Bolsa Mexicana (BOLSAA) investor relations material

Executive summary

• Revenues grew 7% year-over-year to MXN 1,212 million, driven by strong market activity in equities, derivatives, and custody services.

• EBITDA increased 6% to MXN 685 million, with a margin of 56.5%.

• Net income remained stable at MXN 437 million, as higher operating results were offset by lower financial income.

• Market volatility and transactional activity supported business lines sensitive to volume.

• Notable leadership change as the long-serving CFO announced early retirement.

Financial highlights

• Operating income rose 5% to MXN 616 million, with a 51% margin.

• Expenses increased 10% to MXN 595 million, mainly due to higher personnel, technology, and depreciation costs.

• Comprehensive financing income dropped 47% due to lower interest rates and cash balances.

• Effective tax rate decreased to 28.5% from 29.9% year-over-year.

• CAPEX reached MXN 41 million, up 26% year-over-year, focused on digital and tech infrastructure.

Outlook and guidance

• Revenue growth for 2026 expected in the mid-single digits, with potential upside if volatility persists.

• Expenses projected to grow at high single digits, likely resulting in a slight margin decrease.

• CapEx for the year remains guided at MXN 500 million, with a slow start due to payment timing.

• Dividend proposal of MXN 2.50 per share, aiming for 80% of net income returned to shareholders via dividends and buybacks.

• Management expects some moderation in market activity but highlights the business model's resilience to volatility.