B3 - Brasil, Bolsa, Balcão (B3SA3) Q2 2025 earnings summary

Executive summary

• Total revenues reached R$2,745.8 million in Q2 2025, up 0.7% year-over-year and 3.3% sequentially, supported by a diversified business model.

• Net income rose 6.6% year-over-year to R$1.33 billion, with EPS up 13.4%, reflecting operational resilience and buyback execution.

• Recurring net income increased 4.2% year-over-year, aided by positive financial results and tax benefits from recent acquisitions.

• New product launches included Ethereum and Solana futures, and regulatory changes aim to facilitate capital market access for SMEs.

• Cash generation before distributions, capex, and acquisitions was R$4,256 million for 6M25.

Financial highlights

• Recurring EBITDA was R$1,721.1 million, down 2.7% year-over-year but up 3.7% sequentially, with a margin of 69.8%.

• Recurring EPS rose 13.4% year-over-year and 20.2% sequentially to R$0.25.

• Recognized a non-recurring R$75 million tax credit (PIS/COFINS), reducing revenue deductions.

• Gross indebtedness at the end of June was 2.2x recurring LTM EBITDA, with gross debt at R$14.4 billion.

• Cash and financial investments stood at R$17,038 million at quarter-end.

Outlook and guidance

• Expense growth expected to align more closely with inflation, with less volatility between quarters.

• On track to deliver expense guidance for the year, with cost growth decelerating in the second half.

• Focus remains on expanding product offerings, innovation, and maintaining competitiveness in domestic and foreign markets.

• Management highlights ongoing risks from market volatility, regulatory changes, and technological shifts.