25 4Q25 1Q26 2Q26 101.6 100.0 105.8 106.7 104.4 +2.8% -2.2% 135 386 238 0 50 100 150 200 250 300 350 400 450 2020 2021 2022 2023 2024 2025 2Q26 LTM Investment Banking Non -cyclical Total Revenue 6M25 6M26 200.7 211.2 73% 75% 81% 79% 80%
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6 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 The variation in Net Income compared to the previous quarter is explained by: The growth in Client Revenue, mainly in the Investment Banking and Capital Markets lines, reflecting the higher level of Investment Banking activity, driven by greater M&A transaction conversion in 6M26 versus 6M25, as well as new mandates in Capital Solutions; Lower Capital Remuneration revenue, due to lower Capital Remuneration income, reflecting a lower average equity position at BR Partners Banco during the period, from R$685 million in 6M25 to R$584 million in 6M26; Higher Expenses, mainly Personnel Expenses, due to: (i) ongoing investment in people (promotions and hiring); and (ii) bonus payments. Even so, the Company continues to target its internal recommendation of a maximum compensation ratio of 30% for full-year 2026. In addition, Administrative Expenses increased, reflecting the higher level of activity in the period and higher referral fee expenses. 6M26 x 6M25 6M26 Managerial Income Statement Managerial Income Statement R$ million 6M26 6M25 6M26 x 6M25 Total Revenue 264.9 266.8 -0.7% Client Revenues 211.2 200.7 5.2% Investment Banking1 + CM 165.2 152.4 8.4% Treasury Sales & Structuring 37.1 41.1 -9.7% Wealth Management 8.9 7.2 22.8% Capital Revenues 53.7 66.1 -18.7% Expenses (179.4) (148.7) 20.7% Personnel Expenses (90.6) (68.8) 31.6% Adminstrative Expenses (69.1) (47.7) 45.0% Taxes Expenses2 (17.5) (21.6) -18.9% Other Expenses3 (2.2) (10.6) -79.4% Operating Income 85.5 118.1 -27.6% Income Taxes (12.7) (29.8) -57.3% Net Income 72.8 88.3 -17.6% 1- Includes Investment Banking revenues and Capital Market fees; 2 - Considers PIS, COFINS and ISS from Business Unit revenues; 3 - Considers other expenses and (Loss)/reversal due to impairment.
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7 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 2Q26 x 2Q25 The variation in Net Income compared to the previous year is explained by: The growth in Client Revenue, mainly in the Investment Banking and Capital Markets lines, reflecting the higher level of Investment Banking activity, driven by greater M&A transaction conversion during the period, as well as new mandates in Capital Solutions; Lower Capital Remuneration revenue, due to lower Capital Remuneration income, reflecting a lower average shareholders' equity during the period; Higher Expenses, mainly Personnel Expenses, due to: (i) ongoing investment in people (promotions and hiring); and (ii) bonus payments. Even so, the Company continues to target its internal recommendation of a maximum compensation ratio of 30% for full-year 2026. The variation in Net Income compared to the previous quarter is explained by: The maintenance of the level of activity in Client Revenue, supported by significant revenue generation from Investment Banking, offset by a more modest level of activity in Capital Markets; The increase in expenses, mainly in personnel expenses, was driven by: (i) ongoing investment in people and the continued payment of bonus to teams. Even so, the Company continues to target its internal recommendation of a maximum compensation ratio of 30% for full-year 2026. 2Q26 x 1Q26 Quarterly Managerial Income Statement Managerial Income Statement R$ million 2Q26 1Q26 2Q25 2Q26 x 1Q26 2Q26 x 2Q25 Total Revenue 130.1 134.8 139.3 -3.5% -6.6% Client Revenues 104.4 106.7 101.6 -2.2% 2.8% Investment Banking (fees) + CM (fees) 81.1 84.1 73.9 -3.5% 9.8% Treasury Sales & Structuring (capital) 18.5 18.6 23.9 -0.2% -22.4% Wealth Management (fees) 4.8 4.1 3.8 15.9% 23.9% Capital Revenues (capital) 25.7 28.1 37.7 -8.5% -31.9% Expenses (88.3) (91.1) (75.4) -3.0% 17.1% Personnel Expenses (50.0) (40.6) (34.7) 23.1% 43.9% Adminstrative Expenses (28.0) (41.1) (20.0) -31.9% 39.8% Taxes Expenses (9.5) (8.0) (10.9) 17.7% -12.8% Other Expenses (0.9) (1.3) (9.8) -32.4% -91.0% Operating Income 41.8 43.8 63.9 -4.5% -34.6% IR & CSLL (6.7) (6.0) (18.7) 10.5% -64.2% Net Income 35.1 37.7 45.2 -7.0% -22.4%
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8 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 14% Capital Solutions R$ million 6M26 6M25 6M26 x 6M25 Revenue 165.2 152.4 8.4% Volume Investment Banking1 6,239 1,201 419.6% Volume Capital Markets 4,298 5,026 -14.5% Business Units | Investment Banking + Capital Markets #Deals by Sector and Type of Advisory (jan/2026 - jun/2026) Investment Banking Announced Deals YTD 2026 Investment Banking + CM reported R$165.2 million in revenue in the first half of the year, representing growth of 8.4% compared to 6M25. The positive performance was driven by an improvement in M&A and Capital Solutions. 1- Volume considering all Investment Banking services (M&A. Strategic Capital Markets & Pre-IPO, Privatizations, Special Situations & Restructuring Advisory, Board Services, Shareholder Advisory) whose values were disclosed. The Company reinforces that, despite being an important indicator for measuring market activity, the volume of announced transactions is subject to periodic fluctuations, according to the pace of renewal of the business portfolio and is not entirely related to the generation or prospect of revenue, which depends, among other factors on the type/complexity of the advice provided, as well as the approval of regulatory agencies. 29% Financial Services 79% M&A 36% TM&T 14% Healthcare 7% Board Services7% Real Estate Transactions 6M26 N.D Fairness Opinion R$ 1,0 bn M&A Telecom R$ 5,2 bn M&A Telecom N.D M&A Real Estate N.D M&A Telecom N.D Capital Solutions M&A Healthcare Financial advisor on the sale of a minority stake in a healthcare company N.D N.D M&A Retail N.D M&A Financial Services N.D M&A TM&T R$ 69 mn M&A Retail N.D Capital Solutions 14% Retail
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9 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 2Q25 3Q25 4Q25 1Q26 2Q26 1,120 1,759 3,020 2,376 1,922 +71.5% -19.1% Business Units | Investment Banking + Capital Markets (cont.) (R$ million) Capital Markets Evolution of DCM Volume Number of Issuances Evolution and Average Ticket # of Issuances 1 - Considers the company's underwriting in the issuance of a syndicated debenture of R$3 billion in 1Q25 Average Volume per Issuance R$ 126 million Average Volume per Issuance R$ 314 million Issuance Volume #6 #8 #15 #19 Average LTM: R$2.3 bn 6M25 6M26 5,0261 4,298 -14.5% #15 16 34 6M25 6M26
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10 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 R$ million 6M26 6M25 6M26 x 6M25 Revenue 8.9 7.2 22.8% Wealth under Advisory 6,178 5,455 13.2% R$ million 6M26 6M25 6M26 x 6M25 Revenue 37.1 41.1 -9.7% Traded Volume (Derivatives + FX) (R$ bn) 7.9 22.3 -64.6% Business Units (cont.) Treasury Sales & Structuring revenue decreased 9.7% compared to 6M25, totaling R$37.1 million. The performance in the period reflects the slowdown in the debt issuance market in Brazil compared with the previous period. Treasury Sales & Structuring Wealth Management revenue reached R$8.9 million in the year to date, representing a 22.8% increase compared to the same period in 2025. Regarding Wealth Management assets. total Wealth under Advisory (WuA) reached R$6.2 billion, representing 13.2% growth compared to June 2025. Wealth Management Wealth under Advisory (R$ million) jun-25 sep-25 dec-25 mar-26 jun-26 5,455 5,935 5,927 6,089 6,178 + 722 mn NNM 13.2%
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11 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 R$ million jun/26 mar/26 jun/25 Ref Equity 1,314.6 1,295.2 1,312.0 Level I 1,022.5 1,010.0 1,054.4 Core Capital 573.8 572.2 687.3 Additional Capital3 448.6 437.8 367.1 Level II 292.1 285.1 257.6 RWA 6,088.0 5,770.9 6,139.6 Basel Ratio 21.6% 22.4% 21.4% Capital & Funding Basel Ratio Basel Breakdown 1 – Leverage = Portfolio of Private Securities and Bridge Loans/ Level I Capital (Core Capital + Additional Capital) ; 2 – Private Securities and Bridge Loans considers MBS, ABS, Credit and Creditory Notes, Debentures, Commercial Note and Rural Product Note, adjusted to provision and MTM. (R$ million) Securities Warehousing and Banking Leverage¹ Leverage (x) Level 1: 16.8% jun-25 sep-25 dec-25 mar-26 jun-26 3,083 3,582 3,408 3,028 3,333 Warehousing TVM22 11.2% 6.0% 4.2% jun-25 10.6% 5.6% 4.1% sep-25 10.2% 7.6% 4.8% dec-25 9.9% 7.6% 4.9% mar-26 9.4% 7.4% 4.8% jun-26 21.4% 20.4% 22.6% 22.4% 21.6% Core Capital Additional Capital Level II 2.9x 3.4x 3.3x 3.0x 3.3x
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12 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 Funding Evolution & Average Duration Capital & Funding (cont.) (R$ million) Capital Evolution The average duration of funding at the end of June 2026 was 770 days. Funding Evolution (R$ million) Funding Maturity by Term 1- The reduction was due to the payment of extraordinary dividends during the quarter and the BR Partners Banco total equity at 06/30/2026 was R$578 million; 2- 40% of daily liquidity refers to the Holding BR Partners’ own resources invested in CDBs Ratings Average Term1 (Calendar Days) 56% Above 1 year 14% 6 months to 1 year 17% 3 to 6 months 11% Until 3 months BR Partners Bank Rating : AA ( bra ) Perspective: Stable BR Partners Bank Rating : AA ( bra ) Perspective: Stable BR Partners Bank Rating : AA ( bra ) Perspective: Stable jun-25 sep-25 dec-25 mar-26 jun-26 4,757 5,187 5,403 5,268 5,154 Volume 807 367 jun-25 810 369 sep-25 783 436 dec-25 793 438 mar-26 810 449 jun-26 1,174 1,179 1,219 1,231 1,258 Shareholder`s Equity Additional Capital (AT1) 769 736 750 754 770 3% Liquidity2
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13 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 Performance Indicators Net Margin Efficiency Ratio and Compensation(%) (R$ million or %) Net Income and Net Margin ROE (%) BR Partners reported net income of R$72.8 million in the first half of the year, below last year’s level and driven mainly by higher investment in people. Net margin declined to 27.5%. ROE remained at a high level of 18.2%, generating added value (alpha) of 3.4 p.p. relative to the average Selic rate for the period. The Efficiency Ratio reached 58.7% and the Compensation Ratio stood at 34.2% in the first half of the year, driven by ongoing investment in people. The Company reafirms its commitment to achieving its internal recommendation of a maximum compensation ratio of 30% for full-year 2026. Client Revenues / MD Revenue per MD reached R$21.1 million in the last 12 months. (R$ million) #MDs Efficiency Ratio Compensation Ratio 45.0% 25.8% 6M25 58.7% 34.2% 6M26 Net Income 6M25 6M26 88.3 72.8 ROAE Average SELIC 21.7% 13.8% 6M25 18.2% 14.8% 6M26 6M25 6M26 20.1 21.1 Revenue per MD 33.1% 27.5% 10 10
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14 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 # ON % # PN % # UN % Total Shares % Partnership 153,308,127 76.45% 19,964,814 17.45% - - 173,272,941 55.01% Free-Float 47,238,057 23.55% 94,476,114 82.55% 47,238,057 100% 141,714,171 44.99% Total 200,546,184 100% 114,440,928 100% 47,238,057 100% 314,987,112 100% Shareholders’ Structure & Stock Performance Shareholders’ Structure Analyst Recommendation3– BRBI11 100% Buy 0% Sell 1- Calculations performed based on Economatica Platform information from May 6th of 2026, considering the dividend adjusted price; 2 –Soruce: Bloomberg data until 05/05/2026; 3- Based on the consensus recommendation of 7 research coverages. Performance BRB111 Average Trading Volume2 (BRL million) Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 IBOV +36% +41% 0,8 0,8 2,0 4,2 4,3 3,4 4,1 5,5 4,0 3,8 4,1 5,6 5,9 4,8 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26
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15 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 Accounting Income Statement (R$ thousands) 6M26 6M25 Total Revenue 264,906 266,775 Net Income from Interest and Gains / Losses with Financial Instruments 90,798 107,177 Total Revenue from Services 174,108 159,598 Operational Expenses (179,384) (148,668) Personnel Expenses (90,584) (68,832) Administrative Expenses (69,108) (47,650) Tax Expenses (17,508) (21,593) Loss from Impairment (2,224) (11,464) Other Expenses 40 871 Income befores Taxes on Profit and Equity Income 85,522 118,107 Income Taxes (12,721) (29,792) Net Income 72,801 88,315 Net Margin 27.5% 33.1% Accounting Income Statement
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16 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br BRAP Azul #01 RGB 0. 55. 104 BRAP Preto RGB 50.54.63 BRAP Azul #02 RGB: 0.87.147 BRAP Cinza RGB 174.184.191 BRAP Azul #03 RGB: 0.147.215 BRAP Bege RGB: 206.201.170 BRAP Verde RGB 110.169.153 BRAP Marrom RGB 194.117.61 Balance Sheet (R$ mil) Assets 06.30.2026 12.31.2025 Cash and Cash Equivalents 195,789 137,792 Financial Assets at Fair Value through Profit or Loss 13,408,539 11,712,650 Government Bonds 13,121,463 11,369,995 Private Securities 169,811 174,349 Investment Funds Quotas 117,265 168,306 Financial Assets at Fair Value Through other Results 2,986,458 3,308,755 Private Securities 1,413,379 1,385,470 Investment Funds Quotas 1,573,079 1,923,285 Derivative Financial Instruments 1,233,560 1,023,349 Financial Assets at Amortized Costs 370,354 1,124,190 Loans Operations 180,583 184,958 Other Financial Assets at Amortized cost 189,771 939,232 Other Assets 35,148 26,874 Deferred Tax Assets 174,593 92,425 Fixed Assets - - Intangible Assets 46,685 12,283 Total do Ativo 18,461,806 17,482,583 Liabilities and Shareholders' Equity Financial Liabilities at Fair Value Through Profit or Loss 32,983 33,222 Financial Liabilities at Amortized Cost 16,872,300 16,062,202 Funds from Financial Institutions 11,778,276 9,938,917 Clients funds 1,094,120 1,637,964 Funds from Bond Inssuances 3,999,638 3,703,658 Other Financial Instruments 266 781,663 Derivative Financial Instruments 397,956 344,451 Suppliers 3,771 11,243 Amounts Payable 69,475 42,691 Taxes Payables 17,778 19,998 Current Tax Liabilities 3,726 9,382 Diferred Tax Liabilities 254,041 176,096 Total Liabilities 17,652,030 16,699,285 Capital 674,940 674,940 Capital Reserves -30,193 -30,193 Profit Reserves 130,126 149,025 Other Comprehensive Results -18,999 -10,474 Retained Results 53,902 0 Total Shareholders' equity 809,776 783,298 Total Liabilities and Shareholders' equity 18,461,806 17,482,583 Balance Sheet
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17 @brpartners.com.br Copyright © 2025 BR Partners, All rights reserved. ri@brpartners.com.br This material was prepared by BR Advisory Partners Participações S.A. (“BRAP”) for exclusive use in its periodic results disclosure. This material should not be considered under any aspect or assessment as a complete document and should be analyzed in conjunction with the financial statements for the period to which it refers. This material was prepared for purely informative purposes only and should not be understood as a request or an offer to buy or sell any securities or financial instruments of BRAP and/or any company in its economic group. The content of this material should not be considered any form of legal. tax. accounting. investment or any other type of advice or recommendation. This material is not intended to be comprehensive. complete or exhaustive about BRAP and/or any other company in its economic group. nor does it contain all the information that shareholders. investors. counterparties of BRAP and/or any company in its economic group. and/or even any third parties may require. No investment. disposal or other financial decisions or actions should be made solely based on the information contained in this material. and each recipient of this material should seek the advice and guidance they deem necessary to make any decision.