Slides
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Paleta de cores 2Q25 Earnings Presentation Investor Relations
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Paleta de cores Forward Looking Statements This presentation may contain certain statements that express the management’s expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data, and on current projections about the industries B3 works in. The verbs “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “plan,” “predict,” “project,” “target” and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future B3 performance. The factors that might affect performance include, but are not limited to: (i) market acceptance of B3 services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries in which B3 operates; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the implementation of enhanced functionality demanded by B3 customers; (vi) ability to maintain an ongoing process for introducing competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the offer of B3 products in foreign jurisdictions. All forward-looking statements in this presentation are based on information and data available as of the date they were made, and B3 undertakes no obligation to update them in light of new information or future development. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of the Brazilian Securities Commission CVM Instruction 400 of 2003, as amended.
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Paleta de cores Highlights Operational Performance 2Q25 2Q25/2Q24 2Q25/1Q25 Market - Derivatives General ADV (thousands of contracts) 11,821 -2.9% 6.2% Average RPC (R$) 1.162 3.0% -4.7% OTC Derivatives Outstanding volume (R$ bn) 7,983 22.6% 1.1% Market – Equities Equities ADTV (R$ millions) 26,067 9.2% 9.4% Margin (bps) 3.159 -0.191 bps 0.026 bps Market – Fixed Income Fixed Income New issuances (R$ bn) 5,114 13.5% 7.2% Outstanding volume (R$ bn) 8,127 17.9% 5.5% Data Analytics Solutions SNG # of vehicles financed (thousands) 1,730 -2.4% 3.1% Technology and Platforms OTC Utilization Average number of customers 22,372 4.7% -1.0%
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Paleta de cores Highlights Financial Performance 1See reconciliations on slide 19 attached (R$ million) 2Q25 2Q25/2Q24 2Q25/1Q25 1S25 1S25/1S24 Total Revenues 2,745.8 0.7% 3.3% 5,403.0 4.0% Markets 1,866.6 0.4% 4.7% 3,649.9 3.7% Capital Markets Solutions 159.8 2.5% 1.8% 316.7 4.2% Data Analytics Solutions 258.3 1.1% 0.0% 516.7 1.7% Technology and Plataforms 460.6 12.6% 0.2% 920.1 14.6% Net Revenues 2,542.3 3.5% 6.5% 4,930.3 5.4% Expenses (844.3) 15.8% 1.9% (1,672.8) 1.0% Personnel and charges (376.8) 8.5% -0.6% (756.0) 7.4% Data processing (174.2) 19.1% 9.2% (333.8) 14.3% Depreciation and amortization (96.8) 9.0% -0.7% (194.4) -47.3% Other (196.5) 34.0% 2.2% (388.6) 33.5% Recurring EBITDA1 1,721.1 -2.7% 3.7% 3,381 1.8% Recurring EBITDA margin1 69.8% -353 bps 24 bps 69,6% -269 bps Financial result 135.7 - 769.1% 151,3 2189% Recurring Net Income1 1,278.6 4.2% 13.3% 2,407.1 2.1% Recurring EPS R$ 0.25 13.4% 20.2% R$ 0.47 17.1%
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Paleta de cores Derivatives 2Q25 Δ 2Q24 Δ 1Q25 893 -6% 1% Segment impacted from the 4Q21 by the cash flow hedge accounting constituted in the bond issuance. More information on our earnings release. The ADV totaled 11.8 million contracts, 3% below 2Q24, explained by decrease in interest volumes in BRL and Stock Indices, partially offset by the growth of Bitcoin Futures and the launch of Ethereum and Solana futures in June 2025. Increase of 3% in the average RPC due to increases in all contract groups except for Cryptoassets. In FX Rates and Interest in USD, appreciation of the USD against the BRL, while in Interest in BRL , a higher volume of contracts with longer maturities. Increase of 11% in OTC derivatives revenue due to an increase in revenue from Swap operations and a 23% growth in the average stock of derivatives. Revenues (R$ million) HIGHLIGHTS 2Q25 / 2Q24: 33% of the total revenue 280 243 210 226 237 51 54 53 56 47 309 350 331 301 298 3 19 43 47 37 16 17 19 17 17 74 78 82 80 82 217 195 184 154 176 950 955 922 881 893 2Q24 3Q24 4Q24 1Q25 2Q25 Interest rates in BRL derivatives Interest rates in US$ derivatives FX derivatives Cryptoassets Spot FX and commodities OTC Derivatives Stock indices futures
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Paleta de cores 101 119 95 91 100 403 412 386 365 402 61 63 57 56 63 563 576 526 511 565 2Q24 3Q24 4Q24 1Q25 2Q25 Cash equities trading Cash equities post-trading Equity derivatives (trd. and post-trd.) Equities HIGHLIGHTS 2Q25 / 2Q24: Revenues of 2Q24, 3Q24 and 4Q24 not adjusted for educational incentives of, respectively, negative values of R$ 1.7 m, R$1.8 m and R$11.5m, 2Includes: Options on Equities and Index, Single Stock Futures Contract and Forward Equities Revenue from trading and post-trading for stocks in line with 2Q24, with a 9% increase in ADTV, partially offset by a lower margin in the equity market Turnover closed the quarter at 143%, higher than recorded in 2Q24 (136%) and 1Q25 (141%) 2Q25 Δ 2Q24 Δ 1Q25 565 0% 11% 21% of the total revenue 1 Revenues (R$ million)
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Paleta de cores Fixed Income and Credit 2Q25 Δ 2Q24 Δ 1Q25 329 +15% +4% HIGHLIGHTS 2Q25 / 2Q24: 12% of the total revenue Growth in revenues from banking instruments, which showed an 11% increase in issuances and a 14% increase in the Outstanding Balance. In other instruments, highlights include the growth of 37%, 36%, and 50% in issuances of CLCA, LCA, and LCI In corporate debt, highlights include a 23% increase in outstanding balance in 2Q24, and a 3.0% increase compared to 1Q25, demonstrating, for yet another quarter, a positive performance in the debt capital markets. 286 289 284 315 329 2Q24 3Q24 4Q24 1Q25 2Q25 Fixed Income Revenues (R$ million)
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Paleta de cores Securities Lending HIGHLIGHTS 2Q25 / 2Q24: The average open position grew by 19%, and the average lender rate increased by 40 bps, both influenced by greater volatility in the period 2Q25 Δ 2Q24 Δ 1Q25 80 +30% +6% 3% of the total revenue 61 66 61 75 80 2Q24 3Q24 4Q24 1Q25 2Q25 Securities Lending Revenues (R$ million)
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Paleta de cores Capital Markets Solutions 2Q25 Δ 2Q24 Δ 1Q25 160 +3% +2% HIGHLIGHTS 2Q25 / 2Q24: 6% of the total revenue Increase of 3% revenue in Data for Capital Markets, mainly due to higher revenue from DataWise+, a product with detailed analysis of investors and participants in all listed products, offering a complete overview of exchange market operations. In Depository for Cash Equities, increase of 4% is mainly explained by a higher average balance during the period. 75 68 72 81 77 47 47 49 47 49 34 39 33 29 34 156 153 153 157 160 2Q24 3Q24 4Q24 1Q25 2Q25 Data for Capital Markets Depository for Cash Equities Listing and Solutions for Issuers Revenues (R$ million)
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Paleta de cores 145 132 133 129 133 110 115 131 129 125 256 247 264 258 258 2Q24 3Q24 4Q24 1Q25 2Q25 Vehicles and Real Estate Platforms and Analytics ( 27 ) ( 27 ) ( 32 ) ( 34 ) ( 36 ) Data Analytics Solutions 2Q25 Δ 2Q24 Δ 1Q25 258 +1% 0% HIGHLIGHTS 2Q25 / 2Q24: Revenue-linked expenses2 SNG, Real State e Other 1 Includes: SNG and other services for the vehicle financing chain; Colateral management. registration of real estate contracts and others. 2Considers only the revenue-linked expenses related to the Infrastructure for financing segment. 1 A decrease of 9% in revenue of Vehicles and Real Estate, explained mainly by the comparison with 2Q24, when there was an impact from non-recurring revenues from the Desenrola program (excluding this effect, revenues would have grown by 5%). The number of sold vehicles in Brazil increased 11%, while there was a decrease of 2% in the number of financed vehicles. Growth in Platforms and Analytical Data is explained by the increase in revenues from the Credit, Loss Prevention, and Insurance verticals. 9% of the total revenue Revenues (R$ million)
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Paleta de cores Technology and Plataforms 2Q25 Δ 2Q24 Δ 1Q25 461 +13% 0% HIGHLIGHTS 2Q25 / 2Q24: 17% of the total revenue In Technology, a 10% increase, reflecting the increase in the number of clients in the OTC segment, annual inflation adjustments in the Monthly Utilization line and technology products such as co-location A 6% increase in Market Support Services due to the growth in the outstanding balance of fund quotas. 286 294 296 307 314 117 110 117 129 124 6 22 21 23 22 409 426 434 460 461 2Q24 3Q24 4Q24 1Q25 2Q25 Technology Market Support Services Other Revenues (R$ million)
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Paleta de cores Adjusted personnel2 (+10%): annual adjustment of salaries; impacts from the acquisitions of Neoway and Neurotech. Data processing (+19%): Project scheduling; intensification of cloud technology usage; acceleration in project delivery; and adjustment of recurring technology contracts Third-party services (+7%): non-recurring consultancy expenses Others3 (+5%) (in R$ million and % of total adjusted expenses) Adjusted Personnel Data Processing Third-party services Others 2Q25 342.4 (59%) 174.2 (30%) 18.2 (3%) 40.9 (7%) 1Q25 327.7 (60%) 159.6 (29%) 24.0 (4%) 35.7 (7%) 2Q24 312.1 (61%) 146.2 (28%) 17.0 (3%) 39.0 (8%) Adjusted Expenses1 (R$ million) +1,2% Adjusted Expenses 2Q24 Adjusted Expenses 2Q25 12% 1Adjusted to exclude (i) depreciation and amortization; (ii) long-term stock-based compensation (principal + payroll taxes); (iii) provisions; (iv) revenue-linked expenses; (v) other expenses. ² Excludes the long-term stock-based compensation (principal + payroll taxes). 3 Includes expenses with maintenance, taxes, board and committee members compensation and others. 28.030.2514.4 575.61.2 1.9
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Paleta de cores ¹Includes other expenses of the Company described in the Income Statement: Depreciation & amortization, Third-party services, Maintenance in general, Promotion and publicity, Taxes and charges, Board and committee members compensation and other expenses . Personnel and charges (+8%): annual adjustment of salaries; impacts from the acquisitions of Neoway and Neurotech. Data processing (+19%): Project scheduling; intensification of cloud technology usage; acceleration in project delivery; and adjustment of recurring technology contracts Others1 (+20%) Increase with strategic consultancies and provisions linked to the price of B3SA3 Total Expenses (R$ million) Total Expenses 2Q24 Total Expenses 2Q2516% Revenue-linked expenses (+50%): higher amount of the Treasury Direct and Bitcoin Futures incentives (in R$ million and % of total expenses) Personnel and charges Data processing Revenue-linked expenses Others 2Q25 376.8 (45%) 174.2 (21%) 103.2 (12%) 190.1 (23%) 1Q25 379.2 (46%) 159.6 (19%) 101.5 (12%) 188.2 (23%) 2Q24 347.4 (48%) 146.2 (20%) 68.9 (23%) 166.5 (23%) 844.328.029.4 729.1 34.4 23.5
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Paleta de cores Financial Highlights Cash and Financial Investments (R$ million) 1Includes earnings and rights on securities in custody and deposits in an escrow account. Third-party cash is not considered as B3’s own cash, but the Company earns interest on most of this cash balance. 2Primarily composed of B3 Bank clients’ deposits. 3Does not include investments in NUAM Exchange and Fundo L4.. 16,607 16,881 1Q25 2Q25 Total 17,038 2Q24 Third-party Restricted and unrestricted Market participants’ cash collateral and others1 B3’s cash position3 Debt Amortization Schedule (R$ billion) Debt | Amount Maturity B3 Inova | US$ 150 mi Aug/26, Sep/26 e Aug/27 Debenture 2nd issuance | R$1.20 bn May/25 Debenture/CRI 4th issuance | R$205 mi Dec/28. Dec/29 and Dec/30 Debenture 7th issuance | R$2.55 bn Oct/27 e Oct/28 Debenture 8th issuance | R$4.50 bn May/27. May/28 and May/29 Debênture 9th issuance | R$1.70 bn Jan/30 and Jan/31 Sustainability-linked bond | US$598.28 mi Sep/314 Gross indebtedness at the end of June was 2.2x recurring LTM EBITDA B3 Bank2 4Bond has hedge accounting – see note 9 of Financial Statement 5,446 3,671 3,628 838 701 648 6,284 4,373 4,277 10,597 12,234 12,762 0.3 14.3 14.6 Short-term Long-term Total Debt Cetip Lux Loan Bond Debentures
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Paleta de cores Cash Destination – 6M25 (R$ million) R$ million 6M25 6M24 Adj. net cash from operating activities¹ 3,237 3,067 Net cash from investment activities² (12) 4 Net cash from financing activities before distributions³ 1,030 (2,499) Cash generation (before distributions, CAPEX and acquisitions) 4,256 572 CAPEX & Acquisitions (85) (76) Distributions (706) (763) Buyback (661) (1,505) Cash generated (used) in the period 2,804 (1,771) 1Cash flow from operating activities. adjusted by the variation of financial investments and third-parties collateral. ² Cash flow from investment activities other than capex and acquisitions. ³ Cash flow from interest and amortization paid and debt issued in the period. Financial Highlights Cash Generation (R$ million) 2Q25 Cash Generation Capex & Acquisitions Cash generated (used) in the period BuybacksCash before distributions to shareholders Distributions
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Paleta de cores Appendix
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Paleta de cores Diversified Business Model CAGR¹ 4% CAGR¹ 10% CAGR¹ -9% Company’s Quarterly Revenue (in R$ million) Revenue from other segments includes Derivatives, Fixed Income and Credit, securities lending, Capital Markets Solutions, Data Analytics Solutions and Tecnology and Plataforms. ¹ From 2020 to LTM 24. 37% 35% 35% 34% 36% 34% 31% 30% 30% 27% 26% 28% 23% 24% 23% 22% 22% 21% 21% 20% 19% 21% 63% 65% 65% 66% 64% 66% 69% 70% 70% 73% 74% 72% 77% 76% 77% 78% 78% 79% 79% 80% 81% 79% 2,118 2,454 2,432 2,569 2,493 2,644 2,746 - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 - 400 800 1,200 1,600 2,000 2,400 2,800 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Avg. Selic (%) Revenue (R$) Equities Other segments Total revenue Average Selic (%)
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Paleta de cores (In R$ millions) 2Q25 2Q24 2Q25/2Q24 1Q25 2Q25/1Q25 Expenses (828.5) (927.1) -10.6% (908.2) -8.8% (+) Depreciation and amortization 96.8 88.8 9.0% 97.5 -0.7% (+) Long-term stock-based incentive program 34.5 35.3 -2.3% 51.5 -33.0% (+) Provisions (recurring and non-recurring) 32.6 26.1 24.9% 27.8 17.1% (+) Revenue-linked expenses 103.2 68.9 49.9% 101.5 1.7% (+) Other extraordinary expenses 1.5 (4.4) - 3.2 -51.3% Adjusted expenses (575.6) (514.4) 11.9% (547.0) 5.2% Financial Statements Adjusted Expenses
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Paleta de cores (In R$ millions) 2Q25 2Q24 2Q25/2Q24 1Q25 2Q25/1Q25 EBITDA 1,794.8 1,816.8 -1.2% 1,657.0 8.3% (+) Other non-recurring revenues 1.5 (4.4) -134.9% 3.2 -51.3% (+) Reversal of provisions (75.3) (43.2) 74.1% - - Recurring EBITDA 1,721.1 1,769.1 -2.7% 1,660.2 3.7% Recurring EBITDA margin 69.8% 73.3% -353 bps 69.5% 24 bps (In R$ millions) 2Q25 2Q24 2Q25/2Q24 1Q25 2Q25/1Q25 Net income (attributable to shareholders) 1,325.6 1,244.1 6.6% 1,106.1 19.9% (+) Reversal of provisions (103.8) (43.2) 140.2% - - (+) Other non-recurring expenses 1.5 (4.4) - 3.2 -51.3% (+) Tax impacts from non-recurring items 34.8 16.2 114.7% (1.1) - (+) Amortization of intangible assets 20.4 14.0 45.8% 20.4 0.1% Recurring net income 1,278.6 1,226.6 4.2% 1,128.6 13.3% (+) Deferred tax (goodwill from Neoway and Neurotech) 40.7 - - - - Recurring net income adjusted by goodwill tax benefit 1,319.2 1,226.6 7.6% 1,1286 16.9% Net Income Reconciliation Note: amortization of intangible amount net of taxes, calculated at a rate of 34% applied to the deductible portion Financial Statements Recurring EBITDA
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Paleta de cores Return to Shareholders (R$ million) Return to Shareholders 190 573 706 1505 661 2,267 1,367 6M24 6M25 Dividends IoC Buybacks +23% -56%
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Paleta de cores R$0.44 R$0.67 R$0.77 R$0.69 R$0.73 R$0.84 R$0.21 R$0.25 Cancellation May/24: (100) Since 2019, the Company has repurchased around 13% of its capital Active Share Buyback Program Shares issued, held in treasury, and canceled (in millions of shares, except the EPS) Cancellation Mar/22: (27) Cancellation Apr/23: (280) Cancellation Dec/23: (173) Cancellation Mar/21: (51) Cancellation Sep/24: (120) EPS¹ ¹ Net income attributable to shareholders divided by the total number of shares issued at the end of the period. Values prior to the split, carried out in 2021, were adjusted to be comparable. Cancellation Mar/25: (160) 6,177 6,177 6,126 6,099 5,647 5,427 5,267 5,267 39 75 53 314 34 161 54 69 (30.0) 20.0 70.0 120.0 170.0 220.0 270.0 320.0 370.0 420.0 470.0 4800.0 5000.0 5200.0 5400.0 5600.0 5800.0 6000.0 6200.0 6400.0 2019 2020 2021 2022 2023 2024 1Q25 2Q25 Total shares issued - end of period Treasury shares - end of period
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Paleta de cores Capital structure 71% 23% 6% Gross Debt Exposure CDI Bond 2031 - 4.125% p.a. B3 Inova 1.86% 1.77% 1.24% 0.93% 0.78% 0.78% 2021 2022 2023 2024 1Q25 2Q25 Avg. Spread DI Rate - Debentures 14.3 12.1 14.0 13.4 14.9 14.4 2.0x 1.8x 2.2x 2.0x 2.2x 2.2x 00x 01x 01x 02x 02x - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 2021 2022 2023 2024 1Q25 2Q25 Gross Debt & Financial Leverage Gross Debit (R$ bn) Financial Leverage
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Paleta de cores TKS!