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

Executive summary

• Total revenues for 4Q25 reached R$2.95 billion, up 10.6% year-over-year and 6.7% sequentially, with strong growth across all segments and a diversified business model.

• Recurring net income for 4Q25 was R$1.5 billion, up 25.3% year-over-year and 15.9% sequentially, adjusted for goodwill tax benefit.

• Net income attributable to shareholders was R$907.8 million, down 23% year-over-year due to a non-cash deferred tax adjustment of approximately R$1 billion.

• Recurring EBITDA rose 14.5% to R$1.83 billion, with a margin of 69%.

• 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 margin for 4Q25 was 69.0%, up 175 bps year-over-year.

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

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

• Cash and financial investments at year-end totaled R$17,913 million, with gross indebtedness at R$14.9 billion or 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

• Management expects continued positive trends in ADTV and volumes into 2026, with optimism for further growth in derivatives due to new product launches, potential market volatility from elections, and possible interest rate cuts.

• Double-digit growth is anticipated in non-cyclical business lines, such as data, technology, and OTC, supported by recurring revenues and new product launches.

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

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

• Social Contribution tax rate will increase by 3% from April 2026, with another 3% hike in 2028; prior IOC benefits will help offset the short-term impact.