B3 – Brasil Bolsa Balcão (B3SA3.SA): Assessing Upside from Electronic Trade Receivables (Duplicata Escritural)

Research evidence excerpt

B3 – Brasil Bolsa Balcão (B3SA3.SA): Assessing Upside from Electronic Trade Receivables (Duplicata Escritural)

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28 Jul 2026 17:00:00 ET │ 13 pages

B3 - Brasil Bolsa Balcão (B3SA3.SA)

Assessing Upside from Electronic Trade Receivables (Duplicata

Escritural)

CITI'S TAKE

We see duplicata escritural as a long-term positive for Brazil's credit Buy

ecosystem, enhancing transparency, collateral quality and financing

efficiency. B3 is well positioned to participate given its growing exposure to Price (28 Jul 26 16:00) R$16.04

credit-market infrastructure, but we expect the initial financial contribution Target price R$20.00

to be limited. With pricing still being defined, the key upside should come Expected share price return 24.7%from value-added solutions rather than registration fees alone.

Expected dividend yield 8.7%

Electronic Trade Receivables (duplicata escritural) are the digital evolution of Expected total return 33.4%

Brazil's traditional trade receivables framework, creating a standardized, traceable Market Cap R$80,946M

and legally enforceable infrastructure for credit sales. By electronically recording US$15,820Mownership, liens and settlements throughout the receivable lifecycle, the model

should reduce fraud, prevent double pledges and improve collateral quality.

Strategic Expansion with Modest Financial Impact for B3 — The receivables

initiative is a strategic expansion beyond B3's traditional exchange business. We Price Performance

estimate a modest financial contribution in the medium term. Our estimates (RIC: B3SA3.SA, BB: B3SA3 BZ)

projects up to R$256 million in gross revenue by 2029, or approximately 1.7% of our

forecast.

Next steps. Following the entry into the assisted-production phase in July 2026,