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 severance charges); structural net income was AR$41.9 billion, or 14.4% ROAE.

• Achieved full quarterly salary savings, supporting a structurally leaner operating model and improved core earnings; group headcount reduced by 17%, yielding AR$42 billion in annualized personnel savings, with full benefit expected from Q3.

• Asset quality trends improved, with NPL ratio declining to 5.5% and net cost of risk easing to 5.6%, outperforming the system average.

• Net interest margin expanded to 20.3% from 17.7% in Q1, driven by lower funding costs and favorable repricing.

• Strategic partnerships and ecosystem expansion, including Aerolíneas Argentinas and Flash Argentina, enhanced value proposition and growth opportunities.

Financial highlights

• Attributable net income reached AR$12.8 billion in Q2, a swing of over AR$31 billion from Q1 loss; adjusted net income (excluding AR$23 billion in severance charges) was AR$36.2 billion.

• Structural net income would have been AR$41.9 billion with a structural ROE of 14.4% after full salary savings.

• Net financial income rose 8.3% sequentially to AR$294.5 billion; net interest margin expanded 253 bps to 20.3%.

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

• Deposits increased 4.7% QoQ, driven by ALM strategy and growth in transactional deposits.

Outlook and guidance

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

• NIM guidance raised to 17%-19% for FY26, reflecting lower funding costs but potential margin pressure in H2.

• 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.