B3 Sa - Brasil, Bolsa, Balcao · BMFBOVESPA:B3SA3
B3 Sa - Brasil, Bolsa, Balcao — B3 Sa - Brasil, Bolsa, Balcao — Q3 2025 Earnings Presentation
24 slides from B3 Sa - Brasil, Bolsa, Balcao's earnings presentation, Nov 14, 2025
Slide 1: 3Q25 Earnings Presentation
3Q25 Earnings Presentation Investor Relations
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation may contain certain statements that express the management’s expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data, and on
Slide 3: Highlights - Operational Performance
Highlights Operational Performance 3Q25 3Q25/3Q24 3Q25/2Q25 Market - Derivatives ADV (thousands of contracts) 9,254 -18.3% -21.7% General Average RPC (R$) 1.325 10.9% 14.1% OTC Derivatives Outstanding volume (R$ bn) 8,488 17.1% 6.3% Market – Equities ADTV (R$ millions) 21,754 -6.5% -16.5% Equities M
Slide 4: Highlights - Financial Performance
Highlights Financial Performance (R$ million) 3Q25 3Q25/3Q24 3Q25/2Q25 9M25 9M25/9M24 Total Revenues 2,766.9 2.0% 0.8% 8,169.8 3.4% Markets 1,832.2 -2.8% -1.8% 5,481.1 1.4% Capital Markets Solutions 161.7 5.4% 1.2% 478.5 4.6% Data Analytics Solutions 291.4 18.2% 12.8% 808.2 7.1% Technology and Plata
Slide 5: Derivatives
Derivatives 32% of the total revenue Revenues (R$ million) 3Q25 Δ 3Q24 Δ 2Q25 HIGHLIGHTS 3Q25 / 3Q24: 888 -7% -1% The ADV totaled 9.3 million contracts, 18% below 3Q24, explained by decreases in interest volumes in BRL, FX rates and future of cryptoassets. 955 922 881 893 888 Increase of 11% and 14%
Slide 6: Equities
Equities 19% of the total revenue Revenues (R$ million) 3Q25 Δ 3Q24 Δ 2Q25 HIGHLIGHTS 3Q25 / 3Q24: 524 -9% -7% Decrease in trading and post-trading of equities revenues compared to 3Q24, with a 6% decrease in ADTV, reflecting a challenging scenario with higher interests rates. The trading and post-t
Slide 7: Fixed Income and Credit
Fixed Income and Credit 13% of the total revenue Revenues (R$ million) 3Q25 Δ 3Q24 Δ 2Q25 HIGHLIGHTS 3Q25 / 3Q24: 349 +21% +6% Increase of 11% in issuances and 15% in the average Outstanding Balance in banking instruments. In other instruments, highlights include the growth of 40%, 26%, and 19% in i
Slide 8: Securities Lending
Securities Lending 3% of the total revenue Revenues (R$ million) 3Q25 Δ 3Q24 Δ 2Q25 HIGHLIGHTS 3Q25 / 3Q24: 77 +16% -4% Increase of 16% reflects the higher trading volume in the quarter, driven by operational improvements implemented to foster the securities lending market for individual investors.
Slide 9: Capital Markets Solutions
Capital Markets Solutions 6% of the total revenue Revenues (R$ million) 3Q25 Δ 3Q24 Δ 2Q25 HIGHLIGHTS 3Q25 / 3Q24: 162 +5% +1% Increase of 10% revenue in Data for Capital Markets, mainly due to higher revenue from DataWise+ In Depository for Cash Equities, increase of 14% is mainly explained by a hi
Slide 10: Data Analytics Solutions
Data Analytics Solutions 11% of the total revenue Revenues (R$ million) 3Q25 Δ 3Q24 Δ 2Q25 HIGHLIGHTS 3Q25 / 3Q24: 291 +18% +13% An increase of 18% in revenue of Vehicles and Real Estate, explained (i) by the increase in the number of financed vehicles, and 291 (ii) higher revenue from the platform
Slide 11: Technology and Platforms
Technology and Plataforms 17% of the total revenue Revenues (R$ million) 3Q25 Δ 3Q24 Δ 2Q25 HIGHLIGHTS 3Q25 / 3Q24: 482 +13% +4% In Technology, a 10% increase in revenues, reflecting the increase in the number of clients in the OTC segment, annual inflation adjustments on the Monthly Utilization lin
Slide 12: Adjusted Expenses
Adjusted Expenses1 (R$ million) Adjusted personnel2 Information Technology3 Third-party services Other4 (+8%): annual adjustment of (+8%): Intensification of cloud (-36%): one-time expenses with (-11%) salaries; impacts from the technology usage; expenses with consultancies in 3Q24 acquisitions of N
Slide 13: Total Expenses
Total Expenses (R$ million) Personnel and charges Information Technology¹ Revenue-linked Other2 (+7%): annual adjustment of salaries; (+8%): Intensification of cloud expenses (-19%) Decrease in expenses with impacts from the acquisitions of technology usage; expenses with (+10%): higher expenses str
Slide 14: Financial Highlights - Cash and Debt
Financial Highlights Cash and Financial Investments (R$ million) Debt Amortization Schedule (R$ billion) 14.2 14.6 4,759 1,138 3,621 17,611 12,852 3Q25 4,334 648 3,685 17,038 12,705 2Q25 0.4 5,410 893 4,516 16,568 12,234 3Q24 Short-term Long-term Total Debt Cetip Lux Loan Bond Debentures Third-party
Slide 15: Financial Highlights - Cash Generation and Destination
Financial Highlights Cash Destination – 9M25 (R$ million) Cash Generation (R$ million) R$ million 9M25 9M24 Adj. net cash from operating activities¹ 5,348 5,061 Net cash from investment activities² (11) (2) Net cash from financing activities before 660 (2,443) distributions³ Cash generation (before
Slide 16: Appendix
[By Appendix
Slide 17: Diversified Business Model
Diversified Business Model Company’s Quarterly Revenue (in R$ million) 2,767 2,800 2,644 16.00 2,569 2,454 2,493 CAGR¹ 2,432 2,400 14.00 5% 2,118 81% 12.00 79% 2,000 79% 79% 80% 81% 77% 76% 77% 78% 78% 10.00 70% 73% 74% 72% Average Selic (%) 1,600 69% 70% Revenue (R$) 66% 64% 66% 65% 8.00 CAGR¹ 65%
Slide 18: Financial Statements - Adjusted Expenses
Financial Statements Adjusted Expenses (In R$ million) 3Q25 3Q24 3Q25/3Q24 2Q25 3Q25/2Q25 Expenses (841.0) (831.1) 1.2% (844.3) -0.4% (+) Depreciation and amortization 95.7 99.7 -4.0% 96.8 -1.1% (+) Long-term stock-based incentive program 46.5 45.1 3.2% 34.5 35.0% (+) Provisions (recurring and non-r
Slide 19: Financial Statements - Recurring EBITDA and Net Income
Financial Statements Recurring EBITDA (In R$ million) 3Q25 3Q24 3Q25/3Q24 2Q25 3Q25/2Q25 EBITDA 1,740.7 1,704.6 2.1% 1,794.8 -3.0% (+) Other non-recurring revenues 2.0 1.7 17.0% 1.5 31.2% (+) Reversal of provisions (15.7) - - -79.1% 75.3%- Recurring EBITDA 1,727.0 1,706.3 1.2% 1,721.1 0.3% Recurring
Slide 20: Guidance
Guidance Guidance 2025 YTD Disbursements (R$ million) (R$ million) Adjusted expenses 2,260 – 2,450 1,721 Capex 240 – 330 159 Revenue-linked expenses 340 – 440 299 Total Disbursements 2,840 – 3,220 2,178 Guidance 2025 YTD Other (R$ million) (R$ million) Depreciation and amortization 340 – 400 290 (in
Slide 21: Return to Shareholders
Return to Shareholders Return to Shareholders (R$ million) 3,519 2,645 2,241 1,536 -31% 899 1,109 380 +23% 9M24 9M25 Dividends IoC Buybacks
Slide 22: Active Share Buyback Program
Active Share Buyback Program Since 2019, the Company has repurchased around 17% of its capital Shares issued, held in treasury, and canceled (in millions of shares, except the EPS) R$0.84 R$0.77 R$0.73 R$0.67 R$0.69 R$0.44 Cancellation Cancellation Cancellation Cancellation Mar/21: Mar/22: Apr/23: M
Slide 23: Capital structure
Capital structure Avg. Spread DI Rate - Debentures 1.86% 1.77% Gross Debt Exposure 1.24% 0.93% 0.78% 0.78% 0.63% 6% 22% 2021 2022 2023 2024 1Q25 2Q25 3Q25 Gross Debt & Financial Leverage 2.2x 2.2x 72% 2.2x 2.2x 2.0x 2.0x 1.8x 14.0 2.0x 12.0 10.0 1.5x 14.9 14.4 14.5 8.0 14.3 14.0 13.4 12.1 1.0x 6.0 4
Slide 24: TKS!
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B3 Sa - Brasil, Bolsa, Balcao — Q3 2025 Earnings Presentation on 6ix