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Grupo Financiero Galicia (GGAL) investor relations material
Grupo Financiero Galicia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
The Argentine economy grew 5% year-over-year in September, but industrial production was negative at -2.0% YoY in 3Q25, and inflation remains extremely high at 211.4% YoY in October 2025, though market expectations see a decline to 94.8% in 2026.
Fiscal deficit narrowed to -0.6% of GDP in 2025, with a primary surplus of 0.5% of GDP in Q3 and reduced central bank financing.
Grupo Financiero Galicia reported a net loss of ARS 87.7 billion in Q3, mainly due to extraordinary restructuring expenses from the HSBC Argentina merger, with net income for 9M25 at ARS 259.2 billion, down 80% year-over-year.
Sovereign debt remains elevated at 76% of GDP as of Q2 2025, with significant upcoming foreign currency payments.
Financial highlights
Net operating income fell 23% sequentially, with net interest income down 10% and net results from financial instruments down 89%.
Loan loss provisions increased 26% quarter-over-quarter and surged 208% year-over-year to ARS 443.4 billion.
Net fee income grew 9% and profits from FX and gold increased 12%.
Average interest-earning assets rose 8% from the previous quarter, with a 5% increase in peso loans and 27% in dollar loans.
Efficiency ratio was 65.5%, up 1,730 bps year-over-year.
Outlook and guidance
Margins improved in November and are expected to remain strong through December.
Full-year 2025 ROE is projected at 4% reported, or 6% excluding non-recurring integration costs; 2026 ROE guidance is 11-12%, with a run-rate of 15% by Q4 2026 and a long-term target of 15-20%.
NPLs expected to peak at 6-7% in March 2026, then improve.
Lending growth forecasted at 25% and deposit growth at 20% in real terms for 2026.
Regulatory changes in reserve requirements and interest rates are expected to affect funding costs and margins.
ROE trend for H1 2026 given NPL peak
Specific sectors driving 2026 loan growth
Sustaining loan growth without external capital
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Next Grupo Financiero Galicia earnings date
Q4 20256 Mar, 2026
Next Grupo Financiero Galicia earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Grupo Financiero Galicia S.A. is a financial services holding company in Argentina. The company operates through its subsidiaries to provide a wide range of financial products and services. These include commercial banking, investment banking, insurance, and asset management. Grupo Financiero Galicia primarily serves individual consumers, small and medium-sized enterprises, and large corporations. The company’s key offerings encompass personal and corporate loans, savings and checking accounts, credit cards, and financial advisory services. The company is headquartered in Buenos Aires, Argentina, and its shares are listed on the NASDAQ.
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