Bolsa Mexicana (BOLSAA) Q2 2025 earnings summary

Executive summary

• Achieved solid quarterly and half-year results, with all business lines contributing to revenue growth and profitability improvements year-over-year.

• Focused on transforming into a market leader through innovation, technology upgrades, and client development initiatives.

• Announced imminent FIBRA Next IPO and five confidential equity IPO filings, signaling renewed activity in the Mexican IPO market.

• Emphasized stability amid government intervention in three financial institutions, with no contagion to trading or clearing processes.

• Advanced key strategic initiatives, including regulatory progress on the Central Counterparty for Bonds and new product launches in derivatives.

Financial highlights

• Q2 2025 revenue rose 10% to 1,107 million pesos, EBITDA up 14% to 633 million pesos (57% margin), and net income increased 4% to 400 million pesos year-over-year.

• H1 2025 revenue grew 13% to 2,235 million pesos, EBITDA up 16% to 1,281 million pesos, and net income up 10% to 837 million pesos year-over-year.

• EPS rose 5% in Q2 to 0.72 pesos; peso depreciation impacted revenues by 42 million pesos.

• Operating expenses rose 6% to 535 million pesos in Q2, mainly due to personnel and technology investments.

• Q2 2025 CAPEX was 68 million pesos, up 38% from Q2 2024.

Outlook and guidance

• Bond CCP expected to launch in Q4 2025 or August, pending regulatory approval; repo services approvals targeted by Q1–Q2 2026.

• CapEx guidance for 2025 remains at 250–260 million pesos, with similar levels expected through 2027, mostly in dollars.

• No published forecasts for FX or interest rates; tax rate expected around 30%.

• Commitment to distribute excess cash, maintaining an 8% payout as a starting point.

• Revenue growth expected to continue, supported by increased transactional activity and cross-border operations.