B3 S.A. Q2 2025 Earnings Call Transcript: Consistent Results Amid High Interest Rates and Political Volatility

B3 S.A. reported a 1% increase in total revenue for Q2 2025, driven by growth in fixed income and technology segments. The company's diversified business model helped it deliver consistent results despite high interest rates in Brazil and political volatility.

B3 S.A., the Brazilian stock exchange operator, reported a 1% increase in total revenue for the second quarter of 2025, totaling R$2.7 billion. This growth was driven by robust performance in the fixed income and technology segments, despite the challenging economic environment characterized by high interest rates and political volatility in Brazil.

Key highlights of the quarter include a 3.9% increase in the volume of OTC derivatives and a 22.6% growth in the outstanding balance of fixed income instruments. The fixed income market reached R$8.1 trillion in custody, demonstrating its resilience and importance as a financing source for companies and financial institutions. The technology and platforms segment also showed strong performance, with revenues increasing by 12.6%, largely due to growth in customers using the OTC systems and annual price adjustments for these services.

Despite the challenging economic conditions, B3's diversified business model allowed it to maintain consistent results. The company's revenue from Capital Markets Solutions grew by 2.5%, and the data analytics segment saw a 1.1% increase in revenue. However, expenses grew by 15.8%, primarily due to project scheduling, incentives for Bitcoin Futures, and salary adjustments. The recurring net income of R$1.3 billion reflected resilient operational performance and the financial result's contribution.

B3 also announced several new product launches and regulatory changes aimed at enhancing market accessibility and efficiency. These include the introduction of Ethereum and Solana Futures, reduction of Bitcoin Futures contracts, and the launch of offshore interest rate futures contracts. Additionally, the CVM announced FÁCIL, a facilitation program aimed at increasing access for small and medium enterprises to the capital markets.

The company's commitment to innovation and strengthening the capital markets was evident throughout the quarter, with B3 launching new products and services to meet the evolving needs of investors and market participants.

References:
[1] https://www.marketscreener.com/news/b3-s-a-brasil-bolsa-balcao-reports-earnings-results-for-the-second-quarter-and-six-months-ended-ce7c5edcdc89f225
[2] https://www.ainvest.com/news/comscore-2025-q2-earnings-deepened-losses-revenue-growth-2508/
[3] https://www.marketscreener.com/news/b3-s-a-brasil-bolsa-balcao-financial-statement-a-2q25-ce7c5edcda88f627