It's become routine. Quarter after quarter, BTG Pactual has been breaking records in virtually all of its revenue streams. This time was no different. In the fourth quarter of 2025, only the Investment Banking area did not post a record result.
However, in the accumulated figures for 2025, the investment bank grew in all revenue lines and achieved a historic performance. Net profit, for example, reached R$ 16.7 billion in 2025, a growth of 35% compared to the previous year and higher than that of the Spanish bank Santander .
BTG Pactual's performance was driven by a combination of business diversification, accelerated expansion of client franchises, and a disciplined capital allocation strategy.
Total revenues reached R$ 33 billion, a 32% increase over the previous year. The adjusted return on equity (ROAE) reached 26.9%, an increase of 3.80 percentage points compared to 2024. In the fourth quarter, the indicator reached 27.6%.
In the fourth quarter of 2025, adjusted net income was R$ 4.6 billion, a 40% increase over the same period of the previous year. Total revenues reached R$ 9.1 billion, a 35% increase. ROAE reached 27.6%.
With R$2.5 trillion in assets under management and administration, the investment bank totaled net inflows of R$354 billion. In the fourth quarter alone, the wealth and asset management areas raised R$108 billion, almost a third of the total for 2025.
Performance was driven by all business lines. Investment Banking totaled R$ 2.5 billion in revenue for the year, a 19% increase, with fixed income (DCM) and M&As standing out – the bank was involved in the Cosan deal (which also involved BTG Pactual) and in Totvs' purchase of Linx from Stone . In the fourth quarter, the area generated R$ 692 million, a 35.8% increase compared to the same period of the previous year.
In Corporate Lending & Business Banking, revenues reached R$ 8.4 billion in 2025, a 29.5% increase. In the quarter, revenue was R$ 2.2 billion. The total loan portfolio reached R$ 262.3 billion, with R$ 32.2 billion in SMEs.
The Sales & Trading area also hit a record, with revenues of R$ 7.2 billion for the year and R$ 2 billion in the fourth quarter, driven by increased customer activity and efficient capital allocation.
In Asset Management, revenues reached R$ 3 billion for the year, with assets under management of R$ 1.2 trillion. Net inflows were R$ 140 billion in 2025, with R$ 61.8 billion in the fourth quarter.
Wealth Management and Personal Banking combined revenues of R$ 5 billion in 2025, with assets under management of R$ 1.2 trillion. Net inflows were R$ 214 billion for the year.
BTG Pactual's expansion was not limited to Brazil. In 2025, the bank completed strategic acquisitions, such as MY Safra Bank in New York and the fintech Justa, in addition to strengthening its international presence with the issuance of US$750 million in bonds in the foreign market, at the lowest spread over sovereign bonds in its history.
With a full banking license in the United States, a region where BTG Pactual already operates, the expectation is that it will be able to offer more offshore services to its individual and corporate clients.
BTG Pactual is also awaiting approval for its acquisition of HSBC in Uruguay, which should happen by mid-2026, as well as a banking license in Peru. With this, its international operations should gain more strength in 2026.
Valued at R$ 344.7 billion, BTG Pactual's units (BPAC11) are projected to advance 15.5% in 2025 and 91% in 12 months.
