Bolsa Mexicana (BOLSAA) Q1 2025 earnings summary

Executive summary

• Revenues for Q1 2025 rose 17% year-over-year to MXN 1,128 million, with EBITDA and net income up 17% and 16% respectively, driven by strong transactional activity, post-trade services, and favorable FX effects.

• Strategic initiatives advanced, including the launch of a new central counterparty (CCP) for bonds, technology upgrades such as Nasdaq platform adoption, and new product launches in derivatives and retail-focused offerings.

• Expenses increased 14% year-over-year, mainly due to higher personnel, technology, and promotion costs, while EBITDA margin remained stable at 57%.

• Market share in equity trading remained stable at 78%-80%, with strong growth in global segment trades and derivatives volumes.

• Ongoing share buyback program and capital allocation focused on technology investment and client engagement.

Financial highlights

• Q1 2025 revenues reached MXN 1,128 million; EBITDA was MXN 647 million (57% margin); net income was MXN 437 million; EPS increased 19% to MXN 0.78.

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

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

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

• OTC trading revenues increased 8% to MXN 193 million, with strong growth in both Mexico and Chile.

• INDEVAL revenue up 25% to MXN 335 million, driven by higher assets in custody and cross-border transactions.

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

Outlook and guidance

• CCP for Bonds scheduled for production in August 2025, pending regulatory approval, with further expansion to repos and government securities in 2026.

• New products in derivatives and retail-focused initiatives to launch in Q2/Q3 2025, with further expansion anticipated in 2026.

• Maintenance revenues expected to remain stable throughout the year; no significant revenue impact expected from new derivatives products in 2025.

• Management continues to invest in technology and client engagement, focusing on growing assets under custody and enhancing post-trade infrastructure.