Banco Actinver S.A., Institución de Banca Múltiple Grupo Financiero Actinver (INFRAEX 18) Q2 2026 earnings summary

Executive summary

• 6M26 operating income was MXN 4,941M, up 0.3% reported YoY and 5.1% normalized; 6M26 net income was MXN 791M, down 16.4% reported but up 0.4% normalized, excluding 2025 Zurich-related income.

• Q2 net income was MXN 502M, up 20.5% YoY, as fee growth and recovering intermediation offset rate-driven financial-margin pressure.

• At 2T26, AUM was MXN 348,528M, AUC&M MXN 1,021,476M and the total credit and leasing portfolio MXN 36,573M, up 13.2%, 11.0% and 8.6% YoY, respectively.

Financial highlights

• Q2 operating income was MXN 2,625M, up 11.5% YoY; operating result was MXN 715M, up 20.5%.

• 6M26 operating result was MXN 1,133M, down 16.5% YoY; net income was MXN 791M versus MXN 946M in 6M25, which included a Zurich-related extraordinary item.

• Q2 financial margin was MXN 538M, down 18.5% YoY; adjusted financial margin was MXN 573M, down 16.8%.

• 6M26 total revenue was MXN 9,109M, down 6.4%; operating expenses rose 6.6% to MXN 3,807M. Q2 administrative and promotion expenses increased 8.4% to MXN 1,910M.

• Q2 systems costs rose 31.1%, including strategic projects, licenses and non-recurring core migration costs.

Segment performance

• Q2 net commissions and fees rose 18.7% YoY to MXN 1,476M; 6M26 commissions rose 8.1% to MXN 2,840M. Growth was led by Asset Management, fiduciary services, digital platforms, Alpha contracts and mandates, Bursanet and client activity.

• Q2 intermediation income rose 15.6% YoY to MXN 459M, with recovery in derivatives and money markets and stronger capital-markets contribution; 6M26 intermediation fell 17.0% to MXN 675M.

• Investment fund AUM reached MXN 348,528M, up 13.2% YoY; the fund operator ranked fifth with 6.6% market share. Fiduciary assets under administration reached MXN 1.4tn, up 61% YoY.

• Net credit portfolio was MXN 35,571M, up 10.1% YoY; leasing contribution contracted slightly. The 2T26 total credit portfolio was MXN 30,308M, up 8.9% YoY.

• Q2 revenue mix: fund management and distribution 37.2%, money desk and derivatives 28.7%, FX and equities 10.6%, credit and leasing 8.5%, fiduciary and investment banking 7.2%, client commissions and other 7.8%.