Q1 2026 Bolsa Mexicana de Valores SAB de CV Earnings Call

April 22, 2026

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

Operator 2: Greetings, and welcome to the Bolsa Mexicana de Valores, S.A.B. de C.V. Q1 2026 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 zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ramón Güemez Sarre, Chief Financial Officer. Thank you, sir. You may begin.

Operator: Greetings, and welcome to the Bolsa Mexicana de Valores, S.A.B. de C.V. Q1 2026 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 zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ramón Güemez Sarre, Chief Financial Officer. Thank you, sir. You may begin.

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 conference over to your host , Mr. Ramon Gomez , Chief Financial Officer thank you sir .

Speaker #2: You may begin .

Speaker #3: Thank you . Good morning and welcome to Bolsa Mexicana de Valores . First Quarter 2020 Earnings Conference Call Before proceeding , I'd like to provide a brief safe harbor statement It's 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 .

Ramón Güemez Sarre: Thank you. Good morning, and welcome to Bolsa Mexicana de Valores' Q1 2026 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 and uncertainties.

Speaker #3: Such statements reflect the current views of Bolsa related to future events and are subject to risks and uncertainties . Many factors could cause the current results , performance or achievements to be somewhat different from any future results or performance that 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 , prices , 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 .

Ramón Güemez Sarre: Many factors could cause the current results, performance, or achievements to be somewhat different from any future results or performance that may be expressed or implied by such forward-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, prices, 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, estimated, expected, or targeted. Bolsa does not intend and does not assume any obligation to update these forward-looking statements. I'd like to remind participants that today's call is being recorded with a replay available online on 23 April at Bolsa's corporate website, www.bmv.com.mx.

Speaker #3: As anticipated , estimated , expected or targeted , Bolsa does not intend and does not assume any obligation to update these forward looking statements .

Speaker #3: I'd like to remind participants that today's call is being recorded with a replay available online on April 23rd at corporate website . WWE dot m .

Speaker #3: The press release and slide deck can also be accessed in the Investor Relations section in the same site . 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 Alegria , our CEO .

Ramón Güemez Sarre: The press release and slide deck can also be accessed in the investor relations sections in the same site. 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, our CEO, Claudio Vivián, Chief Information Officer, Roberto González, Chief Post-Trade Officer, Gabriel Rodríguez, the SIF ICAP CEO, Alfredo Guillén, Managing Director, Equity Markets, José Miguel de Dios, Managing Director, Derivatives Markets, Luis René Ramón, Managing Director, Sales and Marketing, Hanna Rivas, FP&A and IR Director, and myself, Ramón Güemez. With that, I'd like to turn the call over to Jorge Alegría.

Speaker #3: Claudio Vivian , chief information officer Roberto Gonzalez , chief Post-trade officer . Gabriel Rodriguez , CEO Alfredo Guillen , managing director , equity markets .

Speaker #3: Jose Miguel de Dios , managing director , Derivatives Markets with Ramon , managing director , sales and marketing . Hannah Rivas and IR director and myself , Ramon Gomez .

Speaker #3: With that, I’d like to turn the call over to Jorge Negrea. Thank you. Thank you, Ramon.

Jorge Alegría Formoso: Thank you. Thank you, Ramón. Good morning, everyone. As you are likely aware, yesterday, besides the financial results, we also announced that after 18 years in the exchange and 13 years as a CFO, Ramón has decided to seek early retirement from BMV and focus on new personal and professional endeavors. I want to thank him for his many contributions during this tenure as both an IRO and CFO. On a personal note, I started collaborating with Ramón during the IPO road show back in 2008. I wish him well and I am very proud and happy to see him leave as a good friend of the Mexican Stock Exchange. Also yesterday, as mentioned, we released our earnings results, including a detailed review of our performance in Q1 2026. To begin with, I would like to highlight the strong operating results achieved this quarter.

Jorge Alegría: Thank you. Thank you, Ramón. Good morning, everyone. As you are likely aware, yesterday, besides the financial results, we also announced that after 18 years in the exchange and 13 years as a CFO, Ramón has decided to seek early retirement from BMV and focus on new personal and professional endeavors. I want to thank him for his many contributions during this tenure as both an IRO and CFO. On a personal note, I started collaborating with Ramón during the IPO road show back in 2008. I wish him well and I am very proud and happy to see him leave as a good friend of the Mexican Stock Exchange. Also yesterday, as mentioned, we released our earnings results, including a detailed review of our performance in Q1 2026. To begin with, I would like to highlight the strong operating results achieved this quarter.

Speaker #4: And good morning , everyone As you are likely aware , yesterday , besides the financial results , we also announced that after 1818 years in the exchange and 13 years of CFO , Ramon has decided to seek early retirement from BMB .

Speaker #4: And, focused on new personal and professional endeavors, I want to thank him for his many contributions during his tenure as both as CEO and CFO.

Speaker #4: On a personal note , I started collaborating with Ramon . During the IPO Roadshow back in 2008 , so I wish him well and I am very proud and happy to see him live as a good friend of the Mexican Stock Exchange Also , yesterday , as mentioned , we released our earnings results including a detailed review of our performance in these first three months of 2026 .

Speaker #4: To begin with , I would like to highlight a strong operating results achieved . This quarter These were driven by market volatility . Also from international geopolitical events as well as market .

Jorge Alegría Formoso: These were driven by market volatility, also from international geopolitical events, as well as a market that continues to show increased dynamism, generating favorable effects across the entire value chain, from financing to settlement and custody. Financing activity rose by 84% in Q1 2026 when compared to the same period of Q1 2025, representing an additional MXN 105 billion of financing and reaching a total of MXN 230 billion. This is led by a 270% increase in long-term debt financing, which reached MXN 146 billion, while the number of new listings increased 200%, from 11 to 33. Additionally, we had two FIBRAs or REIT deals for MXN 9 billion, the new FIBRA Park Life, and a follow-on on Fibra Mty.

Jorge Alegría: These were driven by market volatility, also from international geopolitical events, as well as a market that continues to show increased dynamism, generating favorable effects across the entire value chain, from financing to settlement and custody. Financing activity rose by 84% in Q1 2026 when compared to the same period of Q1 2025, representing an additional MXN 105 billion of financing and reaching a total of MXN 230 billion. This is led by a 270% increase in long-term debt financing, which reached MXN 146 billion, while the number of new listings increased 200%, from 11 to 33. Additionally, we had two FIBRAs or REIT deals for MXN 9 billion, the new FIBRA Park Life, and a follow-on on Fibra Mty.

Speaker #4: That continues to show increased dynamism, generating favorable effects across the entire value chain from financing to settlement. And Costa Rica financing activity rose by 84% in the first quarter of 2026.

Speaker #4: When compared to the same period of 2025 , representing an additional $105 billion of financing and reaching a total of three , sorry , $230 billion .

Speaker #4: This is led by a 270% increase in long-term debt financing, which reached $146 billion. Meanwhile, the number of new listings increased 200%, from 11 to 33.

Speaker #4: Additionally , we had to fibrous or RIP deals for $9 billion . The new Fibra , Parklife and a follow on on fiber Monterrey short term debt listing remained constant , even though the amount financed through partloular than last year .

Jorge Alegría Formoso: Short-term debt listings remain constant, even though the amount financed was lower than last year. The financial impact of these operations and this activity is partly reflected in a 53% or MXN 8 million growth in our listing revenues. However, we will see the largest impact next year reflected in maintenance revenues for 2027 onwards. We now have 580 long-term programs totaling MXN 1.8 trillion. Both are record numbers. As you know, I mentioned the revenue impact for this year is limited due to the cap we have on listing fees. This strong performance reflects issuers' growing trust and highlights the role of the Mexican stock exchange in efficiently channeling capital towards productive investments. In the equity market, we saw both local and global momentum, with average daily trading volume and value approaching MXN 21 billion.

Jorge Alegría: Short-term debt listings remain constant, even though the amount financed was lower than last year. The financial impact of these operations and this activity is partly reflected in a 53% or MXN 8 million growth in our listing revenues. However, we will see the largest impact next year reflected in maintenance revenues for 2027 onwards. We now have 580 long-term programs totaling MXN 1.8 trillion. Both are record numbers. As you know, I mentioned the revenue impact for this year is limited due to the cap we have on listing fees. This strong performance reflects issuers' growing trust and highlights the role of the Mexican stock exchange in efficiently channeling capital towards productive investments. In the equity market, we saw both local and global momentum, with average daily trading volume and value approaching MXN 21 billion.

Speaker #4: The financial impact of these operations and this activity is partly reflected in a 53% or $8 million growth in our listing revenues However , we will see the largest impact next year reflected in maintenance revenues for 2027 onwards .

Speaker #4: We now have 580 long term programs totaling at $1.8 trillion . Both are record numbers . And as you know , I mentioned the revenue impact for this year is limited due to the cap we have on listing fees .

Speaker #4: This strong performance reflects issuers' growing trust and highlights the role of the Mexican stock exchange in efficiently channeling capital towards productive investments in the equity market.

Speaker #4: We saw both local and global momentum with average daily trading volume and value approaching $21 billion . This is over 20% when compared to 2025 , and one of the highest levels in recent years Along these same lines , activity in our CCP , the CCP for equities also grew by over 20% , both in amounts and operations cleared Growth was also evident in futures trading , particularly in the dollar peso contract , where the activity doubled when compared to Q1 2025 .

Jorge Alegría Formoso: This is over 20% when compared to 2025 and one of the highest levels in recent years. Along these same lines, activity in our CCV, the CCV for equities, also grew by over 20%, both in amounts and operations cleared. Growth was also evident in futures trading, particularly in the dollar-peso contract, where the activity doubled when compared to Q1 2025. This is supported by peso appreciation and other market volatility factors already explained. We have continued with our efforts to list new equity contracts, joining the ranks of previously listed names such as Apple, Meta, Netflix, Nvidia, and Tesla from our SIC Cash Equity Trading division. In derivatives clearing growth, this was impacted by our reduced margin deposits. In spite of the increased trading volumes, we had a small net negative impact in Asigna because of the reduction of the margins managed.

Jorge Alegría: This is over 20% when compared to 2025 and one of the highest levels in recent years. Along these same lines, activity in our CCV, the CCV for equities, also grew by over 20%, both in amounts and operations cleared. Growth was also evident in futures trading, particularly in the dollar-peso contract, where the activity doubled when compared to Q1 2025. This is supported by peso appreciation and other market volatility factors already explained. We have continued with our efforts to list new equity contracts, joining the ranks of previously listed names such as Apple, Meta, Netflix, Nvidia, and Tesla from our SIC Cash Equity Trading division. In derivatives clearing growth, this was impacted by our reduced margin deposits. In spite of the increased trading volumes, we had a small net negative impact in Asigna because of the reduction of the margins managed.

Speaker #4: This is supported by peso appreciation and other market modern market and volatility factors already explained . We have continued with our efforts to lease new equity contracts , joining the ranks of previously listed names such as Apple , meta , Netflix , Nvidia , and Tesla .

Speaker #4: From Our Sick cash equity trading division . But in the clearing growth . A this was impacted by a reduced margin deposit So in spite of the increased trading volumes we have , we had a small net negative impact in the because of the reduction of the margins managed the balance reaffirmed its strength during the quarter , excelling in three key areas assets under custody settlements and cross-border transactions through the sick , assets under custody rose 14% , driven mainly by fund , pension managers and equities reaching $47 trillion .

Jorge Alegría Formoso: Indeval reaffirmed its strength during the quarter, excelling in three key areas, assets under custody, settlements, and cross-border transactions through the SIC. Assets under custody rose 14%, driven mainly by funds, pension managers, and equities, reaching MXN 47 trillion. Settlement averaged MXN 11 trillion per day, and this is a 25% increase in equity market instruments, reflecting the segment's dynamism. Volatility during the period provided additional momentum to cross-border transactions of UCITS and ETFs via the SIC, which grew 29% in traded value and 47% in the number of operations, consolidating Indeval's role as a key player in international market integration. Overall, Q1 2026 was particularly solid for Grupo BMV, with outstanding operating performance across multiple business lines. This confirms the resilience of our business model, which remains robust and consistent across diverse scenarios. This performance is reflected also in our financial results as follows.

Jorge Alegría: Indeval reaffirmed its strength during the quarter, excelling in three key areas, assets under custody, settlements, and cross-border transactions through the SIC. Assets under custody rose 14%, driven mainly by funds, pension managers, and equities, reaching MXN 47 trillion. Settlement averaged MXN 11 trillion per day, and this is a 25% increase in equity market instruments, reflecting the segment's dynamism. Volatility during the period provided additional momentum to cross-border transactions of UCITS and ETFs via the SIC, which grew 29% in traded value and 47% in the number of operations, consolidating Indeval's role as a key player in international market integration. Overall, Q1 2026 was particularly solid for Grupo BMV, with outstanding operating performance across multiple business lines. This confirms the resilience of our business model, which remains robust and consistent across diverse scenarios. This performance is reflected also in our financial results as follows.

Speaker #4: Settlement averaged $11 trillion per day . And this is a 25% increase in market instruments in equity market instruments , reflecting the segment's demonism volatility during the period provided additional momentum to cross-border transactions of Ucits and ETFs via the SIC , which grew 29% in traded value and 47% in the number of operations .

Speaker #4: Consolidating in the role as a key player in international market integration, overall, Q1 2026 was particularly solid for Grupo BNB, with outstanding operating performance across multiple business lines.

Speaker #4: This confirms the resilience of our business model, which remains robust and consistent across diverse scenarios, and this performance is reflected also in our financial results as follows.

Speaker #4: Our revenues grew 7% or $83 million , driven mostly by the volatility mentioned before . Growth was concentrated in double , which saw a strong growth in assets under custody .

Jorge Alegría Formoso: Our revenues grew 7% to MXN 83 million, driven mostly by the volatility mentioned before. Growth was concentrated in Indeval, which saw a strong growth in assets under custody, as explained, settlement activity, and cross-border transactions. Cash equity trading and clearing, which combined grew 19%, as explained, this is due to the daily average trading volume increased. We are maintaining our market share of around 80% in equity trading. Listing revenues are 53% above Q1 2025 due to the strong listing activity I mentioned, and as I said, the most important impact for this will be next year reflected as maintenance revenues. In derivatives, we saw strong performance in MexDer with the peso-dollar contract driving revenue growth of 24%. However, reduced margin deposits are affecting a little bit revenues in Asigna. SIF ICAP's good results are worth mentioning.

Jorge Alegría: Our revenues grew 7% to MXN 83 million, driven mostly by the volatility mentioned before. Growth was concentrated in Indeval, which saw a strong growth in assets under custody, as explained, settlement activity, and cross-border transactions. Cash equity trading and clearing, which combined grew 19%, as explained, this is due to the daily average trading volume increased. We are maintaining our market share of around 80% in equity trading. Listing revenues are 53% above Q1 2025 due to the strong listing activity I mentioned, and as I said, the most important impact for this will be next year reflected as maintenance revenues. In derivatives, we saw strong performance in MexDer with the peso-dollar contract driving revenue growth of 24%. However, reduced margin deposits are affecting a little bit revenues in Asigna. SIF ICAP's good results are worth mentioning.

Speaker #4: As explained , settlement activity and cross-border transactions Cash equity trading and clearing , which combined grew 19% as explained a this is due to the daily average trading volume increased and we are maintaining our market share of around 80% in equity trading listing revenues are 53% above Q1 25 due to the strong listing activity I mentioned .

Speaker #4: And as I said , the most important impact for this will be next year . Reflected as maintenance revenues in derivatives . We saw strong performance in next year with the peso dollar contract driving revenue growth of 24% .

Speaker #4: However , reduced margin deposits are affecting a little bit . Revenues in the CFI caps good results are worth mentioning in Mexico , revenues grew 12% and we had very good results in our bond and on our B2C desks .

Jorge Alegría Formoso: In Mexico, revenues grew 12%, and we had very good results in our bond and on our D2C desks. While in Chile, even though the revenues are down, we had a very strong activity in March. Expenses are growing by 10%, led by personal and technology costs, both of which reflect investments in our strategic projects made last year. This expense level is in line with our plans for this quarter, and the growth rate is also in line with our expectations, which we have shared with you in the past, along with the investments in our strategic projects, where we continue and will continue with our cost control efforts across the company. CapEx for this quarter was MXN 41 million, and not because we are slowing down in any way, but because of the timing of the payments to be made in our CapEx plans for this year.

Jorge Alegría: In Mexico, revenues grew 12%, and we had very good results in our bond and on our D2C desks. While in Chile, even though the revenues are down, we had a very strong activity in March. Expenses are growing by 10%, led by personal and technology costs, both of which reflect investments in our strategic projects made last year. This expense level is in line with our plans for this quarter, and the growth rate is also in line with our expectations, which we have shared with you in the past, along with the investments in our strategic projects, where we continue and will continue with our cost control efforts across the company. CapEx for this quarter was MXN 41 million, and not because we are slowing down in any way, but because of the timing of the payments to be made in our CapEx plans for this year.

Speaker #4: While in Chile , even though the revenues are down , we had a very , very strong activity in March Expenses are growing by 10% , led by personal and technology costs , both of which reflect investments in our strategic projects made last year .

Speaker #4: These expense level is in line with our plans for this quarter and the growth rate is also in line with our expectations , which we have shared with you in the past , along with the investments in our strategic projects where we continue and will continue with our cost control efforts across the company .

Speaker #4: CapEx for this quarter was $41 million, and not because we are slowing down in any way, but because of the timing of the payments to be made in our CapEx plans for this year.

Speaker #4: With this , we have an ETA of 685 million , 6% above last year , while the margin is 56.5% , one percentage point below to properly analyze this number .

Jorge Alegría Formoso: With this, we have an EBITDA of MXN 685 million, 6% above last year, while the margin is 56.5%, one percentage point below. To properly analyze this number, we have to take into account the appreciation of the currency, almost three pesos versus Q1 2025. This is an impact of around MXN 40 million in our EBITDA. Our net income was MXN 437 million, same as last year. The difference between the EBITDA growth and the flat net income is explained by the lower interest rate income. Interest rates, as you may recall, for the quarter fell from 10% last year to 7% this year. Looking ahead, our priority for 2026 is the execution of our strategic projects that will strengthen our infrastructure, broaden our product portfolio, and deepen our integration into global markets.

Jorge Alegría: With this, we have an EBITDA of MXN 685 million, 6% above last year, while the margin is 56.5%, one percentage point below. To properly analyze this number, we have to take into account the appreciation of the currency, almost three pesos versus Q1 2025. This is an impact of around MXN 40 million in our EBITDA. Our net income was MXN 437 million, same as last year. The difference between the EBITDA growth and the flat net income is explained by the lower interest rate income. Interest rates, as you may recall, for the quarter fell from 10% last year to 7% this year. Looking ahead, our priority for 2026 is the execution of our strategic projects that will strengthen our infrastructure, broaden our product portfolio, and deepen our integration into global markets.

Speaker #4: We have to take into account the appreciation of the currency. Almost $3 versus Q1 of 2025. This is an impact of around $40 million in our everyday.

Speaker #4: Our net income was 437 million . Same as last year . And the difference between the EBITDA growth and the flat net income is explained by the lower interest rate income .

Speaker #4: Interest rates , as you may recall for the quarter , fell from 10% last year to 7% this year Looking ahead , our priority for 2026 is the execution of our strategic projects that will strengthen our strengthen our infrastructure , broaden our product portfolio and deepen our integration into global markets .

Speaker #4: Building on this priority , I would like to share progress on the two main initiatives scheduled to release to be released by year end .

Jorge Alegría Formoso: Building on this priority, I would like to share progress on the two main initiatives scheduled to be released by year-end, the new derivatives market platform and the new repo clearing segment. The derivatives platform is a transformative project for our group. It integrates MexDer operations, Asigna Clearing, market surveillance, and a new data offering, all supported in the cloud. Execution follows a defined plan. Technical testings begin in June and will be followed by functional testing with market participants in September. This will progress from isolated trials to comprehensive system-wide validations. The project is set to conclude on Q4 2026 and go live on Q1 2027. Currently, we have working groups with trading firms, including members, which are addressing anticipated changes, the challenges, the implications, and market alignment. The repo clearing segment will be incorporated into our CCV service portfolio.

Jorge Alegría: Building on this priority, I would like to share progress on the two main initiatives scheduled to be released by year-end, the new derivatives market platform and the new repo clearing segment. The derivatives platform is a transformative project for our group. It integrates MexDer operations, Asigna Clearing, market surveillance, and a new data offering, all supported in the cloud. Execution follows a defined plan. Technical testings begin in June and will be followed by functional testing with market participants in September. This will progress from isolated trials to comprehensive system-wide validations. The project is set to conclude on Q4 2026 and go live on Q1 2027. Currently, we have working groups with trading firms, including members, which are addressing anticipated changes, the challenges, the implications, and market alignment. The repo clearing segment will be incorporated into our CCV service portfolio.

Speaker #4: The new derivatives market platform and the new repo clearing segment . The derivatives platform is transformative , is a transformative project for our group .

Speaker #4: It integrates next operations as signal clearing , market surveillance , and a new data offering all supported in the cloud . Execution follows a defined plan technical tastings begin in June and will be followed by functional testing , with market participants in September .

Speaker #4: This will progress from isolated trials to comprehensive system wide validations . The project is set to conclude on Q4 2026 and go live on Q1 2027 .

Speaker #4: Currently , we have working groups with trading firms , including members , which are addressing anticipated changes . The challenges , the implications and market alignment , the repo clearing segment will be incorporated into our CSV service portfolio .

Speaker #4: End to end industry testing is scheduled for Q3 2026 as well , with the complete completion targeted for December this year . This initiative , the repo Clearing follows the same agile methodology applied to other projects , so we expect to have a much faster adoption in this segment because of the reduced capital requirements and benefits it will bring to market participants .

Jorge Alegría Formoso: End-to-end industry testing is scheduled for Q3 2026 as well, with design completion targeted for December this year. This initiative, the repo clearing, follows the same agile methodology applied to other projects. We expect to have a much faster adoption in this segment because of the reduced capital requirements and benefits it will bring to market participants. Both of these projects are supported by a dedicated project management office and multidisciplinary teams, including experts in operations, products, technology, and data, alongside representatives from compliance, internal audit, finance, and legal. This structure ensures orderly execution, comprehensive risk and opportunity assessment, and a strict adherence to corporate governance standards. Beyond these initiatives, we are also advancing on our broader portfolio of projects within the digital evolution program.

Jorge Alegría: End-to-end industry testing is scheduled for Q3 2026 as well, with design completion targeted for December this year. This initiative, the repo clearing, follows the same agile methodology applied to other projects. We expect to have a much faster adoption in this segment because of the reduced capital requirements and benefits it will bring to market participants. Both of these projects are supported by a dedicated project management office and multidisciplinary teams, including experts in operations, products, technology, and data, alongside representatives from compliance, internal audit, finance, and legal. This structure ensures orderly execution, comprehensive risk and opportunity assessment, and a strict adherence to corporate governance standards. Beyond these initiatives, we are also advancing on our broader portfolio of projects within the digital evolution program.

Speaker #4: Both of these projects are supported by a dedicated project management office and multidisciplinary teams , including experts in operations , products , technology and data .

Speaker #4: Alongside representative representatives from compliance , internal audit , finance and legal . So this structure ensures orderly execution , comprehensive risk and opportunity assessment , and a strict adherence to corporate governance standards .

Speaker #4: So beyond these initiatives , we are also advancing on our broader portfolio of projects within the digital , digital evolution program . All they represent a comprehensive transformation for BMB group , modernizing our infrastructure , expanding our reach and reinforcing our role as the backbone for Mexico's financial system .

Jorge Alegría Formoso: Altogether, they represent a comprehensive transformation for BMV Group, modernizing our infrastructure, expanding our reach, and reinforcing our role as the backbone for Mexico's financial system. With discipline, innovation, and a clear vision, we are shaping the future of market infrastructure and creating lasting value for all participants. With that, I conclude our remarks for the quarter. We remain focused on executing our priorities with discipline, advancing our key initiatives, and adapting to evolving market conditions. Thank you again to all of you for joining. Together with my colleagues, we are more than glad to address any questions you may have. Thank you very much again.

Jorge Alegría: Altogether, they represent a comprehensive transformation for BMV Group, modernizing our infrastructure, expanding our reach, and reinforcing our role as the backbone for Mexico's financial system. With discipline, innovation, and a clear vision, we are shaping the future of market infrastructure and creating lasting value for all participants. With that, I conclude our remarks for the quarter. We remain focused on executing our priorities with discipline, advancing our key initiatives, and adapting to evolving market conditions. Thank you again to all of you for joining. Together with my colleagues, we are more than glad to address any questions you may have. Thank you very much again.

Speaker #4: With disciplined innovation and a clear vision , we are shaping the future of market infrastructure and creating lasting value for all participants . With that , I conclude our remarks for the quarter .

Speaker #4: We remain focused on executing our priorities with discipline , advancing our key initiatives and adapting to evolving market conditions Thank you again . To all of you for joining .

Speaker #4: And together with my colleagues , we are more than glad to address any questions you may have . Thank you very much . Again .

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 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. 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. In the interest of time, we ask that you each keep to one question and one follow-up. Thank you. Our first question comes from the line of Ernesto Gabilondo 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. In the interest of time, we ask that you each keep to one question and one follow-up. Thank you. 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: In the interest of time , we ask that you each keep to one question and one follow up . Thank you Our first question comes from the line of Ernesto Gabilondo with Bank of America .

Speaker #2: Please proceed with your question

Speaker #5: Thank you . Hi . Good morning . George . Hana , good morning to all your team . And Ramon . We will miss you and good luck in your next chapter

Ernesto Gabilondo: Thank you. Hi. Good morning, Jorge, Ana. Good morning to all your team. Ramón, we will miss you, and good luck in your next chapter.

Speaker #3: Thank you .

Jorge Alegría Formoso: Thank you, Ernesto.

Ramón Güemez Sarre: Thank you, Ernesto.

Speaker #5: Your results . Thank you . Ramon . So I have three questions from my side . I will do the first one and then I can elaborate the other two are .

Ernesto Gabilondo: Thank you, Ramón. I have 3 questions from my side. I will do the first one, and then I can elaborate the other two. My first question will be on your revenues. You mentioned in the press release that revenues benefited because of the volatility experienced during the quarter, and you do not discard this to moderate in the next quarters. Having said that, how do you see revenues evolving this year? Should we expect around mid-single digit growth? And what will be the drivers behind your revenues? Thank you.

Speaker #5: My first question will be on your revenues . You mentioned in the press release that revenues benefited because of the volatility experienced during the quarter , and you do not discard these to moderate in the next quarter's .

Speaker #5: So, having said that, how do you see revenues evolving this year? Should we expect around mid-single-digit growth, or what will be the drivers behind your revenues? Thank you.

Jorge Alegría Formoso: How are you? This is Jorge Alegría. Yes, you're right. I think it's fair to say that this quarter we have seen quite a lot of volatility and changes, globally and locally as well, interest rate movements, effects. That has impacted positively our volumes. Also, we saw very strong issuers activity due to interest rate movements as well as FX, helping domestic participants to be more active in the peso market than in the US market. This is something that is good for us. We cannot assume that will continue. We never know. I guess, here is Ramón, but I think you are right in mid-single digits is a fair assumption.

Jorge Alegría: How are you? This is Jorge Alegría. Yes, you're right. I think it's fair to say that this quarter we have seen quite a lot of volatility and changes, globally and locally as well, interest rate movements, effects. That has impacted positively our volumes. Also, we saw very strong issuers activity due to interest rate movements as well as FX, helping domestic participants to be more active in the peso market than in the US market. This is something that is good for us. We cannot assume that will continue. We never know. I guess, here is Ramón, but I think you are right in mid-single digits is a fair assumption.

Speaker #4: How are you . This is George . Yes you're right . I think it's fair to to to say that this quarter we have seen quite a lot of volatility and changes .

Speaker #4: I mean, globally and locally as well, interest rate movements have had effects. So, that has impacted positively our volumes, and also we saw very strong issuance activity due to interest rate movements, as well as FX helping domestic participants to be more active in the peso markets and in the US markets.

Speaker #4: So this , this is something is good for us . We , we , we cannot assume that will continue . We never know .

Speaker #4: So I guess . He is Ramon . But I think you're right in mid single digits is a fair assumption .

Speaker #3: Yes . That's correct . Ernesto we had a very good month of March Last year revenues were relatively stable around the 1.1 billion .

Ramón Güemez Sarre: Yes. That's correct, Ernesto. We had a very good month of March. Last year, revenues were relatively stable around the MXN 1.1 billion. Around mid-single, I think, is good. It also depends on the volatility we get. If we get more help from volatility, you could see that increase to high single.

Speaker #3: So , you know Around mid single I think is good . It also depends on the volatility we get . If we get more help from volatility you could see that increase to to high single

Ernesto Gabilondo: Perfect. Thank you. My other two questions, the second one is also related. How should we expect the evolution of revenue growth versus expenses growth, given your investment plan? How are you seeing both of them? Should we expect OpEx to be a little bit higher versus revenue growth? Any trend that you can guide us could be very helpful. My last question is in terms of regulation. I don't know if there's any update on discussions related to a potential markets bill related to hedge funds, and also if there is any other type of regulation in the pipeline. Thank you.

Speaker #5: Perfect . Thank you . And then my other two questions . The second one is also related . So how should we expect the evolution of revenue growth versus expenses growth given your investment plan .

Speaker #5: How are you seeing both of them ? Should we expect opex to be a little bit higher versus revenue growth Any trend that you can guide us could be very helpful .

Speaker #5: And then my last question is in terms of regulation , I don't know if there's any update on discussions related to a potential market spill related to hedge funds .

Speaker #5: And also if there is any other type of regulation in the pipeline . Thank you

Speaker #3: Expenses . We are projecting them to grow at high single digits . Ernesto . So depending on how revenues perform this year , as we have said before , we would be expecting a slight decrease in in margins , just like we saw this Q1

Ramón Güemez Sarre: Expenses, we are projecting them to grow at high single digits, Ernesto. Depending on how revenues perform this year, as we have said before, we would be expecting a slight decrease in margins, just like we saw this Q1.

Speaker #4: We we are we are working very close to , to , to authorities because mainly because of our projects . Ernesto and the , we have heard that again , quite often that the authorities , mainly the Treasury and the Mexican Securities Commission , are moving now faster to the hedge fund regulation .

Jorge Alegría Formoso: We are working very close to authorities because mainly because of our projects, Ernesto, and we have heard again, quite often that the authorities, mainly the Secretaría de Hacienda y Crédito Público and the Comisión Nacional Bancaria y de Valores, are moving now faster to the hedge fund regulation. Hopefully we will see something this same year. As you know, the law is there, the law was approved. It's at the secondary market ruling. We are working together also with the Mexican Association of Securities Institutions on this. Yes, we agree this will be great news on the hedge funds to increase market participants. I'm not aware of any other rules coming on the market from the regulators.

Jorge Alegría: We are working very close to authorities because mainly because of our projects, Ernesto, and we have heard again, quite often that the authorities, mainly the Secretaría de Hacienda y Crédito Público and the Comisión Nacional Bancaria y de Valores, are moving now faster to the hedge fund regulation. Hopefully we will see something this same year. As you know, the law is there, the law was approved. It's at the secondary market ruling. We are working together also with the Mexican Association of Securities Institutions on this. Yes, we agree this will be great news on the hedge funds to increase market participants. I'm not aware of any other rules coming on the market from the regulators.

Speaker #4: So hopefully we will see something this . This same year . As you know , the law is there . The law was approved .

Speaker #4: So it's the secondary market ruling . We . We are working together also with the Mexican Brokers Association on this . And yes , we agree this this will be great news on the on the on the hedge funds to increase market participants .

Speaker #4: I am not aware of any other rules . Coming on a on the market from the from the regulators

Speaker #5: Perfect . Thank you very much , Jorge . And again , good luck . And thanks for all your help

Ernesto Gabilondo: Perfect. No, thank you very much, Jorge. Again, good luck, Ramón, and thanks for all your help.

Speaker #3: Thank you . Ernesto

Ramón Güemez Sarre: Thank you, Ernesto.

Speaker #2: Thank you . Our next question comes from the line of Daniela Miranda with Santander . Please proceed with your question

Operator 2: Thank you. Our next question comes from the line of Daniel Miranda with Santander. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Daniel Miranda with Santander. Please proceed with your question.

Speaker #6: Hi. Good morning, thanks for taking my question. And congrats on the results. Just a very quick one from my side.

Daniel Miranda: Hi. Good morning, Jorge, Ramón. Thanks for taking my question and congrats on the results. Just a very quick one from my side. Just wondering if you could help us better understand the sensitivities affecting performance. On one hand, for financial income, how should we think about the impact of further rate cuts and lower cash balances? How much additional downside could we expect on that line? On the other hand, FX appreciation had negative impact across your P&L. How should we think about FX sensitivity going forward? Do you hedge any of these exposures?

Speaker #6: Just wondering if you could help us better understand the sensitivities affecting performance On one hand , for financial income , how should we think about the impact of further rate cuts and lower cash balances , and how much additional downside could we expect on that line ?

Speaker #6: And on the other hand , if speciation had negative impact across European L . So how should we think about FX and sensitivity going forward ?

Speaker #6: And do you head any of these exposures?

Ramón Güemez Sarre: Yes. Thank you, Daniel. Interest income is going to be impacted by the reduced interest rates on a year-on-year comparison. The first way is just the rate on the cash balance. It's not all in Mexico, but I think that's the best approximation you can have, just the interest rates on the cash balance. On FX, we have two impacts. First of all, on the P&L, we have for each peso the currency appreciates, we get around MXN 50 or 60 million less in EBITDA. That means our operation is long U.S. dollars. For us, in the short term, a peso depreciation helps our P&L. Roughly, as I said, one peso is equivalent to MXN 50 or 60 million on a full year basis. On the balance sheet, we started hedging this quarter.

Speaker #3: Thank you . Daniel . Interest income is going to be impacted by the reduced interest rates on a year on year comparison . So the best way is just a straight up of the cash balance It's no it's not all in Mexico , but but I think that's the best approximation you can have .

Speaker #3: Just the interest rates to the cash balance on FX . We have two impacts on the first of all , on the PNL , we have for for each peso , for each peso , the currency appreciates , we we get around 60 , 50 or $60 million less inhibitor .

Speaker #3: That means our operation is long US dollars So for us , in the short term , a peso depreciation helps our PNL roughly .

Speaker #3: As I said , $1 is equivalent to $5,060 million on a full year basis . On the balance sheet , we started hedging this quarter .

Speaker #3: We had a bit of an effect still , but we'll continue with our efforts to reduce the impact on the on the balance sheet , on the difference between assets and liabilities in the balance sheet

Ramón Güemez Sarre: We had a bit of an effect still, but we will continue with our efforts to reduce the impact on the balance sheet, on the difference between assets and liabilities in the balance sheet.

Speaker #6: Perfect . Very clear . Thank you

Daniel Miranda: Perfect. Very clear. Thank you.

Speaker #3: Thank you

Ramón Güemez Sarre: Thank you.

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

Operator 2: Thank you. Our next question comes from the line of Edson Muglia with Summa Cap. Please proceed with your question.

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

Speaker #7: Hi . Good morning and thank you for taking my questions specifically about the the expenses and the investment projects . Just trying to figure out and join the dots about CapEx .

Edson Muglia: Hi. Good morning, and thank you for taking my questions. Specifically about the expenses and the investment projects. Just trying to figure out and join the dots about CapEx. Those projects that Alegría mentioned in the call are the main one or related to this increase in expenses and the CapEx? My second question is, could we use more detail about the deferred income? It seems odd to try to understand why this quarter increased to MXN 125 million. Thank you.

Edson Murguía: Hi. Good morning, and thank you for taking my questions. Specifically about the expenses and the investment projects. Just trying to figure out and join the dots about CapEx. Those projects that Alegría mentioned in the call are the main one or related to this increase in expenses and the CapEx? My second question is, could we use more detail about the deferred income? It seems odd to try to understand why this quarter increased to MXN 125 million. Thank you.

Speaker #7: Those projects that Alegria mentioned in the call are the main one or related to this increase in expenses and the CapEx and my second question is , could you more detail about the different income ?

Speaker #7: It seems odd to try to understand why the quarter increased 125 million . Thank you

Speaker #3: Its a ami , Armin projects are the ones Jorge mentioned . This technological evolution upgrading basically all of our technology and derivatives trading and clearing in Post-trade the cash equity CSV , the .

Ramón Güemez Sarre: Edson, yes. Our main projects are the ones Jorge mentioned. This technological evolution, upgrading basically all of our technology in derivatives, trading, and clearing, in post-trade, the cash equity CCV, the Indeval, having the new technology for the bond and the repo CCV, new data, and moving to the cloud. Those are our main projects. That's where our expense is concentrated on those efforts, and that is the majority of the CapEx.

Speaker #3: In devil having the new technology for the . For the bond and the repo CSV New data and moving to the cloud . Those are our main projects .

Speaker #3: That's where our expenses concentrated on those efforts . And that is the majority of the CapEx On your second question , I didn't quite get it .

Edson Muglia: Mm-hmm.

Edson Murguía: Mm-hmm.

Ramón Güemez Sarre: On your second question, I didn't quite get it. Could you repeat it, please?

Speaker #3: Could you repeat repeat it , please ?

Speaker #7: Yes . This quarter there is a 525 million in deferred income in the balance sheet . But historically , the deferred income is a low single digit between 811 .

Edson Muglia: Yes. This quarter, there is MXN 525 million in deferred income in the balance sheet. Historically, the deferred income, it's a low single digit between 8 and 11.

Edson Murguía: Yes. This quarter, there is MXN 525 million in deferred income in the balance sheet. Historically, the deferred income, it's a low single digit between 8 and 11.

Speaker #3: So what you have is seasonality on the maintenance fees from issuers is collected in advance . We have seasonality in the cash balance usually have an increase in cash balance in Q1 because we collect all this annual fees on a one time basis in Q1 .

Ramón Güemez Sarre: No. There, what you have is seasonality, Edson.

Edson Muglia: Okay.

Edson Murguía: Okay.

Ramón Güemez Sarre: The maintenance fees from issuers is collected in advance. We have seasonality.

Edson Muglia: Okay

Ramón Güemez Sarre: ... in the cash balance. Usually, we have an increase in cash balance in Q1 because we collect all these annual fees on a one-time basis in Q1. What you collect, we recognize the income on a linear basis throughout the year. The net of the balance is in deferred income. If you look at historical, you're going to see this deferred income, and it goes down every quarter till it gets very close to zero towards Q4.

Edson Murguía: Okay

Speaker #3: What you collect , we recognize the income on a linear basis throughout the year . The net of the balance is in deferred income .

Speaker #3: So if you look at historical, you're going to see this deferred income and it goes down every quarter. It gets very close to zero towards Q4.

Speaker #7: Okay . Okay . Got it . Thank you so much . And good luck . Ramon .

Edson Muglia: Okay. Got it. Thank you so much, and good luck, Ramón.

Edson Murguía: Okay. Got it. Thank you so much, and good luck, Ramón.

Speaker #3: Thank you . Thank you

Ramón Güemez Sarre: Thank you.

Operator 2: Thank you. Ladies and gentlemen, as a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. Our next question comes from the line of Carlos Gomez-Lopez with HSBC. Please proceed with your questions.

Operator: Thank you. Ladies and gentlemen, as a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. Our next question comes from the line of Carlos Gomez-Lopez with HSBC. Please proceed with your questions.

Speaker #2: Thank you , ladies and gentlemen . As a reminder , if you'd like to join the question queue , please press star one on your telephone keypad .

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

Speaker #8: So

Speaker #9: Hello and good morning . First of all , thank you for for your service of many , many years . Ramon , you have been a the face of continuity and good humor from Bolsa .

Carlos Gomez-Lopez: Hello and good morning. First of all, thank you for your service of many, many years, Ramón. You have been the face of continuity and good humor from Bolsa. We will all miss you enormously, and I'm very sad to hear that we will no longer be talking to you.

Speaker #9: So we will all miss you enormously . And I'm very sad to hear that you will no longer be talking to you .

Speaker #3: Thank you, thank you, Carlos.

Ramón Güemez Sarre: Thank you, Carlos.

Jorge Alegría Formoso: Good humor? Really?

Jorge Alegría: Good humor? Really?

Speaker #8: Thank you really

Carlos Gomez-Lopez: Sí, good humor.

Speaker #9: so

Ramón Güemez Sarre: That will not be me. You know this entire group I work.

Speaker #8: Me I work

Speaker #9: I have in in the spirit of a . Three questions . The first one is to . Jorge . What are you going to do without without Ramon ?

Carlos Gomez-Lopez: I have, in the spirit of an analyst, three questions. The first one is to Jorge, what are you going to do without Ramon? Because that's a difficult decision to make. On the numbers thing. Last year, you had a margin of 56.2%. I want to understand correctly, you expect that margin to go up or down this year? Because even with high single-digit revenue growth, given your expenditure plans, it would seem that the margin should go down rather than up. We would like to understand that. Finally, we understand that you have started to hedge the foreign position on the balance sheet. We understand that. Does that also impact the income statement and that is why perhaps the impact of the appreciation of the peso has not been as extreme in this quarter? Thank you so much.

Speaker #9: Because that's a difficult , difficult decision to make on the numbers thing . Last year you had a margin of 56.2% , and I want to understand correctly , you expect that margin to go up or down this year because , you know , even with single digit , high single digit revenue growth , I mean , given your expenditure plans , it would seem that the margin should go down rather than up .

Speaker #9: So we would like to understand that . And finally , we understand that you have started to hedge the foreign position on the balance sheet .

Speaker #9: We understand that . Does that also impact the income statement . And that is why perhaps the impact of the appreciation of the peso has not been as extreme in this quarter .

Speaker #9: Thank you so much .

Jorge Alegría Formoso: You're basically doing that. He's basically said.

Jorge Alegría: You're basically doing that. He's basically said.

Speaker #8: Basically , thank you .

Ramón Güemez Sarre: Thank you, Carlos. On a full year basis, even the margin was 57% last year. As I said, yes, it could go down. We need to have volatility to maintain the margins. If we don't have volatility, margins could be coming down.

Speaker #3: Carlos . On a full year basis , EBITDA margin was 57% last year . And as I said , yes , it it could go down We need we need to have volatility to maintain the margins .

Speaker #3: If we don't have volatility , margins could be coming down . On the hedging efforts . What we're doing is Is managing our our long position .

Carlos Gomez-Lopez: Mm-hmm.

Ramón Güemez Sarre: On the hedging efforts, what we're doing is managing our long position. It means trying to sell the dollars that we have at the end of the month. We're not, as of now, doing any derivatives or efforts on that side. It's just trying to net the balance to zero.

Speaker #3: It means trying to sell the dollars that that we have at the end of the month . We're not as of now , doing any derivatives or Any derivative or efforts on that side .

Speaker #3: It's just trying to net the balance to zero .

Speaker #9: Okay . So that you have an impact on the on the PNL .

Carlos Gomez-Lopez: Okay. That shouldn't have an impact on the P&L?

Speaker #3: No , it should not

Ramón Güemez Sarre: No, it should not.

Speaker #9: Should not .

Carlos Gomez-Lopez: Should not. Okay. Thank you so much.

Speaker #8: Okay .

Speaker #9: Thank you so .

Speaker #8: Much Thank you

Ramón Güemez Sarre: Thank you.

Speaker #2: Thank you . Our next question comes from the line of Yuri Fernandez with JP Morgan . Please proceed with your question .

Operator 2: Thank you. Our next question comes from the line of Yuri Fernandes with J.P. Morgan. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Yuri Fernandes with J.P. Morgan. Please proceed with your question.

Speaker #9: Thank you .

Yuri Fernandes: Thank you, and thank you, Ramón, for all the help over those years. Good luck. I have a question regarding just a follow-up on CapEx. If anything has changed for your previous guidance of MXN 500 million, given this quarter started a little bit soft. I think you are doing less than 10% of the budget for the year. Just checking if I know the investments are still there and the modernizations are still there, like in the big scheme of things. If maybe

Speaker #10: And thank you for all the help those years . Good luck . I have a question regarding just a follow up on CapEx .

Speaker #10: If anything has changed for your previous guidance of 500 million , given this quarter , start a little bit soft . I think you are doing less than than 10% of the budget for the year .

Speaker #10: So just checking if I know the investments are still there and the modernizations are still there, like the big scheme of things.

Speaker #10: But if maybe stronger pairs, or I don't know, if maybe the CapEx budget will be less than the $500 million you mentioned in the previous call.

Yuri Fernandes: Stronger peso. I don't know if maybe the CapEx budget will be less than the MXN 500 million you mentioned the previous call. A second question regarding competition on equities. I think this was a quarter that, I know this is volatile, it change all the time, but you gained some market share. Just on competition dynamics, and if anything has changed between you and the competitor. Thank you.

Speaker #10: And then a second question regarding competition on equity , I think this was a quarter that I know this is volatile . It changes all the time .

Speaker #10: But you gain some market share . So just on competition dynamics , and if anything has changed between you and the competitor , thank you

Speaker #3: Thank you Judy . No , CapEx is still expected to be around 500 . We had a slow start as Jorge said , it's basically the the payment , the timing of payments , but we're still expecting to , to finish the year close to $500 million in CapEx .

Jorge Alegría Formoso: Thank you, Yuri. No, CapEx is still expected to be around 500. We had a slow start, as Jorge said, it's basically the timing of payments. We're still expecting to finish the year close to MXN 500 million in CapEx.

Ramón Güemez Sarre: Thank you, Yuri. No, CapEx is still expected to be around 500. We had a slow start, as Jorge said, it's basically the timing of payments. We're still expecting to finish the year close to MXN 500 million in CapEx.

Yuri Fernandes: Mm-hmm.

Speaker #3: And for competition dynamics , I let I'll take that one . Hello , Yuri . Yes , we have been experiencing improvement in market share explained by some initiatives that were requested to us by our brokerage , mainly to initiatives .

Jorge Alegría Formoso: For competition dynamics, I'll let Alfredo Guillén take that one.

Ramón Güemez Sarre: For competition dynamics, I'll let Alfredo Guillén take that one.

Alfredo R. Guillén Lara: Hello, Yuri. Yes, we have been experiencing improvement in market share, explained by some initiatives that were requested to us by our brokerage. Mainly two initiatives. First, the improvement in block trading dissemination in real time, which is very important for traders to make decisions, and we were lacking detailed information on that. Then we also were requested an improvement in trading reports that are now released by our central counterparty. This information now includes block trading. This gives brokers accurate information regarding their place in the equity markets, and therefore driving more trades to the Mexican Stock Exchange. Basically, we experience better information to the market and better decision-making regarding the depth of the books and trading activity at the Mexican Stock Exchange.

Alfredo Guillén: Hello, Yuri. Yes, we have been experiencing improvement in market share, explained by some initiatives that were requested to us by our brokerage. Mainly two initiatives. First, the improvement in block trading dissemination in real time, which is very important for traders to make decisions, and we were lacking detailed information on that. Then we also were requested an improvement in trading reports that are now released by our central counterparty. This information now includes block trading. This gives brokers accurate information regarding their place in the equity markets, and therefore driving more trades to the Mexican Stock Exchange. Basically, we experience better information to the market and better decision-making regarding the depth of the books and trading activity at the Mexican Stock Exchange.

Speaker #3: First , the improvement in block trading dissemination in real time , which is very important for traders to make decisions and we were lacking detailed information on that .

Speaker #3: And then we also were requested an improvement in trading reports that are now released by our central counterpart . And this information now includes block trading .

Speaker #3: So this gives broker's accurate information regarding their place in the equity markets and therefore driving more trades to the Mexican stock exchange . So so .

Speaker #3: Basically, we experienced better information to the market and better decision-making regarding the depth of the books and trading activity at the Mexican Stock Exchange.

Speaker #10: No, super, super clear. Thank you for the explanation.

Yuri Fernandes: Oh, super clear. Thank you for the explanation.

Speaker #3: Thank you . Yuri

Jorge Alegría Formoso: Thank you, Yuri.

Ramón Güemez Sarre: Thank you, Yuri.

Operator 2: Thank you. Our next question is a follow-up from the line of Carlos Gomez-Lopez with HSBC. Please proceed with your question.

Operator: Thank you. Our next question is a follow-up from the line of Carlos Gomez-Lopez with HSBC. Please proceed with your question.

Speaker #2: Thank you . Our next question is a follow up from the line of Carlos Gomez Lopez with HSBC . Please proceed with your question

Carlos Gomez-Lopez: Yes, thank you. Just a follow-up on the dividend. Have you decided what dividend level you would recommend? And what should we expect in terms of buyback for the year? Thank you.

Speaker #9: Yes . Thank you . Just a follow up on the dividend . Have you decided what dividend level you would recommend and what should we expect in terms of payback for the year ?

Speaker #9: Thank you

Speaker #8: The dividend is what we consider , Carlos , a $2.50 per share . That's what that was going to be proposed for the General Assembly , which is .

Jorge Alegría Formoso: The dividend is what we had said, Carlos, MXN 2.50 per share. That is going to be proposed for the general assembly, which is going to be next Monday?

Ramón Güemez Sarre: The dividend is what we had said, Carlos, MXN 2.50 per share. That is going to be proposed for the general assembly, which is going to be next Monday?

Speaker #3: Going to be next next Monday , next week , next week . And and for the buybacks , we don't have a fixed amount as as we said , our purpose was to to give back 80% of net income .

Hanna Rivas Karg: Yeah. Next week.

Hanna Rivas: Yeah. Next week.

Jorge Alegría Formoso: Next week?

Ramón Güemez Sarre: Next week?

Hanna Rivas Karg: Yeah.

Hanna Rivas: Yeah.

Hanna Rivas Karg: For the buybacks, we don't have a fixed amount. As we said, our purpose was to give back 80% of net income. The dividend amounts to 70%. If the buyback does not cover the remaining 10%, we will be proposing an extraordinary dividend for Q3. More than a specific amount for buybacks, we have a specific amount for overall capital return, which is 80% of net income from last year.

Ramón Güemez Sarre: For the buybacks, we don't have a fixed amount. As we said, our purpose was to give back 80% of net income. The dividend amounts to 70%. If the buyback does not cover the remaining 10%, we will be proposing an extraordinary dividend for Q3. More than a specific amount for buybacks, we have a specific amount for overall capital return, which is 80% of net income from last year.

Speaker #3: The dividend amounts to 70%. If the buyback does not cover the remaining 10%, we will be proposing an extraordinary dividend for Q3.

Speaker #3: So, more than a specific amount for buybacks, we have a specific amount for overall capital return, which is 80% of net income from last year.

Speaker #9: Okay . Very clear . Thank you .

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

Speaker #3: Thank you

Jorge Alegría Formoso: Thank you.

Jorge Alegría: Thank you.

Ramón Güemez Sarre: Yeah.

Speaker #2: Thank you , ladies and gentlemen . That concludes our question and answer session . I'll turn the floor back to Mr. Alegria for any final comments .

Operator 2: Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Alegría for any final comments.

Operator: Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Alegría for any final comments.

Speaker #4: Well thank you . Thank you very much to all for for for joining . We had a pretty interesting quarter . We will continue to The strengthen the our initiatives on the on the technology side , keeping a very strong control on , on , on , on costs and expenses .

Jorge Alegría Formoso: Well, thank you. Thank you very much to all for joining. We had a pretty interesting quarter. We will continue to strengthen our initiatives on the technology side, keeping a very strong control on costs and expenses. I want to reiterate my appreciation to Ramón Güemez Sarre for all those years working with us. In the meantime, while we made a definitive appointment, you all will be dealing with Luis René Ramón Arana that I'm sure pretty much all of you know. He has been working for the company more than 10 years, specifically in the finance area. He was in charge of investor relations for many years. He led our marketing, sales, and commercial efforts for almost two years now for the exchange with extraordinary positive results. He will be, in the meantime, taking over the CFO role.

Jorge Alegría: Well, thank you. Thank you very much to all for joining. We had a pretty interesting quarter. We will continue to strengthen our initiatives on the technology side, keeping a very strong control on costs and expenses. I want to reiterate my appreciation to Ramón Güemez Sarre for all those years working with us. In the meantime, while we made a definitive appointment, you all will be dealing with Luis René Ramón Arana that I'm sure pretty much all of you know. He has been working for the company more than 10 years, specifically in the finance area. He was in charge of investor relations for many years. He led our marketing, sales, and commercial efforts for almost two years now for the exchange with extraordinary positive results. He will be, in the meantime, taking over the CFO role.

Speaker #4: I want to reiterate my appreciation to to Ramon to Ramon Gomez for all those years working with us in the in the meantime , while we made a definitive appointment , you all will be dealing with Luis Ramon that I'm sure pretty much all of you know , he has been working for the company more than ten years , specifically in the finance area .

Speaker #4: He was in charge of investor relations for many years, and he led our marketing, sales, and commercial efforts for almost two years now for the exchange with extraordinary positive results.

Speaker #4: So he will be in the meantime , taking over the CFO , CFO role . So I'm sure that he will have plenty plenty of things to , to deal with and happy to , to answer your , your , your questions .

Jorge Alegría Formoso: I'm sure that he will have plenty of things to deal with and happy to answer your questions moving forward. Thank you, Ramón Güemez, again. We certainly are going to miss you on a lot of things, not on your humor, definitely. We wish you well. Above all, thank you all for your time and for listening to our remarks, and see you and talk to you soon, if not in the next quarter.

Jorge Alegría: I'm sure that he will have plenty of things to deal with and happy to answer your questions moving forward. Thank you, Ramón Güemez, again. We certainly are going to miss you on a lot of things, not on your humor, definitely. We wish you well. Above all, thank you all for your time and for listening to our remarks, and see you and talk to you soon, if not in the next quarter.

Speaker #4: Moving , moving forward . So thank you again , we definitely are going to miss you on a lot of things , not only your humor , definitely , but the , the we wish you well and above all , thank you all for for your time and listening .

Speaker #4: Our remarks, and see you and talk to you soon—if not in the next quarter.

Operator 2: Thank you.

Operator: Thank you.

Jorge Alegría Formoso: Thank you.

Jorge Alegría: Thank you.

Operator 2: This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

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

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