Grupo Supervielle (SUPV) Q2 2026 earnings summary

Executive summary

• Returned to profitability in Q2 2026 with net income of AR$12.8 billion and adjusted ROAE of 12.4% (excluding extraordinary severance charges); structural net income was AR$41.9 billion, or 14.4% ROAE.

• Efficiency program and rightsizing reduced workforce by 17%, yielding AR$42 billion in annualized personnel savings, with full benefit expected from Q3 2026.

• Net interest margin expanded to 20.3% due to lower funding costs and favorable repricing.

• Asset quality trends improved, with NPL ratio at 5.5% and net cost of risk at 5.6%.

• Progressed in ecosystem partnerships and digital platforms, including Aerolíneas Argentinas, IOL invertironline, and Flash Argentina.

Financial highlights

• Attributable net income reached AR$12.8 billion in Q2 2026, a swing of over AR$31 billion from Q1 loss.

• Adjusted net income (excluding AR$23-36 billion in severance charges) was AR$36.2 billion; adjusted ROE/ROAE 12.4%.

• Structural net income would have been AR$41.9-42 billion, with structural ROE/ROAE of 14.4%.

• Net financial income rose 8-8.3% sequentially to AR$294.5 billion; NIM expanded 250-253 bps to 20.3%.

• Total loans declined 1.4% sequentially but grew 8.9% year-over-year; US dollar loans up 6.3% QoQ.

Outlook and guidance

• Loan and deposit growth for 2026 expected at 10-15%, up from a 7% decline in H1.

• NIM guidance raised to 17-19% for FY26, reflecting funding cost trends.

• Net fee income expected to decline 5-8% in real terms; adjusted operating expenses to fall 4-6%.

• Reported ROE guidance tightened to 2-4%; adjusted ROE (excluding severance) expected at 8-10%.

• CET1 guidance raised to 12-14% for year-end 2026.

• For 2027, ROE expected to approach 15% as loan growth and cost efficiencies materialize.