By Brazil Stock Guide – B3 (B3SA3) reported a net profit of R$1.2 billion ($212 million) in the third quarter of 2025, up 3.5% from a year earlier, as growth in its fixed income, credit and data businesses offset a decline in trading volumes. Earnings per share rose 11.6%, helped by buybacks and disciplined cost control.
Net revenue reached R$2.49 billion ($440 million), a 2.1% increase from the same quarter in 2024, reflecting the strength of B3’s diversified platform. Operating expenses rose only 1.2% to R$841 million ($150 million), keeping margins stable. Shareholder distributions totaled R$1.3 billion ($230 million), including R$875 million in share repurchases and R$403 million in interest on equity.
Equities down, fixed income up
Average daily trading volume in equities fell 6.5% to R$21.8 billion, while derivative contracts dropped 18.3% to 9.25 million per day. The drag was offset by a 20.9% jump in fixed income and credit revenue and 18.2% growth in analytics services. The exchange also issued R$2.6 billion ($460 million) in five-year debentures at CDI +0.45% to refinance older, costlier debt, optimizing its capital structure.
Credit infrastructure and product expansion
B3 advanced its push into credit infrastructure with two strategic acquisitions: Shipay, a payment integration platform (62% stake), and CRDC, a credit registry (60%), pending regulatory approval. The deals aim to position the exchange at the core of Brazil’s new receivables and digital credit ecosystem.
The company also launched two new benchmarks — the Tesouro Selic Index (TSLC), tracking short-term government bonds, and the IFGOLD B3 Index, mirroring gold futures — alongside a new market-maker program for NTN-B and LFT bonds on its Trademate fixed-income platform to deepen liquidity.
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