B3 - Brasil, Bolsa, Balcão (B3SA3) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of BRL 3.2 billion in Q1 2026, up 21% year-over-year, driven by favorable market conditions, strong foreign capital inflows, and recurring revenue expansion.

• Recurring net income reached BRL 1.5 billion, a 33.1% increase year-over-year, with recurring EPS up 38.6% to BRL 0.30, reflecting operational leverage and share buybacks.

• Significant growth in derivatives and equities volumes, with derivatives ADV up 16.4% and equities ADTV up 46% year-over-year, supported by strong foreign investor flows.

• Launched new products, including digital options on Ibovespa, Bitcoin, and USD, and extended trading hours for crypto and gold futures.

• Over 400,000 new equity custody accounts added in the last 12 months, totaling 6.5 million.

Financial highlights

• Total revenue grew 20.5% year-over-year to BRL 3.2 billion; net revenue reached BRL 2.87 billion, up 20.3% year-over-year.

• Recurring EBITDA was BRL 2.1 billion, up 24% year-over-year, with a margin of 71.6%.

• Recurring earnings per share rose to BRL 0.30, up nearly 39% year-over-year.

• Total expenses increased 10.9% year-over-year; adjusted expenses rose 6.3%, mainly due to personnel and IT costs.

• Cash generation from operations was BRL 1.76 billion, with BRL 1.18 billion generated after investments and financing.

Outlook and guidance

• Operational leverage and favorable macroeconomic conditions expected to drive further margin expansion if strong revenue trends persist.

• Continued focus on expanding product offerings, digital innovation, and investments in technology and infrastructure.

• Several companies are ready for IPOs, with supply not being a constraint; future activity depends on market demand and interest rate environment.

• Recurring revenue growth expected to continue, with ongoing product expansion and penetration.