Banco Macro (BMA) investor relations material

Executive summary

• Net income for Q2 2026 reached ARS 206.8 billion, up 39% quarter-on-quarter and 4% year-on-year, driven by higher results from financial instruments and lower loan loss provisions.

• Adjusted net income was ARS 221 billion, with an adjusted annualized ROE of 14.3%, excluding ARS 14.2 billion in after-tax restructuring expenses.

• Efficiency initiatives included 18 branch closures in the quarter, with headcount down 1% quarter-on-quarter and 8% year-on-year.

• Asset quality outperformed the system, with NPLs at 6.25% versus the system's 7.7%, and coverage at 95.4% versus 86.3%.

• The bank maintained strong solvency with a 28% capital adequacy ratio and 74% liquid assets to total deposits.

Financial highlights

• Net operating income before administrative expenses was ARS 1.29 trillion, down 2% quarter-on-quarter and up 1% year-on-year.

• Operating income after administrative expenses was ARS 603.8 billion, down 1% quarter-on-quarter and up 1% year-on-year.

• Net interest income reached ARS 1.03 trillion, stable quarter-on-quarter and up 11% year-on-year.

• Net interest margin (including FX) declined from 25% to 24% quarter-on-quarter.

• Total deposits were ARS 14.74 trillion, down 1% quarter-on-quarter and up 4% year-on-year.

Outlook and guidance

• Loan growth guidance revised down to 2–5% in real terms for 2026, reflecting muted demand and macroeconomic uncertainty.

• Cost of risk expected between 6.5% and 7% by year-end, with NPLs ranging 5.5–6% for the total portfolio.

• Adjusted ROE guidance for 2026 raised to 12% (from 8%), with reported ROE expected between 9–10% due to restructuring charges.

• Deposit growth guidance reduced to around 10% in real terms for the year.

• Forward-looking statements highlight risks from inflation, interest rates, regulation, credit quality, and macroeconomic conditions in Argentina.