B3 - Brasil, Bolsa, Balcão (B3SA3) Q4 2025 earnings summary

Executive summary

• Total revenue for 4Q25 reached R$2.95 billion, up 10.6% year-over-year and 6.7% sequentially, with all segments contributing positively.

• Recurring net income for 4Q25 was R$1.5 billion, up 25.3% year-over-year, and 15.9% sequentially, with EPS at R$0.29, up 27.1%.

• Net income attributable to shareholders was R$907.8 million, down 23% year-over-year due to a non-cash deferred tax adjustment.

• Diversified business model with strong growth in non-equities segments, supported by operational improvements and new product offerings.

• Distributions to shareholders in the quarter totaled R$3.6 billion, including R$1.7 billion in share buybacks and R$1.9 billion in interest on capital.

Financial highlights

• Recurring EBITDA for 4Q25 was R$1.83 billion, up 14.5% year-over-year, with a margin of 69.0%.

• Recurring EPS for 4Q25 was R$0.29, up 27.1% year-over-year.

• Adjusted expenses increased 4.7% year-over-year, in line with inflation, totaling R$624.8 million.

• Cash and financial investments at year-end totaled R$17,913 million, with gross indebtedness at 2.1x recurring LTM EBITDA.

• Adjusted net cash from operating activities in 2025 was R$7,386 million, with R$3,269 million returned to shareholders via dividends and buybacks.

Outlook and guidance

• 2025 guidance for adjusted expenses: R$2,260–2,450 million; CAPEX: R$240–330 million; revenue-linked expenses: R$340–440 million.

• Margins are expected to remain flat in the short term, with potential for expansion due to operational leverage if volumes continue to rise.

• Double-digit growth is anticipated for non-cyclical business lines in 2026 and beyond, supported by recurring revenues and new product launches.

• Financial leverage target maintained at up to 2.1x gross debt/recurring LTM EBITDA.

• Payout ratio guidance set at 110–130%.