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

Executive summary

• Revenue for 3Q25 grew 2.0% year-over-year to R$2.77–2.8 billion, with diversified growth in fixed income, data analytics, and technology offsetting declines in equities and derivatives.

• Net income rose 3.5% to R$1.25 billion, with EPS up 11.6% to R$0.24, supported by operational strength and share buybacks.

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

• Shareholder distributions totaled R$1.28–1.3 billion, including R$875.1 million in buybacks and R$402.5 million in interest on capital.

• Major acquisitions included Shipay (62%) and CRDC (60%), reinforcing infrastructure in the credit value chain.

Financial highlights

• Net revenue grew 2.1% year-over-year to R$2,485.9 million; recurring EBITDA was R$1.73 billion, up 1.2%, with a margin of 69.5%.

• Expenses increased 1.2% to R$841 million, below inflation, reflecting disciplined cost control.

• Financial result was R$61.4 million, down 16.6% year-over-year, impacted by early debt settlement and higher average debt.

• Cash and financial investments stood at R$17.6–18.1 billion at quarter-end.

• Gross debt at quarter-end was R$14.5 billion, 2.2x LTM recurring EBITDA.

Outlook and guidance

• Expense growth targeted around inflation, with 2025 adjusted expenses guidance of R$2,260–2,450 million and capex of R$240–330 million.

• Continued focus on product innovation, infrastructure expansion, and new product launches in credit and fixed income markets.

• Positive outlook for volume recovery in equities and derivatives if interest rates decline; recovery depends on macroeconomic triggers.