Bolsa Mexicana (BOLSAA) Q4 2025 earnings summary

Executive summary

• Revenues for Q4 2025 were MXN 1.1–1.133 billion, essentially flat year-over-year, with solid equity and derivatives trading, more debt listings, and growth in market data.

• Net income for Q4 2025 declined 20% to MXN 372 million, impacted by higher expenses and strategic investments.

• Full-year 2025 revenues grew 7–7.3% to MXN 4,470–4,500 million, while net income slipped 2–2.2% to MXN 1,602 million.

• EBITDA for Q4 2025 fell 9% to MXN 608 million, with margin dropping 900 bps to 54%.

• Expenses increased 15% in Q4 and 10.6% for the year, mainly due to technology, personnel, and depreciation tied to strategic projects.

Financial highlights

• Q4 2025 revenues flat at MXN 1.1–1.133 billion; operating expenses up 15% to MXN 597 million.

• Q4 EBITDA: MXN 608 million (-9% YoY); margin: 54% (-900bps YoY).

• Q4 net income: MXN 372 million (-20% YoY); EPS: MXN 0.67 (-20% YoY).

• Full-year 2025 EBITDA: MXN 2,512 million (+5% YoY); margin: 56% (-198bps YoY).

• Full-year net income: MXN 1,602 million (-2% YoY); EPS: MXN 2.88 (-1.4% YoY).

Outlook and guidance

• Expense growth in Q4 2025 aligns with expectations for 2026, reflecting ongoing investment in technology and infrastructure.

• 2026 CapEx expected at MXN 500 million, declining to above MXN 300 million in 2027, then lower in 2028.

• Operating expenses projected to rise high single digits in 2026, with EBITDA margin stable around 56%.

• Revenue impact from new initiatives expected mainly from 2027 onward.

• Management highlights underlying business strength despite short-term margin pressure.