B3 - Brasil, Bolsa, Balcão (B3SA3) Q3 2025 earnings summary

Executive summary

• Total revenue for 3Q25 reached R$2.77 billion, up 2% year-over-year, with diversified growth in fixed income, data analytics, and technology offsetting declines in equities and derivatives.

• Net income rose to R$1.3 billion, with EPS up 12% year-over-year, supported by operational performance and share buybacks.

• The business model remains resilient and diversified, with all major segments contributing to revenue.

• Expenses remained below inflation, reflecting disciplined cost management and efficiency.

• Cash and financial investments stood at R$17,611 million at quarter-end.

Financial highlights

• Recurring EBITDA reached R$1.73 billion, up 1.2% year-over-year, with a 69.5% margin.

• Fixed income and credit revenue grew 21% year-over-year, consolidating as a key financing alternative.

• Data analytics and solutions revenue increased 18%, with recurring revenues in credit, loss prevention, and insurance.

• Technology and platforms revenue rose 13%, driven by fund industry expansion and technology solutions.

• Derivatives revenue declined 7% year-over-year due to BRL appreciation and lower market volatility.

Outlook and guidance

• Expense growth expected to remain around inflation, with continued focus on efficiency and predictability.

• 2025 guidance for adjusted expenses is R$2,260–2,450 million, with capex of R$240–330 million.

• Positive outlook for equities and derivatives volumes in 2026, contingent on lower interest rates and increased foreign investment.

• Pipeline includes new derivatives (Brazilian VIX, Bitcoin options), digital options, and ongoing innovation.

• Ongoing focus on product launches and market infrastructure, including new indices and market maker programs.