Financial Data and Key Metrics Changes - In Q4 2025, the company reported an attributable net loss of ARS 19.5 billion, significantly narrowing from a loss of ARS 55 billion in Q3 2025, reflecting margin recovery and strict cost control despite elevated cost of risk [3][10] - Total loans grew 8% sequentially and 37% year-over-year, with commercial lending expanding 25% quarter-over-quarter, now representing 63% of the portfolio [2][11] - The NPL ratio increased to 5% from 3.9% in the prior quarter, consistent with industry trends amid elevated credit stress [3][12] - Cost of risk reached 10.4% in Q4, with a full-year cost of risk at 6.2% [12] Business Line Data and Key Metrics Changes - Retail loan balances declined 4% sequentially but increased 8% year-over-year, reflecting stricter underwriting standards [11] - Core transactional balances remained resilient, with US dollar deposits increasing 42% year-over-year [3][12] - Net financial income reached ARS 246 billion in Q4, up 82% sequentially, driven by lower funding costs and improved yields [13][14] Market Data and Key Metrics Changes - The company gained 60 basis points of market share in US dollar deposits, indicating a strong competitive position in the market [3] - The broader environment showed signs of recovery post-midterm elections, with declining interest rates and improving liquidity [4][5] Company Strategy and Development Direction - The company continues to execute a roadmap focused on profitable growth, targeted segments, and ecosystem integration, emphasizing a customer-centric and technology-enabled model [6][8] - The strategic focus includes enhancing the App Supervielle as a financial hub, integrating various financial services into a unified experience [6][7] - The company aims to capture growth opportunities in Argentina's domestic capital market, particularly among affluent clients and corporations [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted that Q4 marked the peak of a tight monetary policy, with expectations for gradual normalization and economic recovery in 2026 [4][5] - The company anticipates real loan growth between 25% and 30% in 2026, led by corporate lending, with retail credit expected to regain momentum as economic conditions improve [15][16] - Management expressed confidence in the company's ability to navigate the evolving economic landscape, emphasizing disciplined risk management and a strong capital base [9][10] Other Important Information - The CET1 ratio strengthened to 15.4%, up 220 basis points quarter-over-quarter, providing flexibility for growth in 2026 [4][10] - The company expects net fee income to expand around 5% in real terms, driven by banking and brokerage activities [15][16] Q&A Session Summary Question: Capital levels and dividend policy - Analysts inquired about the sustainability of the CET1 ratio above 15% and the company's dividend policy following a negative result in 2025. Management indicated that the capital ratio would normalize between 11% and 13% in 2026, with no dividends expected until 2027 [19][22] Question: Market sentiment and catalysts for growth - Questions were raised regarding potential catalysts for improving market sentiment in the banking sector. Management highlighted the government's reform agenda and the importance of fiscal discipline and monetary policy normalization [24][26] Question: Loan growth outlook and NPLs - Analysts sought clarification on the company's loan growth outlook amid rising NPLs. Management noted improvements in collection trends and expressed confidence that Q4 marked the peak in provisions [31][33] Question: Retail credit portfolio and fintech competition - Questions were posed about the retail credit portfolio's contraction and the competitive landscape with fintechs. Management acknowledged the need for improved economic conditions to resume growth in retail lending [70][76] Question: Deposit growth and monetary policy - Analysts asked about deposit growth and the impact of monetary policy on the banking system's profitability. Management indicated that improving economic conditions and declining interest rate volatility would support deposit growth [62][68]

Financial Data and Key Metrics Changes - Total loans grew 8% sequentially and 37% year-over-year, with corporate loans expanding 25% quarter-over-quarter, now representing 63% of the portfolio [2][11] - The NPL ratio increased to 5%, reflecting industry trends and rapid loan growth since 2024 [3][14] - The company reported an attributable net loss of ARS 19.5 billion, significantly narrowing from a loss of ARS 55 billion in the previous quarter [3][11] - NIM rebounded sequentially, supported by lower funding costs and improved investment portfolio yields, with net financial income reaching ARS 246 billion, up 82% sequentially [4][16] Business Line Data and Key Metrics Changes - Commercial lending drove loan growth, increasing 25% sequentially and 64% year-over-year, while retail loans declined 4% sequentially [12][14] - Core transactional balances increased significantly, with checking accounts up 39% and retail savings accounts rising 29% [15] - Loan loss provisions increased 75% sequentially, reflecting higher system-wide delinquency [13] Market Data and Key Metrics Changes - US dollar deposits increased 42% year-over-year, gaining 60 basis points of market share [3] - The company observed declining interest rates and improving liquidity following the October elections, which are expected to support economic recovery [6][10] Company Strategy and Development Direction - The company continues to execute a roadmap focused on profitable growth, targeted segments, and ecosystem integration, emphasizing a customer-centric and technology-enabled model [7][10] - The strategic focus includes enhancing the App Supervielle as a financial hub, integrating various financial services into a unified experience [8][10] - The company aims to capture growth in Argentina's domestic capital market, focusing on affluent clients and corporations to enhance revenue stability [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the fourth quarter marked the peak of an exceptionally tight monetary policy, with early signs of normalization observed post-elections [4][6] - The company expects economic activity to recover gradually in 2026, creating a basis for renewed credit expansion [6][10] - Management remains cautious but optimistic about improving collection trends and stabilizing risk indicators [14][35] Other Important Information - The CET1 ratio strengthened to 15.4%, up 220 basis points quarter-over-quarter, preserving flexibility for growth in 2026 [4][11] - The company anticipates real loan growth between 25% and 30% in 2026, with deposits projected to expand between 20% and 25% [17][18] Q&A Session Summary Question: Capital buffer sustainability and dividend policy - Management indicated that the capital ratio increase is partly due to off-balance sheet losses and expects the ratio to remain between 11% and 13% in 2026, with no dividends planned for 2026 due to the negative result [21][24][25] Question: Market sentiment and catalysts for growth - Management highlighted the government's ambitious reform agenda and potential improvements in the job market as positive catalysts for the banking sector [28][30] Question: Loan growth outlook amid rising NPLs - Management acknowledged the peak in provisions and indicated that improved collection trends could stabilize NPLs moving forward [34][36] Question: ROE guidance and profitability outlook - Management expects sequential improvements in ROE throughout 2026, with a target of double-digit ROE by the end of the year [38][39] Question: Balance sheet deleveraging strategy - Management clarified that recent balance sheet adjustments were tactical and related to optimizing funding quality, with plans to expand when opportunities arise [41][42] Question: Retail credit portfolio recovery - Management noted that retail credit growth will depend on disinflation and improved consumer confidence, with fintech competition acknowledged [76][77]

Financial Data and Key Metrics Changes - Total loans grew 8% sequentially and 37% year-over-year, with corporate loans expanding 25% quarter-over-quarter, now representing 63% of the portfolio [2][12] - The NPL ratio increased to 5%, reflecting industry trends and rapid loan growth since 2024 [3][13] - The company reported an attributable net loss of ARS 19.5 billion, significantly narrowing from a loss of ARS 55 billion in the previous quarter [4][11] - NIM rebounded sequentially, supported by lower funding costs and better investment portfolio yields, with a significant increase in net financial income to ARS 246 billion, up 82% sequentially [4][16] Business Line Data and Key Metrics Changes - Commercial lending drove loan portfolio expansion, increasing 25% sequentially and 64% year-over-year, while retail loans declined 4% sequentially [12][13] - Core transactional balances remained resilient, with US dollar deposits increasing 42% year-over-year [3][15] - Loan loss provisions increased 75% sequentially, reflecting higher system-wide delinquency [11][12] Market Data and Key Metrics Changes - The fourth quarter marked the peak of an exceptionally tight monetary policy, with high real interest rates and elevated reserve requirements constraining liquidity [4][5] - Following the October elections, conditions began to improve, with declining interest rates and gradually improving liquidity [5][6] Company Strategy and Development Direction - The company continues to execute a roadmap focused on profitable growth, targeted segments, and ecosystem integration, emphasizing a customer-centric and technology-enabled model [6][7] - The integration of the App Supervielle as a financial hub is central to the strategy, with over 70% of transactions being digital [7][8] - The company aims to capture growth in Argentina's domestic capital market, focusing on affluent clients and corporations to enhance revenue stability [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the foundation for financial recovery in 2026, with expectations for gradual economic activity recovery and renewed credit expansion [5][10] - The company anticipates real loan growth between 25% and 30% in 2026, with a focus on corporate lending and a gradual recovery in retail credit [17][18] Other Important Information - The CET1 ratio strengthened to 15.4%, providing flexibility for growth in 2026 [4][11] - The company expects net fee income to expand around 5% in real terms, driven by banking and brokerage activity [18] Q&A Session Summary Question: Capital structure and dividend policy - The company confirmed that the CET1 ratio will be maintained between 11% and 13% in 2026, with no dividends expected due to the negative result in 2025 [20][24] Question: Market sentiment and catalysts for growth - Management highlighted the government's ambitious reform agenda as a positive catalyst for market sentiment and the banking sector [26][28] Question: Loan growth outlook amid rising NPLs - Management acknowledged the increase in NPLs but noted improvements in collection trends and expected stabilization in credit costs [32][34] Question: Retail credit portfolio and competition from fintechs - The company plans to gradually grow the retail portfolio in 2026, focusing on improved credit models and collections [71][75] Question: Deposit growth and monetary policy - Management indicated that deposit growth is expected to continue, with a focus on CASA deposits to improve funding quality [46][65]