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• Revenue Growth:2% increase compared to the same period last year.

• Fixed Income and Credit Growth:21% increase.

• Data Analytics and Solutions Growth:18% increase.

• Technology and Platforms Growth:13% increase.

• Net Income:BRL 1.3 billion.

• Earnings Per Share (EPS):BRL 0.24, a 12% increase from the previous year.

• Recurring EBITDA:BRL 1.7 billion with a 69.5% margin.

• Debenture Issuance:BRL 2.6 billion at CDI plus 0.45% per year.

• Distributions:BRL 1.3 billion, including BRL 875 million in share buybacks and BRL 403 million in interest on capital.

• Share Buyback:125 million shares repurchased, representing around 2.5% of share capital.

• Warning! GuruFocus has detected 6 Warning Signs with BOLSY.

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Release Date: November 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• B3 SA - Brasil Bolsa Balcao ( BOLSY ) reported a 2% revenue growth despite challenging market conditions, showcasing the resilience of its business model.

• The company achieved significant growth in key areas: 21% in Fixed Income and Credit, 18% in Data Analytics and Solutions, and 13% in Technology and Platforms.

• Net income reached BRL 1.3 billion, with earnings per share increasing by 12% compared to the previous year, supported by a successful buyback program.

• B3 SA maintained expenses below inflation, demonstrating effective budget management and commitment to efficiency.

• The company successfully completed a BRL 2.6 billion debenture issuance at a competitive cost, positively impacting net present value.

Negative Points

• The equities and derivatives markets faced challenges, impacting overall market performance.

• There is uncertainty regarding potential tax changes in Brazil, which could affect B3 SA's financials if approved.

• The company faces competition from new local exchanges, although specific timelines and impacts remain unclear.

• The appreciation of the Brazilian real against the US dollar negatively impacted revenue linked to USD-denominated contracts.

• Despite improvements, the securities lending market is still not at the desired level of liquidity and volume.

Q & A Highlights

Q: Can you provide more details on the growth in Platform and Analytics, Market Support Services, and securities lending? Are these growth levels sustainable? A: Andre Veiga Milanez, CFO: In securities lending, we've initiated several initiatives to unlock liquidity, such as working with brokers to use the intermediation account and launching a liquidity pool. Fernando Campos, Investor Relations: Market Support Services growth is driven by the fixed income fund industry, with increased AUM and price adjustments. Platform and Analytics benefited from a better scenario in the auto vehicle industry and commercial efforts in Loss Prevention and Credit segments.