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

Executive summary

• Total revenues reached R$2.75 billion in Q2 2025, up 0.7% year-over-year and 3.3% sequentially, supported by a diversified business model despite two fewer trading days and market volatility.

• Net income was R$1.33 billion, with recurring net income up 4.2% year-over-year and EPS up 13.4% to R$0.25, reflecting operational resilience and buyback execution.

• Shareholder returns totaled R$580 million, including R$378 million in interest on capital and R$202 million in buybacks.

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

• Recurring EBITDA margin was 69.8%, down 353 bps year-over-year but up sequentially.

Financial highlights

• Net revenues grew 3.5% year-over-year and 6.5% sequentially to R$2.54 billion, with a R$75 million non-recurring tax credit impact.

• Recurring EBITDA was R$1.72 billion, down 2.7% year-over-year but up 3.7% sequentially; margin at 69.8%.

• Expenses rose 15.8% year-over-year, mainly due to project scheduling, incentives, salary adjustments, and legal provisions.

• Financial result was positive at R$135.7 million, driven by higher CDI rates and non-recurring tax credits.

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

Outlook and guidance

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

• Management remains focused on innovation, capital market strengthening, and value generation for shareholders, aiming to maintain resilience and competitiveness amid ongoing market challenges.

• Pipeline of new products, especially in crypto and fixed income, remains a key priority for future growth.

• Ongoing risks include market volatility, regulatory changes, and technological shifts.