Q4 2025 Bolsa Mexicana de Valores SAB de CV Earnings Call Transcript
Key Points
- Bolsa Mexicana de Valores SAB de CV (BOMXF) invested over MXN250 million in 2025 to maintain competitiveness and plans an additional MXN500 million investment in 2026 to support growth initiatives.
- The company successfully launched the first central counterparty (CCP) for fixed income bonds in November 2025, marking a significant milestone for the Mexican market.
- Equity trading activity strengthened in Q4 2025, with average daily trading value increasing by 10% compared to Q4 2024.
- The company maintained a dividend of MXN2.05 per share and a buyback program of at least MXN160 million, implying a distribution of 81% of 2025 net income.
- Information Services revenue increased by 9%, driven primarily by market data, which grew 13% compared to the fourth quarter of 2024.
- Operating expenses rose 15% in Q4 2025 due to accelerated strategic investments, leading to a 9% EBITDA decline and a 900 basis point margin contraction.
- Net income fell 20% in Q4 2025, reflecting the timing of accelerated and planned investments.
- Derivatives clearing business experienced a significant decline, offsetting the 16% year-over-year revenue growth in MexDer.
- OTC trading revenue declined 4% year-over-year, with Chile experiencing an 8% decrease due to lower market interest rates and volume discounts.
- The company expects less financial income in 2026 due to anticipated reductions in interest rates and is working to reduce FX gain/loss volatility.
Greetings, and welcome to the Bolsa Americana de Valores conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Ramón Güémez. Please go ahead, sir.
Thank you. Good morning, and welcome to Bolsa Mexicana de Valores fourth quarter 2025 earnings conference call. Before proceeding, I would like to provide a brief safe harbor statement. This presentation contains forward-looking statements and information related to Bolsa that are based on the analysis and expectations of its management as well as assumptions made and information currently available at Bolsa. Such statements reflect the current views of Bolsa related to future events and are subject to risks and uncertainties.
Many factors could cause the current results, performance or achievements to be somewhat different from any future results or performance that may be expressed or implied by such forward
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