Core Insights - Grupo Supervielle S.A. reported a net loss of AR$19.5 billion in Q4 2025, showing significant improvement from a loss of AR$54.2 billion in Q3 2025, and a net income of AR$37.1 billion in Q4 2024, indicating a recovery in financial conditions [6][7][12] - The company anticipates a supportive environment for credit expansion and sustainable profitability as macroeconomic conditions normalize and reforms advance [5][8] Financial Performance - The attributable net loss for FY 2025 was AR$48.6 billion, compared to a net income of AR$164.7 billion in FY 2024, primarily due to extraordinary monetary tightening and regulatory conditions [7][13] - The net financial margin increased to AR$245.7 billion in Q4 2025, up 82.2% QoQ, driven by lower funding costs and improved investment portfolio yields [19][14] - Loan loss provisions rose to AR$108.3 billion in Q4 2025, up 72.2% QoQ and 408.3% YoY, reflecting weaker asset quality amid a challenging macroeconomic environment [25][26] Operational Highlights - Total loans reached AR$3,982.9 billion as of December 31, 2025, increasing 172.1% since March 31, 2024, with a quarterly growth of 8.4% [37][38] - The efficiency ratio improved to 60.6% in Q4 2025, down from 63.8% in Q4 2024, reflecting a 67.1% increase in revenues and a 5.6% reduction in personnel expenses [27][28] - The company added 114,000 payroll customers in 2025, enhancing its funding base and client engagement [4] Market Position and Strategy - The company maintained a strong CET1 ratio of 15.4% as of December 31, 2025, reflecting balance sheet strength and flexibility [39] - The NPL ratio increased to 5.0% in Q4 2025, up from 3.9% in Q3 2025, indicating higher delinquency levels in the retail portfolio [24] - The company executed over 70% of transactions through its mobile app, highlighting a shift towards digital engagement [4]

Financial Data and Key Metrics Changes - In Q1 2025, Banco Macro's net income totaled ARS 45.7 billion, a decrease of 59% or ARS 65.3 billion compared to Q4 2024 [4] - The annualized return on average equity was 3.81% and the return on average assets was 1.2% [5] - Net operating income before general and administrative expenses was ARS 801 billion, down 9% or ARS 82.6 billion from Q4 2024 [5] - Provision for loan losses increased by 60% or ARS 25.3 billion compared to Q4 2024, totaling ARS 66 billion [6] - Net interest income was ARS 579.2 billion, ARS 1 billion higher than Q4 2024, and up 122% or ARS 318 billion year-on-year [6][10] Business Line Data and Key Metrics Changes - Interest income totaled ARS 866.7 billion, down 3% or ARS 22.6 billion from Q4 2024 [7] - Income from interest on loans increased by 9% or ARS 49.6 billion compared to the previous quarter, but decreased by 18% or ARS 132.2 billion year-on-year [7][8] - Fee income was ARS 169.8 billion, a decrease of 1% or ARS 943 million from Q4 2024, but increased by 29% year-on-year [11] - Net income from financial assets and liabilities at fair value through profit or loss was ARS 66.4 billion, down 55% from Q4 2024 [12] Market Data and Key Metrics Changes - Banco Macro's market share over private sector loans reached 9.5% as of March 2025 [16] - Total deposits increased by 5% or ARS 485.4 billion quarter-on-quarter, totaling ARS 9.6 trillion, and increased by 23% year-on-year [16] - Nonperforming loans ratio was 1.44%, with a coverage ratio of 163.34% [17] Company Strategy and Development Direction - The bank aims to utilize its excess capital of ARS 3.2 trillion, with a capital adequacy ratio of 34.3% and a Tier one ratio of 33.6% [18] - The focus is on organic growth, with potential for future M&A opportunities as the number of banks in Argentina may shrink [26][27] Management's Comments on Operating Environment and Future Outlook - Management expects real loan growth of 60% for 2025 and deposits to grow at 45% [24] - Inflation is forecasted at around 30% for 2025, with a declining trend in domestic interest rates anticipated [35] - Operating expenses are expected to grow close to inflation, around 30% [36] Other Important Information - The effective income tax rate was 43% higher than in Q4 2024 [14] - The bank's liquidity remains strong, with a liquid assets to deposits ratio of 68% [18] Q&A Session Summary Question: Update on guidance for loan growth, deposits, and ROE - Management maintains a 60% loan growth forecast for 2025, with deposits expected to grow at 45% and ROE revised to 8% to 10% [24][25] Question: Expectations on macroeconomic factors - GDP growth is forecasted at 5% for 2025, with inflation at 30% and a declining trend in interest rates [35] Question: Loan to deposit ratio and capital ratio - The loan to deposit ratio is expected to increase, with loans representing 48% of total assets in Q1 2025 [37] Question: Bond portfolio positioning - The bank prefers high exposure to inflation-linked securities to hedge equity, aiming to maintain a stable level of available-for-sale bonds [46][48]