Grupo Supervielle (SUPV) Q1 2026 earnings summary

Executive summary

• Underlying profitability returned to positive territory in Q1 2026, with adjusted net income of ARS 6.7 billion and adjusted ROE of 2.5%, excluding extraordinary severance charges.

• Net loss of ARS 17.1 billion reported, improving from ARS 21 billion loss in the prior quarter, mainly due to one-time severance charges from a voluntary retirement plan.

• Efficiency program and digital transformation led to a 15% headcount reduction, generating ARS 33 billion in annualized savings and positioning for future earnings growth.

• Operating environment stabilized toward quarter end, with improved policy visibility and macro predictability supporting margin recovery.

• March marked an inflection point with positive underlying monthly earnings before retirement plan costs.

Financial highlights

• Net interest margin stood at 17.7%, benefiting from lower funding costs and improved deposit mix.

• CET1 ratio at 15.4%, reflecting a strong capital position.

• Total loans declined 5.6% sequentially, with U.S. dollar loans up 12.8% in original currency terms.

• NPL ratio at 5.6% at quarter end, peaking in February and improving in March.

• Net cost of risk improved to 6% from 10.4% in Q4 2025.

• Deposits declined 4.7% sequentially, but retail and commercial deposits grew 22% year-over-year in real terms.

Outlook and guidance

• Real loan growth expected between 20%-25% for 2026, revised down from 25%-30%.

• Deposit growth guidance lowered to 10%-15% from 20%-25%.

• NPL ratio expected to range between 5%-5.5% for 2026.

• Full-year net cost of risk now expected at 5.3%-5.8%, improved from prior guidance.

• NIM guidance raised to 15%-18% (prior 14%-16%).

• Adjusted ROE expected between 6%-10%, reported ROE between 2%-6%.

• CET1 ratio expected to end the year between 11%-13%.