New Risk • Jun 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Dividend is not well covered by earnings (dividend per share is over 8x earnings per share). Share price has been volatile over the past 3 months (7.2% average weekly change). New Risk • Mar 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Argentinean stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Minor Risk Dividend is not well covered by earnings (dividend per share is over 8x earnings per share). Aankondiging • Mar 16
A3 Mercados S.A., Annual General Meeting, Apr 16, 2026 A3 Mercados S.A., Annual General Meeting, Apr 16, 2026. Location: held remotely, Argentina Reported Earnings • Mar 15
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: AR$61.4b (up 185% from 2Q 2025). Net income: AR$38.0b (up AR$33.7b from 2Q 2025). Profit margin: 62% (up from 20% in 2Q 2025). The increase in margin was driven by higher revenue. New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Argentinean stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Minor Risks Dividend is not well covered by earnings (dividend per share is over 8x earnings per share). Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Nov 14
First quarter 2026 earnings released: EPS: AR$94.61 (vs AR$5.54 loss in 1Q 2025) First quarter 2026 results: EPS: AR$94.61 (up from AR$5.54 loss in 1Q 2025). Revenue: AR$52.9b (up 227% from 1Q 2025). Net income: AR$21.8b (up AR$22.5b from 1Q 2025). Profit margin: 41% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$2.50, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 11x in the Capital Markets industry in South America. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$1.90, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 11x in the Capital Markets industry in South America. Reported Earnings • Sep 11
Full year 2025 earnings released Full year 2025 results: Revenue: AR$103.6b (up 52% from FY 2024). Net income: AR$21.4b (up 267% from FY 2024). Profit margin: 21% (up from 8.6% in FY 2024). The increase in margin was driven by higher revenue. Board Change • Jul 08
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. No independent directors (12 non-independent directors). President & President of the Board Andres Ponte was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • May 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 99% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Dividend per share is over 17x earnings per share. Dividend per share is over 5x cash flows per share. Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Board Change • May 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. No independent directors (12 non-independent directors). President & President of the Board Andres Ponte was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. No independent directors (12 non-independent directors). President & President of the Board Andres Ponte was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Aankondiging • Mar 18
Matba Rofex S.A., Annual General Meeting, Apr 21, 2025 Matba Rofex S.A., Annual General Meeting, Apr 21, 2025. Location: held remotely, Argentina Aankondiging • Mar 13
Matba Rofex S.A. (BASE:A3) completed the acquisition of Mercado Abierto Electronico S.A. Matba Rofex S.A. (BASE:A3) signed preliminary merger agreement to acquire Mercado Abierto Electronico S.A. on July 8, 2024. This historic amalgamation will result in a stronger, more efficient, and diversified Continuing Company, with 50-50 percent shareholding. The combination project between MAE and Matba Rofex stems from a shared vision aimed at maximizing the strengths of both institutions and providing a competitive and efficient market. Matba Rofex, born out of the merger of two organizations with more than a century of experience, has been a pioneer in trading financial and agricultural futures and options in the region, offering advanced price hedging tools and developing cutting-edge technology for the full cycle of market interaction. The merger is still subject to the fulfillment of legal requirements and the corresponding corporate and regulatory approvals.
Alejandro Dillon, Alejandro de Nevares, Julián Emiliozzi, and Nicolás Lucero of Columbus Investment Banking acted as the exclusive financial advisor to MAE and Matba Rofex. Hugo Bruzone and Lucila Winschel, Estanislao Olmos, Daniela Rey of Bruchou & Funes de Rioja acted as legal advisor to Mercado Abierto Electrónico, Marcelo Villegas and Maria Fraguas of Nicholson and Cano acted as legal advisor to Matba Rofex.
Matba Rofex S.A. (BASE:A3) completed the acquisition of Mercado Abierto Electronico S.A. on March 13, 2025. Alejandro Dillon and Julian Emiliozzi of Oaklins acted as the exclusive financial advisor to Matba Rofex and MAE in the merger of their businesses to create A3 Mercados.