BRBI BR Partners S.A. Business Summary

BR Partners S.A. (BRBI) operates as a leading independent merchant bank in Brazil, utilizing a low-capital-intensity business model focused on high-margin financial services. The company generates revenue through advisory fees from mergers and acquisitions (M&A), transaction and underwriting fees within its Capital Markets division, and structuring spreads from its Treasury Sales & Structuring vertical. Its primary business segments include Investment Banking, which provides strategic financial advice; Capital Markets, specializing in debt (DCM) and equity (ECM) solutions; Treasury, which manages derivatives and foreign exchange structuring; and a rapidly expanding Wealth Management arm that earns recurring management and advisory fees. In the competitive landscape, BR Partners contends with major players such as BTG Pactual, XP Inc., and Itaú BBA. It distinguishes itself as a specialized independent alternative to large-cap universal banks, maintaining a high return on equity (22.1% in 2025) and a client-driven franchise where client-originated revenues represent over 75% of the total mix. The leadership team is anchored by a high-pedigree founding group with extensive experience at top-tier global investment banks. Ricardo Lacerda serves as the CEO and Founding Partner, bringing a background as the former CEO of Goldman Sachs in Brazil and Head of Investment Banking for Citigroup in Latin America. He is supported by Co-Founder and Chairman Jairo Loureiro Filho, who previously held senior roles at Goldman Sachs and Salomon Brothers, and Partner and CFO José Flávio Ferreira Ramos, the former CFO of Citibank Brazil. Other key executives include Lilian Crestana, who serves as COO and Director of Investment Banking. The company’s governance is overseen by a board that includes independent members like Eduardo Bunker Gentil (ex-JP Morgan and Goldman Sachs) and Carla Trematore. Notable institutional investors and shareholders include Morgan Stanley, Mapfre Investimentos, and Empiricus Gestão, reflecting strong market confidence in the firm's independent advisory-led strategy.