Bolsa Mexicana (BOLSAA) Q2 2024 earnings summary

Executive summary

• Q2 2024 delivered strong results with revenue up 6% to MXN 1,004 million and net income up 8% to MXN 385 million, driven by increased trading activity and higher assets under custody.

• EBITDA rose 7% to MXN 556 million with a 55% margin, and earnings per share increased 10% to MXN 0.68.

• Expenses increased 5% year-over-year, mainly due to higher personnel, technology, and consulting costs.

• The company remains focused on technology upgrades, innovation, and expanding its customer base, including retail and international participants.

• June was the strongest month in 2024, supporting optimism for the second half.

Financial highlights

• Q2 2024 revenue reached MXN 1,004 million, up 6% year-over-year; net income was MXN 385 million, up 8%; EBITDA was MXN 556 million, up 7% with a 55% margin; EPS was MXN 0.68, up 10%.

• First half 2024 revenue was MXN 1,970 million, flat year-over-year; EBITDA was MXN 1,108 million, down 3%; net income was MXN 760 million, down 1%; EPS was MXN 1.34, up 0.4%.

• Operating expenses for H1 2024 were MXN 984 million, up 3% year-over-year.

• Capital expenditures in technology for H1 2024 totaled MXN 104 million.

• 2Q24 operating margin was 49.5% and net margin was 38%.

Outlook and guidance

• Management anticipates a more dynamic market in the second half of 2024, supported by stabilized FX, increased market activity, and strong June performance.

• Ongoing investments in technology and infrastructure, with a focus on operational efficiency and cost control.

• No formal financial guidance is being provided at this time, but updates may be considered in the future.