Bolsa Mexicana de Valores, S.A.B. de C.V.

Quarterly revenue increased MXN 91 million, or 8%, with all businesses contributing positively. EPS was MXN 0.74, up 3% year over year in the quarter. For the first half, operating income was MXN 52 million, up 4%, EBITDA was MXN 1.3 billion, up 5%, and EBITDA margin was 56%; constant-currency EBITDA would have been MXN 71 million higher, or 13% above last year. Financial income was MXN 37 million lower year over year because of lower cash investment returns as Banxico rates fell, and the company noted roughly 30% of revenue is dollar-denominated, creating FX headwinds. Guidance-wise, management said full-year CapEx should be close to MXN 500 million, though FX could make it slightly short; they had MXN 120 million invested in the first half and MXN 250 million more already committed for Q3 and Q4. They also said revenue growth could stay in the high single digits or even low double digits, while next year should bring some margin expansion as two of the technology waves begin monetizing.

Jorge Alegría framed the quarter as proof of resilience and broad execution across businesses, pointing to stronger trading, clearing, custody, and capital formation. He emphasized that the company is not just pursuing near-term revenue, but building a unified platform through the Digital Evolution program to improve efficiency, capacity, continuity, and product innovation. He sounded constructive on the strategic outlook, saying the first wave should support revenue growth starting in Q2 2027 and that the company is positioned to create materially larger business lines over the medium term.

Luis René Ramón said the quarter was strong despite unfavorable exchange rates, with revenue up 8% and EPS up 3% year over year. He highlighted a 13% increase in operating expenses tied to strategic investment, a 56% first-half EBITDA margin, and the fact that around 30% of revenue is dollar-denominated, making peso strength a headwind; he also noted financial income fell MXN 37 million because of lower cash yields after a 150 basis-point rate decline. On capital allocation, he said MXN 120 million of CapEx was spent in the first half, MXN 250 million is already committed for later in the year, and total 2026 CapEx should be close to MXN 500 million. He also pointed to shareholder returns of MXN 2.05 per share in dividends, a 70% payout, plus MXN 160 million in buybacks, and said the company completed its exit from ONE.

Analysts pressed management on when the new strategic initiatives would start contributing revenue and how much they might add, and management said the first wave on derivatives should begin monetizing in 2027, with MexDer and Asigna together currently invoicing about MXN 150 million per year and expected to increase meaningfully over time. On repo clearing, management said the service should start by May next year, could attract around 30% of the repo market based on other markets’ experience, and could make the CCP at least twice its current medium-term size versus the MXN 250 million it invoices today. Questions also focused on the IPO pipeline and Banamex; management said there are four confidential equity listings in process and a fixed-income pipeline of MXN 50 billion, but gave no specific timing for Banamex. On margins and OpEx, management said personnel expense should stay around Q2 levels, tech spending will continue rising in single digits, and next year should see a small margin expansion as some initiatives begin to monetize.