Core Insights - The company reported adjusted earnings per share of $0.45, an increase from $0.40 in the same quarter last year, indicating a potential stabilization in its retail business despite ongoing geopolitical challenges [1][34] - Consumer money transfer transactions decreased by 2.5% in the quarter, but cross-border principal growth showed resilience, suggesting a strong customer base adapting to macroeconomic conditions [2][37] - The company aims to build a digital-first, retail-enabled consumer services model, leveraging its global brand and payment capabilities to moderate fluctuations in its core remittance business [3][4] Financial Performance - For the fourth quarter, the company reported revenue of $1 billion, reflecting a 5% decline year-over-year on an adjusted basis [3][32] - The full year GAAP revenue was $4.1 billion, with adjusted revenue growth excluding Iraq down by 2% due to challenges in the Americas retail business [32][34] - Adjusted operating margin for the full year was 20%, up from 19% in the previous year, benefiting from cost discipline [34] Consumer Services and Digital Growth - Consumer services adjusted revenue grew by 26% in the fourth quarter and nearly 30% for the full year, driven by travel money and bill payments [35][36] - The branded digital business saw a 13% increase in transactions and a 6% rise in adjusted revenue, marking nine consecutive quarters of revenue growth [38][39] - The digital business now accounts for over 40% of the principal sent globally, with significant growth opportunities in the Middle East and other regions [21][22] Market Dynamics and Strategy - The company is focusing on operational efficiencies and expanding its payment capabilities to drive productivity and market competitiveness [4][6] - Recent geopolitical changes in regions like Chile and Venezuela are impacting migration and mobility, creating a dynamic environment for the business [8][62] - The implementation of a U.S. remittance tax has not materially impacted the business so far, but the company is closely monitoring its effects [9][15] Partnerships and Expansion - The company has secured several new exclusive partnerships, including with Canada Post and Deutsche Post, expected to generate at least $100 million in incremental retail revenue annually [27][29] - The company is expanding its wallet capabilities in various countries, including Australia, Mexico, Singapore, and the Philippines, to enhance customer retention and monetization [12][13][25] - The company is also developing a digital asset strategy, including the launch of a U.S. Dollar payment token and partnerships for stablecoin transactions [24][25][73] Outlook - The adjusted revenue outlook for 2026 is projected to grow by 6% to 9%, with adjusted EPS expected to be between $1.75 and $1.85 [44][45] - The company anticipates that the integration of Intermex will contribute positively to its financial performance, with expected synergies enhancing overall profitability [70][71] - The company is adapting its customer acquisition strategies to remain competitive in a changing market landscape, particularly in response to aggressive offers from lower-scale players [76][77]

Core Insights - Banco Macro S.A. is highlighted as a high growth stock with a Buy recommendation from BofA analyst Ernesto Gabilondo, who set a target price of $117 [1][2]. Financial Performance - The bank's net income for the first nine months of 2025 (9M25) was Ps.176.7 billion, representing a 35% decrease (Ps.95.2 billion) compared to the same period in 2024 [2]. - Operating income, excluding general, administrative, and personnel expenses, was reported at Ps.1.03 trillion in 9M25, down by Ps.1.84 trillion from the previous year [2]. - Banco Macro's deposits increased by 5% quarter-over-quarter and 11% year-over-year in Q3 2025, accounting for approximately 75% of total liabilities [2]. Company Overview - Banco Macro S.A. is an Argentine bank that provides a range of financial services including bank accounts, credit and debit cards, loans, mortgages, car financing, insurance, bill payments, and money transfers [3].

As filed with the U.S. Securities and Exchange Commission on July 28, 2025. Registration No. 333-288623 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________________________________ Fold Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) __________________________________________ | Delaware | 6199 | 86-2170416 | | --- | --- | --- | | (State or Other Jurisdiction of | (P ...

As filed with the U.S. Securities and Exchange Commission on July 28, 2025. Registration No. 333-288623 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________________________________ Fold Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) __________________________________________ | Delaware | 6199 | 86-2170416 | | --- | --- | --- | | (State or Other Jurisdiction of | (P ...

Financial Data and Key Metrics Changes - The quarterly net income reached COP 1.7 trillion, reflecting a 4.5% growth both quarterly and annually [5][29] - The return on equity (ROE) for the quarter was 16.3%, with a return on tangible equity of 20.4% [30] - The loan portfolio decreased slightly this quarter but grew 7% annually [5][21] - Deposits fell by 1% in the quarter yet increased almost 13% annually [6][22] - The cost of risk for the period was 1.6%, showing improved asset quality [6][27] Business Line Data and Key Metrics Changes - The retail segment saw an increase in market share in savings accounts and time deposits by 110 basis points as of February 2025 [16] - NEKI's deposits experienced a significant growth of 70% year over year [18] - Credit card loans market share increased by 20 basis points, representing nearly 30% of transaction value [18] Market Data and Key Metrics Changes - The Colombian economy showed signs of recovery with increased investment and domestic demand despite global trade tensions [4] - Inflation rates remained stable, leading to unchanged interest rates during the quarter [4] - The exchange rate depreciated up to 8% during March, impacting local assets [12] Company Strategy and Development Direction - The merger of Bancolombia ALA MANO with NEKI aims to enhance financial inclusion and meet evolving technological needs [14] - The company plans to distribute an extraordinary dividend of $6.24 per share, resulting in a total dividend payout of 69% for the year [7] - A share buyback program is planned for approval at an upcoming extraordinary shareholders meeting [8] Management's Comments on Operating Environment and Future Outlook - Management maintains a GDP growth expectation of 2.6% for 2025, with a slight increase to 3% in 2026 [11] - The fiscal situation in Colombia is viewed as a significant challenge, with a projected fiscal deficit of 5.9% of GDP [51][53] - The company remains cautious regarding the cost of risk due to macroeconomic uncertainties [69] Other Important Information - The company achieved a total solvency ratio of nearly 13% and a core equity Tier one ratio of 11.2% [7][30] - The transition to the Mibanco Columbia App has enhanced customer experience, with 8.5 million users migrated [8] Q&A Session Summary Question: Regarding personal expenses and bonus line tracking above inflation - Management explained that the first quarter's higher provisions for bonuses were due to improved net income expectations compared to the previous year [39] Question: On margins and funding optimization - Management acknowledged the competitive environment for funding but expressed confidence in maintaining net interest margin (NIM) guidance of around 6.2% [37][38] Question: Political and economic outlook in Colombia - Management indicated that the fiscal situation is a key challenge, with expectations for a clearer political landscape by the end of the year [50][51] Question: ROE targets among subsidiaries - Management provided ROE targets of above 20% for Banco Agricola in El Salvador, above 10% for Banismo in Panama, and around 14-15% for BAM in Guatemala [57][59] Question: Impact of lower oil prices on GDP and fiscal forecast - Management maintained the GDP growth expectation of 2.6% but acknowledged potential revisions due to lower oil prices impacting fiscal revenues [66] Question: Provisions and growth relationship - Management confirmed guidance for commercial loans growing at 4%, mortgage loans at 4.5%, and consumer loans at 8% [83]