Banco Macro S.A. Q3 FY2025 earnings call

• Solid financial position maintained.
• Well-optimized deposit base.
• Asset quality under control and closely monitored.
• Working to improve efficiency standards.

In the third quarter of 2025, Banco Macro's net income was an ARS 33.1 billion loss, which was ARS 191.5 billion lower than the previous quarter. The first 9 months of 2025 net income totaled ARS 176.7 billion, 35% below the same period last year. Net interest income in the third quarter was ARS 686.2 billion, 7% lower q-o-q and 8% lower y-o-y. Total financial reached ARS 10.1 trillion, a 3% q-o-q increase, with private sector loans up 3% q-o-q. Total deposits increased 5% q-o-q to ARS 11.8 trillion. Nonperforming total finance ratio was 30.2%, coverage ratio 120.87%. Excess capital was ARS 3.3 trillion, capital adequacy ratio 29.9%, Tier 1 ratio 29.2%.

• Forecast loans to grow 35% in real terms in 2026.
• Forecast deposits to grow 25% in real terms in 2026.
• Expect ROE in the low teens in 2026.
• NIMs expected to decline to mid-teens by 2027, with volume growth outpacing margin decline.

• Uncertain economic conditions impacting financial performance.
• Inflationary pressures affecting funding costs.
• Potential fluctuations in net interest margins.
• Concerns regarding asset quality and NPL trends.

Q: Carlos Gomez-Lopez asks about worse-than-expected results and loan growth/returns in 2026 A: Jorge Scarinci mentions factors like higher provisions, extra expenses, and forecasts loan growth and ROE Q: Ernesto Gabilondo asks about NPL peak, ROE 2025, and M&A A: Scarinci talks about NPL peak in Oct-Nov, ROE 8% in 2025, and M&A plans Q: Brian Flores asks about growth focus and stock buybacks A: Scarinci discusses growth across segments and stock buyback plans Q: Pedro Leduc asks about NIMs and NPL control A: Scarinci talks about NIM recovery and NPL peak expectations Q: Tito Labarta asks about early retirement expenses and market-related income A: Scarinci comments on expenses and bond portfolio performance Q: Pedro Offenhenden asks about deposit growth catalysts and liquidity A: Scarinci mentions real interest rates and liquidity Q: Alonso Aramburú asks about NPL vintages and long-term margins A: Scarinci talks about NPL vintage stability and margin decline Q: Nicolas Riva asks about bond maturity A: Scarinci discusses bond maturity and options Q: Brian Flores follows up on 2025 ROE A: Scarinci mentions expected fourth quarter improvement Q: Marcos Serú asks about FX loss A: Scarinci explains FX income/net result