Hello. I'm Fernando Campos from B3's Investor Relations team, and I'm here with Andre Milanez, B3 CFO, to comment on the results for the second quarter of 2026.

Hi, Andre.

Hi, Fernando.

Before we start, I would like to share with you a small video that our new CEO, Chris Egan, prepared with a few messages for you.

Good morning, everyone, and thank you for joining our second quarter earnings call, my first as CEO of B3. I stepped into this role just over a month ago, fully aware of what it carries.

B3 is the infrastructure on which Brazil's financial and capital markets operate. We're a listed, regulated company, and every decision we make must live up to that responsibility.

My priority in the first month has been to listen. I have spent time with clients, employees, regulators, and market participants, and what I found reinforced my conviction: highly talented teams, a robust pipeline of products and initiatives, and a solid foundation for long-term value creation.

Over the coming weeks, I intend to be just as close to investors and analysts, continuing B3's long-term commitment to open, transparent, and consistent communication. On strategy, let me be direct: B3 has a clear strategy built by the executive team together with the Board of Directors.

I did not come here to reinvent it. I came to accelerate its execution.

That means strengthening our competitive position, developing new avenues for growth, and expanding the value we create for clients. We will remain attentive to opportunities, including businesses and partnerships that add complementary capabilities to our portfolio, always with the financial discipline that defines this company.

This agenda rests on three pillars: the client at the center of every decision, because B3's success is a direct consequence of the success of those who rely on our infrastructure; technology as the engine of transformation, innovation, and efficiency; and last, our people, whose quality and execution capabilities are what turn strategy into results. Looking ahead, we see profound transformation across global markets: 24/7 trading, advances in AI, and the growing importance of data, alongside new models for trading, registry, and settlement.

Our ambition is not to keep pace with the evolution; it's to lead it in Brazil. Before I close it, I want to address the events of July 31st.

In that morning, a technical failure delayed the opening of our markets. We fell short of the standard the market expects of B3, and more importantly, the standard we demand of ourselves.

Our teams have conducted a detailed assessment of the event and are already implementing enhancements to redundancy, contingency, and monitoring, as well as operating procedures. Let me be clear: we're not treating this episode as an item that is behind us.

We're treating it as a call to action. Operational resilience is the foundation of everything that B3 delivers, and raising it in a continuous and measurable way is a priority of my tenure.

B3 leadership is directly overseeing and addressing this matter. That is the standard of stability and reliability by which we will measure ourselves.

Let me close by reaffirming my optimism about B3's future and the opportunities ahead of us. Thank you for your trust, your partnership, and your continued interest in our company.

Thanks.

Going back to the quarter, Andre, I would like you to share an overview of the quarter, commenting on the market environment and how B3's business model continued to generate opportunities even in a more challenging market setting.

Sure, Fernando. The second quarter once again reinforced the strength and the resilience of B3's business model.

Even in a scenario still marked by revisions to interest rate expectations and lower activity in some of the markets that we operate, we continued to deliver consistent results with total revenues of R$3.1 billion, an increase of 12% compared to the second quarter of '25. Despite the slowdown when we compare the second quarter of this year with the first quarter of this year, procyclical revenues also delivered positive growth, increasing 8%, that growth driven primarily by higher volumes in equities.

In addition, we saw important movements in the offerings market in the capital markets, with the completion of the first IPO in almost five years, which raised around R$3 billion, together with another R$8.6 billion in follow-ons during the quarter, a meaningful indication of stronger momentum and confidence in the capital markets. In relation to our recurring revenues, which represented approximately 50% of total revenues, those maintain a solid trajectory, increasing 17%, reinforcing the complementary nature of our revenue streams and the company's ability to grow consistently with double-digit expansion in the main business lines.

Together, these results highlight our strength in capturing opportunity, expand the relevance of B3, and to continue to create value sustained across different market cycles. Fernando will now provide more details on the operational performance of our main business segments.

Fernando?

Thank you, Andre. Starting with derivatives, average daily volume, ADV, reached 11.1 million contracts.

Despite an 8% decline in volumes, mainly due to lower activity in crypto assets, revenue remained virtually stable. This result reflects both the efficiency of our pricing model and the strong performance seen in June, which was the second highest month in terms of volume over the last 12 months.

In equities, ADTV in the cash equities market reached R$31.3 billion, up 20% second quarter '25. Highlights included 42% growth in BDRs and 74% growth in listed funds.

In fixed income and credit, issuances increased 3%, and outstanding balances grew 17%. Tesouro Direto ended the quarter with more than 3.5 million investors and 44% increase in outstanding balance.

In the recurring revenues, Trillia registered expansion of 22%, Capital Markets Solutions increased 26%, and technology and platforms grew 16%, reinforcing the diversification and predictability of the company revenues. Andre, I will now turn the call over to you to comment on the financial results and the main strategic highlights of the quarter.

Thank you, Fernando. In relation to our expenses, we remained with a good control on costs and expense management.

Our adjusted expenses increased 6.2%, which was slightly above inflation for the period, even with continued investments in technology, innovation, and growth initiatives. In relation to the total expenses, those reflected non-recurring effects related to changes in our management team, including termination expenses and the acceleration of long-term incentive plans that were associated with non-compete agreements.

Our recurring EBITDA reached R$1.9 billion with a growth of 13% and an EBITDA margin of 70%. Additionally, we announced the payment of R$1.1 billion in interest on capital.

It is worth mentioning that out of this amount, R$750 million corresponds to non-recurring IOC related to unused balance from previous fiscal years. Although we had an increase in our social contribution rate during the quarter as from 1st the 1st of April of this year, which has increased the nominal tax statutory rate from 34% to 37%, the tax benefit associated with this non-recurring interest on capital more than offset the increase that we saw in the social contribution rate.

As a result, our reported net income for the period reached R$1.7 billion, an increase of 28%, while our recurring net income totaled R$1.4 billion, an increase of 8% in relation to the second quarter of last year. Recurring earnings per share increased 12%, reaching 28 cents per share.

In innovation and in our project agenda, we launched financial event contracts linked to the GDP and to the inflation index. We expanded the assets that are eligible to the RLP.

We also began the tests of our stablecoin, B3RL. Finally, we launched new indices in the B3 Treasury IPCA family.

Last but not least, we also initiated the assisted production phase of the electronic trade receivables, an important advancement for the credit market infrastructure.

Thank you, Andre. With that, we conclude our comments on the results for the second quarter of 2026.

Thank you very much.

Thank you. Good morning, everybody.

Question on the aforementioned event a few weeks ago, and Egan mentioned that you're looking to increase investments to mitigate it from happening again. Just wondering if you have already diagnosed it to the extent that we can also measure maybe the extra bit capex or SG&A that you one-off fill in to make sure it doesn't repeat.

Then the second question, a little more strategic for the incoming CEO, and we do wish you much success there, Chris, and you come freshly from the other side of the table, when you did spend a lot of time with clients, you also mentioned that, other than price, which is usually what comes up, what other aspects do you think clients would like to see changed or improved at B3? What did you detect as pain points for them that could even unlock more volumes or business for you?

Thank you.

Hi, Leduc. It's Andre here.

Thanks for the question. I think Chris is not here with us for the Q&A.

He's been with the company for pretty much a month now. He was very adamant to record his message to you, but as he said, he will be closer to the investor and analyst community in the coming months.

He has been investing a lot of his time at the moment to know the people here, to visit clients, to interact with regulators, and shortly he will also be much more present in the agenda with investors and analysts. I suggest we can leave that second question for this further interactions.

In relation to the first one, as we said, it was a technical failure in one of our platforms. We've identified the problem.

I'm not going to go into a lot of detail here. It's very technical, but the mitigation actions have already been taken to prevent that, but this is part of our, I would say, daily job.

Ensuring that our platforms are working properly, we know the responsibility that our company and ourselves have in the role that we perform as a market infrastructure. At the moment, I don't think it is a matter of significantly increasing investment to address some of these problems that were identified, but maybe a matter of accelerating some of the technical measures and also prioritizing other things.

I'm not expecting that to have a significant impact, at least not for this year, in terms of our expenditure and investment levels. As the company already invests around between opex and capex, around 10% of its net revenues in product development, in modernization of platforms, etc., a number that has been increasing over the last five years, and we do believe that that level of investment will continue to be required for us to perform the role that we have as a market infrastructure.

Thank you, Andre.

Hi, guys. Good morning.

Good morning, Andre. Good morning, Fernando.

Also, wishing the success for Chris Egan, even if he's not attending the call today. Let me try to ask you about your environment into 2027 as is right now.

We notice equities decelerating again, but still the business compressed throughout the years to 20% or 25% of your revenue contribution. Looking to the other 75% or maybe if we exclude derivatives, we're talking about maybe half of the company, are you feeling any pressure on specific lines of fixed income or the part of the credit in terms of registration or any other business from this 50%?

I'm asking this because we usually think of the business as a volatile business in terms of equities, and you have a pretty much stable part that is kind of a growing piece and hedged sometimes by inflation. I wanted to hear comments on this hedged part of the business, and in what lines do you feel that competition could put more pressure into 2027?

If I may, a second question, just a quick one, do you have any sensitivity of 1 billion less in ADTV, how much it hurts your operating profit? Thank you.

Thank you, Vaz, for the question. In relation to your point, I think we've been discussing that a lot and part of our strategy of diversification, increasing or reducing the dependency that we had in relation to those, let's say, more cyclical businesses is now becoming more tangible and I guess proving its value.

This quarter, I think it is a good example. We still maintain the optionality of those cyclical businesses that can respond and respond very quickly to external factors, and we saw that very clearly happening during the first quarter.

We still have the other as you said, almost half of the business that is much more resilient, that can grow let's say, more independently from these external factors. That's what we saw in the second quarter: the recurring part of the business growing around 17%, the cyclical part still growing in relation to last year, but much less than it did in the first quarter, a combined growth between derivatives and equities of 8%, allowing the company to deliver a top-line growth of 12%.

I think, in general terms, we believe that we have the ability to continue to grow this recurring part of the business at similar rates of growth. Of course, there might be specific lines that can decelerate a little bit, other lines where we see potential to accelerate further, but in general terms, I think that's the overall trend that we do see for the recurring part of the business.

This quarter on the cyclical side, we had equities decelerating in relation to the first quarter of this year, but improving significantly in relation to last year. On derivatives, the story was slightly different, but that's what I guess drove the growth that we saw on the cyclical part.

To your second question, we do have a lot of analysis, internal analysis, but we do not like to share those analysis because it depends a lot on the mix, given that the fee is an important component to our profit or revenue, and the fee is dependent on the mix. If you have more options exercise, for example, then in this mix, or if you have more HFTs, or if you have more retail investors, so that's why it's tough to share this kind of analysis with the market, because it's really broad.

I think you can do the exercise yourself. It will depend on the assumption that you want to have in relation to the average price, and you can apply a similar margin to the overall business.

That would get you very close to what that impact could be. Trying to help here, right?

I guess the main point is the assumption that you will make around the average price.

No, that's clear. Pretty helpful.

Thank you, guys.

Thank you.

Hi, Andre. Hi, Fernando.

Good morning. Thanks for the opportunity.

I have two questions on my side, please. The first one is on volumes.

I know that's definitely hard to predict what should happen, but now that we are getting close to the elections here in Brazil, do you have an idea, I don't know, looking to the historical past elections about potential impacts that we could see on both equities and derivatives volumes as we pass through this event? This is the number one.

Second, if you can comment a little bit on that competitive process that is ongoing within the antitrust today, what were the latest news on that and if there is anytime about a potential resolution and what could that mean for your revenues on the OTC business in your view? I know that it is dependent on the outcome, but just wondering if you have an idea about potential impacts if the remedies suggested are applied as is today.

Thank you.

Thank you for your question, Kaio. Look, talking about the elections, and I think first let's talk about July.

July, just to make sure that we are on the same page here, is seasonally a weaker month, given the holiday season in the Northern Hemisphere and here in Brazil as well. Typically, July we tend to see a volume that is 10%, 15% lower during that particular month than the average of the prior six months, and then typically, historically, we see recoveries starting in August.

In election years, we tend to see this trend, I would say, more pronounced. What do I mean by that?

Typically volumes decline slightly above that level on average, around 20%, but then we typically see a recovery to volumes slightly higher than normal levels that we were seeing before. We are actually seeing a little bit of that happening now, volumes for August so far have been very strong.

You can follow that by our daily operational data that we release, and without having options exercise, which typically provide an additional increase to volume. Far, the trend seems to be repeating itself this year.

Then on election years, I guess what we see is that closer to the election, and then it varies a little bit, I guess, according to the type of election that we are seeing. In certain years we see volumes increasing slightly earlier, in other years a little after the first round, but in general we see increase in volumes around the election year and then some normalization in December.

Looking at historical data and the trends, we do expect some more activity around the election on equities, but also on derivatives, I would say, in a smaller proportion than equities, but typically you see some acceleration in activity and trading volumes around the election period. Your second question, can you repeat that please?

It was about the antitrust case, right?

Exactly, exactly. The case if we have any potential timeline for resolution, what could that mean for revenues on the OTC business if the remedies suggested are applied as is today?

Any detail on that would be helpful.

There is no, let's say, a defined timetable here. We recently had the appointment of a member of the antitrust court that's going to be responsible for our case.

We will initiate the discussions with him. It is difficult to precise in certain cases that those discussions could take up to a year.

We will see how it will play out in our case. I guess looking at the recommendations that came from the superintendence antitrust authority, they are very broad at the moment, right?

I guess they suggest that we need to revisit our pricing schedule, suggest that we need to ensure that we have to cooperate in interoperability agreements and some other things. Look, what I can tell you at the moment is that we will have this discussion with the antitrust authorities.

We might need to make some adjustments to address potential concerns that they could have in relation to those matters, but I'm not expecting those to have a significant impact to our revenues, because to be honest, we don't believe that those are the reasons why we have a leadership position in those markets. That's why if we need to make adjustments to address the potential concerns, we probably do that.

That's clear. Thank you very much, Andre.

Thank you.

Hey, guys. Good morning.

Congratulations on the results. I just have one question, Andre.

You talked about several new products, right, or new initiatives that you have launched. I think that this quarter we saw the launching of two financial event contracts.

I think this is your entrance into the prediction markets. You also talked about expanding the list of assets eligible for RLP.

You talked about the fixed income, adding the debenture trading, and also on the press release we did see, right, that you started testing your stablecoin. When we look at this list of new products, new initiatives, you have quite a lot of things going on.

My question is, which ones are you most excited about, and when should we expect any meaningful contribution to your financials from these products? Thank you.

For your question, Mario. Look, sometimes, of course, we do have some internal assessments of the potential that some of those products have.

In certain cases, launching those is also part of increasing our moat, our competitive position. Sometimes one single product is not going to be what moves the needle, but in certain cases, a combination of those could make a big difference.

In relation to those that you mentioned, I think the trade receivables is a new market that we believe in the potential. It's a huge market, and we do see that as an interesting opportunity in terms of revenues and results for the company individually, but because it is a new business, a business that is being, I'll say, starting from scratch here in Brazil.

In relation, I guess, to the prediction market contracts, we also believe that this agenda around this, new products and innovation has a lot of long-term potential. It is worth mentioning that even though we're still working with a restriction in the type of investors that can use these products today, we are already seeing some demand from institutional investors, for instance, on the inflation product.

We already have institutional investors trading the inflation product, and have been receiving demand from those investors to maybe expand that to other indicators, potentially payroll and other things. I guess while we work with regulator to allow a broader access to this kind of products, we are already seeing more demand coming from the institutional investors for that kind of contract, and we will continue to address those demands.

The whole agenda around data and indices also has a lot of potential, but I don't see any of those, I guess, being completely transparent here with you, moving the needle in the very short term. All of those, I think, are important initiatives that will contribute to future and sustainable growth for the company in the coming years.

Thank you.

Hi, Andre, Fernando. Thanks for the call and taking my questions.

Just two quick follow-up questions. First, on expenses, you had some additional expenses related to the management changes.

Do you expect any more, or was that just this one time in the second quarter? Then you mentioned, Andre, that paying R$750 million of the non-recurring IOC that you have, that still leaves a little over R$3 billion to pay.

What is the expected timeline to return that IOC? Thank you.

Thank you for your question, Tito. Yes, you're right that it was a let's say a noisier quarter on the expense side because of those non-recurring one-off items that we had in relation to all the movements we had in the management team.

It was a combination, right, we had several movements taking place at the same time for different reasons, unrelated reasons, but all of those ended up being concentrated in the second quarter of this year. I'm not expecting any more significant one-offs this year.

Non-recurring events are non-recurring, it is sometimes hard to predict, but I'm not expecting anything like that to affect the results still this year. In relation to your second point about the non-recurring extraordinary IOC, as we've said in the beginning of the year, we had a R$5.5 billion amount that we could use.

We used R$1.5 billion last year, and we would be using as much as we could of the remaining balance in the following years. We already anticipated R$750 million this year, and we will probably use similar amounts until the end of the year in order to use as much as we can this year.

It's difficult to give you a precise figure because that will depend a lot on the net income of the company, right? That's one of the limitations that we have for how much we can use.

We will use as much as we can this year, and the rest of the balance probably next year.

Great, that's clear. Thank you, Andre.

Hi, Andre, Fernando. Good morning.

I have maybe two quick follow-ups here. One on taxes, the higher taxes, if there is something that you could do to offset this increase.

I guess in the past we discussed that you have some subsidiaries that they are not exactly exchanges and they should be maybe another tax regime with lower taxes, but don't know how easy is that. Just asking if those conversations have evolved, if you have been studying ways to implement maybe some kind of tax optimization on that sense.

Then just a follow-up on the let's say safer, less volume dependent lines, and here maybe I will simplify as Capital Markets, Data & Analytics, and Technology. I agree those lines are more resilient and they are growing well, some 20% year-over-year, but when we go quarter-over-quarter, they are not growing, right?

They're growing closer to zero, and I guess there is some seasonality. You have the price increase at the beginning of the year, not necessarily second quarter is a good proxy.

Is this just seasonality or are those lines that even though are safer than equities and derivatives, they can also be weaker in a slowing down economy or, I don't know, a competitive environment? Because some of those lines are OTC driven, and this is where sometimes we see some of your competitors going for swaps and things like this.

Just checking, in the end, how safe are those lines here? Thank you.

Thank you, Yuri. In relation to your question about taxes, I think we had an increase in our social contribution, as we discussed, as from 1st of April this year.

Given the way it was approved, it increases now by 3% and another 3% by the beginning of '28. We'll have this year and next year with an statutory combined rate of 37%.

In this period, the benefit that we will have from the non-recurring IOC will more than offset that increase, right? What we have been working on is ways of mitigating that impact of tax increases after that, because the non-recurring balance will be consumed at some point, the increase in the rates will remain.

One of the things that we have been discussing is that because we have all of our businesses pretty much under a single legal entity, if there is any measure, for instance, that we could pursue either seeking some sort of discussions with the federal revenue or the IRS or thinking about potential different legal entity organization for the group as ways of mitigating that. That's not the only thing that we have been studying, but we do believe that there are ways of reducing that impact and really ensuring that only the businesses that will be eventually subject to that increase are affected and not the entire company, because we do have a lot of different businesses that are not under the scope of that change, right?

That's as far as I can go at the moment in relation to that, but we are working in some measures to reduce the impact of that increase going forward, especially after 2028 when we expect the benefit from the IOC to be completely used. Your second question about the recurring revenues, I think, in summary, without having going to a lot of details in each line because, as I said, there are different dynamics for some of those, in some cases, some decelerating a little bit, others are showing accelerates, but in general terms, I think we can say that there is some seasonality in the first quarter.

One of the reasons is the price adjustments, as you said. There is also some seasonality in terms of product launches and commercial initiatives that ended up contributing to that behavior in the first quarter.

I think, being more specific, you have to remember that, for instance, on the first quarter we also had that change in the billing model for the SNG. This also contributed to the growth that we saw first quarter over last quarter and no longer to the growth between second quarter and first quarter.

There is a lot of details around each one of them, but as I said, in general terms, the overall trend for that group is that we continue to see solid underlying growth in those businesses, and even though the comparison between the first quarter reflects some of those movements that I mentioned, like the timing of the pricings, etc., but I don't think that should be a concern in terms of a structure of growth trends for that part of the business, at least not now.

No, super super clear, Milanez. Taxes, you're studying and again, banks, they have been doing this on other entities, not on your table for now, but you're studying.

For now, the message is clear on the extraordinary IOC. For the other part of the questions, I know that are so many lines on those other businesses that it's hard, but the answer is you have so many things happening on those lines that you can still deliver good growth in this part of the business, right?

I guess that this is a good summary of your...

Yeah.

Thank you.

Thank you.

Hi, good morning, guys. Thank you for taking the question.

Mine is on fixed income. We're seeing just weakening DCM markets with lower issuances going forward, would love to get your perspective here.

Then can you offer us a inventory turnover metric? My concern here is that if that market continues to weaken, can we see inventories coming down at some point?

Thank you.

Thank you for your question, Renato. I'm going to let Fernando comment a little bit on that, and I'll add some more points at the end.

Good morning, Renato, first. Regarding inventory of fixed income, what we saw and the trend and this hot market that we had on DCM the past two years, we saw a lot of issuances with longer terms.

I think, in some ways, our revenue stream that is basically bps on AUC is kind of protected, given that a lot of those issuances were longer than they were in the past. I think we here as a company, we can be used as example.

We did some issuances in the past two years with terms that we had and done in the past. That's, I think, is one of the things.

Even the slowdown in DCM that we are seeing, we are still seeing solid and strong movement there. I know that is slowing down a bit, but it's still super strong when you compare to the historic data set of those issuances.

André what...

No, and I think the only point I would add is that if you look at historical trends in this market, you will see that because of the nature of the revenues, given that good portion of the revenues that we have on those markets are based on the inventory of assets, as you said, and not on the inflow of new assets, the revenue trend it is much more resilient. Sometimes like this, you might see some deceleration on the pipeline of new issuances, and of course, if that remains for very long periods, that could start to have more significant implications to the inventory of assets.

In general terms, what you might see, typically some deceleration in that growth rate, but that continues to grow because even though the volume of new issuances can reduce a little bit, the inventory continues to grow because of interest rates and other events that take place with those assets. The behavior of that revenue line is much more resilient and with a structural trend of growth over the period rather than volatile as the behavior, for instance, on the equity business, on the trading revenues coming from equities or derivatives.

Excellent. Clear.

Thank you.

Thank you.

Thank you once again for joining our call. It was a very positive quarter for the company.

We're very excited with the opportunities that we are seeing ahead of us, with the arrival of our new CEO, Chris, which we'll have the opportunity to be with you over the next few months. Once again, thank you for your continued support and interest on our company.

Have a nice day, and I'll see you again for the third quarter earnings call. Thank you.