Q1 2025 Bolsa Mexicana de Valores SAB de CV Earnings Call

A brief question and answer session will follow the formal presentation.

Operator: All participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ramón Güemez, Chief Financial and Sustainability Officer. Thank you, sir. You may begin.

Operator: All participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ramón Güemez, Chief Financial and Sustainability Officer. Thank you, sir. You may begin.

Operator: are in listen-only mode. A brief question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

Operator: If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

As a reminder, this conference is being recorded.

Ramon: It is now my pleasure to introduce your host Ramon Women's Chief Financial Officer. Thank you Sir you may begin.

Ramon Jimenez: It is now my pleasure to introduce your host, Ramon Jimenez, Chief Financial Officer.

Ramon: Good morning. Thank you welcome to welcome Janet if I noticed first quarter 2025 earnings conference call.

Operator: Thank you, sir. You may begin.

Jorge Alegría: Good morning. Thank you.

Ramón Güemez: Good morning. Thank you. Welcome to Bolsa Mexicana de Valores Q1 2025 Earnings Conference Call. Before proceeding, I'd 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 that are subject to risk, uncertainties, and assumptions. Many factors could cause the current results, performance, or achievements of Bolsa to be somewhat different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental, and business conditions, both on a global scale and in the individual countries in which Bolsa does business.

Ramón Güémez Sarre: Good morning. Thank you. Welcome to Bolsa Mexicana de Valores Q1 2025 Earnings Conference Call. Before proceeding, I'd 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 that are subject to risk, uncertainties, and assumptions. Many factors could cause the current results, performance, or achievements of Bolsa to be somewhat different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental, and business conditions, both on a global scale and in the individual countries in which Bolsa does business.

Jorge Alegría: Welcome to Bolsa Mexicana de Valores First Quarter 2025 Earnings Conference.

Ramon: Before proceeding I would like to provide a brief safe Harbor statement.

Jorge Alegría: Before proceeding, I'd 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 manager. as well as assumptions made and information currently available at Bolsa. Such statements reflect the current views of BOLSA related to future events that are subject to risk, uncertainties, and assumptions. Many factors could cause the current results, performance, or achievements of BOLSA to be somewhat different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental, and business conditions, both in a global scale and in the individual countries in which BOLSA does business.

Ramon: This presentation contains forward looking statements and information related to bolster that are based on the analysis and expectations or its management.

Ramon: As well as assumptions made in information currently available at Bolsa.

Ramon: Such statements reflect the current views of bold set related to future events that are subject to risks uncertainties and assumptions many.

Ramon: Many factors could close to current results performance or achievements of Volta to be somewhat different from any future results performance or achievements that may be expressed or implied by such forward looking statements.

Ramon: Including among others changes in general economic political governmental and business conditions, both on a global scale and in the individual countries and which bolstered does business.

Ramon: Such as changes in monetary policies, and inflation rates and prices and business strategy and various other factors.

Jorge Alegría: such as changes in monetary policies, in inflation rates, in prices, in business strategy, and various other factors. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary considerably from those described herein as anticipated, believed, estimated, expected, or targeted.

Ramón Güemez: Such as changes in monetary policies, in inflation rates, in prices, in business strategy, and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary considerably from those described herein as anticipated, believed, estimated, expected, or targeted. Bolsa does not intend and does not assume any obligation to update these forward-looking statements. I would also like to remind participants that today's call is being recorded and a replay of this call will be available online on 24 April at Bolsa's corporate website, www.bmv.com.mx. During this call, all figures are in Mexican pesos and compared to Q1 2024, unless stated otherwise. This call is intended for the financial community only, and the floor will be open at the end to address any questions you may have.

Ramón Güémez Sarre: Such as changes in monetary policies, in inflation rates, in prices, in business strategy, and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary considerably from those described herein as anticipated, believed, estimated, expected, or targeted. Bolsa does not intend and does not assume any obligation to update these forward-looking statements. I would also like to remind participants that today's call is being recorded and a replay of this call will be available online on 24 April at Bolsa's corporate website, www.bmv.com.mx. During this call, all figures are in Mexican pesos and compared to Q1 2024, unless stated otherwise. This call is intended for the financial community only, and the floor will be open at the end to address any questions you may have.

Ramon: Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect actual results may vary considerably from those described herein as anticipated believed estimated expected or targeted.

Ramon: <unk> does not intend.

Ramon: And does not assume any obligation to update these forward looking statements.

Jorge Alegría: Bolsa does not intend. and does not assume any obligation to update this forward look in the state.

Ramon: I would also like to remind participants that the base call is being recorded and a replay of this call will be available online on April 24th at <unk> corporate website at Www Dot <unk> Dot com Amex.

Jorge Alegría: I would also like to remind participants that today's call is being recorded and a replay of this call will be available online on April 24th at Bolsa's corporate website www.bmp.com.mx. During this call, all figures are in Mexican pesos and compared to the first quarter of 2024, unless stated otherwise.

Ramon: During this global figures are in Mexican pesos and compared to the first quarter of 2020 unless stated otherwise.

Ramon: This call is intended for the financial community only and the floor will be open at the end to address any questions you may have.

Jorge Alegría: This call is intended for the financial community only, and the floor will be open at the end to address any questions you may have.

Speaker Change: Joining us for today's call are quota share Alegria, CEO Flavio <unk>, Chief Information Officer, Roberto <unk>, Chief <unk> Officer, Gabriel Rodriguez, <unk> CEO <unk> <unk>.

Jorge Alegría: Joining us for today's call are Jorge Alegría, CEO, Claudio Vivian, Chief Information Officer, Roberto Gonzalez, Chief Post Trade Officer, Gabriel Rodriguez, CIFICAP CEO, Jose Miguel Diaz, Managing Director of Derivatives Market, Luis Rene Ramon, Managing Director, Commercial Marketing.

Ramón Güemez: Joining us for today's call are Jorge Alegría, CEO, Claudio Vivian, Chief Information Officer, Roberto González, Chief Post-trade Officer, Gabriel Rodríguez, SIF ICAP CEO, José Miguel de Dios, Managing Director of Derivatives Market, Luis René Ramón, Managing Director, Commercial Marketing, Juan Manuel Olivo, Capital Formation Director, our new FP&A Director, Hanna Rivas, and myself, Ramón Güemez, CFO. I'd like to turn the call over now to our CEO, Jorge Alegría.

Ramón Güémez Sarre: Joining us for today's call are Jorge Alegría, CEO, Claudio Vivian, Chief Information Officer, Roberto González, Chief Post-trade Officer, Gabriel Rodríguez, SIF ICAP CEO, José Miguel de Dios, Managing Director of Derivatives Market, Luis René Ramón, Managing Director, Commercial Marketing, Juan Manuel Olivo, Capital Formation Director, our new FP&A Director, Hanna Rivas, and myself, Ramón Güemez, CFO. I'd like to turn the call over now to our CEO, Jorge Alegría.

Speaker Change: <unk> managing director of derivatives market.

Speaker Change: Net among managing director commercial marketing.

Juan Manuel: Juan Manuel a level for capital formation director, our new ESPN, Anr director <unk> and myself from awareness CFO I'd like to turn the call over now to our CEO of <unk>.

Ramon Jimenez: Juan Manuel Olivo, Capital Formation Director, our newest P&ANR Director, Jana Rivas, and myself, Ramon Güemes, CFO.

Jorge Alegría: I'd like to turn the call over now to our CEO, Jorge Alegría. Thank you, Ramon, and good morning, everyone. I hope you are all doing well today. As you know, we released our earnings results yesterday evening to provide comprehensive details on our first quarter of 2025, on our results, which we will be discussing during this call. The copies of our press release and slide deck are also available at dnv.com.mx under the investor relationship.

Juan Manuel: Thank you everyone and good morning, everyone.

Juan Manuel: I Hope you are all doing well today.

Jorge Alegría: Thank you, Ramón, and good morning, everyone. I hope you are all doing well today. As you know, we released our earnings results yesterday evening to provide comprehensive details on our Q1 2025. On our results, which we will be discussing during this call. The copies of our press release and the slide deck are also available at bmv.com.mx under the investor relations tab. During today's call and this time, I will first review our ongoing initiatives and then briefly comment on our financial results and the comprehensive and competitive landscape as well. Finally, we will conclude with some Q&A sessions where you can ask any questions via the conference call line. To start with, on the new central counterparty for bonds, the CCP services we are launching.

Jorge Alegría Formoso: Thank you, Ramón, and good morning, everyone. I hope you are all doing well today. As you know, we released our earnings results yesterday evening to provide comprehensive details on our Q1 2025. On our results, which we will be discussing during this call. The copies of our press release and the slide deck are also available at bmv.com.mx under the investor relations tab. During today's call and this time, I will first review our ongoing initiatives and then briefly comment on our financial results and the comprehensive and competitive landscape as well. Finally, we will conclude with some Q&A sessions where you can ask any questions via the conference call line. To start with, on the new central counterparty for bonds, the CCP services we are launching.

Juan Manuel: As you know we released our earnings results yesterday evening to provide a comprehensive details on our first quarter of 2025.

Juan Manuel: Our results that we share and we will be discussing during this call.

Juan Manuel: The copies of our press release on the slide deck also available.

Juan Manuel: <unk> dot com, but the mix on the Investor Relations tab.

Juan Manuel: During today's calls.

Juan Manuel: This time I will first review our ongoing initiatives.

Jorge Alegría: During today's calls and this time, I will first review our ongoing initiatives and then briefly comment on our financial results and the comprehensives and the competitive landscape as well. Finally... We will conclude with some Q&A sessions where you can ask any questions via the conference call line. To start with, on the new central counterparty for bonds, the CCP services we are launching, as you may recall, we received the authorization last December. We are currently running daily tests for creating risk management and settlement on our quality assurance testing system to guarantee the correct operation of this new CCP service.

Juan Manuel: And then briefly comment on our financial results and a comprehensive on the competitive landscape as well finally.

Juan Manuel: We will conclude with some Q&A sessions, where you can ask any questions via the conference call line.

Juan Manuel: To start with on the new central counterparty for bonds. The CCP services. We are launching as you may recall, we receive the outflow restatement last December.

Jorge Alegría: As you may recall, we received the authorization last December. We are currently running daily tests for clearing, risk management, and settlement on our quality assurance testing system to guarantee the correct operation of this new CCP service. Additionally, the first DRP test was recently executed. We have a couple of more pending with the participation of the Mexican authorities as well. The testing period should be finished around August. Initially, the CCP will start clearing MBonos, and this should start sometime in Q3. We already have 3 large Mexican interdealer brokers connected, and even though that they have yet to receive approval from the authorities for their internal rules and regulations regarding the CCP. Additionally, we also have the 2 needed clearing members undergoing currently the onboarding process. On a second stage, we should start on Q1 2026.

Jorge Alegría Formoso: As you may recall, we received the authorization last December. We are currently running daily tests for clearing, risk management, and settlement on our quality assurance testing system to guarantee the correct operation of this new CCP service. Additionally, the first DRP test was recently executed. We have a couple of more pending with the participation of the Mexican authorities as well. The testing period should be finished around August. Initially, the CCP will start clearing MBonos, and this should start sometime in Q3. We already have 3 large Mexican interdealer brokers connected, and even though that they have yet to receive approval from the authorities for their internal rules and regulations regarding the CCP. Additionally, we also have the 2 needed clearing members undergoing currently the onboarding process. On a second stage, we should start on Q1 2026.

Juan Manuel: We are currently running a daily tests for painting risk management on settlement on our quality assurance testing system to guarantee the correct operation of these new CEB service.

Juan Manuel: Personally.

Juan Manuel: The first DRP theft.

Jorge Alegría: Additionally, The first DRP test was recently executed. We have a couple of more pending with the participation of the Mexican authorities as well. So the testing period should be finished around August. Initially, the CCP will start clearing M-bonus, and this should start sometime in Q3. We already have three large Mexican interdealer brokers connected and even though that they have yet to receive approval from the authorities for their internal rules and regulations regarding to the CCP. Additionally, we also have the two NIDA clearing members undergoing currently the onboarding process. On a second stage, we should start on first cube 26.

Juan Manuel: Whilst recently executed we have a couple of more pending with the participation of the Mexican authorities as well so that vesting period should be finished around August.

Juan Manuel: In Italy.

Juan Manuel: The CCP will start cleaning <unk> on these two to start sometime in Q3.

Juan Manuel: We already have three large Mexican interdealer brokerage connected.

Juan Manuel: Even though that they have debt to receive approval from the authorities for their internal rules and regulations regarding to the GDP.

Juan Manuel: Additionally, we also have the two neither cleaning members undergoing currently the onboarding process.

Juan Manuel: On a second stage.

Juan Manuel: We should start on the first Q 'twenty six.

The <unk> service will start paving repos.

Jorge Alegría: The CCP service will start cleaving reports and other government securities where we expect also it's going to be a very well-received service.

Jorge Alegría: The CCP service will start clearing repos, and other government securities, where we expect also it is going to be a very well-received service. On the liquidity alternative for Asigna, our derivatives clearinghouse, with the recent market volatility, we have received a new interest, and renewed interest from the Mexican authorities to have this up and running sooner rather than later. As you know, this initiative will allow us to receive securities as variation margin instead only cash, which is the way it works now. I am happy to tell you that we have found a mechanism similar to the collateral transformation services delivered in other jurisdictions, which seems to suit all the stakeholders. In essence, Afores, Mexican pension funds, will deliver securities to the clearing members.

Jorge Alegría Formoso: The CCP service will start clearing repos, and other government securities, where we expect also it is going to be a very well-received service. On the liquidity alternative for Asigna, our derivatives clearinghouse, with the recent market volatility, we have received a new interest, and renewed interest from the Mexican authorities to have this up and running sooner rather than later. As you know, this initiative will allow us to receive securities as variation margin instead only cash, which is the way it works now. I am happy to tell you that we have found a mechanism similar to the collateral transformation services delivered in other jurisdictions, which seems to suit all the stakeholders. In essence, Afores, Mexican pension funds, will deliver securities to the clearing members.

Juan Manuel: And other government Securities, where we expect also.

Juan Manuel: It is going to be very well received service.

Juan Manuel: Okay.

Juan Manuel: On the liquidity alternative for a cigna our derivative clearinghouse.

Jorge Alegría: On the liquidity alternative for ASIGNA, our derivatives clearinghouse, with the recent market volatility, we have perceived a new interest and renewed interest from the Mexican authorities to have this up and running sooner rather than later. As you know, this initiative will allow us to receive security as variation margin instead only cash, which is the way it works now. I am happy to tell you that we have found a mechanism similar to the collateral transformation services delivered in other jurisdictions, which seems to suit all the stakeholders. So in essence, a forest, Mexican pension funds, will deliver securities to the clearing members, which would then, through a trust fund, repo them for cash, which in turn would be delivered to a CIGNA to cover these daily variation margins that otherwise would be fulfilled in cash.

Juan Manuel: The recent market volatility we have received a new interest and renewed interest from the Mexican authority to have this up and running sooner rather than later.

Juan Manuel: You know this initiative will allow us to receive securities.

Juan Manuel: This variation margin if that only cash which is the way it works now.

Juan Manuel: I am happy to tell you that we have found a mechanism similar to the collateral transformation services delivered another jurisdiction, which seems to suit all the stakeholders. So in essence afforded Mexican pension funds will deliver securities to the clearing members, which would then through a trust fund repo then forecast we can.

Jorge Alegría: Which would then, through a trust fund, repo them for cash, which in turn would be delivered to Asigna to cover these daily variation margins that otherwise must be fulfilled in cash. Currently, three derivatives clearing members are in the process of finalizing the corresponding manual and contracts with the trust fund. We expect to have this new structure ready and operational during this year. With this change, we expect to attract volume from the OTC market, where the pension funds are active, and also from other international markets where they are also active, where only dollar collateral is accepted. This is an important advantage being in Mexico as a Mexican institutional investor to be able to place Mexican peso collateral in these times of high volatility. Another topic on which I want to give you an update is the new fee schedule for equity trading.

Jorge Alegría Formoso: Which would then, through a trust fund, repo them for cash, which in turn would be delivered to Asigna to cover these daily variation margins that otherwise must be fulfilled in cash. Currently, three derivatives clearing members are in the process of finalizing the corresponding manual and contracts with the trust fund. We expect to have this new structure ready and operational during this year. With this change, we expect to attract volume from the OTC market, where the pension funds are active, and also from other international markets where they are also active, where only dollar collateral is accepted. This is an important advantage being in Mexico as a Mexican institutional investor to be able to place Mexican peso collateral in these times of high volatility. Another topic on which I want to give you an update is the new fee schedule for equity trading.

Juan Manuel: <unk> will be delivered to a signal to cover these daily variation margins.

Juan Manuel: Otherwise most people paid in cash.

Juan Manuel: Currently three radioactive clearing members are in the process of finalizing the corresponding mangrove contracts with the Trust fund.

Jorge Alegría: Currently, three derivative screen members are in the process of finalizing the corresponding manuals, contracts with the trustee. We expect to have this new structure ready and operational during this year. With this change, we expect to attract volume from the OCC market, where the pension funds are active, and also from other international markets where they are also active, where only dollar collateral is accepted. So this is an important advantage, being in Mexico as a Mexican institutional investor to be able to place Mexican peso collateral in these times of high volatility.

Juan Manuel: We expect to have this new structure Radeon operational during this year, we change we expect to attract volume from the OTC market for the pension funds are active on also from other international markets, where they are also active we're only dollar collateral is accepted. So this is an important advantage being in Mexico.

Juan Manuel: <unk> as a Mexican institutional investor to be able to play met.

Juan Manuel: The Mexican peso collateral indeed stay at times of high volatility.

Juan Manuel: Another topic on which I want to give you an update is the new fee schedule for equity trading.

Jorge Alegría: Another topic on which I want to give you an update is the new fee if scheduled for equity trading. First of all, we received some comments from the authorities, and we expect to have final approval in the coming weeks. A positive aspect to highlight is that we have not seen a relevant impact on our market share, which remains around 78, 80%. However, As we monitor the market, and we are in very close contact with our customers, we are following the comments regarding our competitors over... Considering this, we will implement our new fee schedule once it is approved, but we will do so gradually, so not to reduce fees more than we would need to.

Juan Manuel: First of all we received some comments from the authorities and we expect to have final approval in the coming weeks.

Jorge Alegría: First of all, we received some comments from the authorities, and we expect to have final approval in the coming weeks. A positive aspect to highlight is that we have not seen a relevant impact on our market share, which remains around 78 to 80%. However, as we monitor the market and we are in very close contact with our customers, we are following the comments regarding our competitors' lower fees. Considering this, we will implement our new fee schedule once it is approved, but we will do so gradually so not to reduce fees more than we would need to. Of course, we will keep you posted on this.

Jorge Alegría Formoso: First of all, we received some comments from the authorities, and we expect to have final approval in the coming weeks. A positive aspect to highlight is that we have not seen a relevant impact on our market share, which remains around 78 to 80%. However, as we monitor the market and we are in very close contact with our customers, we are following the comments regarding our competitors' lower fees. Considering this, we will implement our new fee schedule once it is approved, but we will do so gradually so not to reduce fees more than we would need to. Of course, we will keep you posted on this.

Juan Manuel: A positive aspect to highlight is that we have not seen a relevant impact on our market share which remains around 70, 880%. However.

Juan Manuel: We monitor the market and we are in very close contact with our customers.

Juan Manuel: We are following the comments regarding our competitors lower feed cost.

Juan Manuel: Considering these we will implement our new fee schedule. Once it is approved but we will do so gradually so not to reduce fees more than we would need to and of course, we will keep you posted.

Juan Manuel: On this.

Jorge Alegría: And of course, we will keep posted on this.

Let me follow on other fee structures comment that after leasing also to feedback from our customers on our end users.

Jorge Alegría: Let me follow on another key structure's comments that after listening also to feedback from our customers and our end users. to promote retail market that is one of our strategic guidelines, specifically in the SIG, in the international market section. We submitted a proposal to reduce our conversion fee at IndeValue. Under our proposal, trades below $5,000 would be free of charge of this conversion fee, eliminating this minimum requirement. We are not expecting a material impact, and on the other hand, we think this will be very helpful for Mexican brokers to promote retail trading in this global market segment that has been quite successful.

Jorge Alegría: Let me follow on another fee structures comment that after listening also to feedback from our customers and our end users to promote retail markets, that is one of our strategic guidelines, specifically in the SIC, in the international market section. We submitted a proposal to reduce our conversion fee at Indeval. Under our proposal, trades below $5,000 would be free of charge of this conversion fee, eliminating this minimum requirement. We are not expecting a material impact, and on the other hand, we think this will be very helpful for Mexican brokers to promote retail trading in this global market segment that has been quite successful. We are expecting formal approval from the authorities also in the coming weeks. On the advance of the simplified listings initiative, we have submitted the required changes to our internal rules and manuals to the authorities.

Jorge Alegría Formoso: Let me follow on another fee structures comment that after listening also to feedback from our customers and our end users to promote retail markets, that is one of our strategic guidelines, specifically in the SIC, in the international market section. We submitted a proposal to reduce our conversion fee at Indeval. Under our proposal, trades below $5,000 would be free of charge of this conversion fee, eliminating this minimum requirement. We are not expecting a material impact, and on the other hand, we think this will be very helpful for Mexican brokers to promote retail trading in this global market segment that has been quite successful. We are expecting formal approval from the authorities also in the coming weeks. On the advance of the simplified listings initiative, we have submitted the required changes to our internal rules and manuals to the authorities.

To promote retail market.

Juan Manuel: One of our strategic guidelines.

Juan Manuel: Pacifically in the peak in the international market section.

Juan Manuel: We submitted a proposal to reduce our conversion fee in the value.

Juan Manuel: Under our proposal trades below $5000 would be free of charge of these commercial feet, eliminating dominion does mean requirement.

Juan Manuel: We are not expecting a material impact on the other hand, we think it will be very careful for Mexican brokers to promote retail trading in this global market segment that have been quite successful we are expecting formula approval from the FERC is also in the coming weeks.

Jorge Alegría: We are expecting formal approval from the authorities also in the coming weeks.

Juan Manuel: On the advance of the simplified listings initiative, we have submitted the required changes to our internal with our molecule authorities.

Jorge Alegría: On the advance of the Simplified Listings Initiative, we have submitted the required changes to our Internal Rules and Malwants Rule Authority. Regarding the new regulations for hedge funds, they have not been published yet, and we know our colleagues from the industry are working hard with the Mexican authorities to have these new rules in place soon.

Juan Manuel: Regarding the new regulations for hedge funds.

Juan Manuel: They have not been published yet and we know our colleagues from the from the industry are working hard with the Mexican authorities to have these new rules in place soon.

Jorge Alegría: Regarding the new regulations for hedge funds, they have not been published yet, and we know our colleagues from the industry are working hard with the Mexican authorities to have these new rules in place soon. Let me move on to our new efforts on market data. One of the efforts we are doing, and we will talk a little bit more in the coming sections, but we partnered with IPC, powered by Beeks, to offer virtualized colocation services. Today, for our colocation products, our customers must place a physical server in our primary site. Under this new model, customers will, so to speak, rent a virtual space on a server, making this process a lot easier.

Jorge Alegría Formoso: Regarding the new regulations for hedge funds, they have not been published yet, and we know our colleagues from the industry are working hard with the Mexican authorities to have these new rules in place soon. Let me move on to our new efforts on market data. One of the efforts we are doing, and we will talk a little bit more in the coming sections, but we partnered with IPC, powered by Beeks, to offer virtualized colocation services. Today, for our colocation products, our customers must place a physical server in our primary site. Under this new model, customers will, so to speak, rent a virtual space on a server, making this process a lot easier.

Juan Manuel: And let me move on our new efforts on market data.

Jorge Alegría: Let me move on our new effort for market data. One of the efforts we are doing, and we will talk a little bit more in the coming sections, but we partnered with IPC powered by DECA. to offer a virtualized co-location service. Today for our publication products, our customers must place a physical server in our primary site. Under this new model, customers will, so to speak, rent a virtual space on a server, making this process a lot easier. We believe this will help bring new participants, increase the participation of current ones, and help us to improve trading on the equity segment.

Juan Manuel: One of the efforts, we are doing and we will talk a little bit more in the in the upcoming sections, but we partner with ITC powered by <unk> to offer a beautiful life co location services.

Juan Manuel: Today.

Juan Manuel: Our colocation product our customers most place a physical server in our primary site under these new mobile customers will so to speak rents are beautiful space on our favor, making this process a lot easier.

Juan Manuel: We believe this.

Juan Manuel: It'll help bring new participants increased the participation of <unk>.

Jorge Alegría: We believe this will help bring new participants, increase the participation of current ones, and help us to improve trading on the equity segment. We expect this to have it ready by Q3 2025. In the derivatives market, we have been showing also several advances. We are focusing on the launch of the new products during Q2, such as listing the mini dollar contract and the ESG index contract already approved by the authorities. We have also new products launched for the derivatives segment to list futures on individual stocks. International names like Tesla, Facebook, Google, Apple, which are highly liquid in the international segment on the SIC, will have now futures and options in MexDer in the hopefully coming weeks or months where we are pending final approvals from the authorities after a lengthy negotiation process.

Jorge Alegría Formoso: We believe this will help bring new participants, increase the participation of current ones, and help us to improve trading on the equity segment. We expect this to have it ready by Q3 2025. In the derivatives market, we have been showing also several advances. We are focusing on the launch of the new products during Q2, such as listing the mini dollar contract and the ESG index contract already approved by the authorities. We have also new products launched for the derivatives segment to list futures on individual stocks. International names like Tesla, Facebook, Google, Apple, which are highly liquid in the international segment on the SIC, will have now futures and options in MexDer in the hopefully coming weeks or months where we are pending final approvals from the authorities after a lengthy negotiation process.

Juan Manuel: Help us to improve.

Juan Manuel: Trading on the equity segment and we expect this to.

Juan Manuel: To have it ready by Q3 2025.

Jorge Alegría: And we expect this to have it ready by Q3 2025.

Juan Manuel: In the derivatives market.

Juan Manuel: We have been showing also several of the advances we are focusing on the launch of the new products during Q2.

Jorge Alegría: In the derivatives market, we have been showing also several advances. We are focusing on the launch of the new products during Q2, such as listing the mini-dollar contract and the ESG index contract already approved by the authority. We have also new products launched for the derivative segment to lead futures on individual stocks. International names like Tesla, Facebook, Google, Apple, which are highly liquid in the international segment on the stick, will have now futures and options in Mexair in the hopefully coming weeks or months where we are pending final approvals from the authorities after a lengthy negotiation process.

Juan Manuel: Such us listing the many dollar contract and the ESG index contract already approved by the authorities.

Juan Manuel: We have also new products launched for the riveting segment to lease futures on individual stocks.

Juan Manuel: International names like Tesla, Facebook, Google Apple, which are.

Juan Manuel: Highly liquid in the international segment undertake will have now futures and options in the in mix there in the hopefully coming weeks or months, but where we are pending final approvals from the authorities after a lengthy negotiation process.

Juan Manuel: And finally, we are also looking at.

Juan Manuel: In this same segment to have ready sometime this year hopefully options on Etfs.

Jorge Alegría: And finally, we are also looking in this same segment to have ready sometime this year, hopefully, options on ETFs on the international segment as well to be approved soon. Additionally, we have seen a successful transition from the 28-day TA interest rate to the new funding TA or TA de Fondeo. We are now seeing regular volumes, especially in the very short end of the curve, which volumes on the first coupon or the first second coupons are growing every week. As you may know, we also list this very short segment of the swap market recently with very good resulting volumes.

Jorge Alegría: Finally, we are also looking in this same segment to have ready sometime this year, hopefully, options on ETFs on the international segments as well to be approved soon. Additionally, we have seen a successful transition from the 28-day TIIE interest rate to the new TIIE de Fondeo. We are now seeing regular volumes, especially in the very short end of the curve, which volumes on the first coupon or the first second coupons are growing every week. We, as you may know, we also list this very short segment of the swap market recently with very good results in volumes. Transformation for our post-trade services, and this is an important endeavor that we are fully committed.

Jorge Alegría Formoso: Finally, we are also looking in this same segment to have ready sometime this year, hopefully, options on ETFs on the international segments as well to be approved soon. Additionally, we have seen a successful transition from the 28-day TIIE interest rate to the new TIIE de Fondeo. We are now seeing regular volumes, especially in the very short end of the curve, which volumes on the first coupon or the first second coupons are growing every week. We, as you may know, we also list this very short segment of the swap market recently with very good results in volumes. Transformation for our post-trade services, and this is an important endeavor that we are fully committed.

Juan Manuel: The international segments as well will be approved soon.

Juan Manuel: Additionally, we have seen a successful transition from the 28% EBITDA interest rate to the new funding or via the phone Bill. We are now seeing regular volumes, especially in the very short end of the curve, which volumes on the first coupon or the first second coupons are growing.

Juan Manuel: Every week.

Juan Manuel: As you May know, we also list.

Juan Manuel: Very short segment of the of the Salt market recently with very good results in volumes.

Juan Manuel: Yes.

Juan Manuel: Transformation of our postal services and this is an important.

Jorge Alegría: Transformation for our poster services, and this is an important. and the award that we are fully committed. In 2024, we launch the Post-Transformation Program. aim at evolving from isolated internal systems to fully interconnected, next-generation platforms. A key milestone in this journey is the adoption of NASDAQ platform solutions for our central securities depository, CSV, in the Valley, and for our equity central counterpart in the CCP. Building on this foundation, we have recently expanded the platform's capabilities to include bonds and derivative CCPs as well. The plan is to give and to go live. with a derivative platform solution in 2026, while the equity and bond CCP, also the INDEVAL are planned to be deployed in early 2027.

Juan Manuel: And therefore that we are.

Juan Manuel: Fully committed in 2024, we launched the pollster transformation program.

Jorge Alegría: In 2024, we launched the post-trade transformation program aimed at evolving from isolated internal systems to fully interconnected next-generation platforms. A key milestone in this journey is the adoption of Nasdaq platform solution for our central securities depository, CSD, Indeval, and for our equity central counterparty, the CCP. Building on this foundation, we have recently expanded the platform's capabilities to include bonds and derivatives CCPs as well. The plan is to go live with the derivatives platform solution in 2026, while the equity and bond CCP, also the Indeval, are planned to be deployed in early 2027.

Jorge Alegría Formoso: In 2024, we launched the post-trade transformation program aimed at evolving from isolated internal systems to fully interconnected next-generation platforms. A key milestone in this journey is the adoption of Nasdaq platform solution for our central securities depository, CSD, Indeval, and for our equity central counterparty, the CCP. Building on this foundation, we have recently expanded the platform's capabilities to include bonds and derivatives CCPs as well. The plan is to go live with the derivatives platform solution in 2026, while the equity and bond CCP, also the Indeval, are planned to be deployed in early 2027.

Juan Manuel: Aimed at evolving from isolated internal systems to fully interconnected next generation platforms are.

Juan Manuel: A key milestone in this journey is the adoption of NASDAQ platform solution for our Central Securities Depository PSV in Nevada.

Juan Manuel: Our equity central Counterparties with TTP.

Juan Manuel: Building on this foundation, we have recently expanded the platform capabilities to include bonds and derivative piece as well.

Juan Manuel: Plan is to give and to go live.

Juan Manuel: The derivative platform solution in 2026, while the equity and bond CCP also the end of all our plans to be deployed in early 2027.

Juan Manuel: We have also launched a proof of concept for data platforms to strengthen our real time data and tailor made reporting capabilities positioning us to deliver even greater value to market participants in all the postpaid segment.

Jorge Alegría: We have also launched a proof of concept for data platforms to strengthen our real-time data and tailor-made reporting capabilities, positioning us to deliver even greater value to market participants in all the post-trade sectors.

Jorge Alegría: We have also launched a proof of concept for data platforms to strengthen our real-time data and tailor-made reporting capabilities, positioning us to deliver even greater value to market participants in all the post-trade segments. Let me move to our key financial highlights in the following slides. For the Q1 2025 key financial highlights, we can see this quarter we are showing, also continuing to show positive numbers. Led by strong operating results in all business lines, with also helped by the exchange rate. Revenues, EBITDA, and net income are all growing 17%. Revenues were a little over MXN 1.1 billion. EBITDA reached MXN 640 million with a 57% margin, and net income was MXN 437 million.

Jorge Alegría Formoso: We have also launched a proof of concept for data platforms to strengthen our real-time data and tailor-made reporting capabilities, positioning us to deliver even greater value to market participants in all the post-trade segments. Let me move to our key financial highlights in the following slides. For the Q1 2025 key financial highlights, we can see this quarter we are showing, also continuing to show positive numbers. Led by strong operating results in all business lines, with also helped by the exchange rate. Revenues, EBITDA, and net income are all growing 17%. Revenues were a little over MXN 1.1 billion. EBITDA reached MXN 640 million with a 57% margin, and net income was MXN 437 million.

Juan Manuel: And now let me now let me move to our key financial highlights in the following slides.

Jorge Alegría: And now let me move to our key financial highlights in the following slides. So for the first Q2025 Key Financial Highlights, we can see this quarter we are showing also and continuing to show positive numbers. led by strong operating results in all business lines with also help by the exchange. Revenues, EBITDA, and net income are all growing 17%. Revenues were a little over $1.1 billion pesos. EBDA reached $640 million with a 57 margin and net income was $437 million. Earnings per share were $0.78, up 18% when compared with the first quarter of 2024. As I said, a very good quarter and in line with the positive results we had the last quarter.

Juan Manuel: So for the first Q2 thousand 25 key financial highlights.

Juan Manuel: A week.

Juan Manuel: We see this quarter, we are showing also in continuing to show positive numbers.

Juan Manuel: Led by strong operating results in all business lines with also with also helped by the exchange rate Rep.

Juan Manuel: Our revenues EBITDA and net income are all growing 17%.

Juan Manuel: Revenues were a little over $1 1 billion vessels EBITDA reached $640 million with a 57% margin and net income was 400.

Juan Manuel: $3 7 million.

Juan Manuel: Earnings per share were <unk> 78.

Juan Manuel: Up 818% when compared with the first quarter of 2024.

Jorge Alegría: Earnings per share were MXN 0.78, up 18% when compared with Q1 2024. As I said, a very good quarter and in line with the positive results we had the last quarter. Let me move to the next slide to review each business line. Our revenue distribution remains balanced and well-diversified. Capital formation or the listing of equity, debt, and alternative securities, as well as its annual maintenance, contributed this year with 12% of BMV Group's revenue. Transactional business, which consists of equity trading and clearing, derivatives trading and clearing, and OTC trading, generated 35% of the revenue. Information services made up of data, analytics, indices, valuation, and financial risk management services have an 18% weight.

Jorge Alegría Formoso: Earnings per share were MXN 0.78, up 18% when compared with Q1 2024. As I said, a very good quarter and in line with the positive results we had the last quarter. Let me move to the next slide to review each business line. Our revenue distribution remains balanced and well-diversified. Capital formation or the listing of equity, debt, and alternative securities, as well as its annual maintenance, contributed this year with 12% of BMV Group's revenue. Transactional business, which consists of equity trading and clearing, derivatives trading and clearing, and OTC trading, generated 35% of the revenue. Information services made up of data, analytics, indices, valuation, and financial risk management services have an 18% weight.

Speaker Change: As I said, a very good quarter and in line with the positive results, we have the last quarter.

Juan Manuel: Let me move to the next slide to review each business line.

Jorge Alegría: Let me move to the next slide to review each business line. Our revenue distribution remains balanced and well diversified. Capital Formation, all the listing of equity, debts, and alternative securities, as well as its annual maintenance, contributed this year with 12% of B&B Group's revenue. transactional business, which consists of equity trading and clearing, derivatives trading and clearing, and OTC trading generated 35% of the revenue. Information services made up of data, analytics, indices, valuation, and financial risk management services have an 18% weight. while the CSD, Central Security Depository Interval which is responsible for custody, settlement, and global market services, mainly with our cross-border transactions activity, participated with 30% of the revenue.

Speaker Change: Yeah.

Speaker Change: Our revenues distribution remains balanced and well diversified.

Speaker Change: Capital formation or the lifting our equity bets on our alternative securities as well as its annual maintenance contributed this year with 12% of Bnb group's revenue.

Speaker Change: Our sectional business, which consist of equity trading and clearing derivatives trading and clearing and OTC trading generate generated 35% of the revenue.

Speaker Change: Information services made up of data analytics indices valuation and financial risk management services had an 18%.

Speaker Change: While the CSD Central Securities Depository interval.

Jorge Alegría: The CSD, the Central Securities Depository Indeval, which is responsible for custody, settlement, and global market services, mainly with our cross-border transactions activity, participated with 30% of the revenues. Now please turn to slide 6 to cover the equity trading and clearing segments. The revenue in our cash equity trading division was up 4% when compared with the 2024 number. Average daily traded value, which reached MXN 17.3 billion, grew 19%. The difference in growth rate is explained by the MXN 7 million in non-recurring income last year. Without this, revenues would have been grown 16%. Trading in the local market grew 6%, while the global segment or SIC grew 42%, including a 35% increase in the number of trades.

Jorge Alegría Formoso: The CSD, the Central Securities Depository Indeval, which is responsible for custody, settlement, and global market services, mainly with our cross-border transactions activity, participated with 30% of the revenues. Now please turn to slide 6 to cover the equity trading and clearing segments. The revenue in our cash equity trading division was up 4% when compared with the 2024 number. Average daily traded value, which reached MXN 17.3 billion, grew 19%. The difference in growth rate is explained by the MXN 7 million in non-recurring income last year. Without this, revenues would have been grown 16%. Trading in the local market grew 6%, while the global segment or SIC grew 42%, including a 35% increase in the number of trades.

Speaker Change: Which is responsible for custody settlement and global market services, mainly with our cross border transactions activity participated with 30% of the revenues.

Speaker Change: Now please turn to slide six to cover the equity trading and clearing segment.

Jorge Alegría: Now, please turn to slide 6 to cover the equity trading and clearing section. The revenue in our cash equities trading division was up 4% when compared with the 2024 number. While Avera's daily traded value, which reached 17.3 billion pesos, grew 19%. The difference in growth rates is explained by the $7 million in non-recurring income last year. Without this, revenues would have been grown 15%. Trading in the local market grew 6%, while the global segment, or SIC, grew 42%, including a 35% increase in the number of trades. Our market share for the quarter was 78% similar to the fourth quarter in the previous year.

Speaker Change: The revenue.

Speaker Change: Our cash equities trading division was up 4% when compared with the 2024 number.

Speaker Change: While average daily traded value, which reached $17 3 billion pesos grew 19%.

Speaker Change: The difference in growth rates is explained by the 7 million non recurring income last year.

Speaker Change: Without these revenues would have been grown 16%.

Trading in the local market grew 6%, while the global segment or <unk> grew 42%, including a 35% increase in the number of trades.

Speaker Change: Our market share for the quarter was 78% similar to the fourth quarter in the previous year.

Jorge Alegría: Our market share for the quarter was 78%, similar to the Q4 in the previous year. While on the other hand, clearing in the CCV revenue was up 13%, while the total average daily trading volume for both Mexican exchanges were up 22%. These indicators grow at a different rate because the growing cross-trades, which have been higher in the last quarter and require registration but not clearing, so then we have a lower fee on that particular transactions. Let us go to the next slide to review derivatives. Revenues for our derivatives trading and clearing segment increased 13%. In MexDer, they grew by 12%, led by higher trading in our Mexican peso/dollar futures. While in Asigna, they grew 15%, reflecting growth in margin deposits.

Jorge Alegría Formoso: Our market share for the quarter was 78%, similar to the Q4 in the previous year. While on the other hand, clearing in the CCV revenue was up 13%, while the total average daily trading volume for both Mexican exchanges were up 22%. These indicators grow at a different rate because the growing cross-trades, which have been higher in the last quarter and require registration but not clearing, so then we have a lower fee on that particular transactions. Let us go to the next slide to review derivatives. Revenues for our derivatives trading and clearing segment increased 13%. In MexDer, they grew by 12%, led by higher trading in our Mexican peso/dollar futures. While in Asigna, they grew 15%, reflecting growth in margin deposits.

Speaker Change: While on the other hand cleaning in the CTV.

Jorge Alegría: While on the other hand, bleeding in the CCV. Revenue was up 13% while the total average daily trading volume for both Mexican exchanges were up 22%. These indicators grow at a different rate because they grow in cross-trade. which have been hired in the last quarter and require registration but not clearing, so then we have a logger fee on that particular transaction.

Speaker Change: Revenue was up 13%, while the total average daily trading volume for both Mexican exchanges were up 22%.

Speaker Change: These indicators grow at a different rate because Gordon cross trait.

Speaker Change: We are having higher than last quarter and require registration, but not clearing. So then we had a lower fee on that particular transaction.

Speaker Change: They will go to the next slide to review very metrics.

Jorge Alegría: Let us go to the next slide to review derivatives. Revenues for our derivatives trading and trading segment increased 13%. In Mexer, they grew by 12% led by higher trading in our Mexican Peso-Dollar futures. While in Asigna, they grew 15% reflecting growth in margin deposits. The average daily notional value for dollar futures reached $341 million daily, up 21%. while the open interest increased 38% compared to 2024 annual average. And on the other hand, the average daily notional value for swaps decreased 11% compared to the same period in 2024, reaching around 3 billion pesos daily. However, while open interest experiences are not well trained, the volume of contracts decreased.

Speaker Change: Revenues for our derivatives trading and clearing segment increased 13% in.

Speaker Change: <unk> they grew by 12% led by higher trading in our Mexican peso dollar futures, while in Athena They grew 15% reflecting growth in margin deposits.

Speaker Change: The average daily notional value for dollar futures reached 340, <unk> $341 million daily.

Jorge Alegría: The average daily notional value for dollar futures reached $341 million daily, up 21%. While the open interest increased 38% compared to 2024 annual average. On the other hand, the average daily notional value for swaps decreased 11% compared to the same period in 2024, reaching around MXN 3 billion daily. However, while open interest experiences an upward trend, the volume of contracts decreased. Most of the contract activity is concentrated on maturities shorter than six months. In Asigna, the average margin deposits were MXN 48 billion for the quarter, growing 15%. Let's discuss now on the next slide the OTC trading results. Moving to CIFICAP, the OTC trading revenues increased MXN 50 million or 8% with a growth in Mexico and in Chile.

Jorge Alegría Formoso: The average daily notional value for dollar futures reached $341 million daily, up 21%. While the open interest increased 38% compared to 2024 annual average. On the other hand, the average daily notional value for swaps decreased 11% compared to the same period in 2024, reaching around MXN 3 billion daily. However, while open interest experiences an upward trend, the volume of contracts decreased. Most of the contract activity is concentrated on maturities shorter than six months. In Asigna, the average margin deposits were MXN 48 billion for the quarter, growing 15%. Let's discuss now on the next slide the OTC trading results. Moving to CIFICAP, the OTC trading revenues increased MXN 50 million or 8% with a growth in Mexico and in Chile.

Speaker Change: 21%.

Speaker Change: While the open interest increased 38% compared to 2024 annual average.

Speaker Change: And on the other hand.

Speaker Change: The average daily notional value for swaps decreased 11% compared to the same period in 2020 for reaching around 3 billion pesos daily.

Speaker Change: However, while open interest experiences a noteworthy trend the volume of contracts decreased most of the contract activity is concentrated on maturities shorter than.

Jorge Alegría: Most of the contract activity is concentrated on activities shorter than 60 days. Ina Figner The average margin deposits were 48 billion pesos for the quarter, growing 15%.

Speaker Change: That six months.

Speaker Change: In our Cigna.

Speaker Change: The average margin deposits.

Speaker Change: 48 billion peso for the quarter growing 15%.

Speaker Change: Let's discuss now on the next slide the OTC trading results.

Jorge Alegría: Let's discuss now on the next slide the OTC trading results. Moving to Sipaica. The OTC trading revenues increased 15 million or 8% with growth in Mexico and in Chile. See if ICAP Mexico grew 60% of 8 million pesos while see if ICAP Chile... The growth was 5% or 7 million.

Speaker Change: Moving to spike up.

Speaker Change: The OTC trading revenues increased $50 million.

Speaker Change: Our 8%.

Speaker Change: Growth in Mexico and in Chile.

Speaker Change: See if I got Mexico grew 60% of 8 million pesos, while <unk> ICR Chile.

Jorge Alegría: CIFICAP Mexico grew 60% or MXN 8 million, while CIFICAP Chile, the growth was 5% or MXN 7 million. On the next slide, we have the capital formation numbers, where we can see listings revenue increased MXN 2 million or 11%, mainly driven by two types of securities, warrants, and short-term bonds. On one hand, the issuance of warrants in the first Q1 2025, more than doubled in value compared to the first Q1 of last year. On the other hand, the amount of short-term bonds grew by over 20% compared to the same period, the first Q1 of 2024. On the maintenance segment, revenue was up 6% for the quarter, explained by the growth of outstanding issuance when comparing by the end of 2024 with the previous years.

Jorge Alegría Formoso: CIFICAP Mexico grew 60% or MXN 8 million, while CIFICAP Chile, the growth was 5% or MXN 7 million. On the next slide, we have the capital formation numbers, where we can see listings revenue increased MXN 2 million or 11%, mainly driven by two types of securities, warrants, and short-term bonds. On one hand, the issuance of warrants in the first Q1 2025, more than doubled in value compared to the first Q1 of last year. On the other hand, the amount of short-term bonds grew by over 20% compared to the same period, the first Q1 of 2024. On the maintenance segment, revenue was up 6% for the quarter, explained by the growth of outstanding issuance when comparing by the end of 2024 with the previous years.

Speaker Change: The growth was 5% or 7 million vessels.

Speaker Change: On the next slide we have the capital formation numbers, where we can see listings revenue increased $2 million vessels or 11%, mainly driven by two types of securities.

Jorge Alegría: On the next slide, we have the capital formation numbers where we can see listings revenue increased 2 million pesos or 11%, mainly driven by two types of securities, warrants and short-term bonds. On one hand, the issuance of warrants in the first Q2025, more than doubled in value compared to the first Q of last year. And on the other hand, the amount of short-term bonds grew by over 20% compared to the same period, the first Q of 2024. And on the maintenance segment, revenue was up 6% for the quarter, explained by the growth of outstanding issuance when comparing by the end of 2024 with the previous.

Speaker Change: In short term bonds on one hand, the issuance of warrants and one in the first Q2 thousand 25 more than doubled in value compared to the first Q of last year.

Speaker Change: Other hand, the amount of short term bonds grew by over 20% compared to the same period in the first Q of 2024 and.

Speaker Change: And on the maintenance segment revenue was up 6% for the quarter explained by the growth of outstanding each.

Speaker Change: <unk> when comparing by the end of 2024 with the previous year.

Speaker Change: So let me now move to the central security threats.

Jorge Alegría: So, let me now move to the central security to the CID depository in the valve on the right hand. Independent revenue is growing 25% driven by an increase in assets under custody, conversions, settlements, and a number of cross-border transactions, as well as a favorable exchange rate. Total assets under custody are growing 11%, reaching $40.9 trillion. As we have mentioned before, growth in the local market is explained by the pension market reform, 19% year-on-year on government bonds as well. which grew 15% year-on-year. And also, a relevant growth in a cross-border settlement due to the higher volatility of SERV in the case of SIC and the global market.

Jorge Alegría: Let me now move to the Central Securities to the CSD, Indeval on slide 10. Indeval revenue is growing 25%, driven by an increase in assets under the custody, conversions, settlements, and a number of cross-border transactions, as well as a favorable exchange rate. Total assets under the custody are growing 11%, reaching 40.9 trillion MXN. As we have mentioned before, growth in the local market is explained by the pension market reform, 19% year-on-year on government bonds as well, which grew 15% year-on-year. And also a relevant growth in our cross-border settlements due to the higher volatility observed in the case of SIC and the global market. Finally, on slide 11, information services. Our information services revenue, composed of market data and Valmer, reached 205 million MXN.

Jorge Alegría Formoso: Let me now move to the Central Securities to the CSD, Indeval on slide 10. Indeval revenue is growing 25%, driven by an increase in assets under the custody, conversions, settlements, and a number of cross-border transactions, as well as a favorable exchange rate. Total assets under the custody are growing 11%, reaching 40.9 trillion MXN. As we have mentioned before, growth in the local market is explained by the pension market reform, 19% year-on-year on government bonds as well, which grew 15% year-on-year. And also a relevant growth in our cross-border settlements due to the higher volatility observed in the case of SIC and the global market. Finally, on slide 11, information services. Our information services revenue, composed of market data and Valmer, reached 205 million MXN.

CSC repository in developed on slide 10.

Speaker Change: <unk> revenue is growing 25% driven by an increase in assets under custody.

Speaker Change: Conversions settlements and a number of cross border transactions as well as a favorable exchange rate.

Speaker Change: Total assets under custody are growing 11%.

Speaker Change: 49 trillion pesos.

Speaker Change: As we have mentioned before growth in the local market is explained by the pension market reform.

Speaker Change: 19% year on year on government bonds as well.

Speaker Change: Which grew 15% year on year.

Speaker Change: And also a relevant growth in our cross border settlement due to the higher volatility of surf in the case of seek under global market.

Speaker Change: Finally on slide 11 information services.

Jorge Alegría: Finally, on the slide 11, information service. Our information services revenue composed of market data. and Valmer reach 205 million pesos. This is 36 million or 25% more than in the first quarter of 2024. This growth is explained by our price vendor, Valmer, adding 12 million and explained also by non-recurring events of the first Q of 24. Also, depreciation of the peso affected these numbers. As I said, we are showing a good start of the year. And as you know, we have seen a lot of volatility in the market lately. Of course, in the short term, this is good for our business, not necessarily in the medium term, but so far in the short term, we are expecting to continue to see this strong trading activity.

Speaker Change: Our information services revenue composed.

More of market data and.

Speaker Change: <unk> reached 205 million pesos.

Speaker Change: This is $36 million or 25% more than in the first quarter of 2024.

Jorge Alegría: This is MXN 36 million or 25% more than in Q1 2024. This growth is explained by our price vendor, Valmer, adding MXN 12 million and explained also by non-recurring events of Q1 2024. Also, depreciation of the peso affected this number as well. As I said, we are showing a good start of the year. As you know, we have seen a lot of volatility in the market lately. Of course, in the short term, this is good for our business, not necessarily in the medium term. So far, in the short term, we are expecting to continue to see this strong trading activity. Let us move to our expenses and operating expenses for 2024. Operating expenses 2025 reached MXN 585 million.

Jorge Alegría Formoso: This is MXN 36 million or 25% more than in Q1 2024. This growth is explained by our price vendor, Valmer, adding MXN 12 million and explained also by non-recurring events of Q1 2024. Also, depreciation of the peso affected this number as well. As I said, we are showing a good start of the year. As you know, we have seen a lot of volatility in the market lately. Of course, in the short term, this is good for our business, not necessarily in the medium term. So far, in the short term, we are expecting to continue to see this strong trading activity. Let us move to our expenses and operating expenses for 2024. Operating expenses 2025 reached MXN 585 million.

Speaker Change: This growth is explained.

Speaker Change: By our plot price vendor bottleneck.

Speaker Change: 12 million unexplained also by nonrecurring events of.

Speaker Change: The <unk> 24.

Speaker Change: Also depreciation of the peso affected this number as well.

Speaker Change: As I say it.

Speaker Change: We are showing a good start of the year.

Speaker Change: And as you know we have seen a lot of volatility in the market lately of course in the short term. This is good for our business not necessarily in the medium term.

Speaker Change: But so far in the short term we are expecting to continue to see this as strong trading activity.

Speaker Change: Moving to our expenses and operating expenses for 2024.

Jorge Alegría: Let us move to our expenses and operating expenses for 2024. for Project EXPRESS 2025 reached 585 million. This is an increase of 14% or $66 million, which are mainly explained by $21 million in personal costs. So this is basically used for annual salary increments and additional variable compensation from CFI-CAP positive results. Twenty million in technology expenses due to the Evergreen project aimed at ensuring our platforms run smoothly, securely, and along with investment, we are making the segregation and that we made already on the segregation of the post-trade infrastructure. Seven million in sub-custody as the value of the assets on the cost of the abroad increase.

Speaker Change: Okay.

Speaker Change: Operator.

Speaker Change: 25 reached $585 million.

Speaker Change: This is an increase of 14% or $66 million, which are mainly explained by 21 million in personnel costs.

Jorge Alegría: This is an increase of 14% or MXN 66 million, which are mainly explained by MXN 21 million in personal costs. This is basically due to our annual salary increments and additional variable compensation from CIF, from CIFICAP positive results. MXN 20 million in technology expenses due to the Evergreen project aimed at ensuring our platforms run smoothly, securely, and, along with the investment we are making in the segregation, and that we made already on the segregation of the post-trade infrastructure. MXN 7 million in sub-custody as the value of the assets on the custody have increased, which also, as we explained before, generates additional revenue in Indeval. MXN 7 million in consultancy related to FX fluctuations and HR-related expenses. MXN 7 million in promotions, which is marketing as part of our 2025 and onward investment strategy, aiming and enhancing our client engagement and fostering stronger relationships.

Jorge Alegría Formoso: This is an increase of 14% or MXN 66 million, which are mainly explained by MXN 21 million in personal costs. This is basically due to our annual salary increments and additional variable compensation from CIF, from CIFICAP positive results. MXN 20 million in technology expenses due to the Evergreen project aimed at ensuring our platforms run smoothly, securely, and, along with the investment we are making in the segregation, and that we made already on the segregation of the post-trade infrastructure. MXN 7 million in sub-custody as the value of the assets on the custody have increased, which also, as we explained before, generates additional revenue in Indeval. MXN 7 million in consultancy related to FX fluctuations and HR-related expenses. MXN 7 million in promotions, which is marketing as part of our 2025 and onward investment strategy, aiming and enhancing our client engagement and fostering stronger relationships.

Speaker Change: This is basically due to the four annual salary increments and additional variable compensation from steel from C. Pica positive results.

Speaker Change: $20 million in technology expenses due to the evergreen projects.

At ensuring our platform's drone smoothly securely and along with investments we are making desegregation.

Speaker Change: And that we made already on the segregation of the postpaid infrastructure.

Speaker Change: Yes.

Speaker Change: $7 million and sub custody as the value of the assets under custody abroad increased.

Speaker Change: Also as we explained before generate additional revenue in the month.

Jorge Alegría: which also, as we explained before, generates additional revenue in IndeVal. Seven million in consultancy related to FX fluctuations and HR-related events. and 7-Meter Knee Promotion. which is marketing as part of our 2025 and onward investment strategy aiming and enhancing our client engagement and fostering a stronger relationship. $3 million in other expenses reflecting the increase on the food-related costs we have on CFI. Our total expenditure for the quarter was 32, our total capital expenditure, sorry, for the quarter was 32 million pesos in line, in line with our projected and investment plans, which will help us to interact better with our customer and improve our market service.

Speaker Change: $7 million in consulting fees related to FX fluctuations on HR related effects.

Speaker Change: And $7 million promotion.

Speaker Change: And which is marketing as part of our 2025 and onward investment strategy, aiming and enhancing our client engagement and fostering stronger relationships.

Speaker Change: $3 million in other expenses, reflecting the increase on.

Jorge Alegría: MXN 3 million in other expenses reflecting the increase on the put-related costs we have on CIF accounts. Our total capital expenditure for the quarter was MXN 32 million. In line with our projected and investment plans, which will help us to interact better with our customer and improve our market services. Before we finish, let me comment on a couple of points. First, it is important to emphasize that along with the outstanding results obtained during this quarter, our operation has performed smoothly, our systems functioning properly. Furthermore, significant progress has been made on the ongoing initiatives reflecting the steady advance in line with established objectives.

Jorge Alegría Formoso: MXN 3 million in other expenses reflecting the increase on the put-related costs we have on CIF accounts. Our total capital expenditure for the quarter was MXN 32 million. In line with our projected and investment plans, which will help us to interact better with our customer and improve our market services. Before we finish, let me comment on a couple of points. First, it is important to emphasize that along with the outstanding results obtained during this quarter, our operation has performed smoothly, our systems functioning properly. Furthermore, significant progress has been made on the ongoing initiatives reflecting the steady advance in line with established objectives.

Speaker Change: They put related costs, we have on <unk>.

Speaker Change: Yeah.

Speaker Change: Our total expenditure for the quarter was 32.

Speaker Change: Our total capital expenditures for the quarter was 32 million pesos.

Speaker Change: In line with our projected and investment plans, which will help us to interact better with our customer and improve our market. It services.

Speaker Change:

Speaker Change: Before we finish let me comment on on a couple of points.

Jorge Alegría: Before we finish, let me comment on a couple of points. First, it is important to emphasize that along with the outstanding results obtained during this quarter, our operation has performed smoothly, our systems functioning properly, and furthermore, significant progress has been made on the ongoing initiatives reflecting the steady advance in line with established objectives. I am also glad to confirm that our next... to during our next year of all this assembly we will be proposing the cancellation of 32.9 million shares that we have purchased up to December 2024 and are so far held. in pressuring. An additional me?

Speaker Change: First it is important to emphasize that along with the outstanding results obtained during this quarter. Our operation has performed smoothly our system's functioning properly and Furthermore, significant progress has been made on the ongoing initiatives, reflecting the steady advance in line with established of.

Speaker Change: <unk>.

Speaker Change: I am also glad to confirm.

Jorge Alegría: I am also glad to confirm that, during our next shareholders' assembly, we will be proposing the cancellation of 32.9 million shares that we have purchased up to December 2024 and are so far held in treasury. Additionally, the appointment of the new Secretary of the Treasury has contributed to strengthening relationships with the government authorities and enhancing collaboration with them. We will continue to work closely with all of them, and do our best to have our projects move as quickly as possible, both for the improvement of our company and, on behalf of the Mexican securities industry. Last but not least, I want to congratulate our brand-new investor relations director and financial planning director, Hanna Rivas. Welcome, Hanna, on your promotion to this role.

Jorge Alegría Formoso: I am also glad to confirm that, during our next shareholders' assembly, we will be proposing the cancellation of 32.9 million shares that we have purchased up to December 2024 and are so far held in treasury. Additionally, the appointment of the new Secretary of the Treasury has contributed to strengthening relationships with the government authorities and enhancing collaboration with them. We will continue to work closely with all of them, and do our best to have our projects move as quickly as possible, both for the improvement of our company and, on behalf of the Mexican securities industry. Last but not least, I want to congratulate our brand-new investor relations director and financial planning director, Hanna Rivas. Welcome, Hanna, on your promotion to this role.

Speaker Change: Our next step.

Speaker Change: Two during our next shareholders' assembly.

Speaker Change: We will be proposing the cancellation of 32 9 million shares that we have purchased up to December 2010 before on our so far hail.

Speaker Change: In Treasury.

Speaker Change: And additionally.

Speaker Change: The appointment of the new Secretary of the Treasury.

Jorge Alegría: The appointment of the new Secretary of the Treasury has contributed to strengthening relationships with the government authorities and enhancing collaboration with them. We will continue to work closely with all of them and do our best to have our projects move as quickly as possible, both for the improvement of our company and on behalf of the Mexican security system.

Speaker Change: <unk> contributes a strengthening relationships with the government authorities.

Speaker Change: Hansen collaboration with them.

Speaker Change: We will continue to work closely with all of them.

Speaker Change: And do our best to have our projects move as quickly as possible both for the improvement of our company.

And on behalf of the Mexican Securities industry.

Speaker Change: And last but not least I want to.

Jorge Alegría: And last but not least, I want to congratulate our brand-new investor relations director and financial planning director, Hanna Rivas. Welcome, Hanna, on your promotion to this role, and I am confident she will do an excellent job, as she has been doing for the last years with the company, and will be your main contact person between the investors and the Mexican.

Speaker Change: Congratulate our brand new.

Investor relation director financial planning of the rectal cancer relapsed welcome Hana on your promotion to the role and I am confident he will do an excellent job.

Jorge Alegría: I am confident she will do an excellent job, as she has been doing for the last years, with the company, and will be your main contact presence between the investors and the Mexican exchange. With this, thank you very much for connecting today, listening to my remarks. Alongside with my colleagues here, we will more than gladly address any questions that you may have. Thank you very much for your time.

Jorge Alegría Formoso: I am confident she will do an excellent job, as she has been doing for the last years, with the company, and will be your main contact presence between the investors and the Mexican exchange. With this, thank you very much for connecting today, listening to my remarks. Alongside with my colleagues here, we will more than gladly address any questions that you may have. Thank you very much for your time.

Speaker Change: She has been doing for the last year or stay with the company.

Speaker Change: We'll be your main contact presence between investors and the Mexican exchange. So with this thank you very much for connecting today.

Jorge Alegría: So with this, thank you very much for connecting today, listening to my remarks, and alongside with my colleagues here, we will more than gladly address any questions that you may have. Thank you very much for your time. Thank you.

Speaker Change: Turning to my remarks, and alongside with my colleagues here, we will more than gladly address any questions that you may have thank you very much for your time.

Speaker Change: Sure.

Speaker Change: Thank you we will now be conducting a question and answer session.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star keys. One moment please while we poll for questions. Thank you. Our first question comes from the line of Ernesto Gabilondo with Bank of America. Please proceed with your question.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star keys. One moment please while we poll for questions. Thank you. Our first question comes from the line of Ernesto Gabilondo with Bank of America. Please proceed with your question.

Operator: We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.

Speaker Change: I would like to ask a question. Please press star one on your telephone keypad.

Speaker Change: Confirmation tone will indicate your line is in the question queue.

Speaker Change: You May press Star two if you would like to remove your question from the queue.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker Change: One moment, please volleyball for questions.

Yoga Luanda: Thank you. Our first question comes from the line of our nest Yoga Luanda with Bank of America. Please proceed with your question.

Operator: Thank you.

Ernesto Gavilando: Our first question comes from the line of Ernesto Gavilando with Bank of America. Please proceed with your question. Thank you. Hi. Good morning. Jorge Ramon. Good morning to all your team. And welcome.

Yoga Luanda: Thank you hi, good morning Jorge.

Speaker Change: Good morning to all your team and it will come behind them.

Ernesto Gabilondo: Thank you. Hi. Good morning, Jorge, Ramón. Good morning to all your team, and welcome, Hanna. Congratulations in your results. Strong revenue growth, the EBITDA growth, net income growth. Congrats for the quarter. I have three questions from my side. The first one will be on your new pricing structure. We have been seeing the more benign impact from BIVA from what we have originally expected. How should we think about Bolsa's new pricing structure? You mentioned in your remarks that you were waiting for the regulator's approval. Wouldn't it make more sense not to implement an aggressive pricing structure and to continue monitoring BIVA's performance to see if you need to apply an aggressive pricing structure?

Ernesto Gabilondo: Thank you. Hi. Good morning, Jorge, Ramón. Good morning to all your team, and welcome, Hanna. Congratulations in your results. Strong revenue growth, the EBITDA growth, net income growth. Congrats for the quarter. I have three questions from my side. The first one will be on your new pricing structure. We have been seeing the more benign impact from BIVA from what we have originally expected. How should we think about Bolsa's new pricing structure? You mentioned in your remarks that you were waiting for the regulator's approval. Wouldn't it make more sense not to implement an aggressive pricing structure and to continue monitoring BIVA's performance to see if you need to apply an aggressive pricing structure?

Yoga Luanda: Congratulations.

Yoga Luanda: Strong revenue growth EBITDA growth net income growth.

Ernesto Gavilando: Congratulations in your results, strong revenue growth, the BTEC growth, net income growth, so congrats for the quarter.

Yoga Luanda: Congrats.

Yoga Luanda: Good quarter.

I have three questions from my side.

Ernesto Gavilando: I have three questions from my side.

Yoga Luanda: First one will be on your new pricing structure.

Ernesto Gavilando: The first one will be on your new pricing structure. So, we have been seeing a more benign impact from VIVA from what we have originally expected. So, how should we think about Bolsa's new pricing structure?

Yoga Luanda: So we have been seeing a more benign impact from veeva from what we have originally expected.

Yoga Luanda: So how should we think about full SaaS new pricing structure.

Yoga Luanda: You mentioned in your remarks that you were waiting for the regulators approvals.

Ernesto Gavilando: You mentioned in your remarks that you were waiting for the regulator's approval, but wouldn't it make more sense not to implement an aggressive pricing structure? Related to this, is there a deadline to implement the Bolsa's new pricing structure once you receive the approval from the regulator? And I also remember that we have already incorporated an impact of around 27, 20 million pesos per quarter, or roughly 110 million pesos in 12 months from a potential discount. from your side. So, as you were saying, you were...

Yoga Luanda: But we don't need to make more sense not to implement an aggressive pricing structure.

Yoga Luanda: Continue monitoring business performance.

Yoga Luanda: See if you need to apply.

Yoga Luanda: <unk> pricing structure.

Yoga Luanda: Related to these <unk>.

Yoga Luanda: Deadline to implement bold says to your pricing structure lends to receive <unk>.

Ernesto Gabilondo: Related to this, is there a deadline to implement the Bolsa's new pricing structure once you receive the approval from the regulator? I also remember that we have already incorporated an impact of around MXN 27 to 20 million per quarter, or roughly MXN 110 million in 12 months, for a potential discount from your side. As you were saying, you will monitor and do a gradual implementation. Just wondering, how should we think about the potential impact? Then my second question is on your OpEx growth. We are aware of your technology investments this year. However, we think OpEx came a little bit higher.

Ernesto Gabilondo: Related to this, is there a deadline to implement the Bolsa's new pricing structure once you receive the approval from the regulator? I also remember that we have already incorporated an impact of around MXN 27 to 20 million per quarter, or roughly MXN 110 million in 12 months, for a potential discount from your side. As you were saying, you will monitor and do a gradual implementation. Just wondering, how should we think about the potential impact? Then my second question is on your OpEx growth. We are aware of your technology investments this year. However, we think OpEx came a little bit higher.

Yoga Luanda: <unk> from the regulator.

Yoga Luanda: And I also remember that we have already incorporated the impact of around 27 million pesos per quarter roughly $110 million.

Yoga Luanda: Close in 12 months.

Yoga Luanda: From a potential.

Yoga Luanda: Discounts from your side, so as you were saying.

Yoga Luanda: Monitor and do it gradually limitation. So just wondering how should we seek.

Ernesto Gavilando: monitor and do a gradual implementation, so just wondering how should we think about Then my second question is on your OPEX growth. We are aware of your technology investments this year. However, we think OPEX came a little bit higher.

Yoga Luanda: Yeah.

Yoga Luanda: The initial impact.

Yoga Luanda: Then my second question is on your Opex growth.

Yoga Luanda: We are aware of your technology investments this year.

Speaker Change: However, we are seeing opex came a little bit higher.

Speaker Change: So just wondering if it is also explained by the fact that year over year related to FX or if we should expect opex to be this as a new normal growth throughout the year.

Ernesto Gavilando: So just wondering if it is also explained by the impact of a year-over-year related to FX, or if we should expect OPEX to be this as a new normal growth throughout the year. And also linked to this question, should we expect revenue outpacing OPEC's growth throughout the year?

Ernesto Gabilondo: Just wondering if it is also explained by the impact of a year-over-year related to FX, or if we should expect OpEx to be this as a new normal growth throughout the year. Also linked to this question, should we expect revenue outpacing OpEx growth throughout the year? For my last question, it is more related to something in the accounting. Why did taxes paid jump around 25% on the cash flow statement? Thank you.

Ernesto Gabilondo: Just wondering if it is also explained by the impact of a year-over-year related to FX, or if we should expect OpEx to be this as a new normal growth throughout the year. Also linked to this question, should we expect revenue outpacing OpEx growth throughout the year? For my last question, it is more related to something in the accounting. Why did taxes paid jump around 25% on the cash flow statement? Thank you.

Speaker Change: And also linked to this question.

Speaker Change: Should we expect revenue outpacing upticks growth throughout the year.

Speaker Change: And for my last question.

Speaker Change: It is more related to something in the accounting.

Ernesto Gavilando: And for my last question, it's more related. accounting, why did taxes paid jump around 25%? Thank you.

Speaker Change: Wade.

Speaker Change: Spades jump around 25%.

The cash flow statement.

Speaker Change: Thank you.

Speaker Change: Thank you. Thank you and good morning, Ernesto. Thank you for your questions. Let me address the first one.

Jorge Alegría: Thank you. Thank you, and good morning, Ernesto. Thank you for your questions. Let me address the first one, and I'm sure gladly Ramón will, with the rest of the team, cover the other two related to the OpEx and taxes. Yes, regarding the pricing structure, we can implement that gradually. The way we are planning to do it is, observing the market reaction, we don't need to put all the different alternatives under our pricing schedule at the same time. We are not expecting to be aggressive there. As you mentioned, so far, the impact hasn't been as big. We can have the flexibility of managing that during the rest of the year.

Jorge Alegría Formoso: Thank you. Thank you, and good morning, Ernesto. Thank you for your questions. Let me address the first one, and I'm sure gladly Ramón will, with the rest of the team, cover the other two related to the OpEx and taxes. Yes, regarding the pricing structure, we can implement that gradually. The way we are planning to do it is, observing the market reaction, we don't need to put all the different alternatives under our pricing schedule at the same time. We are not expecting to be aggressive there. As you mentioned, so far, the impact hasn't been as big. We can have the flexibility of managing that during the rest of the year.

Ramon Jimenez: Good morning Ernesto. Thank you for your questions. Let me address the first one and I'm sure gladly Ramon will, with the rest of the team, will cover the other two related, the OPEX and taxes. The, yes, regarding the pricing structure. We can implement that gradually. The way we are planning to do it is observing. the market reaction. We don't need to put all the different alternatives under our pricing schedule at the same time. So we are not expecting to be aggressive there. And as you mentioned, so far, the impact hasn't been as big. So we can have the flexibility of managing that during the rest of the year.

Speaker Change: And.

Speaker Change: I am sure gladly removal.

Speaker Change: With the rest of them will cover the buildup.

Speaker Change: Those are two related.

Speaker Change: Opex on taxes.

Speaker Change: Yes regarding the pricing structure.

Speaker Change: We can we can implement that gradually.

Speaker Change: The way.

Speaker Change: We are planning to annuities.

Speaker Change: And absorbing.

Speaker Change: The market reaction, we don't need to to put all the different alternatives.

Speaker Change: Although our pricing is stable at the same time.

Speaker Change: We are not expecting to be aggressive there.

Speaker Change: And as you mentioned, so far the impact hasn't been as big.

Speaker Change: So so we can we can have the flexibility of managing that during the rest of the year.

Although we are expecting to have this approval in the coming weeks.

Jorge Alegría: Although we are expecting to have this approval in the coming weeks, usually there are some periods that may go between three to six months to be applied. We have also. We are expecting to have some flexibility there on the application of the fee schedule. And yes, you mentioned something about MXN 100 million potential impact. That was mentioned last year, I believe in October last year. That's a potential impact that we may have shown during 2025 if we were trying to match our competitors' pricing, which hasn't been the case so far for this year, right. I hope I answered your question on that.

Ramon Jimenez: Although we are expecting to have this approval in the coming weeks. Usually, there are some periods that may go between three to six months to be applied. So we have also, we are expecting to have some flexibility there on the application of the fee schedule. Yes, you mentioned something about 100 million pesos potential impact. That was, they mentioned it last year. I believe in October last year, that's a potential impact that we may have shown during 2025 if we were trying to match our competitors' prices. which hasn't been the case so far for this year.

Jorge Alegría Formoso: Although we are expecting to have this approval in the coming weeks, usually there are some periods that may go between three to six months to be applied. We have also. We are expecting to have some flexibility there on the application of the fee schedule. And yes, you mentioned something about MXN 100 million potential impact. That was mentioned last year, I believe in October last year. That's a potential impact that we may have shown during 2025 if we were trying to match our competitors' pricing, which hasn't been the case so far for this year, right. I hope I answered your question on that.

Speaker Change: Usually there is some period.

Speaker Change: That may go between three to six months to be applied.

Speaker Change: So we have also we are expecting to have some flexibility flexibility there on the on the application of the of the fee schedule.

Speaker Change: On.

Speaker Change: Yes, you mentioned something about a 100 million pixels potential impact.

Speaker Change: What they mentioned that last year.

Speaker Change: I believe in October last year.

Speaker Change: Does the potential impact that we make have shown during 2025.

Speaker Change: If we were trying to match our competitors pricing.

Speaker Change: It hasnt been the case, so far for the year right.

Speaker Change: I hope I answered your question on that.

Ramon Jimenez: I hope I answered your question on that.

Speaker Change: I'll turn it over.

Speaker Change: The next question on Opex.

Ramon Jimenez: I'll turn over to the next question on OPEC. a higher for the quarter to the month.

Jorge Alegría: I'll turn over the next question on OpEx higher for the quarter to Ramón.

Jorge Alegría Formoso: I'll turn over the next question on OpEx higher for the quarter to Ramón.

Speaker Change: A higher for the quarter to Ramon.

Speaker Change: Unless the good morning.

Speaker Change: Part of our Opex growth.

Ramon Jimenez: Ernesto, good morning. Part of Europe's growth, yes, it is also affected by the effects, around 70 million pesos. Eh, I mean... It is in line with what we are. Expecting and what we can announce especially with the technology investments and with the new promotion expense So, uh... If you recall earlier, when we asked our plan for the year, we said we could see a We would be investing even if we would see a slight drop in margins, so I would say for the time being, yes, consider this our ongoing are going OPEX. Also consider or keep in mind CIFS variable compensation.

Ramón Güemez: Ernesto, good morning. Part of our OpEx growth comes. Yes, it is also affected by the FX, around MXN 70 million. It is in line with what we are expecting and what we had announced, especially with the technology investments and with the new promotion expenses. If you recall earlier, when we announced our plan for the year, we said we would be investing even if we could see a slight drop in margins. I would say for the time being, yes, consider this our ongoing OpEx are going up. Also consider or keep in mind SIF's variable compensation. If we see good results from SIF, from SIF ICAP, you will see personnel expenses going up as well.

Ramón Güémez Sarre: Ernesto, good morning. Part of our OpEx growth comes. Yes, it is also affected by the FX, around MXN 70 million. It is in line with what we are expecting and what we had announced, especially with the technology investments and with the new promotion expenses. If you recall earlier, when we announced our plan for the year, we said we would be investing even if we could see a slight drop in margins. I would say for the time being, yes, consider this our ongoing OpEx are going up. Also consider or keep in mind SIF's variable compensation. If we see good results from SIF, from SIF ICAP, you will see personnel expenses going up as well.

Speaker Change: This also affected by the FX around $17 million vessels.

Speaker Change: And it.

Speaker Change: It is in line with what we are.

Speaker Change: Expecting and what we had announced especially with the technology investments and with the.

Speaker Change: With the new promotion expenses.

Speaker Change: So.

Speaker Change: As you recall earlier whenever we have star.

Speaker Change: And our plan for the year, we said we could see.

Speaker Change: We would be investing even as if we would see it.

Speaker Change: A slight drop in margins.

Speaker Change: I would say for the time being yes, considering these are ongoing.

Speaker Change: <unk>.

Speaker Change: Our growing Opex also consider.

Speaker Change: Keep in mind safe seats variable compensation.

Speaker Change: If we see good results from from <unk>, you will see first of all expenses going up as well.

Ramon Jimenez: So if we see good results from CIFICAP, you will see personal expenses going up as well. Uh-huh. And regarding taxes, uh... It's a few months where we made it the annual. The annual payment in Texas, so it's just the difference from the provisional payments we made throughout the year to the final settlement that that are coming in the tax, uh... in fax filings. a part of it explained explained by the greater net income and the other part is just the was the cash settlement that comes with the final filing.

Speaker Change: Mhm.

Speaker Change: Regarding taxes.

Speaker Change: Okay.

Ramón Güemez: Regarding taxes, it's Q1 where we made the annual payment in taxes. It's just the difference from the provisional payments we made throughout the year to the final settlements that are coming in in the tax filings. A part of it is explained by the greater net income, and the other part is just the cash settlement that comes with the final filing.

Ramón Güémez Sarre: Regarding taxes, it's Q1 where we made the annual payment in taxes. It's just the difference from the provisional payments we made throughout the year to the final settlements that are coming in in the tax filings. A part of it is explained by the greater net income, and the other part is just the cash settlement that comes with the final filing.

Speaker Change: <unk>.

Speaker Change: Q1 is where we've made at the annual.

Speaker Change: The annual payments in Texas. So it is just the difference from the provisional payments, we've made throughout the year to the final settlement.

Speaker Change: Uh huh.

Speaker Change: They're coming in and then the tax.

Speaker Change: And then tax filings.

Speaker Change: Part of it explained is explained by the greater net income and the other part is just the.

Speaker Change: The cash settlement that comes with the final filing.

Ramon: Okay perfect. Thank you Ramon just a follow up.

Ernesto Gabilondo: Okay, perfect. Thank you, Ramon. Just a follow-up.

Ernesto Gabilondo: Okay, perfect. Thank you, Ramon. Just a follow-up.

Ramon Jimenez: Thank you, Ramon.

Ernesto Gavilando: Just a follow-up.

Speaker Change: Okay.

Speaker Change: But are there still.

Operator: Ernesto?

Ramón Güemez: Ernesto?

Ramón Güémez Sarre: Ernesto?

Speaker Change: I'm sorry, it looks like he disconnected.

Speaker Change: Next question comes from the line of Yuri Fernandes with Jpmorgan. Please proceed with your question.

Yuri Fernandez: I'm sorry, it looks like he disconnected. Our next question comes from the line of Yuri Fernandez with JP Morgan. Please proceed with your question.

Operator: I'm sorry, it looks like he disconnected. Our next question comes from the line of Yuri Fernandes with JP Morgan. Please proceed with your question.

Operator: I'm sorry, it looks like he disconnected. Our next question comes from the line of Yuri Fernandes with JP Morgan. Please proceed with your question.

Yuri Fernandes: Okay. Thank you I will have more warheads, everyone and congrats good.

Yuri Fernandez: Thank you, Ramon, Jorge, everyone, and congrats on a very good quarter. I have just a follow-up on expenses, on Ernesto's questions, and I totally agree, Ramon, like you were very clear on this. I'm not sure about the trend for the year, because I think in the fourth queue, the message was that expenses would grow above inflation, but like one point above inflation, something like this. And if we annualize the first queue and keep like all the full year flat, we get like to an 80% increase versus 2024. And I get like the first queue, there was effects.

Yuri Fernandes: Thank you, Ramón, Jorge, everyone, and congrats on very good quarter. I have just a follow-up on expenses on Ernesto's questions. I totally agree, Ramón, like you were very clear on this. I'm not sure about the trend for a year because I think in Q1, the message was that expenses would grow above inflation, but like one point above inflation, something like this. If we annualize the Q1 and keep like all the full year flat, we get like 28% increase versus 2024. I get like the Q1, there was effects. You had like more technology costs, you know, consulting fees, like many, I would say uneasy comps.

Yuri Fernandes: Thank you, Ramón, Jorge, everyone, and congrats on very good quarter. I have just a follow-up on expenses on Ernesto's questions. I totally agree, Ramón, like you were very clear on this. I'm not sure about the trend for a year because I think in Q1, the message was that expenses would grow above inflation, but like one point above inflation, something like this. If we annualize the Q1 and keep like all the full year flat, we get like 28% increase versus 2024. I get like the Q1, there was effects. You had like more technology costs, you know, consulting fees, like many, I would say uneasy comps.

Speaker Change: Good quarter I have just a follow up on expenses on our <unk> questions.

Speaker Change: They agree or more like New York, we're very clear on this.

Speaker Change: I just I'm not sure about the trends for the year, because I think in the fourth Q. The message was that expenses would grow above inflation, but like one point above inflation something like this.

Speaker Change: If we annualize the.

Speaker Change: The first SKU.

Speaker Change: And keep like all the full year flex.

Speaker Change: Get likes to an 8% increase versus 2024, and I guess like the first Q. There was a FX you had like more technology costs consulting fees like many.

Yuri Fernandez: You had like more technology costs, you know, consulting fees, like many, I would say uneasy comps. But just trying to understand, it's like, okay, this is the run rate, or will this increase from here? I understand there is variable compensation that can influence this. But just trying to understand if the former message on expenses growing one point above inflation or something like this, is it still valid? Or do you believe like now it's likely more than that?

Speaker Change: I would say an easy comps, but just trying to understand is like okay. This is the run rate or will this increase from here I understand there was variable compensation that can influence this but just trying to understand if the former master John expenses growing one point above inflation or something like this is still valid.

Yuri Fernandes: Just trying to understand, is this the run rate or will this increase from here? I understand there is variable compensation that can influence this, but just trying to understand if the former message on expenses growing one point above inflation or something like this, is it still valid or to believe like now it's slightly more than that? That's the first question. Just a second one. You mentioned like in the presentation, many small projects, right? Like on the derivatives, like single stocks, like options on ETFs, like many different things. I understand many of those things are small. Like, it's not like the same as the fixed income counterpart.

Yuri Fernandes: Just trying to understand, is this the run rate or will this increase from here? I understand there is variable compensation that can influence this, but just trying to understand if the former message on expenses growing one point above inflation or something like this, is it still valid or to believe like now it's slightly more than that? That's the first question. Just a second one. You mentioned like in the presentation, many small projects, right? Like on the derivatives, like single stocks, like options on ETFs, like many different things. I understand many of those things are small. Like, it's not like the same as the fixed income counterpart.

Speaker Change: Alright, you believe like knowledge is slightly slightly more than that so that's the first question and just a second one.

Yuri Fernandez: So that's the first question. And just a second one, you mentioned like in the presentation, many small projects, right, like single stocks, like options on ETF, like many, many, many different things. And I understand many of those things are small, like it's not like the same as the fixed income counterpart.

Speaker Change: You mentioned.

Speaker Change: I liked the presentation, many small projects like on the <unk> like single stocks like options on it yes like many many many different teams and I understand the <unk> mall.

Speaker Change: Not the same as it is the fixed income counterparts, but do you have any estimate on potential revenues multiple seems like by project are in aggregate like how how much more revenue is going to get on mobiles with more projects that you all have been doing thank you.

Ramon Jimenez: But do you have any estimate on potential revenues of those things, like by project or in aggregate, like how much more revenues can we get on all those small projects that you have been doing? Thank you. Judy, thank you for your question. If you have expenses that are coming, uh, I've let I would say that The way growth is coming, we would expect this current rate of expenses, and yes, there would be... Above Inflation If we are depending on how the exchange rate moves. that is affecting us. If we keep getting growth from individual custody fees or sub-custody fees, we'll continue to.

Yuri Fernandes: Do you have any estimate on potential revenues of those things, like by project or in aggregate, like how much more revenues can we get on all those, you know, small projects that you have been doing? Thank you.

Yuri Fernandes: Do you have any estimate on potential revenues of those things, like by project or in aggregate, like how much more revenues can we get on all those, you know, small projects that you have been doing? Thank you.

Speaker Change: Hi.

Speaker Change: <unk>. Thank you for your question.

Ramón Güemez: Yuri, thank you for your question. If we see how expenses are coming, I would say that the way growth is coming, we would expect this current rate of expenses. Yes, there would be above inflation. If we are, depending on how the exchange rate moves, that is affecting us. If we keep getting growth from Indeval custody fees or sub-custody fees, we would continue to increase. Those would be, let's say, above what we had expected. While at the same time being somewhat offset by, some of them are being offset by revenues. Mm-hmm. I would keep the current rate, the current level of expenses for future quarters.

Speaker Change: Sure.

Ramón Güémez Sarre: Yuri, thank you for your question. If we see how expenses are coming, I would say that the way growth is coming, we would expect this current rate of expenses. Yes, there would be above inflation. If we are, depending on how the exchange rate moves, that is affecting us. If we keep getting growth from Indeval custody fees or sub-custody fees, we would continue to increase. Those would be, let's say, above what we had expected. While at the same time being somewhat offset by, some of them are being offset by revenues. Mm-hmm. I would keep the current rate, the current level of expenses for future quarters.

Speaker Change: Expenses are coming.

Speaker Change: Yeah.

Speaker Change: I would say that.

Speaker Change: The growth is coming we would expect this current.

Speaker Change: <unk> expenses and yes, there would be.

Speaker Change: Above inflation.

Speaker Change: If we are.

Speaker Change: Is this true.

Speaker Change: Depending on how the exchange rate moves.

Speaker Change: That is affecting us.

Speaker Change: We keep getting growth from India.

Speaker Change: Three piece or sub custody fees.

Speaker Change: We'll continue to do.

Speaker Change: Two increase so those would be.

Speaker Change: Let's see above what we had expected.

Ramon Jimenez: to increase. So those would be. Let's see, above what we had expected. who are at the same time being somewhat offset by revenue. Mhm. So I would I will keep the current rate. The current level of expenses for future work.

Speaker Change: While at the same time being somewhat offset by lower some of them are being offset by revenues.

So I would.

Speaker Change: I will keep the current rates.

Speaker Change: The current level of expenses for future, Florida workers.

Speaker Change: And regarding revenues from the derivative contracts that we mentioned.

Ramon Jimenez: And regarding revenues from the derivative contracts that we mentioned, Don't lose any sleep over that, they're not... As you know, derivatives is a small portion of our revenues. We were not expecting significant revenue, yet we're trying to start to generate more interest in the retail market and generate more movement in derivatives. but it will not be a game changer. Thank you for the question.

Ramón Güemez: Regarding revenues from the derivative contracts that we mentioned, don't lose any sleep over that. They're not. As you know, derivatives is small portion of our revenues. We were not expecting significant revenue yet, but we're trying to generate more interest in the retail market and generate more movement in derivatives, but it will not be a game changer.

Ramón Güémez Sarre: Regarding revenues from the derivative contracts that we mentioned, don't lose any sleep over that. They're not. As you know, derivatives is small portion of our revenues. We were not expecting significant revenue yet, but we're trying to generate more interest in the retail market and generate more movement in derivatives, but it will not be a game changer.

Speaker Change:

Speaker Change: Hi.

Speaker Change: Don't lose any sleep over that.

Speaker Change: As you know derivatives is a small portion of our of our revenues.

Speaker Change: We were not expecting significant revenue yet.

We're trying to start to generate more interest in the retail market and generate more movements in derivatives.

Speaker Change: But it will not be a game changer.

Speaker Change: Good evening talk to you again and thank you for the question Dave.

Jorge Alegría: Yuri, this is Jorge again, and thank you for the question. One of the most important lines of marketing is to develop the retail segment in the Mexican market, and this is just the initial steps of launching more suitable products for retail, especially these tech stocks or highly liquid stocks in other markets. This is going to be an effort that is just starting. No very meaningful revenue expected for this year, but it's part of our much longer and bigger strategy to grow the retail segment in both cash equities and derivatives.

Jorge Alegría Formoso: Yuri, this is Jorge again, and thank you for the question. One of the most important lines of marketing is to develop the retail segment in the Mexican market, and this is just the initial steps of launching more suitable products for retail, especially these tech stocks or highly liquid stocks in other markets. This is going to be an effort that is just starting. No very meaningful revenue expected for this year, but it's part of our much longer and bigger strategy to grow the retail segment in both cash equities and derivatives.

Speaker Change: One of the most important line of.

Speaker Change: Sure.

Ramon Jimenez: One of the most important lines of marketing is to develop their retail segment in the Mexican market. And this is just the initial steps of launching more suitable products for retail, especially the tech stocks or highly-liquid stocks in other markets. This is going to be an effort that is just starting, so no... very meaningful revenue expected for for this year but it's part of a much longer and bigger strategy to grow the retail segment in both cash equities and derivatives. No, perfect guys. Thank you. And again, congrats. I think revenue is growing faster than expenses is what has been waiting for years.

Speaker Change: Marketing <unk> two <unk>.

Speaker Change: Develop their retail segment in the Mexican market on diesel.

Speaker Change: The initial steps of launching more suitable products for retail.

Speaker Change: And especially of the Backstops, our highly liquid stocks in other market.

Speaker Change: Is this is going to be on everybody's just starting.

Speaker Change: So no no.

Speaker Change: <unk>.

Speaker Change: There are meaningful revenue expected for for the year, but as part of our much longer and bigger strategy to grow the retail segment in both cash equities and.

Speaker Change: The video.

Speaker Change: No perfect guys. Thank you and again, congrats I think revenue is growing faster than expenses as what it had been waiting for a year. So I think it's a good thing I think for the clarification.

Yuri Fernandes: No, perfect, guys. Thank you. Again, congrats. I think revenue is growing faster than expenses is what we have been waiting for years. I think it's a good thing. Thank you for the clarity case.

Yuri Fernandes: No, perfect, guys. Thank you. Again, congrats. I think revenue is growing faster than expenses is what we have been waiting for years. I think it's a good thing. Thank you for the clarity case.

Ramon Jimenez: So I think it's, it's, it's a good thing. Um, I think for the clarification.

Carlos Gomez: Our next question comes from the line of Carlos Gomez with HSBC. Please proceed with your question.

Carlos Gomez: Our next question comes from the line of Carlos Gomez with HSBC. Please receive your question. Hi, good morning and congratulations on the results and welcome to Hannah. We look forward to talking to her.

Operator: Our next question comes from the line of Carlos Gomez-Lopez with HSBC. Please proceed with your question.

Operator: Our next question comes from the line of Carlos Gomez-Lopez with HSBC. Please proceed with your question.

Speaker Change: Yes.

Carlos Gomez: Hi, good morning, and congratulations on the results and with them.

Carlos Gomez-Lopez: Hi, good morning, and congratulations on the results. Welcome to Hanna. We look forward to talking to her. A question on your capital allocation. You have been very active in terms of buybacks. Do you expect to continue to distribute as much capital as you have in the past? Or given that you have, again, as mentioned earlier, all these projects, you have perhaps some more expenses, you might retain some more capital in the coming years as an investment phase. The second question is the impact of the movement, both in the exchange rate and in the international markets. I mean, we have seen in the past when there have been depreciation of dollar assets, you have had less activity in the global segment of your market.

Carlos Gomez-Lopez: Hi, good morning, and congratulations on the results. Welcome to Hanna. We look forward to talking to her. A question on your capital allocation. You have been very active in terms of buybacks. Do you expect to continue to distribute as much capital as you have in the past? Or given that you have, again, as mentioned earlier, all these projects, you have perhaps some more expenses, you might retain some more capital in the coming years as an investment phase. The second question is the impact of the movement, both in the exchange rate and in the international markets. I mean, we have seen in the past when there have been depreciation of dollar assets, you have had less activity in the global segment of your market.

Speaker Change: We look forward to talking to her.

Speaker Change: A question on your capital allocation you have been pretty active.

Carlos Gomez: A question on your capital allocation. You have been very active in terms of buybacks. Do you expect to continue to distribute as much capital as you have in the past or given that you have, as mentioned earlier, all these projects, you have perhaps more expenses, you might retain some more capital in the coming years as an investment phase? And the second question is the impact of the movement both in the Exchange rate, and when there have been depreciation of$, you have had the lowest activity in in the global segment of your market, how has be experience been so far?

Speaker Change: In terms of buybacks.

Speaker Change: Do you expect to continue to distribute.

Speaker Change: Much capital that you've had in the past or given that you have just.

Speaker Change: I mentioned earlier all of these projects, who have perhaps more expenses you might retain some more capital in the coming years.

Speaker Change: As I said any differently.

Speaker Change: <unk>.

Speaker Change: And then second question is the impact of <unk>.

Speaker Change: The exchange.

Speaker Change: Exchange rate and indeed, the national markets I mean, we have seen in the past.

Speaker Change: <unk>.

Speaker Change: Depreciation of solar assets, you have had the lease activity.

Speaker Change: In the global segment of your market.

Speaker Change: This period has been so far with advance F Ter.

Carlos Gomez-Lopez: How has the experience been so far, with events after, let's say, the beginning of April? Thank you.

Carlos Gomez-Lopez: How has the experience been so far, with events after, let's say, the beginning of April? Thank you.

Speaker Change: Let's say at the beginning of April.

Ramon Jimenez: Thank you Carlos, on the first question on the capital allocation, our plan is yes to continue with our buyback program, depending on Obviously unstuck performance we have seen our stock perform well lately so we will continue but it's dependent on our price of our stock. And we're set to pay our dividend. on the 12th of May. and then we have a reserve of up to 500 million pesos for this year, so far we have purchased less than planned, as I said, because of performance.

Carlos Gomez: Carlos on the first question on the capital allocation.

Jorge Alegría: Carlos, on the first question on the capital allocation, our plan is, yes, to continue with our buyback program, depending on, obviously, on stock performance. We have seen our stock perform well lately, so, we will continue, but it's dependent on our price of our stock.

Jorge Alegría Formoso: Carlos, on the first question on the capital allocation, our plan is, yes, to continue with our buyback program, depending on, obviously, on stock performance. We have seen our stock perform well lately, so, we will continue, but it's dependent on our price of our stock.

Speaker Change: <unk>.

Speaker Change: Our plan is yes to continue with the with our buyback program.

Speaker Change: Depending on <unk>.

Speaker Change: Obviously on the stock performance.

Speaker Change: We should have seen our stock performed well lately so.

Speaker Change: We will continue.

Speaker Change: <unk>.

Speaker Change: Dependant on our price of our stock.

Speaker Change: <unk>.

And we're set to pay our dividend.

Carlos Gomez-Lopez: Mm-hmm.

Carlos Gomez-Lopez: Mm-hmm.

Jorge Alegría: We're set to pay our dividend on 12 May.

Speaker Change: On the 12th of Mei.

Jorge Alegría Formoso: We're set to pay our dividend on 12 May.

Speaker Change: The reserve and then we have a reserve of up to <unk>.

Ramón Güemez: Including a reserve. Mm-hmm.

Ramón Güémez Sarre: Including a reserve. Mm-hmm.

Jorge Alegría: We have a reserve of up to MXN 500 million for this year. So far we have purchased less than planned, as I said, because of performance. Regarding the impact of the FX, could you repeat the question please? Yeah. Is this your question more related to activity? The activity that FX depreciation generates on the SIC market? Is that your question, Carlos?

Jorge Alegría Formoso: We have a reserve of up to MXN 500 million for this year. So far we have purchased less than planned, as I said, because of performance. Regarding the impact of the FX, could you repeat the question please? Yeah. Is this your question more related to activity? The activity that FX depreciation generates on the SIC market? Is that your question, Carlos?

Speaker Change: 500 million pesos.

For this year, so far we have purchased less than planned as I said because of performance.

Speaker Change: And regarding the impact of the FX could you repeat the question. Please.

Ramon Jimenez: And regarding the impact of the FX, could you repeat the question, please? Yeah, is your question more related to activity, the activity that FX depreciation generates on the thick market? Is that your question? Carlos? Yeah, my question is more, again, in the past when we had the big appreciation of the peso, and then you had, therefore, a decline in peso, expressing peso of the value of the foreign assets, we had a reduction in activity. Now we have had the peso relatively stable, but the value of foreign assets is decreasing because of the movement in the national market.

Speaker Change: Furthermore.

Speaker Change: Activity the activity that FX depreciation generates on the on the seek market is that your question.

Speaker Change: Carlos.

Carlos Gomez: Yes. My question is more again in the past when we had the appreciation of the peso and then you had therefore a decline in peso in peso.

Carlos Gomez-Lopez: My question is more, again, in the past when we had the big appreciation of the peso, and then you had therefore a decline in peso expressed in peso of the value of the foreign assets, we had a reduction in activity. Now, the peso is relatively stable, but the value of foreign assets is decreasing because of the movements in international market. Have you seen something similar to what we saw in 2023 happen to you?

Carlos Gomez-Lopez: My question is more, again, in the past when we had the big appreciation of the peso, and then you had therefore a decline in peso expressed in peso of the value of the foreign assets, we had a reduction in activity. Now, the peso is relatively stable, but the value of foreign assets is decreasing because of the movements in international market. Have you seen something similar to what we saw in 2023 happen to you?

Carlos Gomez: Especially in terms of the value of risk weighted assets, we hit the reduction in activity now we have had these perpetual relatively stable, but the value of fortinet is decreasing because of stay at home.

Speaker Change: The national market have you seen something similar to what we showed in 2020 see happen to you.

Ramon Jimenez: Have you seen something similar to what we saw in 2023 happen to you? Not yet. Maybe my colleagues can comment on that as well, but not yet. I think what we are seeing this... All the recent activity due to, first, volatility. We are seeing some capital reallocation, I think, as well. Pension funds are still growing in terms of assets under management. We believe of what we have been hearing, they are also analyzing different alternatives on how. to structure their portfolios with all the several changes we are seeing in the behavior of different markets. But so far, we haven't seen any additional higher or lower activity related to this.

Speaker Change: Not yet, leaving my colleagues can.

Jorge Alegría: Well, not yet. Maybe my colleagues can comment on that as well, but not yet. I think what we are seeing all the recent activity due to volatility first. We are seeing some capital reallocation, I think, as well. Pension funds are still growing in terms of assets under management. We believe or what we have been hearing they are also analyzing different alternatives on how to structure their portfolios with all the several changes we are seeing in the behavior of different markets. So far we haven't seen any additional higher or lower activity related to this. I think we can explain all the activity recently is more due to market volatility and the FX impact so far.

Jorge Alegría Formoso: Well, not yet. Maybe my colleagues can comment on that as well, but not yet. I think what we are seeing all the recent activity due to volatility first. We are seeing some capital reallocation, I think, as well. Pension funds are still growing in terms of assets under management. We believe or what we have been hearing they are also analyzing different alternatives on how to structure their portfolios with all the several changes we are seeing in the behavior of different markets. So far we haven't seen any additional higher or lower activity related to this. I think we can explain all the activity recently is more due to market volatility and the FX impact so far.

Speaker Change: Comment on that as well, but not yet.

Speaker Change: What we are seeing this.

Speaker Change: Although the recent activity due to first volatility.

Speaker Change: We are seeing some capital reallocation I think as well.

Speaker Change: Pension funds are still growing in terms of assets under management.

Speaker Change: We believe we have a hearing date.

Speaker Change: We're also on a license different alternatives on how.

Speaker Change: To structurally be their portfolio has been dealing with all the subtle changes we are seeing in the behavior of different markets, but so far we haven't seen any any additional higher or lower activity related to this.

Speaker Change: We can explain.

Speaker Change: <unk>.

Ramon Jimenez: I think we can explain. All the activity recently is more due to market volatility and the FX impact so far, but nothing we can. see us as a new trend in the market or a different trend. Thank you so much.

Speaker Change: All the activity recently more due to market volatility on the FX impact so far but nothing nothing.

Speaker Change: We can.

Jorge Alegría: Nothing we can see as a new trend in the market or a different trend.

Jorge Alegría Formoso: Nothing we can see as a new trend in the market or a different trend.

The CSF as a new trend in the market or a different trend.

Speaker Change: Thank you so much.

Carlos Gomez-Lopez: Thank you so much.

Carlos Gomez-Lopez: Thank you so much.

Speaker Change: Our next question comes from the line of Edson Mercury out with Zuma capital. Please proceed with your question.

Edson Murguia: Our next question comes from the line of Edson Murguia with Summa Capital. Please receive your question. Hi, good morning. Thank you for taking my question. The communities related to GERD's initiative with NASDAQ, I know... Jorge mentioned that NAGVRAC technology will be used in bonds and other types of post-trade and other parts of the business that are built.

Operator: Our next question comes from the line of Edson Murguía with Summa Capital. Please proceed with your question.

Operator: Our next question comes from the line of Edson Murguía with Summa Capital. Please proceed with your question.

Edson Mercury: Hi, Good morning, Thank you for taking my questions.

Edson Murguía: Hi, good morning. Thank you for taking my questions. The first one is related to BMV's initiative with Nasdaq. I know, and Jorge mentioned that, Nasdaq technology will be used in bonds and other type of part of the post-trade and other part of the businesses at Bolsa. But my question regarding the Nasdaq technology is, are you expecting or the plan is to use more Nasdaq technology in other part of the businesses from Bolsa perspective? My second question is regarding the MXN 3 million in other expenses, if I remember correctly, about the put option with SIF ICAP. I was wondering if you can give it a little bit more color, why this is MXN 3 million in the put option. Is it premium? What is the rationale behind this? Thank you.

Edson Murguía: Hi, good morning. Thank you for taking my questions. The first one is related to BMV's initiative with Nasdaq. I know, and Jorge mentioned that, Nasdaq technology will be used in bonds and other type of part of the post-trade and other part of the businesses at Bolsa. But my question regarding the Nasdaq technology is, are you expecting or the plan is to use more Nasdaq technology in other part of the businesses from Bolsa perspective? My second question is regarding the MXN 3 million in other expenses, if I remember correctly, about the put option with SIF ICAP. I was wondering if you can give it a little bit more color, why this is MXN 3 million in the put option. Is it premium? What is the rationale behind this? Thank you.

Speaker Change: The <unk>.

Speaker Change: Added to that initiative with NASDAQ.

Speaker Change: No.

Speaker Change: Our core convention bad.

Speaker Change: That's acknowledging will be good.

Speaker Change: And some other tax law.

Speaker Change: Trade and other parts of the businesses at Bolthouse.

But my question is regarding the NASDAQ technology is.

Edson Murguia: But my question is, what is a NASDAQ technology and Are you accepting or? The plan is to use more NASDAQ technology in other part of the business race from both perspectives.

Speaker Change: Are you expecting or.

Speaker Change: The plan is to use more NASDAQ technology in other part of the business.

Speaker Change: From from.

Speaker Change: From both a perspective.

Speaker Change: And my second question is revolving around the 3 million that shows while the expenses if I remember correctly about the put option.

Ramon Jimenez: And my second question is regarding on the $3 million purchase in other expenses, if I remember correctly, about the good option, the safe icon. I was wondering if you can give us a little bit more color, why this is $19 million purchasing a production, is it premium, what is the rationale behind this? Thank you. Sorry, your second question was related to the put and call. Let me go over the first one very briefly and maybe Roberto can mention something. Yes, we. We are using NASDAQ technology for all the post-trade division that will allow us to have.

I got it.

Speaker Change: I was wondering if you can give us a little bit more color.

Why.

Speaker Change: Two more.

Let's assume the put option of the Formula one what is the rationale behind this.

Speaker Change: Thank you.

Speaker Change: Yes, sorry.

Speaker Change: Sorry.

Speaker Change: Your second question was related to the the protocol, let me go over the first one very briefly and maybe Robert Koch unconventional something yes.

Jorge Alegría: Sorry, your second question was related to the put and call. Let me go over the first one very briefly, and maybe Roberto can mention something. Yes, we are using Nasdaq technology for all the post-trade division. That will allow us to have not only more robust services, but also new kind of services that may be foreseen to be provided in the future. The technology and services in this segment is advancing faster. Yes, we are using Nasdaq. If we understood correctly, we are planning to use Nasdaq technology in other segments, the answer we don't know yet.

Jorge Alegría Formoso: Sorry, your second question was related to the put and call. Let me go over the first one very briefly, and maybe Roberto can mention something. Yes, we are using Nasdaq technology for all the post-trade division. That will allow us to have not only more robust services, but also new kind of services that may be foreseen to be provided in the future. The technology and services in this segment is advancing faster. Yes, we are using Nasdaq. If we understood correctly, we are planning to use Nasdaq technology in other segments, the answer we don't know yet.

Speaker Change: We are.

You've seen NASDAQ techs.

Speaker Change: Technology for old Upholstery division that will allow us allows us to have.

Speaker Change: Not only.

Speaker Change: More robust.

Ramon Jimenez: not only of services that may be foreseen to be provided in the future, the technology and services in this segment is advancing fast, so yes, we are using NASDAQ. If we understood correctly, we are planning to use NASDAQ technology in other segments. The answer is we don't know yet. We are analyzing and doing a proof of concept for market data management as well, but it's just so far a proof of concept. on the We are upgrading on the front end for the trading engines for the derivative segment. One of the alternatives we are analyzing is NASDAQ as well, among others, but we haven't made any decision there to use more NASDAQ technology.

Speaker Change: Services, but also new kind of services that may be.

<unk> seem to be provided in the future the technology and services. In this segment is advancing Faisel. Yes. We are we are using NASDAQ if we understood correctly.

Speaker Change: Our planning to to use nasdaq's technology in other in other segment the dividends that we don't know yet we.

Speaker Change: We are analyzing and doing a proof of concept for market data.

Jorge Alegría: We are analyzing and doing a proof of concept for market data management as well, but it's just so far a proof of concept. We are upgrading on the front end for the trading engines for the derivatives segment. One of the alternatives we are analyzing is Nasdaq as well, among others, but we haven't made any decision there to use more Nasdaq technology. They are obviously considered, and they will be participating eventually in any potential decision. So far we're focused on executing and delivering the post-trade segment, where we are, as you can see, focusing our main efforts. Let us move to your call put question for CIFICAP. If I recall correctly, that was your next question.

Jorge Alegría Formoso: We are analyzing and doing a proof of concept for market data management as well, but it's just so far a proof of concept. We are upgrading on the front end for the trading engines for the derivatives segment. One of the alternatives we are analyzing is Nasdaq as well, among others, but we haven't made any decision there to use more Nasdaq technology. They are obviously considered, and they will be participating eventually in any potential decision. So far we're focused on executing and delivering the post-trade segment, where we are, as you can see, focusing our main efforts. Let us move to your call put question for CIFICAP. If I recall correctly, that was your next question.

Speaker Change: Management as well, but it's just so far of a proof of concept.

Speaker Change: On the.

Speaker Change: We are upgrading on the front end on doing for the.

Speaker Change: The trading engine for the <unk> segment.

Speaker Change: One of the alternatives, we are analyzing is NASDAQ as well among others, but we haven't made any decisions there.

Speaker Change: <unk> for to use more NASDAQ technology. They are obviously considered under will be participating in until in any any any potential the CTO, but so far we are.

Ramon Jimenez: They are obviously considered, and they will be participating eventually in any potential decision, but so far we are focused. on executing and delivering the post-trade segment where we are, as you can see, focusing our main effort.

Speaker Change: We're focused on.

Speaker Change: On executing and delivering the postpaid segment.

Speaker Change: We are where we are.

Speaker Change: As you can see focusing our main efforts.

Speaker Change: The.

Speaker Change: Let us move to the or.

Ramon Jimenez: And let us move to your call put question for CIFICAP, if I recall correctly, that was your next question. Yes, exactly. We have a In CIFICAP Chile, we have a partner. He holds 20% of the shares. CIFICAP has 80%. And we have a person called Stein. for those 20% of the shares and they're revalued with a performance formula. So, as we go on with the results, we have to update the... the value of this option. So this is where it's a direct result of. of 15th positive performance.

Speaker Change: Pulpwood question Fortify Cup, if I recall correctly that that was your next question.

Speaker Change: Yes exactly.

Speaker Change:

Edson Murguía: Yes, exactly.

Edson Murguía: Yes, exactly.

Speaker Change: We have a.

Speaker Change: <unk>.

Jorge Alegría: In CIFICAP Chile, we have a partner. He holds 20% of the shares. CIFICAP has 80%. We have puts and calls signed for those 20% of the shares, and they're revalued with a performance formula. According to the, as we go on with the results, we have to update the value of this option. This is where it's a direct result of CIF Chile's positive performance.

Speaker Change: In <unk>, we cannot partner equals 20% of the shares if I kept test 80%.

Jorge Alegría Formoso: In CIFICAP Chile, we have a partner. He holds 20% of the shares. CIFICAP has 80%. We have puts and calls signed for those 20% of the shares, and they're revalued with a performance formula. According to the, as we go on with the results, we have to update the value of this option. This is where it's a direct result of CIF Chile's positive performance.

Speaker Change: And we gather.

Hudson Goldstein: Hudson Goldstein.

Hudson Goldstein: For those two 8% of the shares and.

Hudson Goldstein: The revalued.

Hudson Goldstein: Performance Formula.

Hudson Goldstein: So Gordon.

Hudson Goldstein: We go on with the results we have to offer.

Hudson Goldstein: Update.

Hudson Goldstein: Sure.

Hudson Goldstein: The value of this of this option.

Hudson Goldstein: Sure. So this is where it's a direct result of.

Hudson Goldstein: <unk> positive <unk> positive performance.

Hudson Goldstein: Okay and less.

Hudson Goldstein: The timeline of this.

Ramon Jimenez: Okay, and last, regarding the timeline of this new initiative... of the Mini-USB, the Index, and so on. What will be the timeline to be operational or to be in the market for the retailers, or what will be the time? Because it's my understanding that there are some processes with the regulators that it's not overdone. So, what do you expect? It's going to be by the end of 2025, but we are expecting for the next quarter, 2026, just to figure out what will be the timeline of those initiatives. Sure. Related to the new index future contract on the mini dollar future contract, those are already authorized, so we are in the marketing and implementation phase for those new contracts.

Edson Murguía: Okay. Last, regarding the timeline of these new initiatives, the mini USD, the index, so on, what would be the timeline to be operational or to be in the market for the retailers or what would the timeline? Because it's my understanding that there are some processes with the regulators that it's not overdone. What would you expect? It's gonna be by the end of 2025, or we are expecting for the next quarter, 2026. Just to figure out what would be the timeline of those initiatives.

Edson Murguía: Okay. Last, regarding the timeline of these new initiatives, the mini USD, the index, so on, what would be the timeline to be operational or to be in the market for the retailers or what would the timeline? Because it's my understanding that there are some processes with the regulators that it's not overdone. What would you expect? It's gonna be by the end of 2025, or we are expecting for the next quarter, 2026. Just to figure out what would be the timeline of those initiatives.

Hudson Goldstein: New initiatives.

Mimi.

Hudson Goldstein: <unk> index so on.

Hudson Goldstein: Sure.

Speaker Change: What will be the time line to be operational or to be in the market for the retailer and story of what will be the cloud because it's my understanding that there are some processes with the regulators that it's not OLED.

Speaker Change: So while you expect it's going to be by the end of June from five <unk> slipped into the next quarter can continue just to figure out what will be the timing of those initiatives.

Speaker Change: Sure.

Speaker Change: <unk> related to the new index futures contracts on the many future contract those are already operate so that we are in the.

Jorge Alegría: Sure. That's something related to the new index future contract and the mini dollar future contract. Those are already authorized. We are in the marketing and implementation phase for those new contracts. Again, we are focusing on a more retail-oriented strategy there. From, actually, this week's comments with the Mexican central bank, the contracts, and correct me, Miguel, if I'm wrong, but the option contracts for the SIC individual names, the technology names, should be approved. I mean, we are aiming to do a Q2 launch, no later than Q3 launch for this new set of options.

Jorge Alegría Formoso: Sure. That's something related to the new index future contract and the mini dollar future contract. Those are already authorized. We are in the marketing and implementation phase for those new contracts. Again, we are focusing on a more retail-oriented strategy there. From, actually, this week's comments with the Mexican central bank, the contracts, and correct me, Miguel, if I'm wrong, but the option contracts for the SIC individual names, the technology names, should be approved. I mean, we are aiming to do a Q2 launch, no later than Q3 launch for this new set of options.

Speaker Change: Sure.

Speaker Change: Now we are in the marketing and implementation phases for those those new.

Speaker Change: Contract.

Speaker Change: Again.

Speaker Change: We are focusing on a more retail oriented or strategy there.

Ramon Jimenez: Again, we are focusing on a more retail-oriented strategy there, and from actually this week Comments with the Mexican Central Bank, the contract and correct me Mac if I'm wrong, but the The option contracts for the SIC individual names, the technology names, should be approved. I mean, we are aiming to do a... second Q launch, no later than third Q launch for this new set of options. So, yes, it has been a long time negotiating, but now we are now almost ready to go. But also, it looks like after the launch of this first set of new contracts in the market, we will be able to launch more under the same circumstances and under the same terms and conditions, much faster than before, because now the first ones were approved, so the next ones, including ETFs on the international segment, should be approved much more faster.

Speaker Change: And from that.

Speaker Change: Currently these weeks.

Speaker Change: Comments with the Mexican Central Bank.

Speaker Change: The contract and correct me.

Speaker Change: If I'm wrong, but.

The <unk>.

Speaker Change: Some contracts for.

Speaker Change: There are six individual remains the technology names should be approved I mean, we are aiming to do.

Speaker Change: The second Q launch no later than the third Q launch for these new set of options.

Speaker Change: So yes, it has been a long time.

Speaker Change: Negotiating that now.

Jorge Alegría: Yes, it has been a long time negotiating, but now we are now not almost ready to go, but also looks like after this launch of this first set of new contracts in the market, we will be able to launch more under the same circumstances and under same terms and conditions much faster than before. Because now, let's say the first ones were approved, so the next ones, including ETFs on the international segment, should be approved much more faster. We are aiming for Q2 launch, no later than Q3 launch.

Jorge Alegría Formoso: Yes, it has been a long time negotiating, but now we are now not almost ready to go, but also looks like after this launch of this first set of new contracts in the market, we will be able to launch more under the same circumstances and under same terms and conditions much faster than before. Because now, let's say the first ones were approved, so the next ones, including ETFs on the international segment, should be approved much more faster. We are aiming for Q2 launch, no later than Q3 launch.

Speaker Change: We are now not almost ready to go but also looks like.

Speaker Change: After this the launch of this first set of <unk>.

Speaker Change: New contracts in the market, we will be able we will be able to launch more.

Speaker Change: Under the same sequence stances on under the same terms and conditions.

Speaker Change: Much faster.

Speaker Change: Then before because nowadays.

Speaker Change: Let's say the first once we're approved so the next one including Etfs on the international segment will be approved much more faster, but we are aiming.

Speaker Change: For a second.

Ramon Jimenez: But we are aiming... for a second. Q launch, no later than for Q launch.

Speaker Change: Q launch no later than <unk> much.

Speaker Change: Okay critically thank you so much and congrats on the results.

Ramon Jimenez: Okay, quickly. Thank you so much and congrats on the results. Thank you, Edson.

Edson Murguía: Okay. Crystal clear. Thank you so much, and congrats on the results.

Edson Murguía: Okay. Crystal clear. Thank you so much, and congrats on the results.

Rich: Thank you rich.

Tayo Plateau: Our next question comes from the line of Tayo Plateau with UBS. Please proceed with your question.

Jorge Alegría: Thank you, Anthony.

Jorge Alegría Formoso: Thank you, Anthony.

Caio Prato: Our next question comes from the line of Caio Prato with UBS. Please receive your question.

Operator: Our next question comes from the line of Caio Prato with UBS. Please proceed with your question.

Operator: Our next question comes from the line of Caio Prato with UBS. Please proceed with your question.

Rich: Okay.

Rich: Money.

Rich: All right.

Caio Prato: Hey everyone, good morning. Thanks for the questions. I have two quick on my side list, still on top line. The first is in terms of the information services line. We saw it's increasing by more than 20% year-on-year. I understand all the impacts from the effects here, but just wondering if it is only related to effects or if there are any other drivers for that, just to understand what can we expect going forward.

Rich: So that's the questions here.

Caio Prato: Hey, everyone. Good morning. Thanks for the presentation. Questions here. I have two quick ones on my side, please. Still on top line. The first is in terms of the information services line. We saw it increasing by more than 20% year-over-year. I understand all the inputs from the FX here, but just wondering if it is only related to FX or if there are any other driver for that, just to understand what can we expect going forward. Finally, after a good quarter, especially on maintenance as well, I would like to hear from you what are the expectations for the year, both in terms of listing and maintenance. Perhaps you can expect better numbers than we were previously forecasting by Q4. Thank you.

Kaio Prato: Hey, everyone. Good morning. Thanks for the presentation. Questions here. I have two quick ones on my side, please. Still on top line. The first is in terms of the information services line. We saw it increasing by more than 20% year-over-year. I understand all the inputs from the FX here, but just wondering if it is only related to FX or if there are any other driver for that, just to understand what can we expect going forward. Finally, after a good quarter, especially on maintenance as well, I would like to hear from you what are the expectations for the year, both in terms of listing and maintenance. Perhaps you can expect better numbers than we were previously forecasting by Q4. Thank you.

Rich: On my side slipped a few of them.

Rich: Top line. The first is in terms of the <unk>.

Rich: Formation said supply in the results, including by more than 20% year on year.

Rich: Understand all the inputs from the checks here, but just wondering excuse is only related to FX or if there are any other drivers for that.

Rich: Just to understand what can we expect going forward and finally after a good quarter, especially on the maintained itself.

Caio Prato: And finally, after a good quarter, especially on maintenance as well, I would like to hear from you what are the expectations for the year, both in terms of leasing and maintenance. Perhaps we can expect better numbers than we were previously forecasting by the fourth queue.

Rich: I'd like to hear from you what I'd just vacations for the both in terms of leasing and statements, perhaps we can expect.

Rich: Better numbers than we were forecasting by the fourth Q.

Rich: Yes.

Ramon Jimenez: Thank you.

Speaker Change: Hi, good morning.

Rich: On the <unk>.

Ramon Jimenez: Good morning. On the Good morning. on information services. Part of it is related to FX, the part of market data. And as for Balmer, you have a portion that... Balmer had a weak result in Q1 of 2024. It's actually an accounting... Issue So if you look at history last year, you're going to see that Q1 for Balmer was bad and then Q2 was good. You have to take the average of the two to compare. So, but they have a good. a good quarter with growth from new products, from new customers and new products, new movements when market data was mostly FX.

Jorge Alegría: Caio, good morning. On information services, part of it is related to FX. The part of market data. As for Valmer, you have a portion that Valmer had weak results in Q1 of 2024.

Ramón Güémez Sarre: Caio, good morning. On information services, part of it is related to FX. The part of market data. As for Valmer, you have a portion that Valmer had weak results in Q1 of 2024.

Rich: Oh.

Rich: Information services.

Rich: Part of it is is related to FX.

Rich: The departure of market data.

Rich: And as sort of bottleneck.

Dominic Vaca: You have a portion that Dominic vaca.

Rich: We sold in Q1 of 2024.

Rich: It's actually an accounting.

Ramón Güemez: It's actually an accounting issue. If you look at history, the past book last year, you're gonna see that Q1 for Valmiera was bad and then Q2 was good. You have to take the average of the two to compare. Valmiera did have a good quarter with growth from new customers and new products, new movements. While market data was mostly FX. With regard to the maintenance line, as you know, the maintenance fees are billed in advance in Q1 and amortized throughout the year. If you look at historical data, you're gonna see that they're relatively constant throughout the year. We would expect them to continue that way.

Rich: Issue.

Ramón Güémez Sarre: It's actually an accounting issue. If you look at history, the past book last year, you're gonna see that Q1 for Valmiera was bad and then Q2 was good. You have to take the average of the two to compare. Valmiera did have a good quarter with growth from new customers and new products, new movements. While market data was mostly FX. With regard to the maintenance line, as you know, the maintenance fees are billed in advance in Q1 and amortized throughout the year. If you look at historical data, you're gonna see that they're relatively constant throughout the year. We would expect them to continue that way.

Rich: So if you look at our history, our festival last year Youre going to see that Q1 for <unk> was flat and then Q2 was.

Rich: <unk> could you just have to take the average.

Rich: Of the two to compare so but did have a good.

Rich:

Rich: A good quarter with growth from new broader neutral from new customers new products New movement.

Rich: While market data.

Was.

Rich: It was mostly FX.

Rich: Uh-huh.

Rich: With regard to the maintenance line.

Rich: As you know maintenance is.

Ramon Jimenez: With regard to the maintenance plane. As you know, maintenance is... Maybe the fees are billed in advance in Q1 and amortized throughout the year. So, if you look at historical data, you're going to see that they're relatively constant throughout the year. And we would expect them to continue that way, so that should be a very constant number. It could have a slight decline if you have some cancellations throughout the year. But for practical purposes, what you're looking at in Q1 should continue for the next quarter.

Rich: The maintenance fees are billed in advance in Q1.

Rich: And amortized throughout the year. So if you look at historical.

Rich: Say that youre going to see the relatively constant throughout the year.

Rich: And we would expect them to continue that.

Rich: That way so that should be a very constant number eight Kevin slight decline if you kept some cancellations.

Ramón Güemez: That should be a very constant number. It could have a slight decline if you have some cancellations throughout the year. For practical purposes, what you're looking at in Q1 should continue for the next quarters.

Ramón Güémez Sarre: That should be a very constant number. It could have a slight decline if you have some cancellations throughout the year. For practical purposes, what you're looking at in Q1 should continue for the next quarters.

Rich: So throughout the year.

Rich: But for practical purposes, what youre looking at in Q1.

Rich: <unk> for the for the next quarters.

Rich: Okay, great. Thank you.

Caio Prato: Okay. Great. Thank you.

Kaio Prato: Okay. Great. Thank you.

Ramon Jimenez: Okay, great.

Operator: Thank you.

Rich: Okay.

Speaker Change: We have no further questions at this time I would now like to turn the floor back over to management for closing comments.

Operator: We have no further questions at this time.

Operator: We have no further questions at this time. I would now like to turn the floor back over to management for closing comments.

Operator: We have no further questions at this time. I would now like to turn the floor back over to management for closing comments.

Ramon Jimenez: I would now like to turn the floor back over to management for closing comments. Okay thank you very much again to all of you. We look forward to having another great quarter in the months to come and thank you again for your assistance. If you need any other questions please reach out to us now that Hanna is fully on board and if nothing else we We will have the next next call next. July, and thank you very much for attending.

Rich: Yeah.

Speaker Change: Thank you very much again to all of you.

Ramón Güemez: Okay, thank you very much again to all of you. We look forward to having another great quarter in the months to come. Thank you again for your assistance. If you need any other question, please reach out to us now that Hanna is fully on board. If nothing else, we will have the next call next July. Thank you very much for attending.

Ramón Güémez Sarre: Okay, thank you very much again to all of you. We look forward to having another great quarter in the months to come. Thank you again for your assistance. If you need any other question, please reach out to us now that Hanna is fully on board. If nothing else, we will have the next call next July. Thank you very much for attending.

Rich: We look forward to having another great quarter.

Rich: In the months to come and thank you again for your assistance if you need any any other question. Please reach out to US now about Hana is fully fully fully on board on.

Rich: If nothing else we.

Rich: We will have the next next call next.

Speaker Change: July and thank you very much for attending.

Rich: Yeah.

Speaker Change: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.

Operator: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time.

Operator: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Operator: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Operator: Thank you for your participation and have a wonderful day.