Grupo Supervielle S.A. Q3 FY2025 earnings call

• Patricio Supervielle discussed the macro perspective with Argentina entering a new era post-midterm elections, noting challenges from systemic pressures and tight monetary policy but early signs of stabilization. - Mariano Biglia highlighted that third quarter results were impacted by macro and regulatory headwinds, with net financial income down 43% sequentially, funding costs up, and NIMs compressed. - Key operational highlights include solid loan growth, strong deposit growth, tight cost control, CET1 ratio at 13.2% and rising to 14.5% in October, and progress with the SuperApp and cross-sell opportunities at InvertirOnline.

Loan growth remained solid, up 8% in real terms, led by the corporate segment while retail declined slightly. Asset quality weakened with the NPL ratio rising to 3.9%, mainly driven by the retail side. Deposit growth was strong, up 15% quarter-on-quarter in real terms and over 40% year-on-year, with dollar deposits climbing to a record high. The company recorded a net loss of ARS 50.3 billion in the third quarter of 2025. Loan growth contribution: corporate led, retail slightly down. Deposit growth significant, NPL ratio up in retail.

• Full-year 2025: Real loan growth expected 35%-40% led by corporate, retail to resume growth in 2Q 2026; deposits forecast 30%-35% growth; NPL ratio 4.7%-5.1%; net cost of risk 5.8%-6.3%; NIM 15%-18%; net fee income growth 5% in real terms; operating expenses down 8%-10% in real terms; ROE range -5% to 0%; CET1 ratio 12.5%-13.5%. - 2026: Preliminary outlook to be provided early next year once clarity on reserve requirements, liquidity, and macroeconomic framework is achieved.

• Systemic pressures and tight monetary policy with unsustainably high real interest rates and historic reserve requirements ahead of elections. - Market volatility ahead of midterm elections impacting bond prices and investment portfolio yields. - Potential for foreign exchange issues and high reserve requirements continuing to constrain liquidity and financial margins.

Q: Ernesto Gabilondo asked about loan growth expectations per segment and ROE outlook.

A: Julio Patricio Supervielle said loan growth led by corporates and SMEs in 4Q 2025 and early 2026, retail to resume in 2Q 2026; ROE for 2026 expected to be in high single digits to low double digits as monetary policy eases and reforms progress.

Q: Brian Flores inquired about loan mix, risk-adjusted NIMs, and risk management.

A: Julio Patricio Supervielle and Mariano Biglia discussed corporate loan weight tilting towards balance with retail by end of 2026, risk-adjusted NIMs to recover earlier as cost of risk decreases with improving conditions; risk management includes focus on origination standards, cross-sell with InvertirOnline, and openness to strategic alliances.

Q: Camila Azevedo asked about asset quality dynamics.

A: Julio Patricio Supervielle and Mariano Biglia stated NPLs peaked in 4Q 2025, expected to improve as macro conditions normalize, with coverage ratio expected to be in 110%-120% range.

Q: Ricardo Cavanagh questioned new actions and risks for 2026.

A: Julio Patricio Supervielle mentioned plans to leverage the bank via international debt markets, tap into peso-linked debt if market develops, and potential asset rotation; risks include ongoing macro and regulatory uncertainties.

Q: Pedro Offenhenden asked about liquidity conditions.

A: Julio Patricio Supervielle noted increasing money demand post-elections, potential for longer deposit duration, and focus on capturing stable deposits via SuperApp and cash management solutions for corporates.