This article first appeared on GuruFocus .
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Net Income:BRL 1.4 billion, a 22% increase excluding nonrecurring effects.
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Total Revenue:11% increase across all segments.
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ADTV (Average Daily Trading Volume):26.2 billion, a 2% increase year-over-year and 20% increase from the previous quarter.
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Recurring EBITDA:BRL 83 billion, a 15% increase with a margin of 69%.
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Recurring Earnings Per Share:$0.29, a growth of almost 30% compared to the previous year.
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Data Analytics Solutions Growth:Nearly 20% increase.
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Total Expenses:Grew by 1.5% year-over-year; adjusted expenses up by 4.7%.
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Nonrecurring Interest on Capital Distributed:BRL 1.5 billion.
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Technology Revenue:BRL 5 million from Ship Pay from November to the end of the quarter.
Release Date: February 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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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.
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The company distributed BRL 1.5 billion in nonrecurring interest on capital, which helped offset the negative impact from deferred tax adjustments.
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Recurring EBITDA reached BRL 83 billion, marking a 15% increase with a margin of 69%, indicating high operational efficiency.
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Data analytics solutions grew nearly 20%, reflecting strong demand from various verticals such as credit, loss prevention, and insurance.
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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.
Negative Points
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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.
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Derivatives market performance was negatively impacted by FX and crypto products due to the devaluation of the USD against the BRL.
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Total expenses grew by 1.5% year-over-year, with adjusted expenses up by 4.7%, aligning with inflation but indicating cost pressures.
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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.
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The derivatives segment showed a slight annual decrease in total ADV, indicating challenges in maintaining growth in this area.
Q & A Highlights
Q: Can you provide perspectives on ADTV for the first quarter and discuss any AI integration opportunities? A: January continued the positive trend with average volumes around BRL33-34 billion, and February is also showing strong volumes. This trend is mainly driven by international investors. Regarding AI, we are exploring efficiency opportunities in software development and data solutions, with plans to enhance offerings using Gen AI.
Q: How are margins faring with the strong ADTV in the first quarter, and what is B3's stance on predictive markets? A: Margins are flat compared to the fourth quarter due to a balance between volume-driven price reductions and a favorable mix of real money inflows. Regarding predictive markets, B3 is focusing on financial indicators for digital options, not pursuing sports-related prediction markets.
Q: With the recent spike in volumes, is there potential for short-term margin expansion, and what is the timeline for realizing the BRL4 billion in IoC benefits? A: There is potential for margin expansion due to operational leverage. The timeline for IoC benefits depends on deduction limits, with more clarity expected in the second half of the year.
Q: Given the acceleration in revenues, especially ADTV, could we see higher expenses, and what is the outlook for data analytics and technology growth? A: We aim to maintain controlled expense growth while investing in new products and modernization. Data and technology have shown quality growth, with recurring revenues providing confidence for continued expansion.
Q: What are the expectations for derivatives in 2026, considering new product launches and potential interest rate changes? A: Despite a high comparison base in 2024, we expect better performance in derivatives due to new product launches, potential market volatility from elections, and anticipated interest rate cuts.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
