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B3 - Brasil, Bolsa, Balcão (B3SA3) investor relations material
B3 - Brasil, Bolsa, Balcão Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
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.
Evaluate Bitcoin Futures strategy effectiveness
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Next B3 - Brasil, Bolsa, Balcão earnings date
Q4 202519 Feb, 2026
Next B3 - Brasil, Bolsa, Balcão earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
B3 S.A. - Brasil, Bolsa, Balcão, a financial market infrastructure company, provides trading services in an exchange and OTC environment that encompasses the following markets: Brazilian stock market; Brazilian derivatives market and Petrobras bonds market. The Company's main business activity is to operate Bovespa Stock Exchange (BOVESPA) through its subsidiaries B3 Intermediary Financial Services and B3 Holdings S.A. Its activity includes trading on its own account and on behalf of clients at its electronic trading platforms; providing technology support for the financial industry; developing specialized applications for trading activity; operating a centralised securities depository facility; and offering brokerage services to institutional investors.
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