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B3 S.A. delivered strong YoY growth in 2Q26, with revenues up 12% and recurring EBITDA up 13%, but faced sequential normalization and higher one-time expenses. BOLSY's dominant market position is under scrutiny as new competitors target derivatives and antitrust actions mandate infrastructure changes, presenting long-term margin risks. Despite competition and regulatory risks, BOLSY's robust moat, high margins, and capital efficiency justify its 15x normalized earnings valuation.

B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q2 2026 Earnings Call Transcript