Bolsa Mexicana de Valores B de C : Financial report 1Q2023PRESS RELEASE 1Q23YEAR 2023

1st QUARTER 2023 RESULTS

Mexico City, April 18th, 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 first quarter of 2023. All numbers are in Mexican Pesos.

1Q2023 vs 1Q2022

• Revenues were 1,034 million pesos, 116 million or 10% lower compared to 1Q22. It should be noted that last year we reported non-recurring revenue at the Central Securities Depository Indeval and SIF ICAP Chile for 129 million pesos. Excluding these items, revenue increased 13 million or 1% explained by better results in information services, derivatives, and capital formation.
• Expenses increased 5% due to higher personnel expenses, the option to purchase the remaining shares of SIF Chile and BMV´s building renovations.
• EBITDA was registered at 620 million pesos with a margin of 60%. Adjusted EBITDA, excluding non-recurring items from 1Q22, decreased 8 million or 1%.
• Net income amounted to 415 million pesos.

FINANCIAL HIGHLIGHTS (1)

	1Q23	1Q22	Var %
Revenues	1,034	1,150	-10%
Expenses	471	449	5%
Operating Income	563	701	-20%
EBITDA	620	757	-18%
EBITDA Margin	60%	66%	-587bps
Adjusted EBITDA	620	628	-1%
Adjusted EBITDA Margin	60%	61%	-154bps
Net Income	415	479	-13%
CAPEX	24	9	167%

OPERATIONAL HIGHLIGHTS

	1Q23	1Q22	Var %
DATV -Equity(1)(2)	18,350	21,372	-14%
Futures - Volume (3)	48,137	32,124	50%
Swaps Notional Value (1)	140,811	129,535	9%
Margin Deposits (1)	38,043	29,690	28%

(1) Million pesos (2) Daily Average Traded Value (3) Daily Average

During the first quarter of 2023 (1Q23), BMV Group's revenues decreased by 116 million pesos compared with the same quarter of 2022 (1Q22) mainly due to non-recurring revenue last year and exchange rate fluctuations. Expenses increased 21 million pesos or 5% in comparison with 1Q22, due to higher personnel expenses, the option to purchase the remaining shares of SIF ICAP Chile, and building renovations. Adjusted EBITDA, excluding non-recurring items in 1Q22, decreased 1% and the EBITDA margin was 60%. Net Income was registered at 415 million pesos.

Please contact Luis René Ramón, Head of Inverstor Relations, [phone] [e-mail] any queries you may have.

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REVENUE

During first quarter of 2023 the exchange rate, USDMXN, reached a minimum and maximum of

1. and 19.49 pesos per U.S. dollar, respectively, and for the quarter the exchange rate closed at

1. The average USD.MXN exchange rate 1Q23 was 18.43, while the previous year it was 20.39, resulting in an appreciation of the MXN peso of 10%. Moreover, INEGI published the inflation rate estimate at 7.8% and the Central Bank (Banco de México) set the reference interest rate at 11.25%.

BMV Group registered non-recurring revenue in Indeval and SIF ICAP for 129 million pesos in 1Q22. Excluding these items and under the current economic context, BMV Group revenue increased 1% compared to 1Q22.

Quarterly Revenues (1)			First Quarter Revenues (1)
		2022		2023					CAGR(2) +4.2%
1150
													1,150
											996	983	1,034
1,034	997	979	842	845
						973

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

Revenues Detail (1)

	1Q23 vs. 1Q22
	Revenue $	Var %
Cash Equities	-14,707	-10%
Cash equities trading- BMV	-10,297	-11%
Cash equities clearing- CCV	-4,410	-8%
Derivatives	9,456	18%
MexDer	2,769	11%
Asigna	6,687	27%
OTC (SIF ICAP)	-17,441	-8%
Issuers	6,358	5%
Listing fees- BMV	-1,629	-14%
Maintenance fees- BMV	7,988	7%
Central Securities Depository	-123,721	-30%
Information Services	24,229	14%
Price Vendor- Valmer	19,547	44%
Data Sales	4,682	4%
Others	-398	-1%
Total	-116,225	-10%

(1) Thousand pesos

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Cash Equities

Cash Equities revenue, which mainly comprises Local and Global Market activities, was 136 million pesos, 15 million or 10% lower than 1Q22.

Trading revenues were 82 million pesos, which presents a decrease of 11% or 10 million compared with the same period last year. The average daily trading value (ADTV) for the first quarter of 2023 was 18,350 million pesos, which represent 14% less than in 1Q22. The global market (SIC) participated with 52% and the local market with 48% of the total ADTV.

The BMV's market share in 1Q23 was 85%, while in 1Q22 it was 91%. The difference is due to regulatory changes regarding the allocation of brokerage house trades that came into effect in August 2022. It is important to mention that the BMV recovered 200 base points of market share compared to the last quarter of the previous year.

Stock market operating highlights - Equities

	1Q23	1Q22	Var %
Total Market
Daily average value traded (1)	18,350	21,372	-14%
Daily average volume (2)	224,578	270,069	-17%
Local Market
Daily average value traded (1)	8,812	9,955	-11%
Daily average volume (2)	211,512	256,989	-18%
Global Market (SIC)
Daily average value traded (1)	9,538	11,417	-16%
Daily average volume (2)	13,067	13,080	0%

1. Million pesos
2. Thousand Shares

Cash equity clearing (CCV) registered revenues for 54 million pesos in the quarter, 4 million or 8% lower than the first quarter of 2022. It is important to mention that the CCV acts as the Central Securities Counterparty and Clearinghouse for all the Mexican stock markets. The ADTV of both Stock Exchanges during 1Q23 was 21,643 million pesos, 8% less compared to 1Q22.

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Derivatives

Derivatives revenue, which mainly comprises trading and clearing activities, was 61 million pesos, 18% higher than the amount registered in 1Q22.

Revenues for the first quarter of 2023 in Derivatives trading (MexDer) reached 29 million, which showed an increase of 3 million or 11% compared to 1Q22. This revenue was the result of higher trading in dollar futures, longer average tenor traded of TIIE Swaps, and equity derivatives. The daily average notional value of dollar futures was $424 million USD, the highest in 9 years, representing an increase of 18% compared to last year. However, open interest decreased 32% due to institutional clients closing positions during the period.

Futures operating highlights - Futures

	1Q23	1Q22	Var %
IPC Index	1,610	1,553	4%
Mini IPC	4	6	-41%
TIEF	317	0	0
Currency	42,412	30,230	40%
Bonds	79	179	-56%
Equity	3,715	156	2,278%
Total - Futures	48,137	32,124	50%
Swaps TIIE 28	22,351	21,235	5%
TOTAL	70,488	53,359	32%
Contracts

TIIE 28 Swaps

1T23	1T22	Var %
Notional Value (1) 140,811	129,535	9%

(1) Million pesos

During the first quarter of 2023, derivatives clearing (Asigna) reported revenues of 32 million pesos, 7 million or 27% higher than in the same period of 2022 explained by higher market activity and margin deposits. The average margin deposits for 1Q23 were 38 billion pesos, 28% higher than in 1Q22.

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

Margin Deposits

	1Q23	1Q22	Var %
Margin Deposits(1)	38,043	29,690	28%

(1) Million pesos

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OTC Trading (SIF ICAP)

Revenues for SIF ICAP in 1Q23 were 188 million, 17 million or 9% lower when compared with the same period in 2022. It is important to highlight that in 1Q22 SIF ICAP Chile registered non-recurring revenue of 32 million pesos for VAT refunds without having an impact on personnel expenses. Excluding this item, SIF ICAP revenues in the first quarter of 2023 grew 15 million pesos or 8% compared to the same period of the previous year; 9 million in SIF Mexico and 6 million in SIF Chile.

Capital Formation (Listing & Maintenance)

During the first quarter of 2023, listing revenues reached 10 million pesos, 2 million or 14% lower to that of 1Q22; 3 million less in equity due to fewer warrants registered in the period and 1 million more in debt because of long-term debt listings. In short-term debt, 292 issues were placed for a total amount of $56,118 million pesos, while in long-term debt, 21 issues were registered for a total amount of $87,120 million pesos. The number of new listings in the short and long-term debt markets increased by 15% and 91% compared to 1Q22. Likewise, the amount placed also grew 27% in short-term and 433% in long-term debt markets. These figures are evidence of the market recovery, which is being led by the banking sector. At the end of the first quarter of 2023, there are 786 issues with an outstanding amount of $1.5 trillion pesos. Furthermore, Fibra Social issued a Fibra E for 6 billion pesos during the first quarter of 2023.

Listing Activity

	1Q23	1Q22	Var %
Equity
New Listings	0	0	-
Amount placed (1)	0	0	-
CKDs			-
New Listings	0	0	-
Amount placed (1)	0	0	-
CERPIs
New Listings	0	3	-100%
Amount placed (1)	0	55	-100%
FIBRAS
New Listings	0	0	-
Amount placed (1)	0	0	-
FIBRAS E
New Listings	1	0	-
Amount placed (1)	6,088	0	-
Medium & long term debt
New Listings	21	11	91%
Amount placed (1)	87,120	16,334	433%
Short term debt
New Listings	292	255	15%
Amount placed (1)	56,118	44,097	27%

1. Million pesos

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