B3 S.A. - Brasil, Bolsa, Balcão

B3 reported total revenue of BRL 3.1 billion in Q2 2026, up 12% year over year. Recurring EBITDA was BRL 1.9 billion, up 13%, with a 70% margin. Reported net income reached BRL 1.7 billion, up 28%, while recurring net income totaled BRL 1.4 billion, up 8%; recurring EPS rose 12% to BRL 0.28. On the operating side, cash equities ADTV was BRL 31.3 billion, up 20%, and derivatives ADV was 11.1 million contracts, down 8% but with revenue virtually stable. For the full call, management did not give formal next-quarter or full-year guidance, but said recurring businesses should continue growing at similar rates and that no significant increase in 2026 CapEx/OpEx is expected from the July technical incident.

New CEO Chris Egan said he is not looking to reinvent B3’s strategy but to accelerate execution around three pillars: clients, technology, and people. He stressed that B3’s role as Brazil’s market infrastructure requires high operational standards and said the July 31 technical failure was a call to action, not something to move past casually. His tone was upbeat but measured, with emphasis on listening to clients and strengthening resilience, competitive position, and long-term value creation.

Andre Milanez framed the quarter as evidence of B3’s resilient model despite a tougher rate and volume backdrop. He said adjusted expenses rose 6.2%, slightly above inflation, while recurring EBITDA and net income both grew solidly; he also noted one-off expenses tied to management changes, including termination costs and accelerated long-term incentive plans. On capital allocation and tax, he highlighted BRL 1.1 billion of interest on capital, including BRL 750 million of nonrecurring IoC from unused prior-year balances, and said the higher social contribution rate now moves the statutory combined tax rate from 34% to 37%, with the IoC tax benefit currently offsetting that increase. He added that the company is studying ways to mitigate the tax impact after the nonrecurring balance is used up, including possible legal-entity changes or discussions with tax authorities.

Analysts pressed management on the July systems failure, asking whether extra CapEx or SG&A would be needed and how much the issue was already diagnosed. Andre said the problem was identified, mitigation actions were already taken, and he does not expect a significant increase in 2026 investment levels, though B3 will keep prioritizing technical measures. Questions also focused on elections, antitrust, taxes, and new products: management said election years typically bring higher trading volumes, especially in equities, and that antitrust remedies are still under discussion with no fixed timetable; B3 does not expect those remedies to materially hurt revenues. On taxes, management said it is studying structural options to reduce the effect of the higher social contribution rate once the nonrecurring IoC is exhausted.