Core Insights - Banco Latinoamericano de Comercio Exterior (BLADEx) reported a strong performance in 2025, achieving record results for the fourth consecutive year, driven by double-digit portfolio growth and a shift towards fee-based income despite a declining interest-rate environment [4][7]. Financial Performance - The bank's net income for 2025 was $227 million, reflecting a 10% year-over-year increase, with a return on equity (ROE) of 15.4% and an adjusted ROE of 15.8% [3][7]. - In Q4, the bank generated $56 million in net income, described as one of the strongest quarters in its history, supported by interest and fee income [2][7]. Portfolio and Growth - The total credit portfolio grew by 12% to $12.6 billion, with approximately $800 million in loan growth (10%) and a 21% increase in contingent business [1][6]. - Management targets a commercial portfolio growth of 13-15% for 2026, with net interest margin (NIM) expected around 2.3% and ROE between 14% and 15% [5][17]. Income Sources - Net interest income rose by 5% year-over-year, reaching a record level, while non-interest income surged by 54%, now accounting for approximately 19-20% of total revenue [5][13]. - The bank's fee-generating activities, particularly in trade finance and structuring, contributed significantly to non-interest income, with fees from letters of credit and guarantees totaling $31.8 million in 2025 [13][18]. Asset Quality and Capital Management - Asset quality remained strong, with Stage 1 exposures at 98.2% of the credit portfolio and a total allowance for credit losses of $107 million, representing 276% of impaired credits [15][16]. - The bank's capital structure was strengthened through its first AT1 issuance in September 2025, with a Tier 1 capital ratio of 17.4% and a regulatory capital adequacy ratio of 15.5% [16][17]. Funding and Deposits - Deposits increased by 22% year-over-year, representing 62% of total funding, supported by a $1.5 billion Yankee CD program [6][8]. - The bank's funding sources were diversified through transactions such as a Costa Rican colones issuance and a $150 million global syndicated loan [9].

Financial Data and Key Metrics Changes - In 2025, the company achieved record net income of $227 million, up 10% year-over-year, with an adjusted return on equity (ROE) of 15.8% [8][9] - Net interest income reached another record, increasing by 5% year-over-year, with a net interest margin (NIM) of 2.36%, slightly above guidance [4][25] - Non-interest income grew 54% year-over-year, now representing 20% of total revenues, up from 13% four years ago [5][26] Business Line Data and Key Metrics Changes - The commercial portfolio grew 11.5% year-over-year, driven by a solid expansion in the loan book and a contingent portfolio increase of over 20% [3][11] - Loan growth was led by Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina, reflecting selective origination in attractive risk-adjusted opportunities [3][12] - Non-interest income from letters of credit increased by 20% year-over-year, while syndication fees rose more than 70% [5][27] Market Data and Key Metrics Changes - The investment portfolio totaled $1.4 billion, representing a 19% increase year-over-year, with approximately 91% investment-grade exposure [15] - Total liquidity closed the quarter at $1.9 billion, representing about 15% of total assets, with 91% placed with the Federal Reserve [15][19] Company Strategy and Development Direction - The company aims to transition into a more transactional trade banking platform for Latin America, focusing on scalability and capturing trade flows [34][35] - The 2026 guidance reflects a disciplined approach to profitable growth, with expectations for commercial portfolio growth between 13% and 15% [36] Management's Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, with expectations of gradual easing and potential rate cuts in 2026 [32][33] - Latin America is expected to experience growth supported by easing cycles and recovery in consumption and investment, despite potential volatility from elections [33] Other Important Information - The efficiency ratio closed at 26.7%, reflecting ongoing cost discipline while investing in strategic initiatives [30] - The board approved an increase in quarterly cash dividends to $0.6875 per share, representing a 46% payout of fourth-quarter earnings [23] Q&A Session Summary Question: Clarification on ROE guidance - The guidance is for adjusted ROE, excluding the impact of additional Tier 1 capital issued [39] Question: Expectations for non-interest income in 2026 - Guidance for 2026 in terms of fee income will be around what was seen in 2025, targeting between 18% and 20% growth [40] Question: Impact of portfolio duration on NIM - The record NIM in 2025 was influenced by medium-term transactions and efficient liquidity management, with expectations for stability in 2026 [41][43] Question: Contribution of market growth vs. market share gains to portfolio growth - The growth in 2025 was well-balanced, with specific countries like Guatemala showing higher demand, but overall market share is not a primary focus [46][49] Question: Countries driving loan growth and those with high competitive pressures - Growth is expected to be balanced across regions, with concerns in Colombia and Brazil due to fiscal situations and potential defaults [61][62]

Financial Data and Key Metrics Changes - In 2025, the company achieved record net income of $227 million, up 10% year-over-year, with an adjusted return on equity (ROE) of 15.8% [8][9] - Net interest income reached another record, increasing by 5% year-over-year, with a net interest margin (NIM) of 2.36%, slightly above guidance [4][25] - Non-interest income grew 54% year-over-year, now representing 20% of total revenues, up from 13% four years ago [5][26] Business Line Data and Key Metrics Changes - The commercial portfolio grew 11.5% year-over-year, driven by a solid expansion in the loan book and a contingent portfolio increase of over 20% [3][11] - Loan growth was led by Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina, reflecting selective origination in attractive risk-adjusted opportunities [3][12] - Non-interest income from letters of credit increased by 20% year-over-year, while syndication fees rose more than 70% [5][26] Market Data and Key Metrics Changes - The investment portfolio totaled $1.4 billion, representing a 19% increase year-over-year, with approximately 91% investment-grade exposure [15] - Total liquidity closed the quarter at $1.9 billion, representing about 15% of total assets, with 91% of liquidity placed with the Federal Reserve [15] Company Strategy and Development Direction - The company aims to transition into a more transactional trade banking platform for Latin America, focusing on scalability and capturing trade flows [34][35] - The 2026 guidance reflects a disciplined approach to profitable growth, with expectations for commercial portfolio growth between 13% and 15% [36] Management's Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, with expectations of two additional rate cuts in 2026, but the company anticipates continued growth supported by a resilient Latin American market [32][33] - The company is well-positioned to expand the loan book without altering its credit risk profile, focusing on prudent capital management [14] Other Important Information - The efficiency ratio closed at 26.7%, reflecting ongoing cost discipline while investing in strategic initiatives [30] - The board approved an increase in quarterly cash dividends to $0.6875 per share, representing a 46% payout of fourth-quarter earnings [23] Q&A Session Summary Question: Clarification on ROE guidance - The guidance is for adjusted ROE, excluding the impact of additional Tier 1 capital issued in September [39] Question: Expectations for non-interest income in 2026 - Fee income is expected to be around what was seen in 2025, with nominal growth but similar relative performance due to one-off transactions in 2025 [40] Question: Impact of portfolio duration on NIM - The record NIM in 2025 was influenced by medium-term transactions and efficient liquidity management, with expectations for stability in 2026 [41][43] Question: Portfolio growth guidance breakdown - The growth is expected to be well-balanced across regions, with specific opportunities in Guatemala and Argentina, while monitoring risks in Colombia and Brazil [60][61]

Financial Data and Key Metrics Changes - In 2025, the company achieved record net income of $227 million, up 10% year-over-year, with an adjusted return on equity (ROE) of 15.8% [8][9] - Net interest income reached another record, increasing by 5% year-over-year, with a net interest margin (NIM) of 2.36%, slightly above guidance [4][25] - Non-interest income grew 54% year-over-year, now representing 20% of total revenues, up from 13% four years ago [5][26] Business Line Data and Key Metrics Changes - The commercial portfolio grew 11.5% year-over-year, driven by a solid expansion in the loan book and a contingent portfolio increase of over 20% [3][11] - Loan growth was led by Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina, reflecting selective origination in attractive risk-adjusted opportunities [3][12] - Non-interest income from letters of credit increased by 20% year-over-year, while syndication fees rose more than 70% [5][27] Market Data and Key Metrics Changes - The investment portfolio totaled $1.4 billion, representing a 19% increase year-over-year, with approximately 91% investment-grade exposure [14][15] - Total liquidity closed the quarter at $1.9 billion, representing about 15% of total assets, with 91% of liquidity placed with the Federal Reserve [15][19] Company Strategy and Development Direction - The company aims to transition into a more transactional trade banking platform for Latin America, focusing on scalability and capturing trade flows across the region [34][35] - The 2026 guidance reflects a disciplined approach to profitable growth, with expectations of commercial portfolio growth between 13% and 15% [36] Management's Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, with expectations of additional rate cuts and ongoing spread compression in the region [32][36] - The company anticipates that regional growth will converge towards potential, supported by easing cycles and recovery in consumption and investment [33] Other Important Information - The efficiency ratio closed at 26.7%, reflecting ongoing cost discipline while investing in strategic initiatives [30] - The board approved an increase in quarterly cash dividends to $0.6875 per share, representing a 46% payout of fourth-quarter earnings [23] Q&A Session Summary Question: Clarification on ROE guidance - The guidance is for adjusted ROE, excluding the impact of additional Tier 1 capital issued [39] Question: Expectations for non-interest income in 2026 - Guidance for 2026 in terms of fee income will be around what was seen in 2025, targeting between 18% and 20% [40] Question: Impact of portfolio duration on NIM - The record NIM in 2025 was influenced by medium-term transactions and efficient liquidity management, with expectations of stability in 2026 [42][44] Question: Contribution of market growth vs. market share gains to portfolio growth - The growth in 2025 was well-balanced, with specific countries like Guatemala showing higher demand, while market share is not a primary focus [46][49] Question: Countries driving loan growth and those with high competitive pressures - Growth is expected to be balanced across various countries, with concerns in Colombia and Brazil due to fiscal situations and potential defaults [58][61]

FEBRUARY 2026 4Q25 Earnings Results Our 2025 Guidance was right on target CET1 Commercial Portfolio Growth Average Deposit Growth NIM Efficiency Ratio ROE 11% 15% 2.36% 26.7% 15.8% 15.3% 10% 12% 15% 17% 2.25% 2.35% 26% 28% 15% 16% 15% 16% ✓ ✓ ✓ ✓ ✓ ✓ 2 Real vs Guidance 2025 Key Results: Solid Performance in 2025 Record Earnings and RoE Record Commercial Portfolio and Strong Deposit Growth Robust Margins and healthy Asset Quality Record Non - Interest Income and Efficiency Commercial Book $11.2 Bn ↑ 11% YoY ...

Core Viewpoint - Bladex has announced an increase in its quarterly cash dividend to $0.6875 per share, reflecting a strong financial performance in 2025 and a commitment to shareholder returns [1][1]. Financial Performance - The new quarterly dividend represents 46% of Bladex's net income for the fourth quarter of 2025 [1]. - Bladex reported net profits of $56.0 million or $1.50 per share in the fourth quarter of 2025, and $226.9 million or $6.11 per share for the entire year [1][1]. Company Background - Bladex is a multinational bank established by the central banks of Latin American and Caribbean countries, with operations starting in 1979 [1]. - The bank is headquartered in Panama and has offices in several countries, including Argentina, Brazil, Colombia, Mexico, and the United States [1]. - Bladex has been listed on the NYSE since 1992, with shareholders including central banks, state-owned banks, commercial banks, and institutional and retail investors [1].

Core Insights - Bladex reported net profits of $56.0 million or $1.50 per share in 4Q25, representing a 9% year-over-year increase, and $226.9 million or $6.11 per share for the full year 2025, a 10% increase year-over-year [1][2] Financial Performance - Net Interest Income (NII) increased to $70.8 million in 4Q25 (+6% YoY) and $271.2 million in FY25 (+5% YoY), driven by higher average business volumes [1] - Net Interest Margin (NIM) was 2.39% for 4Q25 (-4bps YoY) and 2.36% for FY25 (-11bps YoY), impacted by lower base rates and increased market liquidity [1] - Fees and non-interest income reached $18.0 million for 4Q25 (+57% YoY) and $68.4 million for FY25 (+54% YoY), attributed to strong performance in trade-finance and structuring activities [1] Efficiency and Cost Management - The Efficiency Ratio was 30.9% for 4Q25 and 26.7% for FY25, slightly increasing year-over-year due to higher operating expenses from technology investments and headcount growth [1] - Operating expenses for FY25 totaled $90.6 million, up from $80.5 million in FY24 [2] Credit Portfolio and Asset Quality - The Credit Portfolio reached an all-time high of $12,599 million as of December 31, 2025 (+12% YoY), with a Commercial Portfolio balance of $11,184 million (+11% YoY) [1] - 98.2% of the credit portfolio remained low-risk or Stage 1 at the end of 4Q25, with Stage 2 exposures decreasing to 1.5% [1] Capital and Liquidity - Tier 1 Capital and Regulatory Capital Adequacy Ratios were 17.4% and 15.5% at the end of 4Q25, both exceeding internal targets and regulatory minimums [1] - The Bank's liquidity position was strong at $1,911 million, representing 14.9% of total assets [1] Dividend Announcement - The Board of Directors approved an increase in the quarterly common dividend to $0.6875 per share for 4Q25, up from $0.625 per share, reflecting the Bank's strong financial performance [1][2]

PANAMA CITY, Jan. 30, 2026 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX) cordially invites you to participate in its upcoming conference call to discuss its 4Q25 results Date and time: Friday, February 13, 2026 10:00 a.m. Eastern Time Presenting for Bladex: Mr. Jorge Salas, Chief Executive Officer Mrs. Annette van Hoorde de SolÃs, Chief Financial Officer Register for the Conference Call About Bladex: Bladex, a multinational bank originally established by the central banks of L ...

Core Insights - Boralex Inc. will release its fourth quarter results for 2025 on February 27, 2026, at 11 a.m. ET, with a conference call for financial analysts and investors [1] - The financial information will be available through a press release and on Boralex's website at 7 a.m. on the same day [3] Company Overview - Boralex has been providing affordable renewable energy for over 35 years and is a leader in the Canadian market, as well as the largest independent producer of onshore wind power in France [4] - The company has increased its installed capacity by over 50% in the past five years, reaching 3,303 MW as of September 30, 2025, and has recently commissioned a new wind farm of 100 MW, bringing the total to 3,403 MW [4] - Boralex is developing a portfolio of projects totaling 8 GW in wind, solar, and storage, guided by corporate social responsibility values [4] - The company has been recognized as the Best Corporate Citizen in Canada by Corporate Knights and is actively participating in the fight against global warming [4]

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