Bolsa Mexicana (BOLSAA) Investor Presentation summary

Company overview and business model

• Operates as a fully integrated exchange with 130 years of experience and nine business lines, employing 524 people.

• Indeval is the largest revenue contributor (30%), with half of total revenue from market activity and half from subscriptions.

• Maintains a leading role in Mexico's financial infrastructure, supporting capital formation and sustainable growth.

• Offers services across equities, debt, derivatives, OTC trading, post-trade, and information services.

• Systems availability exceeds 99.99%, with ongoing modernization and strategic alliances (e.g., Nasdaq, S&P).

Financial performance

• 2024 revenue reached $4,165M MXN (+6% YoY), net income $1,637M MXN (+8%), and EBITDA margin at 57%.

• 4Q24 revenue was $1,138M MXN (+12% YoY), net income $467M MXN (+14%), and EPS $0.83 (+16%).

• Dividend payout ratio at 70%, with dividends per share of $2.05 and a 6.2% yield.

• Share buybacks of up to $500M MXN planned for 2025.

• Maintains a strong balance sheet: $9.0B in assets, $3.8B in cash/investments, and 22% ROE.

Market and operational highlights

• 361 issuers listed, with market capitalization at $8.5T MXN (25% of Mexico's GDP).

• Average daily traded value in equities: $15.7B MXN; local market share at 63%.

• Derivatives segment saw 19% YoY revenue growth, with margin deposits averaging $47.6B MXN.

• OTC trading (SIF Icap) generated $696M MXN in 2024, with significant activity in government bonds and swaps.

• Indeval (post-trade) managed assets under custody of $38T MXN, with 46% of revenue from custody services.