Financial Data and Key Metrics Changes - Banco Macro's net income for Q2 2025 totaled ARS 101.1 billion, representing a 209% increase compared to the previous quarter, primarily driven by higher net interest income and net fee income [4][5] - Total comprehensive income for the quarter reached ARS 157.1 billion, a 241% increase from the previous quarter [5] - The annualized ROE and ROA were reported at 123.5% [5] - Provision for loan losses increased by 47% quarter on quarter and 349% year on year, totaling ARS 103 billion [6][14] Business Line Data and Key Metrics Changes - Net interest income for Q2 2025 was ARS 696.9 billion, a 14% increase from the previous quarter and a 163% increase year on year [6][7] - Income from interest on loans increased by 19% quarter on quarter and 30% year on year, representing 69% of total interest income [8] - Net fee income totaled ARS 108.4 billion, a 16% increase from the previous quarter and a 34% increase year on year, with credit card fees increasing by 90% [11][12] Market Data and Key Metrics Changes - Banco Macro's market share in private sector loans reached 9.2% as of June 2025 [15] - Total deposits increased by 4% quarter on quarter and 13% year on year, with private sector deposits also increasing by 4% quarter on quarter [16][17] - The nonperforming loans (NPL) ratio reached 2.06%, with consumer portfolio NPLs deteriorating to 2.81% [17][18] Company Strategy and Development Direction - The bank aims to maintain a loan growth guidance of 60% for 2025 and a deposit growth guidance of 30% [38][39] - Banco Macro is focused on optimizing its deposit base and improving efficiency standards while managing asset quality [18][19] - The bank is open to analyzing potential M&A opportunities if favorable conditions arise [51] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in funding costs and anticipated some reduction in net interest margins (NIMs) in Q3 due to market volatility [24][26] - The bank expects NPLs to increase to between 2.5% to 3% of total loans by the end of the year due to high real interest rates [26][33] - The effective income tax rate was reported at 39%, lower than the previous year [14] Other Important Information - Banco Macro's capital adequacy ratio was reported at 30.5%, with a Tier one ratio of 9% [18] - The bank's liquidity remains strong, with a liquid assets to total deposit ratio of 67% [18] Q&A Session Summary Question: Impact on NIMs and asset quality from interest rate volatility - Management acknowledged higher volatility and increased funding costs, forecasting a slight reduction in NIMs for Q3 [24][26] Question: ROE expectations for the second half of the year - Management maintained an ROE guidance of 8% to 10% for 2025 [26] Question: Cost of risk expectations - Management estimated a cost of risk similar to the previous year, around 4% [27] Question: Tier one ratio forecast - Management forecasted a Tier one ratio of approximately 28.75% by the end of 2025 [30] Question: Quality of the retail loan portfolio - Management noted some deterioration in asset quality due to rising interest rates, expecting continued deterioration in the third quarter [32][33] Question: Funding growth strategy - Management emphasized the importance of maintaining growth in both peso and dollar deposits while managing funding costs [36][38] Question: Loan growth guidance - Management confirmed a loan growth guidance of 60% for 2025 and a deposit growth guidance of 30% [39][40]

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 82.6 billion lower than the previous quarter, a decrease of 9% [5] - Provision for loan losses increased by 60% or ARS 25.3 billion compared to Q4 2024 [6] - Net interest income totaled ARS 579.2 billion, ARS 1 billion higher than the previous quarter [6] Business Line Data and Key Metrics Changes - Interest income from loans and other financing increased by 9% or ARS 49.6 billion compared to the previous quarter [8] - Income from government and private securities decreased by 21% or ARS 71.5 billion quarter on quarter [8] - Fee income totaled ARS 169.8 billion, a decrease of 1% compared to the previous quarter [11] - Net income from financial assets and liabilities at fair value through profit or loss decreased by 55% or ARS 80 billion compared to 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 [16] - Nonperforming total financial ratio reached 1.44% [17] Company Strategy and Development Direction - The bank aims to utilize its excess capital effectively, 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 decrease [27] - The bank is adjusting its bond portfolio to reduce public sector exposure and increase loan growth [46] Management's Comments on Operating Environment and Future Outlook - The bank forecasts a real loan growth of 60% for 2025 and a real deposit growth of 45% [24] - Expected inflation for 2025 is around 30%, with a declining trend in domestic interest rates anticipated [36] - Operating expenses are expected to grow close to inflation, around 30% [37] Other Important Information - The effective income tax rate was 43% higher than the previous quarter [14] - The bank's liquidity remains strong, with a liquid assets to deposit 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 by 45% and ROE revised to 8% to 10% [24][25] Question: Drivers behind increased deposit growth - The increase in deposit growth is attributed to better-than-expected volume growth and stronger dollar deposit growth [28] Question: Macroeconomic expectations for interest rates, inflation, and GDP growth - Forecasts include 30% inflation for 2025, with a real GDP growth of 5% [36] Question: Loan to deposit ratio and capital ratio expectations - The loan to deposit ratio is expected to increase to around 90% by the end of 2025, with a strong capital ratio allowing for potential M&A opportunities [39][40] Question: Bond portfolio positioning and preferences - The bank prefers high exposure to inflation-linked bonds to hedge equity, aiming to maintain a stable level of available-for-sale bonds [46][48]

Financial Results - Revenues for Q1-25 were $88,076, an increase of $1,472 or 2% compared to Q1-24, driven by growth in key promoted products, partially offset by declines in mature products and currency depreciation in select LATAM countries [7][13] - Gross margin decreased to $34,866 or 40% of revenues from $41,699 or 48% in the same period last year, primarily due to hyperinflation accounting in Argentina [7][19] - Operating loss was $5,537 compared to an operating income of $2,660 in Q1-24 [11][25] - Net income was $2,185, a significant improvement from a net loss of $4,546 in the prior year [25] - Adjusted revenues were $87,979, reflecting a 3% increase, and $6,631 or 8% on a constant currency basis [7][13] Corporate Developments - The company entered into an asset purchase agreement to acquire the Paladin business for $100,000, with an additional $20,000 for inventory, and potential future payments of up to $15,000 based on sales milestones [7][36] - A working capital line of credit of USD 40,000 was obtained from Citibank, with USD 35,000 withdrawn [6][37] - The company in-licensed Onicit IV for distribution in Mexico, Brazil, and select LATAM countries, and submitted Tavalisse for ANMAT approval in Argentina [8][33][35] Shareholder Updates - Shareholders re-elected members to the Board of Directors, including Jonathan Ross Goodman and Samira Sakhia [9] Financial Outlook - The company reaffirmed its financial guidance for 2025, expecting revenues between $390 million to $405 million and adjusted EBITDA to be approximately 13% of revenues [38]

Financial Data and Key Metrics Changes - In Q4 2024, Banco Macro's net income reached Ps. 102.2 billion, a 4% increase or Ps. 3.5 billion higher than Q3 2024 [5] - The annualized return on average equity and average assets were 7.5% and 2.4%, respectively [6] - For fiscal year 2024, net income totaled Ps. 325.1 billion, a 74% decrease compared to fiscal year 2023 [6] - Total comprehensive income for fiscal year 2024 was Ps. 227.7 billion, down 83% from fiscal year 2023 [7] Business Line Data and Key Metrics Changes - Net interest income in Q4 2024 was Ps. 532.6 billion, a 13% decrease from Q3 2024 but a 33% increase year-on-year [9] - Net fee income in Q4 2024 totaled Ps. 139.9 billion, a 6% increase from Q3 2024 and an 11% increase year-on-year [17] - Provision for loan losses in Q4 2024 was Ps. 37.5 billion, a 51% increase from Q3 2024 [8] Market Data and Key Metrics Changes - The Argentine peso depreciated 6.3% against the U.S. dollar in Q4 2024 [15] - Total financial loans reached Ps. 5.8 trillion, an 18% increase quarter-on-quarter and a 45% increase year-on-year [27] - Private sector deposits increased 2% quarter-on-quarter, while public sector deposits decreased 40% [31] Company Strategy and Development Direction - Banco Macro aims to utilize its excess capital of Ps. 2.8 trillion effectively, with a capital adequacy ratio of 32.4% [34] - The bank expects to reduce the securities portfolio from approximately 27% of total assets to around 20% by the end of 2025 [57] - The bank's strategy includes increasing lending to the private sector, with a forecasted loan growth of 60% in real terms for 2025 [44] Management's Comments on Operating Environment and Future Outlook - The management anticipates GDP growth of 5.5% in 2025, with inflation expected to decrease to around 25% [41] - The cost of risk for 2025 is projected to be above 2%, potentially reaching 2.5% due to increased lending [47] - The effective income tax rate for fiscal year 2024 was 9.2%, significantly lower than the previous year [26] Other Important Information - The efficiency ratio in Q4 2024 was 39.4%, deteriorating from 36.3% in Q3 2024 [22] - The bank's nonperforming total financial ratio reached 1.28%, with a coverage ratio of 158.81% [33] Q&A Session Summary Question: What are the macro expectations for interest rates, inflation, GDP growth, and FX for this year? - Management expects a GDP decline of close to 2% in 2024, with a growth forecast of 5.5% for 2025 and inflation around 25% [41][42] Question: What are the ROE expectations for this year? - The forecasted ROE for 2025 is between 12% and 15%, driven by increased lending to the private sector [43][44] Question: How should we think about the cost of risk in 2025? - The cost of risk is expected to be above 2%, potentially reaching 2.5% due to increased lending [47] Question: How do you expect the weight of securities to evolve in 2025? - The securities portfolio is expected to decrease to around 20% of total assets by December 2025 [57] Question: What is the strategy to gain share in deposits? - The bank anticipates a 35% real growth in peso deposits, with competition likely leading to some upward pressure on deposit rates [72][73]

Financial Data and Key Metrics Changes - In Q4 2024, Banco Macro's net income totaled ARS 102.2 billion, a 4% increase or ARS 3.5 billion higher than Q3 2024 [4] - The annualized return on average equity was ARS 7.5 and the return on average assets was ARS 2.4 [5] - For fiscal year 2024, net income was ARS 325.1 billion, a 70.4% decrease compared to fiscal year 2023 [5] - Total comprehensive income for fiscal year 2024 was ARS 227.7 billion, down 83% from fiscal year 2023 [5] Business Line Data and Key Metrics Changes - Net interest income in Q4 2024 was ARS 532.6 billion, a 13% decrease or ARS 82.2 billion lower than Q3 2024 [8] - Provision for loan losses in Q4 2024 totaled ARS 37.5 billion, a 50.1% increase or ARS 12.7 billion higher than Q3 2024 [6] - Net fee income in Q4 2024 was ARS 139.9 billion, a 6% increase or ARS 7.6 billion higher than Q3 2024 [12] Market Data and Key Metrics Changes - Total financial loans reached ARS 5.8 trillion, an 18% increase or ARS 884.1 billion quarter on quarter and a 45% increase year on year [18] - Private sector loans represented 8.3% market share as of December 2024 [19] - Total deposits decreased 3% or ARS 199.3 billion quarter on quarter, totaling ARS 8.4 trillion, but increased 15% or ARS 1.1 trillion year on year [20] Company Strategy and Development Direction - The bank aims to utilize its excess capital of ARS 2.8 trillion effectively, with a capital adequacy ratio of 32.4% [22] - The strategy includes increasing lending to the private sector, with an expected loan growth of 60% in real terms for 2025 [28] - The bank plans to reduce its securities portfolio to fund loan growth, with 80% of funding expected from deposit growth and 20% from securities reduction [39] Management's Comments on Operating Environment and Future Outlook - Management expects GDP growth of 5.5% in 2025, with inflation projected at 25% [26] - The cost of risk for 2025 is anticipated to be above 2%, potentially reaching 2.5% due to increased lending [31] - The effective income tax rate for fiscal year 2024 was 9.2%, lower than the previous year's 32.7% [17] Other Important Information - The efficiency ratio reached 39.4%, deteriorating from 36.3% in Q3 2024 [16] - The bank's nonperforming loans ratio was 1.28%, with a coverage ratio of 158.81% [21] - The bank's liquidity ratio of liquid assets to certain deposits was 79% [22] Q&A Session Summary Question: What are the macro expectations for interest rates, inflation, GDP growth, and FX for this year? - Management expects a GDP decline of 2% in 2024, with a growth forecast of 5.5% for 2025 and inflation around 25% [26][27] Question: What are the ROE expectations for this year? - ROE is forecasted to range from 12% to 15% in 2025, driven by increased lending to the private sector [28] Question: Can you elaborate on asset quality and cost of risk for 2025? - Cost of risk is expected to be above 2%, with NPLs increasing due to higher lending [31] Question: How do you expect the weight of securities to evolve in 2025? - The securities portfolio is expected to decrease to around 20% of total assets by December 2025 [38] Question: What is the strategy for deposit growth? - The bank anticipates a 30% real growth in deposits for 2025, driven by increased private sector deposits and competition [50] Question: Are there any upcoming management changes? - There will be announcements regarding management changes, specifically related to the new CEO [58]