Bolsa Mexicana (BOLSAA) investor relations material

Executive summary

• Strategic focus on innovation, technology, and infrastructure to drive long-term value and market leadership.

• Multi-year investment cycle initiated, with significant CapEx in 2025 and 2026 to support modernization and growth initiatives.

• Revenues for 4Q25 were MXN 1,133 million, nearly flat year-over-year, with solid equity and derivatives trading, more debt listings, and growth in market data.

• Operating expenses rose 15% to MXN 597 million, mainly due to higher personnel, technology, and depreciation costs tied to strategic projects.

• Maintained strong shareholder returns through dividends and buybacks, distributing 81% of 2025 net income.

Financial highlights

• Q4 2025 revenues were flat at MXN 1.1 billion; operating expenses rose 15% due to accelerated investments.

• Q4 EBITDA declined 9% to MXN 608 million, with a 900 bps margin contraction to 54%; net income fell 20%.

• Full-year 2025 revenues grew 7% to MXN 4.5 billion; EBITDA up 5% to MXN 2.5 billion; net income down 2% year-over-year.

• Operating income for 2025 was MXN 2,252 million, up 4% year-over-year.

• Earnings per share for 2025 were MXN 2.88, slightly below MXN 2.92 in 2024.

Outlook and guidance

• CapEx for 2026 expected at MXN 500 million, declining from 2027 onward.

• Operating expenses projected to rise at a high single-digit rate in 2026, with EBITDA margins stable around 56%.

• Revenue impact from new initiatives expected mainly from 2027, especially with repo CCP launch.

• Expense growth in 4Q25 aligns with expectations for 2026, reflecting ongoing investment in technology and infrastructure.

• Financial income expected to decrease due to lower interest rates; FX volatility being managed.