Grupo Financiero Banorte (GFNORTEO) investor relations material

Executive summary

• Net income reached MXN 15.6 billion in 2Q26, up 6% year-over-year and 1% sequentially, with strong profitability and efficiency metrics supported by robust consumer loan growth and digital strategy execution.

• ROE for the quarter was 25.7%, up 209 basis points year-over-year, with Bank ROE at 32.4% and ROTE at 31.5%, reflecting solid internal capital generation and efficient cost structure.

• Loan portfolio expanded 8% year-over-year, led by consumer lending up 10%–10.3%, with auto loans up 26%, credit cards up 12%–12.2%, payroll loans up 13.7%–14%, and mortgages up 5%.

• Asset quality remained stable, with NPL ratio at 1.5%, cost of risk at 1.9%, and coverage ratio at 134.2%.

• Full-year and 2026 guidance reaffirmed, with expectations for a more dynamic second half and continued focus on digital transformation and disciplined expense management.

Financial highlights

• Net interest income grew 6% year-over-year, supported by lower funding costs and healthy lending growth, while non-interest income surged 74% year-over-year, driven by fees and trading.

• Group NIM at 6.1% and Bank NIM at 6.9%, both above guidance.

• Cost-to-income (efficiency) ratio at 36.2%, with a target to return to 34%–35% by year-end.

• Credit provisions declined 12% quarter-over-quarter; cost of risk at 1.9%.

• Net fees expanded 17% year-over-year, driven by higher transaction volumes and digital business growth.

Outlook and guidance

• 2026 guidance unchanged: loan growth (ex-gov) 8%–11%, NIM 6.2%–6.9%, cost of risk 1.8%–2.1%, ROE 27%–29%.

• Macro estimates for 2026: GDP growth 1.4%, inflation 4.2%–4.6%, Banxico rate 6.5% year-end.

• Management remains focused on digital transformation, customer relationship deepening, and funding cost optimization.