Bolsa Mexicana (BOLSAA) Q1 2025 earnings summary

Executive summary

• First quarter 2025 delivered strong financial results, with revenues up 17% to 1,128 million pesos, EBITDA up 17% to 647 million pesos, and net income up 16% to 437 million pesos, supported by robust operating performance, higher transactional activity, and favorable FX effects.

• Strategic initiatives advanced, including the launch of a new central counterparty (CCP) for bonds, liquidity alternatives for Asigna, technology upgrades such as Nasdaq platform adoption, and Evergreen projects.

• Ongoing focus on expanding retail participation, simplifying listings, and introducing new products in derivatives and information services.

Financial highlights

• Revenues reached 1,128 million pesos; EBITDA was 647 million pesos (57% margin); net income was 437 million pesos; EPS rose 19% to 0.78 pesos compared to Q1 2024.

• Revenue distribution: capital formation (12%), transactional business (35%), information services (18%), and CSD/INDEVAL (30%).

• Cash equity trading revenue up 7% to 131 million pesos; global segment trades up 42%.

• Derivatives trading and clearing revenues up 13% to 65 million pesos; average daily notional value for dollar futures up 21%.

• Information services revenue up 21% to 205 million pesos, driven by Valmer and FX effects.

Outlook and guidance

• CCP for Bonds scheduled for production in August 2025, pending regulatory approval.

• Liquidity alternatives for Asigna expected to be implemented within the year, aiming to attract OTC market volume.

• Gradual implementation of new fee schedule for equities, with flexibility to adjust based on market conditions and competitor actions.

• Operating expenses projected to remain at current levels, above inflation, driven by technology investments and variable compensation.

• Maintenance revenues expected to remain stable throughout the year.