Good afternoon, and thank you for joining us today for Nuam's third quarter investor conference call. My name is Bruno Alonso, and I am the Head of Investor Relations at Nuam. The speaker for today is Mr. Juan Pablo Córdoba, Nuam's Chief Executive Officer. Also joining this call is Mr. Patricio Rojas, Chief Financial Officer, and Mr. Carlos Barrios, Senior Sustainability and Investor Relations Manager. Please be advised that this call is being recorded and that following Mr. Córdoba's presentation, we will open the floor to questions from the audience in both English and Spanish.
The video recording and transcripts of this call will be available on Nuam's website within the next few days. I will now repeat this introduction for our Spanish-speaking participants. [Non-English content] Juan Pablo, good afternoon, and thank you for joining us today. The floor is yours.
Thank you, Bruno. Good morning to everyone. Thank you very much for joining our third quarter results presentation. Before I begin, just a few key messages. One is, you may have already seen the presentation and the results that were published. We are very satisfied with the results. Results continue on a very positive trend as we have seen throughout the year, and they are on track, and even a little slightly above what we had expected for the year. Financial results are looking good, and hopefully, they will continue that way for the full year.
Good financial results. In this third quarter, as we had announced, we are presenting the final adjustments to the PPA. Remember that the PPA is a purchase price allocation due to the combination of businesses in the transaction that we did last year. We had until this third quarter to make the final adjustments, so we will go over those adjustments, explain them in a little bit more detail so that you understand the full effect. The good news there is that, one, they are final. Two, as a result of the adjustments, we will have smaller or lower amortization and depreciation expenses in 2024 and moving forward.
That is good news for the bottom line of the company. We will explain that in one of the slides. We continue to work in isolating the exchange rate effect of our investments outside of Chile. As you know, in the first quarter, we had a significant impact on the tax bill due to the, let's say, increase in the value in pesos of our investments in Peru and Colombia. That creates volatility in our P&L, particularly in the tax bill.
We are working to isolate those effects. We have a plan, but we have not completed the execution of the plan because all of it requires regulatory approvals. We are working to have the regulatory approval before year-end, at least in Colombia. But, as it depends on the supervisor, we are not certain that we can achieve that, but we continue to work on that, and we will continue working on that next year. The good news is that exchange rates, since the second quarter, as you well know, have moved in tandem, and that has basically eliminated that effect in the P&L and the financial statements today.
It is not a concern today, but the volatility is still there in the financials, so we continue to work on that. Finally, the other message is that our projects we launched, or we published the new go-to-market strategy for the integration project, which basically keeps the initial date unchanged. Mid-2025, we should start the process of deploying the infrastructure for the integrated market. We will do it on a step-by-step basis, so the final date for integration will be extended, but we will begin the process, as expected, in mid-2025.
We are on track on that. Just those key highlights to begin. If you want, we can go to the main results. We closed the third quarter with $111.7 million, which is 15% higher than last year, and good combination both of trading and non-trading revenues in this third quarter. This is year-to-date. The EBITDA reaching $50 million. Year-to-date, we've had an EBITDA margin of 45%, which is better than we had anticipated, and it goes in the direction that we wanted, moving from 39% last year and increasing a few percentage points this year and hopefully next year as well.
Net profit now at $30.7 million, up 23% from last year. Very solid results. All of the revenue lines are basically performing very well. Our cost structure continues to be contained. The expenditures are increasing because of the depreciation allowances and not so much the planned expenditures, but that's part of the combination of the business. Very good and solid financial results for the third quarter, which we are very satisfied to communicate to you. On the quarter, one of the improvements in the presentation for this quarter is that we will present both the quarter-on-quarter results and the year-to-date and the year-to-date results.
This is just the single quarter. $36.4 million in revenue, $14 million in EBITDA, and $13 million in profits. The quarter-on-quarter growth is negative because the second quarter, we will explain that later, the second quarter was extremely good, so there's a slight decline in revenues in the third quarter when compared to the second quarter. As I mentioned, the full year revenue lines are all growing fairly consistently and fairly well. The EBITDA similarly is lower than the EBITDA margin for, or the EBITDA for last quarter.
The profit margin or the net profits are $13 million, and that will be affected by the effects of the PPA adjustment that I will explain later on. Main highlights for these results. Volumes continue to perform fairly well. Bear in mind that we are still at lower levels than we were a few years back. The volumes are growing both in fixed income and in equities, but still at low levels, particularly in the equity markets, but 15% growth in year-to-date, volumes altogether. Other elements to mention, Precia, which is our price vendor in Colombia, launched its activities in Chile.
We're now seeking out clients in Chile for some of the services that Precia provides in Colombia. That's part of the strategy to start extending the service offering that we have in individual countries to the other countries. We launched, in this third quarter, the price vendor services in Chile. That's, I think, good news. Nuam stock is still struggling to improve liquidity, but we have already met the IGPA index eligibility criteria in Chile, which means that for March, if things continue this way, in March, we'll be part of the IGPA index.
I think that's good news because that's one of the eligibility criteria also for the IPSA. If liquidity continues to improve, we will be potentially part of the IPSA, which, as you all know, is an objective for us as a company. We received an award as the most innovative company in Chile. This has to do with the integration project per se. It's a recognition of the ambition and innovation and, I would say, daring proposal that the integration project itself implies. We were recognized with an award here in Chile, with a very well recognized award here in Chile.
In terms of our projects, we, as I mentioned, communicated the go-to-market strategy, which maintains the initial starting date. As we do the step-by-step rollout of the technology, we'll probably delay the start of the integrated market altogether. It also isolates the risks from regulatory approval. We will have a more step-by-step approach that will allow us to move forward and not be fully dependent on regulatory approvals. Basically, that's going with the new plan. An important item here is that we have already filed with the regulators in Colombia and in Chile, the proposed trading rules for the integrated market.
We should file with the Peruvian authorities later this month, before the end of the month. We will have the trading rule proposal, the rule book proposal in the three countries filed in 2024, and we expect to have then the approval of those trading rules, hopefully at the end of the first quarter or beginning of the second quarter of next year. Overall numbers, this is year-to-date. Market cap slightly up, equity volumes slightly up, fixed income volumes 26% higher, derivatives 5%, FX 9%. As I mentioned, pretty solid improvement in volumes in the market.
Still some of the markets are below what we saw Pre-2020, but going definitely in the right direction. Clearing and settlement activity continues to grow with the OTC market continuing to grow, particularly in Colombia. Now, on the quarter, there's a slightly different picture. The volumes in equity, FX and derivatives were slightly negative or flat, but not enough to sort of revert the financial results or the trend in the year-to-date numbers. In the businesses or business lines, here is one of the innovations that I mentioned.
We will have here the quarter-on-quarter numbers and the year-to-date numbers, so that you have visibility on both forms of presenting the information. Of course, in the annexes, we will have every single quarter, the full quarter-on-quarter performance of the company, so that it'll be easier for you to look at the results and, of course, construct your models as well. On the quarter, $36 million of revenue, $25.6 million of operating expenses, excluding the PPA adjustments, and an EBITDA of $14.9 million and net profit of $13.8, with a 41% EBITDA margin. The cumulative numbers look slightly better.
As I mentioned, 15% revenue growth at $111.7 million, $71.9 million in operating expenses, and $50.4 million in EBITDA, growing at 30%, and net profit growing 23% to $30 million. The EBITDA margin at 45%. If you go to the next slide. Okay. Yes, thank you. We can go through the individual business lines, which is, let's say, a more detailed view. Again, the same presentation, so you have the quarter-on-quarter and the year-to-date. You have all the information there. As I mentioned, the quarter-on-quarter has a couple of things.
One is volumes were not as active as they were or didn't continue to grow as they were doing in the first half of the year. We also have the effect of a couple of one-off transactions in Peru and Colombia. We had a couple of tender offers in Colombia and one in Peru, which were significantly large or sufficiently large in the second quarter of 2024 to sort of change the order of magnitude of the numbers. That's why in the third quarter you see a slight decline, particularly in listing services or issuer services, trading and post-trading.
All those lines are affected, particularly by those sort of one-off tender offers that took place in Colombia and in Peru. The overall trend in the numbers, as you can see in the right-hand side of the graph, very solid double-digit growth in the core business. 12% in listing and issuer services, 14% growth in trading, and 26% in post-trade, which continues to perform very well throughout the year, with clearing and settlement growing 37% to $20 million, and custody services 19% to $32 million.
Sorry. Core services are performing very well. Information and value-added services are growing more with trend, but we have better projections for that for 2025. I think we will have a more balanced growth in 2025. Of course, the post-trade side of the business performing very well and hopefully will continue to perform solidly in the next few years. Here we have the individual lines of business for listing and issuer services. You have $14.1 million for the quarter year-to-date for 2024. 84% of that is listing fees.
Again, this is improved, we hope, form of presenting the information. Here you have the participation of listing and issuer services in the total revenue line. 13% of revenues coming from this line of business, of which 84% is basically listing fees and 16% issuer services. Those are services that we provide more, let's say, tied to transactions in the market when there's an auction or a public tender or things of the sort that we provide specific services to issuers. The bulk of it comes at listing services.
If you look at the quarter-on-quarter performance, what you have is a very good second quarter of 2024, as I mentioned, because of the specific transactions in Peru and Colombia. The third quarter is more, let's say, in line with what you saw last year in the third quarter of last year. That basically reflects that issuance in general has been lower than expected and lower than what we had been accustomed to, in the sense that the bond market is still not in the dynamics that we want, and we haven't had any IPOs for a while.
On the trading side, 16% of revenues coming from trading, $7.5 million accumulated so far. Here, the distribution is more dispersed. We have trading of equities, direct trading of equities, 34%, DMA and connectivity to the matching engines 32%, fixed income 24%, derivatives 6%, and other, trading revenues at 4%. More diversified business line there. Here, similarly, the public tenders have an effect in the value traded in a specific quarter because of the large size of the public tenders. You have here about the same on the quarter-on-quarter.
The second quarter of 2024, significantly higher revenues than we had in the third quarter. The third quarter is actually higher than the previous quarter. We continue with the, let's say, positive trend of recovering traded volumes. Still pretty low, from what we hope to be. In clearing and settlement, this is the individual line for clearing and settlement. 19% of revenues coming from this line, $20 million so far this year. Here, again, well-distributed composition of this revenue line. 39% coming from equity. This is mostly from Chile. 22% from derivatives.
That includes OTC derivatives, mostly from Colombia. Fixed income, in all countries, collateral management, FX, and so on. Well-diversified line. Here, again, the second quarter, very strong. The third quarter is in line with continued growth in this revenue line, from the previous quarters, different from the second quarter of 2024. In custody, 29% of total revenues, also well-diversified, 36% coming from, let's say the, full deposit services, 28% custody services, well, distribution and payment of different payments that the CSDs do for dividends and interest payments and so forth.
23% and other revenues at 14%. Also well-distributed revenue line. Here, the third quarter is actually better than the second quarter, and continues the positive trend that I mentioned that you see. We're basically seeing this positive trend on a quarter-on-quarter basis, save for the second quarter of 2024 in all business lines. The third quarter continues the positive trend, except in the listing and issuer services line, which again, because of the lack of new issuance or the lower volumes of new issuance, you're not seeing as dynamic growth.
On the other aspects of trading, clearing, settlement, custody, we continue to see positive trends every single quarter, in the different revenue lines. On information, strong third quarter. Here, the revenue line represents 13% of total revenues. 47% of that is market data distributed in three countries. Market access 28%, and the price vendor 24%. Again, well-diversified revenue line and all performing fairly strong in this third quarter. Finally, value-added services, which represent 10% of revenues, accumulated $11 million.
Again, similar trend. It continued to increase revenues on a quarter-on-quarter basis. Here, 53% of those revenues come from Chile from the, let's say, software as a service solution that is provided to our brokers in Chile, which is an opportunity for growth in Peru and Colombia. Our objective for 2024 was not so much to grow revenues, but to stabilize the provision of services in the market in Chile. We are doing the transition between Zebra and Optimus. It's very important to focus on client satisfaction and engagement from clients so that we can continue the migration from Zebra, which is the older platform, to Optimus.
We believe that has been achieved in terms of gaining credibility and trust from our clients. Hopefully that should, as I mentioned before, pick up, starting next year in terms of new clients signing up for Optimus and moving forward. The other revenue lines, coming from Peru and Colombia, Pacta and invoice registry, 20% and 16%, respectively. This is a solid line of revenue and well-diversified as well. We have a lot of potential here, I believe.
Finally, on the expenditure side, as you can see, our total expenditures are growing 12%, but that's highly related to the depreciation and amortization allowances, which include the PPA adjustment and of course, the ongoing, let's say, assets that we have in our balance sheet. That's basically what's driving the increase in cost, and not so much, staff and other expenses.
Here's the I'll try to go over this chart to explain, let's say, the effect of the adjustments to the PPA, purchase price allocation, that was included in our financial statements in the fourth quarter of 2023, and that we have until this quarter to do the adjustments that are due to new information or information that was incomplete at the time of the initial, let's say, allocation in the financial statements. The IFRS norm provides a window of 12 months to make these adjustments. We've been working with our outside consultant that helped us do the PPA originally, which is PricewaterhouseCoopers, or PwC, and our external auditors, which is EY.
Both have been working with us in this process. This is all validated by them and should be part of the audited financial statements at the end of this year. The magic of this is that the PPA, the equity allocation of the PPA was $494.8 million, and that is in October of 2023. If you look at the initial PPA column, which is with a gray shadow. When you look at the total purchase price, the black line, which is basically the equity allocation, is $494.8 million, which represents the value of shareholders of the combination of businesses that we made with the merger of the three exchanges.
That was part of the 40/40. 40% Chile, 40% Colombia, 20% Peru. This $494.8 is what's distributed 40/40/20 in terms of the shareholders of the three countries. The calculation of this $494.8 total equity value is distributed in $543.5 million of assets and $48.7 million of liabilities for a net $494.8. Right? This is the original. The first column is the original PPA. The orange column, which is the third column, is the adjusted PPA. Basically you have things that are going up and things that are going down, but the net effect in the end in the equity is the same.
Why is this important? I mean, one, it's the same total price allocation, the value of the transaction remains the same. What's changing is how we distribute those prices between the different assets and liabilities of the company. That's what the PPA does. There is an important, then, change in some of the items that has an effect, not just in the balance sheet, but more importantly in the P&L via the depreciation and amortization allowances that have been one of the things that we've been discussing throughout the year. The good news is, one, this is the final revision of the PPA.
No more conversation about this is it. I think this is important in terms of no more volatility, let's say, in the understanding of the financial statements, particularly the balance sheet of the company. The change in the classification of some of the assets that were identified in the transaction is important because of the amortization schedule that I mentioned, but in particular, software and customer relationships. We basically roll off all of the customer relationships that have been initially been identified in the transaction.
We keep just a very marginal amount as tied to some very specific item. Basically from the transaction we write off all of that customer relationship valuation. Because it's part of the PPA, you have to allocate that somewhere else. It's basically being allocated to goodwill. Goodwill, brands and other assets. Customer relationship and software are, let's say, being reduced from $43.4 million and $61.7 million to $16.6 million and $16.3 million. A significant reduction in those two items. Then that is allocated to other assets throughout.
The reallocation of those assets to other categories affects our deferred taxes calculation as well. That reduces the deferred taxes by $9.6 million-$19.6 million, then other adjustment in non-controlling interest of $3.4 million. Basically the big picture here is the total purchase price of the transaction does not change, $494.8 million. There is a reallocation between asset categories that affects the calculation of deferred taxes, and it also affects the calculation moving forward of depreciation allowances.
That's basically the effect of the PPA, you can see this line by line in the financial statements and the balance sheet that we published for the third quarter and also in note 13, I believe is the note.
In the financial statements.
In the financial statement. Note 13, you have a full description of these changes. In the following chart, in the following slide, we can see the net effect of depreciation allowances. Here we walk you through a quarter-on-quarter evolution of depreciation allowance. We have the intangible assets that were identified in the combination of businesses. It was giving rise to $3.2, $3.3 million third quarter of additional depreciation, which is the one that has been explaining the increase in costs, this year.
If you look at the third quarter, that number goes from negative to positive because the effect of revising the PPA and reducing the value of those assets that are depreciated from the combination of businesses means that we have to revert part of the depreciation that we had already done. We end up, in the year-to-date, third quarter of 2024, with just $2.2 million in those depreciation allowances. There's a significant reduction in that item. The other lines of business, which is the other line of depreciation, is associated to existing assets in the balance sheet, and that also has an effect.
That's due to a recognition that some of the assets that we have already in the books need to be depreciated faster because we'll take them out of commission soon. The net effect is a slight increase in the depreciation allowances of these existing assets and a decrease or a reduction in the depreciation allowances of the assets identified in the combination of business. For the third quarter, or the year-to-date, you can see there that every quarter you had $6 million of depreciation allowances.
In the third quarter, you have basically a reversal of some of those depreciation allowances. Basically, the third quarter year-to-date at $12.8 million is basically the same amount that we have in the second quarter. Basically, there's no effect in the third quarter because we are reversing part of what had already been done, and then that nets out what needed to be done in addition in the third quarter. If you project, then we here provide a projection of the fourth quarter so that you can have a sense of what the number will look like at the end of the year.
The end year number is, first column or the second part of the chart where it says 2024, that's a full year projection. It's $3.2 million coming from the assets identified in the combination of businesses, $14.1 million from the existing assets, for a total depreciation amount of $17 million. That's the expected number for 2024. We provide the expected schedule of depreciation allowances for the next few years. Of course, assuming that there are no new assets in the balance sheet.
Of course, as we incorporate new assets, this number will change, but you can see there that the number should remain high between now and 2026, and then start to decline or decrease starting in 2027. If you look at the number for the first quarter and second quarter, $6.5 million, and you multiply, let's say, $6.5 million per quarter, we would end up the year with something close to $26 million in depreciation allowance. There is a significant reduction in the expected depreciation allowance from the quarter-on-quarter that we had in the first two quarters to what we are seeing today, from $26 million to $17 million.
It's almost $9 million less of depreciation allowance. It's a significant impact from the revision of the PPA, which will be concentrated, as I mentioned, in 2024, 2025, 2026. Significantly lower. The bottom line of all this is that we will have significantly lower depreciation allowances in 2024, 2025, 2026, than what we had expected at the beginning of the year, which in the end, I think, is good news. I know that was extremely confusing, but we'll see in the Q&A section.
Finally, just to wrap it up, we remain satisfied with the results, consistent operational performance with a 15% revenue growth and increase in EBITDA to 45% at the third quarter. We continue to be in line with our IT projects so that we can start the go-to market deployment, as we have announced in October. Just as a reminder, in the next slide, we have the new schedule for the go-to market strategy. As I mentioned, mid-2025, we continue to seek to roll out the technology for the trading platform in the three countries in mid-2025.
Have the deployment of the clearing platform, at least in two countries, which is Chile and Peru in 2025. Leaving Colombia for the first quarter of 2025 for the clearing platform, given that we have some delays with the regulatory approvals in Colombia. We're leaving Colombia slightly behind so that we have more time for the regulatory approvals. In this schedule, we first of all improve the probability of success by doing it stepwise and doing it also in steps country by country.
We will have, let's say, the implementation of the trading engine first in Chile, then in Peru, then in Colombia, and then the clearing platform first in Chile, then in Peru, and then in Colombia. This is the official, let's say, schedule for the go-to market plan. This has been already socialized with the participants, and we are working towards this goal. That's pretty much it. Thank you very much, and we're open for questions.
Thank you, Juan Pablo. We will now open the floor to questions from the audience. If you would like to participate, please raise your hand virtually, and we will unmute your microphone. Questions may also be written on the chat section of the platform. [Non-English content ] Team, I see that we already have the first question. If you can please unmute, Felix.
Hello. Good morning. Adams Felix from [inaudible] Research speaking. Thank you very much for the call and congratulations on the results. I have two questions. The first one, how do you see the operating margin during the next year considering this high interest rate context and the processes with the authorities? Finally, what has been the feedback you have received from issuers, mainly from those with listed capital? Thank you.
Okay. We tend not to give out, let's say, forecasts for the next year or so. I would say that we continue to work to improving operational margins in the company. As we mentioned, and you know, we have captured some of the synergies in this 2024. The rest of the synergies are more dependent on our ability to decommission. The remaining part of the synergies, which is approximately another 50% savings, should be captured as a result of decommissioning the existing technology that will be replaced with the new one.
It will be more dependent on, let's say, our ability to comply with the 2025 plan of deploying the new technology in the three countries. Our key goal for 2025 is deploying the technology in the three countries that allows us, starting in 2025 or 2026, decommissioning the old technology, which will provide the savings. Right? It will provide direct savings from technology that we no longer will use, so you stop paying for that. We will find savings in consolidating the data centers, and of course, by simplifying the operations because of having the same technology with the same rule book, with the same processes, we will have the same teams.
Today we operate the three markets, but in reality, they are three independent markets. That's the reality of 2024, and that will continue to be the reality to a large extent in 2025. It's only until 2026 that you'll start seeing the benefits of having a single operation. That's more 2026, on that respect. In terms of market conditions, of course, lower interest rates are good for the markets, good for issuance, bond issuance in the three countries and for equity volumes. We are a little bit dependent on that.
I would say the bottom line is that market conditions have been not so great in the last few years and the results are still pretty solid. If things improve marginally, we believe that's a good scenario for us. Extending the length of new bond issuance, etc. , is a good opportunity, or lower interest rates is a good opportunity to resume some issuance in the market. We continue to our plan. Being cautious in expenditures in 2025.
Very importantly, focusing on deploying the technology in 2025 that will allow us to not only provide the integrated market, but the integrated processes moving forward, which allows us to capture the synergies moving forward and expecting better market conditions in 2026. Bear in mind also that there's a political cycle that starts in Chile, and then Peru, and then Colombia. Towards the second half of 2025, we will start full speed, let's say, presidential campaigns in these countries, and hopefully that'll be positive for the markets in the three countries.
In terms of issuers, we have had various conversations with the issuers. I think that today they are probably just observers of the situation. I think that the response is very positive in the sense that if this works and it works fairly well, the main beneficiaries of this will be issuers. Right? If you have a larger market with more participants, more liquidity, better transformation, more demand, it's good for issuers. They're all, I would say, cautiously optimistic and cautiously enthusiastic towards the market. Of course, in an attitude of wait and see.
If you manage to do what you're saying, this is going to be great for us, let me wait and see. We are working with a few I would say two or three individual issuers to try to test the thesis of a regional issue, right? A bond issue, have a specific issuer that can issue bonds and distribute it in the three countries. That can be done today. Nobody has done it. We're working with some of the issuers. As you mentioned, probably market conditions haven't been that great. Nobody has really been adventurous enough to launch a new issue.
We're working with a couple of issuers in that respect, and hopefully next year we will have a first example.
Thank you. Thank you, Felix, for your question. We're seeing Mr. Christian Andrews with his hand raised. Team, if you could please help him out.
Hi, Juan Pablo and Bruno.
Hi, Christian.
Nice to speak with you again. Thanks for hosting the call. My question is just on, you operate in a lot of different businesses including the exchange, the clearing, the CSD, and a lot of different business lines. I'm curious to hear what you would call out as kind of the main growth drivers of the business going forward. Is it a case where, the market is so depressed and trading volumes are so down, there's a lack of issuances. Is that something that just needs to return, for you guys to see a lot of strong growth beyond what has been achieved?
Is it more a case of growing these various businesses and capitalizing on opportunities maybe you aren't currently? Thanks.
Yeah. It's a very good question. I would say that there's two sides to that conversation. I have no doubts about the ability of this company to continue to grow, even in a depressed market environment. Right. For various reasons. You have seen the performance of the post-trade part of the business, 20-some percent growth in that line of the business in very adverse market circumstances, right. That already represents 50% or close to 50% of our revenues. That trend, I would say, can continue to happen, or we can continue to see strong performance of that line of business.
Maybe not at 20% growth, but double-digit numbers, 10%, 12%, is something that is perfectly viable, even in depressed market circumstances, because there's a lot of market penetration, sophistication, adoption still to be done in the three countries. I would say both the clearing and the custody services are lines of business that can continue to grow. They're just not so appealing to the, let's say, outside observer, because it's not really tied to market dynamics necessarily.
Things like, I don't know, OTC derivatives, for example, in Colombia, which they will only operate in Colombia. There is room for doing that in Peru and Chile. There is growth opportunity there, even with the existing volumes that we have today. There's tremendous growth opportunity there. As I mentioned, in value-added services and information, we have a similar situation where we offer services in individual countries, but not in the three countries. We don't have the same value proposition in the three countries.
There's a lot of opportunity for cross-selling, right. We can cross-sell software as a service that we have in Chile. We can cross-sell the services that I mentioned from the price vendor in Colombia to Peru and Chile. There's a lot of value added to be still delivered in risk management and data provision to domestic market participants. There is a lot of penetration, room for penetration in those lines of business. That is going to happen. Perhaps you don't see it. Those are products that are slow, or clients who are slow adopters.
Let's say, the process is a slow sale, but you can have a consistent double-digit growth year on year, no problem. I don't see any problems there. The other element will be volumes and issuance, right. Trading and issuance, of course, depend on market conditions. I would say that the dynamic in the market will be sort of the icing on the pudding or the cherry on the pie, right. We're going to be working on continuing to having strong financial results and growth in our core business lines, but building a scenario where the market itself can grow, which is everything that we're trying to do for the integrated market.
The integrated market is really a big bet that will sort of jumpstart a new dynamic in the market that will create tremendous growth, and that all will go to the bottom line because you know that in that side of the business, there's a tremendous economies of scale. I would say that the company will continue to be very successful, even without a tremendous success in the markets. Of course, we are building the case for a success in the market. I don't know if that answers your question.
Thank you, Christian, for your question. We see there are no further questions in the chat or hands raised. We'll give perhaps a few more seconds if anyone else would like to participate. [Non-English content]
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Sorry, Luis, I'm going to switch to English so it's easier. What we announced last year is that for 2024 and 2025, we will be distributing 50% profits in dividends. That is based on the fact that we are more than doubling the investment outlay in 2024 and 2025. Remember, we are making a $28 million investment plan in 2024, and what we expect for 2025 is roughly $22 million. The combination of the two is a significant large amount vis-à-vis what we were investing in the past. For these couple of years, we have announced that the dividend payout would be 50%.
Now, with the PPA adjustment that we just commented on, there is good news because the bottom line should be improved at the year-end, and then 50% of that, let's say, bottom line after correction for depreciation allowance, it will be a larger dollar amount. I think that should be good news for our shareholders. Now, we have not revisited the policy with the board. I would say the policy that is in effect right now is that next year we should propose 50% payout also in 2025 regarding the 2024 profits.
Moving forward, once the investment, let's say, spike finishes, we should go back to full dividend payouts. I don't know if 100% is the number, but as close as possible to that. Definitely 90% or things of the sort are things that should be possible from 2026 onwards.
[Non-English content ] Luis.
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[Non-English content] Great. We have a question in the chat. We're gonna proceed to read it out loud. Good afternoon. What are the prospects for purchasing the remaining shares of BVC and BVL?
Yeah, there's really no plan at this time. As you recall, we had an open a public tender in Peru and an open exchange period until June for shares in BVC. We did have some participation, not full participation. Right now there is no specific policy or plan. Perhaps in the future, right now there are no plans, and we are concentrated, as I mentioned, in our, let's say, the use of our cash on the investments that we have to make and the commitment to our shareholders in terms of dividend payments. There is no specific plan at this point.
Thank you. Thank you, Garrett, for your question. We see no further questions in the chat or by raised hands, perhaps, Pablo, we can proceed to some closing remarks.
Okay, just to sum up, I think good solid numbers for the year. Hopefully, that'll continue until year-end. That, to the point that I just made, that we have very solid and well-diversified businesses that continue to have strong drivers for growth, even in depressed market conditions as we have seen in the last few years. Of course, we are making every effort to change those dynamics in the market, both with policymakers, regulators, and market participants.
The integration is all about creating a better environment for market conditions to pick up and create a more constructive dynamic, and that should, of course, be reflected in the results of the company. That'll be a tremendous upside for the company. Our IT projects continue on track. The objective for 2025 is to deploy all the technology for the integrated market and start connecting markets as regulators allow us to do. As things look from a realistic point of view, Chile and Peru are better positioned for that.
We hope that Peru and Chile at least not only will have the technology, but also will have the regulation in place. Colombia is stepping a little bit behind, but still, we continue to work both in the technology deployment in Colombia and working with the regulator for the final approvals. Good results. Happy with the results. Also, I think the final adjustment for the PPA is good news for financials moving forward. You have there a good projection of what depreciation allowances will look like moving forward.
That also eliminates an item of, let's say, volatility in our financial reports. We will continue to work to improve results and create better market conditions for all participants in the market. Thank you very much for joining, and see you next time.