Bolsa Mexicana de Valores (BOLSA.A.MX): More Details on Investment Plan – 2Q26 Call

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Bolsa Mexicana de Valores (BOLSA.A.MX): More Details on Investment Plan – 2Q26 Call

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22 Jul 2026 10:28:55 ET │ 10 pages

Bolsa Mexicana de Valores (BOLSAA.MX)

More Details on Investment Plan – 2Q26 Call

CITI'S TAKE

Neutral We joined BMV's conference call. Management remained focused on the

digital evolution program, providing greater visibility on the timing, Price (21 Jul 26 14:00) P$35.44

economics, and investment needs of its key initiatives. While the company Target price P$37.00

remains in an investment phase, hiring appears largely complete, capex Expected share price return 4.4%

guidance was reiterated, and management expects new products and Expected dividend yield 6.2%

clearing services to start supporting revenue growth from 2027 onward. Expected total return 10.6%

Importantly, management remains confident in sustaining margins

Market Cap P$19,548M around current levels despite ongoing technology investments.

US$1,123M

Conference Call Highlights:

• Digital Evolution progressing on schedule: The derivatives platform Arnon Shirazi, CFAAC

remains on track for a 1Q27 launch, with participant testing beginning in +55-11-4009-7906

September. Management expects the platform to support new products, arnon.shirazi@citi.com

greater trading functionality, more efficient collateral management, and Gustavo Schroden

revenue contribution beginning in 2Q27. +55-11-4009-5858

gustavo.schroden@citi.com

• New initiatives could materially expand growth opportunities:

Management highlighted that derivatives currently generate ~P$250mn in Brian Flores, CFA

annual revenues and should grow meaningfully following the new platform +55-11-4009-2842

rollout. In fixed-income clearing, the upcoming repo CCP is expected to luis.brian.flores@citi.com