Slides
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Paleta de cores 3Q25 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 3Q25 3Q25/3Q24 3Q25/2Q25 Market - Derivatives General ADV (thousands of contracts) 9,254 -18.3% -21.7% Average RPC (R$) 1.325 10.9% 14.1% OTC Derivatives Outstanding volume (R$ bn) 8,488 17.1% 6.3% Market – Equities Equities ADTV (R$ millions) 21,754 -6.5% -16.5% Margin (bps) 3.207 -0.141 bps 0.048 bps Market – Fixed Income Fixed Income New issuances (R$ bn) 5,319 12.5% 4.0% Outstanding volume (R$ bn) 8,482 17.8% 4.4% Data Analytics Solutions SNG # of vehicles financed (thousands) 1,914 3.0% 10.7% Technology and Platforms OTC Utilization Average number of customers 22,684 4.0% 1.4%
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Paleta de cores Highlights Financial Performance 1See reconciliations on slide 19 attached (R$ million) 3Q25 3Q25/3Q24 3Q25/2Q25 9M25 9M25/9M24 Total Revenues 2,766.9 2.0% 0.8% 8,169.8 3.4% Markets 1,832.2 -2.8% -1.8% 5,481.1 1.4% Capital Markets Solutions 161.7 5.4% 1.2% 478.5 4.6% Data Analytics Solutions 291.4 18.2% 12.8% 808.2 7.1% Technology and Plataforms 481.5 13.0% 4.5% 1,401.5 14.0% Net Revenues 2,485.9 2.1% -2.2% 7,416.2 4.2% Expenses (841.0) 1.2% -0.4% (2,513.8) 1.1% Personnel and charges (401.3) 7.4% 6.5% (1,157.3) 7.4% Data processing (176.4) 7.6% 1.3% (510.2) 11.9% Depreciation and amortization (95.7) -4.0% -1.1% (290.1) -38.1% Other (167.5) -13.5% -14.7% (556.2) 14.7% Recurring EBITDA1 1,727.0 1,2% 0.3% 5,108.3 1.2% Recurring EBITDA margin1 69.5% -58 bps 29 bps 69,7% -167 bps Financial result 61.4 -16.6 -54.8% 212,7 165% Recurring Net Income1 1,257.5 2.6% -1.6% 3,664.6 2.3% Recurring EPS R$ 0.24 11.6% -5.5% R$ 0.71 15.9%
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Paleta de cores Derivatives 3Q25 Δ 3Q24 Δ 2Q25 888 -7% -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 9.3 million contracts, 18% below 3Q24, explained by decreases in interest volumes in BRL, FX rates and future of cryptoassets. Increase of 11% and 14% in the average RPC compared to 3Q24 and 2Q25, respectively, partially offsetting the lower traded volumes. Increase of 12% in OTC derivatives issues, mainly due to an increase in forward contracts and swaps issues. In the Outstanding Balance, the volume increased by 17%. Revenues (R$ million) HIGHLIGHTS 3Q25 / 3Q24: 32% of the total revenue 243 210 226 237 240 54 53 56 47 48 350 331 301 298 288 19 43 47 37 23 17 19 17 17 17 78 82 80 82 84 195 184 154 176 188 955 922 881 893 888 3Q24 4Q24 1Q25 2Q25 3Q25 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 Equities HIGHLIGHTS 3Q25 / 3Q24: Revenues of 3Q24 and 4Q24 not adjusted for educational incentives of, respectively, negative values of R$1.8 m and R$11.5m. Revenue of 3Q25 not adjusted for educational incentives (Portuguese Only) of R$5.0 m. (Portuguese Only) 1Includes: Options on Equities and Index, Single Stock Futures Contract and Forward Equities Decrease in trading and post-trading of equities revenues compared to 3Q24, with a 6% decrease in ADTV, reflecting a challenging scenario with higher interests rates. The trading and post-trading margin in the cash equities market was 3.207 bps, a decrease of 0.141 bps, mainly explained by higher trading volumes through market maker and liquidity provider programs, which have differentiated pricing. Turnover closed the quarter at 124% 3Q25 Δ 3Q24 Δ 2Q25 524 -9% -7% 19% of the total revenue 1 Revenues (R$ million) 119 95 91 100 91 412 386 365 402 370 63 57 56 63 64 576 526 511 565 524 3Q24 4Q24 1Q25 2Q25 3Q25 Cash equities trading Cash equities post-trading Equity derivatives (trd. and post-trd.)
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Paleta de cores Fixed Income and Credit 3Q25 Δ 3Q24 Δ 2Q25 349 +21% +6% HIGHLIGHTS 3Q25 / 3Q24: 13% of the total revenue Increase of 11% in issuances and 15% in the average Outstanding Balance in banking instruments. In other instruments, highlights include the growth of 40%, 26%, and 19% in issuances of CLCA, LCA, and LCI In corporate debt, highlights include a 20% increase in outstanding balance in 3Q24, and a 4% increase compared to 2Q25, demonstrating, for another quarter, a positive performance in the debt capital markets. Revenues (R$ million) 118 123 147 152 159 105 117 114 119 126 66 43 55 58 63 289 284 315 329 349 3Q24 4Q24 1Q25 2Q25 3Q25 Bank funding Corporate Debt Others
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Paleta de cores Securities Lending HIGHLIGHTS 3Q25 / 3Q24: Increase of 16% reflects the higher trading volume in the quarter, driven by operational improvements implemented to foster the securities lending market for individual investors. 3Q25 Δ 3Q24 Δ 2Q25 77 +16% -4% 3% of the total revenue Revenues (R$ million) 66 61 75 80 77 3Q24 4Q24 1Q25 2Q25 3Q25 Securities Lending
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Paleta de cores Capital Markets Solutions 3Q25 Δ 3Q24 Δ 2Q25 162 +5% +1% HIGHLIGHTS 3Q25 / 3Q24: 6% of the total revenue Increase of 10% revenue in Data for Capital Markets, mainly due to higher revenue from DataWise+ In Depository for Cash Equities, increase of 14% is mainly explained by a higher average balance during the period and by by the new equities fee structure in the quarter Revenues (R$ million) 68 72 81 77 75 47 49 47 49 53 39 33 29 34 34 153 153 157 160 162 3Q24 4Q24 1Q25 2Q25 3Q25 Data for Capital Markets Depository for Cash Equities Listing and Solutions for Issuers
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Paleta de cores Data Analytics Solutions 3Q25 Δ 3Q24 Δ 2Q25 291 +18% +13% HIGHLIGHTS 3Q25 / 3Q24: 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 An increase of 18% in revenue of Vehicles and Real Estate, explained (i) by the increase in the number of financed vehicles, and (ii) higher revenue from the platform developed for clients in the banking correspondent service. Growth in Platforms and Analytical Data is explained by the increase in revenues from the Credit, Loss Prevention, and Insurance verticals. 11% of the total revenue Revenues (R$ million) 132 133 129 133 156 115 131 129 125 136 247 264 258 258 291 3Q24 4Q24 1Q25 2Q25 3Q25 Vehicles and Real Estate Platforms and Analytics
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Paleta de cores Technology and Plataforms 3Q25 Δ 3Q24 Δ 2Q25 482 +13% +4% HIGHLIGHTS 3Q25 / 3Q24: 17% of the total revenue In Technology, a 10% increase in revenues, reflecting the increase in the number of clients in the OTC segment, annual inflation adjustments on the Monthly Utilization line and technology products such as co-location A 30% increase in Market Support Services due to the growth in the outstanding balance of fund quotas and adjustments in asset fees of registration and custody Revenues (R$ million) 294 296 307 314 322 110 117 129 124 143 22 21 23 22 16 426 434 460 461 482 3Q24 4Q24 1Q25 2Q25 3Q25 Technology Market Support Services Other
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Paleta de cores Adjusted personnel2 (+8%): annual adjustment of salaries; impacts from the acquisitions of Neoway and Neurotech. Information Technology3 (+8%): Intensification of cloud technology usage; expenses with licensing and support of technology products. Third-party services (-36%): one-time expenses with consultancies in 3Q24 Other4 (-11%) (in R$ million and % of total adjusted expenses) Adjusted Personnel Information Technology Third-party services Other 3Q25 354.7 (59%) 176.4 (29%) 23.6 (4%) 43.3 (7%) 2Q25 342.4 (59%) 174.2 (30%) 18.2 (3%) 40.9 (7%) 3Q24 328.6 (57%) 164.0 (28%) 36.7 (6%) 48.6 (8%) Adjusted Expenses1 (R$ million) +1,2% Adjusted Expenses 3Q24 Adjusted Expenses 3Q25 3% 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). 3Formerly referred to as Data Processing. 4Includes expenses with maintenance, taxes, board and committee members compensation and others. (13.1) (5.3)577.9 598.112.426.1
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Paleta de cores ¹ Formerly referred to as Data Processing. ²Includes 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 (+7%): annual adjustment of salaries; impacts from the acquisitions of Neoway and Neurotech. Information Technology¹ (+8%): Intensification of cloud technology usage; expenses with licensing and support of technology products. Other2 (-19%) Decrease in expenses with strategic consulting; reversal of provision for contingencies Total Expenses (R$ million) Total Expenses 3Q24 Total Expenses 3Q25 1% Revenue-linked expenses (+10%): higher expenses associated with the banking correspondence services platform and Data (in R$ million and % of total expenses) Personnel and charges Information Technology Revenue-linked expenses Other 3Q25 401.3 (48%) 176.4 (21%) 94.0 (11%) 169.2 (20%) 2Q25 376.8 (45%) 174.2 (21%) 103.2 (12%) 190.1 (23%) 3Q24 373.7 (45%) 164.0 (20%) 85.3 (10%) 208.1 (25%) 841.012.427.6831.1 8.7 (38.8)
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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.. 17,038 16,568 2Q25 3Q25 Total 17,611 3Q24 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 Nov/29 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$598.28 mi Sep/314 Gross indebtedness at the end of June was 2.2x recurring LTM EBITDA B3 Bank2 4Bond has hedge accounting – see note 9 of Financial Statement 0.4 14.2 14.6 Short-term Long-term Total Debt Cetip Lux Loan Bond Debentures 12,234 12,705 12,852 HIGHLIGHTS 3Q25 / 3Q24: Issuance of the 10th issuance of debentures, according to the Material Fact - 09/05/2025, in the amount of R$ 2.6 billion with CDI + 0.45% per year and a term of 5 years, allowing for the early repayment of the 7th issuance, which had a cost of CDI + 1.05% per year. 4,516 3,685 3,621 893 648 1,138 5,410 4,334 4,759
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Paleta de cores Cash Destination – 9M25 (R$ million) R$ million 9M25 9M24 Adj. net cash from operating activities¹ 5,348 5,061 Net cash from investment activities² (11) (2) Net cash from financing activities before distributions³ 660 (2,443) Cash generation (before distributions, CAPEX and acquisitions) 5,997 2,433 CAPEX & Acquisitions (159) (133) Distributions (1,109) (1,279) Buyback (1,536) (2,235) Cash generated (used) in the period 3,193 (1,204) 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) 9M25 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 5% CAGR¹ 10% CAGR¹ -10% 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% 19% 63% 65% 65% 66% 64% 66% 69% 70% 70% 73% 74% 72% 77% 76% 77% 78% 78% 79% 79% 80% 81% 79% 81% 2,118 2,454 2,432 2,569 2,493 2,644 2,767 - 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 3Q25 Average Selic (%) Revenue (R$) Cash equities Other segments Total revenue Average Selic (%)
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Paleta de cores (In R$ million) 3Q25 3Q24 3Q25/3Q24 2Q25 3Q25/2Q25 Expenses (841.0) (831.1) 1.2% (844.3) -0.4% (+) Depreciation and amortization 95.7 99.7 -4.0% 96.8 -1.1% (+) Long-term stock-based incentive program 46.5 45.1 3.2% 34.5 35.0% (+) Provisions (recurring and non-recurring) 4.6 21.3 -78.5% 32.6 -86.0% (+) Revenue-linked expenses 94.0 85.3 10.2% 103.2 -8.9% (+) Other extraordinary expenses 2.0 1.7 17.0% 1.5 31.2% Adjusted expenses (598.1) (577.9) 3.5% (575.6) 3.9% Financial Statements Adjusted Expenses
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Paleta de cores (In R$ million) 3Q25 3Q24 3Q25/3Q24 2Q25 3Q25/2Q25 EBITDA 1,740.7 1,704.6 2.1% 1,794.8 -3.0% (+) Other non-recurring revenues 2.0 1.7 17.0% 1.5 31.2% (+) Reversal of provisions (15.7) - - 75.3%- -79.1% Recurring EBITDA 1,727.0 1,706.3 1.2% 1,721.1 0.3% Recurring EBITDA margin 69.5% 70.0% -58 bps 69.8% -29 bps (In R$ million) 3Q25 3Q24 3Q25/3Q24 2Q25 3Q25/2Q25 Net income (attributable to shareholders) 1,246.1 1,204.5 3.5% 1,325.6 -6.0% (+) Reversal of provisions (15.7) - - (103.8) - (+) Other non-recurring expenses 2.0 1.7 17.0% 1.5 31.2% (+) Tax impacts from non-recurring items 4.6 (0.6) -893.3% 34.8 - (+) Amortization of intangible assets 20.4 20.4 0.0% 20.4 0.0% Recurring net income 1,257.5 1,226.0 2.6% 1,278.6 -1.6% (+) Deferred tax (goodwill from Neoway and Neurotech) 40.7 - - 40.7 0.0% Recurring net income adjusted by goodwill tax benefit 1,298.2 1,226.0 5.9% 1,319.2 -1.6% 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 Guidance Disbursements Guidance 2025 (R$ million) YTD (R$ million) Adjusted expenses 2,260 – 2,450 1,721 Capex 240 – 330 159 Revenue-linked expenses 340 – 440 299 Total Disbursements 2,840 – 3,220 2,178 Other Guidance 2025 (R$ million) YTD (R$ million) Depreciation and amortization (including amortization of intangible assets) 340 – 400 290 ¹Expenses adjusted for: (i) depreciation and amortization; (ii) long-term stock-based incentive program – principal and charges; (iii) provisions; and (iv) revenue linked expenses. ²Includes IoC, dividends, share buybacks or other applicable instruments. This guidance is subject to the performance of the businesses, the achievement of financial leverage objectives and the deliberation of the Board of Directors.
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Paleta de cores Return to Shareholders (R$ million) Return to Shareholders +23% -31% 380 899 1,109 2,241 1,536 3,519 2,645 9M24 9M25 Dividends IoC Buybacks
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Paleta de cores Cancellation May/24: (100) Cancellation Mar/22: (27) Cancellation Apr/23: (280) Cancellation Mar/21: (51) Since 2019, the Company has repurchased around 17% of its capital Active Share Buyback Program Shares issued, held in treasury, and canceled (in millions of shares, except the EPS) Cancellation Dec/23: (173) 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) R$0.44 R$0.67 R$0.77 R$0.69 R$0.73 R$0.84 R$0.21 R$0.25 R$0.24 6,177 6,177 6,126 6,099 5,647 5,427 5,267 5,267 5,267 39 75 53 314 34 161 54 69 136 (30) 20 70 120 170 220 270 320 370 420 470 4,800 5,000 5,200 5,400 5,600 5,800 6,000 6,200 6,400 2019 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 Total shares issued - end of period Treasury shares - end of period
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Paleta de cores Capital structure 72% 22% 6% Gross Debt Exposure CDI Bond 2031 - 4.125% p.a. B3 Inova 14.3 12.1 14.0 13.4 14.9 14.4 14.5 2.0x 1.8x 2.2x 2.0x 2.2x 2.2x 2.2x 0.0x 0.5x 1.0x 1.5x 2.0x - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2021 2022 2023 2024 1Q25 2Q25 3Q25 Gross Debt & Financial Leverage Gross Debit (R$ bn) Financial Leverage 1.86% 1.77% 1.24% 0.93% 0.78% 0.78% 0.63% 2021 2022 2023 2024 1Q25 2Q25 3Q25 Avg. Spread DI Rate - Debentures
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Paleta de cores TKS!