Q2 2026 B3 SA Brasil Bolsa Balcao Earnings Call Transcript

Aug 12, 2026 / 01:00PM GMT

Release Date Price: €7 (-6.04%)

Transcript

Key Points

Positve

Total revenues increased 12% year-over-year to BRL3.1 billion, driven by strong growth in recurring revenues.
Recurring revenues grew 17%, representing about 50% of total revenues, highlighting business model resilience.
Equities ADTV rose 20% year-over-year, with significant growth in BDRs (42%) and listed funds (74%).
Recurring EBITDA grew 13% to BRL1.9 billion, with a stable 70% EBITDA margin.
Capital markets momentum improved with the first IPO in nearly five years and BRL8.6 billion in follow-ons during the quarter.

Negative

Derivatives volumes declined 8% year-over-year, primarily due to lower activity in crypto assets.
Adjusted expenses increased 6.2%, slightly above inflation, due to continued investments and management changes.
A technical failure on July 31 delayed market opening, raising concerns about operational resilience.
The social contribution tax rate increased from 34% to 37%, impacting the statutory tax rate.
The antitrust case with CADE remains unresolved, with potential adjustments to pricing and interoperability that could affect OTC revenues.

Operator

Good morning, ladies and gentlemen, and welcome to the b3's earnings results presentation for the second quarter of 2026, where Andre Milanez, B3's CFO, will discuss the results along with Fernando Campos, Investor Relations Associate Director. (Operator Instructions) As a reminder, this conference is being broadcast live via webcast. The replay will be available after the event is concluded.

Fernando Tavares de Campos

B3 SA Brasil Bolsa Balcao - Investor Relations Associate Director

Hello. I'm Fernando Campos from B3's Investor Relations team, and I'm here with Andre Milanez, B3's CFO, to comment on the results for the second quarter of 2026. Hi, Andre.

Andre Veiga Milanez

B3 SA Brasil Bolsa Balcao - Chief Financial, Corporate and Investor Relations Officer

Hi, Fernando.

Fernando Tavares de Campos

B3 SA Brasil Bolsa Balcao - Investor Relations Associate Director

Before we start, I would like to share with you a small video that our new CEO, Chris Egan, prepared with a

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