Grupo Supervielle Q4 2025 Earnings Call - Loan Growth Outpaced Stress as Provisions Peaked and CET1 Rose to 15.4%

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Good morning, welcome to Grupo Supervielle’s fourth quarter 2025 earnings call. I’m Ana Bartesaghi, treasurer and IRO. Today’s conference call is being recorded. For the Q&A session, please ensure your full name appears on Zoom. You can ask questions by voice or through the Q&A box. Speaking today are Patricio Supervielle, our Chairman and CEO, and Mariano Biglia, our CFO. Gustavo Manriquez, Banco Supervielle CEO, and Diego Pizzulli, CEO of Invertir Online, will also be available during the Q&A session. Before we begin, please note this call may include forward-looking statements. Please refer to our earnings release and SEC filing for further details.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Thank you, Ana. Good morning, everyone, and thank you for joining us today. In the fourth quarter, we delivered results within our guidance range and positioned the balance sheet for industry recovery. The period was marked by elevated system-wide credit stress, which we were not immune to. However, in several key areas, we outperformed the industry. Let me walk you through the key drivers of our quarter results. First, loan growth continued to outperform the industry. Total loans grew 8% sequentially and 37% year-over-year. Growth was led by corporates, which expanded 25% quarter-over-quarter and now represent 63% of the portfolio. Retail balances declined sequentially as we prioritized risk-adjusted returns and tightened underwriting in response to the more volatile environment. Second, asset quality reflect the peak of the stress cycle.

The NPL ratio increased to 5%, consistent with industry strengths, rapid loan growth since 2024, and the significantly restrictive monetary conditions early in the year. Cost of risk reached the upper end of our guidance range, also reflecting updated macroeconomic assumptions under IFRS 9. Third, funding remained resilient despite strategic deleveraging. Total deposits declined sequentially as we reduce wholesale institutional funding to optimize the balance sheet. In contrast, core transactional balances remain resilient. US dollar deposits increased 42% year-over-year, gaining 60 basis points of market share, while remunerated accounts continued gaining traction among payroll and SME clients. Fourth, we reported an attributable net loss of ARS 19.5 billion, narrowing significantly from the third quarter loss. The improvement reflected margin recovery and strict cost control, despite elevated cost of risk based on updated macro assumptions and system-wide credit stress.

Encouragingly, NIM rebounded sequentially, supported by lower funding costs and better investment portfolio yields, while personnel expenses declined 6% sequentially. Importantly, CET1 strengthened to 15.4%, up 220 basis points quarter-over-quarter, preserving flexibility for 2026 growth. In sum, fourth Q25 was a transition quarter marked by strong loan growth, peak cost of risk, margin recovery, and solid capital. Let me now turn to the broader environment. The fourth quarter marked the peak of an exceptionally tight monetary policy, followed by early signs of normalization after the midterm elections. Leading up to the elections, high real interest rates and elevated reserve requirements significantly constrained liquidity across the financial system. While these measures helped stabilize the exchange rate and contain inflation, they weighed on margins, credit demand, and asset quality. Following the October elections, conditions began to improve.

The strengthened legislative mandate reinforced the government’s reform agenda. Since then, we have observed declining interest rates, gradually improving liquidity, and a recovery in sovereign bond prices. While reserve requirements remain elevated, they have started to ease. Looking into 2026, the foundation for financial recovery is in place. Fiscal discipline continues, FX reserve accumulation supports stability, disinflation should allow nominal rates to decline. As monetary conditions normalize, we expect economic activity to recover gradually, creating the basis for renewed credit expansion. Policy execution will remain critical. Maintaining disinflation, normalizing monetary conditions, and advancing FX liberalization in an orderly manner are essential to consolidating recovery.

If that path is maintained, we believe it should translate into lower volatility, more stable funding conditions, and greater predictability for businesses and households. In that environment, a disciplined and well-organized banking system will play a central role, and we believe Supervielle is well-positioned to participate in that expansion. Let me briefly close with strategy. We continue executing on the roadmap presented last year, centered on profitable growth, targeted segments, and ecosystem integration. At the core is a customer-centric and technology-enabled model. At the bank, our purpose is clear: to accompany customers in their daily lives with simple and agile financial experiences. That purpose guide the evolution of the App Supervielle as a true financial hub, integrating payments, savings, investments, and services into a unified experience. More than 70% of transactions are digital, reinforcing both engagement and operating efficiency.

Our AI-powered WhatsApp interactions and the integration of the Tienda Supervielle with Mercado Libre expand distribution while preserving our tech and touch model. The remunerated account in pesos and US dollars for payroll and SME accounts continue to strengthen our funding base, deepen primary relationships, and increase client balances. Adoption has been solid, reinforcing the quality and stability of our deposit mix. Integration between the bank and IOL is accelerating. Cross-selling initiatives are bringing high-value brokerage clients into the banking platform, while offering our banking base seamless access to investment products. At IOL, our strategic focus is clear. As Argentina leading retail digital broker, IOL operates a scalable technology-driven platform that allow us to grow assets and revenues with strong operating leverage.

We see a significant opportunity in the development of the Argentina’s domestic capital market, which remains at an early stage relative to the size of the economy and the financial savings potential. As macro conditions normalize, we expect deeper financial intermediation and greater participation in investment products. To capture that opportunity, we are focusing more on affluent clients, corporations, and IFAs, segments that allow us to accelerate growth in assets under custody while enhancing the quality and stability of our revenue mix. Our objective is not only to grow accounts, but to scale assets under custody in a disciplined and profitable way, leveraging our digital capabilities, ecosystem integration with the bank, and a differentiated product offering across local and international markets. Looking ahead, our priorities are aligned with Argentina’s normalization cycle.

At the bank, we are positioned to capture the next credit expansion as monetary conditions normalize and liquidity requirements ease. Supported by a strong capital base and disciplined risk management, we will scale corporate lending across the value chains of dynamic industries and selectively expand retail credit as consumer confidence strengthens. At the same time, we will continue reinforcing the App Supervielle as a core financial hub of our ecosystem, driving engagement, efficiency, and operating leverage. At IOL, the opportunity is equally structural. As inflation declines and risk appetite returns, Argentina’s domestic capital market has significant room to expand. Across both platforms, AI is becoming a transversal capability, enhancing productivity, optimizing processes, and elevating the client experience. With that, I will turn the call over to Mariano to review our financial performance in greater detail.

Mariano Biglia, Chief Financial Officer (CFO), Grupo Supervielle: Thank you, Patricio. Good day to everyone. Let’s turn to slide 6. We reported an attributable net loss of nearly ARS 20 billion in the fourth quarter, improving materially from the ARS 55 billion loss in the prior quarter. November marked a turning point, with declining rates supporting better margins toward year-end. Client-led financial income increased 21% sequentially, driven by lower funding costs combined with higher loan volumes and yields, despite a greater share of commercial loans in the mix. Market-related net financial income improved by ARS 85 billion sequentially, reflecting lower funding costs and improved spreading results as sovereign bond prices recovered and investment portfolio yields normalized. Inflation adjustment increased 10%. Net fee income rose modestly sequentially, supported by brokerage activity. Personnel, administrative, and D&A increased 6% sequentially, partially reflecting seasonal factors and commercial initiatives.

For the full year, however, expenses declined 9% in real terms, confirming structural efficiency gains. Loan loss provisions increased 75% sequentially, reflecting higher system-wide delinquency and, to a lesser extent, updated macroeconomic assumptions within our ECL framework. This was the primary driver of the quarterly loss. Turning to the loan portfolio. Loans increased 8% sequentially, outperforming 2% system growth and 37% year-over-year, in line with the industry. Commercial lending drove expansion up 25% sequentially and 64% year-over-year, representing 63% of the portfolio. Growth was concentrated in working capital and export-related sectors where risk-adjusted returns remain attractive. Retail loans declined 4% sequentially and increased 8% year-over-year, reflecting stricter underwriting standards and deliberate moderation in origination amid elevated rates and higher system-wide delinquency.

Our goal remains to return to a more balanced retail corporate mix as credit conditions stabilize. Turning to asset quality, the NPL ratio increased to 5% from 3.9% in the prior quarter, roughly in line with industry trends, reflecting higher delinquency levels amid system-wide credit stress and the seasoning of prior retail growth. Net cost of risk rose to 10.4% in the quarter. For the full year, net cost of risk was 6.2%. Coverage remained sound at 112%. Importantly, trends began improving toward year-end. December and January trends reflect the outcome of our collection and refinancing initiatives at the branch level, targeting individual and SME customers, reducing migration into advanced delinquency buckets, and showing moderation in net cost of risk.

While we remain cautious, current indicators suggest the fourth quarter likely marked the peak in provisioning under current assumptions. Moving to deposits, deliberate balance sheet optimization resulted in a 6% sequential decline in total deposits, particularly in higher cost wholesale institutional funding, as we actively adjusted our liability mix to improve funding quality and reduce cost volatility. By contrast, core transactional balances increased significantly, with checking accounts up 39% and retail savings accounts rising 29%, supported by December seasonality and the continued traction of our remunerated account strategy. Year-over-year, retail and commercial deposits increased 17% in real terms, reflecting stronger primary relationships and funding stability. Turning to page 10, net financial income reached ARS 246 billion in the quarter, up 82% sequentially and 1% year-over-year, recovering from extraordinary short-term pressures in the prior quarter.

This was driven mainly by three factors. First, peso cost of funds declined approximately 400 basis points as deposits repriced following the drop in market rates, coupled with lower wholesale funding. Second, market-related NIM improved materially, rising to 26% from 11% in the prior quarter, driven by bond price recovery and a less volatile rate environment. Third, loan portfolio NIM improved 1.7 percentage points to 16.9% sequentially as we repriced the credit book. Let’s now turn to the next slide to review our perspectives for the year. We expect real growth in loans between 25% and 30%, led by corporate lending as financial intermediation normalizes. Retail credit is expected to progressively regain momentum alongside improvement in economic activity, employment, and disposable income. Under current regulations, peso-denominated loans are expected to grow faster than dollar loans.

Deposits are projected to expand between 20% and 25%, supported by stronger client relationships. In our base case, peso deposits are expected to lead growth, while the recent implementation of the tax amnesty law provides additional upside potential for $ balances. For asset quality, we expect the NPL ratio to range between 5% and 6% for the year, with a temporary peak in first Q 2026 reflecting the lagged effects of last year’s volatility. Underlying trends are stabilizing. Cost of risk is projected between 6% and 6.5%, consistent with normalization. NIM is expected to range between 14% and 16%. While interest rate volatility and reserve requirements remain high, improving funding dynamics and disciplined asset pricing should support margins. A temporary shift toward corporate lending may moderate margins, but positions the balance sheet for sustainable growth.

Turning to slide 10, we expect net fee income to expand around 5% in real terms, driven by banking and brokerage activity. Structural operating expenses are anticipated to remain broadly stable in real terms, reflecting sustained cost discipline and headcount efficiencies, partially offset by depreciation and higher taxable revenues. In terms of profitability, we project full year ROE guidance of 4%-9% range, reflecting upside opportunities from macro improvements and the relaxation of restrictive monetary policies, stronger credit growth, the increased opportunity to expand affluent clients in YOD, and additional efficiency opportunities at the bank. We expect our ROE to improve sequentially as margins recover and operating leverage builds. We anticipate ending the year with a CET1 ratio of between 11% and 13%. This concludes our prepared remarks. We are now opening the floor for Q&A.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Mariano. At this time, we will be conducting the Q&A session. As a reminder, to ask a question, you need to be connected to a Zoom platform. To ask a question, please press the Raise Your Hand button. Press it again to withdraw your question. You can also send your questions in written form via the Q&A box. We will ask you to limit yourself to one question and a follow-up, and then you can ask again. The first question comes from Brian Flores with Citibank. Hello. Good morning, Brian. Please go ahead.

Brian Flores, Analyst, Citibank: Hi, team. Good morning. Thank you for the opportunity. I have a question on capital. Your core CET1 ratio rose above 15% in the quarter, we saw, as you mentioned, it was aided by the election recovery and some shifts in the investment portfolio. Given that you mentioned 2026 is slated for renewed expansion in lending, I just wanted to check with you how much of this capital buffer is truly structural and how much do you think it’s a temporary reflection of, you know, the higher real rates and the lower risk-weighted asset density? Just wanted to understand if we could see this ratio revert towards the 13% levels we saw now that the growth re-accelerates.

Also, if I may, if you are planning on changing anything regarding your dividend policy here on capital. Thank you.

Mariano Biglia, Chief Financial Officer (CFO), Grupo Supervielle: Thank you, Brian, for your question. Regarding the capital levels, as you said, we ended the year with above 15% of tier one capital ratio. With that, we can fund the growth expected for 2026. According to our guidance, by the end of the year, the capital ratio will be in a range between 11% and 13%. The increase in the capital ratio, compared to September, is in part related to off-balance sheet losses, because as of September, our investment portfolio had lower market prices that set an off-balance sheet loss that was reduced during the fourth quarter. That has an impact on deferred tax assets, which are deduction for capital.

Disappearing the, this deduction, or most of it, that’s why we could increase our capital, seeing that the result for the quarter was negative, and we had a loan growth in the quarter. From now on, that those extraordinary movements in off-balance sheet results were mostly neutralized, so we don’t expect big changes in that part of the composition of capital during 2026. The capital level will be set by reinvestment of utilities for profits and the loan growth that we now foresee between 25% and 30% in real terms for the year. So those are the capital dynamics on the tier one ratio that we see for 2026.

Regarding to dividends, as we had a negative result in 2025, we’re not expecting to pay dividends in 2026. Profits during the year will be reinvested, and only in 2027 we will decide, or the shareholders will decide, on profits of 2026. So far, for the next shareholders meeting, we are not recommending any dividend distribution.

Brian Flores, Analyst, Citibank: So-

Mariano Biglia, Chief Financial Officer (CFO), Grupo Supervielle: Brian, basically, sorry, to complement. We believe that, with our current capital base-

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: It is sufficient to fund loan growth, projected for 2026, while remaining comfortably between the range of CET1 that we announced.

Brian Flores, Analyst, Citibank: No, perfect. If I just follow up, Patricio, Mariano, and team, we have this sense speaking with investors that maybe there are limited catalysts for more enthusiasm in maybe the Argentine bank space. Just wanted to, of course, Patricio, I think you mentioned in your remarks maybe the FX liberalization, maybe the reforms. If you could elaborate a bit on what do you think could maybe help a bit on the market sentiment, right? Particularly for the banking segment, I think it would be great color here.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Well, I think that there are various catalysts. Let me first start with the state of the nation address that was given by President Milei on Sunday. We have seen a very confident president talking to the chamber and also stating that he’s going to go for a extremely reformist agenda, a very ambitious reformist agenda, which I think this is very good because it encompasses a lot of institutional building for Argentina. I think this is positive.

What I think, besides all the laws that have either been passed, like labor reform or probably, I think in the next, in the near future, the glaciers law, which is gonna help for investment in the mining industry. I think that it will be essential if the government at a certain point decides to go to the top international markets. That would be a very strong signal for refinancing the treasury, but at the same time impacting on the domestic rates, and eventually lowering liquidity requirements.

At this stage, the government is securing a restrictive monetary policy, because they want to build reserves, they don’t want to have a volatility on the dollar. I think it’s all connected in a way. That by itself would be one of the factors instilling confidence in the banking system. At the same time, with all these laws passed, particularly the system reform, and what is going on in the dynamic industries, I think it will improve the job market and eventually this will also help instill more confidence. I understand your question and I am positive, we need to wait.

Brian Flores, Analyst, Citibank: No, super useful. Thank you, team.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Brian. The next questions comes from Pedro Leduc with Itaú. Hello, good morning, Pedro. Please go ahead.

Brian Flores, Analyst, Citibank0: Hi, good morning. Morning, Ana and team. Thank you so much for hosting the call and taking our question. First on your loan book growth outlook for the year. You also grew a lot loans in the fourth quarter, I’m trying to reconcile it with the still staggering pace of NPLs that we are seeing. You even mentioned in the guidance that it will tick up again in the first quarter. Fourth quarter again was the peak of provisions. Just trying to reconcile everything that you’re still seeing NPLs going up, you want to grow loan book at a pretty fast pace, you feel like provisions are, you know, have peaked.

Trying to put all of this together and maybe trying to really understand on the provision side, if it wasn’t, if it weren’t more prudent for you to increase coverage along the year as you exactly want to keep growing on a fast pace. Thank you.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Mariano will complement, but what we have seen is a clear improvement in collection trends in December. This continued in January, and this continued in February. I think that there is a peak. Of course, the NPL ratio reflects prior period delinquencies and but collection, as I said, performance has improved. Most importantly, we see the early signs, of course, of risk stabilization. I don’t know if you want to complement on.

Mariano Biglia, Chief Financial Officer (CFO), Grupo Supervielle: Yes. As Patricio explained, loan loss provisions, particularly for the retail segment, they are charged in advance of NPLs. When we see delinquency in a certain product, mainly in retail products, we make most of the charge before-

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: A credit gets to 90 days past due, which is the moment where we recognize it as a non-performing loan. In the fourth quarter, we saw a peak in loan loss provisions that most probably will translate into a peak of NPLs in the first quarter. The actions that Patricia explains that we were taking, and we engaged also during December and January, the branch network in adding efforts, collection efforts to contain delinquency, to resume payments in individuals and smaller SMEs. That is translated into early indicators of improvements. That will most probably reduce charges in the first quarter of 2026 and have the NPLs of the first quarter as a peak and reduce since then.

Brian Flores, Analyst, Citibank0: That’s very clear position, Gustavo. If I may, I wanna follow up regarding your ROE guidance of 4%-9%. I really like the slide that you put there, you know, the main assumptions behind it. It’s very useful. As the year starts, however, 1Q, do you think we already be in the positive territory for ROEs or not just yet?

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: In terms of ROEs, we believe that we can expect sequential improvements throughout 2026. We saw as we mentioned, just recently, just now in 4Q 2025, we saw recovery in NIM. The cost of risk stabilization that we see in the collections, which makes us construct with a constructive view on the regularization of credit costs. Interest rate volatility that we have seen in the first two months of the year, they have decreased. This should help enhance margin and profitability.

We expect our ROE basically to move into double digits by the end of 2026. As we continue expanding the loan book, we look forward to higher margin lending, higher margin retail lending. With sustained cost discipline, we should see the pass back to high teens ROEs by late 2027 and 2028.

Brian Flores, Analyst, Citibank0: That’s very clear, Patricia. Thank you. It’s very useful.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Pedro. The next questions come from Pedro Frenkel, with Latin Securities. Hello, good morning, Pedro.

Pedro Frenkel, Analyst, Latin Securities: Good morning. Thank you for taking my call. My question, I wanted to ask on the, on the progress release, you highlighted a decision to deleverage the balance sheet during the quarter. Should we view this as a temporary adjusting to response to volatility, or can we see it again moving forward?

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Yes, thank you Pedro for your question. These are mainly tactical movements because the reduction in the balance sheet size is related to wholesale deposits. Where on the other hand, we have reserve requirements and treasury securities. These are tactical movements. It’s not that, you know, what we expect for the rest of the year. When we see opportunities, we can expand our balance sheet in order to improve profitability. I think there is a more structural trend behind what we mentioned, which is a tactical move. And that relates to the strong growth we see in remunerated payroll and SME accounts from clients who activated these accounts.

This mostly consists of new balances and not just simply money that was there and not being remunerated. The funds, they come from either from mutual funds or for individuals from digital wallets. This is helping us to improve and increase a stable source of funding. I wanna stress this is very important for us acquiring principality with our clients.

Pedro Frenkel, Analyst, Latin Securities: Okay. Super clear. Thank you.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Pedro. The next question comes from, I saw, Carlos, from Marcos Srulevin with Allaria. Hello, good morning, Marcos.

Marcos Srulevin, Analyst, Allaria: Good morning. Thank you for the presentation. My question is if you expect to lower non-cost deposits to keep growing in the quarter?

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Can you, can you repeat the question? I didn’t understand, sorry.

Marcos Srulevin, Analyst, Allaria: Yes. we saw that low cost deposits had a growth towards the end of the quarter. we want to know if you expect that trend to continue in this first quarter of 2026.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: This is our focus. The focus is basically, of course, there is a seasonality in the fourth quarter. The focus is to have the, what we call the CASA deposits, which is Current Account and Savings Account, to continue growing in 2026. We have a very strong focus on that, and this is gonna help us improve our quality of funding. Thank you.

Brian Flores, Analyst, Citibank0: Okay, thank you. Thank you.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you. Pedro, I see your hand again. You have another question?

Brian Flores, Analyst, Citibank0: I did. It was more related to IOL invertironline. Here we had a very nice performance as I, as I’m seeing it, especially on the bottom line, 8.1 billion Argentine pesos. This operationally, assets under management, active customers also trending very well. I see that you increased the headcount here. Maybe just walk us over, I know, some of the initiatives that’s undertaking there, what drove this quarter’s profits upward, and maybe a glimpse of what we should expect from IOL in 2026? Thank you.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Yeah, I will defer this to Diego. Only saying that, in this market, the is a nascent market. We’ve seen over the last few years high inflation and, but with declining inflation, there will be more risk appetite for investors.

Diego Pizzulli, CEO, Invertir Online (IOL): Yes, thank you, Pedro, for your question. Many things were in place in last quarter that are going on this year also. We started to focus more on affluent clients. We believe that with the normalization in Argentina, this will be the highest valuable customers we can develop. We are focusing our efforts in building not only products for them, but also advisors that can handle the growing number of customers we have in our wealth management business, also in SMEs and IFAs.

That was part of the switch we saw or the trend you saw in fourth quarter lines going on this first quarter and will be the trend we are focusing on for 2026, 2027, and also 2028. We believe that the normalization in Argentina will open a lot of opportunities for us and for our business in regarding the high value customers. Regarding the retail customers, of course, IOL is the leader in Argentina. We have 2,100,000 accounts. We have a great UX, and we make experience of operating our platform very straightforward for our customers. It’s very easy for them to operate.

Last year there were some opportune trade trails that arised, and we were there for our customers to execute, like, some FX transactions in the market. Also, Cauciones, that was a product that was very high demand last year. I believe our platform allowed retail customers to operate easy, and that’s why they made us the leader in operating retail.

Brian Flores, Analyst, Citibank0: Very good and much success there in 2026.

Diego Pizzulli, CEO, Invertir Online (IOL): Thank you.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Pedro.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Sorry. Let me complement something else about IOL is that asset management is a business that is starting to appear important in IOL invertironline. It already represent 10% of the brokerage fee revenues. They are launching, they already have their proprietary funds. They just launched the third fund, very successful. A few weeks ago, already almost $30 million in deposits. It’s a peso fund. Also the first fund they launched, it is a dollar fund, is the third largest in the country, and this is quite amazing. I believe that we have a very strong franchise. Sorry.

Brian Flores, Analyst, Citibank0: No. Good. Thank you so much for that.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Pedro. We have a question from Carlos Gomez-Lopez with HSBC. Hello, good morning, Carlos.

Carlos Gomez-Lopez, Analyst, HSBC: Hello, good morning. I hope you can hear me.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Yes, we can.

Carlos Gomez-Lopez, Analyst, HSBC: Thank you very much. I wanted to ask first, around, I remember around this time last year, we had high growth, and you had a contraction of spreads. I would like to know how spreads, both for corporates and for individuals, are evolving right now, in light of the NPLs that we have had. Second, we’re already in March, the middle of March. How is deposit growth and loan growth going so far? Because if you look at the aggregate figures, there’s barely any expansion, and it seems a bit challenging to get to the growth targets for both deposits and loans that you put in your guidance. Thank you.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Hi, Carlos. Thank you for your question. Regarding spreads, we don’t see contractions in spreads so far. We have all the spreads both on corporates and retail. Only regarding NPLs is that we are growing more on the corporate side than on the retail side. In fact, this gave us a composition of the loan portfolio with higher weight of corporate loans. We are not reducing spreads. That’s in pesos and in dollars. In fact, we see that for longer term loans, there are higher spreads, although this is still a small portion of the portfolio because most of the commercial portfolio is in pesos and is for working capital.

We are seeing some room to grow in longer term, which has higher spreads. Regarding the evolution of loans and deposits during the first quarter, the first months of the first quarter, we see a good evolution as Patricia explained before. Again, there is some seasonality, that in December it increases not only loans, but also savings accounts and current accounts. Aside of that, we continue with the trends which we saw in the fourth quarter. Still we are being very prudent on the retail portfolio side. As I also explained before, we may have an active account movement, increasing our wholesale deposits.

Carlos Gomez-Lopez, Analyst, HSBC: If I can follow up on on the spreads, the reality is that this second half of the year has been very challenging for the system as a whole. The system as whole has barely been able to make money even in the fourth quarter. Which makes you wonder, I mean, are the spreads, are they quite in Argentina, given the level of NPLs and the level of provisions? Is the system profitable, or do you need to see an adjustment? If we need to see more growth, I mean, that would be problematic. It would mean that as things are today, the banks are not making money.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Well, I mean, this has to do of course with NIMs, and NIMs, they depend on interest rate volatility, inflation. We just mentioned that interest rate volatility, we started to see a decline. That would be important to have to preserve good margins. With inflation going down, government is a very strong statement saying that inflation will go down by the second half of the year. That will help in decrease the interest rates, nominal interest rates. We could expect eventually a flexibilization or in terms of our reserve requirements.

If there is an increase, as the government is looking for, of peso demand, that will fuel deposits, and that will allow expanding, the balance sheet and, of course, So more leverage for the banking system, and this will be a positive effect for the return on equity. That’s the way, the way forward. That’s a positive way forward, and this is what we’re looking for.

Carlos Gomez-Lopez, Analyst, HSBC: Okay. Thank you so much.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Carlos. We have, our next questions comes from Kaio Prato with UBS. Hello, good morning, Kaio. How are you?

Kaio Prato, Analyst, UBS: Hi, Ana. Good morning. Good morning, everyone. Thanks for the opportunity. I just have one follow-up here on my side, please. Is on the retail credit portfolio. We saw, as you mentioned, some contraction sequentially on the portfolio again, I think. In your slide, you mentioned about the retail segment resuming gradually, as far as I’m understood. Just wondering if you can provide us a brief update about the retail segment at the system level as well. How are you seeing, first your credit models after this uptick on NPLs? The overall consumer demand and the overall banking appetite for this segment, not only from you, but also from other banks, and especially fintechs that might gain some traction at this current environment. Would be good to have an overview on the segment.

When do you think it should start to recover, at least on your side, as well? Thank you.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Thank you. Please, Kaio. Yes, I think as you said, on the first quarter, saw a contraction on the retail portfolio, and we aim to grow gradually into 2026, only when we see improvement of conditions to grow in this segment. Far, as we said, we see better early indicators, collections for this segment. What will be very important is the level of activity, the decrease in the volatility of interest rates that we saw it in July and October and up to some extent continued in January.

This is very important in order to resume activity across all the industries in Argentina, because right now it is very uneven between very dynamic industries and industries that still have low levels of activity. That will allow us to resume growth.

Gustavo Manriquez, CEO, Banco Supervielle: Oh, one or two things. Obviously, our main focus is obviously lending money to our customers, customer base. We adjusted our credit models in order to do that. Basically, our focus is our inaudible customers. Also, as Mariano mentioned before, we have all the retail branches, all the retail segment, focused on collections. We have an excellent results in order to do that. It’s different things that as we do in the past. We maintain our focus, we adjust our models, and we want to keep in track our existing customers. Also, we are looking for new customer with new credit models in order to increase our credit and our retail credit book.

Basically, we are changing some things in order to be more effective, obviously get more profitability for that product.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: In terms of looking forward for 2026, retail acceleration will depend on continued disinflation, reduction in nominal rates, improved consumer confidence, particularly on the job market and disposable income, and eventually lower liquidity requirements. Fintechs are, yes, they are on the screen. We are conscious and this, they will start loaning to certain segments. We understand that, and it’s good competition.

Gustavo Manriquez, CEO, Banco Supervielle: Okay, that’s clear. Thank you very much. Thank you.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you, Caio. We have a couple of questions in the Q&A box. One is from Matias Cattaruzzi with Allaria. He says, "If the government allows banks to lend in $ to borrowers without $ link income, how would Correo position itself competitively? Would $ lending improve spreads and return on equity structurally, or would it mainly shift balance sheet composition?" Go.

Gustavo Manriquez, CEO, Banco Supervielle: I think that this is an ongoing discussion in the financial system, because there is a lot of liquidity in dollars that are not being used by banks. We believe that we have a cautious approach. Currency mismatch continues to be a risk. We need a fiscal anchor for quite a time, and eventually also central bank independence, a state agenda for the entire political spectrum, but we’re not there yet. Still, we have a selective approach, and we would be open to basically lend top-tier companies that have good protections and so on. We are looking for, and if the regulations change, we will go for selective opportunities.

The current regulations allow to lend dollars because you have the deposits base in order to. You can lend dollars to the exports chain. If you have loans or loans from external.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Financing.

Gustavo Manriquez, CEO, Banco Supervielle: financing, you can lend. Actually, you can lend dollars to the companies.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Not with deposits, but yes, with the rest of the-

Gustavo Manriquez, CEO, Banco Supervielle: Not from the customer deposits. Exactly. We have a selective approach on that.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: We have a couple of questions coming from Ernesto Gabilondo with Bofa. Let me read some of them. We have a couple of minutes, maybe further ones that I think we have not answered yet. The deposit requirement is expected to decline from 50% to 45% by the end of March. Is there any further timeline to continue reducing this requirement to improve basic liquid? Or does management believe the Milei administration will maintain a restricted monetary policy to preserve fiscal surplus and manage FX stability ahead of the 2027 presidential election?

Gustavo Manriquez, CEO, Banco Supervielle: We don’t have any news about it.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Only until the end of March.

Gustavo Manriquez, CEO, Banco Supervielle: I don’t know. I don’t know.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: That’s the only thing we have. No, it’s because it’s the regulation is maturing-

Gustavo Manriquez, CEO, Banco Supervielle: Okay.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: the reduction with,

Gustavo Manriquez, CEO, Banco Supervielle: Yes.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Which was,

Gustavo Manriquez, CEO, Banco Supervielle: It will end also.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Set up with securities. That’s the only thing.

Gustavo Manriquez, CEO, Banco Supervielle: We will probably continue with the same.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: We believe that it will be, in fact, Milei in the state of the nation Address, he mentioned that they will continue to maintain a restrictive monetary policy. This is dynamic. They need to see if it’s too much a hindrance for economic activity, and if they are more at ease with the building of foreign reserves, which frankly, they are doing a very good job, maybe they will be less restrictive.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Our

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: I think the bias will be restrictive.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Yes. Our base case scenario for the guidance or embedding the guidance is without any assumption of further.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: Exactly.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: with everybody.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: This is important. We are very fortunate. Very important.

Mariano Biglia, Chief Financial Officer (CFO), Grupo Supervielle: Yes. Agreed.

Patricio Supervielle, Chairman and Chief Executive Officer (CEO), Grupo Supervielle: They have been, they will be an upside.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Yes. I think the first one was already in terms of asset quality, NPLs, cost of risk. I think Mariano walked through that. Assumption behind guidance, I think it’s in the presentation, but I don’t know, Mariano, if you want to go quickly, and this is the last question we do have.

Mariano Biglia, Chief Financial Officer (CFO), Grupo Supervielle: Yes. The assumptions, the macroeconomic assumptions we have in our guidance is inflation of 22.4%, a GDP growth of 3.7%, at a rate of 1,750 ARS per USD by the end of 2026.

Ana Bartesaghi, Treasurer and Investor Relations Officer (IRO), Grupo Supervielle: Thank you all of you for participating. I think this is the last question. The earnings call today comes to an end. We appreciate your interest in our company, and we look forward to meeting more of you over the coming months and providing financial and business updates next quarter. In the interim, we remain available to answer any questions, I’m sorry, that you may have. Have a nice day.