Q3 2025 Bolsa Mexicana de Valores SAB de CV Earnings Call

October 22, 2025

Speaker #2: Greetings and welcome to the Bolsa mexicana de Valores . SAB de CV , third quarter 2020 Earnings Call . At this time , all participants are in a listen only mode .

Operator: Greetings and welcome to the Bolsa Mexicana de Valores, S.A.B. de C.V. third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press Star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Ramón Guemes, Chief Financial Officer. Please go ahead, sir.

Speaker #2: A 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 .

Speaker #2: As a reminder , this conference is being recorded . I would now like to turn the call over to your host , Ramon Gomez .

Speaker #2: Chief Financial Officer please go ahead , sir .

Speaker #4: Thank you . Good morning , and welcome to Bolsa mexicana de Valores , third quarter 2020 Earnings Conference Call . Before proceeding , I would like to provide a brief safe harbor statement .

Ramón Guemes: Thank you. Good morning and welcome to Bolsa Mexicana de Valores third quarter 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 and are subject to risks, uncertainties and assumptions.

Ramón Güémez: Thank you. Good morning. Welcome to Bolsa Mexicana de Valores Q3 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 and are subject to risk, uncertainties, and assumptions.

Speaker #4: 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 .

Speaker #4: Such statements reflect the current views of Bolsa related to future events , and are subject to risks and and assumptions . Many factors could cause the current results , performance or achievements of Bolsa to be somewhat different from any future results .

Ramón Guemes: 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, 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.

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

Speaker #4: 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 , such as changes in monetary policies , inflation rates and 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 .

Speaker #4: As anticipated , believed , estimated , expected or targeted . Bolsa does not intend and does not assume any obligation to update these forward looking statements .

Speaker #4: 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 Guemes: 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. Joining us for today's call are Jorge Alegría, Chief Executive Officer, Roberto González, Chief Post Trade Officer, Gabriel Rodríguez, SIF ICAP CEO, Alfredo Guillén, Managing Director, Equity Markets, José Miguel de Dios, Managing Director, Derivative Markets, Luis Ramón, Managing Director of Business Development, Hannah Rivas, FP&A and IR Director, and myself, Ramón Guemes. With that, I would like to turn the call over to Mr. Jorge Alegría, our CEO.

Speaker #4: Joining us for today's call are Jorge Alegria , Chief Executive Officer , Roberto Gonzalez , Chief operating officer , Gabriel Rodriguez , CEO .

Ramón Güémez: Joining us for today's call are Jorge Alegria, Chief Executive Officer; Roberto Gonzalez, Chief Post Trade Officer; Gabriel Rodriguez, Cifracap CEO; Alfredo Bijen, Managing Director, Equity Markets; Jose Miguel de Dios Gomez, Managing Director, Derivatives Markets; Luis Rene Ramon, Managing Director of Business Development; Hanna Rivas, FP&A and IR Director, and myself, Ramón Güémez. With that, I would like to turn the call over to Mr. Jorge Alegria, our CEO.

Speaker #4: Alfredo Guillén , managing director , equity markets Jose Miguel de Dios , managing director , derivatives markets . Ramon , managing director , business development Hannah Rivas , Fpna and IR director and myself , Dramane Gomes .

Speaker #4: With that , I would like to turn the call over to Mr. Jorge Alegria , our CEO .

Speaker #5: Yes . Hello . Hope you can hear me . Okay . Thank you . Ramon , and good morning , everyone . I hope you are all doing well today .

Jorge Alegría: Yep.

Jorge Alegría: Yep. Hello. Hope you can hear me okay. Thank you, Ramón, good morning, everyone. I hope you are all doing well today. We released our earnings results yesterday evening, providing a comprehensive detail on the Q3 2025 results. Copies of our press release and slide deck are available at bmv.com.mx under Investor Relations. During today's call, I will first review our ongoing initiatives then briefly comment on our financial results. We will conclude with a Q&A session where we will gladly take your questions via the conference call line. Let us begin with a brief overview of the quarter's most relevant developments, starting with equity market activity. Two new IPOs have now been confirmed in our pipeline. Aeromexico is coming back to the market and Esentia Energy Systems is debuting.

Ramón Guemes: Hello.

Jorge Alegría: Hope you can hear me. Okay. Thank you, Ramón, and good morning everyone. I hope you are all doing well today. We released our earnings results yesterday evening, providing a comprehensive detail on the third quarter of 2025 results. Copies of our press release and slide deck are available at bmv.com.mx under Investor Relations. During today's call, I will first review our ongoing initiatives and then briefly comment on our financial results. We will conclude with a Q&A session where we will gladly take your questions via the conference call line. Let us begin with a brief overview of the quarter's most relevant developments, starting with equity market activity. Two new IPOs have now been confirmed in our pipeline. Aeroméxico is coming back to the market and Essentia Energy Systems is debuting. Both have announced plans to list on BMV before year end.

Speaker #5: We released our earnings results yesterday evening , providing a comprehensive detail on the third quarter of 2025 . Results . Copies of our press release and slide deck are available at BMV on the Investor Relations .

Speaker #5: During today's call . I will first review our ongoing initiatives and then briefly comment on our financial results . Then we will conclude with a Q&A session where we will gladly take your questions via the conference call line .

Speaker #5: Let us begin with a brief overview of the quarter's most relevant developments , starting with equity market activity . Two new IPOs have now been confirmed in our pipeline , so Aeromexico is coming back to the market and Essentia Energy , Essentia Energy Systems is debuting .

Speaker #5: Both have announced plans to list on BNB before year end and additionally two more equity transactions are under consideration . One potential IPO and one follow on offering , both currently still confidential .

Jorge Alegría: Both have announced plans to list on BMV before year-end. Additionally, two more equity transactions are under consideration. One potential IPO and one follow-on offering, both currently still confidential. These transactions reflect renewed interest from the market participants following a period of limited activity. Our bond CCP, following a successful regulatory audit, the CCP has been approved to operate as a central counterparty for Mexican government bonds. Participants are now finalizing preparations, and the first cleared of Mbono trade is expected by mid-November. This CCP launch marks a major transformation for the fixed income market in Mexico. It will enable multilateral clearing between banks and brokers, reducing counterparty risk and limiting contagion. This structure also improves liquidity efficiency by netting positions across all participants, lowering then the overall cost requirements. Additionally, it supports the transition from voice-based to electronic trading.

Jorge Alegría: Additionally, two more equity transactions are under consideration, one potential IPO and one follow-on offering, both currently still confidential. These transactions reflect renewed interest from the market participants following a period of limited activity. Our bond CCP, following regulatory audit, has been approved to operate as a central counterparty for Mexican government bonds. Participants are now finalizing preparations and the first clear of a Mexican government bond trade is expected by mid-November. This CCP launch marks a major transformation for the fixed income market in Mexico. It will enable multilateral clearing between banks and brokers, reducing counterparty risk and limiting contagion. This structure also improves liquidity efficiency by netting positions across all participants, lowering the overall cost requirements. Additionally, it supports the transition from voice-based to electronic trading. As for the CCP service for repos, we are currently working on its design, targeting a launch by year end 2026.

Speaker #5: These transactions reflect renewed interest from the market participants following a period of limited activity . Our bond ECP , following a successful regulatory audit , the CCP has been approved to operate as a central counterparty for Mexican government bonds .

Speaker #5: Participants are now finalizing preparations and the first clear of bond trade is expected by mid November . This CCP launch marks a major transformation for the fixed income market in Mexico .

Speaker #5: It will enable multilateral clearing between banks and brokers , reducing counterparty risk and limiting contagion . This structure also improves liquidity efficiency by netting positions across all participants , lowering them the overall cost requirements .

Speaker #5: And additionally it supports the transition from both based to electronic trading . As for the CCP service for repos , we are currently working on it design targeting a launch by year end 2026 .

Jorge Alegría: As for the CCP service for repos, we are currently working on its design, targeting a launch by year-end 2026. Given the large size of the repo market, this service is expected to be an important source of revenues for the CCP in the future. Turning to the equity fee schedule, you may recall that in late 2024, our competitor reduced its fees and temporarily impacting our market share. In response, and to maintain our competitive position, we submitted a fee adjustment proposal to the Mexican authorities. Over time, our market share remained stable. We are within the 78%, 80% range, reflecting the resilience of our service model and the strength of our client relationships. Our revised equity trading fee is now approved, though we have not decided on implementation date for it.

Speaker #5: Given the large size of the repo market , this service is expected to be an important source of revenues for the CCP in the future .

Jorge Alegría: Given the large size of the repo market, this service is expected to be an important source of revenues for the CCP in the future. Turning to the equity fee schedule, you may recall that in late 2024 our competitor reduced fees, temporarily impacting our market share. In response, and to maintain our competitive position, we submitted a fee adjustment proposal to the Mexican authorities. Over time, our market share remains stable. We are within the 78%–80% range, reflecting the resilience of our service model and the strength of our client relationships. Our revised equity trading fee is now approved, though we have not decided on implementation date for it. In the meantime, we remain focused on market stability, operational efficiency, and delivering value to market participants in the derivative market segment.

Speaker #5: Turning to the equity fee schedule , you may recall that in late 2024 , our competitor reduced its and temporarily impacting our market share in response and to maintain our competitive position , we submitted a fee adjustment proposal to the Mexican authorities .

Speaker #5: Over time , our market share remains stable . We are within the 7,880% range , reflecting the the resilience of our service model and the strength of our client relationships .

Speaker #5: Our revised equity trading fee is now approved; however, we have not decided on an implementation date for it. In the meantime, we remain focused on market stability, operational efficiency, and delivering value to market participants in the derivative market segment.

Jorge Alegría: In the meantime, we remain focused on market stability, operational efficiency, and delivering value to market participants. In the derivative market segment, the S&P/BMV IPC Index Future was listed on CME, Chicago Mercantile Exchange, last August, making it now available on both Mexican Derivatives Exchange, MexDer, and CME. This dual listing expands access for local and international investors. Targeted marketing and commercial efforts have positioned it as a key instrument for Mexican equity exposure. Trading activity on CME is often mirrored, as we can see every day, on MexDer, primarily through arbitrary strategies. We continue advancing on our technological evolution with a strategic agreement recently signed with Nasdaq to also migrate MexDer platforms. With this, we plan to launch a fully integrated derivatives 2026. In 2027, we plan to go live with cloud-based platform for CCPs and for the CSD in the valley.

Speaker #5: The S&P IPC Index Future was listed on the CME, Chicago Mercantile Exchange, last August, making it now available on both the Mexican Derivatives Exchange and the CME.

Jorge Alegría: The S&P/BMV IPC Index Future was listed on CME Group Chicago Mercantile Exchange last August, making it now available on both Mercado Mexicano de Derivados, MexDer, and CME. This dual listing expands access for local and international investors. Targeted marketing and commercial efforts have positioned it as a key instrument for Mexican equity exposure trading. Activity on CME is often mirrored, as we can see, every day is often mirrored on MexDer, primarily through arbitrage strategies. We continue advancing on our technological evolution with a strategic agreement recently signed with Nasdaq to also migrate next platforms. With this, we plan to launch a fully integrated Derivatives platform in 2026, and then in 2027 we plan to go live with cloud-based platform for CCP's and for the central securities depository in Mexico.

Speaker #5: This dual listing expands access for local and international investors , targeted marketing and commercial efforts have positioned it as a key instrument for Mexican equity exposure trading activity on CME is often mirrored as we can see every day is often mirrored on mixer , primarily through arbitrage strategies .

Speaker #5: We continue advancing on our technological evolution with strategic agreement . Recently signed with Nasdaq to also migrate next platforms . With this , we plan to launch a fully integrated derivative 2026 .

Speaker #5: And then in 2027 , we plan to go live with cloud based platform for CSPs and for the CSD in the value by modernizing its infrastructure and embracing scalable cloud native solutions .

Jorge Alegría: By modernizing its infrastructure and embracing scalable cloud-native solutions, BMV Group is strengthening its capacity to service the local market, attract international participants, boost transaction volumes, and unlock new revenues, particularly through data monetization but also global connectivity. This transformation also reinforces our organization's commitment to innovation, operational resilience, and robust security. Earlier this year, we launched our Data Intelligence Unit to lead cross-functional data strategy all across the organization and headed by top-tier professionals. The initial phase is now underway, focusing on mapping the data landscape across all business lines. Next steps include designing central architecture, cleansing the data, and migrating to a modernized environment. While results may take some time, the strategy will begin to show its potential in the medium term, especially as it aligns with our Technology Evolution project.

Jorge Alegría: By modernizing its infrastructure and embracing scalable cloud-native solutions, BMV Group is strengthening its capacity to service the local market, attract international participants, boost transaction volumes, and unlock new revenues, particularly through data monetization, but also global connectivity. This transformation also reinforces our organization's commitment to innovation, operational resilience, and robust security. Earlier this year, we launched our data intelligence unit to lead across functional data strategy all across the organization and headed by top-tier professionals. The initial phase is now underway, focusing on mapping the data landscape across all business lines.

Speaker #5: BMB Group is strengthening its capacity to service the local market , attracting participants , boost transaction volumes and unlock new revenues , particularly through Dapa monetization , but also global connectivity .

Speaker #5: These transformation also reinforces our organization's commitment to innovation , operational resilience and robust security . Earlier , earlier this year , we launched our Data Intelligence Unit to leave a cross-functional data strategy all across the organization and headed by top tier professionals .

Speaker #5: The initial phase is now underway , focusing on mapping the data landscape across all business lines . Next steps include defining central architecture , cleansing the data , and migrating to a modernized environment while results may take some time , the strategy will begin to show its potential in the medium term , especially as it aligns with our technology evolution project as platforms are modernized , they will incorporate data driven capabilities such as real time analytics and customizable reporting .

Ramón Güémez: Next steps include designing central architecture, cleansing the data, and migrating to a modernized environment. While results may take some time, the strategy will begin to show its potential in the medium term, especially as it aligns with our technology evolution project. As platforms are modernized, they will incorporate data-driven capabilities such as real-time analytics and customizable reporting. As part of our commercial and marketing efforts and strategy, our new unified structure enables a more efficient and client-focused approach. This quarter, we tripled our targeted campaigns and client outreach compared to the previous quarter. Our communication strategy now delivers more tailored messaging to specific audiences, including financial but also retail clients. Client meetings are focused on two key goals: promoting adoption of the bond CCP and repositioning the S&P/BMV IPC Index. We also successfully executed a media tour in New York early September to elevate Mexico's on international investors.

Jorge Alegría: Next steps include designing central architecture, cleansing the data, and migrating to a modernized environment. While results may take some time, the strategy will begin to show its potential in the medium term, especially as it aligns with our technology evolution project. As platforms are modernized, they will incorporate data-driven capabilities such as real-time analytics and customizable reporting. As part of our commercial and marketing efforts and strategy, our new unified structure enables a more efficient and client-focused approach. This quarter, we tripled our targeted campaigns and client outreach compared to the previous quarter. Our communication strategy now delivers more tailored messaging to specific audiences, including financial but also retail clients. Client meetings are focused on two key goals: promoting adoption of the bond CCP and repositioning the S&P/BMV IPC Index. We also successfully executed a media tour in New York early September to elevate Mexico's on international investors.

Jorge Alegría: As platforms are modernized, they will incorporate data-driven capabilities such as real-time analytics and customizable reporting as part of our commercial and marketing efforts and strategy. Our new unified structure enables a more efficient and client-focused approach. This quarter, we tripled our targeted campaigns and client outreach compared to the previous quarter. Our communication strategy now delivers more tailored messaging to specific audiences, including financial but also retail clients. Client meetings are focused on two key promoting adoption of the bond CCP and repositioning the S&P/BMV IPC index. We also successfully executed a media tour in New York early September to aid Mexico on international investors, our central the U.S. and that dynamic emerging market.

Speaker #5: As part of our commercial and marketing efforts and strategy , our new unified structure enables a more efficient and client focused approach . This quarter , we triple our targeted campaigns and client outreach compared to the previous quarter , our communication strategy now delivers more tailored messaging to a specific audiences , including financial , but also retail clients , client meetings are focused on two key goals promoting adoption of the bond CCP and repositioning the S&P .

Speaker #5: IPC index. We also successfully executed a media tour in New York in early September to elevate Mexico's international investors. Our central.

Ramón Güémez: Our central the US and that dynamic emerging market. Please excuse me. Jorge? I think we're losing you. We also successfully executed a media tour in New York in early September to evaluate Mexico's and our global profile among international investors. Our central message remains clear. Mexico is a highly attractive investment destination offering stability, proximity to the US, and a dynamic emerging market. Our digital presence has grown significantly, helping to promote our products and expand financial education and awareness. On our ESG agenda, we are proud to have been recognized by HSBC as governance leaders, receiving an award that highlights top ESG strategies in the country. Being named a leading company in sustainable innovation reinforces our belief that sustainability strengthens our business. Let me now move on to our key financial highlights in the following slides.

Jorge Alegría: Our central the US and that dynamic emerging market.

Speaker #5: The US and that dynamic emerging market . Additionally .

Ramón Güémez: Please excuse me. Jorge? I think we're losing you. We also successfully executed a media tour in New York in early September to evaluate Mexico's and our global profile among international investors. Our central message remains clear. Mexico is a highly attractive investment destination offering stability, proximity to the US, and a dynamic emerging market. Our digital presence has grown significantly, helping to promote our products and expand financial education and awareness. On our ESG agenda, we are proud to have been recognized by HSBC as governance leaders, receiving an award that highlights top ESG strategies in the country. Being named a leading company in sustainable innovation reinforces our belief that sustainability strengthens our business. Let me now move on to our key financial highlights in the following slides.

Speaker #4: Excuse me George . I think we're losing you . We also successfully executed a media tour in New York in early September to evaluate Mexico's and our global profile among investors , international investors .

Ramón Guemes: Excuse me, I think we're losing you. We also successfully executed a media tour in New York in early September to elevate Mexico's global profile among international investors. Our central message remains clear. Mexico is a highly attractive investment destination, offering stability, proximity to the U.S., and a dynamic emerging market. Additionally, our digital presence has grown significantly, helping to promote our products and expand financial education and awareness. Finally, on our ESG agenda, we are proud to have been recognized by HSBC as governance leaders, receiving an award that highlights top ESG strategies in the country. Being named a leading company in sustainable innovation reinforces our belief that sustainability strengthens our business. Let me now move on to our key financial highlights in the following slides. Please keep in mind that all figures are expressed in Mexican pesos.

Speaker #4: Our central message remains clear . Mexico is a highly attractive investment destination , offering stability , proximity to the US and a dynamic emerging market .

Speaker #4: Additionally , our digital presence has grown significantly , helping to promote our products and expand financial education and awareness . Finally , on on our ESG agenda , we are proud to have been recognized by HSBC as governance leaders , receiving an award that highlights top ESG strategies in the country being named a leading company in sustainable innovation reinforces our belief that sustainability is strengthening , strengthens our business .

Speaker #4: Let me now move on to our key financial highlights in the following slides , please keep in mind that all figures are expressed in Mexican pesos during Q3 of 2025 , total revenues reached 1.1 billion , representing a 4% increase in year over year , mainly driven by Post-trade segment , particularly securities custody , along with steady growth in information services and listing activities .

Ramón Güémez: Please keep in mind that all figures are expressed in Mexican pesos. During Q3 2025, total revenues reached MXN 1.1 billion, representing a 4% increase in year-over-year, mainly driven by post-trade segment, particularly securities custody, along with steady growth in information services and listing activities. EBITDA totaled MXN 623 million, up 2% year-over-year, while EBITDA margin stood at 57%, showing a resilient and efficient business with robust cash generation from operations. Net income amounted to MXN 393 million, a 4% decline impacted by recent interest rate cuts by Banxico, which led to lower financial income. On a year-to-date basis, revenues and EBITDA showed double-digit growth, reflected consistent growth across business lines. EBITDA margins stood at a solid 57%. Net income reached MXN 1.2 billion, up 5%.

Ramón Guemes: During Q3 2025, total revenues reached $1.1 billion, representing a 4% increase year over year, mainly driven by post-trade segment, particularly securities custody, along with steady growth in information services and listing activities. EBITDA totaled $623 million, up 2% year over year, while EBITDA margin stood at 57%, showing a resilient and efficient business with robust cash generation from operations. Net income amounted to $393 million, a 4% decline impacted by recent interest rate cuts by Banxico, which led to lower financial income. On a year-to-date basis, revenues and EBITDA showed double-digit growth, reflected consistent growth across business lines. EBITDA margin stood at a solid 57%. Net income reached $1.2 billion, up 5%. The increase in expenses reflects our strategy, which we will elaborate on later. Please turn to the next slide.

Speaker #4: EBITDA totaled 623 million , up 2% year over year , while EBITDA margin stood at 57% , showing a resilient and efficient business with robust cash generation from operations , net income amounted to 393 million , a 4% decline impacted by recent interest rate cuts by Von Chico , which led to lower financial income on a year to date basis .

Speaker #4: Revenues and EBITDA showed double digit growth , reflected consistent growth both consistent growth across business lines . EBITDA margins stood at a solid 57% net income reached 1.2 billion , up 5% .

Speaker #4: The increase in expenses reflects our strategy , which we will which we will elaborate on later . Please turn to the next slide .

Ramón Güémez: The increase in expenses reflects our strategy, which we will elaborate on later. Please turn to the next slide. In Q3 2025, more than 75% of total revenues came from post-trade information services, equity and capital formation activities, reaching MXN 826 million, showing a solid performance. For the nine months ended in September 2025, the referenced segments also contributed with most revenues, reaching MXN 2.4 billion, reaffirming the company's stable core business foundation. Please turn to slide 7 to go over equity trading and clearing. In Q3 2025, cash equities trading activity remained at similar levels to Q3 2024, despite a 4% decrease in local operations. Global activity continues showing dynamism as evidenced by an increase of 7%. Regarding market share, BMV's level hovers between 78% and 80%.

Speaker #4: In the third quarter of 2025 , more than 75% of total revenues came from Post-trade Information Services , equity and capital formation activities , reaching 826 million , showing a solid performance for the nine months ended in September 2025 .

Ramón Guemes: In the third quarter of 2025, more than 75% of total revenues came from post-trade, information services, equity, and capital formation activities, reaching $826 million, showing a solid performance for the nine months ended in September 2025. The reference segments also contributed with most revenues, reaching $2.4 billion, reaffirming the company's stable core business foundation. Please turn to slide 7 to go over equity trading and clearing in Q3 2025. Cash equities trading activity remained at similar levels to Q3 2024 despite a 4% decrease in local operations. Global activity continues showing dynamism as evidenced by an increase of 7% regarding market share. BNB's level hovers between 78% and 80%. On the clearing business, revenue was up by 8% while total ADTV for the market remained flat quarter over quarter.

Speaker #4: The reference segments also contributed with most revenues reaching 2.4 billion , reaffirming the company's stable core business foundation . Please turn to slide seven to go over equity trading and clearing in Q3 25 , cash equities trading activity remained at similar levels to Q3 24 , despite a 4% decrease in local operations .

Speaker #4: Global activity continues , showing dynamism , as evidenced by an increase of 7% regarding market share , Bnb's level covers between 28 and 80% , 78 and 80% on the clearing business .

Ramón Güémez: On the clearing business, revenue was up by 8%, while total ADTV for the market remained flat quarter-over-quarter. Revenues from the equity segment increased 6% on a year-to-date basis, but remained unchanged in Q3 compared to the previous one. Let us go on to the next slide to review derivatives. Revenues from derivatives segment increased in both Q3 and on a year-to-date basis, despite a 10% decline in Asigna's revenues, showing more dynamism in futures trading. The average daily notional value of dollar futures increased by 70%, while open interest doubled in amount compared to 2024 figures. Regarding margin deposits in Asigna, the year-to-date average balance in 2025 decreased by 7%, reaching MXN 42 billion, which continues to represent a relevant figure. On slide nine, OTC trading results are shown. SIF ICAP OTC trading revenues decreased 6% in Q3 2025.

Speaker #4: Revenue was up by 8% , while total adtv for the market remained flat quarter over quarter . Revenues from equity segment increased 6% on a year to date basis , but remained unchanged in the third quarter compared to the previous one .

Ramón Guemes: Revenues from the equity segment increased 6% on a year to date basis, but remained unchanged in the third quarter compared to the previous one. Let us go on to the next slide to review. Derivatives revenues from derivatives segment increased in both Q3 and on a year to date basis despite a 10% decline in CCV's revenues. Showing more dynamism in futures trading, the average daily notional value of dollar futures increased by 70% while open interest doubled in amount compared to 2024. Figures regarding margin deposits in CCV, the year to date average balance in 2025 decreased by 7% reaching $42 billion, which continues to represent a relevant figure. On slide 9, OTC trading results are shown. SIF ICAP's OTC trading revenues decreased 6% in Q3 2025. Both Mexico and Chile experienced lower market activity along with an appreciation of their currencies.

Speaker #4: Let us go on to the next slide to review derivatives revenues from derivatives segment increased in both Q3 and on a year to date basis , despite a 10% decline in revenues , showing more dynamism in future trading .

Speaker #4: The average daily notional value of dollar futures increased by 70% , while open interest doubled in amount compared to 2024 . Figures . Regarding margin deposits in a Cigna , the year to date average balance in 2025 decreased by 7% , reaching 42 billion , which continues to represent a relevant figure on slide nine .

Speaker #4: OTC trading results are shown . CFI OTC Trading revenues decreased 6% in Q3 25 . Both Mexico and Chile experienced lower market activity , along with an appreciation of their currencies .

Ramón Güémez: Both Mexico and Chile experienced lower market activity, along with an appreciation of their currencies. Mexico revenue grew by 3% and Chile decreased by 10%, which contributes with 80% of the total revenues. In Mexico and bond trading fell slightly with lower rates. On slide 10, we have figures for capital formation. Capital formation revenue increased by 6%, mainly explained by an 80% contribution of maintenance revenues. Listing revenues grew 38% driven by debt listings. Total outstanding long-term listings increased 5% year-over-year, reaching 531 as of September 2025. Moving on to the Central Securities Depository on slide 11. Indeval revenue grew 8% driven by an increase in assets under custody in both domestic and global markets and more dynamic global market activity.

Speaker #4: Mexico revenue grew by 3% and Chile decreased by 10% , which contributes with 80% of the total revenues in Mexico and bond trading fell slightly with lower rates .

Ramón Guemes: Mexico revenue grew by 3% and Chile decreased by 10%, which contributes with 80% of the total revenues. In Mexico, M bond trading fell slightly with lower rates. On slide 10, we have figures for capital formation. Capital formation revenue increased by 6%, mainly explained by an 80% contribution of maintenance revenues. Listing revenues grew 38% driven by debt listings. Total outstanding long term listings increased 5% year over year, reaching 531 as of September 2025. Moving on to the central securities depository on slide 11, Indeval revenue grew 8% driven by an increase in assets under custody in both domestic and global markets and more dynamic global market activity. In Q3, total assets under custody reached $44 trillion, a 12% increase reflecting the contribution of the service, which accounts for nearly 50% of total revenue. The exchange rate effect reduced results by $7 million, reflecting peso appreciation.

Speaker #4: On slide ten , we have figures for capital formation . Capital formation revenues increased by 6% , mainly explained by an 80% contribution of maintenance revenues .

Speaker #4: Listing revenues grew 38% , driven by debt listings . Total outstanding long term listings increased 5% year over year , reaching 531 as of September 2025 .

Speaker #4: Moving on to the Central Securities deposit on slide 11 . In the revenue grew 8% , driven by an increase in assets under custody in both domestic and global markets and more dynamic global market activity in Q3 .

Speaker #4: Total assets under custody reached 44 trillion , a 12% increase , reflecting the contribution of the service , which accounts for nearly 50% of total revenue .

Ramón Güémez: In Q3, total assets under custody reached MXN 44 trillion, a 12% increase, reflecting the contribution of the service which accounts for nearly 50% of total revenue. The exchange rate effect reduced results by MXN 7 million, reflecting peso appreciation. Finally, on slide 12, information services. Information services revenue increased by 10%. Market data grew 10% when compared with Q3 2024 and contributed 68% of total revenue. Annual quarterly revenues increased 11%, explained by new clients and offering new personalized services and APIs. The exchange rate effect reduced results by MXN 7 million, reflecting peso appreciation. Now let's look at our operating expenses on slide 13 and 14. Operating expenses for Q3 2025 totaled MXN 543 million, reflecting an 8% increase.

Speaker #4: The exchange rate effect reduced results by 7 million , reflecting peso appreciation . Finally , on slide 12 , Information Services information Services revenue increased by 10% .

Ramón Guemes: Finally, on slide 12, information services revenue increased by 10%. Market data grew 10% when compared with Q3 2024 and contributed 68% of total revenue. Valmer quarterly revenues increased 11%, explained by new clients and offering new personalized services and APIs. The exchange rate effect reduced results by $7 million, reflecting peso appreciation. Now let's look at our operating expenses. On slide 13 and 14, operating expenses for Q3 2025 totaled $543 million, reflecting an 8% increase. This was mainly driven by costs related to marketing and promotion, technology depreciation, and personnel, which together account for slightly more than 80% of the quarter's expenses, in line with our strategy to continue investing in new business units and technology resilience. Year to date, expenses reflect similar growth trends in percentage terms. In Q3 2025, expenses were impacted by $3 million due to FX appreciation.

Speaker #4: Market data grew 10% when compared with Q3 24 and contributed 68% of total revenue . Quarterly revenues increased 11% , explained by new clients and offering new personalized services and APIs .

Speaker #4: The exchange rate . Effect reduced results by 7 million , reflecting peso appreciation . Now let's look at our operating expenses on a slide 13 and 14 .

Speaker #4: Operating expenses for Q3 25 totaled 543 million , reflecting an 8% increase . This was mainly driven by costs related to marketing and promotion technology , depreciation and personnel , which together account for slightly more than 80% of the quarter's expenses .

Ramón Güémez: This was mainly driven by costs related to marketing and promotion, technology, depreciation, and personnel, which together account for slightly more than 80% of the quarter's expenses. In line with our strategy to continue investing in new business units and technology resilience. Year-to-date expenses reflect similar growth trends in percentage terms. In Q3 2025, expenses were impacted by MXN 3 million due to FX appreciation. On a cumulative basis, the effect was more significant, with a positive impact of slightly over MXN 27 million. Total CapEx for Q3 reached MXN 89 million, while year-to-date CapEx is totaling MXN 189 million in line with our strategy. Our plan to expand our buyback program earlier this year has not been executed as planned due to market conditions.

Speaker #4: In line with our strategy to continue investing in new business units and technology resilience year to date data . Year to date expenses reflect similar growth trends in percentage terms in Q3 2020 2025 .

Speaker #4: Expenses were impacted by 3 million due to FX appreciation on a cumulative basis . The effect was more significant with a positive impact of slightly over 27 million .

Ramón Guemes: On a cumulative basis, the effect was more significant with a positive impact of slightly over $27 million. Total CAPEX for Q3 reached $89 million, while year to date CAPEX is totaling $189 million. In line with our strategy, our plan to expand our buyback program earlier this year has not been executed as planned due to market conditions. We became active again in early October and we are ready to remain active through year end. Our strategy remains centered on returning capital to shareholders over holding excess cash. With this I conclude my presentation. Thank you for connecting today and listening to our remarks. We would like to remind participants that today's call is being recorded and a replay will be available tomorrow at Bolsa's corporate website, www.bmv.com.mx. We are now ready to take any questions you may have.

Speaker #4: Total CapEx for Q3 reached 89 million , while year to date CapEx is totaling 189 million . In line with our strategy . Our plan to expand our buyback program earlier this year has not been executed as planned due to market conditions .

Speaker #4: We became active again in early October , and we are ready to remain active through year end . Our strategy remains centered on returning capital to shareholders over holding excess cash .

Ramón Güémez: We became active again in early October, and we are ready to remain active through year end. Our strategy remains centered on returning capital to shareholders over holding excess cash. With this, I conclude my presentation. Thank you for connecting today and listening to our remarks. We would like to remind participants that today's call is being recorded and a replay will be available tomorrow at Bolsa's corporate website, www.bmv.com.mx. We're now ready to take any questions you may have.

Speaker #4: With this , I conclude my presentation . Thank you for connecting today and listening to our remarks . We would like to remind participants that today's call is being recorded and replay will be available tomorrow at bolsas .

Speaker #4: Corporate website . And we're now ready to take any questions you may have .

Speaker #2: Thank you . If you'd 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 .

Operator: Thank you. If you'd 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'd 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. Our first question comes from the line of Ernesto Gabilando with Bank of America. Please proceed with your question.

Operator: Thank you. If you'd 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'd 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. Our first question comes from the line of Ernesto Gabilondo with Bank of America. Please proceed with your question.

Speaker #2: You may press star two if you'd 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 .

Speaker #2: Our first question comes from the line of Ernesto Gabilondo with Bank of America . Please proceed with your question .

Speaker #6: Thank you . Hi . Good morning . Jorge Ramon , and good morning to all your team . I have three questions from my side .

[Analyst 1]: Thank you. Hi, good morning, Jorge, Ramón, Hannah, and good morning to all your team. I have three questions from my side. The first one, we noted this quarter OpEx growth outpaced revenue growth. We have seen some investors raising some eyebrows on when the timing will be to start seeing new initiatives reflecting in revenues. When do you expect revenues should be able to outpace OpEx growth? For my second question, we have seen the weakness of the dollar and the potential strength of the peso reaching a USMCA agreement. On the other hand, there are expectations for the interest rates to continue to go down. Some analysts are expecting to be at 6% by the end of next year. Have management evaluated the possibility to implement some hedges to FX or to rate, considering the expectations for the dollar and for rates?

Ernesto Gabilondo: Thank you. Hi, good morning, Jorge, Ramón, Hanna, and good morning to all your team. I have three questions from my side.

Speaker #6: The first one are we noted this quarter opex growth outpaced revenue growth . We have seen some investors raising some eyebrows on when the timing will be to start seeing new initiatives .

Ramón Güémez: Mm-hmm.

Ernesto Gabilondo: We noted this quarter, OpEx growth outpaced revenue growth. We have seen some investors raising some eyebrows on when the timing will be to start seeing new initiatives reflecting in revenues. When do you expect revenues should be able to outpace OpEx growth? For my second question, we have seen the weakness of the dollar and the potential strengthening of the peso if reaching a USMCA agreement. On the other hand, there are expectations for the interest rates to continue to go down. Some analysts are expecting to be at 6% by the end of next year. Have management evaluated the possibility to implement some hedges to FX or to rate, considering the expectations for the dollar and for rates?

Speaker #6: Reflecting in revenues . So when do you expect revenues should be able to to outpace opex growth ? For my second question , we have seen the weakness of the dollar and the potential strengthening of the peso .

Speaker #6: If reaching a Usmca agreement . On the other hand , there are expectations for the interest rates to continue to go down . Some analysts are expecting to be at 6% by the end of next year .

Speaker #6: So, has management evaluated the possibility of implementing some hedges for foreign exchange or interest rates, considering the expectations for the dollar and for rates?

Speaker #6: And for my last question is if you can give us any update on the discussions for the secondary regulation for hedge funds or multi funds .

Ernesto Gabilondo: For my last question is if you can give us any update on the discussions for the secondary regulation for hedge funds or multi funds. Thank you.

[Analyst 1]: My last question is if you can give us any update on the discussions for the secondary regulation for hedge funds or multifunds. Thank you.

Speaker #6: Thank you .

Speaker #5: Thank you . Ernesto . The I guess for the first question on opex growth versus revenue growth . Ramon , I don't know if you want to add some some remarks .

Jorge Alegría: Thank you, Ernesto. For the first question on OpEx growth versus revenue growth, Ramón, I don't know if you want to add some remarks. What I can tell you is that this is as planned and presented at the beginning of the year regarding the investments we are making, especially in technology, data security, upgrading our technology. Ramón, can you elaborate on that?

Ramón Güémez: Thank you, Ernesto. I guess, for the first question on OpEx growth versus revenue growth, Ramón, I don't know whether you want to add some remarks. What I can tell you that this is as planned and as presented at the beginning of the year regarding the investments we are making, especially in technology, data.

Jorge Alegría: Thank you, Ernesto. I guess, for the first question on OpEx growth versus revenue growth, Ramón, I don't know whether you want to add some remarks. What I can tell you that this is as planned and as presented at the beginning of the year regarding the investments we are making, especially in technology, data.

Speaker #5: What I can tell you is that this is on on as planned . And presented at the beginning of the of the year .

Speaker #5: Regarding the investments we are we are making , especially technology , data security , upgrading our technology . But Ramon , can you elaborate on that ?

Jorge Alegría: security, upgrading our technology. Ramón, can you elaborate on that?

Speaker #4: Yes . Good morning . Ernesto , are strategy , which was which we commented on was to invest in new in new products and new new departments , especially data and technology .

Ramón Guemes: Yes. Good morning, Ernesto. Our strategy, which we commented on, was to invest in new products and new departments, especially data and technology. When we're expecting the new revenues from additional services will be when we have the new central counterparty (CCP) for bonds and as the data products begin to mature. We had spoken earlier that we could see we were expecting or were willing to take a drop in EBITDA margins. It hasn't happened because revenues were better than we had expected, especially during the first half of the year. We would expect to see revenues begin happening in 2027. For next year, we're still expecting to see more investment in revenue growth.

Ramón Güémez: Yes. Good morning, Ernesto. Our strategy, which was, which we commented on was to invest in new products and new departments, especially data and technology. We are expecting the new revenues from additional services will be when we have the new CCP for bonds and as the data products begin to mature. We had spoken earlier that we could see we were expecting or we're willing to take a drop in EBITDA margins. It hasn't happened because revenues were better than we had expected, especially during the first half of the year. We would expect to see revenues begin happening in 2027. For next year, we're still expecting to see more investment than revenue growth. Regarding your second question-

Speaker #4: When we're expecting the new revenues from additional services will be when we when we have the new the new CCP for bonds . And as the data products begin to mature .

Speaker #4: So we had spoken earlier that we could see we we were expecting or we're willing to take a drop in EBITDA margins . It hasn't happened because revenues were better than we had expected , especially during the first half of the year .

Speaker #4: But we would expect to see revenues begin to happen in 2027 for next year . We're still expecting to see more investment than revenue growth .

Speaker #4: Regarding your .

Jorge Alegría: Regarding your second, the peso, Ernesto. We definitely, we are aware of the weakness of the U.S. dollar, the strength of the peso, the interest rates coming down. We would like to analyze some hedging alternatives and how to manage the treasury as well in this environment. I don't know, Ramón, you can elaborate on that. We should consider something because this is not a temporary thing as it looks.

Speaker #5: Second peso , Ernesto . Yeah , we we definitely I mean , we are aware of the weakness of the of the of the US dollar , the strength of the peso , the interest rates coming down .

Jorge Alegría: On the weakness of the peso, Ernesto.

Ramón Güémez: Yeah.

Jorge Alegría: We definitely. Again, we are aware of the weakness of the US dollar, the strength of the peso, the interest rates coming down. We would like to analyze some hedging and alternatives on how to manage the treasury as well on this environment. I don't know where Ramón, if you can elaborate on that, but definitely we should consider something because it's, this is not a temporary thing as it looks.

Speaker #5: So we , we we would like to analyze some hedging on alternatives and how to manage the Treasury as well on this , on this environment .

Speaker #5: I don't know if you can elaborate on that , but definitely we should consider something because it's this is not a temporary thing as as it looks .

Ramón Güémez: Well, yeah, just to reinforce Jorge's comments is something that we've talked about. The audit committee has raised the question.

Speaker #4: Well , yeah . Just to reinforce George's comments , it's something that that we've talked about . The audit committee has raised the the question what would be the best ?

Ramón Guemes: To reinforce Jorge's comments, it's something that we've talked about. The Audit Committee has raised the question what would be the best, our best strategy going forward. As you know, we have a somewhat of a long position. We also have certain exposure from Chile which affects us. It's something that we are considering.

Jorge Alegría: Mm-hmm.

Ramón Güémez: What would be the best, our best strategy going forward. As you know, we have a somewhat of a long position. We also have certain exposure in, from Chile, which affects us. It's something that we are considering.

Speaker #4: The our best strategy going forward , as you know , we have a somewhat of a long position . We also have certain exposure from Chile , which affects us .

Speaker #4: So it's something that we are considering .

Speaker #6: Excellent. Thank you very much. And for the last question on the updates for the secondary regulation.

[Analyst 1]: Excellent. Thank you very much. For the last question, on the updates for the secular regulation.

[Company Representative] (Bolsa Mexicana de Valores): Excellent. Thank you very much. For the last question on the updates for the secondary regulation-

Ernesto Gabilondo: Excellent. Thank you very much. For the last question on the updates for the secondary regulation-

Speaker #5: Yeah , on the hedge funds , let me tell you what I know . Jose Manuel can also add on it , but the as you know , the chairman of the Securities Commission has recently changed the the new chairman is quite familiar with the with these rules .

Jorge Alegría: Yeah. On the hedge funds, let me tell you what I know. José Miguel de Dios can also add on it. As you know, the Chairman of the Securities Commission has recently changed. The new Chairman is quite familiar with these rules. What he asked us was for a couple of months to take over all the initiatives that he was pushing from his previous post on the Treasury. I think there are very good news for the industry in general to have the new Chairman of the Securities Commission that was involved not only on the writing and pushing in Congress, et cetera, the initiatives, the two main initiatives we have seen in the last three or four years, which were the simplified listings and also the pension funds.

Jorge Alegría: Yeah, on the hedge funds. Let me tell you what I know. Jose Manuel can also add on it. As you know, the chairman of the Securities Commission has recently changed. The new chairman is quite familiar with these rules. What he asked us was for a couple of months to take over all the initiatives that he was pushing from his previous post on the treasury. I think they are very good news for the industry in general to have the new chairman of the Securities Commission that was involved not only on the writing and pushing in Congress, et cetera, the initiatives.

Speaker #5: What he asked us was for a couple of months to take over all the initiatives that he was pushing from his previous post on the on the Treasury .

Speaker #5: But I think there are very good news for the industry in general to have the new chairman of Securities Commission that was involved not only on the writing and pushing in Congress , etc.

Speaker #5: . The initiatives , the two main initiatives we have seen in the last 3 or 4 years , which were the A simplified listings and also the the pension funds .

Jorge Alegría: The two main initiatives we have seen in the last three or four years, which were the simplified listings, and also the pension funds. What I know is that these discussions are moving forward and some important news were recently published regarding securities lending by flexibilizing and making the tax treatment for securities lending clearer in order to facilitate securities lending, and that will be a key element for the growth of the local hedge fund industry. That's what I can tell you.

Speaker #5: What I what I know is that it's these questions are moving forward and some important news where recently published regarding securities lending by a flexible licensing and making making the tax treatment for securities lending clearer in in order to facilitate securities lending .

Jorge Alegría: What I know is that discussions are moving forward and some important news were recently published regarding securities lending by flexibilizing and making the tax treatment for securities lending clearer in order to facilitate securities lending. That will be a key element for the growth of the local hedge fund industry. That's what I can tell you.

Speaker #5: And that will be a key element for the the growth of the local hedge fund industry . That's that's what I can tell you .

Speaker #6: Excellent. Thank you. Thank you very much, Jorge and Ramón.

[Analyst 1]: Excellent. Thank you. Thank you very much, Jorge.

[Company Representative] (Bolsa Mexicana de Valores): Excellent. No, thank you. Thank you very much, Jorge and Ramón.

Ernesto Gabilondo: Excellent. No, thank you. Thank you very much, Jorge and Ramón.

Speaker #4: Thank you so .

Ramón Guemes: Thank you, Ernesto.

Ramón Güémez: Thank you, Ernesto.

Speaker #2: Thank you . Our next question comes from the line of Brian Flores with Citigroup . Please proceed with your question .

Operator: Thank you. Our next question comes from the line of Brian Flores with Citigroup. Please proceed with your question.

Speaker #4: Hi , Tim . Good morning .

Brian Flores: Hi, team. Good morning. I have two questions. The first one is on margins. Wanted to ask you obviously are investing, as you just mentioned, and you also mentioned some changes in market share. Just wanted to get your view on which one is dominating the compression in margins. Just to understand if you think this is a structural trend or do you think, as you mentioned, that they should recover in 2027? Do you mean recovering vis-à-vis the current levels or more depressed levels? Do they stay stable or they come back to the levels we saw, for example, in 2024? My second question, you mentioned your plans on the buyback program. You said you were gonna remain active to year-end, and you called it market conditions.

[Analyst 2]: Hi, Tim, good morning. I have two questions. The first one is on margins. I wanted to ask you, you obviously are investing, as you just mentioned, and you also mentioned some changes in market share. I just wanted to get your view on which one is dominating the compression in margins. I want to understand if you think this is a structural trend or do you think, as you mentioned, that they should recover in 2027. Do you mean recovering vis a vis the current levels or more depressed levels? Do they stay stable or do they come back to the levels we saw, for example, in 2024? My second question, you mentioned your plans on the buyback program, you said you were going to remain active to year end and you quoted market conditions. Could you elaborate a bit on that?

Speaker #6: I have two questions . The first one .

Speaker #7: Is on , on , on margins . I wanted to ask you you obviously are investing as you just mentioned , and you also mentioned some changes in market share .

Speaker #7: So just wanted to to get your view on which one is dominating the compression in margins , just to understand if you think this is a structural trend , or do you think , as you mentioned , that they should recover in 2027 , do you mean recovering vis a vis the current levels or more depressed levels ?

Speaker #7: Do they stay stable or they come back to the levels we saw , for example , in 2024 ? And then my second question , you mentioned your plans on the buyback program .

Speaker #7: You said you were going to remain active to year end and you call it market conditions . Could you elaborate a bit on that ?

Brian Flores: Could you elaborate a bit on that? Do you mean the share price or to make buybacks is not making a lot of sense right now? Do you mean it's too volatile to do a decision? Just wanted to see if you could elaborate a bit on what are you seeing in these market conditions quote. Thank you.

Speaker #7: Do you mean the share price or to make buybacks is not making a lot of sense right now? Do you mean it's too volatile to make a decision? I just wanted to see if you could elaborate a bit on what you’re seeing in these market conditions.

[Analyst 2]: Do you mean the share price to make buybacks is not making a lot of sense right now? Do you mean it's too volatile to do a decision? I just wanted to see if you could elaborate a bit on what you are seeing in these market conditions.

Speaker #7: Thank you .

Jorge Alegría: Thank you.

Speaker #4: Thank you Brian , first of all , let me speak about margins . We are talking about EBITDA margins . As I said , we the we they could come down for next year and for 2027 , we would expect them to go back up to these levels , to the 57 levels or depending on on market conditions , that hopefully still , still higher and market share , we expect it to remain around this levels .

Ramón Guemes: Thank you, Brian. First of all, when we speak about margins, we are talking about EBITDA margins. As I said, they could come down for next year, and for 2027 we would expect them to go back up to these levels, to the 57% levels or, depending on market conditions, hopefully still higher market share. We expect it to remain around these levels. We don't see, we don't expect much movement there. Regarding the buyback program, what I said is we are ready to be active. We operate depending on the stock price. The stock price during the first six months of the year or seven months was higher than what we had expected, and so we operated less than we had originally thought. At current levels, we will be active again, and by that I mean it is dependent on the stock price. I don't know if that's clear.

Ramón Güémez: Thank you, Brian. First of all, when we speak about margins, we are talking about EBITDA margins.

Brian Flores: Yes.

Ramón Güémez: They could come down for next year. For 2027, we would expect them to go back up to these levels, to the 57 levels or depending on the market conditions, hopefully still higher. We expect it to remain around these levels. We don't see, we don't expect much movement there. Regarding the buyback program, what I said was, we are ready to be active. We operate depending on the stock price. The stock price during the first 6 months of the year or 7 months was higher than what we had expected. We operated less than we had originally thought. At current levels, we will be active again, and by that mean, but it's dependent on the stock price.

Speaker #4: We don't see, we don't expect much movement there. Regarding the buyback program, what I said is we are ready to be active.

Speaker #4: We operate depending on the on the stock price , the stock price during the first six months of the year , seven months was higher than we had than what we had expected .

Speaker #4: And so we operated less than we had originally thought at current levels. We will be active again. And by that, I mean.

Speaker #4: But it's dependent on the stock price . I don't know if that . If that's clear .

Ramón Güémez: I don't know if that, if that's clear.

Speaker #7: You know . Yes , it's very clear . Thank you .

Brian Flores: You know-

Ramón Güémez: If the-

[Analyst 2]: Yes, it's very clear. Thank you.

Brian Flores: Yes, it's very clear. Thank you.

Speaker #4: And as I said, our strategy is to return capital. We don't mean to hold more cash than we actually need.

Ramón Guemes: As I said, our strategy is to return capital. We don't mean to hold more cash than we actually need.

Ramón Güémez: As I said, our strategy is to return capital. We don't mean to hold more cash than we actually need.

Speaker #7: Not perfect. That is very useful. Thank you very much.

[Analyst 2]: That is very useful. Thank you very much.

Brian Flores: No, perfect. That is very useful. Thank you very much.

Speaker #4: Thank you .

Ramón Guemes: Thank you.

Ramón Güémez: Thank you.

Speaker #2: Thank you . Our next question comes from the line of Carlos Gomez with HSBC . Please proceed with your question . Carlos , your line is live .

Operator: Thank you. Our next question comes from the line of Carlos Gomez with HSBC. Please proceed with your question. Carlos, your line is live. I'm sorry. Our next question comes from the line of Yuri Fernandez with JP Morgan. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Carlos Gomez-Lopez with HSBC. Please proceed with your question. Carlos, your line is live. I'm sorry. Our next question comes from the line of Yuri Fernandes with JP Morgan. Please proceed with your question.

Speaker #2: I'm sorry . Our next question comes from the line of Yuri Fernandez with JP Morgan . Please proceed with your question .

Speaker #4: Hi .

Speaker #5: George .

[Analyst 3]: Hi Jorge, Ramón, thank you for the opportunity of asking questions. I have one regarding your CapEx. It was higher again and I know it's part of your post-trade transformation, all your investments, it is clear, but I remember in the past call you mentioned $250 million pesos kind of guidance for this year and you are on track for that because you had like a very low first quarter. If you continue the pace you had this quarter and we annualize, maybe you are slightly above, right? You could be running around $300, $350 million. Just checking the box, should we see maybe CapEx above the initial budget? Are you seeing more investments and what should we see for 2026? Should this continue? In the end, it is impacting your margin discussion, right?

Yuri Fernandes: Hi, Jorge, Ramon. Thank you for the opportunity of asking questions. I have one regarding your CapEx. It was higher again, and I know it's part of your, of your post-trade interest formation, all your investments. It is clear. I remember in the past call, you mentioned, sorry, MXN 250 million kind of guidance for this year. And you're on track for that because you had, like, a very low Q1. If you continue the pace you had this quarter, and we annualize, maybe you are slightly above, right? You could be running at around MXN 300 million, MXN 350 million. Just checking the box, like, should we see maybe CapEx above the initial budget? Like, are you seeing more investments?

Speaker #8: Thank you for the opportunity of asking questions . I have one regarding your CapEx . It was higher again and I know it's part of your post trading transformation .

Speaker #8: All your investments . It is clear , but I remember in the past call you mentioned $250 million . Sorry . $250 million .

Speaker #8: Kind of guidance for for this year . And you are on track for that because you had like a very low first quarter .

Speaker #8: But if you continue the pace you had this quarter and we are allies , maybe you are slightly above . Right . You could be running around 300 , 350 million .

Speaker #8: So just checking the box , like should we see maybe CapEx above the initial budget . Like are you seeing more investments and what should we see for 2026 ?

Yuri Fernandes: What should we see for 2026? Like, should this continue? In the end, it is impacting your margin discussion, right? If you do more CapEx, it takes time for your depreciation to show up, your capitalizing expenses. Just trying to understand, where your CapEx, you know, guidance contrasts versus the Q3 print. My second question is regarding your equity price decrease. I remember, last year, the beginning of this year, that you were supposed to reduce the trading, the price of trading, maybe MXN 100 million impact for the year. How is that? Like, were you able to get the approvals? You still don't have the approvals, and you don't have, like, any price reductions. Does it make sense to cut the prices now?

Speaker #8: Like should this continue . Because in the end it does impact your margin discussion , right ? If you do more CapEx , it takes time for your depreciation to show up your capital expenses .

[Analyst 3]: If you do more topics, it takes time for your depreciation to show up, your capitalizing expenses. Just trying to understand where your topics guidance contrasts versus the third quarter print. My second question is regarding your equity price decrease. I remember last year, the beginning of this year, that you were supposed to reduce the price of trading, maybe $100 million pesos impact for the year. How is that? Were you able to get the approvals? You still don't have the approvals and you don't have any price reductions. Does it make sense to cut the prices now? If you can provide an update in this topic it would be interesting. Thank you.

Speaker #8: So just trying to understand where your your CapEx , you know , guidance contrast versus the third , third quarter print . And then my second question is regarding your equity price decrease , I remember last year at the beginning of this year that we were supposed to reduce the trading , the price of trading , maybe $100 million impact for the year .

Speaker #8: How is that like were you able to get the approvals ? You still don't have the approvals and you don't have any price reductions .

Speaker #8: Does it make sense to cut prices now? If you could provide an update on this topic, it would be interesting. Thank you.

Yuri Fernandes: If you can provide an update on this topic, it would be interesting. Thank you.

Speaker #5: Judy , this is George . Thank you for your question . Let me let me answer the second one . The we haven't touched the trading our our trading fees .

Ramón Güémez: Hey, Yuri, this is Jorge. Thank you for your question. Let me answer the second one. We haven't touched the trading, our trading fees. We haven't decreased. We are

Jorge Alegría: Hey, Yuri, this is Jorge. Thank you for your question. Let me answer the second one. We haven't touched the trading, our trading fees. We haven't decreased. We are

Jorge Alegría: Judy, this is Jorge. Thank you for your question. Let me answer the second one. We haven't touched the trading, our trading fees we haven't decreased. We are growing. Last year we have approval from the regulator to go down if we need it. At the moment we are not planning to move the prices soon, although we are ready to do it if needed. The pricing structure remains the same as last year. We were not in the need of lowering because the market share, although it was lower a little bit at the beginning of the year, we recovered. We are not seeing any need to use the new equity tariffs. I don't know. Ramón, if you can go deeper on the CAPEX question from Yuri.

Speaker #5: We we haven't decreased . We are we last year we have approval from the regulator to to to go down if we need it .

Jorge Alegría: last year. We have approval from the regulator to go down if we need it. As the moment because we are the same market share, we are not planning to move the prices soon, although we are ready to do it if needed. The pricing structure remains the same as last year. We were not in the need of lowering because the market share, although was lower a little bit at the beginning of the year, we recover it. We are not seeing any to use the new equity tariffs. I don't know, Ramón, if you can go deeper on the CapEx question from Yuri.

Speaker #5: But at the moment we are because we are holding 70% market share . We are not planning to to move the prices soon , although we are ready to do it if needed .

Speaker #5: But the pricing structure remains the same as last year. We were not in the need of lowering it because the market share, although...

Speaker #5: Were a little bit on the beginning of the year , we recover it . So we are not seeing any to use the new equity tariffs .

Speaker #5: I don't know , if you can . You can go deeper on the on the CapEx question from from Yuri .

Speaker #4: Sure . Yes . Our project , our main project , which is the technology transformation system from Post-trade , has been we included the derivatives platforms , and it has also grown in scope a bit into more data capabilities .

Ramón Guemes: Sure. Yuri, yes, our project, our main project which is the technology transformation system from post-trade has been, we included the derivatives platforms and it has also grown in scope a bit into more data capabilities. That has led to more CAPEX investment, and for next year it should remain that both of these projects remain specific. The most significant one is this Nasdaq technological transformation. Yes, we're also expecting high CAPEX in the $250 million to $300 million for next year.

Ramón Güémez: Sure. Yuri, yes, our project, our main project, which is the technology transformation system from Post Trade, has been, we included the derivatives platforms, and it has also grown in scope a bit into more data capabilities. That has led to more CapEx investment. For next year, it should remain with that. Both of these projects remain. The most significant one is being this Nasdaq technological transformation. Yes, we're also expecting high CapEx in the MXN 250 to 300 million for next year.

Speaker #4: So that has led to to more CapEx investment . And for next year , it should remain that both of these projects remain specific .

Speaker #4: The most significant one is being this the this Nasdaq technological transformation . So yes , we're also expecting high CapEx in the two , two , 50 , 300 million for next year .

Speaker #8: Look super clear . How about and after that should return it to the 200 million that you used to guide or like . It's a 20 , 26 and 2027 , it goes down or too early to talk about that .

[Analyst 3]: No, super clear. After that, should return it to the $200 million that he used to guide, or like it's a 2026 thing, and 2027 it goes down, or too early to talk about that.

Yuri Fernandes: No, super clear, Ramón. After that, should we return it to the MXN 200 million that you used to guide? Like, it's a 2026 thing, then 2027 it goes down? Too early to talk about that?

Speaker #4: Well . Once we're done with with the systems for the for . For Post-trade , we're likely to begin with with with our trading with our cash equity trading technology .

Ramón Güémez: Well, once we're done with the systems for the Post Trade, we're likely to begin with our trading, with our cash equity trading.

Ramón Guemes: Once we're done with the systems for post-trade, we're likely to begin with our cash equity trading technology. It should be a lower investment than this, but we're also going to have more projects there.

Claudio Vivian: Technology. It should be a lower investment than this. We're also going to have more projects there.

Ramón Güémez: Technology. It should be a lower investment than this. We're also going to have more projects there.

Speaker #4: So it should be a lower investment than , than this . But we're also going to have more more projects there .

Speaker #8: So super clear . And if I may , a third one and sorry for for asking any questions . But we saw many noises on taxation in Mexico with the budget for 2026 .

[Analyst 3]: No, super clear. If I may, a third one, and sorry for asking many questions, but we saw many noises on taxation in Mexico with the budget for 2036.

Yuri Fernandes: No. Super clear. If I may, a third one, and sorry for asking many questions, but we saw many noises on taxation in Mexico with the budget for 2026, right? There was news on insurance companies, some news on banks. Is there anything particular for investments, exchange? Like, is there anything changing for you, like on the proposal or nothing major for your sector? Thank you.

Speaker #8: Right . There was news on insurance companies , some news on banks . Is there anything particular for investments , exchange like is there anything changing for you like on the proposal or not ?

Ramón Guemes: Right.

[Analyst 3]: There was news on insurance companies, some news on banks. Is there anything particular for investments exchange? Like is there anything changing for you like on the proposal or nothing major for your sector.

Speaker #8: Major for your sector. Thank you.

Jorge Alegría: Thank you.

Speaker #4: Nothing major . We're not expecting we're not we're not having any impact currently .

Ramón Guemes: Nothing major. We're not expecting, we're not having any impact currently.

Claudio Vivian: Nothing major. We're not having any impact currently.

Ramón Güémez: Nothing major. We're not having any impact currently.

Speaker #8: No thank you . Thank you George .

Jorge Alegría: No. Thank you, Ramón.

Yuri Fernandes: No. Thank you, Ramon. Thank you, Jorge.

[Analyst 3]: Thank you, Jorge.

Speaker #4: Thank you .

Ramón Guemes: Thank you.

Claudio Vivian: Thank you.

Ramón Güémez: Thank you.

Speaker #2: Thank you . Our next question comes from the line of Edson Murgia with Suma . Please proceed with your question .

Operator: Thank you. Our next question comes from the line of Edson Morguia with Summa Cap. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Edson Murguia with SummaCap. Please proceed with your question.

Speaker #7: Hi. Good morning, and thank you for taking my questions. I have one specifically about the technology, and my question is how are you going to mitigate operational risk? Because it's my understanding that the plan needs to be on AWS.

Edson Murguia: Hi. Good morning, thank you for taking my questions. I have one specifically about the technology. My question is, how are you gonna mitigate the operation of risk? Because it's my understanding that the plan is to be in AWS, using the cloud for 2027. A couple of days ago, we saw a shutdown, even a brokerage dealer in Mexico, the recovery process was not that quick. My question is, how are you gonna mitigate that risk specifically? The second question regarding on technology and this transformation, we have seen an increase in salaries and compensations in the couple of quarters. Because you are using AI, if I remember correctly, last quarter, the Chief Information Officer mentioned the AI Center of Excellence, and correct me if the name is wrong.

[Analyst 2]: Hi, good morning and thank you for taking my questions. I have one specifically about the technology, and my question is how are you going to mitigate operational risk? Because it's my understanding that the plan is to be in AWS using the cloud for 2027, and a couple of days ago we saw a shutdown, even a brokerage dealer in Mexico. The recovery process was not that quick. My question is, how are you going to mitigate that breach specifically? The second question regarding technology and risk transformation, we have seen an increase in salaries and compensations since a couple of quarters. Because you are using AI, if I remember correctly, last quarter the Chief Information Officer mentioned the AI Excellence Center, and correct me if the name is wrong, are we expecting a headcount reduction? Thank you.

Speaker #7: Even the cloud for 2027 . And the couple days ago we saw an A shutdown , even a blockage dealer in Mexico are there's a a Covid process was not that quick .

Speaker #7: So my question is how are you going to mitigate that risk specifically . And the second question was on technology and this transformation , we have seen an increase in salaries and compensation since a couple of quarters .

Speaker #7: So because you are using the eyes , I remember correctly , last quarter , the chief Information officer mentioned the AI excellence Center and correct me if the name is wrong , can we expecting a headcount reduction ?

Edson Murguia: Are we expecting a headcount reduction? Thank you.

Speaker #7: Thank you. Hello. Thank you.

Claudio Vivian: Well, I

Claudio Viman: Hello. Please repeat the first question.

Ramón Güémez: Well, I

Speaker #5: Please repeat the first question .

Yuri Fernandes: Can you please, repeat the first question?

Speaker #7: Yes , my first question is my first question is how did the mitigated technology risk using AWS in the case ? It's another shutdown that we saw a couple of days ago .

Claudio Vivian: It's very hard.

Edson Murguia: Yes, my first question is, how are you gonna mitigate it, technology risk using AWS in the case it's another shutdown that we saw a couple of days ago?

[Analyst 2]: Yes, my first question is.

Claudio Viman: My first question is how do you.

[Analyst 2]: Mitigate technology risk using AWS? In the case it's another shutdown that we saw a couple days ago.

Speaker #5: I can .

Speaker #9: Jump on it . This is Claudia . Claudio . Hello . Well , the problem that was presented by I understand because it's so hard to to to have good understanding of your of your of your question because of the noise in the line .

Jorge Alegría: I.

Claudio Vivian: I can jump on it. This is Claudio Vivian. Hello. Well, the problem that was presented by-- I understand because it's somehow hard to have good understanding of your question because of the noise at the line. It has to do, as I understand, regarding the problem that AWS faced last Monday. We have been taking a look of this condition, and this problem came from the Virginia region that is the oldest region in AWS. The remaining regions in AWS hasn't had any problem historically. What we are planning is to allocate our operations in the Mexico region.

Claudio Viman: This is Claudio. Claudio Viman. Hello. The problem that was presented, I understand because it's somehow hard to have good understanding of your question because of the noise of the line, but it has to do, as I understand, regarding the problem that AWS faced last Monday. We have been taking a look at this condition and this problem came from the Virginia region, that is the oldest region in AWS. The remaining regions in AWS haven't had any problem historically. What we are planning is to allocate our operations in the Mexico region. This also has to do with the regulation in order to keep the data in the country. We are working in understanding this problem. First, the good news is that the problem or the historical problem that AWS has faced has been with the Virginia region, that is the oldest one.

Speaker #9: But it has to do, as I understand, regarding the problem that AWS faced last Monday, and we have been taking a look at this condition. This problem came from the Virginia region.

Speaker #9: That is the oldest region in AWS . The remaining regions in AWS hasn't had any problem historically , and what we are planning is to allocate our operations in the Mexico region .

Speaker #9: And this is also has to do this also has to do with the regulation in order to have to keep the data in the country .

Claudio Vivian: This also has to do with the regulation in order to have to keep the data in the country. We are working in understanding this problem. First is good news is that the problem or the historical problem that AWS has faced has been just related with the Virginia region. That is the oldest one. The remaining hasn't had any problem. Second, we are taking a look in order to assure that the disaster recovery conditions we are planning to install already can manage this problem. So far, we are pretty confident that the resiliency design that we are planning to implement will also can handle this situation.

Speaker #9: So we are working in understanding this problem . First is good news is that the problem or the problems that AWS has has faced has been related with the Virginia region .

Speaker #9: That is the oldest one . The remaining has had any problem . And second , we are taking a look in order to assure that the disaster recovery condition we are planning to install a already can manage this problem .

Claudio Viman: The remaining haven't had any problem. We are taking a look in order to assure that the disaster recovery conditions we are planning to install already can manage this problem. So far, we are pretty confident that the resiliency design that we are planning to implement will also can handle this situation. Repeating just the condition of the Virginia region, our infrastructure will be located in the Mexico region, that is a new one. We expect that can have all the availability that is present in the remaining regions in AWS.

Speaker #9: So far , we are very confident that resiliency design that we are planning to implement , will will also can handle this situation .

Speaker #9: And second , repeating just the condition of the region . The our our infrastructure will be located in the in the Mexico region .

Claudio Vivian: Second, repeating just the condition of the Virginia region, our infrastructure will be allocated in the Mexico region. That is a new one, we expect can have all the availability that is present in the remaining regions in AWS.

Speaker #9: That is a new one, and we expect that it can have all the availability that is present in the remaining regions in AWS.

Speaker #7: Okay . Thank you . And on the headcount production or there is a possibility because the using of AI .

[Analyst 2]: Thank you. Regarding the headcount reduction, there's a possibility because of the use of AI.

Edson Murguia: Okay, thank you. Regarding on the headcount reduction or there's a possibility because the using of AI?

Speaker #4: We don't let me say our investments in technology are aimed at making us more productive . There is no headcount reduction plan or target along with them , but with greater technology , you should be more efficient .

Claudio Vivian: Let me say our investments in technology are aimed at making us more productive. There is no headcount reduction plan or target along with them, but with greater technology, you should be more efficient in your operation. Now if people can be assigned to different activities or different productive activities, that will be the case. Our aim is to be more efficient and productive and not necessarily looking at a headcount reduction objective per se.

Ramón Guemes: We don't. Let me say our investments in technology are aimed at making us more productive. There is no headcount reduction plan or target along with them. With greater technology you should be more efficient in your operation. If people can be assigned to different activities or different productive activities, that will be the case. Our aim is to be more efficient and productive and not necessarily looking at a headcount reduction objective per se.

Speaker #4: In your operation now , if if people can be assigned to different activities or . Different productive activities , that will be the case .

Speaker #4: So, our aim is to be more efficient and productive, and not necessarily looking at a headcount reduction objective per se.

Speaker #7: Okay . And last , if I may , regarding on this second phase of the digital transformation , specifically about derivatives , could you explain a little bit more ?

[Analyst 2]: Okay. Last, if I may, regarding this second phase of the digital transformation, specifically about derivatives, could you explain a little bit more? Is it going to be, I don't know if a sign-off first or first. Is it going to be next year? Because it's my understanding that you're planning a full transformation, right? Clearing, central counterparty trading also. If I may, part of the question is are you planning to, in this transformation, include zero days to expiration options?

Edson Murguia: Okay. Last, if I may, regarding on this second phase of the digital transformation and specifically about the derivatives. Could you explain a little bit more? It's gonna be, I don't know, if Acena first or first it's gonna be next year, because it's my understanding that you're planning a full transformation, right? Clearing, central counterparty trading also. If I may, part of the question is: Are you planning to in this transformation, include zero days to expiration options?

Speaker #7: It's going to be, I don't know if it's in Q1 or Q2; the first is going to be next year, because it's my understanding that you're planning a full transformation, right?

Speaker #7: Clearing central counterparty trading also. And, if I may, part of the question is, are you planning to invest in transformation that includes zero days to expiration options?

Speaker #10: Yeah .

Jorge Alegría: Yeah. Yes. José Miguel is also maybe helping on the answer, but the answer is, let me just clarify something. It's not the second stage, actually. We are planning to deploy all the derivatives technology ready by year end 2026. So that will include MexDer and that will include Asin, the clearinghouse, to be running into the Nasdaq technology-provided cloud service as well. There will be a lot of flexibility on the design and on implementation of new products, including, yes, short-dated options, weekly, et cetera, something that currently we cannot deploy. Next year we will be able to cope with those needs in terms of time to market on new product implementation, with a substantial timing reduction in time to market. The new derivatives platforms for both trading and clearing will be ready in one year time.

Jorge Alegría: Yeah. Yes. Jose Miguel is also maybe helping on the answer. Let me just clarify something. It is not a second stage. Actually, we are planning to deploy all the derivatives technology ready by year-end 2026. That will include MexDer, and that will include Acena, the clearing house, to be running into the Nasdaq technology provided cloud service as well and a lot of flexibility on the design and on implementation of new products, including, yes, short-dated options, weeklys, et cetera, something that currently we cannot deploy, but next year we will be able to cope with those needs. In terms of time to market on new product implementation, with substantial timing reduction in time to market.

Speaker #5: Yes . Is also maybe helping on the answer . But the answer is it . Let me just clarify . Something is not second stage .

Speaker #5: Actually we are planning to deploy all the derivatives technology ready by year end 2026 . So that will include next year . And that will include a clearing house to to be running into the Nasdaq technology provided cloud services as well .

Speaker #5: And a lot of flexibility on the design and implementation of new products , including , yes , short , short dated options , weekly days , etc.

Speaker #5: something that currently we cannot deploy . But next year we will be able to to to cope with those needs to in terms of time to market and new products implementation with a substantial timing reduction in time to market .

Speaker #5: But that's that's a the new derivatives platforms for both trading and clearing will be ready in one year time .

Jorge Alegría: That's the new derivatives platforms for both trading and clearing will be ready in one year time.

Speaker #7: Okay . Thank you so much .

[Analyst 4]: Okay.

Edson Murguia: Okay. Precisely. Thank you so much.

[Analyst 2]: Precisely. Thank you so much.

Speaker #2: Thank you . Our next question comes from Line of Pablo Ordonez with DBM . Please proceed with your question .

Operator: Thank you. Our next question comes from the line of Pablo Ordonez with GBM. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Pablo Ordóñez with GBM. Please proceed with your question.

Speaker #7: Yes .

Speaker #11: Hi . Good morning , George . Ramon , I have a couple of questions . First , can you comment on the comment on the rollout of the business of the clearing business for that , you receive authorization back in September to start operations .

Pablo Ordóñez: Yes. Hi, good morning, Jorge and Ramón. I have a couple of questions. First, can you comment on the rollout of the business of the clearing business for debt? You received authorization back in September to start operations. My question is: Are banks and clients participating? Also, what could be the potential revenue growth for the CCP in the coming years from this project?

[Analyst 5]: Yes. Hi, good morning, Jorge and Ramón. I have a couple of questions. First, can you comment on the rollout of the business of the clearing business for debt? You received authorization back in September to start operations. My question is, are banks and clients participating? Also, what could be the potential revenue growth for the CCP in the coming years from this project?

Speaker #11: So, my question is, are banks and clients participating? And also, what could be the potential revenue growth for the CCD in the coming years from this project?

Jorge Alegría: Ramón, please let me start. Yes, we received an authorization. We are in the process of the onboarding. We, there was a call a couple of weeks ago, an industry call led by the central bank, the Treasury, the Securities Commission, and ourselves to announce the launching. The first day of trading, I believe is 20 or 26 November. I don't have the very front in front of me. It's, let's say, the last week of November to go live. We have 4 intermediary brokers already testing and pretty much connected. The intention is to have 4 to 6 clearing members by that date ready, and more people will be incorporating their request to join clearing for the CCP.

Jorge Alegría: Please, let me just. We received an authorization. We are in the process of the onboarding. There was a call a couple of weeks ago, an industry call led by the central bank, the treasury, the securities commission to announce the launching. The first day of trading I believe is November 20th or 26th, I don't have in front of me, but it's, let's say, the last week of November to go live. We have four intermediate brokers already testing and pretty much connected, and the intention is to have four to six clearing members by that date ready, and more people will be incorporating their request to join clearing for the CCP. We have a list of interested parties.

Speaker #5: The yes , we received a we are in the process of onboarding . We are there was a call a couple of weeks ago , an industry led by the the central bank , the Treasury , the Commission themselves to announce the launching the the first day of trading .

Speaker #5: I believe , is November 20 or 26 . I don't have the in front in front of me , but it's let's say the last week of November to go live .

Speaker #5: We have four interdealer brokers already testing and pretty much connected . And the the intention is to have 4 to 6 clearing members by by that date .

Speaker #5: Ready . And more people will be incorporating their . Request to join clearing for the CCP . But we will have we have a list of interested parties .

Jorge Alegría: We will have, we have a list of interested parties. Correct me, Ramón, Roberto, if he's in the line, that we have around 14 interested broker-dealers and banks to join this first stage of clearing, which will be only cash bonds, cash, and the bond clearing to be ready for 2026 rollout of the repos. We expect to have a much higher participation. I don't know if you can add something, Ramón, on the projected growth.

Speaker #5: Correct me . Ramon . Roberto , if he's in the line that we have around 14 interested broker dealers and banks to to join this first stage of of clearing , which will be only cash , bonds , cash clearing to to be ready for 2026 rollout of the repos , which where we expect to have a much higher participation .

Jorge Alegría: Correct me, Ramón, Roberto, he's on the line, that we have around 14 interested broker dealers and banks to join this first stage of clearing, which will be only cash, bonds, cash in the bottom of clearing to be ready for 2026 rollout of the reposition, where we expect to have a much higher participation. I don't know if you can add something, Ramón, on the projected growth.

Speaker #5: I don't know if you can you can . Add something . On on the projected growth .

Speaker #4: Yes . As we said in the in the call this the significant part of revenues from the CCP will come from the repo service .

Ramón Guemes: Yes, as we said in the call, the significant part of revenues from the CCP will come from the repo service. That is where we're expecting to have the revenue generation. That service will go live at the end of 2026. We should start seeing revenues, let's say for 2027. The size of the revenues or how much is still unclear. It depends basically on the final fee schedule. We're not expecting anything significant for 2026.

Ramón Güémez: Yes. As we said in the call, the significant part of revenues from the CCP will come from the repo service. That is where we're expecting to have the revenue generation, and that service will go live at the end of 2026. We should start seeing revenues, let's say, for 2027.

Speaker #4: That is where we're expecting to have the revenue generation and that service will go live at the end of 2026 . So we should start seeing revenues , let's say , for 2027 .

Jorge Alegría: Mm-hmm.

Speaker #4: How the size of the revenues or how much still unclear . It depends on on basically on the final fee schedule , but it will .

Ramón Güémez: The size of the revenues or how much is still unclear. It depends on, basically on the final fee schedule. It will... We're not expecting anything significant for 2026.

Speaker #4: We're not expecting anything significant for 2026 .

Speaker #5: With the current numbers . Just to give you an idea of the size of the market , the today , the CCP , the cash CCP is clearing a little bit more than $1 billion a day .

Jorge Alegría: With the current numbers...

Jorge Alegría: With the current numbers, just to give you an idea of the size of the market today, the cash equity CCP is clearing a little bit more than $1 billion a day, say $1.3 billion a day. The expected size of the EME border market we are targeting in the first stage is $6 billion. Obviously, fees are not the same. Fees are public now. It's around one third of the equities, but the size of the market is much, much bigger, and that's only cash repos. Repos, we are talking about five times those numbers eventually to be targeted in the second stage. That is why we are enthusiastic about the second stage.

Jorge Alegría: With the current numbers...

Ramón Güémez: Perfect, sí.

Jorge Alegría: Just to give you an idea of the size of the market. Today, the CCP, the cash equity CCP, is clearing a little bit more than $1 billion a day. Let's say $1.3 billion a day. The expected size of the available market we are targeting on the first stage is $6 billion. Obviously, fees are not the same. Fees are public now. It's around one-third of the equities, but the size of the market is much, much bigger, and that's only cash.

Ramón Güémez: Just to give you an idea of the size of the market. Today, the CCP, the cash equity CCP, is clearing a little bit more than $1 billion a day. Let's say $1.3 billion a day. The expected size of the available market we are targeting on the first stage is $6 billion. Obviously, fees are not the same. Fees are public now. It's around one-third of the equities, but the size of the market is much, much bigger, and that's only cash.

Speaker #5: Let's say $1.3 billion a day . The expected size of the market we are targeting on the first stage is $6 billion . Obviously , fees are not the same .

Speaker #5: Fees are public now . It's around one third of the equities , but the size of the market is much , much bigger .

Speaker #5: And that's only cash repos , repos . We are talking about five times those numbers eventually to to to be targeted in the in the second stage .

Carlos Gomez-Lopez: Repos. Repos, we are talking about five times those numbers eventually to be targeted in the second stage. That's why we are enthusiastic about the second stage. Even with the first stage, it means that it's a sizable opportunity for us on the clearing side for MBONOS, definitely on the repos, and eventually to develop the electronic piece of the trading as well.

Jorge Alegría: Repos. Repos, we are talking about five times those numbers eventually to be targeted in the second stage. That's why we are enthusiastic about the second stage. Even with the first stage, it means that it's a sizable opportunity for us on the clearing side for MBONOS, definitely on the repos, and eventually to develop the electronic piece of the trading as well.

Speaker #5: So that's why we are we are enthusiastic about the the second stage . And even with the first stage , it means that .

Jorge Alegría: Even with the first stage, it means that it's a sizeable opportunity for us on the clearing side for MV Bonos, definitely in the repos, and eventually to develop the electronic piece of the trading as well.

Speaker #5: It's sizable opportunity for for us on the , on the , on the clearing side for bonus . Definitely the repos . And eventually to develop the .

Speaker #5: Electronic piece of the training as .

Speaker #10: Well .

Speaker #11: That's that's great . Thanks a lot for that , Jorge and Ramon , a second question , if I may . So you mentioned so we are now expecting $250 million in CapEx per year for the coming years .

Pablo Ordóñez: That's great color. Thanks a lot for that, Jorge and Ramón. A second question, if I may. You mentioned, we are now expecting MXN 250 million in CapEx per year for the coming years. What are you thinking in terms of the payout? Should this year you decrease the payout to 70%? Do you think that with these levels of CapEx, should we continue to expect dividends around 70%, Jorge and Ramón?

[Analyst 5]: That's great color. Thanks a lot for that Jorge and Ramón, a second question if I may. You mentioned we are now expecting $250 million pesos in CapEx per year for the coming years. What are you thinking in terms of the payout? This year you decreased the payout to 70%. Do you think that with these levels of CapEx we should continue to expect dividends around 70% for the year?

Speaker #11: So what are you thinking in terms of of the payout ? Should this year you decrease the payout to 70% ? Do you think that with these levels of CapEx , should we continue to expect dividends around around 70% for cameraman ?

Ramón Güémez: First of all, let me clarify. CapEx for next year should be higher than the MXN 250 that we had expected. We had expected MXN 250 for this year. We'll most likely end up higher, and we will most likely be higher for next year due to the expansion of the projects that we're having.

Speaker #4: First of all, let me clarify: our CapEx for next year should be higher than the $250 million that we had expected. We had expected $250 million for this year.

Ramón Guemes: First of all, let me clarify. CapEx for next year should be higher than the $250 million that we had expected. We had expected $250 million for this year. We'll most likely end up higher, and we will most likely be higher for next year due to the expansion of the projects that we're having. Where the dividend will be depends on the balance we have on dividend and buybacks. I think you have a very valid point. We cannot have high CapEx, high dividend, and high buybacks all at the same time because we are going to run out of cash. That's something that we will. The dividend will be a balance between the buyback and the dividend.

Speaker #4: We're most likely to end up higher, and we will most likely be higher for next year due to the expansion of the projects that we're having.

Pablo Ordóñez: Mm-hmm.

Speaker #4: Where the dividend will be depends on the balance we have on dividend and buybacks . We it's it's I think you have a very valid point .

Ramón Güémez: Where the dividend will be depends on the balance we have on dividend and buybacks. It's, I think you have a very valid point. We cannot have high CapEx, high dividend, and high buybacks all at the same time because we're gonna run out of cash. That's something that we will... The dividend will be a balance between the buyback and the dividend. Our strategy will be to give back as much cash as we can and not keep cash that we do not need.

Speaker #4: We cannot have high CapEx , high dividend and high buybacks all at the same time because we're going to run out of cash .

Speaker #4: So that's something that we will the dividend will be a balance between the buyback and the dividend . Our strategy will be to give back as much cash as we can and not not keep cash that we do not need and keep that number as high as possible , whether it be through a dividend or through cash or through buybacks .

Ramón Guemes: Our strategy will be to give back as much cash as we can and not keep cash that we do not need and keep that number as high as possible, whether it be through a dividend or through buybacks.

Pablo Ordóñez: Mm-hmm.

Ramón Güémez: Keep that number as high as possible, whether it be through a dividend or through buybacks.

Speaker #11: Okay . Thank you very much . And when you say higher than 250 , the CapEx for next year , are you thinking $300 million or even higher than that amount ?

[Analyst 5]: Thank you, Ramón. When you say higher than $250 million, the CapEx for next year, are you thinking $300 million pesos or even higher than that amount?

Pablo Ordóñez: Okay. Thank you, Ramón. When you say higher than 250, the CapEx for next year, are you thinking MXN 300 million or even higher than that amount?

Speaker #4: We're working on the numbers , but it could be three . It could be higher than 300 .

Ramón Güémez: We're working on the numbers, but it could be higher than 300.

Ramón Guemes: We're working on the numbers, but it could be higher than 300.

Speaker #11: Okay, perfect. Thank you very much for your answers.

[Analyst 5]: Okay.

Pablo Ordóñez: Okay. Perfect. Thank you very much for your answers.

[Analyst 2]: Okay.

[Analyst 5]: Thank you very much for your answers.

Speaker #4: And thank you for the question . And I think we have Carlos Gomez now .

Ramón Guemes: Thank you for the question. I think we have Carlos Gomez now.

Ramón Güémez: Thank you for the question. I think we have Carlos Gomez-Lopez now.

Speaker #2: Yes . Our next question comes from line of Carlos Gomez with HSBC . Please proceed with your question .

Operator: Yes, our next question comes from the line of Carlos Gomez with HSBC. Please proceed with your question.

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

Speaker #12: Hello and thank you for taking the call . Again . My apologies for my technical problem before . So two questions . One is going back to the investment plans again to recall , we have more than 300 million next year , probably .

[Analyst 4]: Hello and thank you for taking the call. Again, my apologies for my technical problem before. Two questions. One is going back to the investment plans again to recall we have more than $300 million next year, probably again from what we understand, similar amount the following year. I guess that is fair to say. This is all CapEx, so it is capitalized. Can you remind us what amortization period you are using and when we will start to see amortization charges hit the income statement more heavily? Is it going to be in 2026 or 2027 and beyond? Second, I wanted to ask about the impact of the foreign exchange. You have this very useful table, thank you for that, on page eight in which you show how on inflation on forex adjusted terms, EBITDA, revenues, and expenses all grow by 7%.

Carlos Gomez-Lopez: Hello, thank you for taking the call. Again, my apologies for my technical problem before. Two questions. One is going back to the investment plans. Again, to recall, we have more than MXN 300 million next year. Probably, again, from what we understand, similar amount the following year. I guess that is fair to say. This is all CapEx, right? It is capitalized. Can you remind us what amortization period you are using and when we will start to see amortization charges hit the income statement more heavily? Is it going to be in 2026 or 2027 and beyond? Second, I wanted to ask about the impact of the foreign exchange.

Speaker #12: Again , from what we understand , similar amount . The following year . I guess that is fair to say . This is all CapEx , right ?

Speaker #12: So it is capitalized . Can you remind us what amortization period you are using ? And when we will start to see amortization charges hit ?

Speaker #12: Is the income statement going to be more heavily impacted in 2026 or 2027 and beyond? Second, I wanted to ask about the impact of foreign exchange.

Speaker #12: You have this very useful table . Thank you for that . On page eight , in which you show how on inflation , on forex adjusted terms , EBITDA revenues and expenses all grow by 7% .

Carlos Gomez-Lopez: You have this very useful table, thank you for that, on page eight, in which you show how on Forex adjusted terms, EBITDA, revenues, and expenses all grow by 7%. That's actually an acceleration from the 5% that you have from Q4 of last year. Would you say that your business is actually picking up and will be a realistic Forex adjusted expectation for 2026? Thank you.

Speaker #12: That's actually an acceleration from the 5% that you had in the fourth quarter of last year. Would you say that your business is actually picking up and that this will be a realistic forex-adjusted expectation for 2026?

[Analyst 4]: That's actually an acceleration from the 5% that you have from the fourth quarter of last year. Would you say that your business is actually picking up and will be a realistic forex adjusted expectation for 2026? Thank you.

Speaker #12: Thank you .

Speaker #4: Carlos , regarding the first question , amortization period is somewhere between 7 and 10 years . It depends on the specific on the specific project for the Nasdaq technology , we'll be using ten years .

Ramón Guemes: Regarding the first question, amortization period is somewhere between 7 and 10 years. It depends on the specific project. For the Nasdaq technology, we'll be using 10 years.

Ramón Güémez: Carlos, regarding the first question, our amortization period is somewhere between seven and 10 years. It depends on the specific project. For the Nasdaq technology, we'll be using 10 years.

Speaker #12: It is linear , by the way .

[Analyst 4]: Is this linear, by the way?

Carlos Gomez-Lopez: Is this linear, by the way?

Speaker #4: Yes, it's linear.

Ramón Guemes: Yes, it's linear.

Ramón Güémez: Yes, it's linear. Mm-hmm.

Speaker #12: Linear . Thank you .

Carlos Gomez-Lopez: Linear. Thank you.

[Analyst 4]: Thank you.

Ramón Güémez: CapEx should be higher in 2026. It should decrease a bit by 2027. Also, we could have new projects there, but nothing as large as what we're having right now. Could you repeat your second question, please?

Speaker #4: CapEx should be higher in 2026 . It should decrease a bit by by 2027 . But also we could have new projects there .

Ramón Guemes: CapEx should be higher in 2026. It should decrease a bit by 2027. We could have new projects there, but nothing as large as what we're having right now. Could you repeat your second question, please?

Speaker #4: But but nothing nothing as large as what we're having right now . And could you repeat the your second question please .

Speaker #12: Yeah. So again, we look at your business on a forex-adjusted basis, and you show us those numbers on page eight of your press release.

Carlos Gomez-Lopez: Sure. Again, when you look, we look at your business on a Forex adjusted basis, and you show us those numbers on page 8 of your press release. You were growing at 5% last year for the full year. You have been growing 7% in the first 9 months of the year. Should we understand that your business is accelerating, and should we expect a higher rate of growth into next year, or this 7% is a realistic one for 2026?

[Analyst 4]: When we look at your business on a forex adjusted basis and you show us those numbers on page eight of your press release, you were growing at 5% last year. For the full year, you have been growing 7% in the first nine months of the year. Should we understand that your business is accelerating and should we expect a higher rate of growth into next year or is this 7% a realistic one for 2026?

Speaker #12: You were growing at 5% last year for the full year , you have been growing 7% in the first nine months of the year .

Speaker #12: So should we understand that your business is accelerating, and should we expect a higher rate of growth into next year, or is this a realistic one for 2026?

Speaker #13: Well .

Ramón Guemes: That really depends on what happens to the FX. Let's say a rule of thumb, you could say that a $1 peso movement in the exchange rate equals $50 to $60 million pesos in EBITDA. If the peso depreciates by $1 peso, we're going to have around $50 or $60 million pesos more EBITDA. If the peso appreciates by $1 peso, we're going to have $50 to $60 million less.

Ramón Güémez: Well, that really depends on what happens to the FX. We have, let's say, a rule of thumb, you could say that 1 peso movement in the exchange rate equals MXN 50 to 60 million in EBITDA. If the peso depreciates by 1 peso, we're gonna have around MXN 50 or 60 million more EBITDA. If the peso appreciates by 1 peso, we're gonna have MXN 50 to 60 million less.

Speaker #4: That really depends on what happens to the FX. We have, let's say, a rule of thumb. You could say that a $1 movement in the exchange rate equals $50 to $60 million in impact.

Speaker #4: So if the peso depreciates by $1, we're going to have around $50 million to $60 million more in EBITDA. If the peso appreciates by $1, we're going to have $50 million to $60 million less.

Speaker #12: Okay . So that is the sensitivity to forex . And I guess my question is the underlying growth of the business . If you know the 7% that we see adjusted for forex is a realistic expectation for 2026 , or you aim higher or lower than that .

[Analyst 4]: Okay, so that is the sensitivity to forex. I guess my question is the underlying growth of the business. If you know, the 7% that we see adjusted for forex is a realistic expectation for 2026 or you aim higher or lower than that. Thank you.

Carlos Gomez-Lopez: Okay, that is a sensitivity to Forex. I guess my question is the underlying growth of the business. If, you know, the 7% that we see, adjusted for Forex, is a realistic expectation for 2026, or you aim higher or lower than that? Thank you.

Speaker #12: Thank you .

Speaker #13: It should be around there.

Ramón Guemes: It should be around there.

Ramón Güémez: It should be around there.

Speaker #12: Okay . Very clear . Thank you so much .

Carlos Gomez-Lopez: Okay. Very clear. Thank you so much.

[Analyst 4]: Thank you so much.

Speaker #13: Thank you .

Ramón Guemes: Thank you.

Ramón Güémez: Thank you.

Speaker #2: Thank you . There are no questions at this time . I'll turn the floor back to management for any final comments .

Operator: Thank you. There are no questions at this time. I'll turn the floor back to management for any final comments.

Speaker #10: Well .

Carlos Gomez-Lopez: Well, thank you very much again. We are very grateful for your time and excited to share our numbers and our plans that are developing as planned and looking for an active and exciting Q4 as well as a very productive 2026. Thank you very much to all. If anything, you can check on our website for a replay of the call or reach out to Ramon or Hanna for any questions. Above all, thank you very much for your time.

Jorge Alegría: Well, thank you very much again. We are very grateful for your time and excited to share our numbers and our plans that are developing as planned and looking for an active and exciting Q4 as well as a very productive 2026. Thank you very much to all. If anything, you can check on our website for a replay of the call or reach out to Ramon or Hanna for any questions. Above all, thank you very much for your time.

Jorge Alegría: Thank you very much again. We are very grateful for your time and excited to share our numbers and our plans that are developing as planned and looking for an active and exciting fourth quarter as well as a very productive 2026. Thank you very much to all, and you can check on our website for a replay of the call or reach out to Ramón or Hannah for any questions. On top of all, thank you very much for your time.

Speaker #5: Thank you very much . Again . We we we are very grateful for your time and excited to share our , our our numbers and our our plans that are developing as planned .

Speaker #5: And we're looking for an active and exciting fourth quarter, as well as a very productive 2026. So thank you very much to all.

Speaker #5: Anything you can, you can.

Speaker #10: Check .

Speaker #5: On our website for a replay of the call or reach out to Ramon or Hannah for any , any questions . Thank you very much for your .

Speaker #10: Time .

Operator: Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

Claudio Viman: It.

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