B3 - Brasil, Bolsa, Balcão (B3SA3) Q2 2026 earnings summary

Executive summary

• Revenue reached R$3.1 billion in 2Q26, up 12.2% year-over-year, with strong recurring revenue performance and growth across all business segments despite a challenging market environment.

• Net income rose 28.2% to R$1.7 billion, with recurring net income up 8% to R$1.4 billion and recurring EPS up 12% to R$0.28.

• Recurring EBITDA was R$1.94 billion, up 13%, with a margin of 70.2%.

• Distributions to shareholders totaled R$1.3 billion, including R$1.1 billion in interest on capital and R$197 million in share buybacks.

• New CEO appointed, emphasizing continuity, client-centricity, technology, and people.

Financial highlights

• Total revenue was R$3,081.4 million, up 12.2% year-over-year; recurring EBITDA margin at 70.2%.

• Net income margin reached 61.5%; effective tax rate dropped to 16.8% due to extraordinary interest on capital distributions.

• Adjusted expenses rose 6.2%, while total expenses increased 15.5% due to non-recurring executive board changes and revenue-linked costs.

• Gross indebtedness at quarter-end was R$14.9 billion, 2.0x recurring EBITDA (LTM), with 83% long-term maturities.

• Cash and financial investments totaled R$19.3 billion at quarter-end.

Outlook and guidance

• Continued focus on expanding product offerings, digital assets, and technological innovation.

• Strategic priorities include strengthening the portfolio, broadening access, and maintaining expense growth near inflation.

• No significant increase in CapEx or OpEx anticipated for operational resilience enhancements in 2026.

• Monitoring potential impacts from elections, with historical trends showing volume recovery post-election.

• Working on tax optimization strategies to mitigate future increases in statutory tax rates.