Bolsa Mexicana de Valores B de C : PRESS RELEASE 4Q22

4th QUARTER 2022 RESULTS

Mexico City, February 14th, 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 fourth quarter of 2022, highlighting:

1. In the fourth quarter revenue reached 973 million pesos, down 77 million or 7% lower than 4Q21 mainly due to non-recurring revenues during 4Q21 for 70 million, as well as a lower number of cross-border transactions and settlements for the global market in Indeval. For the full year, revenues totaled 4,100 million pesos, 4.5% higher than the previous year.

1. Expenses increased 50 million pesos or 12% compared to 4Q21 because of lower variable compensation paid in 2021 and consulting fees. Considering last year's extraordinary items, expenses were up only 6% in the quarter. In the annual result, expenses were 1,816 million pesos or 3.9% above 2021.

1. Net income amounted to 379 and 1,662 million pesos for the 4Q22 and full year 2022, respectively. Earnings per share increased 6% from 2.72 to 2.87 pesos per share.

1. EBITDA margin was 61% for the year, in line with 2021.

FINANCIAL HIGHLIGHTS (1)

	4Q22	4Q21	Var %	2022	2021	Var %
Revenues	973	1,050	-7%	4,100	3,924	4%
Expenses	458	408	12%	1,816	1,747	4%
Operating Income	515	642	-20%	2,283	2,177	5%
EBITDA	568	702	-19%	2,503	2,409	4%
EBITDA Margin	58%	67%	-856bps	61%	61%	-34bps
Net Income	379	498	-24%	1,662	1,597	4%
CAPEX	33	54	-39%	87	79	10%
(1) Million pesos

OPERATIONAL HIGHLIGHTS

		4Q22	4Q21	Var %	2022	2021	Var %
ADTV -Equity(1)(2)		14,716	15,969	-8%	17,804	17,000	5%
Futures - Volume (3)		44,520	21,503	107%	38,113	31,451	21%
Swaps Notional Value (1)	39,563	167,377	-76%	377,199	532,453	-29%
Margin Deposits (1)		36,385	30,988	17%	34,123	33,547	2%
(1) Million pesos	(2)	Daily Average Traded Value	(3) Daily Average

During the fourth quarter of 2022, BMV's revenue decreased 77 million pesos compared to the fourth quarter of 2021 (4Q21) mainly due to non-recurring revenues during 2021 in Indeval and Other Revenue for 70 million pesos, as well as a lower number of trades settled in the global market in Indeval. Expenses increased 50 million pesos or 12% above 4Q21, derived from lower variable compensation in 2021, as well as technology and consulting fees. The EBITDA margin was 58% and 61% for 4Q22 and 2022. Net Income was 1,662 million pesos in 2022, 4% above 2021.

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

REVENUE

During fourth quarter of 2022 the exchange rate, USDMXN, reached a minimum and maximum of 19.14 and 20.19 pesos per U.S. dollar, respectively, and for the quarter the exchange rate closed at 19.36. Moreover, INEGI published the inflation rate for 2022 at 7.82% and Banco de México increased, in February 2022, the reference interest rate to 10.5%. The Federal Reserve in the U.S. registered an interest rate between 4.25% - 4.50%. In these conditions, BMV's revenues for the full year of 2022 were 4% higher than in 2021.

Quarterly Revenues (1)					Annual Revenues (1)
2022 vs. 2021							2016-
2022
			2021							CAGR (2) +5.2%
			2022
										3,914	3,924	4,100
1,150
	997			1050		3,548	3,577
983			979
965			3,182
926	973

1Q	2Q	3Q	4Q	2017	2018	2019	2020	2021	2022
(1) Million pesos				(2) Compound Annual Growth Rate

Revenues Detail (1)

	4Q22 vs 4Q21	2022 vs 2021
	Revenue	Var %	Revenue	Var %
Cash Equities	-7,265	-6%	13,636	3%
Cash equities trading- BMV	-7,835	-10%	7,127	2%
Cash equities clearing- CCV	570	1%	6,508	3%
Derivatives	15,785	35%	33,080	17%
MexDer	9,196	43%	24,457	29%
Asigna	6,590	27%	8,623	8%
OTC (SIF ICAP)	23,337	15%	96,088	15%
Capital Formation	-1,615	-1%	-5,732	-1%
Listing fees- BMV	1,202	5%	3,901	7%
Maintenance fees- BMV	-2,817	-3%	-9,633	-2%
Central Securities Depository-Indeval	-74,238	-21%	-4,929	0%
Information Services	-2,609	-2%	62,278	10%
Price Vendor- Valmer	-6,359	-11%	9,523	5%
Data Sales	3,749	3%	52,755	12%
Others	-29,683	-44%	-19,156	-11%
Total	-76,289	-7%	175,264	4%

(1) Thousand pesos

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Cash Equities

Cash Equities revenue, which mainly comprises Local and Global Market activities was 220 million pesos, 7 million or 6% lower than the fourth quarter 2021. Revenue for the full year was recorded at 532 million pesos, 14 million or 3% higher than last year's figures.

Trading revenues decreased by 8 million pesos or 10% to 68 million due to lower value traded. The average daily traded value (ADTV) for the fourth quarter of 2022 was 14,716 million pesos, which represents a decrease of 8% compared to the fourth quarter of the previous year. Furthermore, the ADTV in the local market increased 6%, while the global market or SIC decreased 22% at the Mexican Stock Exchange (BMV). During this period, the SIC participated with 42% of the total ADTV at BMV compared to 50% in 4Q21.

In 2022, trading revenues increased by 7 million or 2% to 320 million pesos. The ADTV increased in the local market 9% while the global market remained the same compared to 2021.

It is important to mention that regulatory changes regarding the best execution rule or the allocation of trades was implemented in August of 2022. Due to these changes, BMV Group decreased its market share to 83% in the fourth quarter of 2022 (86% in the local market and 78% in the global market). As for the full the year, BMV's market share was 88% compared to 92% in 2021.

Stock market operating highlights - Equities

		4Q22	4Q21	Var %	2022	2021	Var %
Total Market
Average daily traded value (1)	14,716	15,969	-8%	17,804	17,000	5%
Average daily volume (2)	221,398	225,545	-2%	240,955	246,058	-2%
Local Market
Average daily traded value (1)	8,462	8,001	6%	8,913	8,143	9%
Average daily volume (2)	214,041	216,576	-1%	230,237	234,059	-2%
International Quotation System	(SIC)
Average daily traded value (1)	6,253	7,968	-22%	8,891	8,857	0%
Average daily volume (2)	7,357	8,969	-18%	10,717	11,999	-11%

(1) Million pesos

(2) Thousand shares

During the fourth quarter, cash equity clearing (CCV) revenues were 52 million pesos, in line with 4Q21. The ADTV of the total Mexican cash equities market was 17.8 billion pesos, 3% higher than 4Q21.

For the full year CCV presented higher revenues by 7 million pesos or 3% compared with 2021. The ADTV of the total Mexican cash equities market was 20.2 billion pesos, 9% higher than last year. However, there was a greater number of cross trades carried out which only need to be registered, but not cleared.

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Derivatives

Derivatives trading (MexDer) in the fourth quarter of 2022 presented revenues for 31 million pesos, 9 million or 43% higher than those of 4Q21. This result is mainly explained by higher traded volume in dollar futures by institutional investors, showing a 108% growth.

In 2022, MexDer registered 109 million pesos in revenue, 24 million or 29% higher than the result of 2021 due to higher traded volume of dollar futures +36%. In 2022, the open interest of dollar futures was 1.6 million contracts, 100% more than the same period of the previous year. The notional value amounted to 358 million USD, the highest since 2014.

It is important to mention that 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

	4Q22	4Q21	Var %	2022	2021	Var %
IPC Index	1,458	1,367	7%	1,400	1,455	-4%
Mini IPC	3	7	-56%	3	15	-77%
28 Day TIIE	81	0	0	20	0	0%
Currencies	41,385	19,860	108%	35,790	26,402	36%
Bonds	81	166	-51%	135	153	-12%
Equities	1,512	102	1380%	765	117	555%
Subtotal	44,520	21,503	107%	38,113	31,451	21%
TIIE 28 Swaps	6,381	26,153	-76%	14,968	21,046	-29%
TOTAL	50,901	47,655	7%	53,081	52,496	1%
(1) Contracts

TIIE 28 Swaps

4Q22	4Q21	Var %	2022	2021	Var %
Notional Value (1) 39,563	167,377	-76%	377,199	532,453	-29%

(1) Million pesos

During the fourth quarter of 2022, derivatives clearing (Asigna) reported revenues for 31 million pesos, up 7 million or 27% compared to 4Q21. The average margin deposits were 36 billion pesos or 17% higher than the fourth quarter of 2021. This result is mainly explained by higher trading in dollar futures during the period.

When compared with 2021, Asigna's revenues in 2022 increased by 9 million to 114 million pesos mainly due to higher volume of dollar futures (+36% vs 2021) and longer-term swap contracts. Furthermore, margin deposits registered a 2% growth and closed the year at 34 billion pesos. Asigna charges 2 basis points on the average margin deposits and different settlement fees based on the type of contract traded.

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Margin Deposits

	4Q22	4Q21	Var %	2022	2021	Var %
Margin Deposits (1)	36,385	30,988	17%	34,123	33,547	2%

(1) Million pesos

OTC Trading (SIF ICAP)

Revenues for SIF ICAP in 4Q22 were 178 million, 23 million or 15% higher when compared with the same period in 2021. SIF ICAP Mexico's revenue was down 1 million pesos or 2% and SIF ICAP Chile´s revenue increased 24 million pesos or 25% due to greater volatility in the financial markets, as well as interest rate adjustments due to inflation expectations.

In 2021, SIF ICAP's revenues were 736 million pesos, 96 million or 15% higher than those of 2021. It is important to mention that, in the first half of 2022, SIF ICAP Chile recorded non-recurring revenues from VAT refunds for an amount of 37 million pesos. This item has no impact on the variable compensation of personnel.

Excluding non-recurring items, SIF ICAP Mexico revenues decreased 3%, while SIF ICAP Chile revenues increased 14%. A better performance in this business has a direct impact on the amount of personnel expenses due to the variable compensation that SIF ICAP has and vice versa.

Capital Formation

During the fourth quarter, listing revenues reached 24 million pesos, up 1 million or 5% compared to 4Q21. In the debt market, 272 short-term debt issues were placed for an amount of 49 billion pesos (+28% vs. 4Q21) and 24 long-term issues for an amount of 82 billion pesos (+38% vs 4Q21). In 4Q22 there were no listings in the equity and alternative markets (CKDs/CERPIs).

In 2022, full year revenues were 62 million pesos, 4 million or 7% higher than those observed in the same period of 2021. The number of listings in short and long-term debt markets was -6% and +23% compared to 2021, with an amount placed at +6% and +53%, respectively. It is important to mention that 44% of long-term debt issuances during 2022 were sustainable through thematic and sustainability- linked bonds. In the equity market, Fibra Monterrey issued a follow-on for 3.5 billion pesos. Regarding CKDs, Lock Capital solutions stands out with three listings for 55 million pesos.

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