Bolsa Mexicana de Valores, S.A.B. de C.V.

Solid, diversified performance; equity softness offset by derivatives & post-trade - Q3 2026 results were resilient in a mixed market: lower equity activity weighed on parts of the equity businesses, but derivatives and post-trade services helped offset it. - Trading (equities): average daily traded value MXN 17bn (+1% YoY); YTD average MXN 20bn (+14% vs 2025). - Market share: equities market share increased to 81% in the quarter. - Central counterparty (equities clearing): MXN 21bn in the quarter (flat vs prior year); YTD MXN 24.5bn (+13%). - Derivatives: strongest segment—volumes +22% YoY and +26% in first 9 months; key drivers: - Dollar-peso futures: +38% YTD - IPC index futures: +7% growth - Derivatives clearing: margin deposits rose to MXN 43bn (quarter), supported by higher open interest.

Capital formation momentum; simplified listing milestone + strong debt issuance - Major milestone: first debt issuance under the simplified listing framework (intended to broaden access and speed “time to market”). - Adventus Capital securitization: MXN 560m backed by credit portfolio to refinance state debt; process completed in ~1 month (management highlights this as evidence the framework can reduce friction for mid-sized issuers). - Debt market activity remained robust, including CFE issuance of MXN 20bn (largest deal of the period). - Warrants: continued momentum, reflecting growing investor demand for yield-enhancing products. - IPO pipeline: 4 confidential companies in process; management expects timing depends on market conditions.

Financials: revenue growth but higher cost base; FX headwind; cash generation intact - Revenues: +MXN 59m (+5%) YoY in Q3; supported by transaction-based businesses (derivatives, OTC trading, custody). Subscription revenues were resilient but affected by unfavorable FX on dollar-denominated lines. - Operating expenses: +12% YoY, largely due to strategic investments for the digital roadmap. - EPS: MXN 0.72 (+2% YoY). - First 9 months: operating income +3% (+MXN 49m); EBITDA MXN 2.0bn (+4%), EBITDA margin 56%. - FX sensitivity: management notes EBITDA would have been ~MXN 96m higher on constant currency, highlighting FX impact on reported figures. - Cash flow: operating cash flow MXN 1.4bn (after payments to suppliers/employees/taxes); funded MXN 1.2bn investment activities and MXN 345m financing activities (including dividends and buybacks, per CFO).