B3 Sa Brasil Unsp/Adr

Hello, I'm Fernando Campos from B3's investor relations team, and welcome to another earnings event, where André Milanese, B3's CFO, and I will analyze the results of the first quarter of 2025. André will start by providing an overview of the quarter.

Thanks, Fernando. Well, we had another positive quarter with an 8% increase in gross revenues when comparing to the first quarter of last year. This is a result of our business model that allows the company to grow in different scenarios. In this context, it is worth highlighting the performances of the derivatives and fixed income segments, which benefit from higher interest rates and the high volatility that we had during the first quarter of the year. which more than offset the still challenging environment for equities. Our net income reached R$1.1 billion in the quarter, and our earnings per share were R$0.21 per share, which represented an increase of 25% when compared to the first Q of 24, which reflects also the more intense activity that the company has been having on its buyback programs. Fernando will now talk a little bit more about the operational performance that explains this dynamic that I just commented on revenues. Just remembering that this was the first quarter with a new revenue segmentation, which in our view better represents the current stage of the company and its growth strategy. Fernando.

Thanks, André. Speaking of markets segment in derivatives, the ADV, the average daily volume, total 8.9 million contracts, a decline of 9% compared to the first quarter of 2024, with lower activity in interest rates and indexes market. On the other hand, RPC, or revenue per contract, grew by 29%, mainly driven by the devaluation of the real against the USD, which impacts effects and interest rates in USD contracts, great concentration of long-term contracts in interest rates in BRL, and the inclusion of Bitcoin future on our portfolio. Speaking of Bitcoin futures, it contributed with R$ 47 million in revenues. It is also worth highlighting the good performance of OTC derivatives, with significant growth both in issuances and outstanding balance. Revenue from derivatives totaled R$ 881 million, a growth of 10% compared to the first quarter of 2024. In fixed income, we had another very solid performance and double-digit growth in all operational metrics compared to the first quarter of 24, reflecting the booming private credit market in Brazil and the search for interest-linked assets in the current scenario. As an example, the number of investors in the Tesouro Direto grew by 18% compared to the first quarter of 24. Thus, revenue in the fixed income line grew by 22% and totaled R$ 315 million. In equities, we had a similar performance to the previous quarters, with the ADTV totaling R$ 23.8 billion, with a turnover of 141%. The positive highlight for another quarter are the performances of BDRs, ETFs and listed funds, which together represented 14% of the ADTV. Regarding the trading fees, we had a performance like the one in 4Q24 with a trading mix that reflected in lower fees, following a higher volume of exercise of index options and market makers and liquidity providers. Revenue from equities represented 19% of the total revenue for a quarter. Regarding other segments, in capital market solutions, the devaluation of the real also had a positive impact on market data. On data analytics solutions, in vehicles and real estate, we had a positive scenario, but the comparison was impacted by the revenue from Desenhalla in the first Q24. In platforms and analytics, we saw we had a good performance mainly in credit and the insurance verticals. In this segment of technology and platforms, we had the growth of the fund industry reflected positively in the utilization, which impacts the technology line and market support services, mainly with the registration of fund quotas. Now, André, we talk a little about the financial performance and strategic advances of between the quarter. André?