BRAZIL MARKETS · EARNINGS
Key Facts
- The number Recurring net profit of R$1.38 billion (about US$244 million) in the third quarter of 2026, up 9.9% on a year earlier.
- The trend Profit rose only 0.3% from the second quarter but is up from R$1.26 billion a year earlier.
- What drove it Daily share trading volume rose 25.4%, and fixed income, credit and technology revenue grew 15% to 16%.
- What to watch B3 shares react on Friday, 13 November; October trading hit a record R$61.1 billion (about US$10.8 billion) a day.
Busier trading, new products and credit services lifted profit at B3, the company that runs São Paulo’s market.
Brazil’s stock exchange earned more by doing more of everything, from trading shares to registering loans. B3, based in São Paulo, reported recurring net profit of R$1.38 billion (about US$244 million; R$ means Brazilian reais) for the third quarter of 2026, up 9.9% from a year earlier.
B3 published the results after the market closed on Thursday, 12 November 2026, so the wider Brazil stock market will react on Friday. Recurring profit leaves out one-off items and is the figure the company and analysts follow.
How Much Did B3 Earn, and Is Growth Speeding Up?
Recurring profit is up from R$1.26 billion (about US$223 million) in the third quarter of 2025. Against the second quarter of 2026 the gain is just 0.3%, so this is a year-on-year story, not a sudden jump.
Total revenue was about R$3.05 billion (about US$540 million), up 11.1% on the year. Recurring EBITDA, a measure of operating profit before interest, tax and depreciation, was R$1.89 billion (about US$334 million), up 9.4%, with a margin of 68.5%.
Reported net profit, which includes one-off gains, was about R$1.63 billion (about US$289 million), up about 30.5%. B3 also set aside about R$1.1 billion (about US$195 million) in interest on equity, a Brazilian form of dividend, including an extraordinary R$750 million (about US$133 million).
Dollar figures use R$5.65 to the dollar, the market rate of 12 November. B3 shares closed that day at R$14.76 (about US$2.61), down 0.3%, before the results came out.
Where Did the Growth Come From?
Trading was the loudest driver. Average daily cash-market volume, the value of shares and similar assets changing hands each day, reached R$27.3 billion (about US$4.8 billion), up 25.4%.
Volume in BDRs, Brazilian receipts that let local investors own shares of foreign companies, jumped 63.6%, while share volume rose 26.1%. B3’s platform for large block trades, single deals negotiated outside the regular order book, handled R$24.7 billion (about US$4.4 billion), up 267.7%.
Revenue that does not depend on trading grew too: fixed income and credit rose 15%, technology and platforms 16%, and capital-markets solutions 30%. Revenue from listed shares and derivatives (contracts such as futures), which swings with the market cycle, grew a slower 6.4%.
André Milanez, B3’s executive director for finance, administration and investor relations, said the diversified portfolio “increases the company’s resilience.” B3 also launched dollar-priced bitcoin futures, options on bitcoin, ethereum and solana futures, and futures tied to US Treasuries, and it completed its purchase of CRDC, a technology firm for credit registries.
Live Market IntelligenceBrazil — Live Market Board
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Brazil — Live Market Board
-0.43%
171,324.31
-0.43%
71,674.32
-0.46%
10,625.27
+0.69%
2,848,945
—
2,452.93
-1.35%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,324.31 | -0.43% | +8.69% | 172,060.43 | 172,060 | 169,942 | — |
| USD/BRL | 5.64 | +1.00% | +6.98% | 5.58 | 5.65 | 5.58 | — |
| SELIC | 13.75% | — | — | — | — | — | |
| PETR4 | 44.70 | +2.64% | +38.18% | 43.55 | 44.97 | 43.23 | 37,990,800 |
| VALE3 | 63.95 | -0.75% | -2.75% | 64.43 | 64.48 | 62.93 | 16,658,700 |
| ITUB4 | 41.68 | -0.10% | +6.58% | 41.72 | 41.95 | 41.12 | 22,298,600 |
| BBDC4 | 14.32 | -0.07% | -26.34% | 14.33 | 14.33 | 13.92 | 62,054,800 |
| BBAS3 | 15.48 | -8.35% | -32.11% | 16.89 | 15.67 | 14.72 | 146,447,300 |
| B3SA3 | 14.76 | -0.27% | +4.53% | 14.80 | 14.90 | 14.47 | 48,848,300 |
| ABEV3 | 15.75 | -0.63% | +15.64% | 15.85 | 15.92 | 15.62 | 45,131,700 |
| WEGE3 | 51.65 | +0.08% | +15.06% | 51.61 | 52.04 | 51.17 | 5,287,600 |
| PRIO3 | 63.30 | +2.98% | +58.21% | 61.47 | 63.87 | 60.79 | 6,527,400 |
| SUZB3 | 56.04 | +4.16% | +16.58% | 53.80 | 56.06 | 53.75 | 8,381,600 |
| RENT3 | 29.58 | -2.18% | -31.31% | 30.24 | 30.42 | 29.05 | 11,810,900 |
| AZZA3 | 16.90 | +9.95% | -42.83% | 15.37 | 18.57 | 16.14 | 7,839,300 |
| CSNA3 | 4.23 | -6.42% | -51.55% | 4.52 | 4.48 | 4.19 | 18,970,400 |
| GGBR4 | 24.97 | -1.11% | +31.08% | 25.25 | 25.26 | 24.69 | 4,076,200 |
| ENEV3 | 27.00 | -1.39% | +40.26% | 27.38 | 27.11 | 26.53 | 11,153,200 |
What It Means for US Readers
The most telling number for Americans is the BDR surge: trading in these receipts, which let Brazilians hold foreign shares, jumped 63.6%. Trading at home is also busy, with B3 saying October volume averaged R$61.1 billion (about US$10.8 billion) a day, a monthly record.
Dollar investors who hold Brazil through funds such as EWZ, the iShares MSCI Brazil ETF, benefit when deeper trading makes the underlying Brazilian shares easier to buy and sell. The weak spot is the mix: market-cycle revenue grew only 6.4%, so profit growth would slow if trading cooled after October.
What Happens Next?
Friday, 13 November, is the first trading session for B3 shares after the results. The longer test is whether October’s record volume carries into B3’s fourth-quarter report next year.
Interest rates and the wider Brazil economy will decide how long the trading boom lasts. B3 itself is profiled in our company profile of B3.
What Is Not Known
How investors will price the results on Friday is open. It is also not known whether the extraordinary R$750 million payout will repeat.
Frequently Asked Questions
How much profit did B3 make in the third quarter of 2026?
Recurring net profit was R$1.38 billion (about US$244 million), up 9.9% from a year earlier. Reported net profit was about R$1.63 billion (about US$289 million).
What is B3?
B3 is the company that runs Brazil’s main stock, futures and fixed-income markets in São Paulo. It also sells trading technology and data.
Sources: B3 investor relations, third-quarter 2026 results release (12 November 2026); B3 Bora Investir investor portal, results summary (12 November 2026); B3SA3 closing price and USD/BRL rate, 12 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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