BTG Pactual 1Q26 First Take

BTG Pactual delivered a strong 1Q26 result with a recurring net income of R$4.8bn, surpassing consensus estimates through record wealth management performance and growth in its new consumer finance segment.

Key Takeaways

• 1.BTG Pactual reported recurring net income of R$4.8bn, beating Goldman Sachs and Bloomberg consensus estimates by 3% and 6% respectively.
• 2.The newly reported 'Consumer Finance and Banking' segment, including Banco Pan, accounted for approximately 11% of total revenues in 1Q26.
• 3.Wealth management revenues reached a record R$1.5bn, growing 11% quarter-over-quarter despite seasonal headwinds.

Table of Contents

• Consumer finance was better than expected
• Wealth management and corporate lending expanding qoq
• One-off benefits consumer finance revenues
• Efficiency stable yoy
• 1Q26 Earnings review
• Valuation and risks
• Disclosure Appendix

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