Banco BTG Pactual S.A. "Deep Dive: Main trends of 1Q26; Model update" (Neutral)

研报英文原文证据摘录

Banco BTG Pactual S.A. "Deep Dive: Main trends of 1Q26; Model update" (Neutral)

Global Research

14 May 2026ab

Banco BTG Pactual S.A. Equities

AmericasDeep Dive: Main trends of 1Q26; Model update

Banks, Ex-S&L

12-month rating Neutral *

Positive surprise continues: BTG’s 1Q26 highlights resilient growth

We assessed the key trends in 1Q26 to identify the main drivers of performance. 12m price target R$65.00

Operating leverage remained a key contributor to earnings growth - and should Prior : R$63.00

continue to support expansion going forward - as revenue growth meaningfully

Price (13 May 2026) R$54.93

outpaced the increase in operating expenses. In corporate lending, the risk-

adjusted margin slightly contracted during the quarter, while the loan portfolio RIC: BPAC11.SA BBG: BPAC11 BZ

continued to grow significantly and reached R$319bn (up 7% QoQ) . On the other

Trading data and key metrics

hand, investment banking revenues decelerated, mainly due to weaker activity in

52-wk range R$64.34-38.49

the M&A and DCM segments. Sales and trading delivered a modest performance,

with revenues declining 6.6% QoQ and VAR decreasing to 0.32% (from 0.38% in Market cap. R$209b/US$41.7b

4Q25). Meanwhile, consumer finance results came in above our expectations and Shares o/s 3,808m (COM)

now account for approximately 11% of BTG’s total revenue. We have also Free float 98%

incorporated the solid quarterly results into our earnings model, which led us to Avg. daily volume ('000) 9,266

increase our target price to R$65 per unit, while maintaining a Neutral rating. Avg. daily value (m) R$540.9

Common s/h equity (12/26E) R$82.2b

IB: Weaker M&A and DCM activity P/BV (12/26E) 2.6x

Following 1Q26, the investment banking division reported a 9% QoQ decline in Tier 1 ratio 12%

revenues to R$628mn.