Grupo Financiero Galicia S.A. (GGAL) Earnings
Grupo Financiero Galicia S.A. is expected to report next earnings on August 25, 2026 (in NaN days), with a consensus EPS estimate of $0.96. GGAL has beaten EPS estimates in 0 of its last 11 reported quarters (average surprise -141.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 5, 2026 | $-0.05 | $-0.27 | -439.9% | $4.8B | +203.4% |
| Nov 25, 2025 | $0.79 | $0.08 | -89.9% | $1.4B | +1.6% |
| Aug 28, 2025 | $1.49 | $0.94 | -36.9% | $1.7B | +10.8% |
| Jun 12, 2025 | $0.96 | $0.96 | +0.0% | $1.7B | +16.5% |
| Nov 26, 2024 | — | $25.33 | — | $6.4B | — |
| May 25, 2024 | $5.71 | $2.08 | -63.6% | $2.4B | — |
| Dec 14, 2023 | $5.68 | $1.17 | -79.4% | $1.4B | -10.1% |
| May 23, 2023 | $2.18 | $0.01 | -99.4% | $-906M | — |
| Nov 23, 2022 | $0.77 | $0.56 | -27.3% | $2.4B | +14.8% |
| Sep 6, 2022 | $0.85 | $0.29 | -65.9% | $3.0B | -3.6% |
| May 19, 2022 | $0.76 | $0.33 | -56.6% | $2.0B | -5.4% |
| Feb 15, 2022 | $0.72 | $0.61 | -15.3% | $1.9B | +10.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2025 · March 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Argentina's economy grew 4.4% in 2025, primary surplus 1.4% of GDP, overall fiscal result 0.2% of GDP. Inflation 31.5% in 2025, monthly inflation accelerated in second half. Central bank expanded monetary base. Exchange rate depreciated. Private sector deposits and loans had changes. - Grupo Galicia's net income in 2025 was affected by profits from different segments but loss from Banco Galicia. 4th quarter net loss due to asset quality deterioration. Financial margin improved but asset quality impact offset it. - Gonzalo Fernandez-Cobado mentioned Argentina entering stable phase, banking system to support investment. 2026 inflation expected 23%, GDP growth 3.7%, ROE guidance 10%-11% in low double digits, dividend proposal 190 billion pesos with 40 billion subject to central bank approval. - Focus on keeping market share, growing market share, with lower growth in first half and acceleration in second half. Working on commercial lending in various sectors like agri, oil and gas, mining, automotive. - Efforts to improve efficiency, with one-off costs largely behind, expecting efficiency improvement and reduction in administrative expenses.
Guidance
- 2026 inflation expected 23%, GDP growth 3.7%. - NPLs in bank expected to have peak in March 2026, credit losses charges to decrease in 1Q 2026. - ROE guidance for 2026 in low double digits range, between 10% and 11%, going from low to high during the year. - Dividend proposal of 190 billion pesos, 40 billion subject to central bank approval. - Expecting growth in commercial lending, with lower growth in first half of 2026 and acceleration in second half. - Margin expectation for bank around 16.4% for the year.
Segment performance
Net income for 2025 was 196 billion pesos, 91% lower than previous year. 2025 ROA 0.4%, ROE 2.5%. Excluding integration expenses, ROE 4.2%. 4th quarter net loss 84 billion pesos. Banco Galicia had 104 billion pesos loss, Naranja X 49 billion pesos loss, while Galicia Asset Management and Galicia Seguros had profits. Average interest earning assets 25 trillion pesos, 3% higher. Interest-bearing liabilities 22 trillion pesos, 4% higher. Net interest income up 23% QoQ. Provision for loan losses up 42% QoQ. NPLs in retail portfolio rose to 14.3%. Deposits 26 trillion pesos, 4% higher. Market share of loans 14.3%, deposits 16.2%. Liquid assets 93.2% of transactional deposits. Non-performing loans to total financing 6.9%. Regulatory capital ratio 25.2%, tier one ratio 25.1%.
Risks & headwinds
- Higher than expected inflation could affect balance sheet and profitability. - Improvement in cost of risk at a lower pace than expected could impact results. - Downward risk if economic disacceleration affects demand for lending. - Regulatory changes regarding dollar lending to non-dollar revenue-generating entities could pose risks if not managed cautiously.
Analyst Q&A
Q: Quick follow-up on 2026 guidance, deposit growth range, and market share defense.
A: Deposit growth between 15-20%, goal to keep and increase market share, lower growth in first half and acceleration in second half.
Q: On provisioning levels, cost of risk improvement, and growth catalyst.
A: Cost of risk expected to end 2026 at 8%, macro expected to impact micro, focusing on different customer segments and sectors for growth.
Q: On cost restructuring, acquisition costs, and efficiency target.
A: One-off costs largely behind, expecting efficiency improvement with administrative expenses reduction of around 10%-11% year over year excluding one-off.
Q: On margins, ROE recovery, and growth confidence.
A: Margin expectation around 16.4% for 2026, ROE expected to recover to above 15% next year, depending on economy evolution and inflation.
Q: On deposit growth breakdown by dollar and peso, and effect of legislation change.
A: Dollar deposits almost half of total deposits, some effect of legislation change on deposits expected but not as high as prior tax amnesty.
Q: On downside risks for guidance, inflation impact, and cost of risk improvement pace.
A: Downside risks include higher than expected inflation, lower than expected cost of risk improvement pace, and economic disacceleration affecting lending demand.
Q: On recovery of metrics like NPL and cost of risk, and loan acceleration.
A: Expecting improvements in NPL and cost of risk at lower pace, with higher growth in second half of 2026.
Q: On growth segments in 2026, commercial lending sectors, and US dollar lending to non-dollar entities.
A: Growth in commercial portfolio in sectors like agri, oil and gas, mining, automotive. Cautious approach to US dollar lending to non-dollar revenue-generating entities, evaluating on case-by-case basis.