Greetings. Welcome to Bolsa Mexicana de Valores second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Ramón Güémez , CFO. Thank you. You may begin.
Thank you. Good morning and welcome to Bolsa Mexicana de Valores second quarter 2025 earnings conference call. Before proceeding, I would like to provide a brief safe harbor statement. This presentation contains forward-looking statements and information related to Bolsa that are based on the analysis and expectations of its management, as well as assumptions made and information currently available at Bolsa. Such statements reflect the current views of Bolsa related to future events and are subject to risk, uncertainties, and assumptions.
Many factors could cause the current results, performance, or achievements of Bolsa to be somewhat different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the general economic, political, governmental, and business conditions, both on a global scale and in the individual countries in which Bolsa does business, such as changes in monetary policies, inflation rates, and prices, and business strategy, and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the actual results may vary considerably from those described herein as anticipated, believed, estimated, expected, or targeted. Bolsa does not intend and does not assume any obligation to update these forward-looking statements.
I would also like to remind participants that today's call is being recorded, and a replay of this call will be available online on June 24 at Bolsa's corporate website www.bmv.com.mx. This call is intended for the financial community only, and the floor will be open at the end to address any questions you may have. Joining us for today's call are Jorge Alegría, Chief Executive Officer; Alfredo Guillén, Managing Director of Equity Markets; Claudio Vivian, Chief Information Officer; Gabriel José Miguel de Dios, MexDer CEO; Roberto González Barrera, Managing Director of Trust and Chief Post Trade Officer; Luis René Ramón , Chief Marketing Officer; José Manuel Olivo, Managing Director of Listing Services; Hannah Rivas, FP&A and IR Director; and myself. I would now like to turn the call over to Jorge Alegría.
Thank you, Ramón, and good morning, everyone. I hope you are all doing well today. As you know, we released our earnings results yesterday evening, providing comprehensive details on the second quarter of 2025 results. The copies of our press release and slide deck are available at bmv.com.mx under the Investor Relations tab. During today's call, I will first review our ongoing initiatives and then briefly comment on our financial results. We will conclude with a Q&A session where we are more than glad to take your questions via the conference call line. Let me begin this call with a short reminder on my vision for the future of our group. My priority is to transform the company into a market leader by launching innovative services across all business areas, supported by top-line technology and improved infrastructure, and high-value data with a strong focus on client development and strategic partnerships.
We aim to expand our reach to attract new segments and drive sustainable growth. I would like also to share some very good news. As some or many of you will know, I'm thrilled to announce that after years of inactivity in the Mexican IPO market, we will be having soon a new transaction. Actually, it should happen in the next few days, and we will be having FIBRA Next IPO here at BMV soon. Not only that, we also have five confidential filings for equity IPOs in the pipeline, one of them under the simplified listing regime. These are very, very encouraging news. We expect to see this happening hopefully this year, in the next month. All these, I'm sure you will agree with me, are great news for our markets.
Now, I would like to briefly address also the situation of three financial institutions which are currently under government intervention. I would like to take advantage of this opportunity to reaffirm the strength and stability of BMV Group. All trading and clearing processes have worked accordingly without any contagion across markets. However, there are still challenges ahead which must be addressed before the September deadline imposed by the U.S. financial authorities. Together with local authorities, we are monitoring closely all the situation. These events have highlighted the relevance of the role of a central counterparty in the stability of financial markets. Now, more than ever, we are witnessing the importance of mitigating settlement and credit risks across all markets. With a CCP in place, it would have been easier to absorb the impact with minimal effect on overall market stability.
With this in mind, our efforts are not only focused on starting operations of our bond CCP as soon as possible, but also on expanding the scope to other securities and repos. Let me continue on our bond CCP project, which is approaching the final stage of the regulatory audit and regulations in line with the planned agenda. Two successful DRP tests have been executed where we accredit our capacity to isolate incidents between the equity and the bond segments. Potential clearing members, interdealer brokers, our equity CCP, and Indeval, together with Mexican authorities, participated in these tests. Additionally, we are also testing our clearing and risk management processes in our quality system to ensure a smooth kickoff. Participants are finally reviewing documents in preparation for deployment. The approval to go live will follow once the audit is closed, which is expected to happen during this month of August.
The other project that we have been commenting here is the liquidity alternatives for SIG that is progressing gradually. Clearing members are preparing their regulatory documentation as well. They will need to have this documentation approved by the regulator. Even though this is moving slower than I expected, I can tell you that the regulator is very supportive of the initiative. When it's implemented, it is expected to attract volume from OTC trading, mostly afforded to MexDer and a SIG clearing. Of course, we will continue to share updates as all these things move forward. Another important topic which I want to give you an update is the new fee schedule for our equity trading segment. We are providing additional information to our regulators, expecting to have the final approval soon. However, one key point to emphasize is that the initial impact of the fee reduction has gradually faded away.
As current data confirms, we are recovering our market share to 81% of the market. Once approved, we will implement the adjustment if needed gradually to avoid reducing fees more than necessary. We continue working closely with our regulators, not only on this issue, but also on the new hedge fund regulation that has been discussed in the industry. We have made progress in the derivatives market as well, where we received approval to list new futures and options on the SIG segment of the exchange on the Mexican derivatives exchange, on NYSE. We will have contracts on Tesla, Netflix, Meta, and Apple soon available for our local customers. Also, on the derivatives segment, we are actively looking for ways to increase liquidity, as you may know. First of all, I'm pleased to share that on August 18, the S&P BMV IPC index future contracts will be listed on CME.
This effort seeks to enhance the liquidity and visibility of our main index, positioning as the leading and most representative benchmark of the Mexican equity market. This licensing process we expect to be very successful to add strengthens our global presence and facilitates access for international investors seeking exposure to Mexico. On our efforts to promote the retail market, we have been working on several fronts as well to make market entry easier for this segment. We started by adjusting Indeval's conversion fee on the SIG market. Under this new fee structure, trades below MXN 5,000 will be free of charge, a change effective from June 2. This is the conversion fee on Indeval. This initiative makes retail trading more accessible by significantly lowering the cost for end users. Our next step was a 65% reduction in market data fees for retail platforms.
The idea behind this initiative is to make market information more accessible and affordable for retail investors with little impact on our top line. Additional initiatives are on the way to support small and medium-sized companies. In collaboration with the Brokerage Association and the research partner Indecity, we will soon begin publishing investor-focused reports aimed at increasing the visibility of these companies in the market, including the DEF segment. Another initiative which I'm sure you are all well acquainted with is the simplified listing regime. As I mentioned before, we now have a company in the final phase of listing in BMV expected to occur hopefully later this year. There are other potential companies on this path, and we continue actively promoting and providing training to potential issuers. Let me move to our technology initiatives.
Last year, BMV Group embarked on a journey to shape the next generation of our business and operational model. We are proud to have internally developed the infrastructure that for decades made it possible for the Mexican market to grow into what it is today. Now it's time to evolve. We began with Indeval, CCV, and SIF ICAP Mexico migrating from their in-house transaction assistance to a next-generation platform, a very large project we are working on today. MexDer is now also joining the transition path to a more forward-looking and flexible trading platform solution. We are in the final stages for selecting a technology supplier for our SIF ICAP Mexico and MexDer are set to be ready by the end of 2026, while Indeval and CCV remain on track to go live in 2027.
As we move forward with this transformation, the rest of our systems are expected to evolve accordingly. Our colocation business is also transitioning from a traditional on-site service to a virtual one, a faster, simpler, and more flexible one, with fewer technical requirements. It will help smaller brokers and foreign participants access the equity market and the derivatives markets in a more friendly user way. Along with our target BIPs, we are about to initiate the first stage of internal testing and connectivity, and deployment is expected next year. On the new data and commercial cost business strategy, as I mentioned before, we hired a new CDO, a Chief Data Officer, who joined the team a couple of weeks ago. His role and challenge are set in defining the development of a new paradigm and operating model for our data business across all the organization.
In line with this vision, all these initiatives and efforts are now embraced under a single commercial division of the group, ensuring a stronger alignment across all companies within BMV . In total, there are several commercial campaigns currently active across the different business lines, such as the bond CCP project, the liquidity alternatives for SIF ICAP Mexico, the virtual colocation services, and post-trade and MexDer transformation program. Obviously, as well, a strong effort on the IPC repositioning, among other things. This consolidation is a key step forward advance in the group's strategy of investing in initiatives that foster revenue growth. Very important to mention is our ESG agenda. I want to share an important achievement as well. BMV Group was recently recognized by the Science-Based Targets initiative for its commitment to prevent the worst effects of climate change.
We are now part of the leading group of companies worldwide, including only seven stock exchanges that are driving ambitious corporate climate actions aligned with the Paris Agreement. Let me now move on our quarterly and semiannual key financial highlights in the following slides, please. Keep in mind that all figures are expressed in Mexican pesos. Revenues and EBITDA showed two-digit growth, where revenues were a little over MXN 1.1 billion. EBITDA reached MXN 633 million with a 57% margin and MXN 400 million in net income. Earnings per share were MXN 0.72, up 5%. Accumulated figures also show that revenue, EBITDA, and net income grew by double digits. The depreciation of the peso against the US dollar had a financial impact in revenues of MXN 42 million in Q2 2025, baSIGally due to the dollar-denominated service fees. Please turn to the next slide. Let's review the revenue by business line.
If we look at the Q2 2025 revenue, you can see all our business lines are performing well. Transactional business, such as equity and derivatives trading and clearing, and the OTC trading contributed with 35% of BMV Group's revenue. The CSD, the central securities depository Indeval, which is responsible for custody, settlement, and global market services, such as the cross-border transactions, participated with 31% of the revenue. Information services, made up of data, analytics, indices, valuation, and financial risk management services, have an 18% weight, while capital formation, listing, and maintenance contributed this year with 12%. This reflects, again, the well-diversified nature of our business. Let's turn to slide eight to go over equity trading and clearing. As I stated before, our transactional business benefited from the market dynamics. Revenue in cash equities trading was up 7% when compared with the same period Q2 in 2024.
The average daily traded value reached MXN 18 billion during the second quarter of 2025. There was a 9% contraction in the local market. However, the global market SIG grew by 60%, and there was a 35% increase in the number of transactions. As I mentioned before, our market share for the quarter was 81%. On the clearing business, revenues were up 6% with a total of average daily trading volume for both Mexican exchanges up 12%. The difference in growth rate is explained by cross trades, which require registration but not clearing, and we have a lower fee in the CCV, in the equity CCV than the regular trades. Now with this, let us go to the next slide, please, to review derivatives. Q2 2025 revenue for our derivatives trading and clearing segment increased by 22%, reaching MXN 78 million .
Mexico grew 45%, 44%, led by a higher trading in Mexican peso-dollar futures driven by the rollover on the June contract. The average daily volume for the dollar futures reached MXN 454 million, while the open interest doubled the amount compared with 2024. For swaps, the average daily notional value increased 56% compared with the same period of 2024, reaching more than MXN 5,000 million . Open interest here experienced also an overtrend with an increase of 16%. With this in mind, revenues at Asigna totaled MXN 35 million in Q2, MXN 2 million or 5% higher compared with 2024. The average balance of margin deposits in the second quarter of 2025 was MXN 40 billion, 9% lower than the previous year, but year to date, margin deposits were MXN 44 billion. These are 3% higher than the previous year. If we move to slide 10, OTC trading results are shown.
SIF ICAP, our OTC trading on SIF ICAP, our OTC trading revenue increased MXN 3 million or 2%. SIF ICAP Mexico grew 11%, MXN 6 million , while the growth rate at SIF ICAP Chile was negative 2%, representing a decrease of MXN 2 million . In both cases, market dynamism explains the variations. On slide 11, we have figures for our capital formation business, where we can see that listing revenue increased MXN 2 million , 16%, mainly driven by debt placements and FIBRA Next, whose issuance was the largest for the last 13 years. Maintenance revenue was up 4% this quarter due to a higher number of issuances listed last year in 2024, which generates maintenance revenues for this year.
Let's move to the central securities depository in slide 12 on Indeval revenue that we can show a growth of 20% driven by an increase in assets under custody in both domestic and global markets, cross-border conversions, and a higher number of transactions. The exchange rate movement generated a profit of MXN 21 million . Total assets under custody reached MXN 42 trillion in Q2 2025, which is an 11% increase when compared with Q2 2024. Growth in the local market is driven by a notable increase in custody, while the boost in the global market is due to cross-border activity and custody. Just a few years ago, we celebrated the MXN 1 billion in assets under custody in the global market.
We have now more than MXN 100 billion in assets under custody in the SIG segment, which is a reflection of how successful this market segment has been in the Mexican securities industry. Finally, let's move to slide 13, information services. Information services revenue, which is composed of market data plus Valmer, reached MXN 200 million . This is MXN 14 million or 7% more than the second quarter of 2024. The market data revenues increased MXN 16 million or 13%, and this is mainly attributed to the positive impact of the dollar-peso exchange rate. Regarding Valmer alone, quarterly revenues decreased by MXN 2 million , or 4%, largely due to a very high comparable base from last year. Overall, the depreciation of the peso against the dollar contributed with MXN 17 million . Let us take a quick look at our operating expenses on slides 14 and 15.
The operating expenses for Q2 2025 reached MXN 535 million , increasing 6% or MXN 28 million , which are explained mostly by personnel expenses, increased MXN 7 million , baSIGally explained by the annual salary increments and the SIF ICAP variable compensation. Technology up MXN 13 million because of consulting services, mostly related to ensure our platforms operate smoothly and securely, as well as investments aimed to enhance our technology governance practices. Depreciation increased MXN 2 million , mostly because of the new hardware leases for the storage area network. Our rent and maintenance decreased MXN 7 million , driven by canceling provisions. Consulting fees increased MXN 4 million due to internal programs aimed at enhancing the employee experience, as well as payment to the board of directors linked to the price of gold.
Some custody up MXN 6 million as the value of the assets on the custody abroad increased, which also generated additional revenues in Indeval. CMBB increased MXN 1 million for regular fee in an inflation rate in Mexico. Marketing also increased by MXN 4 million , driven by other initiatives and other participation in global events, higher marketing expenditures, which all these are aligned with our claim for our new and more aggressive client engagement strategy. Finally, other expenses decreased by MXN 2 million, mostly due to a dividend tax from Valmer, Costa Rica. The depreciation of the peso against the dollar led to an increase of MXN 13 million in Q2 2025, mainly in technology and subcustody. Our total CapEx for the quarter was MXN 68 million, in line with other investment plans. With this, I would like to end my presentation and my remarks.
Together with my team, we are more than happy and ready to answer all the questions you may have. Thank you very much for your time and your attention.
Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Ernesto Gabilondo with Bank of America. Please proceed.
Thank you. Hi, good morning, Jorge, Ramón, Hannah, and good morning to all your team. I miss in the bottom line, but congrats in your operating results. Both revenues and EBITDA expanded double digits, so congrats on that. I have a couple of questions. The first one is on your financial results. We noted this quarter that line was almost half of what you generated in the first quarter and almost half of what you generated a year ago. This is mainly explained probably because of the FX appreciation and lower rates. Just wondering, how should we expect this line going forward? What are your expectations for the FX this year, for next year? If you can also give us what will be your expectations for interest rates, it will be very helpful. My second question is on the fixed income counterpart.
As you mentioned, you are already in the final phase, testing some things with the regulator. You already have some participants. Can you give us what is the latest update? What will be the timeline for the implementation of M-bonds? When do you expect to do repos? When can we expect eventually to have an electronic market? Thank you.
Thank you, Ernesto. I will ask Ramón to go over your first question on the financial numbers that you might have some questions as well.
Good morning, Ernesto. As you correctly said, this is due to the lower interest rate and the effect of the exchange rate. I wish we had estimations for this. We leave that for the analysts. We don't have or publish expectations for exchange rates or interest rates.
Roberto, we'll take the bond CCP question.
Ernesto, what we have done is we've gone through a lot of testing, and we have two DRP tests with the regulators. We've finalized all the filings, all the information with them. We're expecting in the coming weeks to get the final approval to initiate operations. As Jorge mentioned in his comments, we've been working with the market to engage them and to also work with them to connect with the technology. BaSIGally, it's exactly the same system that we have for the equities CCP. The idea will be to start operations maybe in the last quarter of this year. Regarding repos, we're working also with the Central Bank and the Mexican Securities Commission on all the approvals to be able to include also these types of transactions in the CCP for bonds. We should get approvals by the end of the year, first quarter next year.
That will depend on how fast we could move to get the technology ready. Maybe second quarter next year, be able to provide also those services.
Let me just add, Ernesto, that I guess the need for a bond CCP or a fixed income CCP has been proven. We have, as mentioned, two banks testing as part of this testing process, two or three banks. Now we have almost five on the line also trying to join on the paperwork or to become clearing members. Something very important mentioned by Roberto is that the onboarding is relatively easy because directly or indirectly, all the Mexican institutions through Casas de Bolsa are already members of the equity CCP. The onboarding process is easier. The electronic market, I think it's already there. The electronic market is already there. It's not necessarily in Mexico, but there are already platforms offering electronic trading. Some of them will or are looking to access the CCP as well.
I think we are going to see an evolution of the current electronic services like SIPO that are provided already in the market that are going to evolve with the existence of the CCP. This is only on the first stage of the trading of bonds. The size of the market once the repos are incorporated will be much higher.
Much bigger. Perfect. No, thank you. Thank you so much, Jorge.
Our next question is from Pablo Ordóñez with GBM. Please proceed.
Yes. Hi, good morning, Jorge, Ramón, and the rest of the team. Congratulations on the results and the progress on your initiatives. My question is on your CapEx. You mentioned, Jorge, that the CapEx for the quarter for MXN 68 million was in line with the plan. Can you remind us what is the plan for the year? Should we still expect this level of MXN 250 million, MXN 260 million , similar to the previous year? Because the run rate in the first half seems to be lower than this plan. That will be my first question.
Pablo, good morning. Yes, we're not expecting MXN 250 million- MXN 260 million. But yes, we are working. That is our expectation for CapEx.
Thank you, Ramón. With this in mind and the holdings of cash that you have in your balance sheet, what is the optimal level of cash that you consider for Bolsa going ahead? Do you think that there will be room to take back the buyback activity for Bolsa, Ramón and Jorge?
Currently, the buyback program is triggered by the price of the stock. We have not been active in the last quarter due to precisely the increase in the price. Regarding our cash position, keep in mind that we have over MXN 1 billion or MXN 1 billion in reserves. We have the CapEx needs as well, and we constantly analyze what our optimal level should be. We plan to continue to distribute cash we don't deem necessary. We will distribute as much as we can, as much cash as we can. In the past, we've been at the 8%, and that's the idea, at least to begin with.
Okay. Perfect. Thank you very much, Ramón and Jorge .
Our next question is from Yuri Fernandes with J.P. Morgan. Please proceed.
No, thank you, guys. Again, congrats on the EBITDA trends. Revenue is growing way faster than your expenses. I have a first one regarding your income taxes that were, you know, the tax rate was slightly higher this quarter, above 31%. I know it can be volatile from quarters 27 and 28, and it's not uncommon to see this above 30%. That is the stock in Mexico, right? Just trying to understand what happened here and what should we think, and like what is driving your, you know, higher tax rate this quarter. Just on your OTC trading on SIF ICAP, when we look versus a longer window, like five years, this is a line that has not been growing, right? Or has been growing close to inflation.
I know Chile sometimes can be volatile on FX and things like this, but if you can provide an overview, what should we expect on this line? If you have any initiative, anything that can improve, you know, this line, I would appreciate it. Thank you.
Yuri, thank you for your questions. Regarding the tax rate, this is baSIGally the impact of inflation. Remember that you have a certain amount of inflation that is tax deductible, and that is what's playing with our tax rate for the quarter. Going forward, I would say a 30% tax rate in general. We have a little deviation from that. Regarding our OTC trading expectations for the future, I will let Gabriel Rodríguez, SIF ICAP CEO, address that.
Good morning, Yuri, and thanks for the question. As you know, in Mexico, we have a structure on tariffs that are capped. Regarding the volume, it's very difficult to grow, and that's why you mentioned that we have been growing only with inflation, which is right. We are working highly in coordination to renew our platforms to go more electronic. We hope that once the market has a CCP in place, we can expand our services with the electronic market because different markets can be connected and can be hedge opportunities trading for our customers, which I think will take little by little steps, but it's the right move to go. Regarding Chile, as you know, our market share in Chile is very high, and we depend a lot on the volatility of the market.
There, we have a few accounts that are capped, but the rest is variable, and we depend on the volumes.
Nope, super clear. Thank you, guys.
Thank you, Yuri.
Our next question is Edson Murguia with SummaCap. Please proceed.
Hi. Good morning. Thank you for taking my question. Just to follow up on CapEx, what are the infrastructure or digital initiatives being prioritized? Jorge mentioned in his remarks about several fronts and vehicle segments and the market, even with NextDEV and so on with the technology. How are you going to be in the next couple of quarters? If they increase the 38% quarter to quarter, are we expecting to see this increase? My second question is regarding AI. Most of the financial exposure around the world are baSIGally speeded up in artificial intelligence. My question is how the Bolsa Mexicana de Valores is using AI or it's part of this initiative. How can we analyze from going forward? Thank you.
Thank you, Edson. I think we would appreciate if you can repeat your first question. The second one, I will ask Claudio Vivian, our Chief Information Officer, to discuss how we are approaching all the AI initiatives in the group.
Yeah. Probably I will play the first one in order to understand better the top priorities on the CapEx and technology front. You mentioned that you have different types of initiatives in the retail, in the remote markets, even with this electronic platform, with the fixed income settlement, and so on. How can we identify the top priorities?
Yeah, very clear. Thank you very much, Ramón. Please.
Edson, thank you. Our top priorities for CapEx are the transformation program for the post-trade segment of the business and the bond CCP. The vast majority of our CapEx is intended for the post-trade transformation segment. Regarding how we use AI, I will let Claudio Vivian address that.
Hello. Thanks for your question. We have already introduced an AI Center of Excellence in order to identify and explore all the capabilities that AI can introduce in our operations. We already have some initiatives regarding searching capabilities through our websites. The second is related to surveillance capabilities, and some others are related to the use of GenAI in order to improve the productivity of our collaborators, our employees. You may expect that there are a lot of alternatives that are arising in different arenas.
They are not just the three ones that we're already working on, but there is a lot of work that is happening in this regard and all supported by this Center of Excellence.
Okay. Thank you so much and congrats on the results.
Our next question is from Arnon Shirazi with Citi. Please proceed.
Hi all. Good morning. Thanks for the opportunity of making questions and congrats on the good operating results. I have two questions here. My first one is regarding information services. I believe that we briefly discussed the opportunity during this conference call. What do you see that could be the main drivers and opportunities on the whole? My second question is regarding some kind of technology development, such as tokenization and blockchain, which we are trying to push this into the operation. Thank you.
Arnon, if I understood correctly, you were asking about information services?
Yes, that's correct.
Thank you, Arnon. The first one on the market data. What we're seeing is, you know, as the market, we've been growing our data double digits for the last couple of years. This was mainly because of our point of reference in New Jersey and the alliance we have with the Deutsche Börse in Europe. What we're moving forward is in building new added value services. We are building a new colocation platform, which will be up and running probably by the end of the year. This will be, you know, easier to connect for our global clients to provide our data, but also to enter to trade equity and derivatives, as it was mentioned earlier. We're also seeing, you know, more AI with more developments in technology. The gasoline for that is data. We are ready to support our clients that are moving in that direction.
We're seeing, you know, a division that will continue growing and be one of our main drivers in the next couple of years.
What about the tech development, the technology development?
Regarding tokenization and blockchain, I would say that one of the objectives that we have related, sorry, this is Claudio Vivian again. One of the main objectives that we have related with the transformation of the platform in the post-trade has to do with allowing our infrastructure to permit to explore these capabilities in the near future. This will be happening through the transformation we are working on in post-trade and looking for these capabilities development in the short term.
Great. Thank you.
As a reminder, press star one on your telephone keypad if you would like to ask a question. Our next question is from Carlos Gómez with HSBC. Please proceed.
Thank you for taking my questions, and thank you for doing the call very early in your morning, at 7:00 A.M. I wanted to ask again about CapEx, but my interest is more long-term. What is your CapEx plan for 2026, 2027, and beyond? How much do you think you will have to spend on a temporary and on a permanent basis? You referred to your expenses, and there was a line in which you mentioned that you had increases in management compensation linked to the gold price. Could you elaborate on that? Thank you.
Carlos, thank you very much. Regarding the long-term CapEx expectations, at least for the next couple of years, I think we will continue with CapEx in the MXN 200 million- MXN 300 million level. We're currently in the transformation of our post-trade technology. We're beginning to look at mixed debt. After that, we will look at cash equity trading. For the next two or three years, we have a lot of technology jumps. We've spent a lot doing upgrades and maintenance to our current technology. As Jorge explained, we're changing to a new outsourced model or buying systems from third parties and not developing ourselves anymore and going to the cloud. For the next years, we expect to continue to see that level of CapEx. Regarding, what was it, the compensation, it wasn't management. It was the Board of Directors, and I'll let Jorge address that.
Yeah, it's not management. I guess it's an old tradition, Carlos, in many Mexican companies that the board members received or used to receive a gold coin for their services as board members. That tradition is fading. I think that is going to be coming out. That's why if the price of gold goes up or down, there may be some variations on the compensation for the board. That is a tradition that is going out. I think it has been going down. I don't think it's going to survive for maybe the next one or two years, but that's the reason why. Yeah.
It looks like a good incentive. Maybe you shouldn't phase it out.
Yeah.
It's an old tradition.
On the CapEx, the MXN 200 million, MXN 300 million, do you price that in dollars or in pesos?
We price that mostly in dollars.
Okay. It will be a fixed amount in dollars or quasi-fixed amount in dollars.
Yes.
Thank you so much.
There are no further questions at this time. I would like to turn the conference back over to Jorge for closing remarks.
Thank you all for your time. It was a privilege for us to discuss our plans and our results with all of you and hear your questions. We look forward to an exciting second half of the year, and we certainly hope to be able to deliver strong results in the next quarter again. Thank you very much for your time.
Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.