Banco BTG Pactual S.A.

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BPAC11

BRBPACUNT006

Investment Banking & Brokerage Services

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Jun. 30	Adelante Soluciones Financieras SAS announced that it has received $85 million in funding from GIC Private Limited, Monashees Gestão de Investimentos Ltda., Citius, Banco BTG Pactual S.A. and others	CI
May. 11	Banco BTG Pactual S.A., Q1 2026 Earnings Call, May 11, 2026

Banco BTG Pactual S A : Dados Econômico-Financeiros

Published on 05/11/2026 at 04:11 am EDT

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BANCO BTG PACTUAL S.A.

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Complete financial statements

Banco BTG Pactual S.A. and subsidiaries

March 2026

Management Report

In accordance with the legal provisions, the Management of Banco BTG Pactual S.A. (Banco or BTG) submits for consideration the Individual and Consolidated Condensed Financial Statements, prepared in accordance with

accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Central Bank of Brazil (Bacen) for the period ended March 31, 2026, including the Management Report and the corresponding financial and operational information of the BTG Group.

BTG Pactual Performance

We ended the first quarter of the year with another strong set of results, with total revenues reaching R$9,968.0 million and adjusted net income totaling R$4,808.4 million, resulting in ROAE of 26.6%, significantly above the 23.2% delivered in 1Q25. Even in a quarter typically affected by seasonality and despite a challenging macroeconomic and geopolitical backdrop, we continued to benefit from the scale and diversification of our platform, sustaining high levels of profitability.

We continued to expand our client base by broadening our ecosystem into new products, segments and markets, which translated into R$83 billion in total net inflows and R$2.6 trillion in combined Asset Management and Wealth Management assets. In our credit business, we remain focused on quality and disciplined underwriting, supported by a stable and well-diversified funding base. This strong performance reflects the strength of our brand and fiduciary perception, even in a turbulent market environment.

Within this context, results across our core businesses reflected a well-diversified operating profile and solid execution across segments.

Investment Banking revenues totaled R$627.9 million in the quarter, highlighting our leading franchise across products and sectors, despite volatile capital markets conditions.

Corporate Lending delivered another quarter of record revenues, totaling R$2,332.3 million, increasing 4.2% q-o-q and 20.7% y-o-y, supported by disciplined underwriting and reduced competition from capital markets, with the portfolio expanding 21.9% y-o-y.

Sales & Trading delivered solid and consistent results in the quarter, with revenues totaling R$1,877.0 million, supported primarily by client activity. VaR decreased to 0.32% of shareholders' equity, reflecting our dynamic risk management approach.

Asset Management revenues totaled R$783.4 million in the quarter, supported by the continued expansion of management fees as AuM/AuA surpassed R$1.3 trillion, following strong net inflows of R$47.9 billion across managed funds and Asset Servicing.

Wealth Management once again delivered record revenues, totaling R$1,516.1 million, a 10.7% increase q-o-q and 44.6% y-o-y, driven by the continued growth of assets and client activity, with net new money of R$34.9 billion. Consumer Finance & Banking revenues reached R$1,125.0 million in the quarter, reflecting the full consolidation of Banco Pan following the acquisition of the remaining minority interest in January, with credit-related revenues totaling R$953.6 million and Too Seguros contributing R$171.4 million.

Total operating expenses amounted to R$4,231.1 million in 1Q26, increasing 1.8% compared to the previous quarter and 25.5% year-over-year. The quarterly increase was primarily driven by higher salaries and benefits related to the annual promotion cycle and salary adjustments, partially offset by a lower bonus provision. The year-over-year increase reflects the continued expansion of the business and the impact of the full consolidation of Banco Pan following the acquisition of the remaining minority stake, consistent with the revenue impact.

Accounting net income was R$4,570.4 million in 1Q26, increasing 4.1% and 42.4% q-o-q and y-o-y, respectively. Shareholders' equity ended the period at R$74.5 billion, a 6.5% q-o-q increase. Throughout the quarter, we maintained a healthy liquidity position and a robust capital structure, with an unsecured funding base of R$378.7 billion (+5.9% q-o-q), Basel Ratio of 15.9% and liquidity coverage ratio (LCR) ending the quarter at 160.9%.

Our commitment to sustainability and responsible business practices remains a core pillar of our long-term strategy. In April, we released our Annual Report and Social Responsibility Report, highlighting our ongoing commitment to transparency and accountability, the embedding of ESG principles throughout the organization, and our focus on delivering positive outcomes for all stakeholders.

This quarter, BTG Pactual coordinated Neoenergia's R$4 billion green debenture issuance and Caramuru's R$750 million green CRA, supporting renewable energy expansion, sustainable agriculture and low-carbon logistics initiatives. In March, we participated in Transforming Transportation 2026, where we presented our E-Bus Credit Enhancement Facility - the first of its kind in the region - and were recognized with the Best Financial Solution for Urban Mobility award.

Finally, we were recognized by the Global Finance Sustainable Finance Awards 2026 for the sixth consecutive year, receiving awards across six categories: Best Bank for Sustainable Finance in Latin America and Brazil, Best Global Bank for Blue Bonds, Best Bank for Sustainability Transparency, Sustainable Finance Deal of the Year for EcoRioMinas Green Transition Bonds, and Best Bank for ESG-Related Loans for Aegea's Blue Syndication Loan. The recognition reflects BTG Pactual's leadership in ESG capital markets, supported by landmark transactions and pioneering finance initiatives.

Shareholder Structure and Dividend Policy

As of March 31, 2026, the capital stock, fully subscribed and paid up, is composed of 11,670,063,466 shares, of which 7,298,813,414 are common shares, 2,973,824,692 class A preferred shares and 1,397,425,360 class B preferred shares, all registered and without par value.

The common shares entitle voting rights to such holders in the resolutions of the General Meeting and shall take part in the profit distribution under the same conditions as Class A preferred shares and Class B preferred shares.

Holders of Class A and B preferred shares have restricted voting rights, but will have priority in the reimbursement of capital, without premium, and will participate, under the same conditions as common shares, in the distribution of profits.

Class A preferred shares entitle their holders to be included in a public offering for acquisition as a result of the possible sale of control of the Company at the same price and under the same conditions offered to the Selling Controlling Shareholder.

The Class B preferred shares shall be convertible into common shares, by means of a simple request in writing by its holder or by the Bank, without the need of a resolution and shareholders or board meeting, provided that (i) such conversion occurs upon the issuance of new shares by the Bank, within the limit of the authorized capital or otherwise (unless the shareholder wishing to convert is BTG Pactual Holding S.A.) (ii) after the conversion, BTG Pactual Holding S.A. (or the company that succeeds it on any account, including through merger, consolidation, spin-off or any type of corporate reorganization) continues to hold, directly or indirectly, more than 50% of the common shares issued by the Bank, and (iii) the shareholders' agreement shall be always observed; Such shares shall be convertible into class A preferred shares, upon request of its holder, provided that (i) the Bank is a publicly held company, with its shares listed on a stock exchange, and (ii) the provisions of the Shareholders' Agreement are always complied with. Class B preferred shares have the right to be included in a public tender offer as a result of any disposal of the Bank's control, at the same price and in the same conditions.

The distribution of dividends and interest on equity of Banco BTG Pactual S.A. will be carried out on a periodic basis, as proposed by the Bank's management and in accordance with its bylaws. Shareholders are entitled to a minimum distribution of 1% of the adjusted net income for the year pursuant to article 202 of Law No. 6,404/1976.

Approval of share repurchase program

On November 12, 2024, the Bank communicated to shareholders and the market in general that the Bank's Board of Directors, at a meeting held on November 11, 2024, approved the share repurchase program, under the following conditions ("Repurchase Program"):

Repurchase with the aim of providing better conditions to carry out the efficient investment of
available cash resources in order to maximize the allocation of the Bank's capital.
Acquisition of up to BRL 2,000,000 (two billion reais) observing in every case the limits set forth in CVM Instruction 77.
Maintenance, in treasury, of BPAC11 units acquired under the Program.
Definition of a period of up to 18 months for the acquisitions, being the Executive Board responsible for deciding the best time to make the acquisitions; and
Intermediation of BTG Pactual CTVM S.A. and operations conducted in accordance with the current regulation.

The Bank will keep regulators and the market in general informed about the Repurchase Program.

People Management

On March 31,2026, the Bank ended the period with 8,543 employees, of which 412 were partners and associate partners and 8,131 employees.

Expenses related to Salaries and benefits totaled R$986.0 million in 1Q26, increasing 6.1% compared to R$928.9 million in 4Q25 and 10.6% year-over-year from R$891.5 million in 1Q25. The increase reflects the annual year-end promotion cycle and salary adjustments, as well as the full consolidation of Banco Pan's expenses following the acquisition of the remaining minority stake, consistent with the revenue impact. This effect was partially offset by efficiency gains at Pan.

Total employees now include Banco Pan's workforce, which totaled 2,332 employees as of the end of the quarter.

For more information on People, visit the Pay Transparency and Equal Pay Report, available on https://ri.btgpactual.com.

Investments in Affiliates and Subsidiaries

In compliance with article 243 of Law 6,404/1976, we inform that the company's main investments in affiliated and controlled companies are highlighted in explanatory note 13. The main acquisitions in the last year were:

Julius Baer;
JGP;
HSBC Bank;
Share Incorporation - Banco Pan;
My Safra.

Relationship with Auditors

According to CMN Resolution No. 4,910/21, PricewaterhouseCoopers Auditores Independentes Ltda. does not provide services, other than those expressly related to the external audit function, keeping the independence necessary to conduct this activity.

We thank customers and partners for their support and trust, and particularly our employees, for all their commitment to the pursuit of excellence.

Banco BTG Pactual S.A.

Parent company and consolidated interim complete financial statements at March 31, 2026 and report on review Report on review of parent company and consolidated interim complete financial statements

To the Board of Directors and Stockholders Banco BTG Pactual S.A.

Introduction

We have reviewed the accompanying interim balance sheet of Banco BTG Pactual S.A. (the "Institution") as at March 31, 2026 and the related statements of income, comprehensive income, changes in equity and cash flows for the quarter then ended, as well as the accompanying consolidated interim balance sheet of the Banco BTG Pactual S.A. and its subsidiaries ("Consolidated") as at March 31, 2026 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the quarter then ended, and notes, comprising a summary of significant accounting policies.

Management is responsible for the preparation and fair presentation of these parent company and consolidated interim complete financial statements in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BCB). Our responsibility is to express a conclusion on these interim complete financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated interim complete financial statements referred to above do not present fairly, in all material respects, the financial position of the Banco BTG Pactual S.A. and of the Banco BTG Pactual S.A. and its subsidiaries as at March 31, 2026, and the parent company financial performance and its cash flows for the quarter then ended, as well as the consolidated financial performance and the consolidated cash flows for the quarter then ended, in accordance with accounting practices adopted

in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BCB).

PricewaterhouseCoopers Auditores Independentes Ltda. Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o, São Paulo, SP, Brasil, 04538-132

Banco BTG Pactual S.A.

Other matters - Statements of value added

The interim complete financial statements referred to above include the parent company and consolidated statements of value added for the quarter period ended March 31, 2026. These statements are the responsibility of the Institution's management and presented as supplementary information. These statements have been subjected to review procedures performed together with the review of the interim complete financial statements for the purpose concluding whether they are reconciled with the interim complete financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been prepared, in all material respects, in accordance with the criteria established in this accounting standard, and that they are consistent with the parent company and consolidated interim financial statements taken

as a whole.

São Paulo, May 8, 2026

PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/O-5

Fábio de Oliveira Araújo Contador CRC 1SP241313/O-3

Balance Sheet

(In thousands of reais)

Bank Consolidated

Assets	Note	03/31/2026	12/31/2025	03/31/2026	12/31/2025
Cash	6	1,568,333	2,482,711	4,848,422	5,577,129
Financial instruments
Interbank investments	7	134,235,194	119,474,555	95,212,288	90,736,599
Securities	8	258,034,337	262,977,438	321,310,112	324,605,939
Derivative financial instruments	9	61,063,805	47,234,240	66,315,475	46,534,509
Interbank relations		23,732,528	25,394,885	39,736,289	31,265,668
Credit operations	10a	89,177,262	82,922,688	208,721,750	199,955,598
Expected loss allowances associated with credit risk	10a	(1,807,939)	(2,054,494)	(12,502,906)	(11,696,562)
Securities with a credit granting characteristic	10b	32,297,929	31,409,120	33,313,690	31,258,531
Provision for securities with a credit-granting characteristic	10b	(1,273,993)	(1,171,513)	(1,273,832)	(1,171,352)
Other financial assets	11	22,901,109	22,542,235	45,438,027	43,629,512
Deferred tax assets	18	5,719,684	5,779,688	12,504,951	12,509,800
Others assets	12	4,593,450	3,688,223	15,379,520	15,648,978
Permanent
Investments		86,864,202	84,557,466	10,691,935	11,158,488
Interest in subsidiaries, affiliates, and jointly controlled companies	13	86,864,202	84,557,466	9,258,660	9,784,246
Investment properties		-	-	1,433,275	1,374,242
Fixed assets for use	14	181,841	197,321	666,729	770,965
Right-of-use assets		60,500	-	934,490	702,828
Intangible assets	14	332,581	316,027	4,277,863	4,481,709
Total assets		717,680,823	685,750,590	845,574,803	805,968,339

The accompanying notes are an integral part of these financial statements.

Balance Sheet

(In thousands of reais)

Bank Consolidated

Liabilities	Note	03/31/2026	12/31/2025	03/31/2026	12/31/2025
Financial instruments		618,317,860	594,559,662	646,599,432	613,700,377
Deposits	15a	180,975,810	178,109,915	190,145,823	176,167,030
Securities sold under repurchase agreements	15b	205,755,891	205,376,282	199,244,323	201,795,177
Funds from acceptances and issuance of securities	15c	99,883,730	91,406,236	122,147,580	118,824,365
Borrowings and onlendings	15d	41,475,906	41,282,151	45,229,127	44,922,895
Derivative financial instruments	9	62,376,667	53,824,607	60,032,449	45,337,313
Subordinated debts and debt instruments eligible to capital 15e Provisions for financial guarantees, credit commitments and credits to		26,931,363 918,493	23,646,932 913,539	28,795,064 1,005,066	25,647,841 1,005,756
be released Interbank relations		3,766,321	3,674,595	5,522,484	5,705,277
Other liabilities		18,799,974	15,309,921	105,326,727	101,773,788
Collection and levy of taxes and alike		27,718	32,439	55,205	57,418
Social and statutory	16a	1,002,233	4,107,898	1,950,764	5,929,382
Tax and social security	16b	769,800	580,257	4,063,118	4,712,036
Deferred tax liabilities	18	6,499	5,987	1,917,302	1,541,832
Others	16c	16,993,724	10,583,340	97,340,338	89,533,120
Provision for contingent liabilities	17	2,286,301	2,236,786	7,901,817	7,878,741
Equity	19	74,510,367	69,969,626	80,224,343	76,910,156
Capital		62,415,686	62,415,686	62,415,686	62,415,686
Capital reserves		2,098,195	2,055,314	2,098,195	2,055,314
Other comprehensive income		2,127,108	2,235,054	326,825	434,771
Income reserves		4,007,302	4,007,302	5,807,585	5,807,585
Treasury shares		(708,320)	(743,730)	(708,320)	(743,730)
Retained earnings		4,570,396	-	4,570,396	-
Total equity of controlling shareholders		74,510,367	69,969,626	74,510,367	69,969,626
Non-controlling interest		-	-	5,713,976	6,940,530
Total liabilities and equity		717,680,823	685,750,590	845,574,803	805,968,339

The accompanying notes are an integral part of these financial statements.

Statement of Income

Period ending March 31

(In thousands of reais, except net income per share)

Bank Consolidated

	Note	03/31/2026	03/31/2025	03/31/2026	03/31/2025
Revenues from financial intermediation		19,099,060	13,178,557	27,657,179	22,178,258
Credit transactions		3,376,679	2,340,809	9,781,928	8,769,161
Income on bonds and securities and derivative financial instruments		14,952,998	10,344,844	16,883,715	12,544,783
Income from mandatory investments		769,383	492,904	991,536	864,314
Expenses with financial intermediation		(16,084,932)	(10,926,329)	(19,591,543)	(15,968,092)
Funding transactions in the market		(14,950,859)	(10,212,515)	(15,501,299)	(11,323,188)
Loan and on-lending transactions		(928,991)	(497,907)	(2,274,340)	(3,127,635)
Expected loss allowances associated with credit risk	10a	(87,939)	(10,734)	(1,698,057)	(1,311,197)
Provision / (reversal) for losses of securities with credit-granting characteristics	10b	(102,480)	(46,959)	(102,480)	(47,856)
Provisions for financial guarantees, credit commitments and credits to be released		(14,663)	(158,214)	(15,367)	(158,216)
Gross income from financial intermediation		3,014,128	2,252,228	8,065,636	6,210,166
Other operating revenues / (expenses)		2,005,370	1,801,467	(1,232,055)	(1,023,805)
Revenues from service provision	20	982,056	791,739	3,795,426	2,681,533
Personnel expenses	24	(517,130)	(340,722)	(1,216,321)	(978,769)
Other administrative expenses	22	(1,418,473)	(1,203,696)	(2,871,302)	(2,574,663)
Tax expenses	23	(254,584)	(298,235)	(1,778,182)	(1,219,030)
Income from interest in subsidiaries, affiliates and jointly-owned subsidiaries	13	3,598,257	2,497,684	(45,275)	21,851
Other operating income	21	(384,756)	354,697	883,599	1,045,273
Provision for contingent liabilities	17	(47,394)	(26,834)	(204,429)	(190,330)
Operating result		4,972,104	4,026,861	6,629,152	4,996,031
Non-operating income		(290)	(267)	(3,385)	(34,262)
Income before income tax and interests		4,971,814	4,026,594	6,625,767	4,961,769
Income tax and social security contribution	18	(69,272)	(521,996)	(1,045,693)	(845,748)
Provision for income tax		(26,189)	(9,173)	(953,464)	(948,629)
Provision for social security contribution		-	-	(413,464)	(508,228)
Deferred tax assets		(43,083)	(512,823)	321,235	611,109
Statutory profit sharing		(332,146)	(294,678)	(835,153)	(704,769)
Non-controlling shareholders		-	-	(174,525)	(201,332)
Net income for the period		4,570,396	3,209,920	4,570,396	3,209,920
Net income per share - Basic	26	0.39	0.28	-	-
Net income per share - Diluted	26	0.39	0.28

The accompanying notes are an integral part of these financial statements.

Statement of Comprehensive Income

Period ending March 31 (In thousands of reais)

Bank Consolidated

	03/31/2026	03/31/2025	03/31/2026	03/31/2025
Net income for the period	4,570,396	3,209,920	4,570,396	3,209,920
Impacts of the initial adoption of CMN Resolution 4,966/2021	-	(23,051)	-	(23,051)
Variance in equity valuation adjustment of financial assets at fair value through other comprehensive income	(116,417)	65,714	(116,417)	65,714
Variation in the equity valuation adjustment of controlled, affiliates and jointly controlled	24,160	46,162	24,160	46,162
Exchange variation on assets and liabilities of operations abroad	(272,522)	(722,167)	(272,522)	(722,167)
Exchange rate variation on investments	(1,404,307)	(911,771)	(1,404,307)	(911,771)
Hedging investments abroad	1,676,829	1,636,132	1,676,829	1,636,132
Cumulative Translation Adjustments on Assets and Liabilities from Foreign Operations	35,176	22,231	35,176	22,231
Cumulative conversion adjustments	(56,227)	(16,081)	(56,227)	(16,081)
Goodwill/discount on the acquisition of interest in subsidiaries	5,362	(30,845)	5,362	(30,845)
Total comprehensive income	4,462,450	3,276,244	4,462,450	3,276,244

Items presented in the statement of comprehensive income may be subsequently reclassified to income (loss). The accompanying notes are an integral part of these financial statements.

Bank			Income reserves
Note	Capital	Capital reserves	Legal	Unrealized	Statutory	Total	Other comprehensive income	Treasury shares	Retained earnings	Total
Balances on December 31, 2024	15,760,364	652,515	3,152,072	1,980,484	35,052,983	40,185,539	1,502,059	(633,959)	-	57,466,518
Impacts of the initial adoption of CMN Resolution 4,966/2021	-	-	-	-	(964,186)	(964,186)	(23,051)	-	-	(987,237)
Variance in equity valuation adjustment of financial assets at fair value through other comprehensive income	-	-	-	-	-	-	65,714	-	-	65,714
Variation in the equity valuation adjustment of controlled, affiliates and jointly controlled	-	-	-	-	-	-	46,162	-	-	46,162
Exchange variation on assets and liabilities of operations abroad	-	-	-	-	-	-	(722,167)	-	-	(722,167)
Exchange rate variation on investments	-	-	-	-	-	-	(911,771)	-	-	(911,771)
Hedging investments abroad	-	-	-	-	-	-	1,636,132	-	-	1,636,132
Cumulative Translation Adjustments on Assets and Liabilities from Foreign Operations	-	-	-	-	-	-	22,231	-	-	22,231
Cumulative conversion adjustments	-	-	-	-	-	-	(16,081)	-	-	(16,081)
Goodwill/discount on the acquisition of interest in subsidiaries	-	-	-	-	-	-	(30,845)	-	-	(30,845)
Net income for the period	-	-	-	-	-	-	-	-	3,209,920	3,209,920
Balances on March 31, 2025	15,760,364	652,515	3,152,072	1,980,484	34,088,797	39,221,353	1,568,383	(633,959)	3,209,920	59,778,576
Balances on December 31, 2025	62,415,686	2,055,314	436,395	-	3,570,907	4,007,302	2,235,054	(743,730)	-	69,969,626
Acquisition/Disposal of treasury shares by controlled entities 4n	-	42,881	-	-	-	-	-	35,410	-	78,291
Variance in equity valuation adjustment of financial assets at fair value through other comprehensive income	-	-	-	-	-	-	(116,417)	-	-	(116,417)
Variation in the equity valuation adjustment of controlled, affiliates and jointly controlled	-	-	-	-	-	-	24,160	-	-	24,160
Exchange variation on assets and liabilities of operations abroad	-	-	-	-	-	-	(272,522)	-	-	(272,522)
Exchange rate variation on investments	-	-	-	-	-	-	(1,404,307)	-	-	(1,404,307)
Hedging investments abroad	-	-	-	-	-	-	1,676,829	-	-	1,676,829
Cumulative Translation Adjustments on Assets and Liabilities from Foreign Operations	-	-	-	-	-	-	35,176	-	-	35,176
Cumulative conversion adjustments	-	-	-	-	-	-	(56,227)	-	-	(56,227)
Goodwill/discount on the acquisition of interest in subsidiaries	-	-	-	-	-	-	5,362	-	-	5,362
Net income for the period	-	-	-	-	-	-	-	-	4,570,396	4,570,396
Balances on March 31, 2026	62,415,686	2,098,195	436,395	-	3,570,907	4,007,302	2,127,108	(708,320)	4,570,396	74,510,367

The accompanying notes are an integral part of these financial statements.

Consolidated			Income reserves
Note	Capital	Capital reserves	Legal	Unrealized	Statutory	Total	Other comprehensive income	Treasury shares	Retained earnings	Statutory profit sharing	Non-controlling shareholders	Total
Balances on December 31, 2024	15,760,364	652,515	3,189,269	1,980,478	36,816,075	41,985,822	(298,224)	(633,959)	-	57,466,518	6,067,352	63,533,870
Impacts of the initial adoption of CMN Resolution 4,966/2021	-	-	-	-	(964,186)	(964,186)	(23,051)	-	-	(987,237)	(226,367)	(1,213,604)
Variance in equity valuation adjustment of financial assets at fair value through other comprehensive income	-	-	-	-	-	-	65,714	-	-	65,714	-	65,714
Variation in the equity valuation adjustment of controlled, affiliates and jointly controlled	-	-	-	-	-	-	46,162	-	-	46,162	-	46,162
Exchange variation on assets and liabilities of operations abroad	-	-	-	-	-	-	(722,167)	-	-	(722,167)	-	(722,167)
Exchange rate variation on investments	-	-	-	-	-	-	(911,771)	-	-	(911,771)	-	(911,771)
Hedging investments abroad	-	-	-	-	-	-	1,636,132	-	-	1,636,132	-	1,636,132
Cumulative Translation Adjustments on Assets and Liabilities from Foreign Operations	-	-	-	-	-	-	22,231	-	-	22,231	-	22,231
Cumulative conversion adjustments	-	-	-	-	-	-	(16,081)	-	-	(16,081)	-	(16,081)
Goodwill/discount on the acquisition of interest in subsidiaries	-	-	-	-	-	-	(30,845)	-	-	(30,845)	-	(30,845)
Net income for the period	-	-	-	-	-	-	-	-	3,209,920	3,209,920	201,332	3,411,252
Addition / (Exclusion) of non-controlling	-	-	-	-	-	-	-	-	-	-	(359,583)	(359,583)
Balances on March 31, 2025	15,760,364	652,515	3,189,269	1,980,478	35,851,889	41,021,636	(231,900)	(633,959)	3,209,920	59,778,576	5,682,734	65,461,310
Balances on December 31, 2025	62,415,686	2,055,314	473,592	-	5,333,993	5,807,585	434,771	(743,730)	-	69,969,626	6,940,530	76,910,156
Acquisition/Disposal of treasury shares by controlled entities 4n Variance in equity valuation adjustment of financial assets at fair value through other	- -	42,881 -	- -	- -	- -	- -	- (116,417)	35,410 -	- -	78,291 (116,417)	- -	78,291 (116,417)
comprehensive income Variation in the equity valuation adjustment of controlled, affiliates and jointly controlled	-	-	-	- -		-	24,160	-	-	24,160	-	24,160
Exchange variation on assets and liabilities of operations abroad	-	-	-	- -		-	(272,522)	-	-	(272,522)	-	(272,522)
Exchange rate variation on investments	-	-	-	- -		-	(1,404,307)	-	-	(1,404,307)	-	(1,404,307)
Hedging investments abroad	-	-	-	- -		-	1,676,829	-	-	1,676,829	-	1,676,829
Cumulative Translation Adjustments on Assets and Liabilities from Foreign Operations	-	-	-	- -		-	35,176	-	-	35,176	-	35,176
Cumulative conversion adjustments	-	-	-	- -		-	(56,227)	-	-	(56,227)	-	(56,227)
Goodwill/discount on the acquisition of interest in subsidiaries	-	-	-	- -		-	5,362	-	-	5,362	-	5,362
Net income for the period	-	-	-	- -		-	-	-	4,570,396	4,570,396	174,525	4,744,921
Addition / (Exclusion) of non-controlling	-	-	-	- -		-	-	-	-	-	(1,401,079)	(1,401,079)
Balances on March 31, 2026	62,415,686	2,098,195	473,592	- 5,333,993		5,807,585	326,825	(708,320)	4,570,396	74,510,367	5,713,976	80,224,343

The accompanying notes are an integral part of these financial statements.

Statement of Cash Flows

Period ending March 31 (In thousands of reais)

Bank Consolidated

	Note	03/31/2026	03/31/2025	03/31/2026	03/31/2025
Operating activities
Net income for the period		4,570,396	3,209,920	4,570,396	3,209,920
Adjustments to net income		(385,502)	395,402	5,269,768	3,708,590
Results from interests in affiliates and companies with shared control	13	(3,598,257)	(2,497,684)	45,275	(21,851)
Interest expenses with subordinated debts and debt instruments eligible for equity		3,027,111	2,248,382	3,258,408	2,319,864
Expected loss allowances associated with credit risk	10a	87,939	10,734	1,698,057	1,311,197
Provision / (reversal) for losses of securities with credit-granting characteristics	10b	102,480	46,959	102,480	47,856
Provisions for financial guarantees, credit commitments and credits to be released		14,663	158,214	15,367	158,216
Provision / (reversal) for contingencies	17	47,394	26,834	204,429	190,330
Foreign exchange variation from cash and cash equivalents		(228,532)	(199,882)	(228,532)	(199,882)
Deferred tax assets	18	43,083	512,823	(321,235)	(611,109)
Depreciations and amortizations	21 / 22	118,617	89,022	320,994	312,637
Income from non-controlling interests		-	-	174,525	201,332
Adjusted income for the period		4,184,894	3,605,322	9,840,164	6,918,510
Operating activities
Interbank liquidity investments		(10,949,728)	(3,908,167)	(7,159,573)	(144,443)
Bonds and securities and derivative financial instruments		(415,411)	(8,936,822)	(1,871,010)	(8,789,807)
Credit transactions		(6,589,068)	(5,094,203)	(9,657,865)	(8,006,303)
Securities with a credit granting characteristic		(888,809)	(750,423)	(2,055,159)	(912,777)
Other financial assets		(358,874)	3,283,388	(1,808,515)	12,294,606
Other assets		(341,699)	2,742,535	175,028	(6,637,339)
Other receivables and other amounts and assets		16,921	156,769	326,084	1,315,248
Interbank relations		1,754,083	(305,758)	(8,653,414)	(1,421,262)
Interdependence relations		-	(371,566)	-	(371,566)
Deposits		2,865,895	(3,685,114)	13,978,793	(5,146,487)
Open market funds		379,609	241,704	(2,550,854)	(1,852,690)
Other obligations		198,911	2,096,900	311,388	1,819,370
Payables and on-lendings		5,914,845	(3,233,672)	5,789,376	(366,155)
Cash (used in) / from operating activities		(4,228,431)	(14,159,108)	(3,335,558)	(11,301,095)
Investment activities
(Acquisition) / disposal of other investments	13	(205,207)	(805,399)	34,789	(354,275)
(Acquisition) / disposal of property, plant and equipment	14	(3)	(36,184)	76,104	(128,877)
(Acquisition) / disposal of intangible	14	(52,043)	(38,610)	184,783	(1,048,625)
Dividends and interest on equity received		874,026	64,373	7,552	327,930
Cash (used in) / from investment activities		616,773	(815,820)	303,228	(1,203,847)
Financing activities
Acquisition of treasury shares	19b	-	-	35,410	-
Proceeds from acceptances and issues of bonds	15c	8,477,494	(1,986,083)	3,323,215	(2,421,851)
Subordinated debt and debt instruments eligible for equity	15e	257,320	(1,235,353)	(111,185)	(1,317,180)
Non-controlling shareholders		-	-	(1,401,079)	(359,583)
Interest on equity	19e	(2,449,999)	(1,719,818)	(2,449,999)	(1,719,818)
Lease operations		(5,156)	-	(5,156)	-
Cash (used in) / from financing activities		6,279,659	(4,941,254)	(608,793)	(5,818,432)
(Decrease) / Increase in cash and cash equivalents		2,668,001	(19,916,182)	(3,641,123)	(18,323,374)
Balance of cash and cash equivalent	27	-	-	-	-
At the beginning of the period		78,248,495	98,812,639	89,033,044	102,525,847
Foreign exchange variation from cash and cash equivalents		228,532	199,882	228,532	199,882
At the end of the period		81,145,028	79,096,340	85,620,453	84,402,355
(Decrease) / Increase in cash and cash equivalents		2,668,001	(19,916,182)	(3,641,123)	(18,323,374)

The accompanying notes are an integral part of these financial statements.

Internal Use Only

Statement of Value Added

Period ending March 31 (In thousands of reais)

Bank Consolidated

Note		03/31/2026	03/31/2025	03/31/2026	03/31/2025
Revenues		20,081,116	13,926,212	32,332,819	25,506,283
Financial intermediation		19,099,060	12,779,776	27,657,179	21,779,477
Services provision	20	982,056	791,739	3,795,426	2,681,533
Others		-	354,697	880,214	1,045,273
Expenses		(16,475,114)	(11,010,755)	(19,795,974)	(17,034,779)
Financial intermediation		(15,879,850)	(10,311,641)	(17,775,641)	(14,052,042)
Expected loss allowances associated with credit risk	10a	(87,939)	(10,734)	(1,698,057)	(1,311,197)
Provision / (reversal) for losses of securities with credit-granting 10b		(102,480)	(46,959)	(102,480)	(47,856)
Provisions for financial guarantees, credit commitments and credits to be released		(14,663)	(158,214)	(15,367)	(158,216)
Others		(390,182)	(483,207)	(204,429)	(1,465,468)
Inputs acquired from third parties		(1,317,731)	(658,344)	(2,490,739)	(982,381)
Materials, electric power and others		(2,123)	(1,570)	(4,282)	(4,029)
Third-party services		(1,315,608)	(656,774)	(2,486,458)	(978,352)
Gross value added		2,288,271	2,257,113	10,046,106	7,489,124
Depreciation and amortization	21 / 22	(118,617)	(63,656)	(320,994)	(287,474)
Net value added produced by the entity		2,169,654	2,193,457	9,725,112	7,201,650
Value added received from transfer		3,598,257	2,497,684	(45,275)	21,851
Income from interests in subsidiaries, affiliates and shared control	13	3,598,257	2,497,684	(45,275)	21,851
Value added to distribute		5,767,911	4,691,141	9,679,837	7,223,501
Distribution of value added		5,767,911	4,691,141	9,679,837	7,223,501
Personnel		774,290	582,323	1,898,550	1,566,856
Proceeds		679,709	518,491	1,664,910	1,374,039
Benefits		72,973	16,301	185,575	29,815
FGTS (Guarantee Fund for Length of Service)		21,608	47,531	48,065	163,002
Taxes, fees and contributions		398,842	873,308	2,976,797	2,181,460
Federal		333,840	820,937	2,710,782	2,027,739
State		21,614	18,427	128,708	70,902
Municipal		43,387	33,944	137,308	82,819
Compensation on third parties capital		24,383	25,590	59,569	63,933
Rents		24,383	25,590	59,569	63,933
Own capital remuneration		4,570,396	3,209,920	4,744,921	3,411,252
Retained earnings		4,570,396	3,209,920	4,570,396	3,209,920
Non-controlling shareholders		-	-	174,525	201,332

characteristics

The accompanying notes are an integral part of these financial statements.

Operating context
Banco BTG Pactual S.A. ("Bank" or "BTG Pactual"), is organized in the form of a multiple bank, acts together with its subsidiaries ("BTG Pactual Group"), offering financial products and services regarding commercial, investments, credit, financing, capital lease, insurance, foreign exchange portfolios, among others, in the country and in several locations abroad. The head office of the Bank is located at Praia de Botafogo, 501 - 5º andar - Torre Corcovado, in the City and State of Rio de Janeiro. Its principal place of business is the office located on Av. Brigadeiro Faria Lima, 3477 - 14º andar (parte), in the City and State of São Paulo.
The transactions are carried out in the context of a group of companies that operate in an integrated manner in the financial market and some transactions are intermediate by other companies belonging to the BTG Pactual Group. The Bank's parent company is BTG Pactual Holding Financeira Ltda. ("Financial Holding"), which is controlled by BTG Pactual G7 Holding S.A. through BTG Pactual Holding S.A. ("Holding").
BTG Pactual has units listed on B3 S.A. in São Paulo. Each unit corresponds to 1 common share and 2 class A preferred shares.
Corporate reorganizations and acquisitions Main acquisitions and sales
Julius Baer Brasil
On January 6, 2025, Banco BTG Pactual S.A. announced to its shareholders and the market in general that it had signed the definitive agreements for the acquisition of 100% of the share capital of Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda., for BRL 615 million. The acquisition of Julius Baer Brasil is part of BTG Pactual's strategy to expand its Family Office segment. On March 28, 2025, the transaction was completed after all precedent conditions were fulfilled, including regulatory approvals.
JGP Gestão Patrimonial
On April 14, 2025, Banco BTG Pactual S.A. communicated to shareholders and the market the signing related to the definitive documentation from the acquisition of 100% (one hundred percent) of the share capital of JGP Gestão Patrimonial Ltda. On July 7, 2025, the transaction was concluded after all conditions precedent were met, including regulatory approvals.
HSBC Bank (Uruguay) S.A.
On July 28, 2025, Banco BTG Pactual S.A. informed shareholders and the market in general that it had signed the definitive documents regarding the acquisition of 100% (one hundred percent) of the capital stock of HSBC Bank (Uruguay) S.A. ("HSBC Uruguay"), for the amount of US$ 175 million, subject to adjustments to reflect the variation in shareholders' equity up to the closing date. The completion of the transaction is subject to the verification of certain conditions precedent, including obtaining approval from the Central Bank of Brazil and other necessary regulatory approvals.
Share Incorporation - Banco Pan
On October 13, 2025, BTG Pactual informed its shareholders and the market in general that it had decided to propose, in a
binding manner, the merge of shares from Banco Pan S.A. into Banco Sistema S.A. ("Transaction").
Following the evaluation and approval of the Transaction terms by the managements of the companies involved, general meetings of the companies were convened to deliberate, among other matters, on: (a) the approval of the Protocol and Justification; (b) the approval of the Transaction; (c) the ratification of the appointment of the appraisal firm responsible for preparing the applicable valuation reports; (d) the approval of the valuation report(s); and (e) the authorization for the companies' directors to perform all acts necessary for the consummation of the Transaction ("Meetings").
On November 18, 2025, Banco Pan and Banco BTG informed shareholders and the market in general that they had approved the Protocol and Justification and the convening of their respective Extraordinary General Meetings, to be held on December 9, 2025, to deliberate on the share incorporation.
On December 9, 2025, Banco Pan and Banco BTG informed the market of the approval, in an Extraordinary General Meeting, of the share incorporation, under the terms of the Transaction.
On December 15, 2025, the Central Bank of Brazil approved the Transaction and its effects, including the approval of the capital increases of Banco Sistema and BTG Pactual resulting from the share incorporation, as well as the respective statutory amendments (see note 19).
Therefore, all substantial and relevant approvals occurred up to the indicated date, so that, for accounting purposes, the effects of the completion of the transaction are reflected in these financial statements.
On December 15 and 22, 2025, the Management communicated the "Adjustment of the Exchange Ratio" due to the distribution of dividends in the form of interest on equity by BTG Pactual.
The operational steps for the settlement of the transaction were communicated on January 12, 2026, and finalized on January 23, 2026, the date on which Banco PAN's shares ceased trading after the close of the trading session.
MY Safra
On June 27, 2024, Banco BTG Pactual S.A. informed its shareholders and the market in general that, through one of its subsidiaries, it executed the definitive agreements related to the acquisition of 100% of the share capital of M.Y. Safra Bank, FSB, a financial institution headquartered in the United States.
On December 11, 2025, all required regulatory approvals for the completion of the transaction were obtained, and the transaction was closed at the end of the 2025 fiscal year.
Immediately following the closing of the transaction, the institution was converted into a U.S. national bank and renamed
"BTG Pactual Bank, National Association" ("BTG Pactual Bank, N.A.").
Offers
Subordinated financial notes
During the 2025 fiscal year, the Bank issued Subordinated Financial Bills ("Subordinated Bills") in an aggregate nominal amount of BRL 3,922,100 in perpetual instruments classified as Tier I capital, and BRL 173,200 maturing in 2035, classified as Tier II capital. The Subordinated Bills accrue interest at floating rates ranging from CDI + 0.80% to CDI + 1.40% per annum.
During the first quarter of 2026, BTG Pactual issued Subordinated Financial Notes ('Subordinated Notes') with an aggregate nominal amount of BRL 3,067,800, classified as Tier II Capital. The Subordinated Notes mature in 2036 and bear interest at a floating rate of CDI plus 0.80% per annum.
Debentures (BTG Pactual Commodities Sertrading)
On September 15, 2025, BTG Pactual Commodities Sertrading issued simple, non-convertible debentures, of the unsecured type, in the total amount of BRL 1,000,000 (one billion reais), divided into four series with semiannual interest payments. The debentures of the 1st and 2nd series will mature in 10 years, while the 3rd and 4th series will mature in 15 years. In all series, the principal will be fully amortized on the maturity date.
Senior Notes
On January 27, 2026, BTG Pactual issued Senior Notes ("Notes"), through its Cayman Islands branch, under the Global Medium Term Note Programme, the net proceeds of which will be used in the normal course of the Bank's business. The Notes were issued for a total nominal amount of US$750,000 (seven hundred and fifty million dollars) at a fixed rate of 5.50% per annum, maturing on January 27, 2031. Interest on the Notes will be paid semi-annually starting on July 27, 2027. The Notes will be listed on the Official List of the Luxembourg Stock Exchange.
Approval of share repurchase program
On November 12, 2024, the Bank communicated to shareholders and the market in general that the Bank's Board of Directors, at a meeting held on November 11, 2024, approved the share repurchase program, under the following conditions ("Repurchase Program"):
- Repurchase with the aim of providing better conditions to carry out the efficient investment of available cash
  resources in order to maximize the allocation of the Bank's capital.
- Acquisition of up to BRL 2,000,000 (two billion reais) observing in every case the limits set forth in CVM Instruction 77.
- Maintenance, in treasury, of BPAC11 units acquired under the Program.
- Definition of a period of up to 18 months for the acquisitions, being the Executive Board responsible for deciding the best time to make the acquisitions; and
- Intermediation of BTG Pactual CTVM S.A. and operations conducted in accordance with the current regulation.
The Bank will keep regulators and the market in general informed about the Repurchase Program.

Basis of preparation

The individual and consolidated financial statements of the Bank and its subsidiaries were prepared in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Central Bank of Brazil (Bacen), and as well as in accordance with the standards and instructions of the National Monetary Council (CMN), of Bacen, and when it's not in disagreement, of the Brazilian Securities and Exchange Commission (CVM) and Brazilian Corporate Law. Technical Pronouncements from the Accounting Pronouncements Committee (CPC) are also applied in the Financial Statements as long as they have been accepted by CMN or Bacen.

The consolidated financial statements contain the individual financial statements of the Bank, its foreign agency and companies and controlled investment funds directly or indirectly onshore and offshore.

Preparation of the individual and consolidated financial statements in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank of Brazil requires that Management use its judgment in determining and recording accounting estimates. The assets and liabilities subject to these estimates and assumptions refer basically to goodwill for expected future profitability, deferred income tax assets and liabilities, to the expected loss allowances associated with credit risk, provision for taxes and contributions with suspended enforceability, to recognition of contingent assets and to the provision for contingent liabilities, the measurement of fair value of financial instruments. The settlement of transactions involving these estimates may result in significantly different amounts due to the lack of precision inherent to the process of their determination. The Bank and its subsidiaries periodically review these estimates and assumptions.

CMN Resolution No. 4818/2020 and BCB Resolution No. 2/2020 establish general criteria and procedures for the preparation and disclosure of individual and consolidated financial statements.

Pursuant to BACEN Resolution No.2/2020, the Balance Sheet accounts are presented in order of liquidity and liability, with the segregation between current and non-current presented in an explanatory note.

The presentation of the Statement of Value Added - DVA is required by Brazilian corporate law and accounting practices adopted in Brazil applicable to publicly traded companies. The DVA was prepared according to the criteria defined in the Technical Pronouncement CPC 09 - Demonstration of Value Added.

The consolidated financial statements, for the year ended March 31, 2026, prepared based on the international accounting standard issued by the International Accounting Standards Board (IASB) as provided for in CMN Resolution No. 4.818, of 2020, will be disclosed, within the legal term, at the https://ri.btgpactual.com website.

Consolidation

In the consolidation process of the financial statements, interests, balances of assets and liabilities, income, expenses, and unrealized profits among company's members of the BTG Pactual Group were eliminated, as well as portions of net income and equity related to non-controlling interest were emphasized.

The main consolidated entities, whose sum, considering the amounts referring to Banco BTG Pactual S.A., represents more

than 95% of the total consolidated assets, as well as the Bank's interest in their capital, are as follows:

Total equity participation - %

Offshore branch	Country	03/31/2026	12/31/2025
BTG Pactual Cayman Branch	Cayman	100.00%	100.00%
Direct subsidiaries
BTG Pactual Corretora de Títulos e Valores Mobiliários S.A.	Brazil	99.99%	99.99%
Banco Sistema S.A.	Brazil	100.00%	100.00%
Banco BESA S.A.	Brazil	100.00%	100.00%
BTG Pactual Holding Participações S.A	Brazil	100.00%	100.00%
Banco Nacional S.A.	Brazil	96.92%	96.92%
Enforce Gestão de Ativos S.A.	Brazil	100.00%	100.00%
BTG Pactual Internacional Holding Ltd.	United Kingdom	100.00%	100.00%
BTG Pactual Serviços Financeiros S.A DTVM	Brazil	99.99%	99.99%
Indirect subsidiaries
Banco Pan S.A.	Brazil	100.00%	100.00%
BTG Pactual Resseguradora S.A.	Brazil	100.00%	100.00%
BTG Pactual Vida e Previdência S.A.	Brazil	100.00%	100.00%
Banco BTG Pactual Chile S.A.	Chile	100.00%	100.00%
BTG Pactual Oil & Gas S.A.R.L.	Luxembourg	80.00%	80.00%
BTG Pactual COMM, (CH) SA	Switzerland	100.00%	100.00%
Banco BTG Colômbia S.A.	Colombia	99.97%	99.97%
BTG Pactual Europe S.A.	Luxembourg	100.00%	100.00%
BTG Pactual Commodities Sertrading S.A	Brazil	100.00%	100.00%
BTG Pactual Comercializadora De Energia SASESP	Colombia	100.00%	100.00%
BTG Pactual US Fund Aggregator	United States	100.00%	100.00%
BTG Pactual Chile C.B. SA	Chile	100.00%	100.00%
BTG Pactual Casa de Bolsa	México	100.00%	100.00%
Pan Financeira	Brazil	100.00%	100.00%
BTG Comisionista de Bolsa	Colombia	99.96%	99.96%
BTG Pactual Bank, N.A.	United States	100.00%	100.00%
BTG Pactual Argentina S.A	Argentina	100.00%	100.00%
Investment funds
BTG Pactual Absolute Return Master Fund	Cayman	98.35%	98.35%
FIDC FGTS	Brazil	100.00%	100.00%
Fundo de Investimento Multimercado CP LS Investimento no Exterior	Brazil	100.00%	100.00%
FIDC NP Alternative Assets I	Brazil	100.00%	100.00%
Warehouse FIP	Brazil	100.00%	100.00%
BTGP Consignados II FIDC	Brazil	100.00%	100.00%
BTGP Consignados FIDC	Brazil	100.00%	100.00%
FIDC NP Alternative Assets III	Brazil	100.00%	100.00%
BTG Pactual International Port Fund SPC	Cayman	100.00%	100.00%
BTG Pactual Boreas Fund LP - Serie A	Cayman	100.00%	100.00%
BTG Pactual Notus Credit Fund, L.P.	United Kingdom	100.00%	100.00%
MT Consignado Privado I FIDC	Brazil	100.00%	100.00%
BTG Pactual Strategic Capital	United States	54.52%	54.52%
Zeta Fundo de Investimento Financeiro Multimercado	Brazil	100.00%	100.00%
Consignado Delta Receivables I Fundo de Investimento em Direito Creditórios	Brazil	100.00%	100.00%
MT Global II Fundo de Investimento Financeiro Multimercado	Brazil	100.00%	100.00%
BTG Pactual Structured Credit Opportunity Fund	Cayman	100.00%	-
BTGP US Private Credit Investment	United States	100.00%	100.00%

Functional and presentation currency

The individual and consolidated financial statements are presented in reais (BRL), which is the Bank's functional currency

since this is the main economic environment in which the Bank operates.

CMN Resolution No. 4,966/21

CMN Resolution No. 4,966/21 came into effect on January 1, 2025, establishing the accounting concepts and criteria applicable to financial instruments.

In this context, the impacts arising from the adoption of this Resolution, as well as related standards, refer to the classification of financial instruments based on the Bank's business models, the measurement and recognition of expected credit loss provisions, and the related disclosures in the financial statements.

Impacts of the adoption of the standard on shareholders' equity

Expected losses
On the date of transition to CMN Resolution No. 4,966/21, the Bank recognized, in relation to the expected losses associated with the credit risk of financial instruments, a reduction in shareholders' equity attributable to controlling shareholders of approximately BRL 952 million, net of tax effects, of which total:
- BRL 752 million refers to the reflection, by equity, of the impacts recorded by Banco Pan S.A., its indirect subsidiary (as shown in Note 13 - Interests in subsidiaries, affiliates, and companies with shared control);
- In relation to the remaining amount, a relevant part refers to the application of the expected loss models on operations originated and assigned by Banco Pan S.A. and still held by the BTG Pactual Group.
  In the other financial instruments of Grupo BTG Pactual S.A., the adoption of the new provisioning criteria for expected losses did not result in a material equity impact.
  The increase in the provision and the respective tax effect were recognized as a counterpart to the profit reserves on January 1, 2025, directly impacting the Group's shareholders' equity.
Classification and measurement
When comparing the classifications and measurement of Securities under the accounting standard in force as of December 31, 2024 (Circular No. 3,068/01) with the new guidelines introduced by CMN Resolution No. 4,966/21-based on business models approved by the Board of Directors-the Bank did not identify any significant impacts on its shareholders' equity. The transfer of certain assets previously classified as 'Available for Sale' to 'Amortized Cost' resulted in a negative impact of approximately BRL 64 million, arising from the reversal of fair value adjustments, with BRL 35 million representing the net-of-tax effect on shareholders' equity.
In addition, the transfer of securities from "Available for sale" to "Fair value through profit or loss" did not result in equity impact, and the amounts previously recorded in "Other Comprehensive Income" were allocated to the profit reserve, in approximately BRL 12 million, net of tax effects.
Foreign exchange transactions
The accounting treatment and disclosure of foreign exchange transactions began to follow the same criteria applicable to derivative financial instruments, with measurement at fair value through profit or loss. In addition, accounting is now based on the net exposure of each contract, unlike the previous standard, which required simultaneous recognition in assets and liabilities.
Effective interest rate
As of January 1, 2025, financial instruments classified as "Amortized cost" or "Fair value through other comprehensive income" began to incorporate, when material, directly attributable transaction costs as well as amounts received at the acquisition or origination of the transaction. These amounts will be recognized in profit or loss over the life of the financial instrument.
Suspension of interest accrual (stop accrual)
CMN Resolution No. 2,682/99 provided for the recognition of income from credit operations with past due installments of up to 59 days. Under CMN Resolution No. 4,966/21, income is recognized until the financial instrument is considered non-performing, which occurs when there is a delay exceeding 90 days or in the event of a default trigger.
Write-off
In accordance with BCB Resolution No. 352/2023, the institution derecognizes a financial asset when the recovery of its carrying amount is deemed unlikely, whether through contractual cash flows or the enforcement of associated guarantees. The write-off reflects the absence of a reasonable expectation of future receipt and must be carried out in full.
At Banco BTG, the write-off will occur when the provision for incurred losses reaches 100% of the asset's carrying amount,
as established by BCB Resolution No. 352/2023.
If the credit is recovered after the write-off, the amount received must be recognized in profit or loss in the period of actual receipt, under a specific account for recovery of credits written off as loss.
Taxes
Law No. 14,467, of November 16, 2022 (resulting from the conversion of Provisional Measure No. 1,128/22 and amended by Law No. 15,078/2024), established a new tax treatment for losses related to the non-receipt of credits by financial institutions authorized by the Central Bank of Brazil. The change aims to align accounting and tax treatments, mitigating risks related to the realization of deferred tax assets.
Incurred losses calculated as of January 1, 2025, relating to past-due credits outstanding as of December 31, 2024, which have not been deducted or recovered by that date, must be excluded from net income for purposes of determining taxable income and the CSLL tax base at a rate of 1/84 (one eighty-fourth) per month, starting in January 2026. This period may be extended up to 1/120 (one one-hundred-twentieth), as applicable.
Incurred losses related to past-due credits arising from 2025 onward are deductible in accordance with the criteria set forth in the aforementioned legislation.
Hedge accounting (criteria issued by BACEN applicable in future periods)
According to CMN Resolution No. 5,100/23, the effective date of Chapter V of CMN Resolution No. 4,966/21, which addresses hedge accounting, has been postponed to January 1, 2027.
The standard enhances the concepts applicable to hedge accounting, including changes to the effectiveness test, which will
become prospective and aligned with the institution's Risk Management Strategy.
Approval of the financial statements
These individual and consolidated financial statements were approved by the Board of Directors on May 8, 2026, and provide a true and fair view of the financial position, performance, and cash flows of the Bank. Management is not aware of any material uncertainty that may cast significant doubt on the Bank's ability to continue as a going concern.
The individual and consolidated financial statements were prepared in accordance with these principles, assumptions, and accounting standards.

Significant accounting policies
The most relevant accounting policies adopted by the Bank in these financial statements are described below.
1. Cash and Cash equivalents
  For the purposes of the statement of cash flows, cash includes cash on hand, bank deposits, and highly liquid short-term investments that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value, with a maturity usually of three months from the acquisition date.
2. Financial instruments
  A "financial instrument" is any contract that gives rise to a financial asset in one entity and simultaneously a financial liability or equity instrument in another entity.
  An "equity instrument" is any contract that represents a residual interest in the assets of the issuing entity after deducting all of its liabilities.
  "Derivative" is a financial instrument whose value changes in response to changes in an observable market variable (such as interest rate, exchange rate, price of financial instruments, market index, or credit rating), in which the initial investment is very low compared to other financial instruments with similar responses to market factor changes, and is generally settled at a future date.
  Classification and measurement
  The Company classifies its financial instruments based on the combination of (i) the business model adopted for portfolio management and (ii) the characteristics of the contractual cash flows of each financial instrument.
  - Business model: considers how assets are effectively managed to achieve business objectives, whether prioritizing the receipt of contractual flows, the sale, or the combination of both. The analysis is conducted at the portfolio level and does not reflect individual management's intentions with respect to each instrument.
  - Characteristics of contractual cash flows (SPPI): evaluates, on an individual basis, whether the forecasted flows exclusively represent payments of principal and interest on principal on specific dates.
    Based on these criteria, financial assets fall into one of the following categories for subsequent measurement:
  - Amortized cost (AC): financial assets managed with the objective of receiving exclusively contractual flows and that meet the SPPI criterion.
  - Fair value through other comprehensive income (VJORA): financial assets whose business model combines receipt of contractual flows and sale, provided that they meet the SPPI criterion.
  - Fair value through profit or loss (VJR): financial assets managed primarily for sale or that do not meet the criteria for classification in CA or VJORA, being classified in this category on a residual basis.
    The classification is determined at initial recognition and reviewed only when there is a change in the business model applicable to portfolio management.
    1. Interbank liquidity investments, deposits with the Central Bank with remuneration, interest-bearing deposits, funding in the open market, funds from acceptance and issuance of securities, obligations for loans and onlending, subordinated debts and other active and passive operations
      Transactions with a monetary/exchange adjustment clause and transactions with pre-fixed charges are recorded at present value, net of transaction costs incurred, calculated "pro-rata die" based on the effective interest rate of the operations.
    2. Determination of fair value
      Financial instruments are measured according to the hierarchy of value measurement described below:
  - Level 1: Price quotes observed in active markets for the same financial instrument.
  - Level 2: Price quotes observable in active markets for financial instruments with similar characteristics or based upon pricing models for which significant parameters are based on observable factors in active markets; and
  - Level 3: Pricing models for which current market transactions or observable data is not available and which require a high level of judgment and estimates. Instruments in this category were priced using techniques for which at least one input, which could have a significant effect on the price, is not based on observation of market data. Inputs are used when they can be observed from market data without excessive costs and efforts. Otherwise, the Bank determines an appropriate level for the input. Financial instruments classified in this level basically include interest in private equity funds, unlisted shares arising from our Merchant Banking activities, some debt securities of closely held companies and energy derivatives, whose pricing depends on unobservable inputs. No gain or loss is considered on initial recognition of a financial instrument priced using techniques that consider unobservable inputs.
    Assumptions of Level 3 evaluation
    Assets Pricing technique Main assumptions
    Private equity funds
    (investments not quoted) and non-listed stocks
    Price of recent investments; models based on discounted
    cash flow or gains, multiples of market transactions (M&A).
    Revenue and market growth, expected leverage and
    profitability, discount rates, macroeconomic assumptions such as inflation and exchange rates, risks, and premiums, including market, size, and country risk premium.
    Debt securities
    Standard models and price comparison
    Probability of default, material losses and yield declines,
    prepayment, and recovery rate.
    Energy derivatives Data system-based models (Decomp and Newwave) Inflation, level of water reserves and rainfall forecast.
    In certain cases, the data used to determine fair value may be at different levels of the fair value measurement hierarchy. In these cases, the financial instrument is classified in the most conservative category in which the relevant data for determination of fair value were classified. This assessment requires judgment and considers specific factors of the respective financial instruments. Changes in the availability of information may result in reclassifications of certain financial instruments between different levels of the fair value measurement hierarchy.
    The Bank assesses the levels in each reporting period on an instrument-by-instrument basis and reclassifies instruments, when necessary, based on the facts at the end of the period.
    The fair values of financial instruments are determined as follows:
  - Swaps: its cash flows are discounted to present values based on profitability curves that reflect the appropriate risk factors. These profitability curves can be traced mainly based on prices observed in negotiations at B3 S.A. for Brazilian government bonds traded on the secondary market or for derivatives and securities traded overseas. These profitability curves can be used to obtain the fair values of currency swaps, interest rate swaps and swaps based on other risk factors (commodities, stock exchange indexes, etc.).
  - Futures and terms: fair value determined based on stock exchange quotations or using criteria identical to those described above for swaps.
  - Options: the fair values of these instruments are determined based on mathematical models (such as Black & Scholes) that are fed with data on implicit volatility, profitability curve for interest rates and fair values of the underlying assets. All this data is obtained from different sources (usually brokers and brokerage firms' prices, Bloomberg, Reuters).
  - Credit derivatives: the fair values of these instruments are determined based on well-established mathematical market models that are fed with issuer's credit spread data and profitability curve for interest rates. This data is obtained from different sources (usually market prices, Bloomberg, Reuters).
  - Securities and unsecured sale: the fair values of public securities are determined based on the prices disclosed by Anbima. The fair values of corporate debt securities are calculated based on secondary market prices, on the price of similar assets and on the market visibility by the Bank's commercial areas. Shares are calculated based on the prices published by B3 S.A. Fund quotas are measured considering the prices of quotas published by Management.
    Financial assets valued at fair value in profit or loss: we estimate the fair values of financial instruments by applying the discount of cash flows at present value based on profitability curves that reflect the appropriate risk factors consistently with prior periods.
    1. Derivative financial instruments
      They are classified according to Management's intention at the inception date of the transaction, considering whether the
      purpose is to hedge risk or not.
      Transactions involving financial instruments carried out on the Bank's own behalf, or that do not meet hedge accounting criteria (primarily derivatives used to manage overall risk exposure), are measured at fair value, with realized and unrealized gains and losses recognized directly in profit or loss for the period.
      Derivative financial instruments used to mitigate risks arising from exposures to changes in the fair value of financial assets and liabilities, and which are highly correlated with the changes in fair value of the hedged item both at inception and throughout the life of the contract-and are considered effective in reducing the risk associated with the exposure being hedged-are designated as hedging instruments and classified, pursuant to Circular No. 3,082/02, according to their nature as follows:
  - Market risk hedge: the financial instruments classified into this category, as well as its related financial assets and liabilities, hedged item, are measured at fair value and have their gains and losses, realized or unrealized, recorded in the profit or loss.
  - Cash flow hedge: the instruments classified into this category are measured at fair value, and the effective portion of gains or losses recorded, net of tax effects, in a separate account in the equity. The non-effective portion of the respective hedge is directly recognized in the profit or loss; and
  - Net investment hedge in operations abroad it is accounted for similarly to cash flow hedge, that is, the portion of gain or loss on the hedging instrument that is determined as an effective hedge is recognized in the equity and reclassified to profit (loss) for the period in case of disposal of the operation abroad. The non-effective portion is recognized in profit or loss for the period.
1. Fair value of securities, derivative financial instruments, and other rights and obligations
  Fair value of securities, derivative financial instruments, and other rights and obligations is calculated, when applicable, based on market prices, pricing models, or price determined for other financial instruments with similar characteristics. Accordingly, upon financial settlement of these transactions, results may differ from estimates. Daily adjustments in operations carried out in the futures market are recorded as effective revenue or expense when earned or incurred. Premiums paid or received from transactions in the stock options market, and other financial assets and goods are recognized in respective balance sheet accounts at paid or received amounts, adjusted to market prices as a contra-entry to income (loss).
  Transactions carried out in the forward market for financial assets and commodities are recorded at the final contracted value, minus the difference between such value and the price of the asset or right adjusted to market prices, in the appropriate asset or liability account. Revenues and expenses are recognized according to the length of the contracts.
  Assets and liabilities arising from currency swaps and forward operations - forward contracts without physical delivery (NDF)
  - are recorded in balance sheet accounts at book value and adjusted to market value, with a contra entry to income (loss). The notional value of contracts is recorded in memorandum accounts.
2. Financial instruments - net presentation
  Financial assets and liabilities are presented net in the balance sheet if, and only if, there is a current legal and enforceable right to offset the recognized amounts and if the intention of offsetting, or realizing the asset and settling the liability simultaneously, in accordance with the CMN Resolution No. 3263/2005.
3. Credit Operations and Other Operations with Credit Granting Characteristics
  The provisions of CMN Resolution No. 4,966/2021 and complementary rules are applied. Credit operations and other credits with credit granting characteristics are recorded at present value, calculated "pro rata die" based on the effective interest rate, until the instrument is characterized as a problematic asset. An asset is designated as problematic when there is a delay of more than 90 days in the payment of principal or charges, or when a default event occurs.
4. Provision for Expected Credit Losses
  CMN Resolution No. 4,966/2021 mandates the adoption of an expected loss model, in which the Bank must recognize expected credit losses from the initial recognition of the operation, considering past effects, current situation, and future expectations ("forward looking"). The expected loss models will be applicable to financial assets, financial guarantees provided, and credit commitments to be released. The Bank has allocated financial instruments into three stages:
  1. Stage 1:
    Calculation of expected credit loss considering possible default events over a 12-month horizon in a scenario of on-time or slightly overdue operations (less than 30 days).
  2. Stage 2:
    Calculation of expected credit loss considering possible default events over the life of the financial instrument in a scenario with a significant increase in credit risk.
  3. Stage 3:
  Calculation of expected credit loss for assets with credit recovery problems, a scenario in which default events have materialized (including, but not limited to, delays over 90 days, judicial or extrajudicial recoveries, etc.). For instruments allocated in this stage, the Bank will apply the minimum provision levels established for incurred losses associated with credit risk in defaulted financial assets, as determined by Annex I of BCB Resolution No. 352/2023 or its internal model, applying the one that results in a higher provision level.
  Income from credit operations overdue for more than 90 days, regardless of their risk level, is only recognized as revenue when effectively received. Operations classified in Stage 3, which subsequently cease to be characterized as assets with credit recovery problems, can be reallocated to Stage 1 or 2.
  For renegotiated operations that do not qualify as restructuring, the institution must reassess the instrument to represent the present value of cash flows discounted at the effective interest rate, according to the renegotiated contractual conditions. In the case of restructured operations, the gross book value must be increased by transaction costs and reduced by any amounts received in the restructuring of the instrument.
  The provision for expected credit losses associated with credit operations is calculated in an amount sufficient to cover probable losses and considers the rules and instructions of the CMN and BACEN, associated with the assessments made by Management in determining the credit risk embedded in the operations.
5. Sale or Transfer Operations of Financial Assets with Substantial Retention of Risks and Benefits
  Financial assets remain on the balance sheet of the entity that transferred them when it retains the risks and rewards related to such asset. In this case, a financial liability is recognized.
  As provided in CMN Resolution No. 4,966/21, sale or transfer operations of financial assets are classified and recorded as follows:
  - For the accounting record of the sale or transfer of financial assets classified in the category of operations with substantial transfer of risks and benefits, the following procedures are observed:
    1. In asset sale operations, the financial asset subject to sale or transfer is written off from the accounting title used to record the original operation. The positive or negative result obtained in the negotiation is appropriated to the income (loss) for the period separately; and
    2. In asset purchase operations, the acquired financial asset is recorded at the amount paid, in accordance with the nature of the original operation.
  - For the accounting record of the sale or transfer of financial assets classified in the category of operations with substantial retention of risks and benefits, the following procedures are observed:
    1. In asset sale operations, the financial asset subject to sale or transfer remains fully recorded in the asset. The amounts received in the operation are recorded in the asset, with a corresponding entry to the liability related to the assumed obligation, and the revenues/(expenses) are appropriated separately to the income (loss) for the period over the remaining term of the operation; and
    2. In asset purchase operations, the amounts paid in the operation are recorded in the asset as a receivable right, and the revenues are appropriated to the income (loss) for the period over the remaining term of the operation.
  - For the accounting record of the sale or transfer of financial assets classified in the category of operations without substantial transfer or retention of risks and benefits, the following procedures are observed:
    1. In asset sale operations, where the seller or transferor transfers control of the financial asset subject to negotiation, the financial asset subject to sale or transfer must be written off, and the positive or negative result obtained in the negotiation must be appropriated to the income (loss) for the period separately, with any new rights or obligations arising from the sale or transfer recognized separately as assets or liabilities.
    2. In asset sale operations, where the seller or transferor retains control of the financial asset subject to negotiation, the asset remains recorded in proportion to its continued involvement, which is the amount by which the institution remains exposed to variations in the value of the transferred asset. The liability related to the assumed obligation is recognized, and the positive or negative result obtained in the negotiation, related to the portion whose risks and benefits were transferred, must be appropriated proportionally to the income (loss) for the period separately, and the revenues and expenses must be appropriated separately to the income (loss) for the period over the remaining term of the operation, at least monthly.
6. Deposits and Other Financial Liabilities:
These are open market funding, loans and onlendings, acceptance resources, and issuance of securities and interbank relations. They are demonstrated by the amounts of liabilities and consider, when applicable, the charges payable up to the balance sheet date, recognized on a "pro rata die" basis.
The measurement of these financial instruments generally follows the amortized cost criterion, reflecting the expectation of contractual cash flow over time.
However, certain operations require distinct accounting treatment. Financial instruments such as derivative liabilities, operations involving the loan or rental of financial assets, and liabilities resulting from the transfer of assets must be measured at fair value with recognition in income (loss).
Once the measurement criteria are defined, reclassification of these liabilities between accounting categories is not permitted.
Similarly, credit commitments, credits to be released, and financial guarantees provided follow specific recognition and measurement criteria, taking into account both the expectation of expected losses and the fair value at the initial moment.
1. Investment Properties
  In compliance with CMN Resolution No. 4,967/2018, investment properties held by the Bank's subsidiaries, whose main activity is the real estate sector, are initially measured at their cost, including transaction costs. After initial recognition, investment properties are presented at fair value, reflecting market conditions at the balance sheet date. Fair value adjustments are determined considering the fair value of the property less costs attributed to them and are recognized in income (loss).
  The fair value of investment properties is determined at least annually or when deemed necessary by Management and may be carried out by duly qualified independent appraisers, depending on the situation of each property.
  Investment properties are written off when they are sold or when they cease to be permanently used and no future economic benefit is expected from their sale.
2. Investments
  Interest in subsidiaries, jointly controlled subsidiaries and affiliates are valued under the equity method. CMN Resolution No. 4817/2020, which defines criteria for accounting measurement and recognition of investments in affiliates, subsidiaries, and jointly owned subsidiaries, became effective as of January 2022, with no material impacts from this changes, considering its prospective application.
3. Foreign currency translation
  CMN Resolution No. 4924/2021, effective as of January 2022, allowed the use of an alternative rate to the spot exchange rate for translating transactions and statements in foreign currency into local currency. The Bank maintained its translation process using the PTAX, which is the closing rate calculated by the Central Bank of Brazil. Assets and liabilities of subsidiaries and branches abroad are translated using the PTAX on the balance sheet date. Income and expenses are translated at the average monthly exchange rate. Equity in the earnings of subsidiaries abroad is recognized as follows: for those with a functional currency equal to the Real (BRL) in income (loss) for the period, and for those with a functional currency different from the Real (BRL): a) income (loss) for the period - portion referring to the effective result of the subsidiary; and b) Equity - portion related to exchange rate change adjustments resulting from the conversion process, net of tax effects.
4. Goodwill or negative goodwill
  According to Resolution CMN No. 4817/20, goodwill or negative goodwill is defined as the difference between the amount paid for the acquisition of a company and the fair value of the acquired entity's assets and liabilities. The goodwill resulting from the acquisition of an interest (in which no control was previously held) is accounted for in assets, while the negative goodwill is recorded as income in the statement of income. On the other hand, in additional acquisitions of already controlled entities, the goodwill or negative goodwill must be recorded in equity.
  Amortization of goodwill is a systematic process that must be carried out based on projections of future profitability in the statement of income.
5. Property for use
  Recorded at the cost of acquisition. Depreciation is calculated using the linear method based on the asset's economic life.
6. Intangible assets
  Corresponds to the rights that refer to incorporeal personal property intended for the maintenance of the Company or exercised with this purpose, pursuant to CMN Resolution No. 4534/2016. It comprises (i) the goodwill paid on the acquisition of companies, transferred to intangible assets due to the merger of the acquirer's net assets by the acquiree or the consolidation of the Bank, and (ii) intangible assets identified in business combinations between independent parties and by rights in the acquisition of asset management contracts and (iii) software and improvements. Amortization is calculated by the linear method based on the period that the rights generate benefits.
7. Impairment of non-financial assets
  It is recognized as a loss in income (loss) for the period whenever there is clear evidence that the assets are assessed at a non-recoverable amount. This procedure is performed at least at the end of each year.
  Assets subject to impairment assessment are deducted, when applicable, from a provision for impairment, which is calculated according to the value in use and fair value less cost to sell the assets, whichever is lower. The main estimates used in determining the provision are as follows: expected future cash flows; discount rates; and illiquidity, among others.
8. Income tax and social contribution
  Provisions for Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), when applicable, are recognized based on accounting profit, adjusted for additions and exclusions as established by tax legislation. Deferred IRPJ and CSLL are calculated on the amount of temporary differences, whenever the realization of such amounts is considered probable. For IRPJ, the applicable rate is 15%, plus an additional 10% on annual taxable income exceeding BRL 240. The CSLL rate is 20% for banks, 15% for other financial institutions, and 9% for non-financial institutions.
  The deferred component, represented by deferred tax assets and liabilities, arises from differences between the accounting and tax bases of assets and liabilities. Deferred tax assets are only recognized when it is probable that future taxable profits will be available to utilize such assets.
  In addition, the analysis already reflects the effects of the changes introduced by Law No. 14,467/2022 and Provisional Measure No. 1,261/2024, which are effective as of January 1, 2025.
9. Provision, contingent liabilities, and contingent assets
  They are recognized in the balance sheet and/or disclosed in the financial statements according to the probability estimate for each of the items indicated below. These estimates are made by management based on the interpretations of external legal advisors.
  1. Provision
    A provision is a liability of uncertain timing or amount and must be recognized in the Balance sheet only when:
    - has a present obligation (legal or non-formalized).
    - Management understands that an outflow of funds to settle the obligation is probable; and
    - the amount can be reliably estimated.
  2. Contingent liabilities
    A contingent liability is:
    - a possible obligation whose existence can be confirmed only on the occurrence of uncertain future events; or
    - a present obligation for which it is not probable that an outflow of funds will be required to settle the obligation or whose amounts cannot be reliably measured.
      Contingent liabilities are not recognized in the Balance Sheet, but, when relevant, are disclosed in the Bank's financial
      statements, unless the likelihood of an outflow of funds is remote.
      Contingent liabilities are periodically reassessed to determine if an outflow of funds becomes probable. If this happens, the provision must be recognized in the financial statements for the period in which the change in the probability estimate occurs.
  3. Contingent assets
  A contingent asset is a likely asset whose existence of which will be confirmed only on the occurrence of one or more uncertain future events.
  Contingent assets are not recognized in the Balance Sheet, but, when relevant, are disclosed in the Bank's financial
  statements when it is probable that economic benefits will entry.
10. Earnings per share
  It is calculated based on the weighted average of shares during the periods, segregated between basic and diluted shares, as required by accounting practices for publicly held companies.
11. Recognition of revenue/expense
  Income (loss) from operations is calculated under the accrual basis.
12. Treasury shares
  Own shares acquired are recorded in Treasury, within Equity, in accordance with the applicable accounting practices and legislation. This includes shares held by consolidated entities, such as those held by controlled investment funds, for which the applicable movements are reflected in Equity during the process of harmonizing accounting practices and consolidation, with the objective of demonstrating the effects of own shares in the consolidated group.
13. Recurring and non-recurring income (loss)
As provided for in BCB Resolution No. 2/2020, BTG Pactual discloses the non-recurring result in an explanatory note, presenting non-recurring events that occurred and contributed to the result, which are not related (or are incidentally related) to the Bank's typical activities.

Risk management

Banco BTG Pactual manages risk with the involvement of all levels of management and control of the Institution. The Bank's Board of Directors, pursuant to CMN Resolution No. 4557/2017, is responsible for setting the levels of risk appetite, approving, and reviewing the policies, strategies and risk limits, capital management strategies and policies, the stress testing program, the management of the going concern policy, among other activities. The Executive Board oversees formulating policies, defining risk guidelines, and supervising risk management and control processes. Next, there are a series of risk committees and areas responsible for risk management and control activities.

The main committees/areas involved in risk management activities are the following: (i) Meeting of the Executive Board, which formulates policies, proposes global limits and is the highest court responsible for managing our risks; (ii) Capital and Risk Committee, made up of a majority of independent members who assess the results of risk management and of the strategies; (iii) New Products Committee, which assesses the feasibility and supervises the implementation of proposed new businesses and products; (iv) Credit Risk Area, which is responsible for approving new credit operations in accordance with the guidelines established by the Chief Risk Officer (CRO); (v) Market Risk area, which is responsible for monitoring market risk, including the use of risk limits (VaR), and for approving exceptions as provided for in internal rules; (vi) Operating Risk area, which assesses the key operational risks against the internal policies and the regulatory limits; (vii) The Compliance Committee, which is responsible for establishing Anti-Money Laundering ("AML") rules and for reporting potential problems involving money laundering; (viii) CRO, which is responsible for Monitoring the liquidity risk, including a cash position and management of structure of capital; (ix) Audit Committee which is responsible for the independent assessment of the adequacy of the internal controls, the assessments regarding the maintenance of accounting records, and the quality and integrity of the financial statements; (x) Social and Environmental Risk area, which assesses the social, environmental, and climate risks, in accordance with the principles of relevance and proportionality, and manages and mitigates adverse social, environmental, and climate impacts resulting from our operations and activities; and (xi) ESG Committee, responsible for supervising and managing the implementation of ESG policies and procedures, regarding social, environmental and climatic risks, in order to guarantee that the Bank is compliant with these guidelines.

For the management of other risks, such as liquidity, cybersecurity, Interest rate risk in the banking book (IRRBB), country, transfer risk and for fraud prevention, BTG Pactual also has its own structures, equally independent of the business and corporate support areas.

The Bank monitors and controls risk exposure through a variety of separate but complementary internal credit, financial and non-financial, operational, compliance, tax, and legal systems. We consider that the involvement of committees and areas (including their subcommittees) with ongoing risk management and control promotes a culture of rigorous and effective risk control throughout the BTG Pactual Group. The Bank's committees are composed of senior members of the business units and of senior members of the control departments, who are segregated and independent of the business areas and business support. Further details on risk management can be found at https://ri.btgpactual.com/ in the Corporate Governance / Risk Management section.

Operational limits

	3/31/2026	12/31/2025
Consolidated Equity	80,224,343	76,910,156
Level I	75,635,920	72,486,620
Core Capital	69,045,749	65,950,614
Supplementary Capital	6,590,171	6,536,006
Level II	21,115,461	17,857,366
Reference Equity (RE) - (a)	96,751,380	90,343,986
Required Reference Equity (RRE)	48,638,687	46,619,175
Risk-weighted total exposure - (b)	607,983,586	582,739,693
Credit Risk	427,006,563	389,346,905
Operating Risk	46,603,740	43,519,491
Market Risk	134,373,283	149,873,297
Basileia Ratio - (a/b)	15.9%	15.5%
Level I Capital	12.4%	12.4%
Level II Capital	3.5%	3.1%
Noncurrent asset consuption index	67.3%	63.90%
Noncurrent asset threshold (NAT)	48,375,690	45,171,993
Noncurrent asset threshold situation	32,533,547	28,867,424
Margin or deficit value	15,842,143	16,304,569

In accordance with the requirements established by the Central Bank of Brazil, there is a minimum Regulatory Capital (Patrimônio de Referência - PR) requirement of 10.50%, of which 8.50% must correspond to Tier I Capital and 7.00% to Common Equity Tier I Capital. All regulatory limits and ratios are calculated on a consolidated basis, considering the entities that comprise the Prudential Conglomerate.

On January 1, 2025, BCB Resolution No. 356/2023 came into effect, impacting the calculation of Operational Risk-Weighted Assets (RWAOpad) for the Conglomerate. In addition, CMN Resolution No. 5,199/2024 established a phase-in regime for the effects of changes in equity arising from the adoption of CMN Resolution No. 4,966/2021.

In the period ended March 31, 2026, and in the fiscal year ended December 31, 2025, all prudential and operating limits are fully complied with.

Market risk Sensitivity analysis
Value at Risk (VaR) is a sensitivity measurement of the potential loss in financial instruments due to adverse changes in the market within a determined period scenario, with a specific confidence level. The VaR, together with the stress testing, is used to measure the exposure and sensitivity of our financial instruments to market risk. BTG Pactual applies the historic simulation with full remeasurement of the instruments to calculate VaR, preserving the actual distributions and the correlation between the assets, disregarding Greek approximations and of normal distributions. Our VaR may be measured and indicated according to different periods, historical data, and confidence levels. The accuracy of the market risk methodology is tested through daily back testing, which compares adherence between VaR estimates and realized earnings and losses incurred.
The VaR presented below was calculated for a one-day period, 95% confidence level and one year of historical data. A 95% confidence level means that there is a possibility, in twenty occurrences, that the net revenues from trading will be below the estimated VaR. Thus, deficits in trading net revenues on a single trading day greater than the VaR presented are expected to occur, on average, about once a month.
Shortfalls on a single day can exceed the VaR by significant amounts; and they can also occur more frequently or accumulate over a longer period, such as several consecutive trading days. As it depends on historical data, VaR accuracy has limited capacity to forecast unprecedented changes in the market, likewise historical distributions in the market risk factors, which cannot produce accurate future market risk estimates. Different VaR methodologies and statistical distribution may produce a substantially different VaR In addition, the VaR calculated for a one-day period does not capture the market risk of the positions that cannot be settled or cleared by hedges within a one-day period. As previously mentioned, we use models in the stress testing as a supplement to VaR in our daily activities with risk exposure.
The following table contains the daily average VaR of the Bank for the period ended March 31, 2026, and in the fiscal year ended December 31, 2025:
In millions of BRL March 2026 December 2025
Daily Average of VaR 232.8 169.4
Credit risk
All counterparties of the Bank and its subsidiaries are subjected to a rigorous credit analysis process, the focus of which is the assessment of the borrower's capacity to pay, based on cash flow simulations, leverage and debt schedule, asset quality, interest coverage and working capital. Qualitative aspects, such as strategic guidance, business sector, areas of specialization, efficiency, regulatory environment, and market participation, are systematically evaluated and complement the credit analysis process. The counterparties' credit limits are established and regularly reviewed by the credit risk area, and, as applicable, reviewed and authorized by the Senior Management, accordingly with assessed exposures. Measurement and follow-up of exposure to credit risk includes all financial instruments able to generate counterpart risk, such as private securities, derivatives, guarantees provided, and possible operations with settlement risks, among others.
Liquidity risk
The Bank and its subsidiaries manage the liquidity risk by concentrating its portfolio on high credit-quality and high-liquidity assets, using resources obtained through top-tier counterparties at competitive rates. The Bank and its subsidiaries maintain a strong capital structure and a low degree of leverage. Possible mismatches between assets and liabilities are monitored, considering the impact of extreme market conditions, to assess their ability to carry out assets or to decrease leverage. The guarantees in the transactions are also monitored on a timely basis.
Operating risk
In line with the guidelines of Bacen and the concepts and recommendations of the Basel Committee, the Bank established an operating risk management policy applicable to the Bank and its subsidiaries in Brazil and abroad.
The policy consists of a set of principles, procedures, and instruments that provide for the permanent adequacy of risk management to the size, nature, and complexity of the Bank's products, services, activities, processes, and systems.
The Bank and its subsidiaries have a strong operational risk management culture, which is based on risk assessment, monitoring, simulation, and validation, and is based on consistent internal controls. There is a constant improvement in operational risk management and control mechanisms, aiming at complying with normative requirements and regulatory agencies' guidelines, rapid adaptation to changes, and anticipation of trends, among which we can highlight the new Basel III revision proposals.
Social, environmental, and climatic risk

BTG Pactual understands social, environmental, and climate risks as financial losses or damage to image and reputation resulting from socio-environmental harm. This also includes the possibility of financial impacts arising from climate transition risks (e.g., carbon taxation, regulation, and technological changes), which may affect accounting estimates, including provisions for credit losses, impairment of assets, and fair value measurement, as well as physical risks associated with extreme climate events.

In conducting its businesses, activities, and operational processes, BTG Pactual undertakes commitments based on responsible and sustainable business practices, balancing economic, financial, regulatory, environmental, social, and climate aspects in its operations. We believe that sound business practices and corporate responsibility are long-term foundations that must be applied daily to generate value for shareholders and clients through sustainable long-term growth.

For updated information on the management of these risks, as well as on other sustainability-related topics, please refer to our annual reports published on the Investor Relations website, as well as our ESG page.

Cash
The balance of this financial item refers basically to bank deposits abroad.

Interbank deposits and securities purchased under agreements to resell

Bank 03/31/2026 12/31/2025

Total Up to 90 From 90 to 365 From 1 to 3 From 3 to 5 Over 5 days days years years years							Total
Securities purchased under agreements to resell	85,888,854	80,286,894	5,601,960	-	-	-	79,041,120
Own portfolio	633,473	489,061	144,412	-	-	-	21,149,678
Federal government bonds	532,982	388,570	144,412	-	-	-	21,134,666
Corporate securities	100,491	100,491	-	-	-	-	15,012
Financed Operations	51,667,685	49,566,363	2,101,322	-	-	-	27,755,234
Short position	33,587,696	30,231,470	3,356,226	-	-	-	30,136,208
Interbank deposits	48,346,340	4,068,273	1,701,706	42,576,361	-	-	40,433,435
Interbank Deposit Certificate	44,709,112	431,045	1,701,706	42,576,361	-	-	36,184,459
Foreign currency investments - overnight	3,637,228	3,637,228	-	-	-	-	4,248,976
Total	134,235,194	84,355,167	7,303,666	42,576,361	-	-	119,474,555

On March 31, 2026, and December 31,2025 all interbank deposits and securities purchased under agreements to resell were under stage 1.

On March 31, 2026, the collateral received in repurchase and resale agreements totaled BRL 85,946,944 (December 31,2025 - BRL 79,850,058).

Consolidated 03/31/2026 12/31/2025

Total Up to 90 From 90 to 365 From 1 to 3 From 3 to 5 Over 5 days days years years years							Total
Open market investments	81,681,520	73,527,543	8,115,331	38,646	-	-	77,543,958
Portfolio position	5,114,688	4,974,689	139,999	-	-	-	26,375,244
Federal government bonds	3,943,301	3,803,302	139,999	-	-	-	25,541,138
Bonds issued by governments of other countries	78,657	78,657	-	-	-	-	689,838
Corporate bonds	1,092,730	1,092,730	-	-	-	-	144,268
Financed position	43,476,607	41,375,285	2,101,322	-	-	-	19,356,878
Short position	33,090,225	27,177,569	5,874,010	38,646	-	-	31,811,836
Investments in interbank deposits	13,530,768	9,439,028	4,091,740	-	-	-	13,192,641
Interbank Deposit Certificate	4,526,081	434,341	4,091,740	-	-	-	1,472,496
Foreign currency investments - overnight	9,004,687	9,004,687	-	-	-	-	11,720,145
Total	95,212,288	82,966,571	12,207,071	38,646	-	-	90,736,599

On March 31, 2026, and December 31,2025 all interbank deposits and securities purchased under agreements to resell were under stage 1.

On March 31, 2026, the collateral received in repurchase and resale agreements totaled BRL 82,810,071 (December 31,2025 - BRL 77,471,480.).

Securities
1. Summary by type of portfolio
  We present below the composition by type of security, by contractual maturity and by type of securities portfolio:
  Bank Consolidated
  03/31/2026 12/31/2025

03/31/2026 12/31/2025

Cost Market Book value Book value Cost Market Book value Book value

Fair Value in Profit or Loss	176,983,767 178,760,882 178,760,882	187,671,214	229,190,923 230,127,488	230,127,488	235,158,676
Fair Value in Other Comprehensive Income	51,400,524 50,978,468 50,978,468	49,682,347	58,780,453 58,339,479	58,339,479	59,411,670
Amortized Cost	28,294,987 27,661,350 28,294,987	25,623,877	32,843,145 32,156,221	32,843,145	30,035,593
Total of Bonds and Securities	256,679,278 257,400,700 258,034,337	262,977,438	320,814,521 320,623,188	321,310,112	324,605,939

Fair value through profit or loss

Bank 03/31/2026 12/31/2025

Cost Market / Book value			Without due date	Up to 3 months	From 3 to 12 months	From 1 to 3 years	Over 3 years	Market / Book value
Government securities	68,640,330	68,780,653	-	10,696,153	18,448,199	11,596,098	28,040,203	88,219,469
Treasury Financial Bills	27,669,464	27,676,916	-	-	16,942,723	7,516,022	3,218,171	58,988,101
National Treasury Bills	12,148,078	12,160,417	-	9,315,256	256,256	958,202	1,630,703	3,663,538
National Treasury Notes	24,755,011	24,767,102	-	3,888	765,627	3,071,705	20,925,882	23,184,506
Foreign governments' bonds	4,064,326	4,172,929	-	1,377,009	480,304	50,169	2,265,447	2,379,721
National Treasury	3,451	3,289	-	-	3,289	-	-	3,603
Private securities	108,343,437	109,980,229	91,153,261	120,938	687,354	901,545	17,117,131	99,451,745
Stocks	11,464,748	11,464,748	11,464,748	-	-	-	-	12,273,633
Certificates of agribusiness receivables	1,824,644	1,779,682	-	887	10,457	40,952	1,727,386	1,892,384
Certificate of real estate receivables	1,070,667	1,013,530	-	27	192	23,187	990,124	1,214,285
Corporate bond	537,200	506,990	-	64,824	70,682	36,199	335,285	149,327
Investment fund shares	79,688,513	79,688,513	79,688,513	-	-	-	-	70,712,804
Debentures	12,779,676	14,544,993	-	2,680	2,537	478,771	14,061,005	12,111,760
Time Deposit	245,956	249,324	-	41,206	121,544	84,889	1,685	230,078
Other	732,033	732,449	-	11,314	481,942	237,547	1,646	867,474
Total	176,983,767	178,760,882	91,153,261	10,817,091	19,135,553	12,497,643	45,157,334	187,671,214

As of March 31, 2026, securities (excluding equity instruments) totaling BRL 87,607,621 are allocated to the following stages: BRL 85,610,059 in Stage 1 and BRL 1,997,562 in Stage 2.

As of December 31, 2025, securities (excluding equity instruments) totaling BRL 104,684,777 are allocated to the following stages: BRL 104,684,050 in Stage 1 and BRL 727 in Stage 2.

Consolidated 03/31/2026 12/31/2025

Cost Market / Book value			Without due date	Up to 3 months	From 3 to 12 months	From 1 to 3 years	Over 3 years	Market / Book value
Government securities	87,880,385	87,539,289	-	10,722,600	20,796,518	15,785,288	40,234,883	108,999,603
Treasury Financial Bills	29,664,772	29,674,863	-	229	18,091,531	7,816,692	3,766,411	60,952,977
National Treasury Bills	12,148,078	12,160,417	-	9,315,256	713,264	1,267,127	864,770	3,664,022
National Treasury Notes	29,671,943	29,267,655	-	3,888	766,888	3,071,705	25,425,174	26,469,305
Foreign governments' bonds	16,173,667	16,228,987	-	1,403,227	1,017,468	3,629,764	10,178,528	17,650,970
National Treasury	221,925	207,367	-	-	207,367	-	-	262,329
Private securities	141,310,538	142,588,199	112,048,751	215,419	1,059,974	3,075,679	26,188,376	126,159,073
Stocks	31,084,773	31,084,773	31,084,773	-	-	-	-	32,270,723
Certificates of agribusiness receivables	1,781,554	1,734,371	-	887	5,578	33,530	1,694,376	1,854,745
Certificate of real estate receivables	1,368,092	1,309,569	-	27	192	102,796	1,206,554	1,517,318
Corporate bond	7,952,890	7,559,050	-	137,076	516,721	1,558,841	5,346,412	6,418,250
Investment fund shares	80,963,978	80,963,978	80,963,978	-	-	-	-	66,660,860
Debentures	17,186,029	18,984,442	-	2,680	11,121	1,034,203	17,936,438	16,231,187
Time Deposit	197,926	196,576	-	74,726	2,475	117,280	2,095	190,541
Other	775,296	755,440	-	23	523,887	229,029	2,501	1,015,449
Total	229,190,923	230,127,488	112,048,751	10,938,019	21,856,492	18,860,967	66,423,259	235,158,676

As of March 31, 2026, securities (excluding equity instruments) totaling BRL 118,078,737 are allocated to the following stages: BRL 116,049,662 in Stage 1, BRL 1,997,562 in Stage 2, and BRL 31,513 in Stage 3.

As of December 31, 2025, securities (excluding equity instruments) totaling BRL136,227,093 are allocated to the following stages: BRL 136,150,523 in Stage 1, BRL 727 in Stage 2, and BRL 75,843 in Stage 3.

Fair Value Through Other Comprehensive Income

Bank 03/31/2026 12/31/2025

Cost

Market / Book

value

Up to 3

months

From 3 to 12

months

From 1 to 3

years

Over 3

years

Market / Book value

National Treasury Notes 51,400,524 50,978,468 - - 50,978,468 -

49,682,347

Government securities 51,400,524 50,978,468 - - 50,978,468 - 49,682,347

Total 51,400,524 50,978,468 - - 50,978,468 - 49,682,347

As of March 31, 2026 and December 31, 2025, all securities are classified as Stage 1.

Consolidated 03/31/2026 12/31/2025

Cost Market / Book Up to 3 From 3 to 12 From 1 to 3 Over 3 value months months years years							Market / Book value
Government securities	56,377,700	55,940,658	49,430	1,537,005	52,353,588	2,000,635	57,077,165
Financial Treasury Notes	51,400,524	50,978,468	-	-	50,978,468	-	49,682,347
Financial Treasury Notes	1,542,346	1,543,824	-	1,117,541	426,283	-	1,537,936
Foreign governments' bonds	3,434,830	3,418,366	49,430	419,464	948,837	2,000,635	5,856,882
Private securities	2,559,341	2,555,409	234,734	488,845	932,762	899,068	2,496,765
Certificate of real estate receivables	179,209	185,084	-	493	6,175	178,416	191,503
Corporate bond	2,298,815	2,289,675	234,734	488,352	908,853	657,736	2,305,145
Others	81,317	80,650	-	-	17,734	62,916	117
Subtotal	58,937,041	58,496,067	284,164	2,025,850	53,286,350	2,899,703	59,573,930
Provision for expected losses	(156,588)	(156,588)	(15)	(230)	(6,267)	(150,076)	(162,260)
Total	58,780,453	58,339,479	284,149	2,025,620	53,280,083	2,749,627	59,411,670

As of March 31, 2026, securities are allocated to the following stages: BRL 58,310,983 in Stage 1 and BRL 185,084 in Stage

3. Expected credit loss allowances are classified as follows: BRL (817) in Stage 1 and BRL (155,771) in Stage 3.

As of December 31, 2025, securities are allocated to the following stages: BRL 59,386,768 in Stage 1 and BRL 187,162 in Stage 3. Expected credit loss allowances are classified as follows: BRL (4,926) in Stage 1 and BRL (157,334) in Stage 3.

Amortized cost

Bank 03/31/2026 12/31/2025

Cost / Book Up to 3 From 3 to 12 From 1 Over 3 Market value months months to 3 years years							Market Cost / Book value
Private securities	26,437,047	26,998,508	7,245,299	7,560,262	5,710,343	6,482,604	23,935,256	24,552,439
National Treasury Notes	6,653,320	7,202,749	-	133,903	586,242	6,482,604	6,499,185	7,036,753
Foreign governments' bonds	19,783,727	19,795,759	7,245,299	7,426,359	5,124,101	-	17,436,071	17,515,686
Private securities	1,382,730	1,454,888	1,168	7,307	340,312	1,106,101	1,203,737	1,166,621
Corporate bond	704,813	743,635	1,168	7,307	340,312	394,848	517,438	469,841
Promissory and Commercial notes	677,899	711,253	-	-	-	711,253	686,299	696,780
Subtotal	27,819,777	28,453,396	7,246,467	7,567,569	6,050,655	7,588,705	25,138,993	25,719,060
Provision for expected losses	(158,409)	(158,409)	(24,504)	(97,716)	(1,629)	(34,560)	(95,183)	(95,183)
Total	27,661,368	28,294,987	7,221,963	7,469,853	6,049,026	7,554,145	25,043,810	25,623,877

As of March 31, 2026, securities are allocated to the following stages: BRL 23,599,885 in Stage 1 and BRL 4,853,511 in Stage 2. Expected credit loss allowances are classified as follows: BRL (36,258) in Stage 1 and BRL (122,151) in Stage 2.

As of December 31, 2025, securities are allocated to the following stages: BRL 21,561,656 in Stage 1 and BRL 4,157,404 in Stage 2. Expected credit loss allowances are classified as follows: BRL (95,183) in Stage 2.

Consolidated 03/31/2026 12/31/2025

Cost / Book Up to 3 From 3 From 1 to 3 Over 3 Market value months to 12 years years months							Cost / Market Book value
Government securities	31.088.953	31.735.552	7.250.023	9.464.500	8.337.151	6.683.878	28.715.167	29.333.426
National Treasury Notes	11.305.226	11.854.974	-	1.958.046	3.213.050	6.683.878	11.103.540	11.641.109
Foreign governments' bonds	19.783.727	19.880.578	7.250.023	7.506.454	5.124.101	-	17.611.627	17.692.317
Private securities	1.193.826	1.234.151	-	33.863	660.619	539.669	835.234	798.118
Corporate bond	1.077.536	1.117.861	-	33.863	639.435	444.563	701.792	712.273
Time deposit	21.184	21.184	-	-	21.184	-	133.442	85.845
Others	95.106	95.106	-	-	-	95.106	-	-
Subtotal	32.282.779	32.969.703	7.250.023	9.498.363	8.997.770	7.223.547	29.550.401	30.131.544
Provision for expected losses	(126.558)	(126.558)	(24.498)	(97.837)	(2.437)	(1.786)	(95.951)	(95.951)
Total	32.156.221	32.843.145	7.225.525	9.400.526	8.995.333	7.221.761	29.454.450	30.035.593

As of March 31, 2026, securities are allocated to the following stages: BRL 28,116,192 in Stage 1 and BRL 4,853,511 in Stage 2. Expected credit loss allowances are classified as follows: BRL (4,407) in Stage 1 and BRL (122,151) in Stage 2.

As of December 31, 2025, securities are allocated to the following stages: BRL 25,974,140 in Stage 1 and BRL 4,157,404 in Stage 2. Expected credit loss allowances are classified as follows: BRL (768) in Stage 1 and BRL (95,183) in Stage 2.

Reclassification of securities

There were no reclassifications of business models in the period ended March 31, 2026, nor in the year ended December 31, 2025.

Derivative financial instruments
The Bank and its subsidiaries actively participate in risk intermediation operations involving derivative financial instruments, meeting their own needs and those of their customers, in order to reduce exposure to the market, currency and interest rate risks. A few derivative financial instruments may be associated with transactions with bonds and securities or, even with rights and obligations.
The management of the risks involved in these operations is carried out through strict control policies, establishment of strategies, determination of limits, among other monitoring and management techniques. The risk exposure limits are approved by the Board of Directors, based on the policies mentioned above.
Transactions in Brazil are traded, and registered or held in custody at B3 S.A. When carried out abroad, in top-tier brokerages. The BTG Pactual Conglomerate uses different financial instruments for economic hedge, such as option, forward, future and swap with periodic adjustments. The use of these instruments is intended to hedge treasury positions in markets, in order to adjust the existing risk level in the portfolio to the exposure limits set forth, whenever the risk management and monitoring Committees/areas deem it necessary.
- Net investment hedge in operations abroad
  For the period ended March 31,2026 and year ended December 31, 2025, the Bank's net investment abroad hedge strategy consists in contracting hedge of exposure in foreign currency, arising from the functional currency of the operation abroad in relation to the Bank's functional currency (Real).
  For protection regarding changes in future cash flows in result of foreign exchange variation on the net investments, in operations abroad, the Bank uses future contracts, financial assets and forward agreements of NDF (Non-Deliverable Forward) contracts contracted by our subsidiaries abroad.
  Bank and Consolidated 03/31/2026
  Hedge Instrument
  Nominal value Fair value changes (i) Foreign exchange variation on
  investments (ii)
  Hedging of net investment in foreign operations 27,476,965

1,676,829 (1,404,307)

Bank and Consolidated 12/31/2025

Hedge Instrument

Nominal value Fair value changes (i) Foreign exchange variation on

investments (ii)

Hedging of net investment in foreign operations 27,833,788 2,740,249 (2,747,385)

Recorded in comprehensive income for the exercise.
Considers both the exchange rate variation values on consolidated assets and liabilities of operations abroad, as well as the exchange rate variation on investments, recorded in the comprehensive income of the exercise.

Fair value hedge

The Bank adopts the fair value hedge strategy, which consists of accounting for the desired economic protection effects. The fixed rate exposure comes from the Financing and Structured Credit activity that the Bank operates with its customers through the Corporate Lending area, and due to the characteristics and practice of the Brazilian market.

In addition, to fund all business lines of Banco BTG Pactual, funding is carried out through debt instruments indexed mainly to the DI percentages, the IPCA and fixed rates, which consequently require protection against market fluctuations. The main objects protected through this strategy are Bank Deposit Certificates - CDB, Financial Notes - LF, Agribusiness Credit Bills - LCA, Certificate of Agribusiness Credit Rights - CDCA and Real Estate Credit Bills - LCI and Securities Abroad.

The instruments designated for the hedging relationship, in turn, are DI and IPCA (DAP) futures and Swaps.

Bank 03/31/2025

Nominal Value

Hedge Instrument Fair value change

Hedge Object

Fair value hedge 54,336,559 (1,391,697) 1,592,727

Bank 12/31/2025

Nominal Value

Hedge Instrument Fair value change

Hedge Object

Fair value hedge 47,402,044 (1,364,562) 1,458,926

Consolidated 03/31/2026

Nominal Value

Hedge Instrument Fair value change

Hedge Object

Fair value hedge 59,344,220 (1,734,888) 1,935,918

Consolidated 12/31/2025

Nominal Value

Hedge Instrument

Fair value change

Hedge Object

Fair value hedge 52,428,258 (1,649,751) 1,744,116

During the period ended March 31, 2026, there were no discontinuations of hedge accounting strategies. The most recent years in which hedge strategies were discontinued were those ended December 31, 2025 and 2023, whose effective portions amounted to R$265,926 and R$155,021, respectively, and are being deferred in profit or loss in accordance with the terms of the hedged items.

Notional values

The notional amounts of transactions involving financial instruments are recorded in memorandum accounts, while the adjustments/premiums are recognized in balance sheet accounts. Receivables and payables are presented separately for Swap, Non-Deliverable Forward (NDF), and Deliverable Forward (DF)/Foreign Exchange Contracts, as shown in the following table.

Bank		03/31/2026			12/31/2025
	Up to 6 months	From 6 to 12 months	Over 1 year	Total	Total
Future market
Long position	41,780,941	143,759,003	102,718,801	288,258,745	313,121,482
Currency	3,003,179	26,492	-	3,029,671	195,941
Interest rate	28,998,610	135,481,705	100,275,708	264,756,023	302,275,046
Commodities	5,322,137	8,250,806	2,443,093	16,016,036	9,811,200
Indexes	4,457,015	-	-	4,457,015	839,295
Short position	125,761,236	43,595,111	97,106,813	266,463,160	230,715,393
Currency	14,770,281	-	-	14,770,281	19,141,258
Interest rate	102,252,186	34,856,094	94,606,326	231,714,606	202,367,881
Commodities	4,782,183	8,739,017	2,500,487	16,021,687	8,660,423
Indexes	3,956,586	-	-	3,956,586	545,831
Swap
Asset position	81,293,659	37,255,831	862,409,680	980,959,170	707,615,548
Currency	30,305	-	516,362,945	516,393,250	288,765,461
Interest rate	76,697,353	34,269,735	337,745,146	448,712,234	397,420,552
Commodities	239,038	199,445	89,605	528,088	598,184
Indexes	3,896,257	180,960	765,849	4,843,066	9,119,752
Stocks	430,706	2,605,691	7,446,135	10,482,532	11,711,599
Liabilities position	102,485,831	53,880,843	1,130,372,359	1,286,739,033	965,865,837
Currency	7,816,636	5,638,214	235,678,177	249,133,027	247,986,656
Interest rate	90,015,260	47,407,558	893,345,182	1,030,768,000	709,421,148
Commodities	493,283	184,217	89,605	767,105	886,356
Indexes	3,897,747	96,993	826,426	4,821,166	4,864,050
Stocks	262,905	553,861	432,969	1,249,735	2,707,627
Credit derivatives
Asset position	600,616	2,694,409	28,364,519	31,659,544	23,495,721
Sovereign	-	-	595,012	595,012	627,274
Corporate	600,616	2,694,409	27,769,507	31,064,532	22,868,447
Liabilities position	293,330	2,102,353	7,172,037	9,567,720	1,500,386
Sovereign	-	-	-	-	146,236
Corporate	293,330	2,102,353	7,172,037	9,567,720	1,354,150
Forward contracts - NDF
Asset position	95,424,657	71,360,778	39,313,837	206,099,272	207,268,375
Currency	92,667,361	67,273,224	21,062,439	181,003,024	157,539,311
Indexes	2,757,296	4,087,554	18,251,398	25,096,248	49,729,064
Liabilities position	130,984,722	59,467,263	30,675,860	221,127,845	181,711,863
Currency	128,055,428	55,613,221	16,341,024	200,009,673	139,742,074
Commodities	2,927,799	3,853,885	14,313,321	21,095,005	41,969,789
Indexes	1,495	157	21,515	23,167	-
Forward transactions
Asset position	10,697,235	-	-	10,697,235	7,754,027
Interest rate	134,957	-	-	134,957	5,721
Government bonds	10,562,278	-	-	10,562,278	7,748,306
Liabilities position	5,152,413	-	-	5,152,413	9,176,519
Currency	138,827	-	-	138,827	7,024
Government bonds	5,013,586	-	-	5,013,586	9,169,495
Option
Asset position	98,889,391	125,167,357	24,523,331	248,580,079	752,658,700
Purchase of call option	92,860,009	78,250,253	21,805,879	192,916,141	157,047,502
Currency	76,158,629	45,181,767	14,566,661	135,907,057	116,318,164
Interest rate	6,568,474	5,300,597	518,527	12,387,598	438,784
Commodities	5,652,255	2,003,259	759,121	8,414,635	4,261,026
Indexes	107,312	2,343,057	2,719,725	5,170,094	3,148,540
Stocks	4,373,339	23,421,573	3,241,845	31,036,757	32,880,988
Purchase of put options	6,029,382	46,917,104	2,717,452	55,663,938	595,611,198
Currency	715,300	2,914,388	496,600	4,126,288	9,617,402
Interest rate	20,288	42,209,460	-	42,229,748	580,094,048
Commodities	63,977	60,225	-	124,202	29,282
Indexes	835,925	900	-	836,825	127,090
Stocks	4,393,892	1,732,131	2,220,852	8,346,875	5,743,376
Liabilities position	97,844,414	122,224,454	14,590,367	234,659,235	740,119,788
Sale of call option	85,701,049	75,101,726	12,438,753	173,241,528	137,517,663
Currency	70,758,361	42,725,884	8,744,565	122,228,810	99,963,411
Interest rate	542,303	5,981,775	760,278	7,284,356	1,146,664
Commodities	8,611,129	2,254,643	6,562	10,872,334	5,534,449
Indexes	284,778	2,305,364	46,236	2,636,378	1,270,624
Stocks	5,504,478	21,834,060	2,881,112	30,219,650	29,602,515
Sale of put option	12,143,365	47,122,728	2,151,614	61,417,707	602,602,125
Currency	497,111	2,320,640	450,106	3,267,857	6,552,786
Interest rate	6,527,288	42,207,460	-	48,734,748	589,408,222
Commodities	103,259	77,030	-	180,289	4,564
Indexes	774,820	5,585	1,459	781,864	124,124
Stocks	4,240,887	2,512,013	1,700,049	8,452,949	6,512,429
Foreign Exchange Contracts
Asset position	54,850,801	37,185,335	18,408,909	110,445,045	111,628,125
Purchase of foreign currency	6,175,517	5,323,073	6,912,678	18,411,268	33,514,619
Sale of foreign currency	48,675,284	31,862,262	11,496,231	92,033,777	78,113,506
Liabilities position	39,259,162	27,819,740	12,838,270	79,917,172	98,132,140
Purchase of foreign currency	32,603,046	25,507,426	11,802,007	69,912,479	54,782,376
Sale of foreign currency	6,656,116	2,312,314	1,036,263	10,004,693	43,349,764
Asset position	383,537,300	417,422,713	1,075,739,077	1,876,699,090	2,123,541,978
Liabilities position	501,781,108	309,089,764	1,292,755,706	2,103,626,578	2,227,221,926

Consolidated		03/31/2026				12/31/2025
	Up to 6 months	From 6 to 12 months	Over 1 year	Total	Total
Future market
Long position	44,069,721	144,566,105	92,389,055	281,024,881	348,265,495
Currency	7,134,403	26,492	-	7,160,895	453,583
Interest rate	23,345,771	137,089,043	91,159,649	251,594,463	326,272,254
Commodities	8,737,155	7,450,570	1,229,406	17,417,131	18,233,358
Indexes	4,852,392	-	-	4,852,392	3,306,300
Short position	128,936,556	49,863,171	130,725,140	309,524,867	301,368,448
Currency	23,071,905	1,342	-	23,073,247	19,230,238
Interest rate	96,125,321	39,018,865	127,814,931	262,959,117	266,603,924
Commodities	5,693,671	10,833,343	2,910,209	19,437,223	14,985,507
Indexes	4,045,659	9,621	-	4,055,280	548,779
Swap	-	-	-	-	-
Asset position	48,752,829	40,960,293	112,812,392	202,525,514	272,899,821
Currency	517,897	-	1,538,219	2,056,116	1,545,998
Interest rate	43,032,569	38,692,203	102,895,870	184,620,642	250,317,717
Commodities	218,770	211,957	89,605	520,332	490,917
Indexes	3,896,258	9,503	965,849	4,871,610	9,148,913
Stocks	1,087,335	2,046,630	7,322,849	10,456,814	11,396,276
Liabilities position	144,446,262	46,599,665	98,918,190	289,964,117	270,878,574
Currency	277,184	-	1,111,142	1,388,326	1,551,206
Interest rate	86,505,106	45,922,058	96,321,318	228,748,482	241,135,426
Commodities	56,950,009	182,137	238,522	57,370,668	24,224,463
Indexes	101,282	96,993	826,426	1,024,701	1,071,663
Stocks	612,681	398,477	420,782	1,431,940	2,895,816
Credit derivatives	-	-	-	-	-
Asset position	600,617	2,694,409	32,273,609	35,568,635	23,476,215
Sovereign	-	-	6,516,549	6,516,549	627,274
Corporate	600,617	2,694,409	25,757,060	29,052,086	22,848,941
Liabilities position	293,330	2,103,606	11,192,865	13,589,801	1,122,628
Sovereign	-	-	-	-	137,884
Corporate	293,330	2,103,606	11,192,865	13,589,801	984,744
Forward contracts - NDF	-	-	-	-	-
Asset position	86,722,899	64,171,172	50,111,932	201,006,003	200,000,170
Currency	83,269,822	58,969,390	30,050,711	172,289,923	137,413,145
Indexes	3,453,077	5,201,782	20,061,221	28,716,080	62,587,025
Liabilities position	105,024,320	41,496,512	36,699,076	183,219,908	162,730,014
Currency	97,152,413	31,976,657	18,715,295	147,844,365	115,675,629
Commodities	6,710,453	4,170,244	15,022,338	25,903,035	47,054,385
Indexes	1,161,454	5,349,611	2,961,443	9,472,508	-
Forward transactions	-	-	-	-	-
Asset position	28,540,535	2,164,813	3,287,010	33,992,358	15,281,047
Currency	1,033,166	49,323	-	1,082,489	-
Interest rate	180,401	-	-	180,401	7,941
Commodities	10,561,908	2,055,513	3,244,240	15,861,661	6,151,168
Government bonds	16,346,498	-	-	16,346,498	8,517,801
Stocks	418,562	59,977	42,770	521,309	604,137
Liabilities position	29,409,163	7,900,997	354,715	37,664,875	18,910,182
Currency	8,384,514	5,638,214	-	14,022,728	-
Interest rate	174,710	-	-	174,710	9,244
Commodities	10,106,878	2,262,783	354,715	12,724,376	9067354
Government bonds	10,743,061	-	-	10,743,061	9,833,584
Options	-	-	-	-	-
Asset position	131,078,440	137,880,709	20,944,421	289,903,570	873,648,958
Purchase of call options	84,948,658	64,162,797	18,748,852	167,860,307	134,834,472
Currency	66,631,012	30,997,019	11,405,210	109,033,241	89,653,478
Interest rate	6,641,504	5,300,597	518,527	12,460,628	3,629,352
Commodities	5,654,907	2,003,259	759,122	8,417,288	4,302,655
Indexes	1,258,837	2,343,057	2,719,725	6,321,619	3,923,127
Stocks	4,762,398	23,518,865	3,346,268	31,627,531	33,325,860
Purchase of put options	46,129,782	73,717,912	2,195,569	122,043,263	738,814,486
Currency	783,682	2,915,188	496,600	4,195,470	9,789,038
Interest rate	35,863,718	68,679,391	-	104,543,109	713,321,475
Commodities	332,238	60,225	-	392,463	39,566
Indexes	4,270,360	180,900	-	4,451,260	467,275
Stocks	4,879,784	1,882,208	1,698,969	8,460,961	15,197,132
Liabilities position	131,199,001	130,642,019	12,648,711	274,489,731	854,859,616
Sale of call option	80,823,295	56,881,341	10,209,372	147,914,008	117,392,954
Currency	63,855,025	26,342,519	8,191,672	98,389,216	78,912,327
Interest rate	633,003	5,981,777	760,278	7,375,058	4,837,376
Commodities	8,687,772	2,254,643	6,562	10,948,977	5,576,619
Indexes	2,741,441	2,645,223	52,330	5,438,994	2,681,146
Stocks	4,906,054	19,657,179	1,198,530	25,761,763	25,385,486
Sale of put option	50,375,706	73,760,678	2,439,339	126,575,723	737,466,662
Currency	584,919	2,320,640	450,106	3,355,665	6,701,786
Interest rate	42,284,309	68,672,939	-	110,957,248	722,976,910
Commodities	358,886	77,030	-	435,916	416,451
Indexes	2,905,697	362,968	323,766	3,592,431	1,090,481
Stocks	4,241,895	2,327,101	1,665,467	8,234,463	6,281,034
Foreign Exchange Contracts	-	-	-	-	-
Asset position	52,797,110	37,669,969	14,104,860	104,571,939	95,548,809
Purchase of foreign currency	7,005,345	13,622,607	6,912,679	27,540,631	30,763,183
Sale of foreign currency	45,791,765	24,047,362	7,192,181	77,031,308	64,785,626
Liabilities position	35,679,939	19,207,621	8,531,667	63,419,227	73,520,796
Purchase of foreign currency	28,739,831	17,679,621	7,495,404	53,914,856	40,413,184
Sale of foreign currency	6,940,108	1,528,000	1,036,263	9,504,371	33,107,612
Asset position	392,562,151	430,107,470	325,923,279	1,148,592,900	1,829,120,515
Liabilities position	574,988,571	297,813,591	299,070,364	1,171,872,526	1,683,390,258

Notional value by counterparty

Bank 03/31/2026 12/31/2025

Clearance / stock exchange

Financial institutions and Funds

Companies

Individuals

Total

Future market
Asset position	288,258,745	-	-	-	288,258,745		313,121,482
Liabilities position	266,463,160	-	-	-	266,463,160		230,715,393
Swap
Asset position	100,501,391	844,218,923	34,526,086	1,712,770	980,959,170		707,615,548
Liabilities position	134,896,627	1,119,984,715	30,894,876	962,815	1,286,739,033		965,865,837
Credit derivatives
Asset position	-	31,659,544	-	-	31,659,544		23,495,721
Liabilities position	-	9,567,720	-	-	9,567,720		1,500,386
Forward contracts - NDF
Asset position	-	158,434,992	47,584,351	79,929	206,099,272		207,268,375
Liabilities position	-	177,394,999	43,664,084	68,762	221,127,845		181,711,863
Forward transactions
Asset position	-	10,552,270	144,212	753	10,697,235		7,754,027
Liabilities position	-	4,999,472	152,741	200	5,152,413		9,176,519
Options market
Asset position	7,589,082	141,040,797	99,938,262	11,938	248,580,079		752,658,700
Liabilities position	6,050,653	141,222,324	87,353,934	32,324	234,659,235		740,119,788
Foreign Exchange Contracts
Asset position	-	40,008,807	70,391,304	44,934	110,445,045		111,628,125
Liabilities position	-	14,499,978	65,295,775	121,419	79,917,172		98,132,140
Asset position	396,349,218	1,225,915,333	252,584,215	1,850,324	1,876,699,090	2,123,541,978
Liabilities position	407,410,440	1,467,669,208	227,361,410	1,185,520	2,103,626,578	2,227,221,926

Consolidated 03/31/2026 12/31/2025

Clearance / stock exchange

Financial institutions and Funds

Companies

Individuals

Total

Future market
Asset position	281,024,881	-	-	-	281,024,881	348,265,495
Liabilities position	309,524,867	-	-	-	309,524,867	301,368,448
Swap
Asset position	101,462,262	72,936,833	26,413,649	1,712,770	202,525,514	272,899,821
Liabilities position	122,145,005	146,786,082	20,070,215	962,815	289,964,117	270,878,574
Credit derivatives
Asset position	-	35,568,635	-	-	35,568,635	23,476,215
Liabilities position	-	13,589,801	-	-	13,589,801	1,122,628
Forward contracts - NDF
Asset position	254,557	147,729,852	52,941,665	79,929	201,006,003		200,000,170
Liabilities position	564,828	132,660,571	49,925,747	68,762	183,219,908		162,730,014
Forward transactions
Asset position	521,309	17,470,809	15,999,487	753	33,992,358		15,281,047
Liabilities position	13,177,667	11,611,060	12,875,948	200	37,664,875		18,910,182
Options market
Asset position	76,254,176	113,436,612	100,200,844	11,938	289,903,570	873,648,958
Liabilities position	74,336,987	112,766,485	87,353,935	32,324	274,489,731	854,859,616
Foreign Exchange Contracts
Asset position	-	50,105,487	54,421,518	44,934	104,571,939	95,548,809
Liabilities position	-	15,779,012	47,518,796	121,419	63,419,227	73,520,796
Asset position	459,517,185	437,248,228	249,977,163	1,850,324	1,148,592,900	1,829,120,515
Liabilities position	519,749,354	433,193,011	217,744,641	1,185,520	1,171,872,526	1,683,390,258

Credit derivatives

Bank

		03/31/2026
	Notional amount of credit protection sold	Notional amount of credit protection purchased with identical underlying amount	Net position
CDS	31,659,544	9,567,720		22,091,824

		Bank
		12/31/2025
	Notional amount of credit protection sold	Notional amount of credit protection purchased with identical underlying amount	Net position
CDS	23,495,721	1,500,386		21,995,335

		Consolidated
		03/31/2026
	Notional amount of credit protection sold	Notional amount of credit protection purchased with identical underlying amount	Net position
CDS	35,568,635	13,589,801		21,978,834

		Consolidated
		12/31/2025
	Notional amount of credit protection sold	Notional amount of credit protection purchased with identical underlying amount	Net position
CDS	23,476,215	1,122,628		22,353,587

In the period ended March 31,2026 and year ended December 31, 2025, there was no event of credit related to taxable events provided for in contracts.

By cost and market value

Bank			03/31/2026			12/31/2025
	Cost	Market	Up tp 6 months	From 6 to 12 months	Over 1 year	Total
Future
Asset position	769,868	769,868	357,592	180,127	232,149	690,245
Liabilities position	503,896	503,896	503,896	-	-	500,647
Swaps
Asset position	4,957,741	13,535,186	371,876	1,617,953	11,545,357	9,996,656
Liabilities position	4,775,112	17,065,201	592,220	575,457	15,897,524	13,738,089
Credit derivatives
Asset position	2,294,215	2,701,512	-	1,244,679	1,456,833	1,445,973
Liabilities position	1,692,371	1,770,470	-	1,348,960	421,510	298,842
Forward contracts - NDF
Asset position	21,966,915	17,791,629	4,885,022	3,975,026	8,931,581	19,083,269
Liabilities position	20,647,431	17,653,586	5,216,795	3,588,709	8,848,082	19,735,824
Forward contracts
Asset position	15,835,768	15,894,997	15,838,942	-	56,055	8,586,620
Liabilities position	15,902,778	15,960,591	15,904,806	-	55,785	8,608,832
Options market
Asset position	4,528,757	7,920,775	2,444,198	2,643,547	2,833,030	6,257,065
Liabilities position	6,507,602	8,678,220	4,728,509	2,025,932	1,923,779	9,705,630
Foreign Exchange Contracts
Asset position	2,694,610	2,449,838	2,010,428	322,455	116,955	1,174,412
Liabilities position	1,188,626	744,703	500,012	207,592	37,099	1,236,743
Asset position	53,047,874	61,063,805	25,908,058	9,983,787	25,171,960	47,234,240
Liabilities position	51,217,816	62,376,667	27,446,238	7,746,650	27,183,779	53,824,607

Consolidated			03/31/2026			12/31/2025
	Cost	Market	Up tp 6 months	From 6 to 12 months	Over 1 year	Total
Future
Asset position	1,031,455	1,031,455	450,956	264,693	315,806	955,434
Liabilities position	795,886	795,886	602,190	5,841	187,855	586,337
Swaps
Asset position	5,775,028	5,892,986	102,259	1,256,888	4,533,839	5,877,526
Liabilities position	3,915,458	3,075,856	384,759	336,888	2,354,209	2,627,113
Credit derivatives
Asset position	2,334,359	2,693,137	-	1,329,655	1,363,482	1,419,471
Liabilities position	1,775,791	1,809,992	-	1,350,214	459,778	324,049
Forward contracts - NDF
Asset position	21,027,802	17,883,972	4,850,912	3,937,946	9,095,114	20,354,239
Liabilities position	18,501,396	16,010,497	3,678,908	3,468,751	8,862,838	19,524,406
Forward contracts
Asset position	28,326,912	28,313,022	28,158,169	78,414	76,439	10,717,612
Liabilities position	28,766,284	28,918,741	28,417,129	238,945	262,667	11,578,698
Options market
Asset position	4,386,133	7,874,254	2,693,056	2,440,698	2,740,500	6,113,233
Liabilities position	6,546,245	8,768,957	4,976,357	1,985,159	1,807,441	9,543,210
Foreign Exchange Contracts
Asset position	2,806,741	2,626,649	2,245,382	257,043	124,224	1,096,994
Liabilities position	1,031,443	652,520	460,437	151,029	41,054	1,153,500
Asset position	65,688,430	66,315,475	38,500,734	9,565,337	18,249,404	46,534,509
Liabilities position	61,332,503	60,032,449	38,519,780	7,536,827	13,975,842	45,337,313

Margins pledged as guarantee

The guaranteed margin provided in operations traded on B3 S.A. and on other stock exchanges with derivative financial instruments is mainly composed of Brazilian government bonds, bonds issued by governments of other countries, debentures, and others, totaling BRL 10,201,161 for the Bank (December 31, 2025 - BRL 13,039,446) and BRL 20,043,181 for the Consolidated (December 31, 2025 - BRL 22,803,909).

Credit operations and Securities with credit characteristics

The operations with credit granting characteristics can be shown as follows:

Credit operations

By type of credit

Bank Consolidated

03/31/2026			12/31/2025		03/31/202	6 12/31/2025
Type of credit	Balance	Provision	Balance	Provision	Balance	Provision	Balance	Provision
Loans	64,975,723	(1,409,468)	58,611,004	(1,562,529)	140,530,509	(5,488,236)	133,367,321	(5,340,402)
Financings	7,949,718	(301,522)	8,087,728	(386,286)	50,790,894	(6,696,032)	48,926,473	(6,024,438)
FINAME/BNDES	7,562,916	(27,935)	7,393,681	(26,458)	7,562,916	(27,935)	7,393,681	(26,458)
Transactions with credit granting characteristics	3,721,932	(26,813)	3,603,156	(36,044)	5,353,163	(248,503)	5,333,769	(262,087)
Advance on foreign exchange contracts	4,941,584	(42,201)	5,226,110	(43,177)	4,941,584	(42,201)	5,226,110	(43,177)
Financing of bonds and securities	30,572	-	17,045	-	42,244	-	28,515	-
Subtotal	89,182,445	(1,807,939)	82,938,724	(2,054,494)	209,221,311	(12,502,906)	200,275,869	(11,696,562)
Adjustments to market value (i)	(5,183)	-	(16,036)	-	(499,561)	-	(320,271)	-
Total credit operations	89,177,262	(1,807,939)	82,922,688	(2,054,494)	208,721,750	(12,502,906)	199,955,598	(11,696,562)

(i) Considering market-to-market of items subject to hedge accounting.

By risk level and maturity

Bank			03/31/2026			12/31/2025
Risk level	Stage 1	Stage 2		Stage 3 (i)	Total (ii)	Total
Defeated	134,937	85,507		478,453	698,896	788,881
Maturity
Due from 1 to 30 days	14,916,677	136,506		19,022	15,072,206	14,820,820
Due from 31 to 90 days	13,923,301	170,957		11,807	14,106,065	14,068,654
To expire 91 to 180 days	4,501,093	194,398		48,648	4,744,139	4,652,705
Due from 181 to 360 days	7,369,733	26,468		126,152	7,522,352	8,940,130
Due over 361 days	45,363,510	508,834		1,166,443	47,038,787	39,667,534
Total	86,209,252	1,122,670		1,850,524	89,182,445	82,938,724
PDD	(432,867)	(155,166)		(1,219,906)	(1,807,939)	(2,054,494)

Consolidated			03/31/2026			12/31/2025
Risk level	Stage 1	Stage 2		Stage 3 (i)	Total (ii)	Total
Defeated	849,542		726,831	5,390,584	6,966,957	6,159,738
Maturity
Due from 1 to 30 days	20,723,432	385,002		364,706	21,473,140	21,782,358
Due from 31 to 90 days	22,126,947	726,571		563,161	23,416,679	23,072,504
To expire 91 to 180 days	15,367,747	746,765		784,496	16,899,008	16,048,514
Due from 181 to 360 days	23,314,688	1,029,176		1,398,291	25,742,155	27,633,307
Due over 361 days	107,325,141	3,229,536		4,168,695	114,723,372	105,579,448
Total	189,707,497	6,843,881		12,669,933	209,221,311	200,275,869
PDD	(2,701,503)	(1,460,350)		(8,341,053)	(12,502,906)	(11,696,562)

The balances allocated to Stage 3 refer to contracts with installments overdue by more than 90 days.
The maturity bands are segregated by tranche

Changes in the gross carrying amount of credit operations

Bank Consolidated

Summary Balance Provision Balance Provision

Balance at the beginning of the period	82,938,724	2,054,494	200,275,869	11,696,562
Inputs / (Outputs)	6,578,215	-	9,837,155	-
Constitution / (Reversal)	-	87,939	-	1,698,057
Write-off against provision / Other	(334,494)	(334,494)	(891,713)	(891,713)
Balance on 03/31/2026	89,182,445	1,807,939	209,221,311	12,502,906

By stages

Stage 1 Bank Consolidated

Balance Provision Balance Provision

Balance at the beginning of the period	79,880,298	383,538	181,866,318	2,501,847
Transfers to other stages
Transferred to Stage 2	(93,211)	(1,758)	(2,584,964)	(110,948)
Transferred to Stage 3	(13,338)	(1,437)	(640,312)	(45,399)
From other stages
From Stage 2	22,297	11,574	766,646	161,077
From Stage 3	11,649	10,725	351,257	193,578
Inputs / (Outputs)	6,401,557	-	9,948,552	-
Constitution / (Reversal)	-	30,225	-	1,347
Balance on 03/31/2026	86,209,252	432,867	189,707,497	2,701,503

Stage 2 Bank Consolidated

	Balance	Provision	Balance	Provision
Balance at the beginning of the period	997,915	154,595	6,417,364	1,335,523
Transfers to other stages
Transferred to Stage 1	(22,297)	(11,574)	(766,646)	(161,077)
Transferred to Stage 3	(107,024)	(64,091)	(1,779,132)	(517,700)
From other stages
From Stage 1	93,211	1,758	2,584,964	110,948
From Stage 3	119	95	277,457	114,227
Inputs / (Outputs)	160,745	-	109,874	-
Constitution / (Reversal)	-	74,383	-	578,430
Balance on 03/31/2026	1,122,670	155,166	6,843,881	1,460,350

Stage 3 Bank Consolidated

	Balance	Provision	Balance	Provision
Balance at the beginning of the period	2,060,511	1,516,361	11,992,187	7,859,192
Transfers to other stages	-	-	-	-
Transferred to Stage 1	(11,649)	(10,725)	(351,257)	(193,578)
Transferred to Stage 2	(119)	(95)	(277,457)	(114,227)
From other stages	-	-	-	-
From Stage 1	13,338	1,437	640,312	45,399
From Stage 2	107,024	64,091	1,779,132	517,700
Inputs / (Outputs)	15,912	-	(221,270)	-
Constitution / (Reversal)	-	(16,669)	-	1,118,280
Write-off against provision / Other	(334,494)	(334,494)	(891,713)	(891,713)
Balance on 03/31/2026	1,850,524	1,219,906	12,669,933	8,341,053

By activity sector

Bank Consolidated

Sector	03/31/2026	12/31/2025	03/31/2026	12/31/2025
Business	906,158	826,388	15,056,978	15,818,811
Industry	21,610,356	23,917,324	25,909,583	28,338,567
Services	54,658,363	48,790,542	72,766,791	64,564,923
Rural	760,850	597,164	1,243,222	931,252
Individuals	11,246,718	8,807,306	94,244,737	90,622,316
Total	89,182,445	82,938,724	209,221,311	200,275,869

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Banco BTG Pactual SA published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 08:10 UTC.

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Latest news about Banco BTG Pactual S.A.

Jun. 30	Adelante Soluciones Financieras SAS announced that it has received $85 million in funding from GIC Private Limited, Monashees Gestão de Investimentos Ltda., Citius, Banco BTG Pactual S.A. and others	CI
May. 11	Banco BTG Pactual S.A., Q1 2026 Earnings Call, May 11, 2026
May. 11	Banco BTG Pactual S.A. Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
May. 11	Weekly Earnings Calendar
Mar. 05	Shell, Cosan End Raizen Rescue Talks Over Funding Disagreement	MT
Mar. 04	Shell, Cosan End Raizen Rescue Talks Over Funding Disagreement	MT
Mar. 03	Raizen discusses $765 million injection, could seek out-of-court restructuring	RE
Feb. 24	Citigroup to Sell 24% Stake in Banamex for $2.49 Billion	MT
Feb. 23	Citigroup Nears Deals to Sell 24% Stake in Banamex	MT
Feb. 22	General Atlantic Service Company, L.P., Afore SURA, SA de C.V., Banco BTG Pactual S.A., Chubb Limited (NYSE:CB), an unknown fund managed by Blackstone Inc. (NYSE:BX), Liberty 77 Capital L.P. and Qatar Investment Authority entered into agreement to acquire 24% stake in Grupo Financiero Banamex, S.A. de C.V. from Citigroup Inc. (NYSE:C) for approximately MXN 43 billion.	CI
Feb. 09	GIC Private Limited cuts stake in BTG Pactual to 4.99% of preferred shares	RE
Feb. 09	Banco BTG Pactual S.A., Q4 2025 Earnings Call, Feb 09, 2026
Feb. 09	Banco BTG Pactual S.A. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2025	CI
Feb. 09	Brazil's BTG Pactual posts strong result with Q4 profit up 40%	RE
Jan. 05	Btg Pactual completes acquisition of M.Y. Safra Bank	RE

Chart Banco BTG Pactual S.A.

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BPAC11: Dynamic Chart

Company Profile

Banco BTG Pactual SA, formerly Banco UBS Pactual SA is a Brazil-based company primarily engaged in the financial services industry. The Companyâ€™s business units include Investment Banking (financial and capital markets advisory services), Corporate & Small and Medium-sized Enterprise (SME) Lending (financing, structured credit, and secured loans to companies), Sales and Trading (financial products and services such as brokerage and clearing), as well as Asset Management, Wealth Management & Consumer Banking (resource management, investment management and financial planning services). Through BTG Pactual, a financial services platform, the Company provides customized investment solutions, financial advisory, and capital market services to corporations, institutional investors, and high-net-worth individuals across Latin America and globally.

Employees

8,543

Sector

Investment Banking & Brokerage Services

Calendar

Earnings release - Q2 2026

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