B3SA3 after 2Q26: why reported profit jumped 28% while recurring profit rose 8%
How to read B3’s second-quarter package — R$1.70bn of attributable net income, R$1.38bn of recurring profit, a Dimensa exit and an extraordinary IoC tax benefit, plus equity ADTV up 20% year on year but down sequentially.
B3SA3 after 2Q26: why reported profit jumped 28% while recurring profit rose 8%
On 11 August 2026, B3 published its 2Q26 results. Attributable net income was R$ 1.6988 billion, up 28.2% year on year. Recurring net income was R$ 1.3766 billion, up 8.0%. Total gross revenue was R$ 3.0814 billion (+12.2%). Recurring EBITDA was R$ 1.9386 billion, with a 70.2% margin. Those four lines answer four different questions. Keep them apart: the accounting bottom line, the run-rate the company wants you to compare, the revenue mix between trading volumes and fee-like businesses, and the cash returned to shareholders. On the 12 August session after the release, B3SA3 closed at R$ 14.24, down about 0.35%, according to the financial press.
What the earnings package actually shows
Figures below follow B3’s English earnings release (reference date 30 June 2026):
| Metric (2Q26) | Result | vs 2Q25 | vs 1Q26 |
|---|---|---|---|
| Total gross revenue | R$ 3.081 bn | +12.2% | −3.8% |
| Net revenue | R$ 2.766 bn | +8.8% | −3.7% |
| Expenses | R$ 975.6 m | +15.5% | +6.2% |
| Adjusted expenses | R$ 611.2 m | +6.2% | +5.2% |
| Recurring EBITDA | R$ 1.939 bn | +13.0% | −5.6% |
| Recurring EBITDA margin | 70.2% | +47 bps | −139 bps |
| Financial result | +R$ 139.3 m | +2.6% | +24.4% |
| Attributable net income | R$ 1.699 bn | +28.2% | +15.0% |
| Recurring net income | R$ 1.377 bn | +8.0% | −8.2% |
| Recurring EPS | R$ 0.28 | +12.3% | −8.1% |
Procyclical revenues rose 7.9% year on year. The recurring-revenue group rose 17.3%. That split is the operating story behind a headline that looks more dramatic on the accounting line than on the recurring one.
"Recurring" here is the company’s own bridge. It starts from attributable net income and removes (or adds back) items management treats as non-run-rate. When a table says profit, check which column you are reading.
Reported profit is not the same object as recurring profit
The reconciliation in the release is the educational core of the quarter:
| Bridge from attributable NI → recurring (2Q26) | R$ million |
|---|---|
| Attributable net income | 1,698.8 |
| Non-recurring revenues / provision reversals | (21.4) |
| Sale of associate (Dimensa) | (123.9) |
| Extraordinary expenses — Executive Board changes | +40.5 |
| Other non-recurring expenses | +15.1 |
| Tax impacts of non-recurring items | +25.5 |
| Fiscal benefit from extraordinary interest on capital (IoC) | (277.5) |
| Amortization of intangibles (net of tax) | +19.5 |
| Recurring net income | 1,376.6 |
Two large items pull in opposite directions on the accounting line:
- Dimensa. B3 exercised a put on its entire 37.5% stake for R$ 665 million and booked a R$ 123.9 million non-recurring gain. That lifts reported income. Recurring income takes it out.
- Extraordinary IoC. The board approved R$ 1,106.0 million of interest on capital — R$ 356 million ordinary plus R$ 750 million extraordinary from unused balances of prior years. The extraordinary piece generated a R$ 277.5 million tax benefit that sits in reported profit and is stripped for the recurring print.
Add share buybacks of R$ 196.9 million and distributions to shareholders in the quarter total R$ 1,302.9 million. Capital return and earnings quality are related stories, not the same story: the IoC that returns cash also shapes the tax line that inflates the unadjusted profit.
Executive-Board transition costs of about R$ 40.5 million (including accelerated long-term incentives) push expenses the other way. Total expenses rose 15.5%; adjusted expenses — the cleaner opex tape — rose 6.2%, or roughly IPCA + 1.5%, on the company’s framing.
Four revenue buckets, not one exchange print
Consolidated revenue is not “volume times a single fee.” The release breaks gross revenue into Markets plus three more durable lines:
| Segment (gross revenue, 2Q26) | Result | vs 2Q25 | What moved |
|---|---|---|---|
| Markets | R$ 2.035 bn | +9.0% | Equities and fixed income offset softer derivatives |
| — Equities | R$ 692.3 m | +22.5% | ADTV and mix (BDRs, listed funds) |
| — Derivatives | R$ 881.5 m | −1.3% | ADV down; revenue almost flat |
| — Fixed income & credit | R$ 385.5 m | +17.2% | Outstanding balances still growing |
| Capital Markets Solutions | R$ 201.0 m | +25.8% | Offerings, data, depository, listing |
| Data Analytics (Trillia) | R$ 315.2 m | +22.0% | Vehicles/real estate + platforms |
| Technology & Platforms | R$ 526.8 m | +15.7% | Tech + market support services |
Equities. Cash-equity ADTV was R$ 31.3 billion (+20.1% versus 2Q25). BDRs rose 41.8% and listed funds 73.6%. Sequentially, the same ADTV fell 10.1% versus 1Q26. A strong year-on-year volume print and a softer quarter-on-quarter print can sit in the same paragraph.
Derivatives. Average daily volume was 11.1 million contracts (−8.3% year on year), dragged by crypto futures after margin changes and a quieter activity tape. Segment revenue still only slipped 1.3%. Volume and revenue are not interchangeable here.
Fixed income. Outstanding balances rose 16.5%. Treasury Direct’s average outstanding balance was up 43.7%, with more than 3.5 million investors at quarter-end. Corporate-debt balances grew 14.4%.
Capital markets. Public offerings totaled R$ 11.6 billion in the quarter — a R$ 3.0 billion IPO (the first in five years, on the company’s wording) and R$ 8.6 billion of follow-ons. Listing and issuer solutions rode that wave; they are not a permanent ADTV substitute.
One accounting footnote matters for Trillia: the new SNG billing model added about R$ 27.5 million to revenue and the same amount to revenue-linked expenses. It fattens the top line without creating margin.
Balance sheet and the CEO line
At 30 June 2026, total assets were about R$ 49.0 billion. Cash and financial investments were about R$ 19.3 billion. Gross debt was R$ 14.9 billion (83% long-term), or 2.0x last-twelve-months recurring EBITDA. Capex in the quarter was R$ 55.3 million; technology and infrastructure spend classified as both capex and opex was about R$ 229 million.
In June, Christian Egan took over as CEO. The release frames a new cycle around operational resilience and product development. That is context for the extraordinary personnel line, not a substitute for reading the recurring margin.
How to use the explorer on this package
- Open B3SA3. Find the ITR with reference 30/06/2026 and the August 2026 earnings materials filed with the CVM / posted on IR.
- Separate attributable net income from recurring net income. The bridge is mostly Dimensa, the extraordinary-IoC tax benefit, and Executive-Board costs — not a missing equity session.
- Inside Markets, separate equity ADTV (strong versus 2Q25, weaker versus 1Q26) from derivatives ADV (down) and derivatives revenue (nearly flat).
- Read procyclical +7.9% and recurring revenues +17.3% as two growth rates, not one blended “exchange is fine.”
- Treat the R$ 1.3 billion returned to shareholders as capital allocation. Do not equate it with recurring EPS quality without the tax bridge.
- For a live quote, use the company page. This article freezes only the 12 August close already reported in the press.
Limits of this reading
- Recurring net income is a management construct. Useful for comparisons; not a second set of audited IFRS accounts.
- A 17% recurring-revenue print does not mean volumes will keep compounding at the 2Q26 year-on-year pace. Equity ADTV already fell sequentially.
- Derivatives revenue that holds while ADV falls can reverse if pricing power or product mix changes.
- The Dimensa gain and the IoC tax benefit are one-off in the bridge. Do not annualize the 28% attributable jump.
- Broker notes after the print (neutral / in-line / quality debate) describe reaction, not a verdict the explorer can certify.
Where to view in the explorer
Sources
- B3 2Q26 earnings release (English), Investor Relations, 11–12/08/2026 — P&L, recurring bridge, segment revenue, volumes, debt, distributions, Dimensa, CEO appointment
- Poder360, 11/08/2026 — Portuguese recap of reported and recurring profit, revenue and shareholder remuneration
- Estadão / Broadcast, 11–12/08/2026 — recurring profit, ADTV and capital-markets offerings
- InfoMoney, 12/08/2026 — session close of R$ 14.24 (−0.35%) and bank read-throughs on non-recurring items
- B3SA3 on the explorer — filings and quote
Disclaimer
This article is for informational and educational purposes only. It is not investment advice. Attributable net income, recurring net income, recurring EBITDA and distributions to shareholders are different layers. When in doubt, the official CVM filings and B3’s IR materials prevail. Refer to those documents and, if needed, a licensed professional.
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