Grupo Financiero Banorte (GFNORTEO) investor relations material

Executive summary

• Delivered strong results in a challenging environment, with net income reaching Ps 58.79 billion in 2025, up 5% year-over-year, and 4Q25 net income at Ps 15.87 billion, 16% higher than 4Q24, reflecting robust profitability, operational efficiency, and asset quality.

• ROE for the group was 22.8% in 2025, with 4Q25 at 24.2%; bank ROE reached 29.1% for 2025 and 31.5% in 4Q25.

• Business diversification and digital expansion contributed to profitability, with strong performances in banking, insurance, mutual funds, and Afore.

• Maintains a constructive outlook despite competitive pressures from fintechs and incumbents, focusing on digital transformation, hyper-personalized solutions, and advanced analytics.

• Integration and dissolution of Tarjetas del Futuro (TDF) completed, with credit card portfolio transferred and deconsolidation reflected in financials.

Financial highlights

• Net interest income for 2025 was Ps 146.58 billion, up 6% year-over-year; 4Q25 NII was Ps 39.14 billion, up 8% year-over-year.

• Non-interest income surged 86% year-over-year, driven by fees and market activity; fee income grew 20% quarter-over-quarter and 5% for the year.

• Loan portfolio grew 8% year-over-year (9% excluding government), with consumer lending up 12%, mortgages up 7%, auto loans up 32%, and credit cards up 14%.

• NPL ratio at year-end was 1.4%; cost of risk at 1.8%, in line with guidance; coverage ratio at 135.1%.

• Net interest margin for the group was 6.3% for 2025 and 6.6% in 4Q25; bank NIM at 6.6% for 2025 and 6.8% in 4Q25.

Outlook and guidance

• 2026 loan growth guidance: 8-11% overall, 10-12% excluding government; net income guidance: MXN 62-64 billion; ROE: group 22%-24%, bank 28%-30%.

• Net interest margin guidance: group 6.2%-6.5%, bank 6.4%-6.8%; expense growth expected at 5%-6% recurring, with additional investment in AI and digital.

• Cost of risk expected to rise slightly to 1.8%-2.1% due to rapid consumer loan growth.

• GDP forecast for 2026: 1.4%-1.8%; inflation: 4.2%-4.6%; reference rate: 6.5%; FX expected at MXN 18 per USD by year-end.

• Fee income expected to grow 4-5 percentage points above loan growth.