Q3 2025 Banco Macro SA Earnings Call

December 1, 2025

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Operator: Welcome to Zoom. Enter your meeting ID followed by pound. Enter your participant ID followed by pound. Please enter the meeting passcode followed by. The meeting has not started. Please wait or try again later. You have joined the meeting as an attendee and will be muted throughout the meeting. Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's Q3 2025 earnings conference call. We would like to inform you that the Q3 2025 press release is available to download at the investor relations website of Banco Macro, www.macro.com.ar/relaciones-inversores. Also, this event is being recorded, and all participants will be in a listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question-and-answer session. At that time, further instructions will be given. It is now my pleasure to introduce our speakers.

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Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's third quarter 2025 earnings conference call.

5 press releases are available to download at the Investor Relations website of Banco Macro: www.macro.com.

Also, this event is being recorded, and all participants will be in a listen-only mode during the company's presentation.

After the company's remarks are completed, there will be a question-and-answer session. At that time, instructions will be given.

Operator: Joining us from Argentina are Mr. Jorge Iscardi, Chief Financial Officer, and Mr. Nicolás Torres, IR. Now, I will turn the conference over to Mr. Nicolás Torres. You may begin your conference, sir.

Joining us from Argentina are Mr. Jorge Iscardi, Chief Financial Officer, and Mr. Nicolás Torres, IR. Now, I will turn the conference over to Mr. Nicolás Torres. You may begin your conference, sir.

It is now my pleasure to introduce our speakers.

Joining us from Argentina are Chief Financial Officer Mr. Nicolás Torres and Investor Relations.

Nicolás Torres: Thank you. Good morning and welcome to Banco Macro Q3 2025 conference call. Any comment we may make today may include forward-looking statements, which are subject to various conditions, and these are outlined in our 20F, which was filed to the SEC, and is available at our website. The Q3 2025 press release was distributed last Wednesday, and is available at our website. All figures are in Argentine pesos and have been restated in terms of the measuring unit current at the end of the reporting period. As of 2020, the bank began reporting results applying hyperinflation accounting in accordance with IFRS IAS 29, as established by the Central Bank of Argentina. For ease of comparison, figures of previous quarters have been restated, applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through 30 September 2025.

Now, I will turn the conference over to Mr. Nicolás Torres. You may begin your conference, sir.

Thank you.

Good morning and welcome to Vancouver, third quarter 2025 conference call.

Any comment we may make today may include forward statements, which are subject to various conditions. These are outlined in our 20th, which was filed with the FCC and is available on our website, along with the third quarter 2025 press release. This was reviewed last Wednesday and is also available on our website.

All the years are in Argentine pesos and have been restated in terms of the measuring unit current at the end of the reporting period as of 2020. The bank began reporting results applying hyperinflation accounting in accordance with IFRS IAS 29, as established by the central bank.

Nicolás Torres: I will now briefly comment on the bank's Q4 2025 financial results. In Q3 2025, Banco Macro's net income totaled an ARS 33.1 billion loss, which was ARS 191.5 billion lower than the previous quarter. This result was mainly due to higher loan loss provision, higher administrative expenses, lower income from government and private securities, and lower net fee income that were partially offset by higher other operating income and a lower loss related to the net monetary position. Total comprehensive income for the quarter totaled an ARS 28.4 billion loss, and in the first nine months of 2025, Banco Macro's net income totaled ARS 176.7 billion, 35% below the same period of last year, while total comprehensive income totaled ARS 186.9 billion in the same period. As of Q3 2025, the accumulated annualized ROE and ROA were 4.5% and 1.5%, respectively.

I will now briefly comment on the bank's Q4 2025 financial results. In Q3 2025, Banco Macro's net income totaled an ARS 33.1 billion loss, which was ARS 191.5 billion lower than the previous quarter. This result was mainly due to higher loan loss provision, higher administrative expenses, lower income from government and private securities, and lower net fee income that were partially offset by higher other operating income and a lower loss related to the net monetary position. Total comprehensive income for the quarter totaled an ARS 28.4 billion loss, and in the first nine months of 2025, Banco Macro's net income totaled ARS 176.7 billion, 35% below the same period of last year, while total comprehensive income totaled ARS 186.9 billion in the same period. As of Q3 2025, the accumulated annualized ROE and ROA were 4.5% and 1.5%, respectively.

For the purposes of comparison, figures from previous quarters have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2025.

I will now briefly comment on the banks for Q3 2025 financial results.

In the third quarter of 2025, Banco Macro's net income totaled a loss of 33.1 billion pesos, which was 1,991.5 billion pesos lower than the previous quarter.

This result was mainly due to higher loan loss provisions, higher administrative expenses, lower income from government and private securities, and lower net pay income, which were partially offset by higher other operating income and a lower loss related to the net monetary position.

Total comprehensive income for the quarter showed a loss of 28.4 billion pesos. In the first nine months of 2025, Banco Macro's net income totaled 176.7 billion pesos, which is 35% below the same period last year, when total comprehensive income was 186.9 billion pesos during that time.

Nicolás Torres: Net operating income before general and administrative and personal expenses was ARS 779.6 billion in Q3 2025, 23% or ARS 233.7 billion lower compared to Q2 2025, with lower income from government securities. On a yearly basis, net operating income before general and administrative and personal expenses decreased 29% or ARS 312.9 billion. Provision for loan losses totaled ARS 156.8 billion, 45% or ARS 49.4 billion higher than Q2 2025. On a yearly basis, provision for loan losses increased 424% or ARS 128.4 billion. In the quarter, net interest income totaled ARS 686.2 billion, 7% or ARS 52.2 billion lower than in Q2 2025, and 8% or ARS 63.6 billion lower year on year. This result was due to an ARS 113.9 billion increase in interest expense, while interest income increased ARS 61.6 billion.

Net operating income before general and administrative and personal expenses was ARS 779.6 billion in Q3 2025, 23% or ARS 233.7 billion lower compared to Q2 2025, with lower income from government securities. On a yearly basis, net operating income before general and administrative and personal expenses decreased 29% or ARS 312.9 billion. Provision for loan losses totaled ARS 156.8 billion, 45% or ARS 49.4 billion higher than Q2 2025. On a yearly basis, provision for loan losses increased 424% or ARS 128.4 billion. In the quarter, net interest income totaled ARS 686.2 billion, 7% or ARS 52.2 billion lower than in Q2 2025, and 8% or ARS 63.6 billion lower year on year. This result was due to an ARS 113.9 billion increase in interest expense, while interest income increased ARS 61.6 billion.

As of the third quarter of 2025, the accumulated annualized ROE and ROA were 4.5% and 1.5%, respectively.

Net operating income before General and administrative and personal expenses was 777 79.6 billion pesos in the third quarter of 2025 23% of 233.7 billion pesos. Lower compared to the second quarter of 20125 this lower income.

From government securities on a yearly basis, net operating income before general and administrative expenses decreased by 29%, or ?312.9 billion.

Provision for loan losses totaled ?1,566.8 billion, which is 45% or ?49.4 billion higher than in the second quarter of 2025.

On a yearly basis, the provision for loan losses increased 424%, or ?128.4 billion.

In the quarter, net interest income totaled 686.2 billion pesos, 7%, or 52.2 billion pesos lower than in the second quarter of 2025, and 8% or 63.6 billion pesos lower year over year.

Nicolás Torres: In Q3 2025, interest income totaled ARS 1.22 trillion, 5% or ARS 61.6 billion higher than in Q2 2025, and 7% or ARS 84.7 billion higher than in Q3 2024. Income from interest on loans and other financing totaled ARS 930.3 billion, 18% or ARS 139.7 billion higher compared with the previous quarter, mainly due to an 11% increase in the average volume of private sector loans, and by a 111 basis points increase in the average lending rate. On a yearly basis, income from interest on loans increased 74% or ARS 396.2 billion. In Q3 2025, interest on loans represented 77% of total interest income.

In Q3 2025, interest income totaled ARS 1.22 trillion, 5% or ARS 61.6 billion higher than in Q2 2025, and 7% or ARS 84.7 billion higher than in Q3 2024. Income from interest on loans and other financing totaled ARS 930.3 billion, 18% or ARS 139.7 billion higher compared with the previous quarter, mainly due to an 11% increase in the average volume of private sector loans, and by a 111 basis points increase in the average lending rate. On a yearly basis, income from interest on loans increased 74% or ARS 396.2 billion. In Q3 2025, interest on loans represented 77% of total interest income.

This result was due to a 113.9 billion pesos increase in interest expense, while interest income increased by 61.6 billion pesos.

In the third quarter of 2025, interest income totaled 1.22 trillion pesos, which is 5% or 61.6 billion pesos higher than the second quarter of 2025, and 7% or 84.7 billion pesos higher than the third quarter of 2024.

Nicolás Torres: In Q3 2025, income from government and private securities decreased 24% or ARS 85.4 billion quarter on quarter, mainly due to inflation-adjusted bonds, and decreased 52% or ARS 292.8 billion compared with the same period of last year. This result is explained 97% by income from government and private securities at amortized cost, and the remaining 3% is explained by income from government securities valued at fair value through other comprehensive income. In Q3 2025, income from repos totaled ARS 6.3 billion, ARS 493.5 billion higher than the previous quarter, and 74% or ARS 18.1 billion lower than a year ago. It is worth noting that as of 22 July 2024, the Central Bank of Argentina decided to terminate repos and replace them with levies, which were issued by the Treasury, which then were eventually terminated on 10 July 2021.

In Q3 2025, income from government and private securities decreased 24% or ARS 85.4 billion quarter on quarter, mainly due to inflation-adjusted bonds, and decreased 52% or ARS 292.8 billion compared with the same period of last year. This result is explained 97% by income from government and private securities at amortized cost, and the remaining 3% is explained by income from government securities valued at fair value through other comprehensive income. In Q3 2025, income from repos totaled ARS 6.3 billion, ARS 493.5 billion higher than the previous quarter, and 74% or ARS 18.1 billion lower than a year ago. It is worth noting that as of 22 July 2024, the Central Bank of Argentina decided to terminate repos and replace them with levies, which were issued by the Treasury, which then were eventually terminated on 10 July 2021.

Income from interest on loans and other financing totaled 930.3 billion pesos, an 18% increase, or 139.7 billion pesos higher compared with the previous quarter. This was mainly due to an 11% increase in the average volume of private sector loans and a 111 basis point increase in the average lending rate.

On a yearly basis, income from interest on loans increased 74%, or ?396.2 billion.

In the third quarter of 2025, interest on loans represented 77% of total interest income.

In the third quarter of 2025, income from government and private securities decreased by 24%, or ?85.4 billion, quarter on quarter, mainly due to inflation-adjusted bonds.

Billion pesos 493, 5.3 billion pesos higher than the previous quarter and 74% or 18.1 billion pesos lower than a year ago. It is worth noting that.

Nicolás Torres: In Q3 2025, FX income totaled an ARS 13.8 billion loss, ARS 37.5 billion lower than in Q2 2025, mainly due to the loss from foreign currency exchange, given the bank's short dollar position. It should be noted that the bank posted an ARS 23.2 billion gain related to investment in derivative financing instruments, which is basically the long futures position that the bank has. Therefore, when considering income from foreign currency exchange plus income from investment in derivative financing instruments, the bank posted an ARS 9.4 billion gain. On a yearly basis, FX income decreased 164% or ARS 35.2 billion, and in the quarter, the Argentine peso depreciated 14.4% against the US dollar after the Central Bank of Argentina replaced the 1% foreign peg, allowing the Argentine peso to float back.

In Q3 2025, FX income totaled an ARS 13.8 billion loss, ARS 37.5 billion lower than in Q2 2025, mainly due to the loss from foreign currency exchange, given the bank's short dollar position. It should be noted that the bank posted an ARS 23.2 billion gain related to investment in derivative financing instruments, which is basically the long futures position that the bank has. Therefore, when considering income from foreign currency exchange plus income from investment in derivative financing instruments, the bank posted an ARS 9.4 billion gain. On a yearly basis, FX income decreased 164% or ARS 35.2 billion, and in the quarter, the Argentine peso depreciated 14.4% against the US dollar after the Central Bank of Argentina replaced the 1% foreign peg, allowing the Argentine peso to float back.

As of July 2024, the Central Bank decided to terminate repos and replace them with levies, which were issued by the Treasury and then eventually terminated on July 10, 2021.

In the third quarter of 2025, FX income resulted in a loss of 13.8 billion pesos, which is 37.5 billion pesos lower than the second quarter of 2025, mainly due to the loss from foreign currency exchange given the bank's short dollar position.

It should be noted that the bank posted a gain of 23.2 billion pesos related to investments in derivative financing and instruments, which is basically the long.

Future position that the bank has. Therefore, when considering income from foreign currency exchange plus income from investment in the relative financing instruments, the bank posted a gain of $9.4 billion pesos.

On a yearly basis, FX income decreased by 164% to 35.2 billion pesos.

Nicolás Torres: In Q3 2025, interest expense totaled ARS 528.4 billion, increasing 27% or ARS 113.9 billion compared to the previous quarter, and increased 39% or ARS 148.4 billion compared to Q3 2024. Within interest expenses, interest on deposits represented 94% of the bank's total interest expense, increasing 24% or ARS 96.6 billion quarter on quarter due to a 248 basis points increase in the average rate paid on deposits, while the average volume of private sector deposits increased 10%. On a yearly basis, interest on deposits increased 36% or ARS 131.3 billion. In Q3 2025, the bank's net interest margin, including FX, was 18.7%, lower than the 23.5% posted in Q2 2025 and the 31.5% posted in Q3 2024.

In Q3 2025, interest expense totaled ARS 528.4 billion, increasing 27% or ARS 113.9 billion compared to the previous quarter, and increased 39% or ARS 148.4 billion compared to Q3 2024. Within interest expenses, interest on deposits represented 94% of the bank's total interest expense, increasing 24% or ARS 96.6 billion quarter on quarter due to a 248 basis points increase in the average rate paid on deposits, while the average volume of private sector deposits increased 10%. On a yearly basis, interest on deposits increased 36% or ARS 131.3 billion. In Q3 2025, the bank's net interest margin, including FX, was 18.7%, lower than the 23.5% posted in Q2 2025 and the 31.5% posted in Q3 2024.

And in the quarter, the Argentine peso did appreciate 14.4% against the US dollar. After the return of the Bank of Argentina, it replaced the 1% peg, allowing the Argentine peso to float back.

In the third quarter of 2025, interest expense totaled 528.4 billion pesos, increasing 27%, or 113.9 billion pesos, compared to the previous quarter, and increased 39%, or 148.4 billion pesos, compared to the third quarter of 2024.

Within interest expenses, interest on deposits represented 94% of the bank's total interest expense, increasing 24% or $96.6 billion quarter on quarter, due to a 248 basis points increase in the average rate paid on deposits, while the average volume of private sector deposits increased 10%.

On a yearly basis, interest on deposits increased by 36% or ?131.3 billion.

In the third quarter of 2025, the bank's net interest margin, including effects, was 18.7% lower than the 23.5% posted in the second quarter.

Nicolás Torres: In Q3 2025, Banco Macro's net fee income totaled ARS 177.3 billion, 7% or ARS 13.9 billion lower than in Q2 2025. In the quarter, credit card fees stand out with a 22% or ARS 14.2 billion decrease, followed by credit-related fees, which decreased 27% or ARS 3.1 billion, and were partially offset by a 7% or ARS 1.8 billion increase in corporate services fees. On a yearly basis, net fee income increased 14% or ARS 22.1 billion. In Q3 2025, net income from financial assets and liabilities for value-added property or loss totaled ARS 19.5 billion gain, decreasing 84% or ARS 101 billion compared to Q2 2025. This result is mainly due to lower income from government securities. On a yearly basis, net income from financial assets and liabilities for value-added property or loss decreased 86% or ARS 117 billion.

In Q3 2025, Banco Macro's net fee income totaled ARS 177.3 billion, 7% or ARS 13.9 billion lower than in Q2 2025. In the quarter, credit card fees stand out with a 22% or ARS 14.2 billion decrease, followed by credit-related fees, which decreased 27% or ARS 3.1 billion, and were partially offset by a 7% or ARS 1.8 billion increase in corporate services fees. On a yearly basis, net fee income increased 14% or ARS 22.1 billion. In Q3 2025, net income from financial assets and liabilities for value-added property or loss totaled ARS 19.5 billion gain, decreasing 84% or ARS 101 billion compared to Q2 2025. This result is mainly due to lower income from government securities. On a yearly basis, net income from financial assets and liabilities for value-added property or loss decreased 86% or ARS 117 billion.

Quarter of 2025 and the 31.5% posted in the third quarter of 2024,

In the third quarter of 2025, Bank of America's net fee income totaled 177.3 billion pesos, which is 7% or 13.9 billion pesos lower than in the second quarter of 2025.

In the quarter, credit card fees stand out with a 22% decrease, amounting to $14.2 billion pesos, followed by credit-related fees, which decreased 27%, or $3.1 billion pesos. These declines were partially offset by a 7% increase, or $1.8 billion pesos, in Corporate Services fees.

On a yearly basis, net fee income increased 14%, or $22.1 billion pesos.

In the third quarter of 2025, net income from financial assets and liabilities for values of profit or loss totaled $19.5 billion pesos, a decrease of 84% or $101 billion compared to the second quarter of 2025. This result is mainly due to lower income from government securities.

Nicolás Torres: In the quarter, other operating income totaled ARS 669 billion, 42% or ARS 20.5 billion higher than Q2 2025, due to higher credit and debit cards income, ARS 14.7 billion, and on a yearly basis, other operating income increased 16% or ARS 9.7 billion. In Q3 2025, Banco Macro's administrative expenses plus employee benefits totaled ARS 331.5 billion, 12% or ARS 35.1 billion higher than the previous quarter, due to a 20% increase in employee benefits, while administrative expenses decreased 3%. On a yearly basis, administrative expenses plus employee benefits decreased ARS 431 million. In Q3 2025, employee benefits increased 20% or ARS 38.7 billion, mainly due to a 139% or ARS 23.6 billion increase in compensation and bonuses, as the bank builds up provisions for early retirement plans and severance payments. On a yearly basis, employee benefits increased 8% or ARS 16.9 billion.

In the quarter, other operating income totaled ARS 669 billion, 42% or ARS 20.5 billion higher than Q2 2025, due to higher credit and debit cards income, ARS 14.7 billion, and on a yearly basis, other operating income increased 16% or ARS 9.7 billion. In Q3 2025, Banco Macro's administrative expenses plus employee benefits totaled ARS 331.5 billion, 12% or ARS 35.1 billion higher than the previous quarter, due to a 20% increase in employee benefits, while administrative expenses decreased 3%. On a yearly basis, administrative expenses plus employee benefits decreased ARS 431 million. In Q3 2025, employee benefits increased 20% or ARS 38.7 billion, mainly due to a 139% or ARS 23.6 billion increase in compensation and bonuses, as the bank builds up provisions for early retirement plans and severance payments. On a yearly basis, employee benefits increased 8% or ARS 16.9 billion.

On a yearly basis, net income from financial assets and liabilities for value to profit or loss decreased by 86%, totaling 117 billion pesos.

In the quarter, other operating income totaled 669 billion pesos, 42% or 20.5 billion pesos higher than the second quarter of 2025, due to higher credit and debit card income of 14.7 billion pesos. On a yearly basis, other operating income increased by 16% or 9.7 billion pesos.

In the third quarter of 2025 Bank micros administered of expenses plus, and play benefits, total of 331.5 billion pesos 12% or 35.1 billion pesos higher than the previous quarter due to a 20% increase in employee benefits. While administering of expenses decreased 3% on a yearly basis, administered of expenses, plus, and play benefits, decreased 431 million pesos.

In the third quarter of 2025 employee benefits, increased 20% or 38.7, billion pesos meaning due to a 139% or 23.6 billion pesos increase in compensation. And bonuses as the banks builds up. Provisions for early, retirement, plans, and Severance payments.

Nicolás Torres: In Q3 2025, the accumulated efficiency ratio reached 39.1%, deteriorating from the 35.9% posted in Q2 2025, and from the 25.5% posted a year ago. In Q3 2025, expenses, which include employee benefits, general administrative expenses, depreciation, and permanent assets, increased 10%, while income, basically net interest income, net fee income difference, included prices of local and local internships, plus other operating income, plus net income from financial assets for value-added property and loss, decreased 19% compared to Q4 2025. In Q3 2025, the result from the net monetary position totaled an ARS 203.1 billion loss, 6% or ARS 13 billion lower than the loss posted in Q2 2025, and 46% or ARS 171 billion lower than the loss posted one year ago.

In Q3 2025, the accumulated efficiency ratio reached 39.1%, deteriorating from the 35.9% posted in Q2 2025, and from the 25.5% posted a year ago. In Q3 2025, expenses, which include employee benefits, general administrative expenses, depreciation, and permanent assets, increased 10%, while income, basically net interest income, net fee income difference, included prices of local and local internships, plus other operating income, plus net income from financial assets for value-added property and loss, decreased 19% compared to Q4 2025. In Q3 2025, the result from the net monetary position totaled an ARS 203.1 billion loss, 6% or ARS 13 billion lower than the loss posted in Q2 2025, and 46% or ARS 171 billion lower than the loss posted one year ago.

On a yearly basis, employee benefits increase by 8%, totaling 16.9 billion pesos.

In the third quarter of 2025, the accumulated efficiency ratio reached 39.1%, deteriorating from the 35.9% posted in the second quarter of 2025 and from the 25.5% posted a year ago.

In the third quarter of 2025, expenses.

Which includes employee benefits, general and reserve expenses, depreciation, impairment facets, increase 10% while income, basically net interest income, net fee income differences, included prices of flow.

Internship class other operating income as net income from Financial assets for about profit and loss in decreased 19%. Compared to the second point of 2025.

Or 13 million pesos lower than the last posted in the second quarter of 2025, and 46% or 171 billion pesos lower than the low.

Nicolás Torres: Lower inflation was observed during the quarter, basically four basis points below Q4 2025. Inflation reached 5.97% in Q3 2025 versus 6.01% in Q2 2025. In Q3 2025, given Macro's negative net income, no income tax charge was recorded. Further information is provided in note 21 of our financial statements. In terms of loan growth, the bank's total financials reached ARS 10.1 trillion, increasing 3% or ARS 332.4 billion quarter on quarter, and increasing 69% or ARS 4.1 trillion year on year. In Q3 2025, private sector loans increased 3% or ARS 278.2 billion, and on a yearly basis, private sector loans increased 67% or ARS 3.94 trillion. Within commercial loans, documents and others stand out with a 4% or ARS 60.4 billion and a 27% or ARS 453.9 billion increase, respectively. Meanwhile, overdrafts decreased 21% or ARS 364.9 billion.

Lower inflation was observed during the quarter, basically four basis points below Q4 2025. Inflation reached 5.97% in Q3 2025 versus 6.01% in Q2 2025. In Q3 2025, given Macro's negative net income, no income tax charge was recorded. Further information is provided in note 21 of our financial statements. In terms of loan growth, the bank's total financials reached ARS 10.1 trillion, increasing 3% or ARS 332.4 billion quarter on quarter, and increasing 69% or ARS 4.1 trillion year on year. In Q3 2025, private sector loans increased 3% or ARS 278.2 billion, and on a yearly basis, private sector loans increased 67% or ARS 3.94 trillion. Within commercial loans, documents and others stand out with a 4% or ARS 60.4 billion and a 27% or ARS 453.9 billion increase, respectively. Meanwhile, overdrafts decreased 21% or ARS 364.9 billion.

Lower inflation was observed during the quarter, basically 4 basis points lower. Compared to the second quarter, inflation reached 5.97% in the third quarter of 2025 versus 6.01% in the second quarter of 2025.

In the third quarter of 2025, given Maxus' negative net income, no income tax charges were recorded further. Information is provided in Note 21 of our financial statements.

In terms of loan growth, the bank's total financial reach is 10.1 trillion pesos, increasing 3% or 332.4 billion pesos quarter on quarter, and increasing 69% or 4.1 trillion pesos year on year. In the third quarter of 2025, private sector loans increased 3% or 278.2 billion pesos, and on a yearly basis, private sector loans increased 67% or 3.94 trillion pesos.

Nicolás Torres: Within consumer lending, almost all product lines increased during Q3 2025, except for credit card loans, which decreased 1% or ARS 21.3 billion. Personal loans, mortgage loans, and pledged loans standout with an 8% or ARS 156.8 billion, 4% or ARS 92.8 billion, and 6% or ARS 13.1 billion increase, respectively. In Q3 2025, peso financing decreased 2% or ARS 192.1 billion, while US dollar financing increased 10% or $170 million. It is important to mention that Banco Macro's market share over private sector loans as of September 2025 reached 9%. On the funding side, total deposits increased 5% or ARS 556.4 billion quarter on quarter, totaling ARS 11.8 trillion, and increased 11% or ARS 1.2 trillion year on year. Private sector deposits increased 6% or ARS 604.9 billion quarter on quarter, while private sector deposits decreased 5% or ARS 49.6 billion quarter on quarter.

Within consumer lending, almost all product lines increased during Q3 2025, except for credit card loans, which decreased 1% or ARS 21.3 billion. Personal loans, mortgage loans, and pledged loans standout with an 8% or ARS 156.8 billion, 4% or ARS 92.8 billion, and 6% or ARS 13.1 billion increase, respectively. In Q3 2025, peso financing decreased 2% or ARS 192.1 billion, while US dollar financing increased 10% or $170 million. It is important to mention that Banco Macro's market share over private sector loans as of September 2025 reached 9%. On the funding side, total deposits increased 5% or ARS 556.4 billion quarter on quarter, totaling ARS 11.8 trillion, and increased 11% or ARS 1.2 trillion year on year. Private sector deposits increased 6% or ARS 604.9 billion quarter on quarter, while private sector deposits decreased 5% or ARS 49.6 billion quarter on quarter.

Within commercial loans, documents and others stand out with 4% or $60.4 billion, and a 27% of $4,523.9 billion, respectively. Meanwhile, overdraft decreased by 21% or $364.9 billion.

Within consumer lending, almost all product lines increased during the third quarter of 2025, except for credit card loans, which decreased 1% to $21.3 million. Personal loans, mortgage loans, and auto loans stand out with increases of 8% or $156.8 billion, 4% or $92.8 billion, and 6% or $13.1 billion, respectively.

In the third quarter of 2025, peso financing decreased by 2%, or 192.1 billion pesos, while U.S. dollar financing increased by 10%, or $170 million.

It is important to mention that the bank's market share of private sector loans reached 9% as of September 2025.

On the funding side, total deposits increased by 5%, or $5.5564 billion pesos, quarter on quarter totaling $11.8 trillion pesos, and increased by 11%, or $1.2 trillion pesos, year on year.

Nicolás Torres: The increase in private sector deposits was led by demand deposits, which increased 10% or ARS 475.2 billion, while time deposits increased 4% or ARS 202.2 billion quarter on quarter. Peso deposits decreased 1% or ARS 48 billion, while US dollar deposits increased 3% or $95 million. As of 30 September 2025, Banco Macro's transactional accounts represented approximately 49% of total deposits. Banco Macro's market share over private deposits as of 30 September 2025 totaled 7.4%. In terms of asset quality, Banco Macro's non-performing total finance ratio reached 3.02%. The coverage ratio, measured as total allowances under expected trade losses over non-performing loans under Central Bank of Argentina rules, reached 120.87%. Consumer portfolio non-performing loans deteriorated 149 basis points, up to 4.3% from 2.81% the previous quarter, while commercial portfolio non-performing loans deteriorated 33 basis points in Q3 2025, up to 0.85% from 0.52% in the previous quarter.

The increase in private sector deposits was led by demand deposits, which increased 10% or ARS 475.2 billion, while time deposits increased 4% or ARS 202.2 billion quarter on quarter. Peso deposits decreased 1% or ARS 48 billion, while US dollar deposits increased 3% or $95 million. As of 30 September 2025, Banco Macro's transactional accounts represented approximately 49% of total deposits. Banco Macro's market share over private deposits as of 30 September 2025 totaled 7.4%. In terms of asset quality, Banco Macro's non-performing total finance ratio reached 3.02%. The coverage ratio, measured as total allowances under expected trade losses over non-performing loans under Central Bank of Argentina rules, reached 120.87%. Consumer portfolio non-performing loans deteriorated 149 basis points, up to 4.3% from 2.81% the previous quarter, while commercial portfolio non-performing loans deteriorated 33 basis points in Q3 2025, up to 0.85% from 0.52% in the previous quarter.

Private sector deposits increased by 6%, or $604.9 billion, quarter on quarter. However, pilot sector deposits decreased by 5%, or $49.6 billion, quarter on quarter.

The increase in private sector deposits was driven by demand deposits, which increased by 10% or ?475.2 billion, while time deposits increased by 4% or ?202.2 billion quarter on quarter.

Special deposits decreased by 1%, or 48 billion pesos, while US dollar deposits increased by 3%, or $95 million.

As of September 2025, Bank of America's transactional accounts represented approximately 49% of the deposits.

Bank of America's market share over private deposits, as of September 2025, is 207.4%.

In terms of asset quality, Banco Macro's non-performing total financing ratio reached 30.2%. The coverage ratio, measured as total allowances under expected credit losses over non-performing loans, according to Central Bank rules, reached 120.87%.

Nicolás Torres: In terms of capitalization, Banco Macro accounted an excess capital of ARS 3.3 trillion, which represented a capital adequacy ratio of 29.9% and a tier 1 ratio of 29.2%. The bank's aim is to make the best use of this excess capital. The bank's liquidity remained more than appropriate. Liquid assets total deposit ratio reached 67%. Overall, we have accounted for another positive quarter. We continue showing a solid financial position. We keep a well-optimized deposit base. Asset quality remains under control and closely monitored, and we keep on working to improve more our efficiency standards. At this time, we would like to take the questions you may have. Thank you. At this time, we are going to open it up for questions and answers.

In terms of capitalization, Banco Macro accounted an excess capital of ARS 3.3 trillion, which represented a capital adequacy ratio of 29.9% and a tier 1 ratio of 29.2%. The bank's aim is to make the best use of this excess capital. The bank's liquidity remained more than appropriate. Liquid assets total deposit ratio reached 67%. Overall, we have accounted for another positive quarter. We continue showing a solid financial position. We keep a well-optimized deposit base. Asset quality remains under control and closely monitored, and we keep on working to improve more our efficiency standards. At this time, we would like to take the questions you may have.

Consumer non-performing loans deteriorated 149 basis points, reaching 4.3% from 2.81% in the previous quarter, while commercial property non-performing loans deteriorated 33 basis points in the third quarter of 2025, rising to 0.85% from 0.52% in the previous quarter.

In terms of capitalization, Banco Macro reported total macro counted equity capital of 3.3 trillion pesos, which represented a capital adequacy ratio of 29.9% and a Tier 1 ratio of 29.2%. The bank's management is focused on making the best use of this excess capital.

The bank's liquidity remained at more than appropriate liquid assets, with a total deposit ratio of 67%.

Operator: Thank you. At this time, we are going to open it up for questions and answers.

Overall, we have accounted for another positive quarter. We continue showing a solid financial position. We maintain a well-optimized object base, asset quality remains under control, and we are closing the monitor. We are also working to improve our artificial standards. At this time, we would like to take the questions you may have.

Nicolás Torres: If you would like to ask a question, please press the Q&A button at the bottom of the screen, or to ask questions on audio, click on Raise Hand. You will then receive a request to activate your microphone. One moment, please, for the first question. Our first question comes from Carlos Gomez Lopez with HSBC. You can open your microphone. Thank you for having the call and taking my question. I guess two questions. The first one is, one, has a sense that your result is worse than you had anticipated, that you did not, I think, expect to have a loss. Was there anything special that we could point to, or let's say, did you take the opportunity to take any charges to expenses that we haven't discussed? Could you identify anything which was special that perhaps was not forecast a little bit before?

If you would like to ask a question, please press the Q&A button at the bottom of the screen, or to ask questions on audio, click on Raise Hand. You will then receive a request to activate your microphone. One moment, please, for the first question. Our first question comes from Carlos Gomez Lopez with HSBC. You can open your microphone.

Thank you. At this time, we are going to open it up for questions and answers. If you would like to ask a question, please press the Q&A button at the bottom of the screen. To ask questions on audio, click on 'Raise Hand'; you will then receive a request to activate your microphone. One moment, please. For the first question.

Carlos Gomez-Lopez: Thank you for having the call and taking my question. I guess two questions. The first one is, one, has a sense that your result is worse than you had anticipated, that you did not, I think, expect to have a loss. Was there anything special that we could point to, or let's say, did you take the opportunity to take any charges to expenses that we haven't discussed? Could you identify anything which was special that perhaps was not forecast a little bit before?

Our first question comes from Carlos Gomez Lopez with HSBC. You can open your microphone.

Thank you for having the call and taking my question. Um, I guess two persons. The first one is, uh, one has a sense that, uh, your result is...

Nicolás Torres: What do you expect for next year in terms of loan growth and achievable returns, understanding that there is a lot of uncertainty? Thank you. Carlos, hello, how are you? Good morning. Thank you for your questions. In relation to your first question, well, I think that is quite clear on the press release that there was a combination of different factors, and some of them were a bit more or deeper than what we expected at the beginning. First, in terms of the delinquency rate, we were expecting not such a that amount of provisions that finally we have to post. That's a consequence, as you also saw in the other banks that also released results in the past week, that was a kind of an increase or almost peak in terms of NPLs. That is one of the reasons for that.

What do you expect for next year in terms of loan growth and achievable returns, understanding that there is a lot of uncertainty? Thank you.

Jorge Scarinci: Carlos, hello, how are you? Good morning. Thank you for your questions. In relation to your first question, well, I think that is quite clear on the press release that there was a combination of different factors, and some of them were a bit more or deeper than what we expected at the beginning. First, in terms of the delinquency rate, we were expecting not such a that amount of provisions that finally we have to post. That's a consequence, as you also saw in the other banks that also released results in the past week, that was a kind of an increase or almost peak in terms of NPLs. That is one of the reasons for that.

Worse than you had anticipated. Um, that you did not. I think expect to have a loss. Uh was there anything special that we could point to or let's say? Did you take the opportunity to take any charges to expenses that we have and discussed? Um could you identify anything? Which was special that perhaps was not forecast a little bit before and second what do you expect for next year? In terms of uh long growth um and achievable returns understanding that that there is a lot of uncertainty

Thank you.

Carlos. Hello. How are you? Good morning and thank you for your questions in relation to your first question. Uh, well, I think that is quite clear on on on the press release that there was a combination of different factors and some of them were a bit more or deeper than what we expected at the beginning. First, in terms of um, the the the linguistic rate, uh, we were expecting not such a, a a that amount.

Nicolás Torres: Second reason, there were some additional expenses that we also accounted in the quarter that were not expected before. Also, the compression on the margins due to the big increase or roller coaster interest rate behavior during Q3. I would say that last but not least is the performance on the bond prices and the impact on the bond portfolio performance. That is in relation to your first question. According to your second question, in terms of forecast for next year, we are forecasting loans to grow 35% in real terms, deposits to grow in the area of 25% in real terms, and we continue to expect ROE for 2026 to be in the low 10s. Thank you. Could you give some more detail about your extra expenses?

Second reason, there were some additional expenses that we also accounted in the quarter that were not expected before. Also, the compression on the margins due to the big increase or roller coaster interest rate behavior during Q3. I would say that last but not least is the performance on the bond prices and the impact on the bond portfolio performance. That is in relation to your first question. According to your second question, in terms of forecast for next year, we are forecasting loans to grow 35% in real terms, deposits to grow in the area of 25% in real terms, and we continue to expect ROE for 2026 to be in the low 10s.

Of Provisions that finally we have to post. That's a consequence. As you also saw in in the other banks that also released results on the past week that was a a kind of a increase or almost peak in terms of npls, that is 1 of the reasons for that. Second reason, there were some additional expenses that we also accounted in in the quarter that were not expected before. So and also the compression on the, the margins due to the big increase or roller coaster interest rate behavior, during the third third quarter. And also, I would say that last but not least, is the performance on on on the bond prices and on the impact on the bond portfolio performance.

So that is, uh, in relation to your first question.

Carlos Gomez-Lopez: Thank you. Could you give some more detail about your extra expenses?

Uh, according to your second question in terms of forecast, for next year, we are forecasting loans to grow 35% in real terms. Deposits are expected to grow in the area of 25% in real terms, and we continue to expect ROE for 2026 to be in the low tens.

Nicolás Torres: Is that related to, you know, adjustment to the footprint or any consulting or any systems that you have purchased? Anything we could know more about the expenses and whether they are recurring or non-recurrent? Thank you. Oh, basically, Carlos, those that we posted there that are related to the early retirement plans that were not expected to happen, and they finally happened. That were described in the press release, basically. Very clear. Thank you. You're welcome. Next question from Ernesto Gabilondo with Bank of America. You can open your microphone. Thank you. Hi, good morning, Jorge and Nicolas. Thanks for the opportunity to ask questions. My first question will be on asset quality.

Is that related to, you know, adjustment to the footprint or any consulting or any systems that you have purchased? Anything we could know more about the expenses and whether they are recurring or non-recurrent? Thank you.

Jorge Scarinci: Oh, basically, Carlos, those that we posted there that are related to the early retirement plans that were not expected to happen, and they finally happened. That were described in the press release, basically.

Thank you. Could you provide more details about your extra expenses? Are these expenses related to customer footprint, consulting, or any systems that you have purchased? We would like to know more about the nature of the expenses and whether they are recoverable or non-recurrent. Thank you.

Carlos Gomez-Lopez: Very clear. Thank you.

Oh, basically, Carlos, those that we posted there that are related to the early retirement plans that were not expected to happen, and they finally happened, so that were the, were describing the on the press release basically.

Jorge Scarinci: You're welcome.

Operator: Next question from Ernesto Gabilondo with Bank of America. You can open your microphone.

Right. Okay. Thank you.

You're welcome.

Ernesto Gabilondo: Thank you. Hi, good morning, Jorge and Nicolas. Thanks for the opportunity to ask questions. My first question will be on asset quality.

Next question from Ernesto Gabilondo with Bank of America. You can open your microphone.

Thank you. Hi. Good morning, Jorge and Nicolás. Thanks for the opportunity to ask questions.

Nicolás Torres: I just want to double-check when you expect the peak on NPLs and if you can provide us a potential range and where you see the peak in cost of risk, and how should we think it for next year. My second question is a follow-up on your ROE. As you said, you're expecting low teens in 2026, but how should we think about the ROE for 2025? My last question is on your capital ratio and potential M&A opportunities. You continue to have an important excess in capital. You already have passed the midterm election. When do you expect to start to have M&A activity? You think it's something that could come next year? Any color on that will be very helpful. Thank you. Hi, Ernesto. How are you?

I just want to double-check when you expect the peak on NPLs and if you can provide us a potential range and where you see the peak in cost of risk, and how should we think it for next year. My second question is a follow-up on your ROE. As you said, you're expecting low teens in 2026, but how should we think about the ROE for 2025? My last question is on your capital ratio and potential M&A opportunities. You continue to have an important excess in capital. You already have passed the midterm election. When do you expect to start to have M&A activity? You think it's something that could come next year? Any color on that will be very helpful.

Uh, my first question will be on asset quality, so I just want to double-check when you expect the peak on MPLs, and if you can provide us a potential range.

And where do you see the peak in the cost of risk? And how should we think about it for next year?

Uh, my second question is a follow-up on your ROV. As you said, you're expecting low teams in 2026. However, how should we think about the ROE for 2025?

Jorge Scarinci: Thank you. Hi, Ernesto. How are you?

And then my last question is on your capital ratio and potential management opportunities. You continue to have an important excess in capital. You already have passed the midterm election, so when do you expect to start having M&A activity? Do you think it’s something that could come next year? Any color on that will be very helpful. Thank you.

Nicolás Torres: On your first question in terms of asset quality, we believe that the peak on NPLs should happen or should have happened between October and November. That is what we are seeing in terms of the delinquency ratio. Also, in terms of cost of risk, we posted at 6.5% in Q3. We expect this number to be maintained approximately in Q4, and we are forecasting to be more close to 5% in 2026. Again, the peak should be between Q3 and Q4 in terms of delinquency. In terms of ROE for 2025, we continue to maintain the 8% area for 2025 in terms of ROE. On your question about capital ratio, I mean, it is true that we continue to have this high level of capitalization or excess capital.

On your first question in terms of asset quality, we believe that the peak on NPLs should happen or should have happened between October and November. That is what we are seeing in terms of the delinquency ratio. Also, in terms of cost of risk, we posted at 6.5% in Q3. We expect this number to be maintained approximately in Q4, and we are forecasting to be more close to 5% in 2026. Again, the peak should be between Q3 and Q4 in terms of delinquency. In terms of ROE for 2025, we continue to maintain the 8% area for 2025 in terms of ROE. On your question about capital ratio, I mean, it is true that we continue to have this high level of capitalization or excess capital.

For November, and that is, uh, what we are seeing, uh, in terms of the delinquency ratio, also, in terms of cost of risk.

We posted at 6.5% in the third quarter. We expect this number.

To be maintained approximately in Q4, and we are forecasting to be closer to 5% in 2026.

So again, the peak should be between the third and the fourth quarter in terms of delinquency.

In terms of ROE for 2025, we continue to maintain the 8% area.

Nicolás Torres: Of course, we are alert and trying to find out if there's an opportunity to make the use of this excess capital in terms of M&A. You know that any player trying to leave the game is pretty sure that it's going to knock at our door. Of course, we are going to analyze the target of the assets, and if it is good, we are going to go for it. If not, we are going to wait for another one. That's the idea going forward. We expect to have some news about that in the next maybe 12 to 18 months, basically, but it's not only depending on us. Okay. No, perfect. Super helpful, Jorge. Thank you very much. You're welcome, Ernesto. Our next question comes from Brian Flores with Citi. You can open your microphone. Hi, Nicolas.

Of course, we are alert and trying to find out if there's an opportunity to make the use of this excess capital in terms of M&A. You know that any player trying to leave the game is pretty sure that it's going to knock at our door. Of course, we are going to analyze the target of the assets, and if it is good, we are going to go for it. If not, we are going to wait for another one. That's the idea going forward. We expect to have some news about that in the next maybe 12 to 18 months, basically, but it's not only depending on us.

For 2025, in terms of ROE and on your question about the capital ratio, it is true that we continue to have this high level of capitalization or excess capital. Of course, we are honored and are trying to find out if there’s an opportunity to make use of this excess capital in terms of M&A. Of course, you know that.

Any player trying to leave the game is pretty sure that it's going to knock on our door. And of course, we are going to analyze the target of the assets. And if it is good, we are going to go for it. If not, we are going to, um, wait for another one. So, uh, that's the idea going forward. We expect to somehow have some news about that in the future.

Ernesto Gabilondo: Okay. No, perfect. Super helpful, Jorge. Thank you very much.

Maybe 12 to 18 months. Basically, it's not only depending on us.

Jorge Scarinci: You're welcome, Ernesto.

Okay. No, perfect. Super helpful. Thank you very much.

Operator: Our next question comes from Brian Flores with Citi. You can open your microphone. Hi, Nicolas.

You're welcome. Mareno

Our next question comes from Brian Flores with City.

You can open your microphone.

Nicolás Torres: Jorge, thank you very much for the opportunity. I have a question on growth, right, because probably this is the first option in terms of capital allocation given the wide base of capital. Could you elaborate a bit on where will you focus this growth if you're going to give priority to corporates, or do you think maybe it is time to gain share, be more aggressive on the consumer side? If you could maybe expand this guidance that you provided for 2026 by segment, I think that would be great. Jorge, I think we spoke very recently. We had an event where you participated. I think we discussed sustainable ROE. Just wanted to check if maybe 2026 is part of this transition for, let's say, 15% to 20% of levels of sustainable ROE. Thank you. Hi, Brian. Good morning.

Brian Flores: Jorge, thank you very much for the opportunity. I have a question on growth, right, because probably this is the first option in terms of capital allocation given the wide base of capital. Could you elaborate a bit on where will you focus this growth if you're going to give priority to corporates, or do you think maybe it is time to gain share, be more aggressive on the consumer side? If you could maybe expand this guidance that you provided for 2026 by segment, I think that would be great. Jorge, I think we spoke very recently. We had an event where you participated. I think we discussed sustainable ROE. Just wanted to check if maybe 2026 is part of this transition for, let's say, 15% to 20% of levels of sustainable ROE. Thank you.

Uh, hi, Nicolas. Thank you very much for the opportunity. I have a question on growth.

Right. Because probably, this is the first option in terms of capital allocation given the white base of capital. Could you elaborate a bit on where you will focus this growth? If you're going to give priority to...

Jorge Scarinci: Hi, Brian. Good morning.

to uh, corporates or do you think maybe it is time to gain? Share, be more aggressive on the consumer side. Just if you could maybe expand this guidance that you provided for 2026. Uh by segment. I think that would be great. And then uh Jorge I think we spoke a very recently we had an event uh where you participated we I think we discussed sustainable RV, just wanted to check if maybe 2026 uh is part of this transition. Uh for let's say 15 to 20% of levels of sustainable artery.

Thank you.

Nicolás Torres: In terms of the first question about loan growth going forward, I mean, we expect to grow across the board, both commercial and consumer. The consequence of this is because there is a very low penetration in the Argentine banking sector. It is below 10% of loan to GDP. We're expecting, according to the consensus of the economists, a real GDP growth of around 3% in 2026, with inflation also estimated by the consensus of economists in the area of 20%. We expect demand to come from both companies and also consumers. The idea is to grow, if you want to put in the kind of percentages of our loan book, as of today, we are approximately 65% consumer, 35% commercial.

In terms of the first question about loan growth going forward, I mean, we expect to grow across the board, both commercial and consumer. The consequence of this is because there is a very low penetration in the Argentine banking sector. It is below 10% of loan to GDP. We're expecting, according to the consensus of the economists, a real GDP growth of around 3% in 2026, with inflation also estimated by the consensus of economists in the area of 20%. We expect demand to come from both companies and also consumers. The idea is to grow, if you want to put in the kind of percentages of our loan book, as of today, we are approximately 65% consumer, 35% commercial.

Hi, Brian. Good morning. Um, in terms of the first question about long-term growth going forward, I mean, we expect to grow across the board, both commercial and consumer.

Uh, and the consequence of this is because there is a very low penetration in the Argentine banking sector. It is below 10% of loan to GDP. We're expecting, according to the consensus of the economists, a real GDP growth of around 3% in 2026, with inflation also estimated by the consensus of economists in the area of 20%.

Nicolás Torres: That could be at the end of 2026, maybe 60, 40, but there's not going to be a big change in our loan book composition because we're expecting loan demand to come from every sector in Argentina. In terms of ROE going forward, second question, yes, 2026 is going to continue to be another transition year towards the area of 20% ROE that we are supposed to be delivering 2027 onwards. No, super clear. Jorge, maybe just if I can have a quick follow-up on these questions on capital allocation. Would you consider the current stock levels as attractive in terms to continue the buyback activity you showed during Q3? Well, Brian, that is something that the board might consider.

That could be at the end of 2026, maybe 60, 40, but there's not going to be a big change in our loan book composition because we're expecting loan demand to come from every sector in Argentina. In terms of ROE going forward, second question, yes, 2026 is going to continue to be another transition year towards the area of 20% ROE that we are supposed to be delivering 2027 onwards.

So we expect demand to come from both companies and also consumers. The idea is to grow — if you want to put in a kind of percentages of our loan book. As of today, we are approximately 65% consumer and 35% commercial. That could be at the end of 2026 maybe 64%. But there's not going to be a big change in our loan book composition because we are expecting loan demand to come from every sector in Argentina.

Brian Flores: No, super clear. Jorge, maybe just if I can have a quick follow-up on these questions on capital allocation. Would you consider the current stock levels as attractive in terms to continue the buyback activity you showed during Q3?

In terms of ROE going forward, yes to 226 is going to continue to be another transition area towards the area of 20,000 we are supposed to be delivering from 2027 onwards.

Jorge Scarinci: Well, Brian, that is something that the board might consider.

No, super clear horn, maybe just if I can a quick follow up on on these questions on Capital allocation, uh, would you consider the the current stock uh levels? Um, as attractive in terms of, in Terms to continue the buyback activity, you showed during the third quarter,

Nicolás Torres: For the moment, the program that was set, it is not more going on, basically, because of the price that skyrocketed since then, and as a consequence of the midterm election that happened here in Argentina, and, of course, the mood that turned into positive for Argentina. For another buyback program, we have to, I mean, the board has to consider many issues going forward. For the moment, it's not going to be in place anymore. No, very clear. Thank you, Nicolas and Jorge. Welcome, Brian. Our next question comes from Pedro Leduc with Itaú BBA. You can open your microphone. Hello, everyone. Thank you so much for the call and taking our question. Two, please. First, on NIMS.

For the moment, the program that was set, it is not more going on, basically, because of the price that skyrocketed since then, and as a consequence of the midterm election that happened here in Argentina, and, of course, the mood that turned into positive for Argentina. For another buyback program, we have to, I mean, the board has to consider many issues going forward. For the moment, it's not going to be in place anymore.

Brian Flores: No, very clear. Thank you, Nicolas and Jorge.

Since then, and as a consequence of the election in in in the of the midterm election that happened here in Argentina and of course, the the mood that turned into positive for Argentina. So, for another buyback program, we have to, I mean, the, the board has to consider many issues going forward. Uh, for the moment, it's not going to be in place anymore.

Jorge Scarinci: Welcome, Brian.

No, very clear. Thank you, Nicolas.

Welcome right.

Operator: Our next question comes from Pedro Leduc with Itaú BBA. You can open your microphone.

Our next question comes from Pedro, Leu.

Pedro Leduc: Hello, everyone. Thank you so much for the call and taking our question. Two, please. First, on NIMS.

Oh, VBA, can you open your microphone?

Nicolás Torres: Of course, this quarter, we had this very adverse environment for funding costs and liquidity reserves, etc., but we also saw a lot of repricing in local portfolios. Now that funding is normalized, can we expect, for example, Q4 NIMs to be back to, let's say, at least Q2 levels? If we look at, on an aggregate basis of 2026, there's a lot of moving pieces for NIMs in 2025 as well. This is harder, but on an aggregate basis, should we see NII grow above this 35% real loan book growth in your view? If you can go over the driving forces there. Last, that's just a follow-up on NPLs. Of course, it's been a trend there. You're stuck a little bit longer, and it seems like you're more comfortable in seeing the peak already in Q4.

Of course, this quarter, we had this very adverse environment for funding costs and liquidity reserves, etc., but we also saw a lot of repricing in local portfolios. Now that funding is normalized, can we expect, for example, Q4 NIMs to be back to, let's say, at least Q2 levels? If we look at, on an aggregate basis of 2026, there's a lot of moving pieces for NIMs in 2025 as well. This is harder, but on an aggregate basis, should we see NII grow above this 35% real loan book growth in your view? If you can go over the driving forces there. Last, that's just a follow-up on NPLs. Of course, it's been a trend there. You're stuck a little bit longer, and it seems like you're more comfortable in seeing the peak already in Q4.

Hello everyone. Thank you so much for the call and for taking our question 2. Please, uh, first on NIMS. Now, of course, this quarter we had this very adverse environment for funding costs and liquidity reserves, etc. But we also saw a lot of repricing in local portfolios.

So now that funding is, is normalized. Um, can we expect the like for example, for q names to be back to let's say at least 2 Q levels. And if we look at on an aggregate basis of 2026, you know, there's a lot of moving pieces for Nims in 2025 as well. So, this is harder. But on aggregate basis, should we see knee grow Above This 35% real long book growth?

Uh, in in your view. And if you can go over the the driving forces there and then last uh that's a just a follow-up on npls.

Nicolás Torres: Some players might be seeing slipping over to Q1, Q2. If you can share with us what you have done there to control this and maybe be out of the peak also already in Q4 in terms of NPLs. Thank you. Hi, Pedro. How are you? Good morning. In relation to the question about NIMs, yes, basically what happened with the cost of funding and also other interest rates that were ups and downs in Q3, we saw, similar to other banks in this Q3, our NIMs being affected. We posted at 18.7% NIM compared to the 23.5% that we posted in Q2. Yes, we hope and we believe that the NIM for Q4 is going to be more similar than the one that we posted in Q2. Going forward, we expect in 2026, NIMs to be in the area of 20.

Some players might be seeing slipping over to Q1, Q2. If you can share with us what you have done there to control this and maybe be out of the peak also already in Q4 in terms of NPLs. Thank you.

Jorge Scarinci: Hi, Pedro. How are you? Good morning. In relation to the question about NIMs, yes, basically what happened with the cost of funding and also other interest rates that were ups and downs in Q3, we saw, similar to other banks in this Q3, our NIMs being affected. We posted at 18.7% NIM compared to the 23.5% that we posted in Q2. Yes, we hope and we believe that the NIM for Q4 is going to be more similar than the one that we posted in Q2. Going forward, we expect in 2026, NIMs to be in the area of 20.

Of course it's been a trend there. Uh, you're still a little bit longer and and it seems like you're more comfortable in seeing the peak already in for Q. Um, some players might be seeing slipping in over to 1 queue 2 Q. So if you can share with us what, what you have done there to, to control this and, and maybe be out of the the peak also uh already in the fourth quarter in terms of npls. Thank you.

Hi, Pedro, how are you? Good morning. In relation to the question about names, uh, yes, uh, basically what happened with the cost of funding, uh, and also other interest rates that were ups and downs in the third quarter. Uh, we saw, similar to other banks, in this third quarter, our Deans being affected, uh,

Nicolás Torres: It should be slightly below the average that we are having up to now, that is 21.6% for the first nine months of 2025. We believe that the net interest income should be growing slightly above the 35% that we are going to grow in terms of real loan growth that I commented before. In terms of the NPLs, as I mentioned, yes, we could see some more peak on the Q4, and that is going to bring additional provisionings. For the moment, we expect these levels to be similar to the one that we posted in the Q3. Going forward, as I mentioned, the cost of risk should be more in the area of 5% in 2026.

It should be slightly below the average that we are having up to now, that is 21.6% for the first nine months of 2025. We believe that the net interest income should be growing slightly above the 35% that we are going to grow in terms of real loan growth that I commented before. In terms of the NPLs, as I mentioned, yes, we could see some more peak on the Q4, and that is going to bring additional provisionings. For the moment, we expect these levels to be similar to the one that we posted in the Q3. Going forward, as I mentioned, the cost of risk should be more in the area of 5% in 2026.

We posted at the 18.7% Nim compared to the 23.5% that we Post in the second quarter. So yes, we hope and we believe that the the the name for the fourth quarter is going to be more similar than the 1 that we posted in the, in the second quarter going forward, we expect in 2026 Nims to be in the area of 20. Uh, so should be slightly below the average that we are having

Up to now that is 21.6% for the first 9 months of of uh 2025. And we believe that the net interest income should be growing slightly above the 35% that we are going to grow in terms of in terms of real long growth that they commented before.

Nicolás Torres: Basically, we had been taking measures since the last part of Q1, beginning of Q2 of 2025, where we became more restrictive in terms of the credit lines, basically on consumers. As we saw, the main consequence of the deterioration of the delinquency rate across the board in the Argentine banking sector was the increase in the real interest rates that we saw in Q2 and Q3. Now that we are seeing real interest rates more slightly positive and going forward, we believe that this trend will be maintained. We think that the behavior of the portfolio is going to become a bit more normal. Of course, you have to take into consideration that we grew our loan book 69% in real terms as of Q3 2025.

Basically, we had been taking measures since the last part of Q1, beginning of Q2 of 2025, where we became more restrictive in terms of the credit lines, basically on consumers. As we saw, the main consequence of the deterioration of the delinquency rate across the board in the Argentine banking sector was the increase in the real interest rates that we saw in Q2 and Q3. Now that we are seeing real interest rates more slightly positive and going forward, we believe that this trend will be maintained. We think that the behavior of the portfolio is going to become a bit more normal. Of course, you have to take into consideration that we grew our loan book 69% in real terms as of Q3 2025.

In terms of the NPLs, as I mentioned, yes, we could see some peaks in the fourth queue, and that is going to bring additional provisioning. For the moment, we expect that these levels to be similar to the one that we posted in the third quarter going forward. Uh, as I mentioned, the cost of frictions will be more in the area of 5% in 2026 and basically, we should be or, sorry, we...

Had been taking measures since the last part of the first quarter. The beginning of the second quarter of 2025, where we became more restrictive, in terms of, uh, the create lines on basically on consumers. But basically, as we saw, uh, the main consequence of the deterioration of of the, the delinquency rate across the board in the Argentine banking sector, was basically the increase in the real interest rates that we saw in the second and third quarter. So now that we are seeing real interest rate more, uh, slightly positive and going forward, we believe that this trend will be maintained within that, uh,

Nicolás Torres: We expect to grow another 35% in real terms in 2026. Maybe we should accustom to see the party loans ratio in other levels, I would say between 2, 2.5, or maybe more than that compared to the ratio that we were accustomed to see in the Argentine banks when banks did not grow their loan book as happened in the last maybe three, four years. Now we have to move and have to see these ratios more in the area of mid-2s with the level of real growth in loans that we are forecasting going forward. Okay, Pedro? Our next question comes from Tito Labarta with Goldman Sachs. You can open your microphone. Hi, good morning, Jorge and Nicolas. Thank you for the call and taking my questions. I guess a couple of follow-ups.

We expect to grow another 35% in real terms in 2026. Maybe we should accustom to see the party loans ratio in other levels, I would say between 2, 2.5, or maybe more than that compared to the ratio that we were accustomed to see in the Argentine banks when banks did not grow their loan book as happened in the last maybe three, four years. Now we have to move and have to see these ratios more in the area of mid-2s with the level of real growth in loans that we are forecasting going forward. Okay, Pedro?

We?

In other levels, I would say between 2, 2 and a half, or maybe more than that. Compared to the ratio that we were accustomed to see in the Argentine banks when banks, uh, didn't grow their loan book in as having in the last maybe 3, 4 years. So now we have to move and to have to see these ratios more in the area of mid-twos uh, with the level of uh, real growth in loans that we are forecasting going forward.

Operator: Our next question comes from Tito Labarta with Goldman Sachs. You can open your microphone.

Okay, Pedro.

Tito Labarta: Hi, good morning, Jorge and Nicolas. Thank you for the call and taking my questions. I guess a couple of follow-ups.

Oh, our next question comes from Tito Oberti with Goldman Sachs. You can open your microphone.

Nicolás Torres: Jorge, are you able to quantify how much additional expenses were related to those early retirement plans you mentioned? Just to think about how much of that should go away in Q4. My second question, I guess on the market-related income, which you mentioned was negatively impacted by the bonds and the government losses on the government bond. Do you expect that to sort of reverse in Q4 as things kind of normalize? Just to get a sense of the magnitude that that can maybe improve in Q4 as well. Thank you. Hi, Tito. How are you? In terms of the expenses that we commented, there are the ARS 23.5 million that we posted in the expenses line that we explained in the press release. Approximately 18.5% were maybe non-recurrent in Q3.

Jorge, are you able to quantify how much additional expenses were related to those early retirement plans you mentioned? Just to think about how much of that should go away in Q4. My second question, I guess on the market-related income, which you mentioned was negatively impacted by the bonds and the government losses on the government bond. Do you expect that to sort of reverse in Q4 as things kind of normalize? Just to get a sense of the magnitude that that can maybe improve in Q4 as well. Thank you.

Jorge Scarinci: Hi, Tito. How are you? In terms of the expenses that we commented, there are the ARS 23.5 million that we posted in the expenses line that we explained in the press release. Approximately 18.5% were maybe non-recurrent in Q3.

Hi, good morning, Jorge and Nicholas. Thank you for the call, and taking my questions. Um, I guess a couple of follow-ups, uh, just, uh, how are you able to quantify how much, um, additional uh, expenses were related to those early retirement plans? Uh, you mentioned just to think about how much of that, uh, should go away in 4 q and then second question, I guess on the the market related income which you mentioned was negatively impacted by the bonds and and the government loss uh, losses on government bonds, do you expect that to sort of reverse in in 4 q as things kind of normalized just to get a sense of the magnitude that that can maybe improve in 4 q as well? Thank you.

Nicolás Torres: Honestly, it's a bit early to say what we are going to do in Q4, but it might happen that some of these could appear here. Again, it's a bit early to comment on that in Q4. In terms of the second question, yes, the bond portfolio, taking into consideration that approximately we have 23% to 25% of our bond portfolio tied to market prices or market-related. Going forward, we expect this to reverse. At least for the moment, in Q4, we are going to have much better performance in the bond portfolio compared to the one that we had in Q3, where we saw prices going down a lot. Okay. No, that's very clear, Jorge. Just, could there be additional expenses related to the early retirement plans, or is that it from last quarter?

Honestly, it's a bit early to say what we are going to do in Q4, but it might happen that some of these could appear here. Again, it's a bit early to comment on that in Q4. In terms of the second question, yes, the bond portfolio, taking into consideration that approximately we have 23% to 25% of our bond portfolio tied to market prices or market-related. Going forward, we expect this to reverse. At least for the moment, in Q4, we are going to have much better performance in the bond portfolio compared to the one that we had in Q3, where we saw prices going down a lot.

How are you in terms of the expenses that we commented, there are the 23 and a half million that we posted in the expenses line that we explained the press release, approximately, 18 and a half percent were, maybe non-recurrent in in the third quarter. Uh, honestly, it's a bit early to say what we are going to do in the fourth quarter, but might happen that some of these could appear here. But again, it's a bit early to to comment on that in on the fourth quarter.

Tito Labarta: Okay. No, that's very clear, Jorge. Just, could there be additional expenses related to the early retirement plans, or is that it from last quarter?

In terms of, uh, second question. Yes, uh, the the bump portfolio taking into consideration that approximately we have a 23 to 25% of our Lo bomb portfolio tied to um, market prices, so my market related. Um, so going forward, we expect these to reverse in at least for the moment. The fourth quarter we are going to have Madrid to Performance in the ball portfolio compared to the 1 that we had in the in the third quarter, where we saw prices going down a lot.

Nicolás Torres: Could be, but again, honestly, it's a bit early to comment on that, but could be. Okay. Gotcha. Okay, great. Thank you very much, Jorge. You're welcome. Next question from Pedro Shenning with Latin Securities. You can open your microphone. Hi, Jorge. Hi, Nicolas. Thank you for the call. Wanted to ask what factors could act as catalyst for the deposit growth on 2026, and how are you seeing liquidity conditions after the elections? Hi, Pedro. How are you? We're expecting real interest rates to be positive in 2026, similar levels as the one that we are seeing right now. That's why we are forecasting our deposit growth to be in the area of 25% in real terms. This is, in relative terms, lower than the rate that we're expecting for loans.

Jorge Scarinci: Could be, but again, honestly, it's a bit early to comment on that, but could be.

Okay. No, that's very clear. Uh, all right, just the could there be additional expenses related to the early retirement plans? Or is that it from last quarter?

Tito Labarta: Okay. Gotcha. Okay, great. Thank you very much, Jorge.

Jorge Scarinci: You're welcome.

Operator: Next question from Pedro Shenning with Latin Securities. You can open your microphone.

Could we, but again, uh, honesty, it's a bit early to comment on that, but could be okay. Gotcha. Okay, great. Thank you very much. You're welcome.

[Analyst] (Latin Securities): Hi, Jorge. Hi, Nicolas. Thank you for the call. Wanted to ask what factors could act as catalyst for the deposit growth on 2026, and how are you seeing liquidity conditions after the elections?

Next question, from Pedro, offending with Latin Securities. You can open your microphone.

Jorge Scarinci: Hi, Pedro. How are you? We're expecting real interest rates to be positive in 2026, similar levels as the one that we are seeing right now. That's why we are forecasting our deposit growth to be in the area of 25% in real terms. This is, in relative terms, lower than the rate that we're expecting for loans.

Thank you for the call. I wanted to ask what factors? Could I ask Catalyst for the deposit growth in 2026? And how are you seeing liquidity conditions after the elections?

How are you?

Uh,

We're expecting real interest rates to be positive in 2026.

Nicolás Torres: In the case of we did additional funding here, of course, we have a bond portfolio where we can take liquidity. We can issue domestic corporate bonds or bonds on the foreign market. This is not going to be a problem for the liquidity for Banco Macro. In addition to that, when you look at liquidity ratios as of today, we have extremely good liquidity ratios in both dollars and pesos. Going forward, we expect to maintain this performance. Okay. Thank you. Welcome. Next question from Alonzo Aramburu with BTG. You can open your microphone. Yes. Hi, good morning, Jorge and Nicolas. Thank you for the call. Just wanted to follow up a little bit on asset quality. You mentioned that NPLs should peak October, November. Maybe you can comment on what you're seeing in new vintages.

In the case of we did additional funding here, of course, we have a bond portfolio where we can take liquidity. We can issue domestic corporate bonds or bonds on the foreign market. This is not going to be a problem for the liquidity for Banco Macro. In addition to that, when you look at liquidity ratios as of today, we have extremely good liquidity ratios in both dollars and pesos. Going forward, we expect to maintain this performance.

Uh, similar levels are the 1 that we are seeing right now. Um, that's why we are forecasting, our deposit growth to be in the area of 25%. In real terms. This is in, in, in, in reality terms lower than the rate that we're expecting for loans. But in the case of we did additional funding here, of course we have a a bond portfolio where we can uh, take liquidity. We can issue uh, domestic corporate bonds or Bonds on on the foreign market. So this is not going to be a a problem for the liquidity. Uh, for Bank of macro, in addition to that, when you look at liquidity ratio,

[Analyst] (Latin Securities): Okay. Thank you.

As of today, we have extremely good liquidity ratios in both dollars and pesos. Going forward, we expect to maintain this performance.

Jorge Scarinci: Welcome.

Operator: Next question from Alonzo Aramburu with BTG. You can open your microphone.

Okay, thank you.

Welcome.

Alonso Aramburu: Yes. Hi, good morning, Jorge and Nicolas. Thank you for the call. Just wanted to follow up a little bit on asset quality. You mentioned that NPLs should peak October, November. Maybe you can comment on what you're seeing in new vintages.

Next question from Alonzo. Iran. Beru with BTG. You can open your microphone.

Nicolás Torres: You saw some deterioration in commercial, some a little bit more in consumer. What are you seeing lately that gives you this confidence that the peak is now? When you talk about margins, maybe a little bit longer term, you mentioned 20% ROE 2027 onwards. What sort of margins, what sort of NIMs do you see then? You mentioned 20 for next year. Is that in the mid-teens? I mean, where do you see them? Thank you. Hi, Alonzo. Yes, in terms of NPLs, what we are seeing in our vintages is that there is a stop in the deterioration trend, and we are seeing some stability, and we expect this to become better or improve in the next month or so. That's why we are expecting to see this kind of a peak maybe early in Q4.

You saw some deterioration in commercial, some a little bit more in consumer. What are you seeing lately that gives you this confidence that the peak is now? When you talk about margins, maybe a little bit longer term, you mentioned 20% ROE 2027 onwards. What sort of margins, what sort of NIMs do you see then? You mentioned 20 for next year. Is that in the mid-teens? I mean, where do you see them? Thank you.

In October and November, maybe you can comment on what you're seeing in your vintages. You saw some deterioration in commercial and some a little bit more consumer. So what are you seeing lately that gives you this confidence that the peak is now? And when you talk about margins, maybe a little bit longer term, right? You mentioned 20% hourly.

Jorge Scarinci: Hi, Alonzo. Yes, in terms of NPLs, what we are seeing in our vintages is that there is a stop in the deterioration trend, and we are seeing some stability, and we expect this to become better or improve in the next month or so. That's why we are expecting to see this kind of a peak maybe early in Q4.

2027 onwards. Uh, what sort of margins was for of names? Do, do you, do you see that right? You mentioned 24. Next year. Is that in the, in the mid teens, am I? Where do you see them? Thank you.

Nicolás Torres: Honestly, at the end of Q4, we really, for the moment, don't know which is the level of provision that we are going to post. That's why we are supposing that should be in the area of the one that we post in Q3. We are positive on the trend on the vintages in the next couple of months, and this is going to help. That's why we commented that the peak should be between October and November. In terms of NIMS going forward, for sure, little by little, we are going to see a decline in the NIMS. Honestly, for 2027, should be in the area of mid-teens. Of course, 2028 onwards, we should be approaching to the low 10s.

Honestly, at the end of Q4, we really, for the moment, don't know which is the level of provision that we are going to post. That's why we are supposing that should be in the area of the one that we post in Q3. We are positive on the trend on the vintages in the next couple of months, and this is going to help. That's why we commented that the peak should be between October and November. In terms of NIMS going forward, for sure, little by little, we are going to see a decline in the NIMS. Honestly, for 2027, should be in the area of mid-teens. Of course, 2028 onwards, we should be approaching to the low 10s.

Hi Alonso H. Yes. In terms of mpls, what we are seeing in our vintages is that and there is a, a stop in the deterioration Trend, uh, and we are seeing some stability. And we expect these 2 become, uh, better improved in the next month or so. Uh, so that's why we are inspecting to to see this kind of a peek, maybe earning in in the fourth quarter, honestly,

at the end of the fourth quarter, we really for the moment don't know, which is the level of provision that we are going to post. That's why we are hosting. That should be in the area of the 1 that we Post in, in, in the third quarter. But we are a positive on on, on the trend, on the vintages in the next couple of months, and this is going to help. And that's why we commented that the peak should be uh, between October and November.

Nicolás Torres: That is maybe the movie that we are seeing going forward for the Argentine banking sector, and we expect the volume growth to outpace the declining margins. Great. Very clear. Thank you. You're welcome. Next question from Nicolás Hiva with Bank of America. You can open your microphone. Thanks very much, Jorge and Nicolás, for the chance to ask questions. Jorge, I have a question regarding next year, the maturity of your 2026 bond, the $400 million. I understand it counts very little for capital treatment, I think only 20% maybe. I wanted to ask if the plan, given that it's a large size in dollars, $400 million, if the plan would be to replace those dollars and probably do a senior bond issuance of a similar size, or what would be the plan regarding those $400 million? Thanks. Hey, Nicolás, how are you?

That is maybe the movie that we are seeing going forward for the Argentine banking sector, and we expect the volume growth to outpace the declining margins.

Alonso Aramburu: Great. Very clear. Thank you.

In terms of names, going forward for sure. Uh, little by little, we are going to see a decline in, in the names. Honestly, for 2027 should be in the area of of mid teens and of course, 2028 onwards, we should be approaching to to the low tens. That is maybe the the the movie that we are seeing going forward for the Argentine banking sector, and we expect the the volume growth to outpace the decline in margins.

Jorge Scarinci: You're welcome.

Operator: Next question from Nicolás Hiva with Bank of America. You can open your microphone.

Great. Very clear. Thank you.

You're welcome.

Nicolas Riva: Thanks very much, Jorge and Nicolás, for the chance to ask questions. Jorge, I have a question regarding next year, the maturity of your 2026 bond, the $400 million. I understand it counts very little for capital treatment, I think only 20% maybe. I wanted to ask if the plan, given that it's a large size in dollars, $400 million, if the plan would be to replace those dollars and probably do a senior bond issuance of a similar size, or what would be the plan regarding those $400 million? Thanks.

Next question, from Nicolas Hefe. With Bank of America, you can open your microphone.

Thanks very much for the chance to ask questions. Um, okay, I have a question regarding next year. The majority of your 2026 bond, the $400 million,

Million dollars. I understand. It counts very little for Capital treatment I think only 20% maybe but I wanted to ask if the plan given that it's a large size in dollars, 400 million dollars. If the plan would be,

Uh, to replace those dollars and probably do like a senior bond issuance of a single size, um, or what would be the plan regarding those $400 million? Thanks.

Jorge Scarinci: Hey, Nicolás, how are you?

Nicolás Torres: Yeah, this bond is maturing at the end of November 2026, so we still have almost 12 months to figure out what to do. Honestly, we have many options on the table. We understand that markets are pretty positive on Argentina. We have to figure out our plan for future growth in US dollar loans. Depending on all these assumptions and what's happening by mid-2026, we are going to make a decision whether to cancel it, to roll it, or to maybe issue another senior bond instead of subordinated. Again, many options on the table. Still, we have not decided what to do. Thanks very much, Jorge. Welcome. Our next question comes from Brian Flores with Citi. Hi, team. Thank you very much for the opportunity to make a quick follow-up.

Yeah, this bond is maturing at the end of November 2026, so we still have almost 12 months to figure out what to do. Honestly, we have many options on the table. We understand that markets are pretty positive on Argentina. We have to figure out our plan for future growth in US dollar loans. Depending on all these assumptions and what's happening by mid-2026, we are going to make a decision whether to cancel it, to roll it, or to maybe issue another senior bond instead of subordinated. Again, many options on the table. Still, we have not decided what to do.

Hey Nicholas. How are you? Uh yeah this bond is maturing at the end of November 2026. So we still have almost 12 months to figure out what to to do. Honestly, we have many options, uh, on the table. Uh, we understand that markets are pretty positive on on Argentina. We have to figure out, uh, our plan for future growth in in US dollar loans and depending on all those uh on this assumptions and what's happening in in by mid 2026, we are going to make a decision whether

Nicolas Riva: Thanks very much, Jorge.

To cancel it to roll it to maybe issue another, uh, senior bonding sales of subordinated. So, again, many options on the table. Still, we do not have this idea what to do.

Jorge Scarinci: Welcome.

Operator: Our next question comes from Brian Flores with Citi. Hi, team.

Thanks very much.

Welcome.

Our next question comes from Brian Flores with SI.

Brian Flores: Thank you very much for the opportunity to make a quick follow-up.

Nicolás Torres: Jorge, I was just running here some back of the envelope math on your comments on ROE. I just wanted to check if what I am seeing here makes sense. You mentioned the 8% level of ROE, real ROE for 2025 is achievable, right? You're not changing the guidance. Just looking at the run rate, it seems like Q4 would need to be higher than the complete run rate of the first nine months of the year. I just wanted to check if, I don't know, there's something one-off that could really help results, or if it's just a big spike in volume. I just wanted to understand if this is making sense or I'm missing something here in terms of what could really help the Q4 results to achieve the mentioned guidance. Thank you. Hi, Brian. Well, first of all, the forecast is area 8%.

Jorge, I was just running here some back of the envelope math on your comments on ROE. I just wanted to check if what I am seeing here makes sense. You mentioned the 8% level of ROE, real ROE for 2025 is achievable, right? You're not changing the guidance. Just looking at the run rate, it seems like Q4 would need to be higher than the complete run rate of the first nine months of the year. I just wanted to check if, I don't know, there's something one-off that could really help results, or if it's just a big spike in volume. I just wanted to understand if this is making sense or I'm missing something here in terms of what could really help the Q4 results to achieve the mentioned guidance. Thank you.

Hi, Tim. Thank you very much for the opportunity to make a quick follow-up. Uh, Jorge was just running here. Some back of the envelope math on your comments on Arrow. We just wanted to check if what I am seeing here makes sense. You mentioned the 8% level of ROE reality for 2025 is achievable, right? You're not changing the guidance.

Jorge Scarinci: Hi, Brian. Well, first of all, the forecast is area 8%.

I was just looking at the wrong rate, it seems like the fourth quarter would need to be higher than the complete run rate of the first 9 months of the year. So just wanted to check if I don't know, there is something uh, 1 off that could really help results or if just it's a big spike in volume just want to understand. Uh if if this is making sense or I'm missing something here, in terms of what could really help uh the fourth quarter results to achieve the dimension guidance. Thank you.

Hi Brian. Um,

Well, first of all, the...

Nicolás Torres: Second, if you assume that we are going to post in the Q4 results similar to the one that we post in the Q2, we are going to be very close to 8%. For the moment, we are maintaining that. We expect, again, recovery in the bond portfolio, increase in loan volumes, and improvement on the NIMS. These are the main reasons why we're expecting a much better Q4. We should be very close to 8%. That's the idea why we are maintaining the forecast for 2025 ROE. No, understood. Very, very clear. Thank you. You're welcome. Our next question comes from George Burch Reynardson with OTE. What is the average age of your workforce? Hi. Honestly, I have to check that. It's not an easy question. I have to check that data from human resources. The first time I received this question.

Second, if you assume that we are going to post in the Q4 results similar to the one that we post in the Q2, we are going to be very close to 8%. For the moment, we are maintaining that. We expect, again, recovery in the bond portfolio, increase in loan volumes, and improvement on the NIMS. These are the main reasons why we're expecting a much better Q4. We should be very close to 8%. That's the idea why we are maintaining the forecast for 2025 ROE.

The forecast is area 8%.

Assume that we are going to post in the fourth quarter results, similar to the one that we posted in the second quarter. We are going to be very close to the 8%.

Brian Flores: No, understood. Very, very clear. Thank you.

So for the moment we are maintaining that we expect again recovery in in the bond portfolio, increasing in in Long volumes and improvements on the NIMS. So that these are the main reasons why we respecting a a much better for quarter. Uh so we we should be very close to the 8%. So that's the idea why we are maintaining the forecast for 2025 Roe.

Jorge Scarinci: You're welcome.

Operator: Our next question comes from George Burch Reynardson with OTE. What is the average age of your workforce?

No. Understood very, very clearly. Thank you.

You're welcome.

Jorge Scarinci: Hi. Honestly, I have to check that. It's not an easy question. I have to check that data from human resources. The first time I received this question.

Our next question comes from George Burch Reinard with... Oh, what is the average age of your workforce?

Uh, hi. Uh, that's honestly, I have to check that. Uh, it's not an easy question or... or.

Nicolás Torres: Let me check it. If you don't mind, I can get back to George later, please. Great. Next question from Marcus Ceru with Allaria. What caused the ARS 28 billion loss on foreign exchange? I mean, the ARS 28 billion loss, when you look at the complete income on FX, we got a positive result of almost ARS 9.5 billion. This is a result of a combination that we, the bank, was sold in spot FX, and the increase in the FX impacted on a loss in that position. However, also the bank was long in futures, and that resulted in a positive result because also futures increased in Q3. So the net-net was a positive income of ARS 9.5 billion in the quarter. Thank you. There are no more further questions at this time. This concludes the question and answer session.

Let me check it. If you don't mind, I can get back to George later, please. Great.

I have to check with Human Resources. This is the first time I received this question, but let me check it, and if you don't mind, I can get back to George later, please.

Operator: Next question from Marcus Ceru with Allaria. What caused the ARS 28 billion loss on foreign exchange?

Great, next question from Marcus Seru with Allaria.

Jorge Scarinci: I mean, the ARS 28 billion loss, when you look at the complete income on FX, we got a positive result of almost ARS 9.5 billion. This is a result of a combination that we, the bank, was sold in spot FX, and the increase in the FX impacted on a loss in that position. However, also the bank was long in futures, and that resulted in a positive result because also futures increased in Q3. So the net-net was a positive income of ARS 9.5 billion in the quarter.

What caused the $28 billion loss on foreign exchange?

Uh, I mean the $28 billion in the, in the, when you look at the complete, uh.

Income on, on, on track, on effects. We got a positive result of almost $9.5 billion.

This is our uh a result on a combination of that. We of the bank is was sold in sports FX and the increase in the FX uh impacted on a loss in that position. However, also the bank was long in Futures and that resulted in a positive result because also Futures increasing the third quarter. So the, the net Nets, was a positive income of 9.5 billion.

Operator: Thank you. There are no more further questions at this time. This concludes the question and answer session.

Pesos in, in the quarter.

Nicolás Torres: I will now turn over to Mr. Nicolas Torres for final considerations. Thank you all for your interest in Banco Macro. We appreciate your time, and look forward to speaking with you again. Have a good day. This concludes today's presentation. You may disconnect and have a nice day. Goodbye.

I will now turn over to Mr. Nicolas Torres for final considerations.

Nicolás Torres: Thank you all for your interest in Banco Macro. We appreciate your time, and look forward to speaking with you again. Have a good day. This concludes today's presentation. You may disconnect and have a nice day. Goodbye.

Thank you. There are no further questions at this time. This concludes the question and answer session. I will now turn it over to Mr. Nicolás Torres for final considerations.

Thank you all for your interest in Banco Macro. We appreciate your time and look forward to speaking with you again. Have a good day.

This concludes today's presentation. You may disconnect and have a nice day.

Q3 2025 Banco Macro SA Earnings Call

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