Bolsas y Mercados Argentinos S A : Press Release - 3Q22

BYMA announces results for 3Q22

Buenos Aires, Argentina, November 11th, 2022. - Bolsas y Mercados Argentinos S.A. (BYMA: BYMA) reported today financial results for the 3-month period ended on September 30th 2022 (3Q22).

In compliance with IAS 29, BYMA presents its financial statement in inflation-adjusted terms. All monetary figures from 2022, as well as those from 2021, are expressed in pesos adjusted by inflation as of September 2022.

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Summary of inflation adjusted Income Statement

Jul-Sep. 2022 (3Q22)

NET INCOME

• Inflation Adjusted Net Income was positive by ARS 1,659 million.
• It was the first quarter since 4Q20 with positive results after inflation adjustment.
• Exceptional financial results helped overcome negative impact of inflation adjustment.
• The adjustment in the Income Statement due to inflation was negative by ARS 6,949 million. It was also negative in 3Q21, but by a lower amount (ARS 3,979 million).

REVENUES

• Revenues from the CSD (Caja de Valores) reached ARS 1,098.5 million, compared to ARS 1,304 in the third quarter of 2021. This reduction is due to inflation adjustment, because in historical terms, it showed an increase.
• Revenues from the Exchange were ARS 1,625 million, which compare to ARS 1,418 million in 3Q21.
• Other Operating Income totaled ARS 3,623 million, in comparison to ARS 108 million in the same quarter of 2021.
• Financial income went from ARS 2,191 million in 3Q21 to ARS 4,455 million in 3Q22.

EXPENSES

• Total expenses in 3Q22 were ARS 1,657million, against ARS 1,942 in 3Q21, implying an y-o-y decrease after inflation adjustment.

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Historical (Non-inflation adjusted) Results

Jul-Sep. 2022 (3Q22)

As previously mentioned, BYMA's financial statements are presented in inflation adjusted terms (CPI). However, to allow for a proper comparison of historical figures, we present the non-adjusted figures for 3Q22 as well as previous quarter's figures.

Profits were ARS 7,905 million, implying an increase of 455% since the same period of 2021 (ARS 1,424 million).

Total Operating income (CSD, Exchange and Other Operation Income) for the 3Q22 amounted to ARS 5,674 million, resulting in a 301% increase y-o-y.

Revenues of the Depositary (ARS 1,035 million) explained 18% of 3Q22 total operating income, up by 51% against 3Q21, and showing an acceleration since the y-o-y growth observed in the previous quarter.

Revenues from the Exchange added up to ARS 1,524 million, more than doubling (103%) the figures of 3Q21. These revenues explained 27% of total operating income.

In this way, we maintained a balanced income structure between the activities of the CSD and the Exchange.

The remaining revenues belonged to Other Operating Income, for a total of ARS 3,114 million, which represented 55% of total operating income.

Financial Income originated in our own assets, totaled ARS 4,358 million, nearly fourfold the value of 3Q21

Operating Expenses for the quarter (including Depreciation and Amortization) reached ARS 1,439 million, 52.6% more than in the same period of 2021 (ARS 943 million), but below the y-o-y inflation rate (83%).

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Depreciation and amortization were ARS 26.6 million, in line with previous quarter and 21% below the value for 3Q21.

These figures result in 3Q22 EBITDA of ARS 4,261 million and an EBITDA margin of 75%, while the YTD EBITDA Margin reached 63%.

BYMA	3Q22	3Q21	3Q22/3Q21 (%)	9M 2022	9M 2021	9M22/9M21 (%)
ARS Millions
Revenues	2,559.3	1,436.9	78.1%	6,093.2	3,888.5	56.7%
Other operating income	3,114.1	-23.7	N/A	3,530.5	426.3	728.1%
Operating Expenses	1,412.7	909.5	55.3%	3,603.7	2,504.6	43.9%
EBITDA	4,260.8	503.6	746.1%	6,020.1	1,810.3	232.5%
EBITDA Margin	75.1%	35.6%		62.6%	42.0%

Summary of Operating Income

BYMA's 3Q22 revenues totaled ARS 2,5559 million, distributed as follows:

BYMA	3Q22	3Q21	3Q22/3Q21 (%)	9M 2022	9M 2021	9M22/9M21 (%)
ARS Millions
Total Revenue	2,559.3	1,436.9	78.1%	6,093.2	3,888.5	56.7%
CSD
ADC Services	746.1	508.1	46.8%	1,998	1,393	43.5%
ACRyP Services	18.0	12.9	39.5%	48	36	31.7%
Additional services	270.7	163.6	65.5%	672	485	38.5%
EXCHANGE
Trading C&S fees	1,346.4	656.2	105.2%	2,922	1,705	71.4%
Market Data	94.0	60.9	54.4%	248	183	35.9%
Other fees	84.1	35.2	138.8%	205	87	136.6%

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BYMA's 3Q22 Revenue breakdown:

4% 3%

	29%	CSD Services
		ACRyP Services
		Additional Services
		Trading and Settlement
	1%	Marekt Data
53%
10%
	Others

Revenues of the CSD grew 51% y-o-y, with an acceleration of the growth rate observed in the previous quarter, when the y-o-y hike was 40%.

All CSD revenue lines were higher against 3Q21, being worth mentioning Additional Services, which explained two thirds of the y-o-y increase. This was explained by fees on payments of foreign securities and to the first impact of the increase in registry fees.

Revenues from Exchange activities (Trading, Clearing & Settlement), added up to ARS 1,524 million. In this way, they were mor than twice the revenues registered in 3Q21. And they went up by 60% against the previous quarter.

It was the fourth consecutive quarter in which revenues from the Exchange are higher than those of the CSD.

Even though the increase in traded value was significant in all different asset classes and operations, the main variable that boosted Exchange's revenues was trading in equities.

Revenues coming from equities reached ARS 793 million, 133% more than in 3Q21, and more than double the revenues of the previous quarter. Cedear explained 75% of equity revenues, more than 10 percentage points than in 3Q21.

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