BTG Pactual: Strong revenue generation in 1Q26; NI beat on modestly lower effective tax rate

Research evidence excerpt

BTG Pactual: Strong revenue generation in 1Q26; NI beat on modestly lower effective tax rate

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BTG Pactual

Strong revenue generation in 1Q26; NI

beat on modestly lower effective tax rate

Maintain Rating: BUY | PO: 68.00 BRL | Price: 58.65 BRL

Net income +42% YoY, 5% above BofAe 11 May 2026

Recurring net income of R$4.8bn (+42% YoY and +4% QoQ) came 5% above BofAe. The

bottom-line beat was primarily driven by lower effective tax rate, while EBT came in line Equity

with BofAe. Revenues came 2% above on BofAe, as a beat on consumer lending was Mario Pierry

partially offset by a miss on asset management. Strong revenue generation (+34% YoY) Research Analyst

BofAS

reflected: i) robust consumer finance expansion, boosted by private payroll loans, ii) +1 646 743 0047

resilient IB, backed by DCM, iii) solid S&T, supported by client activity (but down QoQ mario.pierry@bofa.com

from a record quarter), iv) wealth mgmt. revenue growth acceleration and v) robust Antonio Ruette >>

Research Analyst

corporate loan growth. On the flip side, asset mgmt. revenue growth decelerated, given Merrill Lynch (Brazil)

lower contribution from stakes in independent asset managers. All in, ROE stood at +55 11 2188 4225 antonio.ruette@bofa.com

26.6% (+c.340bp YoY), reflecting industry-leading execution and a successful

Augusto Uehara >>

diversification strategy, supporting BTG’s premium valuation (3.0x trailing P/B), in our Research Analyst

view. Merrill Lynch (Brazil) +55 11 2188 4651

augusto.uehara@bofa.com

Key operating highlights Ernesto Gabilondo >>

Corporate lending (+): revenue growth remained resilient (+21% YoY vs +22% in ResearchMerrill LynchAnalyst(Mexico)

4Q25). Loan book growth accelerated to 22% (from 18%), supported by market share +52 55 5201 3428