Banco BTG Pactual S.A. (BPAC11) Earnings Call Transcripts

Banco BTG Pactual S.A.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Banco BTG Pactual S.A. reported record revenues of BRL 10 billion, a 34% increase year-over-year, and net income of BRL 4.8 billion, reflecting a 42% growth compared to the same period last year. The bank achieved a return on equity of 26.6%. Management indicated a resilient performance despite a challenging macro environment, with strong contributions from corporate lending and asset management. Guidance for the upcoming quarters suggests a cautious outlook for the debt capital markets (DCM) but optimism for equity capital markets (ECM) activity in the second half of the year.

Reported metrics

Guidance from management

Management expects a weak Q2 for DCM but anticipates a recovery in ECM activity in Q3. They project Banco Pan's ROE to align with BTG's by mid-2028.

What management said

Thank you, Renato. It's always very tough to make predictions, right? But if you ask me today, I think we will probably see DCM had a weak March and we'll probably have a weak Q2. We do expect it to start picking up in Q3. And we are quite encouraged by what we're seeing in the equity capital markets. We had significant flows to LatAm and to, let's say, emerging markets in general. They still slowed down a bit rece...

Yes, No, we expect to -- we don't expect to repeat. This is a one-off. So it would be back to obviously closer to the average of what we've seen. Obviously, we expect some business development there, but not to the extent to repeat this amount of revenues. It's perfect congrats again on the results.

What analysts pressed on

Analysts expressed concerns regarding the potential for continued weakness in DCM and the impact of recent regulatory changes on consumer finance. There were questions about the sustainability of net new money inflows and asset quality amidst rising interest rates.

Main topics on the call

• Record Revenue and Earnings — Banco BTG Pactual achieved record revenues of BRL 10 billion, representing a 34% increase year-over-year. Net income reached BRL 4.8 billion, a 42% growth from the previous year, highlighting operational efficiency and e...
• Strong Corporate Lending Performance — Corporate lending revenues grew by 21% year-over-year, reaching BRL 2.332 billion. Management noted a 22% increase in the corporate credit portfolio, indicating strong demand and disciplined underwriting practices.
• Asset Management Growth — The asset management segment saw a 28% year-over-year increase in assets under management, totaling BRL 1.3 trillion. The bank reported BRL 83 billion in organic net new money, reinforcing its strong market position.
• Weakness in DCM — Management indicated that the DCM market experienced weakness in March due to increased volatility, with expectations of continued challenges in Q2. However, they remain optimistic about a potential recovery in Q3.

Read the full Banco BTG Pactual S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 25 Banco BTG Pactual S.A. earnings call transcripts on record, spanning February 14, 2020 to August 11, 2026. Based on this history, Banco BTG Pactual S.A. reports quarterly. The most recent call on file is dated August 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BPAC11

Exchange

BOVESPA

Country

BR

Sector

Financials

Industry

Capital Markets

Calls on record

25

First call

February 14, 2020

Most recent

August 11, 2026

Reporting cadence

quarterly