Brazil · Delayed Price · Currency is BRL B3 S.A. - Brasil, Bolsa, Balcão Earnings Call Transcripts
Fiscal Year 2025
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Fourth quarter 2025 delivered strong revenue and earnings growth, driven by robust performance across all segments and supported by recurring revenues in data and technology. Despite a one-off tax impact, operational efficiency and margin expansion continued, with optimism for 2026.
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Revenue grew 2% year-over-year, led by fixed income, data, and technology, while net income rose 12% to BRL 1.3 billion. Expenses stayed below inflation, and new product launches and acquisitions supported diversification. Positive outlook hinges on lower rates and market recovery.
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Q2 2025 saw 1% revenue growth and 13% higher EPS year-over-year, driven by strong fixed income and technology segments, while derivatives softened. New product launches and disciplined expense management support a positive outlook, with tax and regulatory changes being closely monitored.
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Gross revenues rose 8% year-over-year, with net income at BRL 1.1 billion and EPS up 25%. Fixed income and derivatives outperformed, while new product launches and active buybacks supported growth. Expense and volume guidance remain on track.
Fiscal Year 2024
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Q4 2024 saw 7% revenue growth year-over-year, with strong performance in derivatives, Bitcoin futures, and OTC products. Recurring EBITDA rose 10% and net profit 14%, while disciplined cost control kept expenses below guidance. New product launches and a major merger are set to drive future growth.
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Q3 2024 saw 9% revenue growth and 6% increases in both EBITDA and net income, driven by strong derivatives and OTC performance, while expenses declined due to lower amortization. Product innovation, including Bitcoin futures and new index contracts, and disciplined cost control support a positive outlook.
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Total revenues grew 10% year-over-year, with strong performance in derivatives, OTC, and financing segments offsetting weaker cash equities. Recurring EBITDA rose 8% to BRL 1.8 billion, and cost discipline is expected to keep expenses at the lower end of guidance.