Bolsa Mexicana de Valores B de C : Financial report 1Q2024PRESS RELEASE 1Q24YEAR 2024

1st QUARTER 2023 RESULTS

Mexico City, April 23rd, 2023. - Bolsa Mexicana de Valores, S.A.B. de C.V., ("the Bolsa or the BMV") (BMV: BOLSA A) today announced its results for the first quarter of 2024. All numbers are in Mexican Pesos.

1Q2024 vs 1Q2023

• Revenues reached 967 million pesos, 67 million or 7% lower compared to 1Q23 explained by: i) lower trading in transactional businesses, ii) fewer cross-border transactions in the global market and iii) unfavorable exchange effect on dollarized services after the appreciation of the peso MXN against the dollar USD.
• Expenses increased by only 1%, driven by higher personnel expenses and the depreciation of leased hardware.
• EBITDA was registered at 552 million pesos with a margin of 57%.
• Net income amounted to 375 million pesos.

FINANCIAL HIGHLIGHTS (1)

	1Q24	1Q23	Var %
Revenues	967	1,034	-7%
Expenses	477	471	1%
Operating Income	490	563	-13%
EBITDA	552	620	-11%
EBITDA Margin	57%	60%	-285bps
Net Income	375	415	-10%
CAPEX	55	24	131%

OPERATIONAL HIGHLIGHTS

	1Q24	1Q23	Var %
ADTV -Equity(1)(2)	14,556	18,350	-21%
Futures - Volume (3)	38,574	48,137	-20%
Swaps Notional Value (1)	134,604	140,811	-4%
Margin Deposits (1)	42,056	38,043	11%

(1) Million pesos (2) Daily Average Traded Value (3) Daily Average

During the first quarter of 2024 (1Q24), BMV Group's revenues decreased by 67 million pesos compared with the same quarter of 2023 (1Q23) mainly due lower transactional revenues and exchange rate fluctuations. Expenses increased by just 6 million pesos or 1% in comparison with 1Q23, due to higher personnel expenses and depreciation costs. EBITDA was down 11% and the EBITDA margin was 57%. Net Income was registered at 375 million pesos, in line with the latest three quarters.

Please contact Luis René Ramón, Head of Inverstor Relations, [phone] [e-mail] any queries you may have.

REVENUE

During first quarter of 2024 the exchange rate, USDMXN, reached a minimum and maximum of 16.7 and 17.4 pesos per U.S. dollar, respectively, and for the quarter the exchange rate closed at 16.7. In the first quarter of 2024, the average USD.MXN exchange rate stood at 17.0, compared to 18.7 the previous year, marking a 9% appreciation in the peso MXN. Moreover, INEGI published the inflation rate estimate at 4.4% and the Central Bank (Banco de México) set the reference interest rate at 11.00%. Meanwhile, in the United States, the Federal Reserve kept the benchmark interest rate within a range of 5.25% - 5.50%. Against this backdrop, the BMV Group's revenues for the first quarter of 2024 declined compared to the same period in 2023.

Quarterly Revenues (1)

First Quarter Revenues (1)

2023	2024
1,034
			1,018
967
	946	933
1T	2T	3T	4T

1. Million pesos

CAGR(2) +2.7%
		1,150
996	983	1,034
967

845

2019	2020	2021	2022	2023	2024
(2) Compound Annual Growth Rate

Revenues Detail (1)

	1Q24 vs. 1Q23
	Revenue $	Var %
Cash Equities	-13,481	-10%
Cash equities trading- BMV	-8,055	-10%
Cash equities clearing- CCV	-5,426	-10%
Derivatives	-3,207	-5%
MexDer	-4,127	-14%
Asigna	920	3%
OTC (SIF ICAP)	-10,817	-6%
Capital Formation	832	1%
Listing fees- BMV	4,851	49%
Maintenance fees- BMV	-4,019	-3%
Central Securities Depository-Indeval	-15,399	-5%
Information Services	-30,958	-15%
Price Vendor- Valmer	-15,319	-24%
Data Sales	-15,639	-11%
Others	5,613	16%
Total	-67,416	-7%

(1) Thousand pesos

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Cash Equities

Cash Equities revenue, which mainly comprises Local and Global Market activities, was 122 million pesos, 13 million or 10% lower than 1Q23.

Trading revenues were 74 million pesos, which presents a decrease of 10% or 8 million compared with the same period last year. It is important to highlight that 7 million pesos correspond to non- recurring revenue, and after excluding them, the variation shows a decrease of 18% compared to 1Q23. Furthermore, in the first quarter of 2024, there were only 60 business days compared to 63 days the previous year, resulting in a 5% decrease.

The average daily traded value (ADTV) for the first quarter of 2024 was 14,556 million pesos, which represent 21% less than in 1Q23. The Domestic Market accounted for 64% of the total ADTV on BMV, while the International Quotation System (SIC) or Global Market contributed 36%.

BMV's market share in 1Q24 was 82%, compared to 85% in 1Q23. It's important to note that regulatory changes regarding the allocation of brokerage trading were implemented in August 2022. Additionally, it's worth highlighting that the BMV regained 200 basis points of market share compared to the last quarter of the previous year.

Stock market operating highlights - Equities

	1Q24	1Q23	Var %
Total Market
Average daily traded value(1)	14,556	18,350	-21%
Average daily volume (2)	250,607	224,578	12%
Local Market
Average daily traded value (1)	9,321	8,812	6%
Average daily volume (2)	244,209	211,512	15%
Global Market (SIC)
Average daily traded value (1)	5,235	9,538	-45%
Average daily volume (2)	6,398	13,067	-51%

1. Million pesos
2. Thousand Shares

Cash equity clearing (CCV) registered revenues for 48 million pesos in the quarter, 5 million or 10% lower than the first quarter of 2023. It is important to mention that the CCV acts as the Central Securities Counterparty and Clearinghouse for all the Mexican stock markets. The ADTV of both Stock Exchanges during 1Q24 was 17,677 million pesos, 18% less compared to 1Q23. The difference between trading and clearing results is attributed to a lower number of cross trades during the quarter.

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Derivatives

Derivatives revenue, which mainly comprises trading and clearing activities, was 58 million pesos, 3 million or 5% lower than the amount registered in 1Q23.

In the first quarter of 2024, revenues from Derivatives trading (MexDer) amounted to 25 million, reflecting a decrease of 4 million or 14% compared to 1Q23. This behavior is explained by a lower number of business days in the quarter (-5% vs 1Q23), as well as reduced trading activity in dollar futures because of lower volatility in the market (-19% vs 1Q23). As for interest rate swaps, the average volume remained stable despite the uncertainty surrounding the Bank of Mexico's rate cuts.

Futures operating highlights - Futures

	1Q24	1Q23	Var %
IPC Index	1,413	1,610	-12%
Mini IPC	5	4	49%
28 Day TIIE	0	317	-100%
Currencies	34,192	42,412	-19%
Bonds	0	79	-100%
Equities	2,964	3,715	-20%
Subtotal	38,574	48,137	-20%
TIIE 28 Swaps	22,434	22,351	0%
TOTAL	61,008	70,488	-13%
Contracts

TIIE 28 Swaps

1T24	1T23	Var %
Notional Value (1) 134,604	140,811	-4%

(1) Million pesos

During the first quarter of 2024, derivatives clearing (Asigna) reported revenues of 33 million pesos, 1 million or 3% higher than in the same period of 2023. The average margin deposits for 1Q23 were 42 billion pesos, 11% higher than in 1Q23 because of excess margin deposits by market participants, and fewer derivatives trading, mainly in dollar futures.

Asigna charges 2 basis points per month on the average margin deposits and different settlement fees based on the type of contract traded.

Margin Deposits

	1Q24	1Q23	Var %
Margin Deposits(1)	42,056	38,043	11%

(1) Million pesos

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OTC Trading (SIF ICAP)

Revenues for SIF ICAP in 1Q24 were 178 million, 11 million or 6% lower when compared with the same period in 2023. Revenue at SIF ICAP Mexico decreased by 9 million pesos, primarily due to lower CO2 emission compensations via carbon credits from MéxiCO2. Meanwhile, revenue at SIF ICAP Chile decreased by 2 million pesos due to the depreciation of the Chilean peso against the Mexican peso.

Capital Formation (Listing & Maintenance)

During the first quarter of 2024, listing revenues reached 15 million pesos, 5 million or 49% higher to that of 1Q23; 3 million higher because of short and long-term listings and 2 million due to equity (FIBRAS) follow-ons.

In short-term debt, 342 issues were placed for a total amount of $70,141 million pesos, while in long-term debt, 23 issues were registered for a total amount of $99,458 million pesos. The number of new listings in the short and long-term debt markets increased by 17% and 10% compared to 1Q23. Likewise, the amount placed also increased by 25% in short-term and 14% in long-term debt. As of the close of the first quarter of 2023, there are 890 issues with an outstanding amount of $1.6 trillion pesos.

Additionally, during the first quarter of 2024, Fibra Prologis conducted a primary public offering and a private offering of certificates totaling 9.6 billion pesos, while Fibra Mty carried out a primary public offering and a private offering of certificates totaling 7.8 billion pesos.

Listing Activity

	1Q24	1Q23	Var %
FIBRAS
New Listings	2	-	-
Amount placed (1)	17,470	-	-
FIBRAS E
New Listings	-	1	-100%
Amount placed (1)	-	6,088	-100%
Medium & long term debt
New Listings	23	21	10%
Amount placed (1)	99,458	87,120	14%
Short term debt
New Listings	342	292	17%
Amount placed (1)	70,141	56,118	25%

1. Million pesos

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Participation by sector in the total amount of CKDs 2009-1Q 2024

9.2%

28.9%

19.8%

18.0% 24.1%

	Real Estate		Private Equity		Infraestructure		Energy		Financial Assets

Between 2009 and 1Q24, there were 128 billion pesos placed broken down into: 37 billion in real estate, 31 billion in private equity, 25 billion in energy, 23 billion in infrastructure and 12 billion in financial assets.

Maintenance fees

Maintenance fees revenue amounted to 117 million pesos in the first quarter of the year, which is 4 million or 3% lower than the same period last year, explained by different timing in revenue recognition during 1Q23. Revenues are not directly proportional to the amount of debt issued due to a maximum fee based on the issuance amount and type of instrument. As of March 2024, BMV has 497 active long-term debt issuances, compared to 485 and 474 issuances recorded in 4Q23 and 1Q23, respectively.

Central Securities Depository

Revenue in Indeval decreased 5% or 15 million pesos to 268 million for the first quarter of 2024. This outcome is explained by the following: i) an increase of 11 million resulting from the growth in the value of assets under custody, ii) a decrease of 19 million due to a lower number of settled transactions in the global market or SIC, and iii) a decrease of 7 million corresponding to global market services whose fees are in dollars USD (exchange rate variation).

Average Value of Assets Under Custody

	1Q24	1Q23	Var %
Local Market(1)	35,219	31,356	12%
SIC or Global Market(1)	1,705	1,530	11%

(1) Billion pesos

6

Information Services

The income generated during the first quarter in the Information Services business was recorded at 169 million pesos, 31 million or 16% lower compared to the same period in 2023.

The revenues corresponding to Market Data in the first quarter of 2024 amounted to 121 million pesos, reflecting a decrease of 16 million or 12% compared to the same period of the previous year. This reduction is attributed to the negative impact of the MXN peso - USD dollar exchange rate. As for Valmer, its revenues reached 48 million pesos, representing a decrease of 15 million compared to 1Q23. This decrease is explained by two main factors: i) a reduction of 10 million due to previously explained non-recurring revenue, and ii) a decrease of 5.2 million due to the cancellation of contracts for a portfolio management system that Valmer used to sell, resulting in savings of 5 million in consulting fee expenses.

Other

Revenue increased by 6 million pesos in the first quarter of 2024 due to the cancellation of expense provisions from last year.

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EXPENSES

Total expenses for the first quarter of 2024 were 477 million pesos, 6 million or 1% higher than the first quarter of 2023.

This increment is explained by the following items:

1. Personnel increased by 7 million pesos or 3% due to annual salary increments. However, this increase was partially offset by a reduction in SIF ICAP's variable compensation due to lower income in the period.
2. Technology up 1 million pesos due to higher technology consulting related to architecture and process management. IT expenses were 7 million pesos lower than expected due to foreign exchange rate fluctuations.
3. Depreciation increased 5 million pesos because of the hardware leases for the Segregation of Post-trade's infrastructure and the amortization of completed projects such as the qualified intermediary at Indeval and enhancements to the financial risk management platform marketed by Valmer.
4. Rent and Maintenance increased 1 million pesos because of renovations and maintenance of BMV Group building.
5. Consulting fees down by 3 million pesos, 5 million less due to the cancellation of contracts of the portfolio management system that Valmer used to sell and 2 million more in advisory services.
6. Others decreased 5 million pesos mainly due to reduced sales of CO2 offsets for the carbon market at MexiCO2.

Expenses detail (1)

	1Q24	1Q23	Var %
Personnel	239,497	232,731	3%
Technology	83,262	82,013	2%
Depreciation	61,685	56,359	9%
Rent and Maintenance	21,780	20,601	6%
Consulting Fees	22,561	25,995	-13%
Sub-custody	13,477	14,212	-5%
CNBV Fees	9,313	8,942	4%
Promotional Activities	7,832	8,199	-4%
Others	17,233	21,695	-21%
Total Expenses	476,640	470,747	1%

(1) Thousand pesos

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Constant Currency Analysis

During the first quarter of 2024, the Mexican peso appreciated by 9% against the US dollar. The average exchange rate in 1Q24 was 16.99 Mexican pesos per US dollar, while in the same period of the previous year, the average exchange rate was 18.69 Mexican pesos per US dollar. In a scenario where the exchange rate remains constant in the first quarter of 2023 and the first quarter of 2024, Grupo BMV would have recorded an additional 15 million pesos in EBITDA in 1Q24.

	1Q24	1Q24*	∆	1Q23	Var %
Revenues	967	995	28	1,034	-4%
Expenses	477	490	13	471	4%
EBITDA	552	567	15	620	-9%

Million pesos

*Constant currency analysis

Financial Results

	1Q24	1Q23	Var %
Operating Income	489,957	563,266	-13%
Operating Margin	51%	54%	-378bps
Comprehensive Financing Income	104,749	89,695	17%
EBITDA	551,642	619,625	-11%
EBITDA Margin	57%	60%	-286bps
Taxes	176,704	200,501	-12%
Tax Rate	30%	31%	-110bps
Minority Interest	-47,003	-39,501	19%
Net Income	375,049	414,880	-10%

(1) Thousand pesos

As a result of the revenue and expenses for the period, operating profit decreased by 73 million pesos or 13% below what was reported in the first quarter of 2023

Comprehensive financial income reported at 105 million pesos in 1Q24, up 15 million compared to

1Q23 as a result of:

• Exchange Gains / Losses, positive variation of 20 million explained by the exchange rate loss in 1Q23.
• Financial Income / Expenses, decreased by 5 million due to a lower amount invested in short-term government securities. The Bank of Mexico reported the target interest rate at 11.00%. Lease interest amounted to 2.1 million pesos.

The tax rate in 1Q24 was 29.5%, representing a decrease of 110 basis points compared to the first quarter of 2023. This translated into a tax saving of 24 million pesos.

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Minority interest had an 8 million pesos variation explained by SIF ICAP's difference in revenues in 1Q24 and 1Q23.

Net income for the first quarter of 2024 reached 375 million pesos, 40 million pesos or 10% lower compared to the first quarter of 2023.

BALANCE SHEET HIGHLIGHTS

	Mar 24(1)	Dec 23(1)	Var Nom.	Var %
Current Assets	4,816	4,104	712	17%
Cash	4,287	3,723	564	15%
Non-Current Assets	4,753	4,710	43	1%
Current Liabilities	1,165	764	400	52%
Non-Current Liabilities	361	383	-21	-6%
Stockholders' equity	8,043	7,666	377	5%

(1) Million pesos

As of March 31st, 2024, cash and investments increased by 15% to 4,287 million pesos explained by the net effect of operating income and the maintenance revenue which is collected in advance.

Non-current assets increased by 43 million pesos due to hardware leases and accounts receivable. Goodwill remained at 3,084 billion pesos.

In the first quarter of 2024 CAPEX were 55 million pesos mainly invested in the implementation of the new Post-trade's platform and technology upgrades, compared with 24 million pesos in 1Q23.

Total liabilities saw a 379 million pesos increase, driven mainly by upfront maintenance fee charges at the year's outset and lease liabilities.

The 5% growth in shareholders' equity is the result of accumulated earnings during the period.

BUYBACK PROGRAM

In the first quarter of 2024, Grupo BMV bought back 353 thousand shares for a total value of 12.5 million pesos. Currently, the outstanding number of shares are 569,444,868.

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