Bolsa Mexicana de Valores B de C : PRESS RELEASE 3Q23

3rd QUARTER 2023 RESULTS

Mexico City, October 17th, 2023. - Bolsa Mexicana de Valores, S.A.B. de C.V., ("the Bolsa or the BMV") (BMV: BOLSA A) today announced its results for the third quarter of 2023, highlighting:

3Q2023 VS. 3Q2022

• Revenues reached 933 million pesos, 45 million or 5% lower compared to 3Q22 explained by:
• 1. lower trading in transactional businesses, ii) fewer cross-border transactions in the global market and iii) unfavorable exchange effect on dollarized services after the appreciation of the peso MXN against the dollar USD.
• Expenses increased 3% due to higher personnel expenses, as well as technology developments and implementations.
• EBITDA was registered at 512 million pesos with a margin of 55% in 3Q23. Adjusted EBITDA for 9M23, excluding non-recurring items from 2022, decreased 8% which is partly explained by the exchange rate negative impact of 62 million pesos.
• Net income amounted to 330 million pesos.

FINANCIAL HIGHLIGHTS (1)

	3Q23	3Q22	Var %	9M	9M	Var %
	2023	2022
Revenues	933	979	-5%	2,913	3,126	-7%
Expenses	475	462	3%	1,430	1,358	5%
Operating Income	458	517	-11%	1,484	1,768	-16%
EBITDA	512	571	-10%	1,653	1,935	-15%
EBITDA Margin	55%	58%	-353bps	57%	62%	-516bps
Adjusted EBITDA	512	571	-10%	1,653	1,801	-8%
Adjusted EBITDA Margin	55%	58%	-353bps	57%	60%	-345bps
Net Income	330	400	-18%	1,100	1,283	-14%
CAPEX	16	18	-15%	135	54	149%

OPERATIONAL HIGHLIGHTS

		3Q23	3Q23	Var %	9M 2023	9M 2022	Var %
ADTV -Equity(1)(2)		13,642	15,906	-14%	15,404	18,811	-18%
Futures - Volume (3)		31,579	35,458	-11%	38,615	36,023	7%
Swaps Notional Value (1)	165,580	104,623	58%	584,734	337,636	73%
Margin Deposits (1)		32,941	37,020	-11%	34,821	33,369	4%
(1) Million pesos	(2)	Average Daily Traded Value	(3) Daily Average

During the third quarter of 2023, BMV's revenues decreased by 45 million pesos compared to the same quarter of 2023 due to lower equity trading and fewer cross-border transactions in Indeval, as well as an adverse exchange rate effect. Expenses increased 14 million pesos explained by higher personnel expenses and technology costs.

In 9M22, BMV Group registered non-recurringrevenue in Indeval and SIF ICAP for 134 million pesos. Adjusted EBITDA up to September decreased 8% and EBITDA margin was 57%.

For more information: Luis René Ramón, Investor Relations [phone]

[e-mail]

REVENUES

During the third quarter of 2023 the exchange rate, USDMXN, reached a minimum and maximum of 16.7 and 17.7 pesos per U.S. dollar, respectively, and for the quarter the exchange rate closed at 17.6. The average USD/MXN exchange rate was 17.7, while the previous year was 20.2, resulting in an appreciation of the MXN peso of 13%. Moreover, INEGI published the inflation rate estimate for 2023 at 4.4% and the Central Bank (Banco de México) set the reference interest rate at 11.25%. In the U.S., the Federal Reserve set the interest rate to a range of 5.0%-5.25%. In these conditions, BMV's revenues for the third quarter of 2023 amounted to 933 million pesos.

					Quarterly Revenues (1)			Revenues up to 3Q23(2)
					2023 vs. 2022				2017-2023
		2022		2023						CAGR(2) +3.9%
										2,960	3,126	2,913
1,150								2,874
						2,632	2,663
1,034	997 946	979 933
973		2,314

1Q	2Q	3Q	4Q	2017	2018	2019	2020	2021	2022	2023
(1) Million pesos					(2) Compound Annual Growth Rate
Revenue Detail (1)
			3Q - 2023 vs 2022			9M - 2023 vs 2022
			Revenue	Var %			Revenue	Var %
Cash Equities			-8,086	-7%			-48,795		0
Cash equities trading- BMV		-7,890	-11%			-36,647	-15%
Cash equities clearing- CCV		-196	0%			-12,148		-8%
Derivatives			-4,759	-9%			1,642		1%
MexDer			-1,825	-7%			-1,518		-2%
Asigna			-2,934	-10%			3,160		4%
OTC (SIF ICAP)			9,871	6%			-5,046		-1%
Capital Formation			-750	-1%			6,222		2%
Listing fees- BMV			3,877	24%			5,465		14%
Maintenance Fee- BMV		-4,627	-4%				757		0%
Central Securities Depository		-33,302	-12%			-194,245	-20%
Information Services			95	0%			36,838		7%
Price Vendor- Valmer		5,703	11%			28,230		19%
Data Sales			-5,608	-4%			8,608		2%
Others			-8,451	-20%			-9,877		-9%
Total			-45,381	-5%			-213,261		-7%
(1) Million pesos
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Cash Equities

Cash Equities revenue, which mainly comprises Domestic and Global Market activities, was 114 million pesos, down 8 million compared to 3Q22.

Trading revenues were 67 million pesos, 8 million lower than the third quarter of 20222. The average daily trading value (ADTV) for the third quarter of 2023 was 13,642 million pesos, down 14% compared to the third quarter of the previous year. In 3Q23, the local and global markets participated with 66% and 34% of the BMV's total VOPD, respectively. The local market grew by 21%, while the global market decreased by 45%. This behavior is mainly explained by the strength of the MXN peso against the USD dollar, as well as the level of real interest rates in Mexico.

In the year-to-dateresults, trading revenues were down 37 million or -15% to 215 million pesos. During the first nine months of 2023, the ADTV was 15,404 million pesos, down 18% compared to the same months of 2022. BMV's market share in the 9M22 was 84%: 86% in the local market and 81% in the global market.

Stock market operating highlights in BMV- Equities

	3Q23	3Q22	Var %	9M	9M	Var %
	2023	2022
Total Market
Daily average value traded (1)	13,642	15,906	-14%	15,404	18,811	-18%
Daily average volume (2)	287,547	206,276	39%	254,983	247,337	3%
Local Market
Daily average value traded (1)	8,991	7,453	21%	8,996	9,060	-1%
Daily average volume (2)	281,245	195,807	44%	246,326	235,523	5%
Global Market (SIC)
Daily average value traded (1)	4,651	8,453	-45%	6,408	9,752	-34%
Daily average volume (2)	6,302	10,469	-40%	8,657	11,814	-27%

1. Million pesos
2. Thousand shares

During the third quarter, cash equity clearing (CCV) were 47 million pesos, in line with 3Q22. The ADTV of the total Mexican cash equities market was 16,377 million pesos, 11% lower than 9M22. Similar revenue despite a lower ADTV is because in this term there was a lower number of cross trades carried out compared to the same period last year, which only require registration but not settlement.

Up-to-September, CCV presented lower revenues by 12 million pesos or -8% to 148 million compared with the same period in 2022. The ADTV of the total Mexican cash equities market during the first nine months of 2023 was 18,409 million pesos, 12% lower than 9M22. Similarly, in the accumulated months of 2022 there was a lower number of cross trades compared to the same period of the previous year.

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Derivatives

Derivatives trading (MexDer) in the third quarter presented revenues for 23 million pesos, 2 million or 7% lower versus 3Q22 mainly because of a lower volume in dollar futures, partly offset by higher trading in interest rate swaps.

In the period up to September 2023, MexDer registered 76 million pesos in revenue, 2 million or 2% lower compared to 9M22. At the end of September 2023, dollar futures had a similar behavior to the previous year, while interest rate swaps showed a growth of 73%.

MexDer charges a different trading fee based on the type of contract. Therefore, changes in contract operations do not necessarily reflect revenue movements.

Futures operating highlights - Futures

	3Q23	3Q22	Var %	9M	9M	Var %
	2023	2022
IPC Index	1,252	1,330	-6%	1,398	1,381	1%
Mini IPC	16	3	513%	9	3	151%
Overnight TIIE Funding Rate	0	0	-	105	0	-
Currencies	25,756	33,159	-22%	33,173	33,964	-2%
Bonds	39	77	-50%	66	153	-57%
Equities	4,517	889	408%	3,865	521	642%
Subtotal	31,579	35,458	-11%	38,615	36,023	7%
Swaps TIIE 28	25,474	16,096	58%	30,775	17,770	73%
TOTAL	57,053	51,553	11%	69,391	53,793	29%
Contracts (daily average)

TIIE 28 Swaps

	3Q23	3Q22	Var %	9M	9M	Var %
	2023	2022
Notional Value (1)	165,580	104,623	58%	584,734	337,636	73%
(1) Million pesos

During the third quarter of 2023, derivatives clearing (Asigna) reported revenues for 27 million pesos, down 3 million or -10% compared to 3Q22. The average margin deposits were 33 billion pesos or 11% lower than on the third quarter of 2022 because of lower market volatility, as well a lower volume in dollar futures in MexDer.

When compared with the same accumulated months of 2022, Asigna's revenues increased by 3 million to 87 million pesos mainly due to larger margin deposits (+4% vs 9M22), as well as higher trading in interest rate swaps.

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Asigna charges 2 basis points on the average margin deposits and different settlement fees based on the type of contract traded.

Margin Deposits

	3Q23	3Q22	Var %	9M	9M	Var %
	2023	2022
Margin Deposits (1)	32,941	37,020	-11%	34,821	33,369	4%

(1) Million pesos

OTC Trading (SIF ICAP)

Revenue for SIF ICAP in 3Q23 was 181 million pesos, 10 million or 6% higher when compared with the same period in 2022. SIF ICAP Mexico's revenue was up 6 million pesos or 11% because of higher trading of interest rate swaps (IRS) and MéxiCO2, a subsidiary firm specialized in promoting environmental markets and a carbon credit platform. Revenue in SIF ICAP Chile increased by 4 million pesos or 4% due to higher volatility in Chilean financial markets.

Accumulated revenue decreased by 5 million or -1% to 553 million pesos. SIF ICAP Mexico revenue increased 12% mainly explained by higher trading in interest rate swaps (IRS). It is important to mention that, in 2022, SIF ICAP Chile recorded non-recurring revenue from VAT refunds for an amount of 37 million pesos. This item has no impact on personnel variable compensation.

Excluding non-recurring items, SIF ICAP Chile increased 4% in the first nine months of 2023 due to higher trading and the services provided by MéxiCO2 explained previously.

As a result of the variable compensation plan, a better performance in this business has an impact in personnel expenses and viceversa.

Capital Formation

During the third quarter, listing revenues reached 20 million pesos, 4 million or 24% higher compared to 2Q23. In the debt market, 327 short-term debt issuances were placed for an amount of 70 billion pesos (+36% vs. 2Q23) and 24 long-term issuances for an amount of 54 billion pesos (+20% vs 2Q23). It is important to highlight that 47% of the amount placed in long-term debt was made through sustainable securities. Additionally, Traxión made a follow-on public offering for 4.9 billion pesos in the equity market.

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