Bolsa Mexicana
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Bolsa Mexicana (BOLSAA) investor relations material

Bolsa Mexicana Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Strategic focus on innovation, technology, and infrastructure to drive long-term value and market leadership.

  • Multi-year investment cycle initiated, with significant CapEx in 2025 and 2026 to support modernization and growth initiatives.

  • Revenues for 4Q25 were MXN 1,133 million, nearly flat year-over-year, with solid equity and derivatives trading, more debt listings, and growth in market data.

  • Operating expenses rose 15% to MXN 597 million, mainly due to higher personnel, technology, and depreciation costs tied to strategic projects.

  • Maintained strong shareholder returns through dividends and buybacks, distributing 81% of 2025 net income.

Financial highlights

  • Q4 2025 revenues were flat at MXN 1.1 billion; operating expenses rose 15% due to accelerated investments.

  • Q4 EBITDA declined 9% to MXN 608 million, with a 900 bps margin contraction to 54%; net income fell 20%.

  • Full-year 2025 revenues grew 7% to MXN 4.5 billion; EBITDA up 5% to MXN 2.5 billion; net income down 2% year-over-year.

  • Operating income for 2025 was MXN 2,252 million, up 4% year-over-year.

  • Earnings per share for 2025 were MXN 2.88, slightly below MXN 2.92 in 2024.

Outlook and guidance

  • CapEx for 2026 expected at MXN 500 million, declining from 2027 onward.

  • Operating expenses projected to rise at a high single-digit rate in 2026, with EBITDA margins stable around 56%.

  • Revenue impact from new initiatives expected mainly from 2027, especially with repo CCP launch.

  • Expense growth in 4Q25 aligns with expectations for 2026, reflecting ongoing investment in technology and infrastructure.

  • Financial income expected to decrease due to lower interest rates; FX volatility being managed.

Strategic projects: When will profitability recover?
Asigna: How to reverse margin deposit decline?
Interest rate impact on financial income outlook?
Quantify 2027 revenue impact from repo CCP
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Q1 202621 Apr, 2026
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Frequently asked questions

Bolsa Mexicana de Valores S.A.B. de C.V., also known as BMV Group, is a financial services company based in Mexico City, Mexico. Established in 1894, it owns and operates the Mexican Stock Exchange, among other financial service entities. These include the custody institution Indeval, the derivatives exchange MexDer, and the market data provider ValMer. The BMV Group is integral to Mexico's financial infrastructure, offering a range of services that include stock exchange operations, stock listing, clearing, custody, settlement, and market data dissemination. The company's revenue streams mainly derive from stock trading, stock maintenance, OTC trading, and custody services.

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