Latin America Brokers and Exchanges: 2Q26 Preview: Softer Operating Trends, but Earnings Grow Y/Y

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Latin America Brokers and Exchanges: 2Q26 Preview: Softer Operating Trends, but Earnings Grow Y/Y

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15 Jul 2026 17:00:00 ET │ 23 pages

Latin America Brokers and Exchanges

2Q26 Preview: Softer Operating Trends, but Earnings Grow Y/Y

CITI'S TAKE

Gustavo Schroden AC

Capital markets activity remains subdued amid expectations of higher +55-11-4009-5858

interest rates in BZ, and we expect our capital markets coverage to deliver gustavo.schroden@citi.com

softer operating trends this quarter. B3’s net income should be supported

by gains from the Dimensa sale and a lower effective tax rate driven by Arnon Shirazi, CFA AC

interest on equity (JCP) payments. XP is also likely to post similar trends +55-11-4009-7906

compared to 1Q26 and weaker DCM activity. BMV should be a relative arnon.shirazi@citi.com

laggard in terms of net income, as expense growth is expected to outpace

revenue expansion. Brian Flores, CFA

+55-11-4009-2842

BZ Capital Market Data YTD View — Fixed-income products continue to dominate luis.brian.flores@citi.com

industry flows, while equities and multi-asset funds remain under pressure from

persistent outflows. Meanwhile, DCM activity remains broadly stable but

unspectacular, and foreign investor flows into B3 continue to fluctuate, contributing

to volatility in equity trading volumes.

B3 - Low Volumes, But Strong Bottom-line — We expect a softer 2Q26 revenue

performance for B3, driven by lower sequential trading activity, although disciplined

cost control and a ~R$0.1 billion gain from the Dimensa stake sale should support

profitability. Combined with a lower effective tax rate, we forecast net income of

R$1.67 billion, up 30% y/y.

XP - Marginal Improvements — We expect a broadly uneventful quarter, with net