Banco Macro (BMA) Q4 2025 earnings summary

Executive summary

• Net income for Q4 2025 was ARS 100.1 billion, recovering from a prior quarter loss but 26% lower year-over-year; FY 2025 net income was ARS 290.7 billion, down 32% from FY 2024.

• Excluding ARS 82.9 billion in non-recurring restructuring expenses, adjusted Q4 net income was ARS 183 billion and FY 2025 net income was ARS 393.7 billion; adjusted ROE and ROA were 6.6% and 1.8% respectively.

• The bank reduced its branch network by 75 and headcount by 514 in 2025, while gaining market share in loans and deposits.

• Operating income after G&A and personnel expenses for Q4 2025 was ARS 453.2 billion, up 156% sequentially but 4% lower year-over-year.

Financial highlights

• Net interest income in Q4 2025 was ARS 836.5 billion, up 13% sequentially and 19% year-over-year; FY 2025 net interest income rose 44% to ARS 3.1 trillion.

• Provision for loan losses in Q4 2025 was ARS 169.3 billion, up 234% year-over-year; FY 2025 provision rose 274% to ARS 538.1 billion.

• Net interest margin in Q4 2025 was 21.7%, up from 18.7% in Q3 but down from 24.7% a year ago.

• Administrative expenses plus employee benefits in Q4 2025 totaled ARS 412.4 billion, up 15% sequentially and 20% year-over-year.

• Net fee income for Q4 2025 was ARS 192.4 billion, up 1% sequentially and 8% year-over-year; FY 2025 net fee income increased 20% to ARS 767.4 billion.

Outlook and guidance

• 2026 guidance: 20% real loan growth, 6% real deposit growth, adjusted ROE around 8%, and ROA near 1.8–2%.

• Cost of risk forecasted at 5.2% for 2026, slightly below 2025's 5.6%.

• Reported ROE expected around 5% in 2026, with adjusted ROE at 8%.

• NPL ratio expected to trend to mid-to-low 3% range in 2026, with improvements more likely in the second half.

• Mid-teen ROEs anticipated by 2028–2030 as restructuring benefits are fully realized and inflation normalizes.

• Management highlighted ongoing focus on asset quality, capital strength, and efficiency, with continued market share gains in private sector loans and deposits.