Q4 2025 B3 SA Brasil Bolsa Balcao Earnings Call Transcript
Key Points
- B3 SA - Brasil Bolsa Balcao (BOLSY) reported a solid 11% increase in total revenues for the fourth quarter of 2025, with growth across all segments.
- The company distributed BRL 1.5 billion in nonrecurring interest on capital, which helped offset the negative impact from deferred tax adjustments.
- Recurring EBITDA reached BRL 83 billion, marking a 15% increase with a margin of 69%, indicating high operational efficiency.
- Data analytics solutions grew nearly 20%, reflecting strong demand from various verticals such as credit, loss prevention, and insurance.
- The company launched new products, including weekly option expiries for the Ibovespa and digital options on interest rates, FX, bitcoin, inflation, and GDP, expanding its product portfolio.
- The company faced a negative accounting impact of approximately BRL 1 billion due to the update of deferred taxes related to the tax amortization of goodwill.
- Derivatives market performance was negatively impacted by FX and crypto products due to the devaluation of the USD against the BRL.
- Total expenses grew by 1.5% year-over-year, with adjusted expenses up by 4.7%, aligning with inflation but indicating cost pressures.
- The increase in social contribution tax will affect the company's tax rate, with a 3% increase starting April 2026 and another 3% in 2028.
- The derivatives segment showed a slight annual decrease in total ADV, indicating challenges in maintaining growth in this area.
Good morning, ladies and gentlemen, and welcome to B3's earnings results presentation for the fourth quarter of 2025, where Andre Milanez, B3's CFO, will discuss the results; along Fernando Campos, Investor Relations Associate Director. (Operator Instructions). As a reminder, this conference is being broadcasted live via webcast. The replay will be available after the event is concluded.
Hello, this is Fernando Campos from B3's Investor Relations team, and I'm here with our CFO, Andre Milanez, to discuss the results for the fourth quarter of 2025. To start, I'll ask Andre to comment on the extraordinary tax effects that mark the quarter and then provide a more general view of the revenues.
Thank you, Fernando. Starting with the nonrecurring tax effect that impacted the company's net income for the quarter. First, we had the increase
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