Bolsa Mexicana (BOLSAA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues increased 4% year-over-year to MXN 1.1 billion, driven by information services and higher custody of securities.

• EBITDA reached MXN 623 million with a 57% margin, up 2% from Q3 2024.

• Net income for Q3 2025 was MXN 393 million, a 4% decrease year-over-year, impacted by lower financial income from interest rate cuts.

• Expenses rose 8% due to higher personnel, marketing, and technology costs.

• Two new IPOs confirmed for year-end; Aeroméxico returning and Esencia Energy debuting.

Financial highlights

• 9M25 revenues totaled MXN 3,337 million, up 10% from 9M24, with double-digit growth in revenues and EBITDA.

• EBITDA for 9M25 was MXN 1,903 million, up 11% from 9M24.

• Net income for 9M25 reached MXN 1.2 billion, a 5% increase year-over-year.

• CapEx for Q3 2025 was MXN 89 million; year-to-date at MXN 189 million, up 23% year-over-year.

• Over 75% of revenues from post-trade, information, equity, and capital formation activities.

Outlook and guidance

• Revenue growth from new initiatives expected to materialize in 2027, with continued investment outpacing revenue in 2026.

• EBITDA margins may compress in 2026 but are expected to recover to current levels or higher by 2027.

• CapEx guidance for 2025 and 2026 raised to above MXN 300 million due to expanded technology projects.

• Underlying business growth expected to remain around 7% in 2026, FX-adjusted.

• Macroeconomic factors such as exchange rate volatility and inflation influenced results, with the peso depreciating 8% against the dollar in 9M25.