EarningsQ2 2026 Earnings Report

Bolsa Mexicana de Valores SAB de CV (BOLSAA) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:BOLSAA Q2 2026 EPS Results

Actual EPS$0.74

Consensus EPS$0.75

Beat/MissMissed by -<$0.01

One Year Ago EPS$0.71

MX:BOLSAA Q2 2026 Revenue Results

Actual Revenue$1.20B

Expected Revenue$1.20B

Beat/MissMissed by -$3.45M

YoY Revenue Growth+7.73%

Earnings Announcement Details

QuarterQ2 2026

Date07/21/2026

TimeTBA

Conference CallTuesday, July 21, 2026

MX:BOLSAA Upcoming Earnings

Bolsa Mexicana de Valores SAB de CV's next earnings date is estimated for October 20, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:BOLSAA Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 21, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a broadly constructive operational picture: strong trading volumes, market share gains, notable capital formation transactions, custody growth, and clear progress on the multi-wave Digital Evolution program that should enable material revenue upside from 2027 onward. Offsetting these positives are near-term headwinds from FX, lower financial income, elevated operating expenses tied to strategic hiring and technology investment, and modest immediate EPS expansion. On balance, the fundamentals and strategic roadmap point to meaningful medium-term growth while the company remains in an execution-heavy investment phase.

Company Guidance

Management reiterated full‑year 2026 CapEx guidance of MXN 500 million (MXN 120M spent YTD + MXN 250M committed, MXN 370M to date) and expects 2027–28 CapEx to be roughly MXN 300M per year (≈MXN 100M maintenance + MXN 150–200M transformation); the Digital Evolution program’s wave 1 (derivatives/clearing) began technical testing in June with functional testing in September and a targeted go‑live in Q1 2027 (revenue contribution expected from Q2 2027), wave 2 (repo/bond CCP) is expected to generate revenues in H2 2027, and wave 3 (CSD/equity CCP) is planned for 2028; management expects MexDer+Asigna (today ~MXN 150M p.a.) to “significantly increase,” CCP revenues (today MXN 250M) to at least double in the medium term, repo clearing could capture ~30% of a repo market management describes as ~100× equity volumes, and near‑term financial guidance calls for personnel expense to remain at Q2 levels, technology spend to grow only in single digits, and EBITDA margins to be sustained around 55–56% (note current H1 results: operating income MXN 52M up 4%, EBITDA MXN 1.3B up 5% with a 56% margin; revenues +MXN 91M/+8% in Q2; OpEx +13% in Q2; tax rate 31.6%; Q2 EPS MXN 0.74/+3% YoY; H1 EPS MXN 1.53/+2.3%), while FX exposure (~30% dollar‑linked) implies roughly MXN 50–60M EBITDA sensitivity per 1 MXN FX move.

Top-line Growth

Total revenues grew MXN 91 million (8%) in the quarter and 8% for the first six months of 2026, led by transaction-based businesses (equity derivatives, OTC trading and clearing) and solid subscription revenues.

Equity Trading Momentum

Average daily trading value (ADTV) in BMV equities was ~MXN 21.5 billion, up >20% vs. 2025; BMV equity market share rose from 78% in Q1 to 82% in Q2.

Clearing and Derivatives Strength

Equity CCP ADTV reached MXN 26 billion, a 70% YoY increase; dollar-peso futures activity grew 26% YoY; margin deposits in derivatives clearing rose to MXN 42.5 billion driven by higher open interest.

Post-trade and Custody Growth

Custody balances at Indeval closed the quarter at MXN 48 trillion, up 13% YoY, driven by pension funds, pension managers and equity-accounted assets; Global market (SIC) showed strong demand despite a stronger peso.

Capital Formation and New Issuers

Notable transactions included Banco Sabadell MXN 4 billion bond ( >2x oversubscribed ), Park Life (new residential FIBRA segment), and Credijal MXN 250 million debt issuance via the 'zero to Bolsa' program; fixed income pipeline ~MXN 50 billion in the coming months.

Profitability and Margins

EBITDA for the first half was MXN 1.3 billion, up 5%, with an EBITDA margin of ~56% (quarter margin ~55%); operating income for H1 was MXN 52 million, up 4%.

Earnings Per Share and Shareholder Returns

Earnings per share: Q2 MXN 0.74 (up 3% YoY); H1 MXN 1.53 (up 2.3% YoY). Returned MXN 2.05 per share dividend (70% payout) plus MXN 160 million in repurchases, totaling distributions equal to 81% of last year's net income.

Digital Evolution Program Progress

Transformation program on track: Wave 1 (derivatives platform) technical testing began in June with functional testing starting September and go-live targeted Q1 2027; management expects revenue contribution from Wave 1 beginning Q2 2027 and additional revenue from repo CCP (Wave 2) in H2 2027; Wave 3 (CSD/equity CCP evolution) targeted for 2028.

Expected Structural Revenue Upside from Post-trade

Current MexDer + Asigna combined invoicing ~MXN 150 million/year and CCP invoicing ~MXN 250 million; management expects these businesses to 'significantly increase' with CCP at least doubling in the medium term as new clearing services (e.g., repo) and product breadth are introduced.

Capital Allocation and Balance Sheet Actions

YTD CapEx MXN 120 million with MXN 250 million committed (MXN 370 million of MXN 500 million FY budget); full exit and monetization of remaining ONE stake; guidance for 2027-28 CapEx ~MXN 300m+ per year (maintenance + transformation).

MX:BOLSAA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 20, 2026	2026 (Q3)	0.74 / -	0.7	―
Jul 21, 2026	2026 (Q2)	0.75 / 0.74	0.715	4.06% (+0.03)
Apr 21, 2026	2026 (Q1)	0.72 / 0.79	0.781	1.02% (<+0.01)
Feb 10, 2026	2025 (Q4)	1.27 / 0.67	0.83	-19.28% (-0.16)
Oct 21, 2025	2025 (Q3)	0.74 / 0.70	0.729	-3.98% (-0.03)
Jul 22, 2025	2025 (Q2)	0.75 / 0.71	0.678	5.46% (+0.04)
Apr 22, 2025	2025 (Q1)	0.70 / 0.78	0.66	18.33% (+0.12)
Feb 11, 2025	2024 (Q4)	0.71 / 0.83	0.717	15.76% (+0.11)
Oct 22, 2024	2024 (Q3)	0.69 / 0.73	0.575	26.78% (+0.15)
Jul 23, 2024	2024 (Q2)	0.70 / 0.68	0.617	9.89% (+0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed