Equity Snap: Bolsa Mexicana (BOLSAA MM) Slight miss on taxes; still lacking operating leverage

Research evidence excerpt

Equity Snap: Bolsa Mexicana (BOLSAA MM) Slight miss on taxes; still lacking operating leverage

21 July 2026

Equity Snap: Bolsa Mexicana Equities Diversified Financial Srvcs

(BOLSAA MM)

Slight miss on taxes; still lacking operating leverage Mexico

◆ Higher volumes fail to translate into earnings growth; EPS up Carlos Gomez-Lopez, CFA

3% y/y, down 7% sequentially; CAPEX accelerating Head of EM and LatAm Financials HSBC Securities (USA) Inc.

carlos.gomezlopez@us.hsbc.com

+1 212 525 5253

Bolsa Mexicana (BOLSAA MM, MXN35.42, Hold, TP MXN40.00)

Neha Agarwala, CFA

(Priced as of 21 Jul 2026) Senior Analyst, Fintech & LatAm Financials

HSBC Securities (USA) Inc.

Volumes grow in H1: With a strong start of the year in Mexican financial markets, neha.agarwala@us.hsbc.com

ADTV expanded 20% y/y; local volumes grew 17%, while the SIC (international +1 212 525 5418

securities listed in Mexico) were up 23% y/y, despite MXN appreciation. The value of

assets under custody also grew 13% y/y.

Revenues, less so: Because Bolsa is less leveraged to traded volumes than other

exchanges, revenues grew a more modest 8% y/y; equities and data sales dragged

the total, while custody (Indeval) expanded 9% y/y. During Q2, three new companies

issued debt instruments and there was one IPO, raising cUSD275 million.

Expenses up 13% y/y as the company invests: Under new CEO Jorge Alegria, the

company has been more willing to spend and expand. Costs have grown in every

category (personnel, technology, marketing). Naturally, this impacts margins.

EBITDA margin eases 1.9ppt, in part due to MXN appreciation: EBITDA margin

declined from 57.2% to 55.3% y/y, 193bp in total; for the first half of the year, the

decline is 138 bp. Notice that EBITDA is affected by the appreciation of the Mexican